Lease Form. Borrower shall only execute new Leases, in connection with leasing all or any part of the Property, on the form of tenant lease approved by Xxxxxx as part of the underwriting of the Loan (the “Form Lease”) and include non-material changes only. Borrower shall not, without the prior written consent of Lender, which may be granted or withheld in Lender’s reasonable discretion, materially amend, modify or alter the Form Lease and Xxxxxxxx shall reimburse Lender any of its actual costs and expenses, including reasonable attorneys’ fees, for the review of the Form Lease, including any proposed revisions thereto, or for the review of proposed Leases that are subject to Lender’s review pursuant to the Loan Documents, any extensions, modifications and amendments to Leases. All Leases must (i) be at competitive market rents; and (ii) for all new Leases, have lease terms of not less than one (1) year; provided, however Borrower may enter into new Leases with lease terms of less than one (1) year so long as such Leases are no more than fifteen percent (15%) of all Leases, in conjunction with prudent leasing and management practices. Notwithstanding the foregoing, Borrower may make modifications to the Form Lease as may be required or necessary in order to maintain compliance with applicable Law and negotiate changes to the Form Lease with prospective tenants provided such changes are commercially reasonable, negotiated in the ordinary course of business of owning and operating the Property in a prudent and sound business like manner and otherwise consistent with normal and prudent property management practices.
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Lease Form. Except for Leases otherwise approved in writing by Lender, Borrower shall only execute new Leases, in connection with leasing all or any part of the Property, Leases on the form of tenant lease approved by Xxxxxx Lender as part of the underwriting of the Loan (the “Form Lease”) and include non-material changes onlyor as may be approved by Lender thereafter. Borrower shall not, without the prior written consent of Lender, which may be granted or withheld in Lender’s sole reasonable discretion, materially amend, modify or alter the Form Lease and Xxxxxxxx Borrower shall reimburse Lender any of its actual costs and expenses, including reasonable attorneys’ fees, for the review of the Form Lease, including any proposed revisions thereto, or for the review of proposed Leases that are subject to Lender’s review pursuant to the Loan DocumentsLeases, any extensions, modifications and amendments to Leases. All If Borrower requests Lender to review and/or execute any non-disturbance and attornment agreements with future tenants of the Property (as applicable), Lender will only enter into such agreements which are on Lender’s then-current standard form of such agreement. Any other form or changes to Lender’s then-current standard form submitted by Borrower or tenant are subject to Lender’s review, and shall be subject to payment by Borrower of Lender’s reasonable actual out-of-pocket legal fees (internal or external counsel). Borrower shall utilize the Form Lease in leasing all or any part of the Improvements and all Leases must (i) be at competitive market rents; and (ii) for all new Leases, have lease terms of not less than one three (13) year; provided, however Borrower years and (iii) contain a written provision acceptable to Lender whereby all rights of the tenant under the Lease are subordinated to the Liens granted in the Loan Documents or may enter into new Leases with lease terms be made superior to the lien of less than one (1) year so long as such Leases are no more than fifteen percent (15%) of all Leases, in conjunction with prudent leasing and management practicesthe Security Instrument at Lender’s option. Notwithstanding the foregoing, Borrower may make modifications to the Form Lease as may be required or necessary in order to maintain compliance with applicable Law and negotiate changes to the Form Lease with prospective tenants provided such changes are commercially reasonable, negotiated in the ordinary course of business of owning and operating the Property in a prudent and sound business like businesslike manner and otherwise consistent with normal and prudent property management practices. Borrower shall not enter into any future Major Tenant Lease without obtaining Lender’s prior written consent and Borrower shall notify Lender in writing of all prospective Major Tenants, and shall deliver to Lender, at Borrower’s sole cost and expense, a copy of the prospective Major Tenant’s current financial statement, if required by such Major Tenant’s respective lease or otherwise provided to Borrower (subject to any confidentiality requirements), and the most recent Dun & Bradstreet credit report (if available) on said prospective Major Tenant. The financial statement delivered to Lender pursuant to this Section 4.12(b) shall be certified as true and correct by the Major Tenant or, if available, by a certified public accountant. Notwithstanding the foregoing, if Lender fails to approve or disapprove a new Lease (or modification to an existing Lease) with a Major Tenant pursuant a request to approve such Lease within ten (10) Business Days after the final (negotiated) version of the Lease (including all exhibits), a current rent roll for the Property, the most current quarterly operating statement for the Property and all tenant credit information has been delivered and received by Lender, clearly marked “Lease Review – Time Sensitive Response Required”, Borrower shall send a second notice by way of certified mail or overnight courier clearly marked in the same fashion. If after five (5) Business Days from receipt of the second notice, Lender has not approved or disapproved same, the Lease shall be deemed approved by Lender. If all of the required information was not provided initially or additional information is reasonably required by Lender to render a decision on the Lease, the time to respond will commence upon Lender’s receipt of all reasonably required information.
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Lease Form. From and after the date of this Agreement, Borrower shall only execute new Leases, in connection with leasing all or any part of the Property, Leases on the form of tenant lease approved by Xxxxxx Lender as part of the underwriting of the Loan (the “Form Lease”) and include non-material changes only). Borrower shall not, without the prior written consent of Lender, which may not to be granted or withheld in Lender’s reasonable discretionunreasonably withheld, materially amend, modify or alter the Form Lease in any material respect and Xxxxxxxx Borrower shall reimburse Lender any of its actual costs and expenses, including reasonable attorneys’ fees, for the review of the Form Lease, including any proposed revisions thereto, or for the review of proposed Leases that are subject to Lender’s review pursuant to the Loan DocumentsLeases, any extensions, modifications and amendments to Leases. All From and after the date of this Agreement, Borrower shall utilize the Form Lease in leasing all or any part of the Improvements and all Leases entered into from and after the date of this Agreement must (i) be at competitive market rents; and (ii) for all new Leases, have lease terms of not less than one eleven and one-half (111.5) year; providedmonths, however Borrower except no more than twenty percent (20%) of all Leases may enter into new Leases with have lease terms of less than one eleven and one-half (111.5) year so long as such Leases months; and (iii) contain a written provision acceptable to Lender whereby all rights of the tenant under the Lease are no more than fifteen percent (15%) subordinated to the Liens granted in the Loan Documents or may be made superior to the lien of all Leases, in conjunction with prudent leasing and management practicesthe Security Instrument at Lender’s option. Notwithstanding the foregoing, Borrower may make modifications to the Form Lease (i) (i) to the extent such changes are immaterial and consistent with normal and prudent property management practices, provided that Borrower provides Lender prior written notice of same and an updated copy of such Form Lease, (ii) as may be required or necessary in order to maintain compliance with applicable Law Law, and negotiate changes to the Form Lease (iii) as negotiated with prospective tenants provided such changes are commercially reasonable, negotiated in the ordinary course of business of owning and operating the Property in a prudent and sound business like manner and otherwise consistent with normal and prudent property management practices.
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Samples: Loan Agreement (Strategic Student & Senior Housing Trust, Inc.)