Common use of SBA Provisions Clause in Contracts

SBA Provisions. If this Lease is executed by a Lessor and/or Tenant, who are participating in the U.S. Small Business Administration 504 Loan Program, then the parties hereto agree and acknowledge that this Lease shall be construed to comply with the requirements of such program including, but not limited to, those found in Title 13 of the Code of Federal Regulations, the SBA Standard Operating Procedures 50-10 and all other relevant statutes laws, codes, regulations and procedures. Without limiting the applicability of all relevant law, the following conditions shall apply: (1) The Tenant shall lease from Lessor all of the Real Property; (2) This Lease shall be junior and subordinate to any and all deeds of trust in favor of the SBA which relate to the Real Property; (3) The annual rent hereunder shall not exceed the annual payments on the deed of trust in favor of the SBA secured by the Real Property, annual payments of deeds of trust senior to such SBA deed of trust, taxes, insurance and maintenance. (4) This Lease shall be assigned, for collateral purposes, to the SBA. (5) The term of this Lease shall not expire prior to the maturity date of the subject SBA 504 Loan. Provided, the Lease term may include options to renew the Lease, so long as the options are exercisable solely by the Tenant. (6) Any leases of the Real Property other than to the Tenant shall be between the Tenant and the third party subtenant.