Single Asset Real Estate Clause Samples

Single Asset Real Estate. Each Parcel constitutes a “single asset real estate” as defined in Section 101(51B) of the Bankruptcy Code.

Single Asset Real Estate. Each Borrower represents that each Property will be used only as a vacation home held for lease, and will not be used as a permanent residence. Each Borrower represents that each Property generates substantially all of the gross income of the Borrower that owns such Property, and Borrowers conduct no substantial business other than the business of owning and operating its Property and activities incidental thereto. No Borrower shall conduct any business activity that would disqualify such Borrower’s Property from having a “single asset real estate” status as defined by Section 101 (51)(B) of the Bankruptcy Code (a “SARE”), and it is the express intent of the Borrowers that each Property be classified as a SARE.

Single Asset Real Estate. Each Hotel Property constitutes a “single asset real estate” as defined in Section 101(51B) of the Bankruptcy Code.