Common use of Leasing Agreements Clause in Contracts

Leasing Agreements. (a) As of the Closing Date, there are no leasing or broker agreements other than the Leasing Agreements. (b) Borrower shall (i) diligently and promptly perform, observe and enforce all of the terms, covenants and conditions of each Leasing Agreement on the part of Borrower to be performed, observed and enforced to the end that all things shall be done which are necessary to keep unimpaired the rights of Borrower under each Leasing Agreement, (ii) promptly notify Lender of any default under any Leasing Agreement beyond applicable notice and cure periods thereunder; (iii) promptly deliver to Lender a copy of any written notice of default or other material notice received by Borrower under any Leasing Agreement; (iv) promptly give notice to Lender of any written notice that Borrower receives which provides that the counterparty under any Leasing Agreement is terminating the Leasing Agreement or the applicable leasing agent is otherwise discontinuing to market and lease the Property; and (v) promptly use commercially reasonable efforts to enforce the performance and observance of all of the covenants required to be performed and observed by the applicable counterparty under each Leasing Agreement. (c) Borrower shall have the right to replace a leasing agent to the extent that (i) no Event of Default has occurred and is continuing, (ii) Lender receives at least ten (10) Business Days prior written notice of the same, (iii) the replacement leasing agent is reasonably satisfactory to Lender and engaged pursuant to a leasing agreement that is reasonably satisfactory to Lender, and (iv) such replacement leasing agent executes an Assignment of Leasing Agreement. (d) Any sums expended by Lender pursuant to this Section 4.23 shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Security Instrument and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefor (and to the extent not paid within five (5) Business Days of demand therefor by Lender shall bear interest at the Default Rate).

Leasing Agreements. Borrower shall (a) As subject to Borrower’s business judgment to the contrary, promptly perform and observe all of the Closing Date, there are no leasing or broker agreements other than covenants required to be performed and observed by it under the Leasing Agreements. Agreements and do all things necessary to preserve and to keep unimpaired its rights thereunder; (b) Borrower shall (i) diligently and promptly perform, observe and enforce all of the terms, covenants and conditions of each Leasing Agreement on the part of Borrower subject to be performed, observed and enforced Borrower’s business judgment to the end that all things shall be done which are necessary to keep unimpaired the rights of Borrower under each Leasing Agreementcontrary, (ii) promptly notify Lender Administrative Agent of any default under any the Leasing Agreement beyond applicable notice and cure periods thereunderAgreements of which it is aware; (iiic) promptly deliver to Lender Administrative Agent a copy of any written notice of default or other material each notice received by Borrower under any the Leasing Agreement; and (ivd) promptly give notice to Lender of any written notice that Borrower receives which provides that the counterparty under any Leasing Agreement is terminating the Leasing Agreement or the applicable leasing agent is otherwise discontinuing to market and lease the Property; and (v) promptly use commercially reasonable efforts to enforce the performance and observance of all of the covenants required to be performed and observed by the applicable counterparty under each Leasing Agent under its respective Leasing Agreement. (c) . Without Administrative Agent’s prior express written consent, which consent shall not be unreasonably withheld, conditioned or delayed, Borrower shall have the right to replace a leasing agent to the extent that not (i) no Event of Default has occurred and is continuingsurrender, terminate, cancel, extend or renew the Leasing Agreements or otherwise replace any Leasing Agent or enter into any other leasing or broker agreement (except pursuant to Section 5.12.4); (ii) Lender receives at least reduce or consent to the reduction of the term of any Leasing Agreement; (iii) increase or consent to the increase of the amount of any charges under any Leasing Agreement; (iv) otherwise modify, change, supplement, alter or amend in any material respect, or waive or release any of its rights and remedies under, any Leasing Agreement; or (v) suffer or permit the occurrence and continuance of a default beyond any applicable cure period under any Leasing Agreement (or any successor leasing or broker agreement) if such default permits any Leasing Agent to terminate its respective Leasing Agreement (or such successor leasing or broker agreement). If (x) Administrative Agent fails to expressly approve or disapprove a written request from Borrower to Administrative Agent for Administrative Agent’s consent to any action contained in clauses (i) through (v) hereunder within ten (10) Business Days prior written notice following Borrower’s delivery of the samematerials required with respect hereto, (iiiy) Borrower delivers to Administrative Agent a second submission with respect thereto, but with such second submission stating in bold uppercase letters at the replacement leasing agent is reasonably satisfactory to Lender and engaged pursuant to a leasing agreement that is reasonably satisfactory to Lendertop of such request “SECOND AND FINAL NOTICE -- TIME SENSITIVE APPROVAL OR DISAPPROVAL REQUIRED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT, OR DEEMED APPROVAL WILL OCCUR” and (ivz) Administrative Agent fails to expressly approve or disapprove the action(s) identified in such replacement leasing agent executes an Assignment of Leasing Agreement. (d) Any sums expended by Lender pursuant to this Section 4.23 shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Security Instrument and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefor (and to the extent not paid second submission within such additional five (5) Business Days of demand therefor Day period, then such action(s) shall be deemed to have been approved by Lender shall bear interest at the Default Rate)Administrative Agent.