Non-Residential Leases. (a) Prohibited New Non-Residential Leases or Modified Non-Residential Leases. Except as set forth in Section 6.04(b), Borrower will not enter into any New Non-Residential Lease, enter into any Modified Non-Residential Lease or terminate any Non-Residential Lease (including any Non-Residential Lease in existence on the date of this Loan Agreement) without the prior written consent of Lender.
Non-Residential Leases. No portion of the Project shall be leased for any commercial purpose or use without receiving HUD’s prior written approval as to terms, form and amount, except for commercial leases for support or ancillary services which are subordinate to the Borrower Security Instrument, have terms of not more than five (5) years and otherwise comply with Program Obligations. Operator shall deliver an executed copy of any commercial lease to HUD and Lender within thirty (30) days after its effective date.
Non-Residential Leases. Each Collateral Pool Property is a multi-family housing project. Gross income derived from commercial space, if any, located in any Collateral Pool Property shall not exceed fifty percent (50%) of the total gross income of such Collateral Pool Property. Neither Borrower, nor any general partner, managing member or principal thereof is, directly or indirectly, controlling, controlled by, under common control with, or otherwise related to the lessor under any leases for laundry equipment, telecommunications, television or similar systems on or about any of the Collateral Pool Properties.
Non-Residential Leases. No portion of the Project shall be leased for any commercial purpose or use without receiving HUD’s prior written approval as to terms, form and amount, except as permitted in the Operator Regulatory Agreement. Master Tenant shall deliver an executed copy of any commercial lease to HUD.
Non-Residential Leases. Borrower will not enter into any new Non-Residential Lease, or modify or terminate any existing Non-Residential Lease (except for extending an existing Non-Residential Lease on identical terms) without the prior written consent of Lender.
Non-Residential Leases. (a) Not more than twenty percent (20%) of the net rentable space of any Mortgaged Property is being used for non-residential purposes and copies of all commercial leases, if any, have been delivered to Lender.
Non-Residential Leases. (a) Except for non-residential leases permitted by the Loan Documents or otherwise approved by Lender, in Lender’s sole discretion, not more than twenty percent (20%) of the net rentable space of any Mortgaged Property is being used for non-residential purposes and copies of all commercial leases, if any, have been delivered to Lender. As of the date hereof, the effective gross commercial income from the Mortgaged Property does not exceed twenty percent (20%) of the total effective gross income from the Mortgaged Property (i.e., total commercial income from the Mortgaged Property plus residential income from the Mortgaged Property) and the total effective gross income from the Mortgaged Property does not exceed one hundred twenty-five percent (125%) of the sum of effective gross residential income.
Non-Residential Leases. Borrower shall use commercially reasonable efforts to obtain and deliver to Xxxxxx Xxx (a) an estoppel certificate with respect to each non-Residential Lease and each recorded instrument of covenants, conditions and restrictions identified on Exhibit Q, and (b) a subordination, non-disturbance and Attornment agreement with respect to each non-Residential Lease identified on Exhibit Q, each in a form previously approved by Xxxxxx Mae.
Non-Residential Leases. (a) Except for non-residential leases permitted by the Loan Documents or otherwise approved by Lender, in Lender’s sole discretion or except as previously disclosed to Lender, not more than twenty percent (20%) of the net rentable space of any Mortgaged Property is being used for non-residential purposes and copies of all commercial leases, if any, have been delivered to Lender. Except as previously disclosed to Lender, as of the date hereof, the effective gross commercial income from the Mortgaged Property does not exceed twenty percent (20%) of the total effective gross income from the Mortgaged Property (i.e., total commercial income from the Mortgaged Property plus residential income from the Mortgaged Property) and the total effective gross income from the Mortgaged Property does not exceed one hundred twenty-five percent (125%) of the sum of effective gross residential income.
Non-Residential Leases. (a) So long as no Event of Default exists under this Agreement or any Security Instrument, Borrower may (i) renew commercial leases, and (ii) lease or use for non-residential use (a) any non-residential portion of the Mortgaged Property; and (b) residential units, not exceeding five (5) of the units of the Mortgaged Property, for services associated with the use of the Mortgaged Property as a multifamily property including, without limitation, Borrower may enter into laundry leases (collectively, “Non-Residential Leases”); provided, that (u) such Non-Residential Lease contains a subordination to the applicable Security Interest in form previously approved by Xxxxxx Mae, (v) the lessee under any Non-Residential Lease that is 5% or more of the gross rental income executes and delivers a subordination, non-disturbance and attornment agreement substantially in the form previously approved by Xxxxxx Xxx, or such lessee and Xxxxxx Mae execute and deliver a mutually acceptable subordination, non-disturbance and attornment agreement (Xxxxxx Xxx agrees to negotiate such agreement in good faith and with reasonable promptness); (w) such Non-Residential Lease shall be a commercially reasonable, arms-length transaction; (x) no material disruption of income or material reduction in Gross Revenues shall occur on any Mortgaged Property due to the performance and enforcement of such Non-Residential Lease; (y) such Non-Residential Lease shall provide that the lessee shall, upon receipt of a written request from Xxxxxx Xxx after the occurrence of an Event of Default under the Security Instrument, pay all rents payable under the Non-Residential Lease to Xxxxxx Mae; and (z) upon Xxxxxx Mae’s request, Borrower shall deliver to Xxxxxx Mae a fully-executed copy of any such Non-Residential Lease not previously delivered to Xxxxxx Xxx. The rights of Borrower set forth in this subsection shall be in addition to the rights of Borrower set forth in Section 6.13(c)(5) above.
