Common use of Use of Mortgaged Property Clause in Contracts

Use of Mortgaged Property. Unless required by applicable law, without the prior written consent of Lender, Borrower will not take any of the following actions: (a) Allow changes in the use for which all or any part of the Mortgaged Property is being used as of the Effective Date. (b) Initiate or acquiesce to a change in the zoning classification of the Mortgaged Property. (c) Establish any condominium or cooperative regime with respect to the Mortgaged Property beyond any that may be in existence on the Effective Date. (d) Combine all or any part of the Mortgaged Property with all or any part of a tax parcel which is not part of the Mortgaged Property. (e) Subdivide or otherwise split any tax parcel constituting all or any part of the Mortgaged Property. (f) Add to or change any location at which any of the Mortgaged Property is stored, held or located unless Borrower (A) gives Notice to Lender within 30 days after the occurrence of such addition or change, (B) executes and delivers to Lender any modifications of or supplements to this Loan Agreement that Lender may require, and (C) authorizes the filing of any financing statement or amendment which may be filed in connection with this Loan Agreement, as Lender may require.

Use of Mortgaged Property. Unless required by applicable law, without the prior written consent of Lender, Borrower will not take any of the following actions: (a) Allow changes in the use for which all or any part of the Mortgaged Property is being to be used as of the Effective Datefor any purpose other than a residential rental property. (b) Initiate or acquiesce to a change in the zoning classification of the any Mortgaged Property. (c) Establish any condominium or cooperative regime with respect to the any Mortgaged Property beyond any that may be in existence on the Effective Date. (d) Combine all or any part of the any Mortgaged Property with all or any part of a tax parcel which is not part of the such Mortgaged Property. (e) Subdivide or otherwise split any tax parcel constituting all or any part of the any Mortgaged Property. (f) Add to or change any location at which any of any collateral for the Mortgaged Property Loan is stored, held or located unless Borrower (A) gives Notice to Lender within 30 days after the occurrence of such addition or change, (B) executes and delivers to Lender any modifications of or supplements to this Loan Agreement that Lender may require, and (C) authorizes the filing of any financing statement or amendment which may be filed in connection with this Loan Agreement, as Lender may require. (g) Permit any Mortgaged Property to be subject to a Regulatory Agreement.