TRS Lessee Sample Clauses

TRS Lessee. Borrower shall not cause or permit the TRS Lessee to own any properties or assets other than personal property and lease/contract rights (including under the TRS Lease and the License Agreements) associated with the operation of the Project and that are encumbered by the Amended and Restated Deed of Trust. Borrower shall not cause or permit any Person other than Borrower or TRS Lessee to (i) hold any ownership interests in or to any real or personal property associated with the operation of the Project, or (ii) enter into any Leases, License Agreements, services agreements or any other contractual agreements pursuant to which revenues are derived in connection with the operation of the Project. Borrower shall cause TRS Lessee to comply with all of the covenants and other provisions of the Loan Agreement and the other Loan Documents that relate to the Project or any interest therein held by TRS Lessee, to the same extent as if Borrower owned such interest.
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TRS Lessee. With respect to TRS Lessee’s operation of the Properties, Borrower shall cause TRS Lessee to comply with all of the negative covenants set forth in this Agreement and no default hereunder shall be excused by virtue of the fact that such default was caused by a TRS Lessee (by way of example, if any TRS Lessee initiated a zoning change not permitted hereunder, the same shall constitute a violation of Section 6.16).
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TRS Lessee. (a) With respect to TRS Lessee’s operation of the Mortgaged Properties, Borrower shall cause Property Owner to cause TRS Lessee to comply with all of the covenants set forth in (i) this Agreement as if TRS Lessee were the Property Owner hereunder and (ii) the Mortgage Loan Agreement as if TRS Lessee were the “Borrower” thereunder. Borrower shall cause each Encumbered Property Owner, promptly upon receipt of any notice of breach or default under any Encumbered Property Indebtedness Documents, to deliver a copy of the same to Lender and to grant access to, and otherwise cooperate with, Lender to permit Lender to cure such default to the same extent, and subject to the same conditions, as the right granted to Lender under Section 7.2(c) to cure an Event of Default with respect to any Mortgaged Property. The costs and expenses incurred by Lender in exercising rights under this paragraph (including reasonable attorneys’ fees), with interest at the Default Rate for the period after notice from Lender that such costs or expenses were incurred to the date of payment to Lender, shall constitute a portion of the Indebtedness, shall be secured by the Pledge Agreement and other Loan Documents and shall be due and payable to Lender upon demand therefor. (b) Notwithstanding anything to the contrary herein or in any other Loan Documents or in any TRS Lease, upon the foreclosure or transfer in lieu of foreclosure of all or any part of the Collateral, Lender shall terminate any TRS Lease without payment of any termination fee, penalty or other amount.
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TRS Lessee. Each Wholly-Owned Subsidiary of Borrower that is a lessee of a Borrowing Base Property pursuant to an Operating Lease. Each TRS Lessee shall be a Subsidiary Guarantor.
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TRS Lessee. (a) With respect to TRS Lessee’s operation of the Mortgaged Properties, Borrower shall cause TRS Lessee to comply with all of the covenants set forth in this Agreement as if TRS Lessee were the Borrower hereunder. (b) Notwithstanding anything to the contrary herein or in any other Loan Documents or in any TRS Lease, upon the foreclosure or deed-in-lieu of foreclosure of any of the Mortgaged Properties, Lender shall terminate the TRS Lease without payment of any termination fee, penalty or other amount.
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Related to TRS Lessee

  • Access to Property, Property’s Management, Property Lender, and Property Tenants Potential Investor agrees to not seek to gain access to any non-public areas of the Property or communicate with Property’s management employees, the holder of any financing encumbering the Property, the Property’s tenants, and the Owner’s partners in the ownership of the Property, without the prior consent of Owner or JLL, which consent may be withheld in the Owner’s sole discretion.

  • Property Manager Any entity that has been retained to perform and carry out property rental, leasing, operation and management services at one or more of the Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property.

  • Property Mortgaged Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the "Property"):

  • Operating Lease (i) Each Borrower shall (a) promptly perform and observe all of the covenants required to be performed and observed by it under the Operating Leases and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (b) promptly notify Lender of any material default under any Operating Lease of which it is aware; (c) promptly deliver to Lender a copy of any notice of default or other material notice under any Operating Lease delivered to any Operating Lessee by Borrower; (d) promptly give notice to Lender of any notice or information that Borrower receives which indicates that an Operating Lessee is terminating its Operating Lease or that any Operating Lessee is otherwise discontinuing its operation of the applicable Individual Property; and (e) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by the Operating Lessee under the applicable Operating Lease. (ii) If at any time, (A) an Operating Lessee shall become insolvent or a debtor in a bankruptcy proceeding or (B) Lender or its designee has taken title to an Individual Property by foreclosure or deed in lieu of foreclosure, has become a mortgagee-in-possession, has appointed a receiver with respect to the applicable Individual Property or has otherwise taken title to such Individual Property, Lender shall have the absolute right to (and Borrower and Operating Lessee shall reasonably cooperate and not in any way hinder, delay or otherwise interfere with Lender’s right to), immediately terminate the applicable Operating Lease under and in accordance with the terms of the applicable Subordination, Attornment and Security Agreement. (iii) Borrower shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld: (a) surrender, terminate or cancel any Operating Lease or otherwise replace any Operating Lessee or enter into any other operating lease with respect to any Individual Property, provided, however, at the end of the term of each Operating Lease, the applicable Borrower may renew such Operating Lease or enter into a replacement Operating Lease with Operating Lessee on substantially the same terms as the expiring Operating Lease except that Lender shall have the right to approve any material change thereto; (b) reduce or consent to the reduction of the term of any Operating Lease; or (c) enter into, renew, amend, modify, waive any provisions of, reduce Rents under, or shorten the term of any Operating Lease.

  • Ground Lease Reserved.

  • Mortgagor The obligor on a Mortgage Note. ---------

  • Ground Leases For purposes of this Exhibit C, a “Ground Lease” shall mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Cooperative Property The real property and improvements owned by the Cooperative Corporation, that includes the allocation of individual dwelling units to the holders of the Cooperative Shares of the Cooperative Corporation.

  • Operating Leases Incur any obligation to pay rent under an operating lease in any Fiscal Year if to do so would result in the aggregate obligation of Borrower and its Subsidiaries to pay rent under all operating leases in that Fiscal Year to exceed $4,000,000.

  • Lessee as Prior Owner/Occupant The warranties made by Lessor in Paragraph 2 shall be of no force or effect if immediately prior to the Start Date Lessee was the owner or occupant of the Premises. In such event, Lessee shall be responsible for any necessary corrective work.

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