Sun City Golf Sample Clauses

Sun City Golf. Sun City Golf may enter into a refinance of the Textron Loan provided that: (i) the amount of the indebtedness of such refinance does not exceed eighty percent (80%) loan to value ratio and (ii) the applicable debt service coverage ratio is at least 1.25 to 1. Sun City Golf shall also at all times cause the holder of the Textron Loan or the refinance thereof to be a party to the TriParty Agreement or similar agreement with the Agent in form and substance acceptable to the Agent ("Use Agreement'). The Use Agreement shall be for the purpose of establishing the joint use, membership and other rights of the owners of any of the Collateral in any Project affected by the Sun City Amenities. The Use Agreement shall be applicable to any purchaser at any foreclosure sale of all or any portion of the Sun City Amenities. Upon the release of the Sun City Amenities from the lien and interest of the encumbrances securing the Textron Loan or any facility granted to refinance the Textron Loan in the manner provided herein, the Borrower shall cause Sun City Golf to grant to Agent a perfected first in priority security interest in and to the Sun City Amenities. Pursuant to the terms of a Mortgage, Sun City Golf shall be included as a Property Owner and a member of the Consolidated Group and Sun City Golf shall execute and deliver such other Security Documents as the Agent may request in order to cause Sun City Golf to comply with the requirements of Section 7.
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