Common use of Form of Lease Clause in Contracts

Form of Lease. All Leases other than Material Leases shall be written on the standard forms of lease which have been approved by Lender. In negotiating Leases, changes may be made to the standard form of lease provided that (i) such changes are commercially reasonable, and (ii) no changes may be made to the following provisions in Owner's standard form of lease without the prior written consent of Lender: provisions relating to subordination, attornment, estoppels, mortgagee's right to notice and opportunity to cure landlord's defaults, and mortgagee's rights with respect to lease amendments and prepayment of rents. In addition, all renewals of Leases and all proposed leases shall provide for rental rates comparable to existing local market rates and shall be arms length transactions. All Leases entered into after the date hereof shall provide for (x) subordination to the Mortgage and, at Lender's election, attornment to Lender or any purchaser at a sale by foreclosure or power of sale, and (y) the Lender's unilateral right to subordinate the Mortgage to the Leases. No Lease entered into after the date hereof will contain any option to purchase, any right of first refusal to purchase, any right to terminate (except in the event of the destruction of substantially all of the Collateral Property), any non-disturbance or similar agreement or any requirement that Owner rebuild the Collateral Property (except as provided in the form of Lease that has been approved by Lender); provided, however, that "small shop" leases entered into after the date hereof and covering not more than fifteen percent (15%) of the gross leaseable area of the Collateral Property may contain so called "kick-out" clauses permitting either landlord or the Tenant to terminate the Lease if the specified sales revenue is not attained. Upon request, Owner shall furnish Lender with executed copies of all Leases affecting the Collateral Property then in effect.

Form of Lease. All Leases other than Material Leases shall be written on the standard forms of lease which have been approved by Lender. In negotiating Leases, changes may be made to the standard form of lease provided that (i) such changes are commercially reasonable, and (ii) no changes may be made to the following provisions in OwnerBorrower's standard form of lease without the prior written consent of Lender: provisions relating to subordination, attornment, estoppels, mortgagee's right to notice and opportunity to cure landlord's defaults, and mortgagee's rights with respect to lease amendments and prepayment of rents. In addition, all renewals of Leases and all proposed leases shall provide for rental rates comparable to existing local market rates and shall be arms length transactions. All Leases entered into after the date hereof shall provide for (x) subordination to the Mortgage Mortgages and, at Lender's election, attornment to Lender or any purchaser at a sale by foreclosure or power of sale, and (y) the Lender's unilateral right to subordinate the Mortgage Mortgages to the Leases. No Lease entered into after the date hereof will contain any option to purchase, any right of first refusal to purchase, any right to terminate (except in the event of the destruction of substantially all of the applicable Collateral Property), any non-disturbance or similar agreement or any requirement that Owner a Borrower rebuild the any Collateral Property (except as provided in the form forms of Lease that has have been approved by Lender); provided, however, that "small shop" leases entered into after the date hereof and covering not more than fifteen percent (15%) of the gross leaseable leasable area of the any Collateral Property may contain so called "kick-out" clauses permitting either landlord or the Tenant to terminate the Lease if the specified sales revenue is not attained. Upon request, Owner each Borrower shall furnish Lender with executed copies of all Leases affecting the its Collateral Property then in effect.

Form of Lease. All Leases other than Material Leases shall be written on the standard forms of lease which have been approved by Lender. In negotiating Leases, changes may be made to the standard form of lease provided that (i) such changes are commercially reasonable, and (ii) no changes may be made to the following provisions in Owner's Borrowers' standard form of lease without the prior written consent of Lender: provisions relating to subordination, attornment, estoppels, mortgagee's right to notice and opportunity to cure landlord's defaults, and mortgagee's rights with respect to lease amendments and prepayment of rents. In addition, all renewals of Leases and all proposed leases shall provide for rental rates comparable to existing local market rates and shall be arms length transactions. All Leases entered into after the date hereof shall provide for (x) subordination to the Mortgage Mortgages and, at Lender's election, attornment to Lender or any purchaser at a sale by foreclosure or power of sale, and (y) the Lender's unilateral right to subordinate the Mortgage Mortgages to the Leases. No Lease entered into after the date hereof will contain any option to purchase, any right of first refusal to purchase, any right to terminate (except in the event of the destruction of substantially all of the applicable Collateral Property), any non-disturbance or similar agreement or any requirement that Owner a Borrower rebuild the any Collateral Property (except as provided in the form forms of Lease that has have been approved by Lender); provided, however, that "small shop" leases entered into after the date hereof and covering not more than fifteen percent (15%) of the gross leaseable leasable area of the any Collateral Property may contain so called "kick-out" clauses permitting either landlord or the Tenant to terminate the Lease if the specified sales revenue is not attained. Upon request, Owner each Borrower shall furnish Lender with executed copies of all Leases affecting the its Collateral Property then in effect.

Form of Lease. All Leases other than Material Leases shall be ------------- written on the standard forms of lease which have been approved by Lender. In negotiating Leases, changes may be made to the standard form of lease provided that (i) such changes are commercially reasonable, and (ii) no changes may be made to the following provisions in Owner's Borrowers' standard form of lease without the prior written consent of Lender: provisions relating to subordination, attornment, estoppels, mortgagee's right to notice and opportunity to cure landlord's defaults, and mortgagee's rights with respect to lease amendments and prepayment of rents. In addition, all renewals of Leases and all proposed leases shall provide for rental rates comparable to existing local market rates and shall be arms length transactions. All Leases entered into after the date hereof shall provide for (x) subordination to the Mortgage Mortgages and, at Lender's election, attornment to Lender or any purchaser at a sale by foreclosure or power of sale, and (y) the Lender's unilateral right to subordinate the Mortgage Mortgages to the Leases. No Lease entered into after the date hereof will contain any option to purchase, any right of first refusal to purchase, any right to terminate (except in the event of the destruction of substantially all of the applicable Collateral Property), any non-disturbance or similar agreement or any requirement that Owner a Borrower rebuild the any Collateral Property (except as provided in the form forms of Lease that has have been approved by Lender); provided, however, that "small shop" leases entered into after the date -------- ------- hereof and covering not more than fifteen percent (15%) % of the gross leaseable area of the any Collateral Property may contain so called "kick-kick out" clauses permitting either landlord or the Tenant tenant to terminate the Lease lease if the specified sales revenue is not attained. Upon request, Owner each Borrower shall furnish Lender with executed copies of all Leases affecting the its Collateral Property then in effect.