Use of Resorts. Any act or failure to act by Borrower which materially and adversely limits the rights of Purchasers to use Common Elements, and related or appurtenant easement, access and use rights and benefits of any of the Resorts, including but not limited to a default by Borrower or any Affiliate under any loan document or Declaration to which Borrower or any Affiliate is a party.
Appears in 5 contracts
Samples: Loan and Security Agreement (Silverleaf Resorts Inc), Loan, Security and Agency Agreement (Silverleaf Resorts Inc), Loan and Security Agreement (Silverleaf Resorts Inc)
Use of Resorts. Any act of or failure to act by Borrower which materially and adversely limits the rights of Purchasers to use Common Elements, the common areas and related or appurtenant easement, access and use rights and benefits recreational facilities of any of the Resorts, including but not limited to a default by Borrower or any Affiliate thereof under any loan document or Declaration documents to which Borrower or any its Affiliate is a party.
Appears in 1 contract
