Master Leases Sample Clauses

Master Leases. (i) Borrowers have delivered to Lender a true, correct and complete copy of the Master Leases (including all amendments thereto and modifications thereof); (ii) The Master Garage Lease constitutes the legal, valid and binding obligation of Garage Borrower and is enforceable against the Operating Partnership. The Master Tower Lease constitutes the legal, valid and binding obligation of Tower Borrower and is enforceable against the Operating Partnership. No default exists, or with the passage of time or the giving of notice or both would exist, under either of the Master Leases; (iii) As of the date hereof, there have been no amendments or modifications to the terms of either of the Master Leases. (iv) The Operating Partnership has not, as of the date hereof, paid Vacant Space Rent more than one (1) month in advance, and the Vacant Space Rent under either of the Master Leases has not been waived, released, or otherwise discharged or compromised. All Vacant Space Rents due and payable under each of the Master Leases have been paid in full; (v) No work is required to be performed by Borrowers and no contributions are required to be made to Borrowers by the Operating Partnership pursuant to either of the Master Leases, and all conditions precedent to Operating Partnership’s obligations under each of the Master Leases have been fully satisfied as of the date hereof; (vi) Each of the Master Leases (A) contains no purchase option or right of first refusal, (X) do not provide any party with the right to obtain a lien or encumbrance upon the Properties or any portion thereof, and (Y) provide that they are subordinate in all respects to the terms and provisions of the Mortgage; (vii) No Borrower shall amend, modify, renew, cancel or extend either or both of the Master Leases or transfer all or any portion of its interest therein, without the express written consent of Lender, which may be withheld in Lender’s sole discretion; and (viii) Borrowers shall make timely and appropriate changes to the “Rent” due under the Master Leases, and shall notify Operating Partnership of such changes in accordance with the terms of the Master Leases, such that, at all times, the “Rent” due each month shall be in compliance with Section 3.1.21 and Section 3.1.22 hereof.

Master Leases. Neither the Issuers nor any of the Restricted Subsidiaries shall (i) amend or modify any of the Significant Master Leases in any manner that would materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes (as determined in good faith by the Company) or (ii) grant any waiver or release under or terminate any Significant Master Lease in any manner if such granting or termination would materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes (as determined in good faith by the Company); provided that the amendments and modifications to the Significant Master Leases contemplated by that certain Master Transaction Agreement, dated as of June 24, 2019, by and between the Company and ERI, as in effect on the Issue Date, shall be deemed to not materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes.

Master Leases. Notwithstanding anything herein to the contrary, no Default or Event of Default shall arise with respect to any Leased Property to the extent that the Company and the Restricted Subsidiaries are in compliance with the MGP Master Lease, the Bellagio Lease or the MGP XXXXX XX Master Lease, as applicable, with respect to such Leased Property.

Master Leases. LTC and ALC shall enter into two (2) master lease agreements (the “Master Leases”) upon terms and conditions similar to those contained in the Master Lease Agreement dated November 30, 2001, between LTC and ALC/CHAL (the “Original Master Lease”), except as otherwise specified in this MOU. The Leased Properties shall be grouped under the Master Leases according to the groupings set forth in Exhibit A. The Master Leases shall be deemed as of the “Commencement Date” (as that term is hereinafter defined) to have amended, restated, superseded and replaced the Leases, including the Original Master Lease, for all purposes and the Master Leases and this MOU shall constitute the only agreements between LTC and ALC with respect to the Leased Properties; provided, however, that nothing in this MOU shall relieve ALC/CHAL (and, following consummation of the Merger, ALC) of any accrued or unpaid obligation to pay rent or other monies to LTC, whether under any Lease or otherwise. Notwithstanding the foregoing, ALC and LTC agree that the Master Leases shall contain the following elements, with the terms of this MOU superseding the terms of the Original Master Lease to the extent they are inconsistent, conflict with, or vary from any of the terms or conditions of the Original Master Lease:

Master Leases. The occurrence of a default under any Master Lease which continues uncured beyond any applicable notice and grace period provided under such Master Lease.

Master Leases. [DRAFTING NOTE: If Xxxxxxxx is a Delaware Statutory Trust, use the Delaware Statutory Trust documents set forth in Section III.H.]

Master Leases. Collectively, the Emeritus Master Lease, the Summerville Master Lease and the Painted Post Lease (each, a “Master Lease”).

Master Leases. Borrowers shall not, without Agent’s prior written consent, which consent shall not be unreasonably withheld or delayed, amend or terminate any Master Lease.

Master Leases. (a) The Borrower shall not enter into any amendment, modification, consent or waiver of any term of the Master Leases, in a manner that is (as reasonably determined by the Borrower on the date of effectiveness of such amendment, modification, consent or waiver) materially adverse to the Lenders (in their capacities as such); provided that the Borrower shall not enter into or permit any amendment, modification, consent or waiver of the Initial Master Lease with respect to any provision of the Initial Master Lease that has the effect of shortening the initial term of the Initial Master Lease to a date earlier than the tenth (10th) anniversary of the Closing Date (it being understood that any removal of a property from the Initial Master Lease in accordance with its terms shall not, by itself, constitute a shortening of the term of the Initial Master Lease). (b) Cause the number of Income Properties which are Mortgaged Real Properties that are subject to a Master Lease to be less than 6 at any time.

Master Leases. No Mortgaged Property may be master leased or otherwise leased in whole or in bulk, provided that the Mortgaged Properties identified on Exhibit M are master leased to Master Tenant pursuant to a Master Lease in the form approved by Fannie Mae prior to the Effective Date. Borrower shall not, without the prior written consent of Fannie Mae, which consent shall be given in Fannie Mae’s reasonable discretion, agree to any material modification or amendment to any Master Lease and shall not terminate any Master Lease without Fannie Mae’s prior written consent, unless after such termination all Resident Agreements related to the relevant Mortgaged Property shall remain in full force and effect with Borrower becoming a landlord under such Resident Agreements, provided that Fannie Mae’s consent shall no longer be required after a Mortgaged Property is released from a Collateral Pool. In the event Master Tenant terminates the Master Lease, Borrower shall promptly provide notice of such termination to Fannie Mae. Notwithstanding the foregoing, the Master Lease currently in effect for the Mortgaged Property known as Oakwood Marina Del Ray may be terminated by the applicable Collateral Pool Borrower, or by the master tenant thereunder, pursuant to a right of termination in effect as of the Effective Date. Neither Section 4(f) of the applicable Security Instrument nor Section 6.22 of this Agreement shall apply to a Master Lease.