Common use of Single Asset Entity Clause in Contracts

Single Asset Entity. The Mortgagor shall not hold or acquire, directly or indirectly, any ownership interest (legal or equitable) in any real or personal property other than the Property, or become a shareholder of or a member or partner in any entity which acquires any property other than the Property, until such time as the Obligations have been fully repaid. The operating agreement of the Mortgagor shall limit its purpose to the acquisition, operation, management and disposition of the Property, and such purposes shall not be amended without the prior written consent of the Bank. The Mortgagor covenants:

Single Asset Entity. The Mortgagor shall not hold or acquire, directly or indirectly, any ownership interest (legal or equitable) in any real or personal property other than the PropertyPremises, or become a shareholder of or a member or partner in any entity which acquires any property other than the PropertyPremises, until such time as the Obligations have Indebtedness has been fully repaid. The operating agreement of the Mortgagor shall limit its purpose to the acquisition, operation, management and disposition of the Property, and such purposes shall not be amended without the prior written consent of the Bank. The Each Mortgagor covenants:

Single Asset Entity. The Mortgagor shall not hold or acquire, directly or indirectly, any ownership interest (legal or equitable) in any real or personal property other than the PropertyPremises, except as expressly permitted by Mortgagee, or become a shareholder of or a member or partner in any entity which acquires any property other than the PropertyPremises, until such time as the Obligations have Indebtedness has been fully repaid. The operating agreement of the Mortgagor shall limit its purpose to the acquisition, operation, management and disposition of the Property, and such purposes shall not be amended without the prior written consent of the Bank. The Mortgagor covenants: