Other Leases. (a) With respect to all leases of the Property other than the Operating Lease and occupancy agreements respecting guest rooms (such leases shall collectively be referred to herein as “Leases”), Borrower may do the following without Lxxxxx’s consent, provided Borrower delivers prior written notices thereof to Lender: (i) terminate any Lease (other than the Lease of a Major Tenant); (ii) Borrower may amend any Lease (other than the Lease of a Major Tenant); and (iii) Borrower may enter into new Leases (or extend or renew existing Leases) with third-party tenants for premises of 10,000 square feet or less provided each Lease (x) satisfies the minimum leasing requirements in this Section 3.21(b), and (y) does not give the tenant any rights (whether in the form of expansion rights, purchase rights, rights of first refusal to lease or purchase, or otherwise) relating to property which is not part of the Property and/or would require Borrower and/or Lender to possess or control any property (other than the Property) to honor such rights. Except as expressly provided in this Section 3.21(a) (or after obtaining Lxxxxx's prior written consent), Borrower shall not (1) amend or modify any Lease, (2) extend or renew (except in accordance with the existing Lease provisions, if any) any Lease (3) terminate or accept the surrender of any Lease, (4) enter into any new Lease of the Property, or (5) accept any prepayment of rent, termination fee, or any similar payment.
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Samples: Deed of Trust, Security Agreement and Fixture Filing (CNL Hotels & Resorts, Inc.)
Other Leases. (a) With respect to all leases of the Property other than the Operating Lease and occupancy agreements respecting guest rooms (such leases shall collectively be referred to herein as “Leases”), Borrower may do the following without LxxxxxLender’s consent, provided Borrower delivers prior written notices thereof to Lender:
(i) terminate any Lease (other than the Lease of a Major Tenant); (ii) Borrower may amend any Lease (other than the Lease of a Major Tenant); and (iii) Borrower may enter into new Leases (or extend or renew existing Leases) with third-party tenants for premises of 10,000 square feet or less provided each Lease (x) satisfies the minimum leasing requirements in this Section 3.21(b), and (y) does not give the tenant any rights (whether in the form of expansion rights, purchase rights, rights of first refusal to lease or purchase, or otherwise) relating to property which is not part of the Property and/or would require Borrower and/or Lender to possess or control any property (other than the Property) to honor such rights. Except as expressly provided in this Section 3.21(a) (or after obtaining LxxxxxLender's prior written consent), Borrower shall not (1) amend or modify any Lease, (2) extend or renew (except in accordance with the existing Lease provisions, if any) any Lease (3) terminate or accept the surrender of any Lease, (4) enter into any new Lease of the Property, or (5) accept any prepayment of rent, termination fee, or any similar payment.
Appears in 1 contract
Other Leases. (a) With respect to all leases of the Property other than the Operating Lease and occupancy agreements respecting guest rooms (such leases shall collectively be referred to herein as “Leases”), Borrower may do the following without LxxxxxLender’s consent, provided Borrower delivers prior written notices thereof to Lender:
(i) terminate any Lease (other than the Lease of a Major Tenant); (ii) Borrower may amend any Lease (other than the Lease of a Major Tenant); and (iii) Borrower may enter into new Leases (or extend or renew existing Leases) with third-party tenants for premises of 10,000 square feet or less provided each Lease (x) satisfies the minimum leasing requirements in this Section 3.21(b), and (yz) does not give the tenant any rights (whether in the form of expansion rights, purchase rights, rights of first refusal to lease or purchase, or otherwise) relating to property which is not part of the Property and/or would require Borrower and/or Lender to possess or control any property (other than the Property) to honor such rights. Except as expressly provided in this Section 3.21(a) (or after obtaining LxxxxxLender's prior written consent), Borrower shall not (1) amend or modify any Lease, (2) extend or renew (except in accordance with the existing Lease provisions, if any) any Lease (3) terminate or accept the surrender of any Lease, (4) enter into any new Lease of the Property, or (5) accept any prepayment of rent, termination fee, or any similar payment.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (CNL Hotels & Resorts, Inc.)
Other Leases. (a) With respect to all leases of the Property other than the Operating Lease and occupancy agreements respecting guest rooms (such leases shall collectively be referred to herein as “Leases”), Borrower may do the following without Lxxxxx’s consent, provided Borrower delivers prior written notices thereof to Lender:
(i) terminate any Lease (other than the Lease of a Major Tenant); (ii) Borrower may amend any Lease (other than the Lease of a Major Tenant); and (iii) Borrower may enter into new Leases (or extend or renew existing Leases) with third-party tenants for premises of 10,000 square feet or less provided each Lease (x) satisfies the minimum leasing requirements in this Section 3.21(b), ) and (yz) does not give the tenant any rights (whether in the form of expansion rights, purchase rights, rights of first refusal to lease or purchase, or otherwise) relating to property which is not part of the Property and/or would require Borrower and/or Lender to possess or control any property (other than the Property) to honor such rights. Except as expressly provided in this Section 3.21(a) (or after obtaining Lxxxxx's prior written consent), Borrower shall not (1) amend or modify any Lease, (2) extend or renew (except in accordance with the existing Lease provisions, if any) any Lease (3) terminate or accept the surrender of any Lease, (4) enter into any new Lease of the Property, or (5) accept any prepayment of rent, termination fee, or any similar payment.
Appears in 1 contract
Samples: Multi State Mortgage and Security Agreement (CNL Hotels & Resorts, Inc.)