Leasing Covenants. With respect to each Acquired REO Property, the Manager shall cause the applicable Ownership Entity to (i) perform the obligations that such Ownership Entity is required to perform under the leases to which it is a party in all material respects and (ii) enforce, in accordance with commercially reasonable practices for properties similar to the applicable Acquired REO Property, the material obligations to be performed by the tenants under such leases.
Leasing Covenants. Trustor covenants and agrees as follows: -----------------
(a) At Trustor's sole cost to:
(1) perform all obligations of the lessor under the Leases and enforce performance by the lessees of their obligations under the Leases;
(2) subject to the provisions of Section 10.4(b)(iv) below, ------------------- enforce all remedies available to Trustor in case of default by the lessees under any of the Leases and prosecute and defend any action, arbitration, or other controversy relating to any of the Leases or to Trustor's interest in any of the Leases;
(3) give Beneficiary prompt notice of any default that occurs under any of the Leases, whether by the lessees or Trustor;
(4) exercise diligent, good-faith efforts to keep all portions of the Property leased at all times and at rentals not less than the fair market rental value;
(5) promptly upon execution, deliver to Beneficiary fully executed counterpart originals of the Leases; and
(b) except with Beneficiary's prior written consent, not to:
(1) enter into any Leases after the date of this Deed of Trust;
(2) only enter into leases which provide solely for the payment of rent which qualifies as "rents from real property" as that phrase is defined in Internal Revenue Code Section 856(d);
(3) execute any other assignment relating to any of the Leases or the Payments;
(4) discount any rent or other sums due under the Leases or collect them in advance, other than to collect rent one (1) month in advance of the time when it becomes due;
(5) terminate, modify, or amend any of the terms of the Leases or release or discharge the lessees from any obligations;
(6) consent to any assignment or subletting by any lessee; or
(7) subordinate any of the Leases to any other deed of trust or encumbrance. Any attempted action in violation of the provisions of Section 10.4(b) will be --------------- voidable at Beneficiary's election.
Leasing Covenants. Each Borrower (i) shall observe and perform the material obligations imposed upon the lessor under the Leases; (ii) shall enforce in a commercially reasonable manner the terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed; (iii) shall not collect any of the rents more than one (1) month in advance (other than security deposits) except as approved by Lender or as provided in Leases in existence as of the date hereof; (iv) shall not execute any other assignment of lessor's interest in the Leases or the Rents (except as contemplated by the Loan Documents); (v) shall not alter, modify or change the terms of the Leases in a manner inconsistent within the provisions of the Loan Documents; (vi) shall promptly send copies to Lender of all notices of default such Borrowers shall give or receive with respect to any Lease demising 20,000 or more square feet of gross leasable area; and (vii) shall execute and deliver at the request of lender all such further assurances, confirmations and assignments in connection with the Leases as Lender shall from time to time reasonably require.
Leasing Covenants. Borrower (1) shall perform the obligations which Borrower is required to perform under the Leases; (2) shall enforce the obligations to be performed by the tenants; (3) shall promptly furnish to Lender any notice of default or termination received by Borrower from any tenant, and any notice of default or termination given by Borrower to any tenant, subject in the case of the Gelson's Lease to clause (7) below; (4) shall not collect any rents for more than thirty (30) days 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; (5) shall not enter into any ground lease or master lease of any part of the Project; (6) shall not further assign or encumber any lease or any rents payable thereunder; (7) shall not, except with Lender's prior written consent, cancel or terminate or accept surrender or termination of the Gelson's Lease; and (8) shall not, except with Lender's prior written consent, modify or amend any Lease (except as expressly provided in Section 7.3), and any action in violation of clauses (5), (6), (7), and (8) of this Section 7.2 shall be void at the election of Lender. Lender will cause the Gelson's SNDA to be recorded in the Official Records of Los Angeles County post Closing Date and will cause the Title Company to issue an Alta 11.1 mortgage modification with subordination endorsement to the Title Insurance Policy, adding the Gelson's SNDA to Schedule B, Part II, the cost of which shall be paid for by Borrower within 7 days written demand therefore.
Leasing Covenants. 60 6.11.4 Non-disturbance Agreements .............................60 6.11.5
Leasing Covenants. As to all leases and rentals, comply with each ----------------- of the following:
(a) accept no payments more than 30 days in advance of the due date under any leases relating to the Mortgaged Property; and
(b) permit no use of the Mortgaged Property that would violate any provision of this Mortgage, including all provisions relating to environmental matters; and
(c) abide by and perform all duties of the landlord under any leases affecting the Mortgaged Property; and
(d) enter into or agree to enter into no new lease or modify or terminate no lease affecting the Mortgaged Property, except with the express prior written approval of Mortgagee in its reasonable discretion; and
(e) any existing or future lease, or other agreement for the use or occupancy, of any Mortgaged Property shall provide that:
(i) it is subordinate and subject in all respects to the lien and provisions of this Mortgage including all covenants and restrictions as to the use and condition of the Mortgaged Property; and
(ii) all representations and covenants as to environmental matters, including those set forth in Section 7, are to become express covenants and representations of the tenant or occupant; and
(iii) copies of notices or letters asserting or discussing any defaults on the part of the landlord shall be simultaneously sent to Mortgagee (attention: Commercial Loan Department) by certified mail; and
(iv) within five (5) days of request by Mortgagee, the lessee or occupant will deliver to Mortgagee a notarized statement as to the default status of any lease or occupancy agreement and execute any document requested by Mortgagee to confirm that any lease or occupancy agreement is subordinate and subject to the lien and provisions of this Mortgage.
Leasing Covenants. 10 5.1 Delivery - Beginning and End of Term............................10 5.2 Quiet Enjoyment.................................................10 5.3 Insurance.......................................................11 5.4 Indemnity.......................................................11 5.5 Default; Remedies...............................................11 5.6 Lockbox.........................................................11 5.7
Leasing Covenants. 38 5.1 Covenants........................................................................................ 38
Leasing Covenants. Borrower (1) shall perform the obligations which Borrower is required to perform under the Leases; (2) shall enforce the obligations to be performed by the tenants; (3) intentionally omitted; (4) shall not collect any rents for more than thirty (30) days 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; (5) shall not enter into any ground lease or master lease of any part of the Project; (6) shall not further assign or encumber any Lease or any rents payable thereunder; (7) shall not, except with Lender’s prior written consent, cancel or accept surrender or termination of any Lease (except for any surrender or termination entered into in the ordinary course of business, consistent with prudent property management practices); and (8) shall not, except with Lender’s prior written consent, modify or amend any Lease (except for minor modifications and amendments entered into in the ordinary course of business, consistent with prudent property management practices) and any action in violation of clauses (5), (6), (7), and (8) of this Section 7.2 shall be void at the election of Lender.
Leasing Covenants. Borrower (1) shall perform the obligations which Borrower is required to perform under the Leases; (2) shall enforce the obligations to be performed by the tenants; (3) shall promptly furnish to Lender any notice of default or termination received by Borrower from any tenant, and any notice of default or termination given by Borrower to any tenant; (4) shall not collect any rents for more than thirty (30) days 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; (5) shall not enter into any ground lease or master lease of any part of the Project; (6) shall not further assign or encumber any lease or any rents payable thereunder; (7) shall not, except with Lender's prior written consent, modify or amend any Lease (except as expressly provided in Section 7.3), and any action in violation of clauses (5), (6), and (7) of this Section 7.2 shall be void at the election of Lender.
