Tenancy in Common. In the event that Borrower is, now or hereafter, comprised of more than one Person, then each such Person comprising Borrower shall execute and be bound by a Tenants-in-Common Agreement, which shall be recorded, and shall otherwise comply with Section 5.2.13(b) hereof. Borrower shall give prompt notice to Lender of any default or event of default under the Tenants-in-Common Agreement of which Borrower obtains knowledge.
Tenancy in Common. In the event that title to the Property is held by tenants-in-common, Borrower has delivered a true and complete written tenancy-in-common agreement (the “TIC Agreement”) which has been duly executed by each tenant-in-common having an interest in the Property (each, a “TIC”). The TIC Agreement provides, or, if not otherwise provided for in the TIC Agreement, each TIC agrees, that (a) each TIC irrevocably waives any and all rights of partition available at law, in equity or by contract, (b) each TIC shall at all times be a Single Purpose Entity all of the legal and beneficial interest in which is owned by an “Accredited Investor” as defined in Regulation D, as promulgated under the Securities Act, (c) each TIC irrevocably waives any and all rights it may have at law or in equity to obtain a lien on any tenant-in-common interest in the Property, (d) each TIC agrees that (i) any liens, security interests, judgment liens, charges or other encumbrances upon the Property or any interest of another TIC in the Property and (ii) any options to purchase or rights of first refusal or similar rights with respect to another TIC’s interest in the Property shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Debt, regardless of whether such liens, security interests, judgment liens, charges or other encumbrances, rights or options presently exist or are hereafter created or attach and that no TIC shall (i) exercise or enforce any creditor’s right it may have against Borrower or any other TIC or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, security interests, judgment liens, charges or other encumbrances on assets of Borrower or any other TIC, (e) at no time shall there be more than three (3) TICs with respect to the Property, (f) the minimum investment in the Property of each TIC shall be $500,000 and (g) Lender is a third-party beneficiary to the provisions relating to the items set forth in (a) through (f) above. Borrower shall not amend, modify or terminate the TIC Agreement.
Tenancy in Common. (a) Tenancy in Common Agreement. The Mortgaged Property and each of the Co-Owner Borrowers will be subject to the Tenancy in Common Agreement which, if recorded, will be recorded following the recording of the Security Instrument or will be subordinated to the Lien of the Security Instrument. No termination, modifications or waivers of the Tenancy in Common Agreement may be made without Lender’s prior written consent. Lender must be named in the Tenancy in Common Agreement as a third-party beneficiary of the Tenancy in Common Agreement and may enforce the provisions of the Tenancy in Common Agreement against any party to the Tenancy in Common Agreement.
Tenancy in Common. Each of the entities comprising Landlord respectively acknowledge that all of such entities comprising Landlord are jointly and severally liable for the performance and satisfaction of all obligations of Landlord as set forth herein. Pursuant to that certain Tenancy-In-Common Agreement dated of even date herewith by and among CGA TIC 1, CGA TIC 2 and CK TIC (the “TIC Agreement”), each entity comprising Landlord has appointed CK TIC to act on its behalf as its agent under the TIC Agreement and authorizes CK TIC to take such actions on its behalf and to exercise such powers delegated to CK TIC by the terms of the TIC Agreement, together with such actions and powers incidental thereto. Construction Agent shall be entitled to rely on any and all communications or acts of CK TIC with respect to the exercise of any rights or the granting of any consent, waiver or approval on behalf of the entities comprising DMEAST #39698570 v7 24 Landlord in all circumstances where an action by Landlord is required or permitted pursuant to this Agreement without the right or necessity of making any inquiry of any individual entity comprising Landlord as to the authority of CK TIC with respect to such matter.
Tenancy in Common. During the continuance of an Event of Default, Lender shall have the right to require Borrower to transfer the Property to a newly formed Delaware single member limited liability company that is a Special Purpose Bankruptcy Remote Entity, wholly owned by such mezzanine borrowers as Mezzanine Loan Lender may require, such that the Property is no longer subject to a tenancy in common structure.
Tenancy in Common. During the continuance of an Event of Default, Agent shall have the right to require Pan Am Borrowers and/or Waterfront Borrowers to transfer the applicable Property to a newly formed Special Purpose Bankruptcy Remote Entity such that such Property shall no longer be subject to a tenancy in common structure (provided that the beneficial ownership of such Property shall remain the same in connection therewith).
Tenancy in Common. The Partners shall retain title to the Property as tenants in common, with a 50% undivided interest held by X and a 50% undivided interest held by X, but agree to treat the Property, title to which is retained by the Partners individually, as contributed to the Partnership for purposes of determining capital accounts of the Partners.
Tenancy in Common. (a) The Assets of the Joint Venture Agreement shall be owned beneficially by the Co- Venturers as tenants in common. Unless the herein Joint Venture Agreement provides otherwise, and in recognition of the parties’ financial contributions and efforts incurred, all revenues and benefits derived therefrom and all obligations and liabilities incurred in respect of the Assets shall be shared by the Co-Venturers on the basis as set out below in paragraph 1.4(b) (hereinafter referred to as the “Percentage Participation").
(b) The Co-Venturers shall be tenants in common with respect to their interest in the Assets, each interest being an undivided interest in the following proportions: JV1 - % JV2 - % or such other proportions as the Co-Venturers may from time to time mutually agree in writing. It is acknowledged and understood that such interests are in accordance with and pursuant to the sharing of liability outlined in Section 1.5, the initial financial contributions outlined in Article 4.1 hereunder, and in recognition of the efforts and costs incurred by the parties in securing, arranging, and sponsoring the investments and the services provided by JV1 and JV2 in the operation and management of the Assets.
Tenancy in Common. At all times during that the Loan is outstanding, (a) Sponsor shall only own, directly or indirectly, one (1) TIC, (b) the Sponsor TIC shall be a wholly-owned subsidiary of Sponsor, (c) the Sponsor TIC shall own, directly or indirectly, at least a 51% of the tenancy-in-common interest in the Property; (d) Sponsor shall Control Sponsor TIC and (e) Sponsor shall control the day-to-day operation of the Property.
Tenancy in Common. Section 64 of the Mortgage is hereby deleted.
