SALE, ENCUMBRANCE AND USE Sample Clauses

SALE, ENCUMBRANCE AND USE. The Borrower shall not, without the Lender's prior written consent which may be withheld in the Lender's sole discretion for any reason whatsoever, (1) initiate or allow any transfer, lease, mortgage or other disposition of, or contract to dispose of, legal or equitable title to all or any part of the Property; (2) if applicable, change any of the ownership of, commence an action to dissolve or otherwise effect the dissolution of a corporate or partnership Borrower or guarantor; (3) if applicable, cause the termination of or change the ownership, the articles of organization, the operating agreement, or the manager of a limited liability company Borrower or guarantor; (4) create or allow any liens or encumbrances against such title; (5) initiate or allow any change in the nature of the use and occupancy of the Property, including any such change which materially increases the possibility of a Spill; or (6) record any Declaration of Common Interest Community.
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SALE, ENCUMBRANCE AND USE. A. The Borrower shall not, without the Lender’s prior written consent, which may be withheld in the Lender’s sole discretion for any reason whatsoever, (1) initiate or allow any transfer or other disposition of, legal or equitable title to all or any part of the Property other than in compliance with the provisions of Section 4.09 below; (2) if applicable, commence an action to dissolve or otherwise effect the dissolution of an entity Borrower or guarantor; (3) if applicable, cause the termination of or change the ownership, the articles of organization, the operating agreement, or the manager of the Borrower or any guarantor; (4) voluntarily create any liens or encumbrances against the Borrower’s title to the Property; (5) initiate or, allow any change in the nature of the use and occupancy of the Property from that permitted by the terms of any Lease, including any such change which materially increases the likelihood of a Spill; or (6) record any declaration of condominium or other form of common interest ownership affecting any part of the Property or otherwise subject the Property to the provisions of N.J.S.A. 46:8(b)-1 et seq. Notwithstanding the foregoing, however, any of the following may occur without the consent of the Lender: (i) transfers of limited partnership interests in any Restricted Party (as hereinafter defined), (ii) transfers of shares in Xxxx Credit Property Trust II, Inc., Xxxx Credit Property Trust III, Inc. or any other entity whose ownership interests are bought, sold and redeemed through U.S. broker-dealers, (iii) any involuntary transfer caused by the death of any Restricted Party or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust so long as the Borrower is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and the Borrower remain unchanged as a result of such death or any replacement management is approved by the Lender, (iv) gifts for estate planning purposes of any individual’s interests in any Restricted Party to the spouse or any lineal descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse or lineal descendant so long as the Borrower is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and the Borrower remain unchanged following such gift or any replacement management is approve...
Sample 1
SALE, ENCUMBRANCE AND USE. (a) Except as otherwise specifically provided in the Loan Agreement, the Borrower shall not, without the Lender’s prior written consent which may be withheld in the Lender’s sole discretion for any reason whatsoever, (i) initiate or allow any transfer, lease, mortgage or other disposition of, or contract to dispose of, legal or equitable title to all or any part of the Mortgaged Property; (ii) if applicable, change the ownership of, commence an action to dissolve or otherwise effect the dissolution of a corporate or partnership Borrower or guarantor; (iii) if applicable, cause the termination of or change the ownership, the articles of organization, the operating agreement, or the manager of a limited liability company or limited liability partnership Borrower or guarantor; (iv) voluntarily create any liens or encumbrances against such title; (v) initiate or allow any change in the nature of the use and occupancy of the Mortgaged Property, including any such change which materially increases the possibility of a Spill; or (vi) record any Declaration of Common Interest Community.
Sample 1
SALE, ENCUMBRANCE AND USE. A. Borrower shall not, without Lender's prior written consent, which may be withheld in Lender's sole discretion for any reason whatsoever, initiate or allow any Transfer (as defined in subsection C. below) of title to all or any part of the Property; voluntarily create or grant any liens, mortgages or encumbrances against such title; initiate or allow any change in the nature of the use and occupancy of the Property, including any such change which materially increases the possibility of a Spill; or record any Declaration of Common Interest Community.
Sample 1
SALE, ENCUMBRANCE AND USE. Borrower shall not, without Lender's prior written consent, which may be withheld in Lender's sole discretion for any reason whatsoever, initiate or allow any Transfer (as defined in subsection C. below) of title to all or any part of the Property; voluntarily create or grant any liens, mortgages or encumbrances against such title; initiate or allow any change in the nature of the use and occupancy of the Property, including any such change which materially increases the possibility of a Spill; or record any Declaration of Common Interest Community. Borrower shall keep and maintain the Property free from the claim of all persons supplying labor or materials in connection with the construction or repair of any Improvements constituting a part of the Property. Borrower shall furnish, at Lender's request, all waivers and releases of liens or claims upon or with respect to the Property or any Service Equipment.
Sample 1
SALE, ENCUMBRANCE AND USE. (a) The Borrower shall not, without the Lender’s prior written consent which may be withheld in the Lender’s sole discretion for any reason whatsoever, (i) initiate or allow any transfer, lease (except for leases permitted pursuant to Section 11 below), mortgage or other disposition of, or contract to dispose of, legal or equitable title to all or any part of the Mortgaged Property; (ii) change the ownership of, commence an action to dissolve or otherwise effect the dissolution of the Borrower in violation of the terms and conditions of the Loan Agreement; (iii) cause the
Sample 1

Related to SALE, ENCUMBRANCE AND USE

  • No Sale/Encumbrance Neither Borrower nor any Restricted Party shall Transfer the Property or any part thereof or any interest therein or permit or suffer the Property or any part thereof or any interest therein to be Transferred other than as expressly permitted pursuant to the terms of the Loan Agreement.

  • Title; Encumbrances With respect to the Existing Properties, the Borrower or any Material Subsidiary, as the case may be, has (i) good and marketable fee simple title to the Real Property (other than for Real Property subject to a ground lease, as to which it has a valid leasehold interest) and (ii) good and marketable title to the Personal Property (other than Personal Property for any Hotel Property for which the Property Owner has a valid leasehold interest) free and clear of all Liens, and there exists no Liens or other charges against such Property or leasehold interest or any of the real or personal, tangible or intangible, Property of the Borrower or any Material Subsidiary (including without limitation statutory and other Liens of mechanics, workers, contractors, subcontractors, suppliers, taxing authorities and others; provided that certain Capital Expenditures have been made to the Hotel Properties prior to the Effective Date for which the payment is not past due), except (A) Permitted Encumbrances and (B) the Personal Property (plus any replacements thereof) owned by the participating lessee for such Existing Property.

  • Due on Sale Encumbrance Trustor shall not sell, transfer, assign, further encumber, hypothecate, or in any way dispose of or use as collateral for another loan or obligation of Trustor, the Property or any interest therein without first obtaining the prior written consent of Beneficiary, which consent may be granted, conditioned or withheld in the sole discretion of Beneficiary. Any violation of the restrictions set forth herein, whether by act, omission or by virtue of law, shall be considered a default in the performance of the obligations of Trustor under the Trust Deed and Beneficiary shall have the same rights with respect thereto as are provided to Beneficiary under the Trust Deed with respect to any default by Trustor in the payment of any indebtedness secured under the Trust Deed or in Trustor’s performance of any agreement thereunder.

  • Transfer or Encumbrance of the Mortgaged Property Subject to Section 50 hereof and except as may otherwise be permitted hereunder or pursuant to the Relevant Documents, Mortgagor shall not sell, convey, alienate, mortgage, encumber, pledge or otherwise transfer the Mortgaged Property or any part thereof or any of its interest therein. Mortgagee shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to declare the Obligations immediately due and payable upon Mortgagor's conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Mortgaged Property in violation of this Mortgage or any other Relevant Document. This provision shall apply to every sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Mortgaged Property that is not permitted pursuant to the Relevant Documents, regardless of whether voluntary or not, or whether or not Mortgagee has consented to any previous sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Mortgaged Property.

  • Permitted Encumbrances The term “Permitted Encumbrances” shall mean:

  • Title to Properties; Absence of Liens and Encumbrances (a) The Company owns no real property, nor has it ever owned any real property. Schedule 2.10(a) sets forth a list of all real property currently leased by the Company, the name of the lessor and the date of the lease and each amendment thereto. All such current leases are in full force and effect, are valid and effective in accordance with their respective terms, and there is not, under any of such leases, any existing default or event of default (or event which with notice or lapse of time, or both, would constitute a default) by the Company or, to the knowledge of the Company, any other party.

  • Transfer or Encumbrance Pledgor will not (i) sell, assign (by operation of law or otherwise) or transfer Pledgor's rights in any of the Collateral, (ii) xxxxx x xxxx or security interest in or execute, file or record any financing statement or other security instrument with respect to the Collateral to any party other than Secured Party, or (iii) deliver actual or constructive possession of any certificate, instrument or document evidencing and/or representing any of the Collateral to any party other than Secured Party.

  • Title to Properties; Liens and Encumbrances The Company has good and marketable title to all of its material properties and assets, both real and personal, and has good title to all its leasehold interests, in each case subject only to mortgages, pledges, liens, security interests, conditional sale agreements, encumbrances or charges created in the ordinary course of business.

  • Release of Encumbrances The Company shall have filed or recorded (where necessary) and delivered to Buyer all documents necessary to release the Shares and assets of the Company from all Encumbrances (except for Encumbrances permitted under Section 4.9), which documents shall be in a form reasonably satisfactory to Buyer's counsel.

  • Title to Properties; Absence of Encumbrances Each of the Borrowers has good and marketable title to all of the material properties, assets and rights of every name and nature now purported to be owned by it, including, without limitation, such properties, assets and rights as are reflected in the Initial Financial Statement (except such properties, assets or rights as have been disposed of in the ordinary course of business since the date thereof), free from all Encumbrances, except Permitted Encumbrances, and, except as so disclosed, free from all defects of title that might materially adversely affect any of such properties, assets or rights or the business, financial condition, assets or properties of any of the Borrowers. All such properties and assets are free and clear of all title defects or objections, liens, claims, charges, security interests and other Encumbrances of any nature whatsoever, except Permitted Encumbrances. The rights, properties and other assets presently owned, leased or licensed by any of the Borrowers and described elsewhere in this Agreement include all rights, properties and other assets necessary to permit any of the Borrowers to conduct its businesses in all material respects in the same manner as its businesses have been conducted prior to the date hereof. At the time any of the Borrowers pledge, sell, assign or transfer to the Agent or the Canadian Bank, as the case may be, any instrument, document of title, security, chattel paper or other property (including Base Inventory, Equipment, Base Accounts, contract rights, patents, trademarks, copyrights, Accounts and any other Collateral) or any proceeds or products thereof, or any interest therein, such Borrower shall be the lawful owner thereof and shall have good right to pledge, sell, assign or transfer the same; none of such properties shall have been pledged, sold, assigned or transferred to any Person other than the Agent or the Canadian Bank, as the case may be, or in any way encumbered (other than Permitted Encumbrances and asset sales permitted under Section 6.6 hereof); and the Borrowers shall defend the same against the claims and demands of all Persons.

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