Property Management and Leasing. The exclusive manager of the Property shall be Borrower, or such other manager as may be first approved in writing by Lender. The exclusive leasing agent of the Property, if other than Borrower or the foregoing party, shall be first approved in writing by Lender. The management and leasing contracts (or in the absence of any such written contract, a letter so stating and further identifying the name of the person or entity charged with the responsibility for managing and/or leasing the Property) shall be subordinate to this Mortgage, and satisfactory to and subject to the prior written approval of Lender throughout the term of the Loan. Upon default in either of these requirements, then the whole of the Loan hereby secured shall, at the election of Lender, become immediately due and payable, together with any Prepayment Premium, late payment charges and all other sums required by the Note or the other Loan Documents, and Lender shall be entitled to exercise any or all remedies provided for or referenced in this Mortgage.
Appears in 3 contracts
Samples: Mortgage and Security Agreement (Inland Western Retail Real Estate Trust Inc), Assumption and Ratification Agreement (Inland American Real Estate Trust, Inc.), Mortgage and Security Agreement (Agree Realty Corp)
Property Management and Leasing. The exclusive manager of the Property shall be Borrower, or such other manager as may be first approved in writing by LenderXxxxxx. The exclusive leasing agent of the Property, if other than Borrower or the foregoing party, shall be first approved in writing by LenderXxxxxx. The management and leasing contracts (or in the absence of any such written contract, a letter so stating and further identifying the name of the person or entity charged with the responsibility for managing and/or leasing the Property) shall be subordinate to this Mortgage, and satisfactory to and subject to the prior written approval of Lender throughout the term of the Loan. Upon default in either of these requirements, then the whole of the Loan hereby secured shall, at the election of LenderXxxxxx, become immediately due and payable, together with any Prepayment Premium, late payment charges and all other sums required by the Note or the other Loan Documents, and Lender shall be entitled to exercise excercise any or all remedies provided for or referenced in this Mortgage.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Inland Western Retail Real Estate Trust Inc)
Property Management and Leasing. The exclusive manager of the Property shall be Borrower, or such other manager as may be first approved in writing by Lender. The exclusive leasing agent of the Property, if other than Borrower or the foregoing party, shall be first approved in writing by Lender. The management and leasing contracts (or in the absence of any such written contract, a letter so stating and further identifying the name of the person or entity charged with the responsibility for managing and/or leasing the Property) shall be subordinate to this Mortgage, and satisfactory to and subject to the prior written approval of Lender throughout the term of the Loan. Upon default in either of these requirements, then the whole of the Loan hereby secured shall, at the election of Lender, become immediately due and payable, together with any Prepayment Premium, late payment charges and all other sums required by the Note or the other Loan Documents, and Lender shall be entitled to exercise any or all remedies provided for or referenced in this Mortgage.. Xxxxx, Xxxxxxxx
Appears in 1 contract
