Material Leases. Borrower shall not, without the prior consent of Lender, which consent shall not be unreasonably withheld or conditioned (i) enter into any Material Lease of all or any part of the Property, (ii) cancel, terminate (other than as a result of a tenant default thereunder), abridge or otherwise modify in any material respect the terms of any Material Lease unless such action is required by the terms thereof, or accept a surrender thereof, (iii) consent to any assignment of or subletting under any Material Lease not in accordance with its terms, (iv) cancel, terminate, abridge or otherwise modify any guaranty of any Material Lease or the terms thereof, (v) accept prepayments of installments of Rents for a period of more than one (1) month in advance (other than estimated payments of taxes and reimbursable expenses paid by tenants pursuant to their Leases) or (vi) further assign the whole or any part of the Leases or the Rents other than in connection with a Transfer and Assumption. If Lender fails to respond to a request for consent under this Section 5.10.2 within ten (10) Business Days of receipt thereof, such consent shall be deemed granted, provided that such request shall have been accompanied by all information requested by Lender or reasonably necessary for Lender to evaluate such request and shall have clearly stated, in 14 point type or greater, that if Lender fails to respond to such request within ten (10) Business Days, Lender’s consent shall be deemed to have been granted. In the event that Lender refuses to grant any such consent, Lender shall specify in writing the reasons for such refusal. In addition, Borrower shall not (A) lease all or any part of the Property, (B) cancel, terminate (other than as a result of a tenant default thereunder), abridge or otherwise modify the terms of any Lease in any material respect, or accept a surrender thereof, (C) consent to any assignment of or subletting under any Lease not in accordance with its terms or (D) cancel, terminate, abridge or otherwise modify in any material respect any guaranty of any Lease or the terms thereof, unless such actions are exercised for a commercially reasonable purpose in arms-length transactions for market rate terms. The foregoing shall not apply to any Lease or license entered into with a Taxable REIT Subsidiary.
Material Leases. Set forth on Schedule 6.18 hereto is a complete and accurate list of the Material Leases on the date hereof, showing the expiration date and annual rental cost thereof. The Borrower is entitled to exercise all of the rights of lessee purported to be granted to the Borrower under each such Material Lease.
Material Leases. Set forth on Schedule 6.18 hereto is a complete and accurate list of the Material Leases on the date hereof, showing the expiration date and annual rental cost thereof. PSNM is entitled to exercise all of the rights of lessee purported to be granted to PSNM under each such Material Lease.
Material Leases. Section 3.08 Merger....................................................................
Material Leases. Each Material Lease with respect to each Mortgaged Property and all amendments thereto that have been or shall be entered into on or before the Closing Date are listed on Schedule 4.4.2 annexed hereto. The Material Leases, as so amended, shall be in full force and effect and no term or condition thereof has been further amended or modified, or waived after the execution thereof except in accordance with this Agreement; and no Person will have failed in any respect to perform any obligation or covenant or satisfy any condition required by the Material Leases to be performed or complied with, except where failure to so comply will not then have had and could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
Material Leases. Attached hereto as EXHIBIT 3.13 is an accurate and complete list of all leases of Real Property and all other material leases to which any Borrower is a party or by which any Borrower or any of the assets of any Borrower is bound, together with all amendments or supplements thereto (collectively, the "Leases"). True and complete copies of each of the Leases have been provided or made available to Allied prior to the date hereof. Each of the Leases is valid, binding and enforceable in accordance with its terms and remains in full force and effect. No Borrower is in default or alleged to be in default with respect to any of its obligations under any of the Leases (nor would be in default or alleged to be in default with the giving of notice, passage of time, or both), and, to the best of the Borrowers' knowledge, no party other than a Borrower is in default with respect to such party's obligations under any of the Leases (or would be in default or alleged to be in default with the giving of notice, passage of time, or both). No Borrower's possession of any property leased by it has been disturbed, nor has any claim been asserted against any Borrower that is or could be adverse to such Borrower's interests under any of the Leases. None of the Leases is subject to any rights of set-off, recoupment or similar deduction or offset and, except as noted on EXHIBIT 3.13 attached hereto, the collateral assignment of the Borrowers' rights under each of the Leases will not impair or conflict with the validity or enforceability of any of the Leases. No Borrower has assigned or encumbered any of its rights, title or interest in or under any of the Leases nor agreed to any oral modifications of any of the provisions of any of the Leases.
Material Leases. No Borrower shall enter into a proposed Material Lease or a proposed renewal, extension or modification of an existing Material Lease without the prior written consent of Lender; provided, however, that the provisions for payment of rent from Leasehold Borrower to Fee Borrower in the Operating Lease may be adjusted or modified without the prior consent of Lender, if such adjustment or modification does not effect the rights or obligations of either Borrower under the Loan or the Loan Documents.
Material Leases. Except with respect to the Xxxxxxxxx Lease, any Loan Party fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, and in each case after the expiration of any applicable grace period) in respect of any real property lease, operating lease, or capital lease that provides for annual rent in excess of $300,000 and to which it is party, or fails to observe or perform any other agreement or condition relating to any such property lease, operating lease, or capital lease (after the expiration of any applicable grace period); or
Material Leases. Any Loan Party fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any real property lease, operating lease, or capital lease that provides for annual rent in excess of $250,000 and to which it is party, or fails to observe or perform any other agreement or condition relating to any such property lease, operating lease, or capital lease (after the expiration of any applicable grace period); or
Material Leases. Each Borrower and each Subsidiary of each Borrower enjoys peaceful and undisturbed possession of all of its Property subject to Material Leases. All such Material Leases are valid and in full force and effect. As of the Closing Date, all Material Leases between each Borrower and its Subsidiaries or Affiliates then in effect are set forth in Schedule 5.7.
