Leasing Matters Clause Samples
The 'leasing-matters' clause defines the rules and obligations related to leasing arrangements within a contract. It typically outlines the conditions under which property or equipment may be leased, the responsibilities of both lessor and lessee, and any restrictions or requirements for entering into or modifying lease agreements. For example, it may require landlord approval before subleasing or specify maintenance duties during the lease term. This clause ensures that all parties have a clear understanding of their rights and duties regarding leased assets, thereby reducing the risk of disputes and promoting smooth management of leasing relationships.
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Leasing Matters. Any Lease executed after the date hereof (and any amendment or termination thereof) shall require the prior written consent of Lender, which consent shall be in Lender’s sole and absolute discretion. Borrower shall furnish Lender with true, correct and complete executed copies of all Leases, amendments thereof and any related agreements. Without limitation, and as applicable, Lender shall be deemed to have approved all renewals of Leases and all proposed Leases so long as the same (a) provide for rental rates comparable to existing local market rates, contain reasonable market rate terms and do not contain any terms which would materially adversely affect Lender’s rights under the Loan Documents, (b) are for a lease term not exceeding one year, including all extensions, (c) are with individual, residential, non-commercial tenants, and (d) have been entered into by Borrower in its ordinary course of business. All Leases executed after the date hereof shall provide that they are subordinate to the Security Instrument and the Liens created thereby and that the Tenant thereunder agrees to attorn to Lender or any other purchaser of the Property at a sale by foreclosure (or deed in lieu thereof) or power of sale. Borrower (a) shall observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (b) shall enforce the terms, covenants and conditions contained in the Leases upon the part of the Tenant thereunder to be observed or performed in a commercially reasonable manner and in a manner which does not impair the value of the Property involved, provided that in no event shall Borrower terminate or accept the surrender of any Lease by a Tenant unless by reason of a Tenant default and then only in a commercially reasonable manner to preserve and protect the Property; provided, however, that no such termination or surrender of any Lease will be permitted without the prior written consent of Lender or unless such termination or surrender is specifically provided for in the Lease; (c) shall not collect any of the Rents more than one (1) month in advance (other than security deposits required pursuant to such Lease); (d) shall not execute any other assignment of the lessor’s interest in the Leases or the Rents (except to Lender pursuant to the Loan Documents); (e) shall not alter, modify or change the terms of the Leases; and (f) shall execute and deliver at the request of Lender all such further assurances, confirmati...
Leasing Matters. Borrower shall (a) observe and perform the obligations imposed upon the lessor under the Leases for the Properties in a commercially reasonable manner; and (b) enforce the terms, covenants and conditions contained in such Leases upon the part of the Tenant thereunder to be observed or performed in a commercially reasonable manner except in each case to the extent that the failure to do so would not reasonably be expected to have an Individual Material Adverse Effect with respect to a Property.
Leasing Matters. 49 Section 5.14. Property Management ..................................... 50 Section 5.15. Liens ................................................... 51 Section 5.16.
Leasing Matters. (a) Borrower shall not permit Mortgage Borrower to enter into any Leases other than the CPLV Lease and Borrower shall cause Mortgage Borrower to enforce its rights in a commercially reasonable manner, the provisions of the CPLV Lease with respect to any leases or subleases at the Property. Borrower shall not permit Mortgage Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to not permit CPLV Tenant to enter into any Leases with respect to the Property, other than as set forth in this Section 5.1.20.
(b) Borrower shall not permit Mortgage Borrower to permit CPLV Tenant to assign or otherwise transfer the CPLV Lease or any interest therein, except in accordance with Section 5.2.10(e) hereof. CPLV Tenant shall be permitted to sublease a portion of the Property pursuant to Leases; provided that (i) each Lease entered into by CPLV Tenant shall be entered into in accordance with the terms of the CPLV Lease, and (ii) subject to Section 5.1.20(c) of the Mortgage Loan Agreement, all Leases executed by Borrower after the date hereof shall provide that they are subordinate to the Mortgage and that the Tenant agrees to attorn to Mortgage Lender or any purchaser at a sale by foreclosure or power of sale. Notwithstanding anything to the contrary herein, Borrower shall not permit Mortgage Borrower to permit CPLV Tenant to enter into any Lease for all or substantially all of the Property without the prior written consent of Administrative Agent.
Leasing Matters. 44 Section 5.1. Representations and Warranties on Leases....................44 Section 5.2. Standard Lease Form; Approval Rights........................44 Section 5.3. Covenants...................................................45 Section 5.4. Tenant Estoppels............................................46
Leasing Matters. Borrower shall (i) observe and perform the obligations imposed upon the lessor under the Leases for its Properties in a commercially reasonable manner; and (ii) enforce the terms, covenants and conditions contained in such Leases upon the part of the Tenant thereunder to be observed or performed in a commercially reasonable manner except in each case to the extent that the failure to do so would not reasonably be expected to have an Individual Material Adverse Effect with respect to a Property. No Rent may be collected under any Lease for the Properties more than one (1) month in advance of its due date.
Leasing Matters. (a) Other than as provided in Section 5.1.17(b), Borrower may not, without the prior written consent of Lender, enter into, amend, modify or waive the provisions of any material provisions of any Lease, including, but not limited to, provisions relating to the term, the rental obligations of the Operating Tenant or Tenant thereunder or any other economic provisions of the Operating Lease or any Lease (other than an Immaterial Lease) or terminate, reduce Rents under, accept a surrender of space under, or shorten the term of, any Lease (other than an Immaterial Lease), including, without limitation, the Operating Leases and the Qualified Assignee Leases (including any guaranty, letter of credit or other credit support with respect thereto).
(b) Subject to the Square Footage Limitations and the other provisions hereof, Borrower may allow Operating Tenant to assign portions of the Operating Leases; provided, that no more than ten percent (10%) of the retail space (by square footage) may be assigned to a Tenant that is not a national or regional retailer. In connection with such assignment, (i) Operating Tenant may be relieved of its obligations under that portion of the Operating Lease so assigned and (ii) any such assignment shall not require the consent of Lender, so long as, in the case of (i) and (ii) above, Lender has received evidence that the assignee (or a Person) meets the Assignment Requirements (a “Qualified Assignee”). The lease entered into by the Qualified Assignee with Borrower shall have substantially the same terms as the Operating Lease, (except for such provisions which by their terms are not applicable to such Property being assigned) including, but not limited to, the same remaining lease term, rent escalations, covenants, escrows and reserves, financial reporting requirements, etc., with a rental rate equal to or greater than the Determined Minimum Rent (a “Qualified Assignee Lease”). In connection with such assignment and release, the Operating Lease shall be amended to reflect the release of such property and the monthly rental rate under such Operating Lease shall be reduced as provided in the Operating Lease; provided, however, that the following shall not constitute an assignment of the Operating Lease: (1) a transfer to any entity into which or with which Tenant, its successors or assigns, is merged or consolidated, in accordance with the applicable statutory provisions of merger or consolidation of entities, so long as the liabilit...
Leasing Matters a. If the SFR Subsidiary (or Property Manager on behalf of the SFR Subsidiary) enters into a Lease Agreement with respect to a Contributed Rental Property, the SFR Subsidiary shall ensure that such Lease Agreement (A) provides for rental rates and terms comparable to existing local market rates and terms, (B) is an arms-length transaction with a bona fide, independent third party Tenant, (C) does not have a material adverse effect on the value or quality of the related Contributed Rental Property, (D) is written on one of the standard forms of lease approved by Buyer, (E) provides for a rental term that is not less than twelve (12) months and (F) is in compliance with all applicable law in all material respects. All proposed Lease Agreements which do not satisfy the requirements set forth in this Section 14(gg)(i) shall be subject to the prior written approval of Buyer. At Buyer’s request, the SFR Subsidiary shall promptly deliver to Buyer copies of all Lease Agreements which are entered into pursuant to this Section 14(gg)(i) together with the SFR Subsidiary’s certification that it has satisfied all of the conditions of this Section 14(gg)(i).
b. The SFR Subsidiary shall (A) ensure that all of the obligations imposed upon the lessee under the applicable Lease Agreements are observed and performed in all material respects and shall not do or permit to be done anything to impair the value of any of the applicable Lease Agreements; (B) enforce all of the material terms, covenants and conditions contained in the applicable Lease Agreements upon the part of the tenant thereunder to be observed or performed and (C) not consent to any assignment of or subletting under any Lease Agreements except in accordance with their respective terms.
c. The SFR Subsidiary shall not amend, modify or waive, or permit the amendment, modification or waiver of, the provisions of any Lease Agreement or terminate, reduce rents under, accept a surrender of space under, or shorten the term of, any Lease Agreement (including any guaranty, letter of credit or other credit support with respect thereto) without obtaining Buyer’s consent except (A) with respect to any such action that does not have a material adverse effect on the value of the related Contributed Rental Property taken as a whole or (B) as the SFR Subsidiary (or Property Manager acting on behalf of the SFR Subsidiary) may otherwise determine in their reasonable business judgment, and provided that such Lease Agreement, as ...
Leasing Matters. (a) Borrower shall not (and shall cause Mortgage Borrower and Guarantor (Operating Lease) not to), without the prior written consent of Lender (and, if a Securitization shall have occurred, Borrower shall have obtained and delivered to Lender a Rating Agency Confirmation) restate, materially modify, materially amend or materially supplement (or permit the restatement, material modification, amendment or supplement of) any Operating Lease or Operating Lease Guaranty (provided, that any modification, amendment or supplement affecting any of the economic terms of any Operating Lease or any of the terms of the Operating Lease Guaranty shall be deemed to be material for purposes hereof), terminate or accept the surrender (or permit the termination or surrender) of any Operating Lease or Operating Lease Guaranty, or release or materially waive (or permit the release or material waiver of) the Operating Company or Guarantor (Operating Lease) from the performance or observance of any obligation or condition under the Operating Leases or Operating Lease Guaranty. In connection with a material modification, Lender may request, and in such event, Borrower shall not effect such modification without, an Additional True Lease Opinion in form and substance reasonably satisfactory to Lender issued by Borrower’s counsel (at Borrower’s expense). Borrower shall not permit (or cause or permit Mortgage Borrower to permit) the prepayment of any rents under the Operating Leases for more than one (1) month prior to the due date thereof. Notwithstanding the foregoing, Lender’s consent shall not be required in connection with any modification, amendment or waiver of any provision of the Operating Lease as may be reasonably necessary to comply with the requirements of this Agreement or any other Loan Document or that makes the provisions of the Operating Lease consistent with the provisions of this Agreement or any other Loan Document. Notwithstanding anything contained in this Section 5.1.20
(a) to the contrary, (x) Lender’s consent to any amendment, modification or supplement of the Operating Lease (or any new Operating Lease) or the Operating Lease Guaranty may also be conditioned on the delivery by Borrower, upon the reasonable request of Lender, of an Additional Insolvency Opinion and/or an Additional True Lease Opinion acceptable to Lender (and, if a Securitization shall have occurred, acceptable to the Rating Agencies), and (y) Lender’s consent to any assignment of any Operat...
Leasing Matters. Mortgagor shall not enter into any new Lease or renew or extend any existing Lease unless such proposed Lease or renewed or extended Lease, as applicable, (i) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such Lease is executed by Mortgagor, (ii) does not have a Material Adverse Effect, and (iii) is subject and subordinate to this Security Instrument and the lessee thereunder agrees to attorn to Lender. All proposed Leases which do not satisfy the requirements set forth in this Section 3.15 shall be subject to the prior approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed. Mortgagor shall not amend, modify or waive the provisions of any Lease or terminate, reduce rents under, accept a surrender of space under, or shorten the term of, any Lease (including any guaranty, letter of credit or other credit support with respect thereto) if such action would have a Material Adverse Effect.