Parking Lease. (a) Borrower shall cause Mortgage Borrower, at its sole cost and expense, promptly and timely perform and observe in all material respects all the terms, covenants and conditions required to be performed and observed by Mortgage Borrower as lessee under the Parking Lease (including, but not limited to, the payment of all rent and other charges required to be paid under the Parking Lease).
(b) If Mortgage Borrower shall be in default in any material respect under the Parking Lease, then, subject to the terms of the Parking Lease and the rights of Mortgage Lender under the Mortgage Loan Documents, Borrower shall cause Mortgage Borrower to grant Lender the right (but not the obligation), to cause the default or defaults under the Parking Lease to be remedied and otherwise exercise any and all rights of Borrower under the Parking Lease, as may be necessary to prevent or cure any default provided such actions are necessary to protect Mortgage Lender’s interest under the Mortgage Loan Documents, and Lender shall have the right to enter all or any portion of the Parking Lease Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. All sums expended by Lender to cure any such default shall be paid by Mortgage Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Mortgage.
(c) Promptly upon becoming aware thereof, Borrower shall notify Lender in writing of the occurrence of any material default by the lessor under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a material default by the lessor under the Parking Lease, and the receipt by Mortgage Borrower of any notice (written or otherwise) from the lessor under the Parking Lease noting or claiming the occurrence of any default by Mortgage Borrower under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by Mortgage Borrower under the Parking Lease. Borrower shall promptly deliver to Lender a copy of any such written notice of default.
(d) Subject to Mortgage Lender’s rights under the Mortgage Loan Agreement, Borrower shall promptly execute, acknowledge and deliver to Lender such instruments a...
Parking Lease. Borrower hereby represents and warrants to Lender the following with respect to the Parking Lease:
(i) Borrower has heretofore provided Lender with a true and correct copy of the Parking Lease; (ii) the Parking Lease permits the interest of Mortgage Borrower to be encumbered by a mortgage (provided that the mortgage is at all times subject and subordinate to the Parking Lease); (iii) there have not been amendments or modifications to the terms of the Parking Lease other than pursuant to written instruments, copies of which have been previously provided to Lender; (iv) except for the Permitted Encumbrances and other encumbrances of record, Mortgage Borrower’s interest in the Parking Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage; (v) Mortgage Borrower’s interest in the Parking Lease for Land Lot 78 is assignable upon a sale, lease or transfer of the Atlanta Individual Property without the consent of the Parking Lessor to Lender; and (vi) as of the date hereof, the Parking Lease is in full force and effect and no default by Mortgage Borrower, or to the best knowledge of Borrower, any other party thereto has occurred under the Parking Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of the Parking Lease.
Parking Lease. (a) Borrower shall not waive, excuse, condone or in any way release or discharge the lessor under any Parking Lease of or from such lessor’s material obligations, covenant and/or conditions under the related Parking Lease without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed.
(b) Borrower shall not cause or permit Mortgage Borrower, without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, surrender, terminate, forfeit, or suffer or permit the surrender, termination or forfeiture of, or change, modify or amend in any materially adverse respect, any Parking Lease. Consent to one amendment, change, agreement or modification shall not be deemed to be a waiver of the right to require consent to other, future or successive amendments, changes, agreements or modifications. Any acquisition of lessor’s interest in any Parking Lease by Borrower or any Affiliate of Borrower shall be accomplished by Mortgage Borrower in such a manner so as to avoid a merger of the interests of lessor and lessee in such Parking Lease, unless consent to such merger is granted by Lender, which consent shall not be unreasonably withheld, conditioned or delayed.
Parking Lease. Seller has provided Buyer with a true and complete copy of the Parking Lease and all amendments thereto. As of the Effective Date, no party to the Parking Lease has issued notice that any other party thereto is in default in the performance of its obligations under the Parking Lease, and the Parking Lease is in full force and effect.
Parking Lease. Borrower has parking lease with City of East Lansing for portion of multi-level parking garage that expires July 16, 2044 (loan matures September 11, 2025). The property relies upon the parking lease for zoning compliance (zoning report indicates 58 total parking spaces required v. 78 parking spaces leased from City). The loan documents provide for personal liability to the borrower and guarantors for losses from failure to pay amounts due under the Parking Lease to the extent revenue is available, and for springing recourse to the borrower and guarantors if the Parking Lease is terminated.
Parking Lease. Upon completion of the Parking Structure, the Developer and the CDA shall enter into a parking lease agreement for the Private Ramp (the “Parking Lease”), the form of which shall be agreed upon by the City, the CDA, and the Developer prior to the Real Estate Closing. On or before September 1, 2015, the parties shall agree on a term sheet setting forth the principal terms and conditions to be incorporated within the Parking Lease, including, without limitation, revenue generation and use of the Private Parking by tenants of the Project and others on commercially reasonable terms. The term of the Parking Lease shall be 27 years and the Developer shall pay the CDA annual base rent of Forty Thousand and no/100 Dollars ($40,000.00) throughout the term.
Parking Lease. The parties shall negotiate, as and if required and requested by Purchaser based on the demographic of the tenants in the building being constructed by Purchaser, the City of Stamford, the Seller or Purchaser’s Lender and/or investors, a parking lease, to be signed at or prior to closing, whereby the Purchaser, as tenant, leases spaces from the Seller, as landlord, in the parking garage contiguous to the Property.
Parking Lease. Rents, charges and payments under the Parking Lease.
Parking Lease a. Section 8.01 of the LEASE is hereby deleted in its entirety, and replaced with the following:
Parking Lease. Weiler Management hereby agrees to rent to <<Tenants (Financially Responsible)>> an assigned parking spot in the parking lot located directly behind <<Unit Address>> for the sole purpose of parking, at a monthly rate of $50.00
