Common use of Operating Lease Clause in Contracts

Operating Lease. Mortgage Borrower is the owner and lessor of landlord’s interest in the Operating Lease. The current Operating Lease is in full force and effect and there are no material defaults thereunder by either party and to Borrower’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No Operating Rent has been paid more than one (1) month in advance of its due date. All security deposits (if any) are held by Mortgage Borrower in accordance with applicable law. All work (if any) to be performed by Mortgage Borrower under the Operating Lease has been performed as required and has been accepted by Operating Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Mortgage Borrower to Operating Lessee has already been received by Operating Lessee. There has been no prior sale, transfer or assignment, hypothecation or pledge of the Operating Lease or of the Operating Rents received therein which is outstanding. Operating Lessee has not assigned the Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Lease. Operating Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part.

Operating Lease. Mortgage Borrower is the owner and lessor of landlord’s interest in the each Operating Lease. The current Each Operating Lease is in full force and effect and there are is no material defaults default thereunder by either party and to Borrower’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, that would constitute defaults thereunder. No rent under any Operating Rent Lease has been paid more than one (1) month in advance of its due date. All security deposits (if any) are held by Mortgage Borrower in accordance with applicable law. All work (if any) to be performed by Mortgage Borrower under the each Operating Lease has been performed as required and has been accepted by Operating Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Mortgage Borrower to Operating Lessee has already been received by Operating Lessee. There has been no prior sale, transfer or assignment, hypothecation or pledge of the any Operating Lease or of the Operating Rents received therein rent thereunder which is outstanding. Each Operating Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Lease. Operating Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises premised are a part.

Operating Lease. Mortgage Borrower SPE Owner is the owner and lessor of landlord’s interest in the Operating Lease. The current Operating Lease is in full force and effect and there are is no material defaults default thereunder by either party and to Borrower’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, that would constitute defaults thereunder. No rent under the Operating Rent Lease has been paid more than one (1) month in advance of its due date. All security deposits (if any) are held by Mortgage Borrower SPE Owner in accordance with applicable law. All work (if any) to be performed by Mortgage Borrower SPE Owner and TRS Lessee under the Operating Lease has been performed as required and has been accepted by Operating TRS Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Mortgage Borrower SPE Owner to Operating TRS Lessee has already been received by Operating TRS Lessee. There has been no prior sale, transfer or transfer, assignment, hypothecation or pledge of the Operating Lease or of the Operating Rents received therein rent thereunder which is outstanding. Operating TRS Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. Operating TRS Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuity.

Operating Lease. With respect to the Viceroy Property, the applicable Mortgage Borrower is the owner and lessor of landlord’s interest in the Operating Lease. Operating Lessee is the owner and lessee of tenant’s interest in the Operating Lease. The current Operating Lease is in full force and effect and there are no material defaults thereunder by either party Mortgage Borrower or Operating Lessee beyond the expiration of all applicable notice and to Borrower’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereundergrace periods. No Operating Rent has been paid more than one once (1) month in advance of its due date. All security deposits (if any) are held by Mortgage Borrower in accordance with applicable law. All work (if any) to be performed by Mortgage Borrower under the Operating Lease has been performed as required and has been accepted by the Operating Lessee, and any payments, free rent, partial partial, rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Mortgage Borrower to Operating Lessee has have already been received by Operating Lessee. There has been no prior sale, transfer or assignment, hypothecation or pledge of the Operating Lease or of the Operating Rents received therein rent thereunder which is outstanding. Operating Lessee has not assigned the Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Lease. Operating Lessee has no does not have a right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. A true, correct and complete copy of the Operating Lease, together with any amendments thereto and any ancillary agreement related thereto, has been delivered to Lender.

Operating Lease. Mortgage Borrower SPE Owner is the owner and lessor of landlord’s interest in the Operating Lease. The current Operating Lease is in full force and effect and there are is no material defaults default thereunder by either party and to Borrower’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, that would constitute defaults thereunder. No rent under the Operating Rent Lease has been paid more than one (1) month in advance of its due date. All security deposits (if any) are held by Mortgage Borrower SPE Owner in accordance with applicable law. All work (if any) to be performed by Mortgage Borrower SPE Owner and TRS Lessee under the Operating Lease has been performed as required and has been accepted by Operating TRS Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Mortgage Borrower SPE Owner to Operating TRS Lessee has already been received by Operating TRS Lessee. There has been no prior sale, transfer or transfer, assignment, hypothecation or pledge of the Operating Lease or of the Operating Rents received therein rent thereunder which is outstanding. Operating TRS Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. Operating TRS Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing to Lender and (2) will be deemed to have ​ LOAN AGREEMENT, PAGE 18 ​ ​ been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuity.

Operating Lease. Mortgage Borrower is the owner and lessor of landlord’s interest in the Operating Lease. The current Operating Lease is in full force and effect and there are no material defaults thereunder by either party and to Borrowereach Loan Party’s knowledgeActual Knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No Operating Rent has been paid more than one (1) month in advance of its due date. All security deposits (if any) under the Operating Lease are held by Mortgage Borrower in accordance with applicable lawLegal Requirements. All work (if any) to be performed by Mortgage Borrower under the Operating Lease has been performed as required, and if required to be completed under the Operating Lease as of the date hereof, has been completed, and has been accepted by Operating Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Mortgage Borrower to Operating Lessee has already been received by Operating Lessee. There has been no prior sale, transfer or assignment, hypothecation or pledge of the Operating Lease or of the Operating Rents received therein thereunder which is outstandingstill in effect. Except pursuant to the Loan Documents, Operating Lessee has not assigned the Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Lease. Operating Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part.

Operating Lease. Mortgage With respect to the Viceroy Property, the applicable Individual Borrower is the owner and lessor of landlord’s interest in the Operating Lease. Operating Lessee is the owner and lessee of tenant’s interest in the Operating Lease. The current Operating Lease is in full force and effect and there are no material defaults thereunder by either party Borrower or Operating Lessee beyond the expiration of all applicable notice and to Borrower’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereundergrace periods. No Operating Rent has been paid more than one once (1) month in advance of its due date. All security deposits (if any) are held by Mortgage Borrower in accordance with applicable law. All work (if any) to be performed by Mortgage Borrower under the Operating Lease has been performed as required and has been accepted by the Operating Lessee, and any payments, free rent, partial partial, rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Mortgage Borrower to Operating Lessee has have already been received by Operating Lessee. There has been no prior sale, transfer or assignment, hypothecation or pledge of the Operating Lease or of the Operating Rents received therein rent thereunder which is outstanding. Operating Lessee has not assigned the Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Lease. Operating Lessee has no does not have a right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. A true, correct and complete copy of the Operating Lease, together with any amendments thereto and any ancillary agreement related thereto, has been delivered to Lender.