Ground Lease Covenants Sample Clauses

Ground Lease Covenants. Without limitation of the other provisions herein, B▇▇▇▇▇▇▇ makes the following covenants with respect to each Ground Lease: (a) Borrower shall (i) pay (or shall cause any Tenant to pay, as applicable) all rents, additional rents and other sums required to be paid by Borrower, as tenant under and pursuant to the provisions of the Ground Lease, (ii) diligently perform and observe (or cause to be performed and observed) in all material respects all of the terms, covenants and conditions of the Ground Lease on the part of Borrower, as tenant thereunder, (iii) promptly notify Lender of any change in the instructions regarding the payment of Ground Rent (the “Payment Instructions”) and of the giving of any notice by the landlord under the Ground Lease to Borrower of any default by Borrower and shall, within five (5) Business Days of receipt of such notice or change, (A) deliver to Lender a true copy of each such notice or evidence of such change (as applicable) and (B) in the case of a change in the Payment Instructions, deliver to Lender a new IRS Form W9 with respect to the landlord under the Ground Lease (or evidence reasonably acceptable to Lender that the IRS Form W9 with respect to the landlord under the Ground Lease then held by L▇▇▇▇▇ remains accurate and valid) and (iv) promptly notify Lender of any bankruptcy, reorganization or insolvency of the landlord under the Ground Lease or of any notice thereof, and deliver to Lender a true copy of such notice within five (5) Business Days of Borrower’s receipt. (b) Borrower shall not, without the prior consent of Lender, surrender the leasehold estate created by the Ground Lease or terminate or cancel the Ground Lease or modify, change, supplement, alter or amend the Ground Lease, either orally or in writing, and if Borrower shall default in the performance or observance of any material term, covenant or condition of the Ground Lease on the part of Borrower and shall fail to cure the same prior to the expiration of any applicable cure period provided thereunder, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants and conditions of the Ground Lease on the part of Borrower to be performed or observed on behalf of Borrower, to the end that the rights of Borrower in, to and under the Ground Lease shall be kept unimpaired and free from default. If the landlord under the Ground Lease shall ...

Ground Lease Covenants. For so long as the Indebtedness shall remain outstanding, Borrower hereby covenants, warrants and represents as follows: (a) The Ground Lease is and shall be maintained in full force and effect. Borrower shall not suffer or permit any amendments or modifications of the Ground Lease to be made, except for such amendments or modifications as are permitted in writing by Agent, such permission not be unreasonably withheld. (b) Borrower shall cause all rent, additional rent and other charges payable under the Ground Lease to be paid when due (subject to (i) any applicable notice and cure periods under the Ground Lease and (ii) appropriate contesting of any such rent or other charges, if any, solely as permitted by the Ground Lease, provided that Agent is provided with adequate security for such contest). (c) There are, as of the date hereof, and will be, no defenses to Borrower’s enforcement of its rights under the Ground Lease. (d) As of the date hereof, (i) Borrower is not in default in the performance of any of its obligations under the Ground Lease, and (ii) there are no circumstances which, alone or with the passage of time or the giving of notice or both, would constitute an event of default thereunder. (e) To Borrower’s knowledge, as of the date hereof, Ground Lessor is not in default in the performance of any of its material obligations under the Ground Lease.

Ground Lease Covenants. Grantor hereby acknowledges that Grantor's interest in the Property is a leasehold estate pursuant to that certain ground lease (as assigned to Grantor and amended, the "Ground Lease") dated as of ___________________, by and among __________________ and __________________ (the "Lessor"). In connection therewith, Grantor hereby covenants and agrees, as long as the Instrument encumbers the Property or any part thereof, as follows: (1) Grantor shall not subordinate any or all of Grantor's interest in the Property to any mortgage, lien or other encumbrance on the Lessor's interest in the Property, without the express written consent of Lender;

Ground Lease Covenants. Subtenant acknowledges that Article XIV of the Ground Lease requires that the following sections of the Ground Lease are covenants that run with the land and are binding on Landlord and Subtenant:

Ground Lease Covenants. The following is hereby added as Section 4.1.11(h) of the Loan Agreement:

Ground Lease Covenants. (a) Co-Borrower shall pay when due the rent and all other sums and charges mentioned in, and payable under, the Hotel Ground Lease. (b) Co-Borrower (i) shall timely perform and observe all of the terms, covenants and conditions required to be performed and observed by it as the tenant under the Hotel Ground Lease (including, without limitation, all payment obligations), (ii) shall do all things necessary to preserve and to keep unimpaired the Hotel Ground Lease and its leasehold estate and other rights under the Hotel Ground Lease; (iii) shall not waive, excuse or discharge any of the obligations of the Ground Lessor under the Hotel Ground Lease without the Administrative Agent's prior written consent in each instance; and (iv) shall diligently and continuously enforce the obligations of the Ground Lessor under the Hotel Ground Lease.

Ground Lease Covenants. From the Effective Date until the Closing or earlier termination of this Agreement, Seller shall: (i) Without Buyer’s prior written consent, which consent may be withheld in Buyer’s sole and absolute discretion, not agree to modify or amend the Ground Lease, except to the extent required by a Governmental Authority; and (ii) Advise Buyer promptly of any notices of default received by Seller under the Ground Lease following the Effective Date.

Ground Lease Covenants. Without first obtaining Lender’s prior written consent, Borrower shall not (a) amend or modify the Ground Lease, (b) extend or renew the Ground Lease (except in accordance with the existing Ground Lease provisions), (c) terminate or accept the surrender of the Ground Lease, (4) enter into any new ground lease of the Property, or (d) accept any prepayment of rent, termination fee, or any similar payment with respect to the Ground Lease. Prudential Loan No. 7061xxxxx ▇▇▇▇ Building Supplemental Loan Mortgage and Security Agreement

Ground Lease Covenants. (a) Borrower shall cause each Resort Owner to pay when due the rent and all other sums and charges mentioned in, and payable under, the Florida Hotel Ground Lease and the Texas Hotel Ground Lease, as applicable. (b) Borrower shall cause each Resort Owner to (i) timely perform and observe all of the terms, covenants and conditions required to be performed and observed by it as tenant under the Florida Hotel Ground Lease and Texas Hotel Ground Lease, as applicable (including, without limitation, all payment obligations), (ii) do all things necessary to preserve and to keep unimpaired the Florida Hotel Ground Lease and Texas Hotel Ground Lease, as applicable, and its respective leasehold estate and other rights thereunder; (iii) not waive, excuse or discharge any of the obligations of either the Florida Ground Lessor or the Texas Ground Lessor, as applicable, under either Hotel Ground Lease without the Administrative Agent's prior written consent; and (iv) to diligently and continuously enforce the obligations of either the Florida Ground Lessor or the Texas Ground Lessor, as applicable, under the Hotel Ground Leases. (c) Borrower shall not do, permit or suffer (i) any act, event or omission which would be likely to result in a default or permit the applicable lessor to terminate or exercise any other remedy under the Ground Leases or (ii) any act, event or omission which, with the giving of notice or the passage of time, or both, would constitute a default or permit the lessor to terminate or exercise any other remedy under the Ground Leases. (d) Borrower shall not, and Borrower shall not permit either Resort Owner to, cancel, terminate, surrender, modify or amend or in any way alter, surrender or permit the alteration of any of the provisions of any of the Ground Leases (except pursuant to a Post-Closing Document) or agree to any termination, amendment, modification or surrender of any of the Ground Leases without the Administrative Agent's prior written consent in each instance. (e) Borrower shall deliver to the Administrative Agent copies of all default and other material notices received by either Resort Owner or Borrower from any party under the Ground Leases, and of any notice received by either Resort Owner or Borrower from either the Florida Ground Lessor, the Florida Master Lessor, Texas Ground Lessor or Texas Master Lessor of their intention to terminate the Florida Hotel Ground Lease, the Florida Master Lease, the Texas Hotel Ground Lease or the T...