Residential Lease Requirements. Mortgagor shall have the right, and Borrower may permit Mortgagor, to enter into residential Leases without Lender’s prior written consent, so long as: (A) all Leases for residential dwelling units are on forms approved by Lender, and shall not include options to purchase and (B) all Leases shall be for initial terms of at least six months and not more than two years (with the exception of Leases for up to 3% of the units in the Project, which may have terms of less than six months).
Appears in 4 contracts
Samples: Junior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Senior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Junior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Residential Lease Requirements. Mortgagor shall have the right, and Borrower may permit MortgagorMortgagor to, to enter into residential Leases without Lender’s prior written consent, so long as: (A) as all Leases for residential dwelling units (A) are on forms approved by Lender, and (B) shall not include options to purchase purchase, and (BC) all Leases shall be for initial terms of at least six months and not more than two years (with the exception of Leases for up to 3% of the units in the Project, which may have terms of less than six months).
Appears in 1 contract
Samples: Senior Mezzanine Loan Agreement (Behringer Harvard Multifamily Reit I Inc)
