Term of Leases. All Leases for residential dwelling units with respect to the Mortgaged Property satisfy each of the following conditions:
(a) They are on forms that are customary for similar multifamily properties in the Property Jurisdiction.
(b) They are for initial terms of at least 6 months and not more than 2 years (unless otherwise approved in writing by Lender).
(c) They do not include any Corporate Leases (unless otherwise approved in writing by Lender).
(d) They do not include options to purchase.
Term of Leases. All Leases for residential dwelling units with respect to the Mortgaged Property are on forms acceptable to Lender, are for initial terms of at least 6 months and not more than 2 years (unless otherwise approved in writing by Lender), and do not include options to purchase.
Term of Leases. Each Lease has an original scheduled term of not less than 12 months nor greater than 48 months and a remaining scheduled term of not less than two months.
Term of Leases. Except as disclosed to Lender in writing, all residential leases with respect to the Collateral Pool Property are for terms of two (2) years or less.
Term of Leases. Except as otherwise permitted under the applicable Security Instrument, all Leases for residential dwelling units with respect to the Collateral Pool Properties shall be on forms approved by Lender, shall be for initial terms of at least one (1) month and not more than two (2) years, and shall not include options to purchase.
Term of Leases. For each Selected Lease Asset, compared the original term on the Lease and determined that it was not less than [ ] monthly payments and not greater than [ ] monthly payments and a remaining term of not less than [ ] monthly payments.
Term of Leases. Unless otherwise approved in writing by Lender, all Leases for residential dwelling units with respect to the Mortgaged Property are on forms acceptable to Lender, are for initial terms of at least 6 months and not more than 2 years, and do not include options to purchase; provided, however, that up to 100% of all Leases may be for an initial term of less than 6 months, but not less than 1 month.
B. Section 6.15(a) is deleted and replaced with the following:
(a) Borrower will, promptly upon Lender’s request, deliver to Lender an executed copy of each residential Lease then in effect. All Leases for residential dwelling units will be on forms acceptable to Lender, will be for initial terms of at least 6 months and not more than 2 years, and will not include options to purchase; provided, however, that up to 100% of all Leases may be for an initial term of less than 6 months, but not less than 1 month. [END OF RIDER] The following changes are made to the Loan Agreement which precedes this Rider:
A. Section 7.01(i) is deleted and replaced with the following:
Term of Leases. All Leases for residential units with respect to the Mortgaged Property satisfy each of the following conditions: (a) They are on forms that are customary for similar multifamily properties in the Property Jurisdiction.
Term of Leases. The term of each Lease shall be eight years. Leases may only be terminated as expressly provided therein.
Term of Leases. Unless otherwise approved in writing by Lender, all Leases for residential dwelling units with respect to the Mortgaged Property are on forms acceptable to Lender, are for initial terms of at least 6 months and not more than 2 years, and do not include options to purchase; provided, however, that up to 12% of all Leases may be for an initial term of less than 6 months, but not less than 1 month. Additionally, no more than 11% of all residential dwelling units may be demised pursuant to a Corporate Lease. The Corporate Lease and any subleases executed in connection with the Corporate Lease will be on forms approved by Lender and the form of sublease will provide for a minimum term of 1 month.
B. Section 6.15(a) is deleted and replaced with the following:
