Laundry Leases Sample Clauses
A Laundry Leases clause outlines the terms under which laundry facilities or equipment are leased within a property, typically in multi-unit residential or commercial buildings. This clause specifies details such as the duration of the lease, responsibilities for maintenance and repairs, payment terms, and any revenue-sharing arrangements between the property owner and the laundry service provider. By clearly defining these aspects, the clause ensures both parties understand their obligations and helps prevent disputes over the use, upkeep, and financial aspects of laundry facilities.
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Laundry Leases. Certain laundry facilities at certain of the Mortgaged Properties have been leased to laundry operators under laundry room or laundry facility leases (the “Laundry Leases”). Borrower covenants and agrees that it shall, within sixty (60) days after the date hereof (or such longer time as Lender may determine to provide to Borrower at Lender’s sole option) provide copies of such Laundry Leases to Lender and, if such Laundry Leases are not by their terms subordinate to the applicable Mortgages, Borrower shall, within sixty (60) days after the date hereof (or such longer time as Lender may determine to provide to Borrower at Lender’s sole option) either provide executed subordination agreements subordinating the Laundry Leases to the applicable Mortgages or demonstrate to Lender’s reasonable satisfaction that the Laundry Leases may be terminated by the landlord thereunder at a cost per Laundry Lease of not more than $10,000.
Laundry Leases. Schedule 2.07 attached hereto lists all of the -------------- ------------- contracts, understandings and arrangements, whether written or oral, including any tenancy at will, under which either Company or any of their Subsidiaries are bound, or to which either Company or any of their Subsidiaries is a party, which relate to the placement of laundry machines (the "Laundry Leases"). Schedule -------- 2.07 attached hereto contains a true, correct and complete list of all Laundry ---- Lease locations, Laundry Lease expirations, the number of laundry machines at each Laundry Lease location, vend prices, net revenues after commission for each Laundry Lease location and whether the terms of such Laundry Lease require the consent or approval of or prior notice to any third party as a result of the consummation of the transactions contemplated by this Agreement. True and correct copies of all the Laundry Leases have been delivered or made available to Buyer prior to the date hereof. Each of the Laundry Leases is valid, in full force and effect and binding upon the relevant Company or its Subsidiaries, as the case may be, and the other parties thereto in accordance with its respective terms. Neither Company, its Subsidiaries nor, to the knowledge of the Companies and the Stockholders, any other party is in default under or in arrears in the performance, payment or satisfaction of any agreement or condition on its part to be performed or satisfied under any Laundry Lease, nor, to the knowledge of the Companies and the Stockholders, does any condition exist that with notice or lapse of time or both would constitute such a default, and no waiver or indulgence has been granted by any lessee under any Laundry Lease. Neither Company nor any of its Subsidiaries has received notice or has knowledge of any fact which would result in the termination, repudiation or breach of any Laundry Lease. After giving effect to the transactions contemplated by this Agreement, each of the Laundry Leases will be valid and effective in accordance with its terms, and fully enforceable by the relevant Company or a Subsidiary against the other party thereto.
Laundry Leases. 13 2.08 Equipment................................................... 13 2.09 Title....................................................... 13 2.10
Laundry Leases. Transferors shall also deliver to Buyer the amount of any prepaid income applicable to the month of Closing or thereafter under any cable television or laundry lease or the like allocable to the period from and after the Closing Date. Buyer shall deliver to Transferors the amount of any income under any cable television, laundry lease or similar agreement attributable to the period prior to the Closing Date.
Laundry Leases. Except in the ordinary course of SELLER's business, SELLER will not enter into any amendment to or modification of any of the Leases prior to the Closing Date, which will reduce, forgive, or postpone any rents or which would otherwise materially affect the value of the Property, without BUYER's consent; no rents or other deposits are or will on the Closing Date be held by SELLER, except only tenant security deposits and prepaid rents for the current month; and no commissions or other fees payable to any person, entity or agent are due on the rentals collected or to be collected under the Leases.