Operating Lease Covenants Sample Clauses
Operating Lease Covenants. (a) Each Borrower represents, covenants and warrants that it is the express intent of Mortgage Borrower and Operating Lessee that the Operating Lease constitute a lease under applicable real property laws and laws governing bankruptcy, insolvency and creditors’ rights generally, and that the sole interest of the Operating Lessee in each applicable Individual Property is as tenant under the Operating Lease. In the event that it shall be determined that the Operating Lease is not a lease under applicable real property laws and laws governing bankruptcy, insolvency and creditors’ rights generally, and that the interest of the Operating Lessee in any applicable Individual Property is other than that of tenant under the Operating Lease, Borrower hereby covenants and agrees that it shall cause Mortgage Borrower to cause the Operating Lessee’s interest in such Individual Property, however characterized, to continue to be subject and subordinate to the lien of the Security Instruments on all the same terms and conditions as contained in the Operating Lease and the applicable Security Instrument.
(b) Without Lender’s prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), Borrower shall not permit Mortgage Borrower, Mezzanine A Borrower or Mezzanine B Borrower to (a) surrender, terminate or cancel the Operating Lease, (b) reduce or consent to the reduction of the term of the Operating Lease, (c) increase or consent to the increase or decrease or consent to the decrease of the amount of any charges under the Operating Lease, (d) modify, change, supplement, alter or amend the Operating Lease or waive or release any of Mortgage Borrower’s rights and remedies under the Operating Lease; or (e) waive, excuse, condone or in any way release or discharge the Operating Lessee of or from Operating Lessee’s obligations, covenants and/or conditions under the Operating Lease, in each instance to the extent the same shall be reasonably likely to result in a Portfolio Material Adverse Effect.
(c) Subject to the terms of the Mortgage Loan Documents, the Mezzanine A Loan Documents or the Mezzanine B Loan Documents, Borrower hereby assigns to Lender, as further security for the payment and performance of the Debt and observance of the terms, covenants and conditions of this Agreement and the other Loan Documents, all of the rights, privileges and prerogatives of each applicable Mortgage Borrower, as landlord and each applicable Operating Lessee, ...
Operating Lease Covenants. Pineville Borrower and Pineville TRS Borrower hereby covenant and agree with Noteholder that Pineville Borrower and Pineville TRS Borrower shall (i) promptly perform and observe all of the material covenants required to be performed and observed by it under the Operating Lease and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Noteholder of any default of any material term under the Operating Lease of which it is aware; (iii) promptly deliver to Noteholder a copy of each default notice received or sent by it under the Operating Lease; and (iv) promptly enforce in accordance with commercially reasonable practices the performance and observance of all of the material covenants required to be performed and observed by it under the Operating Lease. Pineville Borrower and Pineville TRS Borrower hereby covenant and agree that neither Pineville Borrower nor Pineville TRS Borrower shall amend, modify, surrender, terminate or cancel the Operating Lease, without Noteholder’s prior consent,
Operating Lease Covenants. Fee Borrower and Lessee Borrower shall not amend, modify, cancel, transfer, assign or terminate the Operating Lease without the prior written consent of Lender (which shall be granted or denied in Lender’s sole discretion); provided that Fee Borrower and Lessee Borrower shall be permitted to amend the Operating Lease without Lender’s consent, solely to (i) extend the term of the Operating Lease, (ii) increase the Operating Rent payable thereunder or (iii) reduce the Operating Rent payable thereunder, provided that any such amendment could not reasonably be expected to have a material adverse effect on Guarantor or the Loan or any mezzanine loan permitted hereunder; provided that Borrower shall deliver an executed copy of any such amendment to Lender within thirty (30) days after the execution thereof.