Lease Covenants Sample Clauses

Lease Covenants. Each Chargor shall not, in relation to any lease, agreement for lease or other right to occupy to which all or any part of the Real Property is at any time subject, do any act or thing whereby any lease or other document which gives any right to occupy any part of the Charged Property becomes or may become subject to determination or any right of re-entry or forfeiture prior to the expiration of its term.

Lease Covenants. Lessee warrants, covenants and represents to Lessor that prior to December 31, 1999, Karrington shall not undertake or accomplish any of the following: (a) buy back any of the stock of Karrington; (b) declare a dividend to Karrington stockholders; or (c) repay any loan or other indebtedness to any current or former directors, officers, shareholders or affiliates of Karrington; provided, however, that Karrington shall be allowed to do any of the foregoing only up to a total combined amount equal to or less than fifty percent (50%) of a total amount of equity funding actually received by Karrington from the Commencement Date through December 31, 1999. Notwithstanding the foregoing, Karrington shall be entitled, prior to December 31, 1999, to do any of the following: (d) repay to JMAC the Four Million Dollar ($4,000,000) bridge loan entered into on or about April 1, 1998, so long as the entire outstanding balance of such bridge loan has been used substantially in accordance with the use of proceeds attached to this Lease as Exhibit "D", (e) grant to JMAC the right to convert to equity in Karrington all or any portion of its existing debt to Karrington, in the approximate amount of Seven Million Five Hundred Thousand Dollars ($7,500,000); and (f) upon a Change of Control of Karrington, so long as the surviving entity at the conclusion of such Change of Control has a net worth of Twenty-Six Million Five Hundred Thousand Dollars ($26,500,000) or more and a debt to equity ratio of not more than four to one (4.0:1.0), Karrington shall be entitled to pay off any and all debts which it may have to JMAC. Lessee acknowledges and agrees that Lessor has entered into this Lease in material reliance on the foregoing warranties, covenants and representations (the "Lease Covenants"). Lessee further acknowledges that certain of the Lease Covenants concern the activities of Karrington rather than Lessee and that any violation or breach of any of the Lease Covenants, whether by Lessee or Karrington shall be an Event of Default hereunder.

Lease Covenants. Except as may be otherwise specifically set forth in the Agreement, Farmee hereby assumes and agrees to comply with all applicable covenants and obligations of the Leases (including, without limitation, the payment of lessor's royalty), together with any prior assignments thereof, agreements and/or other instruments pertaining to the Farmout Acreage, insofar as such covenants and obligations relate to such lands and the rights earned thereunder by Farmee.

Lease Covenants. (a) The Sellers shall obtain and deliver the Lease Estoppel and the Sublease Estoppel not later than five (5) days prior to the Closing. (b) The Sellers shall obtain and deliver the Landlord Consent not later than five (5) days prior to the Closing.

Lease Covenants. Borrower shall comply with the financial covenants, and all other affirmative covenants applicable to Borrower as set forth in each Lease.

Lease Covenants. (a) The Mortgagor shall perform or observe all covenants and conditions to be performed or observed by the Mortgagor under the Lease and shall deliver to Mortgagee photocopies of all notices received by Mortgagor from the Lessor under the Lease no later than three (3) calendar days after receipt thereof by Mortgagor. (b) Simultaneously with the making of each payment to the Lessor under the Lease, the Mortgagor shall deliver to the Mortgagee a copy of the check in the amount of such payment delivered to the Lessor under the Lease. (c) The Mortgagor hereby irrevocably designates the Mortgagee its agent and attorney-in-fact to perform or observe on behalf of the Mortgagor any covenant or condition which the Mortgagor fails to perform or observe under the Lease within any applicable grace period specified in the Lease, and any advances made by the Mortgagee in connection with such performance or observance shall be repaid by the Mortgagor within ten (10) days of demand with interest at the rate set forth in the Loan Agreement and the amount so advanced, with interest, shall be a lien upon the Mortgaged Estate and shall be secured by this Mortgage. The performance or observance of such covenant or condition by the Mortgagee shall not prevent the Mortgagor’s failure so to perform or observe from constituting an Event of Default. In performing or observing any such covenant or condition, the Mortgagee shall have the right to enter upon the Mortgaged Estate. Upon receipt by the Mortgagee from the Lessor under the Lease of any notice of default under the Lease, the Mortgagee may rely thereon and take any action permitted by this Section 1.19 or the Lease to remedy such default notwithstanding that the existence of such default or the nature thereof may be questioned or denied by the Mortgagor.

Lease Covenants. Each Borrower shall and shall cause Emeritus, acting in its capacity as the manager of the Facilities, to: (a) enforce the material obligations to be performed by the residents and non-residential tenants under the Leases; (b) promptly furnish to Administrative Agent any notice of default or termination received by such Borrower or Emeritus, acting in its capacity as the manager of the Facilities, from any non-residential tenant under any Material Non-Residential Lease, and any notice of default or termination given by such Borrower or Emeritus, acting in its capacity as the manager of the Facilities, to any non-residential tenant under any Material Non-Residential Lease; (c) not collect any rents for more than one month in advance of the time when the same shall become due, except for bona fide security deposits not in excess of an amount equal to two months’ rent; (d) not enter into any ground lease or master lease of any part of the Facilities; (e) not further assign or encumber any Lease; (f) not, except with Administrative Agent's prior written consent, which consent shall not be unreasonably withheld, cancel or accept surrender or termination of any Material Non-Residential Lease other than in accordance with the terms thereof; and (g) not, except with Administrative Agent's prior written consent, materially modify or amend any Material Non-Residential Lease, and any action in violation of clauses (d), (e), (f) and (g) of this Section 4.22 shall be void at the election of Administrative Agent. Borrowers will not suffer or permit any breach or default to occur in any of any of the obligations imposed on Borrowers or Emeritus, acting in its capacity as the manager of the Facilities, under any of the Leases nor suffer or permit the same to terminate by reason of any failure of any Borrower or Emeritus, acting in its capacity as the manager of the Facilities, to meet any requirement of any Lease, if such breach, default and/or termination would reasonably be expected to have a Material Adverse Effect.

Lease Covenants. 39 - ARTICLE XXIV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 40 -

Lease Covenants. Agent shall perform and observe all of the agreements and conditions set forth in paragraphs (ii)(a), (ii)(b), (ii)(c), (ii)(d) and (ii)(g) of Section 2 of the Lease as if set forth in full herein.