Occupancy Leases definition
Examples of Occupancy Leases in a sentence
Borrower shall furnish Lender with copies of all executed Occupancy Leases of all or any part of the Property now existing or hereafter made, and Borrower shall assign to Lender (which assignment shall be in form and content acceptable to Lender), as additional security for the Note and the Loan, all Occupancy Leases now existing or hereafter made for all or any part of the Property.
It shall be a default hereunder if either: (i) any part of any of the Improvements situated on the Real Property shall be condemned by any governmental authority having jurisdiction; or (ii) lands constituting a portion of the Real Property shall be condemned by any governmental authority having jurisdiction, such that the remaining Property is in violation of applicable parking, zoning, platting, or other ordinances, or fails to comply with the terms of the Occupancy Leases with Major Tenants.
With respect to its own personnel, each Party is independently responsible for all obligations incumbent upon an employer..
Provided, however, that Lender shall not require approval in advance of any Occupancy Leases which conform to the Borrower's Form Lease (as hereinafter defined) as previously approved by Lender, except as set forth below.
Upon request, the Borrower shall furnish the Lender with copies of all executed Occupancy Leases of all or any part of the Property now existing or hereafter made, and Borrower shall assign to the Lender (which assignment shall be in form and content acceptable to Lender), as additional security for the Note, all Occupancy Leases now existing or hereafter made of all or any part of the Property.
All such Occupancy Leases hereafter made shall be subject to the approval of Lender and (a) shall be at competitive market rental rates then prevailing in the geographic area for apartment complexes comparable to the Property and (b) at Lender's option shall be superior or subordinate in all respects to the lien of this Security Deed.
Parent is or may be a guarantor or otherwise obligated for the performance by the tenant or lessee named in the Occupancy Leases, which tenant or lessee will include the Buyer or its affiliates from and after the Effective Date, and Parent may not be permitted to modify or cancel its guaranty of the Occupancy Leases in connection with the assignments of the Occupancy Leases.
Water, sewer, gas, waste fee, fire protection, electric and all other utility expenses and payments due or made with respect to the Property shall be prorated as of the Closing Proration Time (except for those utility charges and operating expenses payable by tenants in accordance with the Occupancy Leases), based upon the utility bills for the preceding period, or, if available, the meters with respect thereto read as of Closing.
If requested by Borrower, Lender will grant conditional approvals of proposed Occupancy Leases or proposed renewals, extensions or modifications of existing Occupancy Leases, at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any modifications or changes to any proposed Occupancy Lease or proposed renewals, extensions or modifications of existing Occupancy Leases made subsequent to Lender’s approval.
Beneficiary shall not require approval in advance of any Occupancy Leases that conform to the Grantor’s Form Lease (as defined below) as previously approved by Beneficiary, except as set forth below.