Zoning and Uses. Neither Borrower Party shall do any of the following: (i) initiate or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of the Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Lease, operating agreement, Legal Requirement or Senior Permitted Encumbrance; (ii) consent to any Modification to any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the value, utility or transferability of the Property; (iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that adversely affects in any material respect its value, utility or transferability; or (iv) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Property.
Appears in 2 contracts
Sources: Senior Mezzanine Loan Agreement (Thomas Properties Group Inc), Junior B Mezzanine Loan Agreement (Thomas Properties Group Inc)
Zoning and Uses. Neither Borrower Party shall not do any of the following:
(i) initiate or support any limiting change in the permitted uses of any of the Property Properties (or to the extent applicable, zoning reclassification of any of the PropertyProperties) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the any Property, or use or permit the use of the any Property in a manner that would result in the use of the such Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, operating agreement, Legal Requirement or Senior Permitted EncumbranceEncumbrance in a manner that would have a Material Adverse Effect;
(ii) consent to any Modification modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effect, or materially adverse to the interests of Lender or that adversely affects default in any of its material respect the value, utility or transferability of the Propertyobligations under a Permitted Encumbrance;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the a Property in any manner that adversely affects in any material respect its value, utility or transferability; orwould have a Material Adverse Effect;
(iv) execute or file any subdivision plat affecting the PropertyProperties, or institute, or permit the institution of, proceedings to alter any tax lot comprising the PropertyProperties, if same would have a Material Adverse Effect; or
(v) permit or consent to any of the Properties being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 2 contracts
Sources: Loan Agreement (American Casino & Entertainment Properties LLC), Loan Agreement (American Casino & Entertainment Properties LLC)
Zoning and Uses. Neither Borrower Party nor Operating Lessee shall do any of the followingfollowing without the prior written consent of Lender:
(i) initiate or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of the Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Lease, operating agreement, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Senior Permitted Encumbranceany portion of the Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned);
(ii) consent to any Modification to any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the value, utility or transferability of the Property;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that adversely affects in any material respect its value, utility or transferability; oris reasonably likely to have a Material Adverse Effect;
(iviii) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Property; or
(iv) permit or consent to the Property’s being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 2 contracts
Sources: Loan Agreement (Chesapeake Lodging Trust), Loan Agreement (Chesapeake Lodging Trust)
Zoning and Uses. Neither Borrower Party shall not do any of the following:
(i) initiate or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of the Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, operating agreementMaterial Agreement, Legal Requirement or Senior Permitted Encumbrance;
(ii) consent to any Modification modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the value, utility or transferability of the PropertyLender;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that adversely affects in any material respect its value, utility or transferability; or, except in connection with an amendment of the REA otherwise permitted hereunder;
(iv) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Property; or
(v) permit or consent to any Property being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Loan Agreement (Las Vegas Sands Inc)
Zoning and Uses. Neither Borrower Party shall not do any of the following:
(i) initiate or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of the Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Lease, operating agreement, Legal Requirement or Senior Permitted Encumbrance;
(ii) consent to any Modification modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the value, utility or transferability of the PropertyLender;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that adversely affects in any material respect its value, utility or transferability; or
(iv) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Property.
Appears in 1 contract
Sources: Loan Agreement (KBS Real Estate Investment Trust II, Inc.)
Zoning and Uses. Neither Borrower Party nor Operating Lessee shall do any of the followingfollowing without the prior written consent of Lender:
(i) initiate or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of any of the PropertyProperties) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the a Property, or use or permit the use of the a Property in a manner that would result in the use of the a Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Lease, operating agreement, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Senior Permitted Encumbranceany portion of a Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned);
(ii) consent to any Modification to any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the value, utility or transferability of the Property;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon any of the Property Properties in any manner that adversely affects in any material respect its value, utility or transferability; oris reasonably likely to have a Material Adverse Effect;
(iviii) execute or file any subdivision plat affecting any of the PropertyProperties, or institute, or permit the institution of, proceedings to alter any tax lot comprising any of the PropertyProperties; or
(iv) permit or consent to any of the Properties being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Zoning and Uses. Neither Borrower Party shall not do any of the following:
(i) initiate or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of the Property) or any portion thereof, seek any material variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use in any material respect under applicable land-use restrictions or zoning ordinances or that would violate in any material respect the terms of any Major Lease, Borrower's operating agreement, Legal Requirement or Senior Permitted Encumbrance;
(ii) consent to any Modification modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the value, utility or transferability of the PropertyLender;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that adversely affects in any material respect its value, utility or transferability; or
(iv) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Property.
Appears in 1 contract
Zoning and Uses. Neither Borrower Party shall do any None of the following:
Borrowers shall (i) initiate or support any limiting change in the permitted uses of the its Property (or to the extent applicable, zoning reclassification of the such Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, such Property or use or permit the use of the such Property in a manner that would result in the such use of the Property becoming a nonconforming use under applicable land-use restrictions or (and, if any, zoning ordinances ordinances) or that would violate the terms of any Lease, operating agreement, Legal Requirement Requirements or Senior any Permitted Encumbrance;
, (ii) consent to any Modification to modify, amend or supplement any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender Agent or that adversely affects in any material respect the valueLender, utility or transferability of the Property;
(iii) impose or consent to permit or suffer the imposition of any restrictive covenants, easements or encumbrances Encumbrances upon the such Property in any manner that adversely affects in any material respect its valuethe value or utility of such Property, utility or transferability; or
(iv) execute or file any subdivision plat affecting the Property, or institute, or permit the institution ofof (other than by a Governmental Authority without instigation by any Borrower), proceedings to alter any tax lot comprising such Property if such alteration would have a material adverse impact on such Property or (v) permit or suffer such Property to be used by the Propertypublic or any Person in such manner as could reasonably be expected to make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Revolving Credit Agreement (Shelbourne Properties Ii Inc)
Zoning and Uses. Neither Borrower Party shall not do any of the followingfollowing without the prior written consent of Lender:
(i) initiate or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of the Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Lease, operating agreement, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Senior Permitted Encumbranceany portion of the Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned;
(ii) consent to any Modification to any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the value, utility or transferability of the Property;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that adversely affects in any material respect its value, utility or transferability; oris reasonably likely to have a Material Adverse Effect;
(iviii) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Property; or
(iv) permit or consent to the Property being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Loan Agreement (Carter Validus Mission Critical REIT, Inc.)
Zoning and Uses. Neither Borrower Party shall not do any of the followingfollowing without the prior written consent of Lender:
(i) initiate or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of the Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Lease, operating agreement, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Senior Permitted Encumbranceany portion of the Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned);
(ii) consent to any Modification to any of the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the value, utility or transferability of the Property;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that adversely affects in any material respect its value, utility or transferability; oris reasonably likely to have a Material Adverse Effect;
(iviii) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Property; or
(iv) permit or consent to the Property being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Loan Agreement (American Realty Capital - Retail Centers of America, Inc.)
Zoning and Uses. Neither Except in connection with a sublease that meets the Approved Sublease Parameters or that is otherwise permitted under this Agreement, Borrower Party shall not, and shall not permit Master Tenant to, do any of the followingfollowing without the prior written consent of Lender:
(i) initiate or support any limiting change in the permitted uses of any of the Property Properties (or to the extent applicable, zoning reclassification of any of the PropertyProperties) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the a Property, or use or permit the use of the a Property in a manner that would result in the use of the such Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Lease, operating agreementMaterial Agreement, REA or Legal Requirement (and if under applicable zoning ordinances the use of all or Senior Permitted Encumbranceany portion of any Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned);
(ii) consent except with respect to any Modification to any of those matters disclosed on the terms of any Permitted Encumbrance in a manner materially adverse to the interests of Lender or that adversely affects in any material respect the valueException Report, utility or transferability of the Property;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that adversely affects in any material respect its value, utility or transferability; or
(iv) execute or file any subdivision plat affecting any of the PropertyProperties, or institute, or permit the institution of, proceedings to alter any tax lot comprising any of the PropertyProperties; or
(iii) knowingly permit or consent to any of the Properties being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Loan Agreement (Toys R Us Inc)