Commercial Leases. You may lease or sublease commercial space in the Hotel that is customarily subject to lease, or enter into concession arrangements in the ordinary course of business at the Hotel, without notice to us and without our consent.
Commercial Leases. As of the Closing Date, the Commercial Leases as to which a Borrower is the lessee and the expiration dates of their current terms are as set forth on Schedule 7.36 attached hereto. The Borrower has delivered correct and complete copies of the fully-signed Commercial Leases to the Administrative Agent on or prior to the Closing Date. The Borrower is not in default or breach of any Commercial Lease and, to the Borrower’s knowledge, no other party to any Commercial Lease is in default or breach thereunder.
Commercial Leases. (1) With respect to Material Commercial Leases, Borrower shall not:
Commercial Leases. For so long as one or more of the Hotels are owned by Landlord and leased to Tenant as part of an ownership structure that is subject to REIT tax requirements, Manager agrees that Manager shall not enter into any sublease with respect to any Hotel (or any part thereof) without first providing Landlord with a copy thereof. Landlord shall have twenty (20) days from the date of its receipt of such proposed sublease to give written notice to Manager indicating whether such sublease would, in Landlord’s reasonable judgment, provide for a rental to be paid by the sublessee thereunder based (or considered to be based), in whole or in part, on the income or profits derived by the business activities of the sublessee, or any other formula, such that any portion of the rent payable under the sublease would fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto. If Landlord provides timely notice of its determination that such proposed sublease would provide for such a rental then Manager will not enter into such proposed sublease. If Landlord shall fail to give Manager such written notice within such twenty (20) day period, Landlord shall be estopped from claiming that such sublease violates the terms of this Section 11.38.
Commercial Leases. Each of the Borrowers shall or shall use commercially reasonable efforts to cause Operators to (i) perform the obligations which any Borrower or Operator is required to perform under any Commercial Lease to which it is a party; (ii) enforce, in the ordinary course of business, the material obligations to be performed by the Tenants under the Commercial Leases to which it is a party as a landlord; (iii) promptly furnish to Administrative Agent any notice of default or termination received by any Borrower from any Tenant under a Lease (other than a De Minimus Lease), and any notice of default or termination given by any Borrower to any Tenant under a Lease (other than a De Minimus Lease); (iv) not collect any rents for more than one month in advance of the time when the same shall become due, except for bona fide Security Deposits or as permitted pursuant to the terms of such Lease; (v) not enter into any ground lease or master lease of any part of the Projects (other than the Operating Leases); (vi) not further assign or encumber any Commercial Lease; (vii) not, except with Administrative Agent’s prior written consent (other than as a result of the default by any tenant or as provided by the terms of the Commercial Lease), cancel, terminate or accept assignment of any Commercial Lease (other than a De Minimus Lease) to which it is a party; (viii) not, except with Administrative Agent’s prior written consent, modify or amend any Lease (other than a De Minimus Lease) (except for minor modifications and amendments entered into in the ordinary course of business, consistent with prudent property management practices, not affecting the economic terms or term of the Lease); and (ix) assign to Administrative Agent any letter of credit evidencing a Security Deposit on such terms as may be required by Administrative Agent and shall deliver the original of such letter(s) of credit to Administrative Agent to the extent assignable in accordance with its terms. Any action in violation of clauses (v), (vi), (vii), and (viii) of this Section 4.3(a) shall be void at the election of Administrative Agent.
Commercial Leases. You may lease or sublease commercial space in the Hotel, or enter into concession arrangements for operations in connection with the Hotel, in the ordinary course of business, subject to our right to review and approve the nature of the proposed business and the proposed brand and concept, all in keeping with our then current Standards for System Hotels.
Commercial Leases. Except as disclosed on Schedule 7 attached hereto, there are no commercial leases affecting any Mortgaged Property. Neither the Borrower, the Key Principals the General Partner nor any Affiliate of the Borrower, the Key Principals or the General Partner is an Affiliate or otherwise related to the lessee under any cable television lease relating to any Mortgaged Property.
Commercial Leases. As of the Closing Date, there are no Commercial Leases as to which a Borrower is the lessee and no Operating Leases between Borrower and any Operators of the Facilities. As of the Closing Date, each Borrower is the Operator of the Facility owned by such Borrower.
Commercial Leases. Without the prior written consent of Administrative Agent, which consent will not unreasonably be withheld: (a) Borrower shall not enter into any Commercial Lease as to which a Borrower would be the lessee; (b) no Person shall be the Operator of the Facility other than Borrower; and (c) no Operating Lease will be entered into between Borrower and any Operator of the Facilities. - 66 - DM3\0000000.8
Commercial Leases. Landlord acknowledges and understands that Tenant may enter into one or more commercial subleases covering portions of the Premises with subtenants who shall provide certain specialized services and amenities to the residents of the Facility (e.g. beauty parlor, convenience store, bank outlet). Notwithstanding anything to the contrary contained herein, Tenant shall be permitted to enter subleases for such purposes without obtaining Landlord's consent, provided that (i) the term of such sublease is not greater than five (5) years, (ii) the square footage to be subleased does not exceed three thousand (3,000) square feet (iii) such sublease shall be terminated by the termination or expiration of this Lease and (iv) such sublessees shall carry appropriate liability, including malpractice insurance, if applicable, naming Landlord, Tenant and any mortgagee as additional insureds. Any such commercial sublease which does not meet the foregoing qualifications shall require Landlord's prior consent, which shall not be unreasonably withheld or delayed. Upon the request of Landlord, Tenant shall provide copies of any such executed subleases to Landlord.
