Non-Residential Leases. (a) Prohibited New Non-Residential Leases or Modified Non-Residential Leases. Except as set forth in Section 6.04(b), Borrower will not enter into any New Non-Residential Lease, enter into any Modified Non-Residential Lease or terminate any Non-Residential Lease (including any Non-Residential Lease in existence on the date of this Loan Agreement) without the prior written consent of Lender.
(b) New Non-Residential Leases or Modified Non-Residential Leases for which Lender’s Consent is Not Required. Lender’s consent will not be required for Borrower to enter into a Modified Non-Residential Lease or a New Non-Residential Lease, provided that the Modified Non-Residential Lease or New Non-Residential Lease satisfies each of the following requirements:
(i) The tenant under the New Non-Residential Lease or Modified Non-Residential Lease is not an Affiliate of Borrower or any Guarantor.
(ii) The terms of the New Non-Residential Lease or Modified Non-Residential Lease are at least as favorable to Borrower as those customary in the applicable market at the time Borrower enters into the New Non-Residential Lease or Modified Non-Residential Lease.
(iii) The Rents paid to Borrower pursuant to the New Non-Residential Lease or Modified Non-Residential Lease are not less than 90% of the rents paid to Borrower pursuant to the Non-Residential Lease, if any, for that portion of the Mortgaged Property that was in effect prior to the New Non-Residential Lease or Modified Non-Residential Lease.
(iv) The term of the New Non-Residential Lease or Modified Non-Residential Lease, including any option to extend, is 10 years or less.
(v) Any New Non-Residential Lease must provide that the space may not be used or operated, in whole or in part, for any of the following:
(A) The operation of a so-called “head shop” or other business devoted to the sale of articles or merchandise normally used or associated with illegal or unlawful activities such as, but not limited to, the sale of paraphernalia used in connection with marijuana or controlled drugs or substances.
(B) A gun shop, shooting gallery or firearms range.
(C) A so-called massage parlor or any business which sells, rents or permits the viewing of so-called “adult” or pornographic materials such as, but not limited to, adult magazines, books, movies, photographs, sexual aids, sexual articles and sex paraphernalia.
(D) Any use involving the sale or distribution of any flammable liquids, gases or other Hazardous Materials.
(E) An ...
Non-Residential Leases. (a) Prohibited New Non-Residential Leases or Modified Non-Residential Leases. Except as set forth in Section 6.04(b), Borrower will not enter into any New Non-Residential Lease, enter into any Modified Non-Residential Lease or terminate any Non-Residential Lease (including any Non-Residential Lease in existence on the date of this Loan Agreement) without the prior written consent of Lender.
Non-Residential Leases. No portion of the Project shall be leased for any commercial purpose or use without receiving HUD’s prior written approval as to terms, form and amount, except for commercial leases for support or ancillary services which are subordinate to the Borrower Security Instrument, have terms of not more than five (5) years and otherwise comply with Program Obligations. Operator shall deliver an executed copy of any commercial lease to HUD and Lender within thirty (30) days after its effective date.
Non-Residential Leases. Each Collateral Pool Property is a multi-family housing project. Gross income derived from commercial space, if any, located in any Collateral Pool Property shall not exceed fifty percent (50%) of the total gross income of such Collateral Pool Property. Neither Borrower, nor any general partner, managing member or principal thereof is, directly or indirectly, controlling, controlled by, under common control with, or otherwise related to the lessor under any leases for laundry equipment, telecommunications, television or similar systems on or about any of the Collateral Pool Properties.
Non-Residential Leases. No portion of the Project shall be leased for any commercial purpose or use without receiving HUD’s prior written approval as to terms, form and amount, except as permitted in the Operator Regulatory Agreement. Master Tenant shall deliver an executed copy of any commercial lease to HUD.
Non-Residential Leases. Borrower will not enter into any new Non-Residential Lease, or modify or terminate any existing Non-Residential Lease (except for extending an existing Non-Residential Lease on identical terms) without the prior written consent of Lender.
Non-Residential Leases. (a) Not more than twenty percent (20%) of the net rentable space of any Mortgaged Property is being used for non-residential purposes and copies of all commercial leases, if any, have been delivered to Lender.
(b) Neither Borrower, nor any general partner of Borrower, nor any Guarantor, nor any individual having a ten percent (10%) or greater interest in Borrower is an affiliate or otherwise related to (i) the lessee under any leases for laundry equipment or (ii) the lessee or provider of any telecommunications, television or similar systems or services on or about any Mortgaged Property.
(c) Any lease for laundry services at each Mortgaged Property has been supplied to Lender and either: (i) currently contains language which by its terms subordinates the interest of the lessee thereunder to Lender’s lien, (ii) is not below market rent and provides for termination by Borrower for cause; or (iii) has been subordinated to the terms of the Security Instrument. Borrower further certifies that any future leases of laundry space at any Property (or any renewals of the current lease) shall either include language, acceptable to Lender, subordinating the interest of the lessee thereunder to the lien of the Security Instrument or shall be at or above market rent and contain provisions for termination for cause.
Non-Residential Leases. (b) New Non-Residential Leases or Modified Non-Residential Leases for which Xxxxxx’s Consent is Not Required. Xxxxxx’s consent will not be required for Borrower to enter into a Modified Non-Residential Lease or a New Non- Residential Lease if the Modified Non-Residential Lease or New Non-Residential Lease satisfies each of the following requirements: (i) The tenant under the New Non-Residential Lease or Modified Non- Residential Lease is not an Affiliate of Borrower or any Guarantor. (ii) The terms of the New Non-Residential Lease or Modified Non-Residential Lease are at least as favorable to Borrower as those customary in the applicable market at the time Borrower enters into the New Non- Residential Lease or Modified Non-Residential Lease.
Non-Residential Leases. Each Collateral Pool Property is a multi-family housing project. Gross income derived from commercial space, if any, located in any Collateral Pool Property shall not exceed twenty-five percent (25%) of the total gross income of such Collateral Pool Property except as otherwise approved in writing by Lender (in its sole discretion). Except as approved by Lender in writing prior to the Closing Date or, in connection with adding Collateral Pool Properties to the Collateral in accordance with Section 2.9 hereof, the date such Collateral Pool Property is added to the Collateral, neither Borrower, nor any general partner, managing member or principal thereof, is an Affiliate or otherwise related to the lessee under any leases for laundry equipment, telecommunications, television or similar systems on or about any of the Collateral Pool Properties. For the purposes of this Section, leases of parking to tenants shall not be deemed to be derived from commercial space.
Non-Residential Leases. Gross income derived from the commercial space located in any Collateral Pool Property shall not exceed twenty-five (25%) percent of the total gross income of such Collateral Pool Property. Neither Borrower, nor any managing member, nor Guarantor, is an Affiliate or otherwise related to the lessee under any leases for laundry equipment, telecommunications, television or similar systems on or about any of the Collateral Pool Properties.
