Rents and Leases. The Rent Rolls for each Property currently occupied, which have been initialed by TSL and delivered to LB pursuant hereto (the "RENT ROLL"), contain a complete and correct list of all Leases setting forth with respect to each of the Leases (i) the type and size of unit covered thereby, (ii) the date thereof, (iii) the term thereof, (iv) the rents and other charges payable thereunder, (v) any rents or other charges in arrears or prepaid thereunder and the period for which such rents and other charges are in arrears or have been prepaid, (vi) the amount of the security deposit thereunder, (vii) the utilities which are furnished as part of the rent, (viii) any brokerage fees or finder's fees payable thereunder and (ix) any material amendments thereto. Except as disclosed in the Rent Roll, (A) there are no other lease or rental agreements for the occupancy of any of the units in the Improvements, (B) no tenant is entitled to any free rent or similar concession other than in the ordinary course of business, (C) no tenant has prepaid rent for more than one (1) month in advance, (D) no material number of tenants are entitled to a refund of any rent or other sums heretofore paid by such tenants (except for security deposits) or to assert any such refund or claim therefor as an offset or defense against the payment of rent hereafter coming due, (E) there are no Leases with an initial term in excess of one (1) year or less than six (6) months, (F) to the knowledge of TSL, all leased premises are actually occupied by the tenant under the lease agreement covering such leased premise, and (G) there are not more than three (3) units in the Improvements being leased to any one (1) person or entity. No brokerage or leasing commission or other compensation will be due or payable with respect to any of the leases at the Closing or thereafter, except for finders fees or referral fees payable in the ordinary course of operations of the Property. The Leases are in full force and effect and no material number of defaults or breaches on the part of the landlord exists thereunder and to the knowledge of TSL, there are no material number of defaults by the tenant thereunder. The Partnership has good title to the Leases and Rents for each of the Properties and no other person or entity has any right, title or interest therein, except the rights of the existing lienholders.
Rents and Leases. (a) Subject to the terms of this Article, Mortgagee waives the right to enter the Mortgaged Property for the purpose of collecting the Rents thereon, and grants Mortgagor the right to collect the Rents. Mortgagor shall hold the Rents, or an amount sufficient to discharge all current sums due on the Obligations, in trust for use in the payment of the Obligations. The right of Mortgagor to collect the Rents may be revoked by Mortgagee upon the occurrence of any Event of Default by Mortgagor under the terms of this Mortgage by giving notice of such revocation to Mortgagor. Following such notice, Mortgagee may retain and apply the Rents toward payment of the Obligations in such priority and proportions as Mortgagee, in its discretion, shall deem proper.
Rents and Leases. (a) Mortgagor hereby sells, assigns, sets over and transfers to Agent, for the benefit of Secured Parties, Mortgagor’s interest in any and all leases, usufructs, tenant contracts and rental agreements and other contracts, licenses and permits (all of which are sometimes herein referred to as the “Leases”) now or hereafter affecting or in any manner relating to the Premises, or any part thereof. Mortgagor agrees to execute and deliver such other instruments as Agent may reasonably require evidencing the assignment of the Leases.
Rents and Leases. (i) The Mortgagor will not: (A) execute or permit to exist any lease of any of the Mortgaged Property except for occupancy by the lessee pursuant to a written lease in form and substance, and with a lessee, satisfactory to the Mortgagee, (B) modify or amend any lease or sublease affecting the Mortgaged Property, (C) discount any rents or collect the same for a period of more than one month in advance, (D) cancel or terminate any lease affecting the Mortgaged Property or accept surrender of the property demised under any such lease except upon the default of the tenant thereunder, or (E) further assign the leases and rents affecting the Mortgaged Property.
Rents and Leases. In order to secure the secured indebtedness up to the Maximum Amount and to the extent permitted by La. R.S. 9:4401 et seq., as additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Mortgagor hereby collaterally and conditionally assigns to Lender all existing and future Rents and Leases, such assignment to become absolute upon the occurrence of an Event of Default.
Rents and Leases. Upon the occurrence of an Event of Default or at any time thereafter:
Rents and Leases. (1) All base rent, additional rent and other sums actually paid under the Leases (including, without limitation, amounts owed by Tenants at the Property as periodic estimates of the costs of utilities, insurance, maintenance, repairs and other operating expenses), shall be prorated and apportioned between the Contributor and the Operating Partnership at Closing on a per diem basis as of 11:59 P.M. on the Pro Ration Date, provided that delinquent amounts shall not be considered in such calculation. After the Closing Date, payments of monthly base rent received by the Operating Partnership or the Owner shall be applied (a) first, to current base monthly rent due and owing to the Owner, (b) second, to past-due base monthly rent owing to Owner and starting with the most recent delinquency, and (c) third, after the foregoing amounts are paid in full, to past-due base monthly rent unpaid for the period prior to the Closing Date, which amounts shall be payable to Contributor after deducting therefrom any of the Operating Partnership’s costs of collection, including, without limitation, reasonable attorneys’ fees. The Operating Partnership will have no obligation to incur any cost or expense or institute any litigation to collect delinquent rents, percentage rents, or other costs or charges owed to Contributor, and Contributor will not exercise any right to collect such amounts unless the Operating Partnership fails to use reasonable efforts to do so. If the Operating Partnership fails to use reasonable efforts to collect such delinquent amounts, Contributor shall have the right to pursue all rights and remedies against the Tenants to recover any such delinquencies, except that Contributor shall not be entitled to threaten to dispossess such Tenants or to institute suit against any Tenant under the Leases.
Rents and Leases. (a) If an Event of Default exists, the Bank, at its option, shall have the right, power and authority to exercise and enforce any or all of the following rights and remedies with respect to Rents and Leases:
Rents and Leases. (a) Approval of Leases. Mortgagee shall have the right to approve all new leases covering space in the Premises, including the form and content of each such lease and the tenant or tenants thereunder, and, without limiting the generality of the foregoing, Mortgagor shall not, without Mortgagee's prior written consent, enter into any lease or permit any tenancy of all or any portion of the Premises, execute an assignment or pledge of any rents from the Premises or of any lease or tenancy of all or any portion of the Premises (except as security for the indebtedness secured by this Mortgage), accept any installment of rent more than thirty (30) days before the due date of any such installment, (iv) agree to any material amendment to or change in the terms of any lease or tenancy previously approved by Mortgagee or (v) permit or consent to any assignment of any lease or tenancy or any sublease of any lease or tenancy of all or any portion of the Premises.
Rents and Leases. If an Event of Default exists, Standard Federal, at its option, shall have the right, power and authority to terminate the license granted to the Borrower in this Montage to collect the rents, profits, issues and revenues of the Project, whether paid or accruing before or after the filing of any petition by or against the Borrower under the federal Bankruptcy Code, and, without taking possession, in Standard Federal's own name to demand, collect, receive, sue xxx, attach and levy all of such rents, profits, issues and revenues, to give proper receipts, releases and acquittances therefor, and to apply the proceeds thereof as set forth in sub-paragraph (h) hereof.
