Common use of Zoning and Uses Clause in Contracts

Zoning and Uses. Borrower shall not do any of the following 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, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or any portion of the Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned); (ii) 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 (iii) 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 3 contracts

Samples: Loan Agreement (Stratus Properties Inc), Loan Agreement (Aspen REIT, Inc.), Loan Agreement (Stratus Properties Inc)

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Zoning and Uses. RKB Borrower shall not permit Presidents Borrower to, and Presidents Borrower shall not, do any of the following without the prior written consent of Lenderfollowing: (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 PropertyProperties, or use or permit the use of any of the Property Properties in a manner that would result in the use of the Property Properties becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Lease, Material Agreement or operating agreement, Legal Requirement (and if under applicable zoning ordinances the use of all or any portion of the Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned)Permitted Encumbrance; (ii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner adverse to the interests of Lender; (iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon any Property in any manner that adversely affects in any material respect its value, utility or transferability; (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; or (iiiv) permit or consent to any of the Property 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

Samples: Loan Agreement (Republic Property Trust)

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