Common use of Lease Requirements Clause in Contracts

Lease Requirements. Each Lease executed after the date hereof affecting any of the Real Estate or the Improvements must provide, in a manner approved by Mortgagee, that (i) such Lease is subject and subordinate to this Mortgage, and (ii) the tenant, lessee or licensee, as appropriate, will attorn to, and recognize as its landlord, lessor or licensor, any person succeeding to the interest of Mortgagor in such Lease upon any foreclosure of this Mortgage or deed in lieu of foreclosure. Each such Lease shall also provide that, upon request of said successor-in-interest, the tenant, lessee or licensee shall execute and deliver an instrument or instruments confirming its attornment as provided for in this Section; provided, however, that neither Mortgagee nor any successor-in-interest shall be bound by any payment of rental for more than one (1) month in advance, or any amendment or modification of said Lease made without the express written consent of Mortgagee or said successor-in-interest. No Lease shall contain any option to purchase all or any portion of the Property. No Lease shall contain any right of first refusal to lease or purchase all or any portion of the Property. No Lease shall contain any right to terminate the term thereof (except in the event of the destruction of all or substantially all of the Property).

Lease Requirements. Prior to execution of any Leases after the date hereof, Grantor shall submit to Beneficiary, for Beneficiary's prior approval, which approval shall not be unreasonably withheld so long as no Default exists hereunder, a copy of the form lease Grantor plans to use in leasing space in the Improvements. Each Lease executed after the date hereof affecting any of the Real Estate Land or the Improvements must provide, in a manner approved by MortgageeBeneficiary, that (i) such Lease is subject and subordinate to this MortgageDeed of Trust, and (ii) the tenant, lessee or licensee, as appropriate, Tenant will attorn to, and recognize as its landlord, lessor or licensor, any person succeeding to the interest of Mortgagor Grantor in such Lease upon any foreclosure of this Mortgage Deed of Trust or deed in lieu of foreclosure. Each such Lease shall also provide that, upon request of said successor-in-interest, the tenant, lessee or licensee Tenant shall execute and deliver an instrument or instruments confirming its attornment as provided for in this Section; provided, however, that neither Mortgagee Beneficiary nor any successor-in-interest shall be bound by any payment of rental for more than one (1) month in advance, or any amendment or modification of said Lease made without the express written consent of Mortgagee Beneficiary or said successor-in-interest. No Lease shall contain any option to purchase all or any portion of the Property. No Lease shall contain any right of first refusal to lease or purchase all or any portion of the Property. No Lease shall contain any right to terminate the term thereof (except in the event of the destruction of all or substantially all of the Property).

Lease Requirements. Prior to execution of any Leases after the date hereof, Mortgagor shall submit to Mortgagee, for Mortgagee's prior approval, which approval shall not be unreasonably withheld so long as no Event of Default exists hereunder, a copy of the form lease Mortgagor plans to use in leasing space in the Improvements. Each Lease executed after the date hereof affecting any of the Real Estate Land or the Improvements must provide, in a manner approved by Mortgagee, that (i) such Lease is subject and subordinate to this Mortgage, and (ii) the tenant, lessee or licensee, as appropriate, will attorn to, and recognize as its landlord, lessor or licensor, any person succeeding to the interest of Mortgagor in such Lease upon any foreclosure of this Mortgage or deed in lieu of foreclosure. Each such Lease shall also provide that, upon request of said successor-in-interest, the tenant, lessee or licensee shall execute and deliver an instrument or instruments confirming its attornment as provided for in this SectionSection 1.12; provided, however, that neither Mortgagee nor any successor-in-interest shall be bound by any payment of rental for more than one (1) month in advanceadvance (or more than three (3) months in advance if rent is paid on a quarterly basis), or any amendment or modification of said Lease made without the express written consent of Mortgagee or said successor-in-interest. No Lease shall contain any right of first refusal or any option to purchase all or any portion of the Property. No Lease shall contain any right of first refusal to lease or purchase all or any portion of the Property. No Lease shall contain any right to terminate the term thereof (except in the event of the destruction or taking of all or substantially all of the Property).

Lease Requirements. Prior to execution of any Leases (other than the residency agreements entered into on the form approved by Beneficiary in connection with the closing of the Loan) after the date hereof, Grantor shall submit to Beneficiary, for Beneficiary's prior approval, which approval shall not be unreasonably withheld so long as no default exists hereunder, a copy of the form lease Grantor plans to use in leasing space in the Improvements. Each Lease executed after the date hereof affecting any of the Real Estate or the Improvements must provide, in a manner approved by MortgageeBeneficiary, that (i) such Lease is subject and subordinate to this MortgageSecurity Instrument, and (ii) the tenant, lessee or licensee, as appropriate, Tenant will attorn to, and recognize as its landlord, lessor or licensor, any person succeeding to the interest of Mortgagor Grantor in such Lease upon any foreclosure of this Mortgage Security Instrument or deed in lieu of foreclosure. Each such Lease shall also provide that, upon request of said successor-in-interest, the tenant, lessee or licensee Tenant shall execute and deliver an instrument or instruments confirming its attornment as provided for in this Section; provided, however, that neither Mortgagee Beneficiary nor any successor-in-interest shall be bound by any payment of rental for more than one (1) month in advance, or any amendment or modification of said Lease made without the express written consent of Mortgagee Beneficiary or said successor-in-interest. No Lease shall contain any option or right of first refusal to purchase all or any portion of the Property. No Lease shall contain (other than any right residency agreement entered into in the form approved by Lender in connection with the origination of first refusal to lease or purchase all or any portion of the Property. No Lease this Loan) shall contain any right to terminate the term thereof (except in the event of the destruction of all or substantially all of the Property).

Lease Requirements. Prior to execution of any Leases (other than the residency agreements entered into on the form approved by Lender in connection with the closing of the Loan) after the date hereof, Borrower shall submit to Lender, for Lender’s prior approval, which approval shall not be unreasonably withheld so long as no default exists hereunder, a copy of the form lease Borrower plans to use in leasing space in the Improvements. Each Lease executed after the date hereof affecting any of the Real Estate or the Improvements must provide, in a manner approved by MortgageeLender, that (i) such Lease is subject and subordinate to this MortgageSecurity Instrument, and (ii) the tenant, lessee or licensee, as appropriate, Tenant will attorn to, and recognize as its landlord, lessor or licensor, any person succeeding to the interest of Mortgagor Borrower in such Lease upon any foreclosure of this Mortgage Security Instrument or deed in lieu of foreclosureforeclosure (it being understood that residency agreements executed in the form approved by Lender shall be deemed to satisfy the foregoing). Each such Lease shall also provide that, upon request of said successor-in-interest, the tenant, lessee or licensee Tenant shall execute and deliver an instrument or instruments confirming its attornment as provided for in this SectionSection (it being understood that residency agreements executed in the form approved by Lender shall be deemed to satisfy the foregoing); provided, however, that neither Mortgagee Lender nor any successor-in-interest shall be bound by any payment of rental for more than one (1) month in advance, or any amendment or modification of said Lease made without the express written consent of Mortgagee Lender or said successor-in-interest. No Lease shall contain any option or right of first refusal to purchase all or any portion of the Property. No Lease shall contain (other than any right residency agreement entered into in the form approved by Lender in connection with the origination of first refusal to lease or purchase all or any portion of the Property. No Lease this Loan) shall contain any right to terminate the term thereof (except in the event of the destruction of all or substantially all of the Property).