Special NBC/Designee Property Sample Clauses

Special NBC/Designee Property. (a) NBC (or at NBC’s option, a Designee) shall hold legal and beneficial title to all equipment, systems, facilities, fixtures and capital improvements which are installed or constructed at NBC’s or a Designee’s expense in or to serve the NBC Units or any portions thereof. Such equipment, systems, facilities and capital improvements, together with any equipment, systems, facilities and capital improvements now owned by the Board which may hereafter be conveyed by the Board to NBC or a Designee, as the same may be upgraded, altered or replaced by NBC or a Designee, in order to serve the NBC Units or any portion thereof, are collectively called “NBC/Designee Property”). Any NBC/Designee Property (other than any NBC/Designee Property which constitutes equipment, facilities or building materials so incorporated into the Condominium Buildings that removal thereof would have a material adverse effect on the structural integrity of the Condominium Buildings; NBC/Designee Property of the type described in this parenthetical being called “Special NBC/Designee Property”) may (subject to all the covenants, agreements, terms, provisions and conditions of this Agreement) be upgraded, removed, altered or replaced by NBC at its option from time to time, provided that any damage to the Condominium Buildings resulting therefrom shall be promptly repaired at NBC’s expense. NBC or a Designee shall at all times own legal and beneficial title to Special NBC/Designee Property. Special NBC/Designee Property shall not be removed (unless replaced with equivalent equipment or materials sufficient to maintain the structural integrity of the Condominium Buildings, as the case may be). The Board acknowledges that (i) it shall have no interest whatsoever in any NBC/Designee Property and (ii) any NBC/Designee Property may be subject to security interests and other claims by third parties; provided, however, that if any Special NBC/Designee Property is subject to any such security interest or other claim or is owned by a Designee, then, concurrently with the granting or creation of such security interest or other claim or the acquisition of title by a Designee, NBC shall cause the holder of such security interest or other claim or a Designee, as the case may be, to execute and deliver to the Board an agreement reasonably satisfactory to the Board which confirms that such holder or a Designee, as the case may be, (and its successors and assigns) subordinates its interests in such Special ...
Sample 1
AutoNDA by SimpleDocs

Related to Special NBC/Designee Property

  • Real Property; Personal Property (a) Neither the Company nor any of its Subsidiaries owns any real property.

  • Owned Real Property The Company does not own any real property.

  • Owned Property Section 5.14

  • Real Property Interests Except for leasehold interests disclosed on Schedule 3.20, and except for the ownership or other interests set forth on Schedule 3.20, no Credit Party has, as of the Closing Date, any ownership, leasehold or other interest in real property. Schedule 3.20 sets forth, with respect to each parcel of real estate owned by any Credit Party as of the Closing Date, the address and legal description of such parcel.

  • Additional Property Collateral shall also include the following property (collectively, the “Additional Property”) which Debtor becomes entitled to receive or shall receive in connection with any other Collateral: (a) any stock certificate, including without limitation, any certificate representing a stock dividend or any certificate in connection with any recapitalization, reclassification, merger, consolidation, conversion, sale of assets, combination of shares, stock split or spin-off; (b) any option, warrant, subscription or right, whether as an addition to or in substitution of any other Collateral; (c) any dividends or distributions of any kind whatsoever, whether distributable in cash, stock or other property; (d) any interest, premium or principal payments; and (e) any conversion or redemption proceeds; provided, however, that until the occurrence of an Event of Default (as hereinafter defined), Debtor shall be entitled to all cash dividends and all interest paid on the Collateral (except interest paid on any certificate of deposit pledged hereunder) free of the security interest created under this Agreement. All Additional Property received by Debtor shall be received in trust for the benefit of Secured Party. All Additional Property and all certificates or other written instruments or documents evidencing and/or representing the Additional Property that is received by Debtor, together with such instruments of transfer as Secured Party may request, shall immediately be delivered to or deposited with Secured Party and held by Secured Party as Collateral under the terms of this Agreement. If the Additional Property received by Debtor shall be shares of stock or other securities, such shares of stock or other securities shall be duly endorsed in blank or accompanied by proper instruments of transfer and assignment duly executed in blank with, if requested by Secured Party, signatures guaranteed by a bank or member firm of the New York Stock Exchange, all in form and substance satisfactory to Secured Party. Secured Party shall be deemed to have possession of any Collateral in transit to Secured Party or its agent.

  • Cooperative Property The real property and improvements owned by the Cooperative Corporation, that includes the allocation of individual dwelling units to the holders of the Cooperative Shares of the Cooperative Corporation.

  • Leases of the Property Borrower shall comply with and observe Borrower's obligations as landlords under any leases of the Property or any part thereof. Borrower shall furnish Ocwen with executed copies of all non-residential leases hereafter made of all or any part of the Property, and all non-residential leases hereafter entered into will be subject to Ocwen's prior written approval, which approval shall not be unreasonably withheld. Borrower shall provide copies of all residential leases to Ocwen within thirty (30) Business Days after Ocwen's request therefore. Unless otherwise directed by Ocwen and except for non-residential leases, all leases of the Property made after the date hereof shall specifically provide that such leases are subordinate to this Instrument; that the tenant attorns to Ocwen, such attornment to be effective upon Ocwen's acquisition of title to the Property; that the tenant agrees to execute such further evidences of attornment as Ocwen may from time to time request; and that the attornment of the tenant shall not be terminated by foreclosure. In addition, all lessees (other than lessees under residential leases) of all or any part of the Property shall execute a Subordination, Attornment and Non-Disturbance and Estoppel Certificate in substantially the same form attached hereto as Exhibit B or as agreed to by Ocwen. Except for residential leases amended, modified, executed, surrendered, or terminated in the ordinary course of Borrower's business, Borrower shall not, without Ocwen's written consent, which consent shall not be unreasonably withheld, execute, modify, surrender or terminate, either orally or in writing, any lease hereafter made of all or any part of the Property, permit an assignment or sublease of such a lease, or request or consent to the subordination of any lease of all or any part of the Property to any lien subordinate to this Instrument. If Borrower becomes aware that any tenant (other than a residential tenant) proposes to do, or is doing, any act or thing which may give rise to any right to set-off against rent, Borrower shall (a) take such steps as shall be reasonably calculated to prevent the accrual of any right to a set-off against rent, (b) notify Ocwen thereof and of the amount of said set-offs, and (c) within ten days after such accrual, reimburse the tenant who shall have acquired such right to set-off or take such other steps as shall effectively discharge such set-off and as shall assure that rents thereafter due shall continue to be payable without set-off or deduction.

  • Additional Partnership Interests If the Partnership issues Partnership Interests in accordance with Section 4.2 or 4.3, the distribution priorities set forth in Section 5.1 shall be amended, as necessary, to reflect the distribution priority of such Partnership Interests and corresponding amendments shall be made to the provisions of Exhibit B.

  • Transfer of the General Partner’s Partnership Interest (a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as provided in, or in connection with a transaction contemplated by, Section 7.1(c), (d) or (e).

  • Real Property (a) The Company does not own any real property.

Time is Money Join Law Insider Premium to draft better contracts faster.