Encumbered Leases Clause Samples

Encumbered Leases. 13 3.4 Powers of Termination and Rights of Reverter......................... 13 3.5 Wetlands............................................................. 14 3.6

Encumbered Leases. 19 (i) New Leases . . . . . . . . . . . . . . . . . . . . . 19 (j)

Encumbered Leases. The Grantor hereby unconditionally warrants and represents to the Beneficiary as follows with respect to each Encumbered Lease: (a) The Encumbered Lease constitutes, to the best of Grantor's knowledge, the legal, valid and binding obligation of the lessor thereof, and is enforceable by the lessee in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, reorganization or similar laws affecting creditors' rights and remedies generally or by application of general equity principles and the terms thereof are as set forth in the lease documents described on Exhibit "A", copies of which have been delivered to the Beneficiary; (b) All rent, additional rent and other charges reserved therein have been paid to the extent they are payable to the date hereof; (c) The Grantor enjoys the quiet and peaceful possession of the property demised thereby in accordance with and subject to the terms of such Encumbered Lease; (d) The Encumbered Lease is not subject to any other assignments by the Grantor, and the Grantor has good right and authority to assign and encumber the Encumbered Lease to the Beneficiary; (e) The Grantor is not in default in any material respect under any of the terms thereof and, to the best of its knowledge, there are no circumstances that, with the passage of time or the giving of notice or both, would constitute any material event of default thereunder; and (f) To the best of Grantor's knowledge the landlord under the Encumbered Lease is ▇▇▇ ▇▇ default under any of the material terms or provisions thereof on the part of the landlord to be observed or performed.

Encumbered Leases. The Mortgagor further covenants and agrees that it shall not surrender any leasehold estate and interest hereinabove described, nor terminate or cancel any Encumbered Lease prior to the expiration of its term, and that it shall not without the express written consent of the Mortgagee modify, change, supplement, alter or amend any Encumbered Lease either orally or in writing.

Encumbered Leases. The Financial Statements reflect numerous Leases as being owned by the Company subject to full recourse indebtedness owed by the Company and secured by such Leases. For state law purposes the leases reflected on such financial statements may be owned by the Company or may have been transferred to and title vested in third parties. In either case Shareholder, the Company and First Sierra will use reasonable efforts, at the direction of First Sierra, to reach an agreement with the holders of such indebtedness whereby First Sierra would retire such indebtedness for amounts satisfactory to First Sierra.