Residential Leases. (a) All Leases for residential units executed on or after the Effective Date (including renewals of any existing Leases) will satisfy the following conditions: (i) They will be on forms acceptable to Lender. (ii) They will not include options to purchase or have purchase options associated with them. (iii) They will be for initial terms of at least 6 months. (b) Borrower will promptly upon Lender’s request, deliver to Lender an executed copy of each residential Lease then in effect.
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Samples: Loan Agreement (Vinebrook Homes Trust, Inc.), Loan Agreement (Reven Housing REIT, Inc.), Loan Agreement (Front Yard Residential Corp)
Residential Leases. (a) All Leases for residential units executed on or after the Effective Date (including renewals of any existing Leases) will satisfy the following conditions:
(i) They will be on forms acceptable to LenderOwner.
(ii) They will not include options to purchase or have purchase options associated with them.
(iii) They will be for initial terms of at least 6 monthsmonths and no more than 2 years (or longer if approved by Owner in writing).
(b) Borrower Manager will promptly upon LenderOwner’s request, deliver to Lender Owner an executed copy of each residential Lease then in effect.
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