Common use of Parking Lease Clause in Contracts

Parking Lease. Borrower hereby represents and warrants to Lender the following with respect to the Parking Lease: (i) Borrower has heretofore provided Lender with a true and correct copy of the Parking Lease; (ii) the Parking Lease permits the interest of Mortgage Borrower to be encumbered by a mortgage (provided that the mortgage is at all times subject and subordinate to the Parking Lease); (iii) there have not been amendments or modifications to the terms of the Parking Lease other than pursuant to written instruments, copies of which have been previously provided to Lender; (iv) except for the Permitted Encumbrances and other encumbrances of record, Mortgage Borrower’s interest in the Parking Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage; (v) Mortgage Borrower’s interest in the Parking Lease for Land Lot 78 is assignable upon a sale, lease or transfer of the Atlanta Individual Property without the consent of the Parking Lessor to Lender; and (vi) as of the date hereof, the Parking Lease is in full force and effect and no default by Mortgage Borrower, or to the best knowledge of Borrower, any other party thereto has occurred under the Parking Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of the Parking Lease.

Parking Lease. Borrower hereby represents and warrants to Lender the following with respect to the Parking Lease: (i) Borrower has heretofore provided Lender with a true and correct copy of the Parking Lease; (ii) the Parking Lease permits the interest of Mortgage Borrower to be encumbered by a mortgage (provided that the mortgage is at all times subject and subordinate to the Parking Lease); (iii) there have not been amendments or modifications to the terms of the Parking Lease other than pursuant to written instruments, copies of which have been previously provided to Lender; (iv) except for the Permitted Encumbrances and other encumbrances of record, Mortgage Borrower’s interest in the Parking Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage; (v) Mortgage Borrower’s interest in the Parking Lease for Land Lot 78 is assignable upon a sale, lease or transfer of the Atlanta Individual Property without the consent of the Parking Lessor to LenderLessor; and (vi) as of the date hereof, the Parking Lease is in full force and effect and no default by Mortgage Borrower, or to the best knowledge of Borrower, any other party thereto has occurred under the Parking Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of the Parking Lease.