Affirmative Leasing Covenants Clause Samples

Affirmative Leasing Covenants. (a) The Borrower covenants and agrees that it shall, and shall cause each applicable Guarantor, at the Borrower’s or such Guarantor’s sole cost and expense, to: (a) perform all of the material obligations of landlord contained in the Leases in a commercially reasonable manner and enforce by reasonable remedies as permitted pursuant to the terms of the applicable Leases, performance by the tenants of the obligations of the tenants contained in the Leases, if enforcement is necessary or desirable in the Borrower’s reasonable business judgment based upon then-current market conditions; (b) give the Administrative Agent prompt written notice of any default which occurs with respect to any of the Major Leases, whether the default be that of the tenant or of the landlord; (c) exercise reasonable efforts to keep all portions of the Borrowing Base Properties that are currently subject to Leases leased at all times at rentals not less than the fair market rental value to the extent appropriate, in the Borrower’s reasonable business judgment, based upon then-current market conditions; (d) deliver to the Administrative Agent fully executed, counterpart original(s), or electronic copies of each and every Major Lease and any modifications or amendments thereto if requested to do so by written notice from the Administrative Agent; and (e) execute and record, or cause to be executed and recorded, such additional assignments of any Lease or to use commercially reasonable efforts to execute and record, or cause to be executed and recorded, specific subordinations (or subordination, attornment and non-disturbance agreements executed by the landlord and tenant) of any Major Lease executed after the date of this Agreement to the Lien of the applicable Mortgages, in form and substance acceptable to the Administrative Agent and the Borrower, as the Administrative Agent may request. The Administrative Agent shall use commercially reasonable efforts to execute subordination, attornment and non-disturbance agreements for any Major Lease executed after the date of this Agreement, in form and substance acceptable to the Administrative Agent and the Borrower, as the Borrower may request. (b) Without regard to whether there exists an Event of Default, if there exists a default by the Borrower or any Guarantor under any Lease, and the Borrower or such Guarantor fails to cure such default in a timely manner following request or notice thereof, the Borrower acknowledges and agrees (a) th...