Common use of Rents and Leases Clause in Contracts

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) A general assignment of rents and leases, in form and substance satisfactory to Lender of all leases and rents now existing or arising in the future. The Rent Rolls for each form and content of all leases shall be acceptable to Lender and its counsel. Each and every lease or rental agreement involving any part of the Property currently occupiedmust be subordinate to the mortgage and any and all modifications, renewals, extensions and/or replacements of said mortgage. Borrower shall not: (a) enter into any lease, sublease or other rental agreement concerning leased space in excess of 5,000 square feet; or (b) amend or modify any leases in any material manner (as long as the same shall not create a default under Section 5.1(g) of this Agreement), which have been initialed by TSL and delivered to LB pursuant hereto (shall include, but not be limited to, any decreases in the "RENT ROLL")rent, contain a complete and correct list of all Leases setting forth with respect to changes in the term or changes that otherwise increase the landlord’s obligations thereunder or decrease the tenant’s obligations thereunder, in each of the Leases cases under the foregoing sub-paragraphs (a) and (b) without Lender’s prior written approval of said lease or rental agreement (or amendment or modification), which approval shall not be unreasonably withheld, conditioned or delayed, and in no event shall any lease or rental agreement contain any option or rights of first refusal to purchase the Property. Borrower shall cause any tenant and/or occupant whose lease is not automatically subordinate to the Lender’s mortgage on terms and conditions acceptable to the Lender to duly execute and deliver to the Lender a subordination, ratification, non-disturbance and attornment agreement, which agreement shall be satisfactory and in form and substance to the Lender and shall provide, among other terms, that (i) tenant acknowledges the type and size assignment of unit covered thereby, its lease or rental agreement to the Lender; (ii) upon notification from the date thereofLender, the tenant and/or occupant shall pay, without set off or deduction, all rent and other sums due under its lease and/or rental agreement directly to the Lender or its designee regardless of whether or not said tenant or occupant receives a notice to the contrary from the Borrower; (iii) the term thereof, Lender shall not be responsible for refunding any security deposits unless the Lender has actually received said deposits; (iv) that the rents parties will not modify, amend, cancel, surrender, or pledge or assign the lease without the Lender’s consent; and other charges payable thereunder, (v) that the tenant will not terminate the lease by reason of landlord’s default without at least ten (10) days’ written notice to the Lender and an opportunity to cure the default; and containing such other provisions as the Lender may reasonably require. If any rents or other charges in arrears or prepaid thereunder and lease approved by the period for which such rents and other charges are in arrears or have been prepaid, (vi) Lender provides that 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 tenant under that lease or rental agreements for the occupancy of any of the units in the Improvements, (B) no tenant is entitled to a nondisturbance agreement from the Lender the Lender agrees to issue such nondisturbance as long as such tenant is not in any free way affiliated with or owned or controlled by Borrower. Lender agrees, however, not to exercise any such assignments until such time as an Event of Default exists hereunder or under the Loan Documents. Attached hereto as Schedule C is a true and accurate rent or similar concession other than in roll (the ordinary course of business, (C“Rent Roll”) 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 currently occupying 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 portion 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. 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 Cumulative of all rights and remedies herein provided for, Mortgagor hereby absolutely and presently assigns to Mortgagee all existing and future Rents; provided, however, that so long as no Event of Default exists under this Mortgage, Mortgagor may collect Rents and retain or apply such Rents in accordance with the Promissory Note. Mortgagor shall fully and faithfully perform all of the duties and obligations of the lessor, landlord or owner of the Premises under the Leases setting forth and observe, satisfy and comply with respect all of the terms, covenants, conditions, agreements, requirements, restrictions and provisions of the Leases, and do all acts otherwise necessary to each maintain and preserve the Rents and prevent any diminishment or impairment of the value of the Leases (i) or the type and size Rents or the interest of unit covered therebyMortgagor or Mortgagee therein or thereunder. Without the prior written consent of Mortgagee, (ii) Mortgagor shall not further assign the date thereofRents or the Leases, (iii) shall not terminate, alter, modify, or amend in any respect, or accept the term thereofsurrender of, (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 ImprovementsLeases, (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 and shall not collect Rents for more than one (1) month in advance; provided, (D) however, that so long as no material number Event of tenants are entitled to a refund of any rent Default exists under this Mortgage, Mortgagor may alter, modify amend 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 terminate any of the leases at the Closing or thereafter, except for finders fees or referral fees payable Leases 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 business, but only if and to the knowledge extent that such modification, amendment, alteration or termination is consistent with the requirements of TSLthe Promissory Note. Mortgagor shall procure and deliver to Mortgagee upon request, there are no material number but not more often than quarterly, estoppel letters or certificates from each lessee, tenant, occupant in possession and other user of defaults the Premises or any part thereof, as required by and in form and substance satisfactory to Mortgagee, and shall deliver to Mortgagee a recordable assignment of all of Mortgagor’s interest in all Leases, which assignment shall be in form and substance satisfactory to Mortgagee, together with proof of due service of a copy of such assignment on each lessee, tenant, occupant in possession or other user of the tenant thereunderPremises or any part thereof. The Partnership has good title Notwithstanding anything to the contrary in this Agreement, Mortgagor shall not enter into any Leases and Rents for each without the consent of the Properties and no other person or entity has any rightRequired Mortgagee, title or interest therein, except the rights of the existing lienholdersin their reasonable discretion.

Rents and Leases. The Rent Rolls Mortgagor assigns to Bank, as additional security for each the payment, performance and observance of the Obligations, all of the rents, issues and profits of the Property, with the right to receive the same and apply them to the indebtedness and obligations hereby secured upon the occurrence of an Event of Default which continues beyond the applicable cure period, if any. In addition, Mortgagor shall, as and when requested by Bank, assign to Bank by specific assignment any leases now or hereafter on the Property currently occupiedin which Mortgagor is lessor, with the right to give written notice of such assignments to the lessees thereunder, but Bank shall not exercise any such assignments until and unless there is an Event of Default which is continuing beyond any applicable cure period. Upon the request of Bank, Mortgagor will obtain subordination, non-disturbance and attornment agreements, executed by Mortgagor and any of its lessees designated by Bank, in form and substance reasonably satisfactory to Bank, which have been initialed agreements shall provide for subordination of such leases to the lien and operation of this Mortgage, the attornment of such lessees to Bank and any purchaser of the Property and the continual performance by TSL and delivered to LB pursuant hereto (the "RENT ROLL"), contain a complete and correct list such lessees of all Leases setting forth with respect of their respective duties, obligations and covenants pursuant to each their leases and shall further provide for the non-disturbance by Bank of such lessees so long as they are not in default under their respective leases. Any such agreements shall be drafted and executed by Bank at Mortgagor's sole expense, including Bank's reasonable legal fees. Mortgagor shall perform and observe all covenants, conditions and agreements contained in any lease or leases now or hereafter affecting the Leases (i) the type and size of unit covered therebyProperty, (ii) the date or any part thereof, (iii) the term thereofto be performed or observed by Mortgagor. If Mortgagor receives a notice from any lessee claiming a default by Mortgagor under any lease, (iv) the rents and other charges payable thereunderMortgagor shall forthwith furnish a copy of such notice to Bank. Mortgagor shall not cancel, (v) terminate or otherwise materially amend or modify any rents existing or other charges in arrears future lease of all 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 any part of the rentProperty, (viii) or accept 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 prepayment of any installments 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 without the prior written consent 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 lienholdersBank.