Common use of TRANSFER OR ENCUMBRANCE OF THE TRUST PROPERTY Clause in Contracts

TRANSFER OR ENCUMBRANCE OF THE TRUST PROPERTY. (a) Borrower acknowledges that Lender has examined and relied on the creditworthiness and experience of Borrower in owning and operating properties such as the Trust Property in agreeing to make the Loan, and that Lender will continue to rely on Borrower's ownership of the Trust Property as a means of maintaining the value of the Trust Property as security for repayment of the Debt. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Trust Property so as to ensure that, should Borrower default in the repayment of the Debt, Lender can recover the Debt by a sale of the Trust Property. For purposes of this paragraph 10, an "AFFILIATED MANAGER" shall mean any managing agent of the Trust Property (other than Xxxxxxx Services, Inc.) in which Borrower or the OP or any other guarantor of the Debt (the OP or any other such guarantor, "GUARANTOR") has, directly or indirectly, any legal, beneficial or economic interest; a "RESTRICTED PARTY" shall mean Borrower, the Guarantor, or any Affiliated Manager or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner, of Borrower, the Guarantor, or any

TRANSFER OR ENCUMBRANCE OF THE TRUST PROPERTY. (a) Borrower acknowledges that Lender has examined and relied on the creditworthiness credit worthiness and experience of Borrower in owning and operating properties such as the Trust Property in agreeing to make the LoanLoans, and that Lender will continue to rely on Borrower's ownership of the Trust Property as a means of maintaining the value of the Trust Property as security for repayment of the Debt. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Trust Property so as to ensure that, should Borrower default in the repayment of the Debt, Lender can recover the Debt by a sale of the Trust Property. For purposes of this paragraph 10, an "AFFILIATED MANAGER" shall mean any managing agent of the Trust Property (other than Xxxxxxx Services, Inc.) in which Borrower or the OP or any other guarantor of the Debt (the OP or any other such guarantor, "GUARANTOR") has, directly or indirectly, any legal, beneficial or economic interest; a "RESTRICTED PARTY" shall mean Borrower, the Guarantor, or any Affiliated Manager or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner, of Borrower, the Guarantor, or anyany Affiliated Manager (other than Xxxxxxx Properties, Inc. (the "REIT" ), any Permitted Institutional Transferee (as hereinafter defined) or any Person owning a direct or indirect interest in the REIT, the OP or any Permitted Institutional Transferee); and a "SALE OR PLEDGE" shall mean a voluntary or involuntary sale, conveyance, transfer or pledge of a legal or beneficial interest.

TRANSFER OR ENCUMBRANCE OF THE TRUST PROPERTY. (a) Borrower acknowledges that Lender has examined and relied on the creditworthiness and experience of Borrower in owning and operating properties such as the Trust Property in agreeing to make the Loan, and that Lender will continue to rely on Borrower's ownership of the Trust Property as a means of maintaining the value of the Trust Property as security for repayment of the Debt. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Trust Property so as to ensure that, should Borrower default in the repayment of the Debt, Lender can recover the Debt by a sale of the Trust Property. For purposes of this paragraph 10, an "AFFILIATED MANAGER" shall mean any managing agent of the Trust Property (other than Xxxxxxx Maguire Services, Inc.) in which Borrower or the OP or any other guarantor guaxxxxxx of the Debt (the OP or any other such guarantor, "GUARANTOR") has, directly or indirectly, any legal, beneficial or economic interest; a "RESTRICTED PARTY" shall mean Borrower, the Guarantor, or any Affiliated Manager or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner, of Borrower, the Guarantor, or any

TRANSFER OR ENCUMBRANCE OF THE TRUST PROPERTY. (a) Borrower acknowledges that Lender has examined and relied on the creditworthiness and experience of Borrower in owning and operating properties such as the Trust Property in agreeing to make the Loan, and that Lender will continue to rely on Borrower's ’s ownership of the Trust Property as a means of maintaining the value of the Trust Property as security for repayment of the Debt. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Trust Property so as to ensure that, should Borrower default in the repayment of the Debt, Lender can recover the Debt by a sale of the Trust Property. For purposes of this paragraph 10, an "“AFFILIATED MANAGER" ” shall mean any managing agent of the Trust Property (other than Xxxxxxx Services, Inc.) in which Borrower or the OP or any other guarantor of the Debt (the OP or any other such guarantor, "“GUARANTOR"”) has, directly or indirectly, any legal, beneficial or economic interest; a "“RESTRICTED PARTY" ” shall mean Borrower, the Guarantor, or any Affiliated Manager or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner, of Borrower, the Guarantor, or any

TRANSFER OR ENCUMBRANCE OF THE TRUST PROPERTY. (a) Borrower acknowledges that Lender has examined and relied on the creditworthiness and experience of Borrower in owning and operating properties such as the Trust Property in agreeing to make the LoanLoans, and that Lender will continue to rely on Borrower's ownership of the Trust Property as a means of maintaining the value of the Trust Property as security for repayment of the Debt. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Trust Property so as to ensure that, should Borrower default in the repayment of the Debt, Lender can recover the Debt by a sale of the Trust Property. For purposes of this paragraph 10, an "AFFILIATED MANAGER" shall mean any managing agent of the Trust Property (other than Xxxxxxx Maguire Services, Inc.) in which Borrower or the OP or any other guarantor guaxxxxxx of the Debt (the OP or any other such guarantor, "GUARANTOR") has, directly or indirectly, any legal, beneficial or economic interest; a "RESTRICTED PARTY" shall mean Borrower, the Guarantor, or any Affiliated Manager or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner, of Borrower, the Guarantor, or anyany Affiliated Manager (other than Maguire Properties, Inc. (the "REIT" ), any Permitted Institutional Xxxxxxxree (as hereinafter defined) or any Person owning a direct or indirect interest in the REIT, the OP or any Permitted Institutional Transferee); and a "SALE OR PLEDGE" shall mean a voluntary or involuntary sale, conveyance, transfer or pledge of a legal or beneficial interest.