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.
Appears in 32 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (New Senior Investment Group Inc.)
Term of Leases. All 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 (unless otherwise approved in writing by Lender)years, and do not include options to purchase; provided, however, that up to 10% of all Leases may be for an initial term of less than 6 months, but not less than 1 month.
Appears in 9 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Independence Realty Trust, Inc), Multifamily Loan and Security Agreement (Independence Realty Trust, Inc)
Term of Leases. All 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 (unless otherwise approved in writing by Lender)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.
Appears in 3 contracts
Samples: Multifamily Loan and Security Agreement (New Senior Investment Group Inc.), Seniors Housing Loan and Security Agreement (Care Investment Trust Inc.), Seniors Housing Loan and Security Agreement (Care Investment Trust Inc.)
Term of Leases. All 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 (unless otherwise approved in writing by Lender)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:
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Sentio Healthcare Properties Inc)
Term of Leases. All Leases for residential dwelling units with respect to the Mortgaged Property are on forms acceptable disclosed 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.. 18. Section 5.14 is revised to read in its entirety as follows:
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (New Senior Investment Group Inc.)
Term of Leases. All 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 (unless otherwise approved in writing by Lender)years, and do not include options to purchase; provided, however, that up to 10% 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
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (KBS Legacy Partners Apartment REIT, Inc.)
