Common use of Space Leases, Service Agreements and Equipment Leases Clause in Contracts

Space Leases, Service Agreements and Equipment Leases. Borrower shall not, without the prior written consent of Lender, enter into or modify, amend or terminate (except upon a default by tenant) any lease of space (including restaurants) with respect to the Premises or any portion thereof in excess of 1,000 square feet. Any lease of space entered into by Borrower with respect to the Premises or any portion thereof shall (a) be subordinate to the lien of the Mortgage, (b) be pursuant to an arms' length transaction and (c) not contain any term which would materially affect Lender's rights under the Loan Documents. Borrower shall not, without the prior written consent of Lender, enter into any operating agreements or service contracts with respect to the Property ("Service Agreements") other than (i) agreements or contracts to provide customary guest services such as laundry, gift shop, or television cable services, or (ii) other agreements the aggregate annual payments for which do not exceed $50,000. All Service Agreements shall (a) be subordinate to the lien of the Mortgage and (b) be pursuant to an arms' length transaction. Borrower shall not, without the prior written consent of Lender, enter into any equipment lease which would cause the aggregate annual payments by Borrower for all equipment leases to exceed $25,000. All equipment leases shall be pursuant to an arms' length transaction. Within ten (10) days following the execution by Borrower of any new Lease, Borrower shall deliver to Lender a Subordination, Non-Disturbance and Attornment Agreement executed by the tenant under such Lease which is in form satisfactory to Lender unless the Lease contains subordination, non-disturbance and attornment provisions otherwise satisfactory to the Lender. Borrower shall perform and comply with all of the landlord's obligations under each Lease and shall not suffer or permit any breach or default on the part of the landlord to occur thereunder.

Space Leases, Service Agreements and Equipment Leases. Borrower shall not, without the prior written consent of Lender, enter into or modify, amend or terminate (except upon a default by tenant) any lease of space (including restaurants) with respect to the Premises or any portion thereof in excess of 1,000 square feet. Any lease of space entered into by Borrower with respect to the Premises or any portion thereof shall (a) be subordinate to the lien of the Mortgage, (b) be pursuant to an arms' length transaction and (c) not contain any term which would materially affect Lender's rights under the Loan Documents. Borrower shall not, without the prior written consent of Lender, enter into any operating agreements or service contracts with respect to the Property ("Service Agreements") other than (i) agreements or contracts to provide customary guest services such as laundry, gift shop, or television cable services, or (ii) other agreements the aggregate annual payments for which do not exceed $50,000. All Service Agreements shall (a) be subordinate to the lien of the Mortgage and (b) be pursuant to an arms' length transaction. Borrower shall not, without the prior written consent of Lender, enter into any equipment lease which would cause the aggregate annual payments by Borrower for all equipment leases to exceed $25,000. All equipment leases shall be pursuant to an arms' length transaction. Within ten (10) days following the execution by Borrower of any new Lease, Borrower shall deliver to Lender a Subordination, Non-Disturbance and Attornment Agreement executed by the tenant under such Lease which is in form satisfactory to Lender unless the Lease contains subordination, non-disturbance and attornment provisions otherwise satisfactory to the Lender. Borrower shall perform and comply with all of the landlord's obligations under each Lease and shall not suffer or permit any breach or default on the part of the landlord to occur thereunder.occur