Common use of Proprietary Lease Clause in Contracts

Proprietary Lease. If such Mortgage Loan is a Cooperative Loan: (i) the terms of the related proprietary lease or occupancy agreement is longer than the terms of the Cooperative Loan, (ii) there is no provision in such proprietary lease or occupancy agreement which requires the Mortgagor to offer for sale the cooperative shares owned by such Mortgagor first to the cooperative corporation, and (iii) there is no prohibition against pledging the shares of the cooperative corporation or assigning the cooperative lease;