Common use of Operating Lease Covenants Clause in Contracts

Operating Lease Covenants. (a) Each Borrower represents, covenants and warrants that it is the express intent of Mortgage Borrower and Operating Lessee that the Operating Lease constitute a lease under applicable real property laws and laws governing bankruptcy, insolvency and creditors’ rights generally, and that the sole interest of the Operating Lessee in each applicable Individual Property is as tenant under the Operating Lease. In the event that it shall be determined that the Operating Lease is not a lease under applicable real property laws and laws governing bankruptcy, insolvency and creditors’ rights generally, and that the interest of the Operating Lessee in any applicable Individual Property is other than that of tenant under the Operating Lease, Borrower hereby covenants and agrees that it shall cause Mortgage Borrower to cause the Operating Lessee’s interest in such Individual Property, however characterized, to continue to be subject and subordinate to the lien of the Security Instruments on all the same terms and conditions as contained in the Operating Lease and the applicable Security Instrument.

Operating Lease Covenants. (a) Each Borrower represents, covenants and warrants that it is the express intent of Mortgage Borrower and Operating Lessee that the Operating Lease constitute a lease under applicable real property laws and laws governing bankruptcy, insolvency and creditors’ rights generally, and that the sole interest of the Operating Lessee in each applicable Individual Property is as tenant under the Operating Lease. In the event that it shall be determined that the Operating Lease is not a lease under applicable real property laws and laws governing bankruptcy, insolvency and creditors’ rights generally, and that the interest of the Operating Lessee in any applicable Individual Property is other than that of tenant under the Operating Lease, Borrower hereby covenants and agrees that it shall cause Mortgage Borrower to cause the Operating Lessee’s interest in such Individual Property, however characterized, to continue to be subject and subordinate to the lien of the Security Instruments on all the same terms and conditions as contained in the Operating Lease and the applicable Security Instrument.