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 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 Lender, will not execute any assignment of the Leases or the Rents; (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lender; and (g) will execute and deliver, at the request of Lender, all such assignments of the Leases and Rents in favor of Lender as Lender may from time to time require.

Appears in 2 contracts

Samples: Construction Loan Agreement (American Retirement Corp), Construction Loan Agreement (American Retirement Corp)

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Covenants of Borrower Regarding Leases and Rents. Borrower covenants that that, except in the ordinary course of business, 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 Rents, in excess of 10% of the Rents gross annual rentals, 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 Lender, will not execute any assignment of the Leases or the Rents; and (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lender; and (g) will execute and deliver, at the request of Lender, all such assignments of the Leases and Rents in favor of Lender as Lender may from time to time requirereasonably require so long as they do not increase the obligations of the Borrower or reduce the benefits to the Borrower under the Loan Documents.

Appears in 2 contracts

Samples: Term Loan Agreement (Sun Communities Inc), Term Loan Agreement (Sun Communities Inc)

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 Tenants under the Leases Leases, except for obligations or undertaking waived in the ordinary course of Xxxxxxxx’s business, and will appear in and defend, at BorrowerXxxxxxxx’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 LenderXxxxxx, will not execute any assignment of the Leases or the Rents; (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lenderrents thereunder; and (gf) will execute and deliver, at the request of LenderXxxxxx, all such assignments of the Leases and Rents rents thereunder in favor of Lender Xxxxxx as Lender Xxxxxx may from time to time reasonably require.

Appears in 1 contract

Samples: Term Loan Agreement

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 Tenants under the Leases Leases, except for obligations or undertaking waived in the ordinary course of Xxxxxxxx’s business, and will appear in and defend, at BorrowerXxxxxxxx’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 LenderAdministrative Agent, will not execute any assignment of the Leases or the Rents; (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lenderrents thereunder; and (gf) will execute and deliver, at the request of LenderAdministrative Agent, all such assignments of the Leases and Rents rents thereunder in favor of Lender Administrative Agent for the benefit of itself and the Lenders as Lender Administrative Agent may from time to time reasonably require.

Appears in 1 contract

Samples: Term Loan Agreement

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 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 Lender, will not execute any assignment of the Leases or the Rents; (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lenderrents thereunder; and (gf) will execute and deliver, at the request of Lender, all such assignments of the Leases and Rents rents thereunder in favor of Lender as Lender may from time to time reasonably require.

Appears in 1 contract

Samples: Construction Loan Agreement

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 Tenants under the Leases Leases, except for obligations or undertaking waived in the ordinary course of Xxxxxxxx’s business, and will appear in and defend, at BorrowerXxxxxxxx’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 Lender, will not execute any assignment of the Leases or the Rents; (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lenderrents thereunder; and (gf) will execute and deliver, at the request of LenderXxxxxx, all such assignments of the Leases and Rents rents thereunder in favor of Lender Xxxxxx as Lender may from time to time reasonably require.

Appears in 1 contract

Samples: Construction Loan Agreement

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that Borrower (a) will observe and perform all of the material 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 one (1) 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 Lender, will not execute any assignment of the Leases or the Rents; (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lender; and (g) will execute and deliver, at the request of Lender, all such assignments of the Leases and Rents in favor of Lender as Lender may from time to time require.

Appears in 1 contract

Samples: Term Loan Agreement (Resource Real Estate Opportunity REIT II, Inc.)

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Covenants of Borrower Regarding Leases and Rents. Borrower covenants that that, except in the ordinary course of business, 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 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 Lender, will not execute any assignment of the Leases or the Rents; and (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lender; and (g) will execute and deliver, at the request of Lender, all such assignments of the Leases and Rents in favor of Lender as Lender may from time to time requirereasonably require so long as they do not increase the obligations of the Borrower or reduce the benefits to the Borrower under the Loan Documents.

Appears in 1 contract

Samples: Term Loan Agreement (Sun Communities Inc)

Covenants of Borrower Regarding Leases and Rents. Borrower covenants that that, except in the ordinary course of business, 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 in advance of the time when the same become due under the terms of the Leases; (d) will not discount any future accruing RentsRents except in the ordinary course of the Borrower’s business; (ed) without the prior written consent of LenderAdministrative Agent, will not execute any assignment of the Leases or the Rents; (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lender; and (ge) will execute and deliver, at the request of LenderAdministrative Agent, all such assignments of the Leases and Rents in favor of Lender Administrative Agent as Lender Administrative Agent may from time to time requirereasonably require so long as they do not increase the obligations of the Borrower or reduce the benefits to the Borrower under the Loan Documents.

Appears in 1 contract

Samples: Term Loan Agreement (Sun Communities Inc)

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 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 LenderAdministrative Agent, will not execute any assignment of the Leases or the Rents; (f) other than in the ordinary course of business, will not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lenderrents thereunder; and (gf) will execute and deliver, at the request of LenderAdministrative Agent, all such assignments of the Leases and Rents rents thereunder in favor of Lender Administrative Agent for the benefit of itself and the Lenders as Lender Administrative Agent may from time to time reasonably require.

Appears in 1 contract

Samples: Construction Loan Agreement

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