Common use of Leasing Matters Clause in Contracts

Leasing Matters. Borrowers shall not enter into, modify, amend or renew any Lease except in accordance with the Prudent Manager Standard, and shall not enter into, modify, amend or renew any one or more Leases with a tenant and/or its affiliates if the same is effected as part of a single transaction or a series of substantially integrated transactions related to 50,000 leasable square feet or more in the aggregate of any or all of the Properties, in each case without Lender's consent, not to be unreasonably withheld or delayed. Without limiting the generality of the foregoing, it shall not be unreasonable for Lender to withhold its consent to any such Lease, amendment or renewal which does not provide for the payment of market rents or is not in compliance with the Prudent Manager Standard. All Leases shall provide for rental rates, terms and conditions which constitute good and prudent business practice and are consistent with the Prudent Manager Standard and shall be arms-length transactions. All Leases shall provide that they are subordinate to the Mortgages and that the lessees thereunder attorn to Lender. Borrowers shall deliver copies of all Leases, amendments, modifications and renewals to Lender. Borrowers (i) shall observe and perform the obligations imposed upon the lessor under the Leases; (ii) shall, consistent with the Prudent Manager Standard, enforce 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); (iv) shall not execute any other assignment of lessor's interest in the Leases or the Rents (except as contemplated by the Loan Documents); and (v) 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 Matters. Borrowers shall not not, without Lender's prior written consent, enter into, modify, amend or renew any Lease except in accordance with the Prudent Manager Standard, and shall not enter into, modify, amend or renew (i) any one or more Leases with a tenant and/or its affiliates if the same is effected as part of a single transaction or a series of substantially integrated transactions related to 50,000 20,000 leasable square feet or more in the aggregate of any or all of the Properties, in each case without Lender's consent, not to be unreasonably withheld or delayeddelayed if consistent with the Prudent Manager Standard. Without limiting the generality of the foregoing, it shall not be unreasonable for Lender to withhold its consent to any such Lease, amendment or renewal which does not provide for the payment of market rents or is not otherwise in compliance with the Prudent Manager Standard. All Leases shall provide for rental rates, terms and conditions which constitute good and prudent business practice and are consistent with the Prudent Manager Standard and shall be arms-length transactions. All Leases shall provide that they are subordinate to the Mortgages and that the lessees thereunder attorn to Lender. Borrowers shall deliver copies of all Leases, amendments, modifications and renewals to Lender. Borrowers Borrowers (i) shall observe and perform the obligations imposed upon the lessor under the Leases; (ii) shall, consistent with the Prudent Manager Standard, enforce 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); (iv) shall not execute any other assignment of lessor's interest in the Leases or the Rents (except as contemplated by the Loan Documents); and (v) 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 Matters. Borrowers shall not No Individual Borrower shall, without Lender's prior written consent, enter into, modify, amend or renew any Lease except in accordance for space over 1,500 square feet. Upon request, Borrower shall furnish Lender with executed copies of all Leases. All renewals of Leases and all proposed Leases shall provide for rental rates that are at or greater than existing local market rates for space at hotel properties similar to the Prudent Manager Standard, applicable Property. All proposed Leases shall be on commercially reasonable terms and shall not enter into, modify, amend or renew contain any one or more Leases with a tenant and/or its affiliates if the same is effected as part of a single transaction or a series of substantially integrated transactions related to 50,000 leasable square feet or more in the aggregate of any or all of the Properties, in each case without terms which would materially adversely affect Lender's consent, not to be unreasonably withheld or delayed. Without limiting rights under the generality of the foregoing, it shall not be unreasonable for Lender to withhold its consent to any such Lease, amendment or renewal which does not provide for the payment of market rents or is not in compliance with the Prudent Manager StandardLoan Documents. All Leases shall provide for rental rates, (either by the terms of the Lease or pursuant to a subordination and conditions which constitute good and prudent business practice and are consistent non-disturbance agreement with the Prudent Manager Standard and shall be arms-length transactions. All Leases shall provide Lender) that they are subordinate to the Mortgages Mortgage encumbering the applicable Property and that the lessees thereunder lessee agrees to attorn to Lender. Borrowers shall deliver copies of all Leases, amendments, modifications and renewals to Lender. Borrowers Lender Borrower (i) shall observe and perform or cause to be performed the obligations imposed upon the lessor under the Leases; (ii) shall, consistent with the Prudent Manager Standard, shall enforce 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); (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; and (vvi) 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 Matters. Borrowers shall not No Individual Borrower shall, without Lender's prior written consent, enter into, modify, amend or renew any Lease except in accordance for space over 1,500 square feet. Upon request, Borrower shall furnish Lender with executed copies of all Leases. All renewals of Leases and all proposed Leases shall provide for rental rates that are at or greater than existing local market rates for space at hotel properties similar to the Prudent Manager Standard, applicable Property. All proposed Leases shall be on commercially reasonable terms and shall not enter into, modify, amend or renew contain any one or more Leases with a tenant and/or its affiliates if the same is effected as part of a single transaction or a series of substantially integrated transactions related to 50,000 leasable square feet or more in the aggregate of any or all of the Properties, in each case without terms which would materially adversely affect Lender's consent, not to be unreasonably withheld or delayed. Without limiting rights under the generality of the foregoing, it shall not be unreasonable for Lender to withhold its consent to any such Lease, amendment or renewal which does not provide for the payment of market rents or is not in compliance with the Prudent Manager StandardLoan Documents. All Leases shall provide for rental rates, (either by the terms of the Lease or pursuant to a subordination and conditions which constitute good and prudent business practice and are consistent non-disturbance agreement with the Prudent Manager Standard and shall be arms-length transactions. All Leases shall provide Lender) that they are subordinate to the Mortgages Mortgage encumbering the applicable Property and that the lessees thereunder lessee agrees to attorn to Lender. Borrowers shall deliver copies of all Leases, amendments, modifications and renewals to Lender. BorrowersBorrower (i) shall observe and perform or cause to be performed the obligations imposed upon the lessor under the Leases; (ii) shall, consistent with the Prudent Manager Standard, shall enforce 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); (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; and (vvi) 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 Matters. Borrowers shall not enter into, modify, amend or renew any Any Lease except in accordance with respect to the Prudent Manager Standard, and shall not enter into, modify, amend or renew any Property that covers more than one or more Leases with a tenant and/or its affiliates if the same is effected as part of a single transaction or a series of substantially integrated transactions related to 50,000 leasable thousand (1,000) rentable square feet or more in the aggregate shall be written on a form of any or all of the Propertieslease which has been approved by Lender, in each case without Lender's consent, not to be unreasonably withheld or delayed. Without limiting the generality of the foregoing, it which approval shall not be unreasonable for unreasonably withheld. Upon request, Borrower shall furnish Lender to withhold its consent to any such Lease, amendment or renewal which does not provide for the payment of market rents or is not in compliance with the Prudent Manager Standard. All Leases shall provide for rental rates, terms and conditions which constitute good and prudent business practice and are consistent with the Prudent Manager Standard and shall be arms-length transactions. All Leases shall provide that they are subordinate to the Mortgages and that the lessees thereunder attorn to Lender. Borrowers shall deliver executed copies of all Leases, amendments, modifications . All proposed Leases or renewals of existing leases entered into after the Closing Date shall be on commercially reasonable terms and renewals shall not contain any terms which would materially affect Lender's' rights under the Loan Documents. All Leases executed after the date hereof shall be subordinate to Lenderthe Mortgage encumbering the Property. Borrowers Borrower (i) shall observe and perform the obligations imposed upon the lessor under the LeasesLeases in a commercially reasonable manner; (ii) shallshall enforce, consistent with the Prudent Manager Standardand may amend or terminate, enforce the terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performedperformed in a commercially reasonable manner; (iii) shall not collect any of the rents more than one (1l) month in advance (other than security deposits); (iv) shall not execute any other assignment of lessor's interest in the Leases or the Rents Revenue (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; and (vvi) 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.