Single-Purpose Requirements. (a) Borrower is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property and related personal property, (ii) engaged in any business, except the ownership and operation of the Property or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.
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Samples: Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.), Loan Agreement (Glimcher Realty Trust), Loan Agreement (Glimcher Realty Trust)
Single-Purpose Requirements. (a) Borrower is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property and related personal property, (ii) engaged in any business, except the ownership and operation of the Property Property, or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.
Appears in 1 contract
Samples: Loan Agreement (Aspen REIT, Inc.)
Single-Purpose Requirements. (a) Borrower is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property Properties and related personal property, (ii) engaged in any business, except the ownership and operation of the Property Properties or (iii) had any material contingent or actual obligations or liabilities unrelated to the PropertyProperties.
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