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. 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 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. 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 except as disclosed in writing to Xxxxxx Xxx, no notice of any default by Owner which remains uncured has been sent by any tenant under any such Lease.
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 Real Property Lease is a legal, valid and binding obligation of the Company or a Subsidiary, as applicable, and, to the Knowledge of the Company, of each counterparty thereto and is in full force and effect, except as would not be reasonably expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary has received any written notice of any default or event that with notice or lapse of time, or both, would constitute a default by the Company or any Subsidiary under any of the Real Property Leases that would negatively impact the Company’s ability to occupy such real property.
Enforceability of Leases. To the Knowledge of TPII, each of the leases is in full force and effect in accordance with its terms, provisions and conditions and constitutes the legal, valid, binding and enforceable obligation of the tenant thereunder. To the Knowledge of TPII, no tenant is in material default thereunder. To the Knowledge of TPII, no tenant under any lease has any pending litigation, offsets or counterclaims against the Partnership which, if successfully asserted, would reduce the rent payable thereunder or result in the cancellation or termination thereof.
Enforceability of Leases. Each of the Leases is in full force and effect in accordance with its terms, provisions and conditions and to the knowledge of TSL, constitutes the legal, valid, binding and enforceable obligation of the tenant thereunder. To the knowledge of TSL, no tenant is in material default thereunder, except as shown on the Rent Roll. To the knowledge of TSL, no material number of tenants under the Leases has any pending litigation, offsets or counterclaims against the Partnership which, if successfully asserted, would reduce the rent payable thereunder or result in the cancellation or termination thereof.
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. Each Real Property Lease is a legal, valid, binding and enforceable obligation of the Company or a Subsidiary, as applicable, and is in full force and effect, free and clear of all Liens other than Permitted Exceptions. Neither the Company nor any Subsidiary is in default under any Real Property Lease, and, to the Knowledge of the Company, no event has occurred or circumstance exists which, if not remedied, and whether with or without notice or the passage of time or both, would result in such a default. Neither the Company nor any Subsidiary has received or given any written (or, to the Knowledge of the Company, oral) notice of any material default or event that with notice or lapse of time, or both, would constitute a material default by the Company or any Subsidiary under any of the Real Property Leases. Neither the Company nor any Subsidiary, nor, to the Knowledge of the Company, has any party to any Real Property Lease exercised any termination rights with respect thereto and, to the Knowledge of the Company, no other party is in default thereof.
