Common use of Major Leases Clause in Contracts

Major Leases. Trustor shall, at Trustor's sole cost and expense, give Beneficiary prompt written notice of any material default by landlord or tenant under any Major Lease (as defined below). Unless consented to in writing by Beneficiary or otherwise permitted under any other provision of the Loan, Documents, Trustor shall not: (i) enter into any Major Lease which (aa) is not on fair market terms (which terms may include tree or discounted rent to the extent the market so requires); (bb) does not contain a provision requiring the tenant to execute and deliver to the landlord an estoppel certificate in form and substance satisfactory to the landlord promptly upon the landlord's request; (cc) allows the tenant to assign or sublet the premises without the landlord's consent if any such assignment or sublease relieves the original tenant from any liability under the lease; or (dd) is with a tenant that is not acceptable to Beneficiary (such determination to be made in Beneficiary's reasonable discretion based upon Beneficiary's then current underwriting guidelines, which shall include, among other things, the financial strength of the proposed tenant); (ii) reduce any rent or other sums due from the tenant under any Major Lease; (iii) terminate or materially modify or amend any Major Lease; or (iv) release or discharge the tenant or any guarantor under any Major Lease from any material obligation thereunder. Any such attempted action in violation of the provisions of this Section shall be null and void.

Major Leases. Trustor Mortgagor shall, at Trustor's Mortgagor’s sole cost and expense, give Beneficiary Mortgagee prompt written notice of any material default by landlord or tenant under any Major Lease (as defined below). Unless consented to in writing by Beneficiary Mortgagee (such consent not to be unreasonably withheld) or otherwise permitted under any other provision of the Loan, Loan Documents, Trustor Mortgagor shall not: (i) enter into any Major Lease which (aa) is not on fair market terms (which terms may include tree free or discounted rent to the extent the market so requires); (bb) does not contain a provision requiring the tenant to execute and deliver to the landlord an estoppel certificate in form and substance satisfactory to the landlord promptly upon the landlord's ’s request; or (cc) allows the tenant to assign or sublet the premises without the landlord's consent if any such assignment or sublease relieves the original tenant from any liability under the lease; or (dd) is with a tenant that is not acceptable to Beneficiary (such determination to be made in Beneficiary's reasonable discretion based upon Beneficiary's then current underwriting guidelines, which shall include, among other things, the financial strength of the proposed tenant)’s consent; (ii) reduce any rent or other sums due from the tenant under any Major Lease; (iii) terminate or materially modify or amend any Major Lease; or (iv) release or discharge the tenant or any guarantor under any Major Lease from any material obligation thereunder. Any such attempted action in violation of the provisions of this Section shall be null and void.

Major Leases. Trustor Mortgagor shall, at TrustorMortgagor's sole cost and expense, give Beneficiary Mortgagee prompt written notice of any material default by landlord or tenant under any Major Lease (as defined below). Unless consented to in writing by Beneficiary Mortgagee or otherwise permitted under any other provision of the Loan, Loan Documents, Trustor Mortgagor shall not: (i) enter into any Major Lease which (aa) is not on fair market terms (which terms may include tree free or discounted rent to the extent the market so requires); (bb) does not contain a provision requiring the tenant to execute and deliver to the landlord an estoppel certificate in form and substance satisfactory to the landlord promptly upon the landlord's request; or (cc) allows the tenant to assign or sublet the premises without the landlord's consent if any such assignment or sublease relieves the original tenant from any liability under the lease; or (dd) is with a tenant that is not acceptable to Beneficiary (such determination to be made in Beneficiary's reasonable discretion based upon Beneficiary's then current underwriting guidelines, which shall include, among other things, the financial strength of the proposed tenant)consent; (ii) materially reduce any rent or other sums due from the tenant under any Major Lease; (iii) terminate or materially modify or amend any Major Lease; or (iv) release or discharge the tenant or any guarantor under any Major Lease from any material obligation thereunder. Any such attempted action in violation of the provisions of this Section shall be null and void.

Major Leases. Trustor Mortgagor shall, at Trustor's Mortgagor’s sole cost and expense, give Beneficiary Mortgagee prompt written notice of any material default by landlord or tenant under any Major Lease (as defined below). Unless consented to in writing by Beneficiary Mortgagee or otherwise permitted under any other provision of the Loan, Loan Documents, Trustor Mortgagor shall not:not (and shall not permit Operating Tenant to): (i) enter into any Major Lease which (aa) is not on fair market terms (which terms may include tree free or discounted rent to the extent the market so requires); (bb) does not contain a provision requiring the tenant to execute and deliver to the landlord an estoppel certificate in form and substance satisfactory to the landlord promptly upon the landlord's ’s request; or (cc) allows the tenant to assign or sublet the premises without the landlord's consent if any such assignment or sublease relieves the original tenant from any liability under the lease; or (dd) is with a tenant that is not acceptable to Beneficiary (such determination to be made in Beneficiary's reasonable discretion based upon Beneficiary's then current underwriting guidelines, which shall include, among other things, the financial strength of the proposed tenant)’s consent; (ii) reduce any rent or other sums due from the tenant under any Major Lease; (iii) terminate or materially modify or amend any Major Lease; or (iv) release or discharge the tenant or any guarantor under any Major Lease from any material obligation thereunder. Any such attempted action in violation of the provisions of this Section shall be null and void.