Individual Owner definition
Examples of Individual Owner in a sentence
The applicable Individual Owner’s respective interests in the Ground Leases are assignable to Mortgage Lender and Borrower’s interest in the applicable Individual Owner are assignable to Lender upon notice to, but without the consent of, the applicable Ground Lessors (or, if any such consent is required, it has been obtained prior to the Closing Date).
Since the date of the financial statements, there has been no material adverse change in the financial condition, operations or business of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee or any Individual Property or the Collateral from that set forth in said financial statements.
The Ground Leases permit the interest of the applicable Individual Owner in the Ground Lease to be encumbered by a mortgage and Borrower’s interest in the applicable Individual Owner to be encumbered by a pledge of Individual Owner’s equity interest without the consent of the Ground Lessor or the binding written approval and consent of the applicable Ground Lessor(s) thereunder has been obtained.
Each Operations Agreement is in full force and effect and none of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee or, to Borrower’s and Leasehold Pledgor’s knowledge, any other party to any Operations Agreement, is in material default thereunder, and to Borrower’s and Leasehold Pledgor’s knowledge, there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a material default thereunder.
No material claims are currently pending, outstanding or otherwise remain unsatisfied under any Policy which would reasonably be expected to have a material adverse effect on Borrower, Leasehold Pledgor, Owner or Operating Lessee and none of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee, or, to Borrower’s and Leasehold Pledgor’s knowledge, any other Person has done, by act or omission, anything which would impair the coverage of any of the Policies.
There is no material fact presently known to Borrower or Leasehold Pledgor which has not been disclosed to Lender which materially adversely affects, nor as far as Borrower or Leasehold Pledgor can foresee, reasonably could be expected to materially adversely affect, the Collateral, any Individual Property or the business, operations or condition (financial or otherwise) of Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee.
Each Ground Lease has a term (or a term plus one or more optional renewal terms, which under all circumstances may be exercised, and will be enforceable, by the applicable Individual Owner or Mortgage Lender) which extends not less than thirty (30) years beyond the Third Extended Maturity Date.
None of Borrower, Leasehold Pledgor, Owner or Operating Lessee is a party to any agreement or instrument or subject to any restriction which might materially and adversely affect Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee, any Individual Property or the Collateral, or Borrower’s, Leasehold Pledgor’s, Owner’s or Operating Lessee’s business, properties or assets, operations or condition, financial or otherwise.
Since the date of the financial statements, there has been no material adverse change in the financial condition, operations or business of Borrower, any Individual Owner or any Individual Property or the Collateral from that set forth in said financial statements.
None of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee, Manager, or any other Person authorized to act on Borrower’s, Leasehold Pledgor’s, any Individual Owner’s or any Operating Lessee’s behalf has given or received any notice of default under any of the Major Contracts that remains uncured or in dispute.