Common use of Commercial Leases Clause in Contracts

Commercial Leases. (1) With respect to Material Commercial Leases, Borrower shall not: (A) enter into any Material Commercial Lease except with the prior written consent of Lender and Lender’s written approval of such Material Commercial Lease; or (B) modify the terms of, extend or terminate any Material Commercial Lease (including any Material Commercial Lease in existence on the Effective Date) without the prior written consent of Lender. (2) With respect to any non-Material Commercial Lease, Borrower shall not: (A) enter into any non-Material Commercial Lease that materially alters the use and type of operation of the premises subject to the Lease in effect as of the Effective Date, reduces the number or size of residential units at the Mortgaged Property or causes such non-Material Commercial Lease to be deemed a Material Commercial Lease; or (B) modify the terms of any non-Material Commercial Lease (including any non-Material Commercial Lease in existence on the Effective Date) in any way that materially alters the use and type of operation of the premises subject to such non-Material Commercial Lease in effect as of the Effective Date, reduces the number or size of residential units at the Mortgaged Property or causes such non-Material Commercial Lease to be deemed a Material Commercial Lease. (3) With respect to any Material Commercial Lease or non-Material Commercial Lease, Borrower shall cause the applicable tenant to provide within ten (10) days of the request, a certificate of estoppel, or if not provided by tenant within such ten (10) day period, Borrower shall provide such certificate of estoppel, certifying: (A) that such Material Commercial Lease or non-Material Commercial Lease is unmodified and in full force and effect (or if there have been modifications, that such Material Commercial Lease or non-Material Commercial Lease is in full force and effect as modified and stating the modifications); (B) the term of the Lease including any extensions thereto; (C) the dates to which the Rent and any other charges hereunder have been paid by tenant; (D) the amount of any security deposit delivered to Borrower as landlord; (E) whether or not Borrower is in default (or whether any event or condition exists which, with the passage of time, would constitute an event of default) under such Lease; (F) the address to which notices to tenant should be sent; and (G) any other information as may be reasonably required by Lender.

Commercial Leases. (1) With respect to Material Commercial Leases, Borrower shall not: (A) enter into any Material Commercial Lease except with the prior written consent of Lender and Lender’s written approval of such Material Commercial Lease; or (B) terminate or adversely modify the terms of, extend or terminate (other than pursuant to the terms of the previously Lender Approved Material Commercial Lease) of any Material Commercial Lease (including any Material Commercial Lease in existence on the Effective Date) ), without the prior written consent of Lender. (2) With respect to any non-Material Commercial Lease, Borrower shall not: (A) except for leases that are entered into pursuant to unit conversions permitted pursuant to the last paragraph of Section 6.02(a) (Use of Property) and modifications to use permitted under Section 6.02(a)(1)(Use of Property) or approved in connection with Section 6.02(f), enter into any non-Material Commercial Lease that materially alters the use and type of operation of the premises subject to the Lease in effect as of the Effective Date, Date or reduces the number or size of residential units at the a Mortgaged Property or causes such non-Material Commercial Lease to be deemed a Material Commercial LeaseProperty; or (B) modify the terms of any non-Material Commercial Lease (including any non-Material Commercial Lease in existence on the Effective Date) in any way that materially alters the use and type of operation of the premises subject to such non-Material Commercial Lease in effect as of the Effective Date, reduces the number or size of residential units at the a Mortgaged Property Property, or causes results in such non-Material Commercial Lease to be being deemed a Material Commercial Lease. (3) With respect to any Material Commercial Lease or non-Material Commercial Lease, Borrower shall use commercially reasonable efforts to cause the applicable tenant to provide within ten (10) days of the requestafter a request by Lender, a certificate of estoppel, or if not provided by tenant within such ten (10) day period, Borrower shall provide such certificate of estoppel, certifying: (A) that such Material Commercial Lease or non-Material Commercial Lease is unmodified and in full force and effect (or if there have been modifications, that such Material Commercial Lease or non-Material Commercial Lease is in full force and effect as modified and stating the modifications); (B) the term of the Lease including any extensions thereto; (C) the dates to which the Rent and any other charges hereunder have been paid by tenant; (D) the amount of any security deposit delivered to Borrower as landlord; (E) whether or not Borrower is in default (or whether any event or condition exists which, with the passage of time, would constitute an event of default) under such Lease; (F) the address to which notices to tenant should be sent; and (G) any other information as may be reasonably required by Lender.

Commercial Leases. (1) With respect to Material Commercial Leases, Borrower shall not: (A) enter into any Material Commercial Lease except with the prior written consent of Lender and Lender’s written approval of such Material Commercial Lease; or (B) modify the terms of, extend extend, or terminate any Material Commercial Lease (including any Material Commercial Lease in existence on the Effective Date) without the prior written consent of Lender. (2) With respect to any non-Material Commercial Lease, Borrower shall not: (A) enter into any non-Material Commercial Lease that materially alters the use and type of operation of the premises subject to the Lease in effect as of the Effective Date, Date or reduces the number or size of residential units at the a Mortgaged Property or causes such non-Material Commercial Lease to be deemed a Material Commercial LeaseProperty; or (B) modify the terms of any non-Material Commercial Lease (including any non-Material Commercial Lease in existence on the Effective Date) in any way that materially alters the use and type of operation of the premises subject to such non-Material Commercial Lease in effect as of the Effective Date, reduces the number or size of residential units at the a Mortgaged Property Property, or causes results in such non-Material Commercial Lease to be being deemed a Material Commercial Lease. (3) With respect to any Material Commercial Lease or non-Material Commercial Lease, Borrower shall cause the applicable tenant to provide within ten (10) days of the requestafter a request by Borrower, a certificate of estoppel, or if not provided by tenant within such ten (10) day period, Borrower shall provide such certificate of estoppel, certifying: (A) that such Material Commercial Lease or non-Material Commercial Lease is unmodified and in full force and effect (or if there have been modifications, that such Material Commercial Lease or non-Material Commercial Lease is in full force and effect as modified and stating the modifications); (B) the term of the Lease including any extensions thereto; (C) the dates to which the Rent and any other charges hereunder have been paid by tenant; (D) the amount of any security deposit delivered to Borrower as landlord; (E) whether or not Borrower is in default (or whether any event or condition exists which, with the passage of time, would constitute an event of default) under such Lease; (F) the address to which notices to tenant should be sent; and (G) any other information as may be reasonably required by Lender.