Enforceability of Leases. Each Lease constitutes the legal, valid and binding obligation of the Borrower and, to the knowledge of the Borrower, of each of the other parties thereto, enforceable in accordance with its terms, subject only to bankruptcy, insolvency, reorganization or other similar laws relating to creditors’ rights generally, and equitable principles, and except as disclosed in writing to the Lender, no notice of any default by the Borrower which remains uncured has been sent by any tenant under any such Lease, other than defaults which do not have, and are not reasonably expected to have, a Material Adverse Effect on the Mortgaged Property subject to the Lease.
Enforceability of Leases. Each Lease constitutes the legal, valid and binding obligation of the Borrower Parties and, to the knowledge of the Borrower Parties, of each of the other parties thereto, enforceable in accordance with its terms, subject only to bankruptcy, insolvency, reorganization or other similar laws relating to creditors’ rights generally, and equitable principles, and except as disclosed in writing to the Lender, no notice of any default by the Borrower Parties which remains uncured has been sent by any tenant under any such Lease, other than defaults which do not have, and are not reasonably expected to have, a Material Adverse Effect on the Mortgaged Property subject to the Lease.
Enforceability of Leases. The Borrower has delivered to the Lender a true and correct copy of its current form of apartment Lease for the units in each Mortgaged Property. The Borrower leases apartment units in each Mortgaged Property in the ordinary course of its business. Each unit in each Mortgaged Property that is not vacant and that has been leased by Borrower has been leased pursuant to the Lease delivered to the Lender, with no material modifications thereto, or pursuant to a previously used form that is not materially less advantageous to the Borrower, except as disclosed in writing to the Lender. Each Lease constitutes the legal, valid and binding obligation of the Borrower and, to the knowledge of the Borrower, of each of the other parties thereto, and except as disclosed in writing to the Lender, no notice of any default by the Borrower which remains uncured has been delivered to Borrower by any tenant under any Lease.
Enforceability of Leases. Each Lease constitutes the legal, valid and binding obligation of the applicable Borrower and, to the knowledge of the Borrowers, of each of the other parties thereto, enforceable in accordance with its terms, subject only to bankruptcy, insolvency, reorganization or other similar laws relating to creditors' rights generally, and equitable principles, and except as disclosed in writing to Fannxx Xxx, no notice of any default by any Borrower which remains uncured has been sent by any tenant under any such Lease.
Enforceability of Leases. Each Lease constitutes the legal, valid and binding obligation of the Owner and, to the knowledge of the Owner, of each of 51 the other parties thereto, enforceable in accordance with its terms, subject only to bankruptcy, insolvency, reorganization or other similar laws relating to creditors' rights generally, and equitable principles, and except as disclosed in writing to the Lender, no notice of any default by the Owner which remains uncured has been sent by any tenant under any such Lease, other than defaults which do not have, and are not reasonably expected to have, a Material Adverse Effect.
Enforceability of Leases. Each Lease constitutes the legal, ------------------------ valid, and binding obligation of Borrower and, to the knowledge of Borrower, of each of the other parties thereto, enforceable in accordance with its terms, subject only to bankruptcy, insolvency, reorganization or other similar laws relating to creditors' rights generally, and equitable principles, and except as disclosed in writing to Lender, no notice of any default by Borrower which remains uncured has been sent by any tenant under any such Lease, other than defaults which do not have, and are not reasonably expected to have, a Material Adverse Effect on the Project.
Enforceability of Leases. Each of the leases and agreements ------------------------ described in Exhibit 4.8 is in full force and effect and constitutes a legal, ----------- valid and binding obligation of the respective parties thereto, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, applicable equitable principles or similar laws from time to time in effect affecting the enforcement of creditors' rights generally. There is not under any of such leases or agreements existing any default of the Company or, to the knowledge of the Company and the Shareholders, of any of the other parties thereto (or event or condition which, with notice or lapse of time, or both, would constitute a default). Except as described in Exhibit 4.8.2, no consent of any other party to ------------- any of such leases or agreements to the consummation of the transactions contemplated by this Agreement is required for any of such leases or agreements to remain in full force and effect following the Closing.
Enforceability of Leases. Each Lease constitutes the legal, valid and binding obligation of Owner and, to the knowledge of Owner, of each of the other parties thereto, enforceable in accordance with its terms, subject only to bankruptcy, insolvency, reorganization or other similar laws relating to creditors' rights generally, and equitable principles, and to any defenses of incapacity that may be asserted by any tenant and with respect to which Owner has no knowledge as of the Fannxx Xxx Xxxility Closing Date. Except as disclosed in writing to Fannxx Xxx, no notice of any default by Owner which remains uncured has been received by Owner or any Affiliate of Owner under any such Lease.
Enforceability of Leases. Each Lease constitutes the legal, valid and binding obligation, in all material respects, of Owner and, to the knowledge of Owner, of each of the other parties thereto, enforceable, in all material respects, in accordance with its terms, subject only to bankruptcy, insolvency, reorganization or other similar laws relating to creditors' rights generally, and equitable principles, and except as disclosed in writing to Xxxxxx Mae, no notice of any default by Owner which remains uncured has been received by Owner or any affiliate of Owner under any such Lease which in the aggregate could reasonably be expected to have a Material Adverse Impact.
Enforceability of Leases. To Seller’s Actual Knowledge, each of the Leases, including without limitation any guaranties thereof, is an enforceable Lease and is in full force and effect according to the terms set forth therein, except as the enforcement thereof may be limited by applicable Creditors’ Rights Laws.
