Rents and Leases. (a) Mortgagor hereby sells, assigns, sets over and transfers to Agent, for the benefit of Secured Parties, Mortgagor’s interest in any and all leases, usufructs, tenant contracts and rental agreements and other contracts, licenses and permits (all of which are sometimes herein referred to as the “Leases”) now or hereafter affecting or in any manner relating to the Premises, or any part thereof. Mortgagor agrees to execute and deliver such other instruments as Agent may reasonably require evidencing the assignment of the Leases.
(b) Mortgagor hereby sells, assigns, sets over and transfers to Agent, for the benefit of Secured Parties, all of the rents, tenant reimbursements, issues and profits which shall hereafter become due or be paid for the use of the Premises or any part thereof, and all rents, tenant reimbursements, issues and profits arising under the Leases or any thereof (all of which are sometimes herein referred to as the “Rents”), reserving to Mortgagor a license to collect the Rents only so long as there is no Event of Default which shall have occurred and be continuing, said license to be revoked immediately upon the occurrence of an Event of Default and Agent’s demand for the payment of the Obligations. Mortgagor agrees to execute and deliver such other instruments as Agent may reasonably require evidencing the assignment of the Rents.
(c) Should the Premises be involved in any insolvency, receivership, bankruptcy, or similar proceedings affecting the possession of the Premises, it is further covenanted and agreed that Agent shall be entitled to receive for the benefit of Secured Parties all of the Rents realized from or during any such proceedings. Such Rents shall be treated as cash collateral.
(d) Notwithstanding the right to collect the Rents, Mortgagor agrees that Agent, and not Mortgagor, shall be and shall be deemed to be the creditor of each tenant with respect to assignments for the benefit of creditors, and bankruptcy, arrangement, reorganization, insolvency, dissolution or receivership proceedings affecting each such tenant, but without obligation on the part of Agent or Lenders, however, to file or make timely filings of claims in any such proceedings, or otherwise to pursue a creditor’s rights therein.
(e) Agent shall have the right to assign Mortgagor’s right, title and interest in the Leases to any subsequent holder of this Mortgage, or to any Person acquiring title to any of the Premises through foreclosure, power of sale, or s...
Rents and Leases. In order to secure the secured indebtedness up to the Maximum Amount and to the extent permitted by La. R.S. 9:4401 et seq., as additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Mortgagor hereby collaterally and conditionally assigns to Lender all existing and future Rents and Leases, such assignment to become absolute upon the occurrence of an Event of Default.
Rents and Leases. (a) All rents and other charges collected under Leases shall be deemed to be applied first to the periods to which rents are currently due from and after the Closing and thereafter, so long as all such obligations of the applicable tenant have been paid in full to date with respect to such post-Closing period, to satisfy rental obligations arising from periods prior to the Closing. Rents and other charges shall be apportioned as follows:
(i) The Operating Partnership shall receive a credit at Closing for all rents and other charges actually collected prior to Closing to the extent relating to any period after Closing.
(ii) With respect to rents and other charges uncollected as of Closing and owed by occupants of the Properties at Closing for any period prior to Closing (a complete list of which shall be delivered by the Contributors to the Operating Partnership at Closing), the Contributors shall be reimbursed by the Operating Partnership following the Operating Partnership's actual collection of such rents and charges, to the extent they are available in accordance with the provisions hereof, as follows: the Operating Partnership shall use its commercially reasonable efforts to promptly collect such rents and charges, and all amounts collected by the Operating Partnership, net of reasonable related third-party out of pocket costs of collection (excluding "overhead expenses"), shall be paid to the Contributors within ten (10) days following the month of collection until the entire amount of such uncollected rents and charges shall have been paid. If the Operating Partnership is unable to collect any portion of such rents and charges due or on account of the period prior to the Closing within ninety (90) days following Closing, the Operating Partnership shall cause to be assigned to the Contributors all such rents and charges, after which the Contributors may pursue any remedies to collect the same, other than the eviction of such Tenant, and retain any amounts so collected.
(b) The Contributors and the Operating Partnership acknowledge and agree that certain additional rents are collected on an estimated basis and are attributable to, among other things, percentage rents, expense escalation reimbursements, operating expense pass-throughs and/or common area maintenance reimbursements. The parties further agree to account for any difference in the amounts actually collected as compared to the actual expenses associated therewith to the applicable party at su...
Rents and Leases. Borrower shall fully and faithfully perform all of the duties and obligations of the lessor, landlord, or owner of the Premises under the Leases and observe, satisfy, and comply with all of the terms, covenants, conditions, agreements, requirements, restrictions, and provisions of the Leases, and do all acts otherwise necessary to maintain and preserve the Rents and prevent any diminishment or impairment of the value of the Leases or the Rents or the interest of Borrower or Lender therein or thereunder. Without the prior written consent of Lender, Borrower shall not further assign the Rents or the Leases; shall not terminate, alter, modify, or amend in any respect, or accept the surrender of, any of the Leases; and shall not collect Rents for more than one (1) month in advance.
Rents and Leases. To the Knowledge of TPII, the Partnership has good title to the leases and rents for each of the Facilities and no other person or entity has any right, title or interest therein, except the rights of the existing lienholders.
Rents and Leases. The Rent Rolls for each Property currently occupied, which have been initialed by TSL and delivered to LB pursuant hereto (the "RENT ROLL"), contain a complete and correct list of all Leases setting forth with respect to each of the Leases (i) the type and size of unit covered thereby, (ii) the date thereof, (iii) the term thereof, (iv) the rents and other charges payable thereunder, (v) any rents or other charges in arrears or prepaid thereunder and the period for which such rents and other charges are in arrears or have been prepaid, (vi) the amount of the security deposit thereunder, (vii) the utilities which are furnished as part of the rent, (viii) any brokerage fees or finder's fees payable thereunder and (ix) any material amendments thereto. Except as disclosed in the Rent Roll, (A) there are no other lease or rental agreements for the occupancy of any of the units in the Improvements, (B) no tenant is entitled to any free rent or similar concession other than in the ordinary course of business, (C) no tenant has prepaid rent for more than one (1) month in advance, (D) no material number of tenants are entitled to a refund of any rent or other sums heretofore paid by such tenants (except for security deposits) or to assert any such refund or claim therefor as an offset or defense against the payment of rent hereafter coming due, (E) there are no Leases with an initial term in excess of one (1) year or less than six (6) months, (F) to the knowledge of TSL, all leased premises are actually occupied by the tenant under the lease agreement covering such leased premise, and (G) there are not more than three (3) units in the Improvements being leased to any one (1) person or entity. No brokerage or leasing commission or other compensation will be due or payable with respect to any of the leases at the Closing or thereafter, except for finders fees or referral fees payable in the ordinary course of operations of the Property. The Leases are in full force and effect and no material number of defaults or breaches on the part of the landlord exists thereunder and to the knowledge of TSL, there are no material number of defaults by the tenant thereunder. The Partnership has good title to the Leases and Rents for each of the Properties and no other person or entity has any right, title or interest therein, except the rights of the existing lienholders.
Rents and Leases. (i) Performance of Xxxxxxxx's
Rents and Leases. (a) Approval of Leases. Mortgagee shall have the right to approve all new leases covering space in the Premises, including the form and content of each such lease and the tenant or tenants thereunder, and, without limiting the generality of the foregoing, Mortgagor shall not, without Mortgagee's prior written consent, enter into any lease or permit any tenancy of all or any portion of the Premises, execute an assignment or pledge of any rents from the Premises or of any lease or tenancy of all or any portion of the Premises (except as security for the indebtedness secured by this Mortgage), accept any installment of rent more than thirty (30) days before the due date of any such installment, (iv) agree to any material amendment to or change in the terms of any lease or tenancy previously approved by Mortgagee or (v) permit or consent to any assignment of any lease or tenancy or any sublease of any lease or tenancy of all or any portion of the Premises.
Rents and Leases. If an Event of Default exists, Standard Federal, at its option, shall have the right, power and authority to terminate the license granted to the Borrower in this Montage to collect the rents, profits, issues and revenues of the Project, whether paid or accruing before or after the filing of any petition by or against the Borrower under the federal Bankruptcy Code, and, without taking possession, in Standard Federal's own name to demand, collect, receive, sue xxx, attach and levy all of such rents, profits, issues and revenues, to give proper receipts, releases and acquittances therefor, and to apply the proceeds thereof as set forth in sub-paragraph (h) hereof.
Rents and Leases. Subject to the provisions of the Loan Agreement, Trustor shall submit to Beneficiary for its prior written approval the form of the tenant lease to be used by Trustor for leasing any portion of the Improvements, and after approval by Beneficiary in accordance with the Loan Agreement, shall not materially modify such form of lease without the prior written consent of Beneficiary. Trustor shall not accept prepayments of rent for any period in excess of one month and shall perform all covenants of the Lessor under all leases affecting the Property ("Leases"). "Leases", as used herein, includes any extensions or renewals thereof and any amendments consented to by the Beneficiary. Trustor shall not amend or terminate any Leases without the prior written consent of Beneficiary and shall not consent to any assignment or subletting under any Leases without the prior written consent of Beneficiary. Trustor shall immediately give notice to Beneficiary of any default under any of the Leases it receives or delivers. Beneficiary shall have the right but not the obligation, to cure any default of Trustor under any of the Leases and all amounts disbursed in connection with said cure shall be deemed to be disbursements under the Loan Agreement.
