Common use of Covenants of Borrower Regarding Leases and Rents Clause in Contracts

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative Agent, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed); and (g) will execute and deliver, at the request of Administrative Agent, all such assignments of the Leases and Rents in favor of Administrative Agent as Administrative Agent may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed)Lender; and (g) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent Lender (which consent shall not be unreasonably withheld, conditioned or delayed); and (g) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days one month in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreementwill not, will not with respect to the retail/commercial portion of the Improvements, modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent Lender; (which g) other than in the ordinary course of business, will not, with respect to the residential portion of the Improvements, alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent shall not be unreasonably withheld, conditioned or delayed)of Lender; and (gh) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender with respect to any portion of the Property as Administrative Agent Lender may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty one (301) days month in advance of the time when the same become are due under the terms of the Leases; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreementother than in the ordinary course of business, will not alter, modify or change the rent, the term, the demised premises or the common area maintenance charges under any terms of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, the same without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed)Lender; and (g) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe may administer, enforce, modify and perform all of the obligations imposed upon the landlord terminate self-storage space leases, residential leases, manager apartment leases, and Leases for non self-storage space in the Improvements provided that such Leases are for less than 1,500 net rentable square feet or are for a term of less than 5 years (including cell tower leases, billboard leases, and will not do or permit to be done anything to impair retail, office and general commercial leases, if any) in the security thereofordinary course of Borrower's business; (b) will use its best commercially reasonable efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s 's sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under provided that aggregate prepaid rents collected from the terms Property for more than one month in advance does not exceed 1/6th of Net Operating Income for the Leasesmost recent 12 month period; (d) will not discount any future accruing RentsRents except in the ordinary course of business; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreementfor Leases described in subsection (a) above, Borrower will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or (g) will not add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any LeaseLease (other than Leases described in subsection (a) above, without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed)Lender; and (gh) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.. Notwithstanding anything to the contrary set forth above or contained in the Loan Documents, the following activities in connection with the Improvements, Property and the Borrower are expressly permitted without further consent of the Lender:

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best commercially reasonable efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing RentsRents other than in accordance with ordinary course business practices of Borrower and Manager; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed)Lender; and (g) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereofLeases; (b) will use its best commercially reasonable efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants Tenants under the Leases Leases, except for obligations or undertaking waived in the ordinary course of Borrower’s business, and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents rents under the Leases more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing Rentsrents other than in the ordinary course of business; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed)rents thereunder; and (gf) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents rents thereunder in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform in all material respects all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best commercially reasonable efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) without the prior written consent of Administrative Agent, will not discount any future accruing Rents; (e) without the prior written consent of Administrative Agent, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent (which consent shall will not be unreasonably withheld, conditioned or delayed), provided, however Borrower may, without the prior written consent of Administrative Agent (i) terminate a Lease due to a material default by tenant thereunder, (ii) amend a Lease to extend the term due to tenant’s exercise of a renewal option set forth in the Lease, or (iii) amend a Lease for the expansion or contraction of the premises due to tenant’s exercise of an expansion or contraction option set forth in the Lease; and (g) will execute and deliver, at the request of Administrative Agent, all such assignments of the Leases and Rents in favor of Administrative Agent as Administrative Agent may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best commercially reasonable efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative Agent, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, with respect to any Lease which, pursuant to the terms of this Agreement, would require Administrative Agent’s approval for the execution thereof, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed); and (g) will execute and deliver, at the request of Administrative Agent, all such assignments of the Leases and Rents in favor of Administrative Agent as Administrative Agent may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed)Lender; and (g) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. In the event Borrower enters into any Lease of space in the Improvements, Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best commercially reasonable efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreement, will not modify the rent, the term, the demised premises or the common area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed)Lender; and (g) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security thereof; (b) will use its best good faith efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the LeasesLeases consistent with the ordinary course of the student housing apartment leasing business; (c) will not collect any of the Rents more than thirty (30) days in advance of the time when the same become due under the terms of the Leases, except (i) expressly provided early rent payments contemplated in the Leases, (ii) isolated prepayments from student financial aid, and (iii) isolated prepayments by parents who may want to pre-pay a semester’s rent up front; (d) will not discount any future accruing Rents; (e) without the prior written consent of Administrative AgentLender, will not execute any assignment of the Leases or the Rents; (f) except as expressly permitted under this Agreementother than in the ordinary course of the student housing apartment leasing business, will not alter, modify or change the rent, the term, the demised premises or the common area maintenance charges under any terms of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, the same without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed)Lender; and (g) will execute and deliver, at the request of Administrative AgentLender, all such assignments of the Leases and Rents in favor of Administrative Agent Lender as Administrative Agent Lender may from time to time reasonably require.