Common use of Laundry Leases Clause in Contracts

Laundry Leases. Certain laundry facilities at certain of the Mortgaged Properties have been leased to laundry operators under laundry room or laundry facility leases (the “Laundry Leases”). Borrower covenants and agrees that it shall, within sixty (60) days after the date hereof (or such longer time as Lender may determine to provide to Borrower at Lender’s sole option) provide copies of such Laundry Leases to Lender and, if such Laundry Leases are not by their terms subordinate to the applicable Mortgages, Borrower shall, within sixty (60) days after the date hereof (or such longer time as Lender may determine to provide to Borrower at Lender’s sole option) either provide executed subordination agreements subordinating the Laundry Leases to the applicable Mortgages or demonstrate to Lender’s reasonable satisfaction that the Laundry Leases may be terminated by the landlord thereunder at a cost per Laundry Lease of not more than $10,000.

Laundry Leases. Certain laundry facilities at certain of the Mortgaged Properties have been leased to laundry operators under laundry room or laundry facility leases (the “Laundry Leases”). Borrower covenants and agrees that it is shall, within sixty (60) days after the date hereof (or such longer time as Lender may determine to provide to Borrower at Lender’s sole option) provide copies of such Laundry Leases to Lender and, if such Laundry Leases are not by their terms subordinate to the applicable Mortgages, Borrower shall, within sixty (60) days after the date hereof (or such longer time as Lender may determine to provide to Borrower at Lender’s sole option) either provide executed subordination agreements subordinating the Laundry Leases to the applicable Mortgages or demonstrate to Lender’s reasonable satisfaction that the Laundry Leases may be terminated by the landlord thereunder at a cost per Laundry Lease of not more than $10,000.