Use; Zoning Sample Clauses

Use; Zoning. (i) Borrower will use the Real Property as a vacation resort. (ii) The use of the Real Property described in subparagraph (i) above does not, as of the date hereof, violate any private covenant or restriction affecting the Real Property. As of the date hereof, the Real Property is zoned to permit the use described in subparagraph (a) above. Other than with respect to the Club Regina Resort at Los Cabos, as of xxx xxte hereof, the necessary rights-of-way for all roads necessary for the full utilization of the Real Property for its intended purposes have been acquired, and/or have been dedicated to public use and accepted by the appropriate governmental authority. Prior to the first Advance of the proceeds of the Inventory Loan, the necessary rights-of-way for all roads necessary for the full utilization of the Club Regina Resort at Los Cabos fox xxx intended purposes will be acquired and dedicated to public use and accepted by the appropriate governmental authorities or, in the alternative, the Title Policy will insure Lender against any loss that Lender may sustain as a result of the failure of such rights of way to be acquired and dedicated to public use and accepted by appropriate governmental authorities. (iii) Borrower will not, without the Lender's prior written consent, seek, join in or consent to any change in any private covenant, zoning law or other public or private restriction, which change would limit the use of the Real Property or any part thereof or reduce its fair market value.

Use; Zoning. (a) Trustor will use the Trust Property for the purposes of selling residential lots. (b) The use of the Trust Property for residential purposes above does not and will not violate any private covenant or restriction affecting the Trust Property. The Trust Property is zoned for residential use and the Trust Property is not a part of a larger tract of land owned or leased by Trustor or any of its affiliates, or otherwise considered as part of one zoning lot, or, if it is, any authorization or variance required for the subdivision of such larger tract which a sale of the Trust Property would entail has been obtained from all the appropriate governmental authorities, so that the Trust Property constitutes one zoning lot (including street access and parking and utility facilities, if relevant) capable of being conveyed as such. The necessary rights-of-way for all roads necessary for the full utilization of the Trust Property for its intended purposes have been acquired, and/or have been dedicated to public use and accepted by the appropriate governmental authority. (c) Trustor will not, without Beneficiary's prior written consent, seek, join in or consent to any change in any private covenant, zoning law or other public or private restriction, which change would limit the use of the Trust Property or any part thereof or reduce its fair market value.