Leases in Force Clause Samples
The "Leases in Force" clause serves to confirm and list all existing leases that are currently active and binding on a property at the time of a transaction, such as a sale or transfer. This clause typically requires the seller or landlord to disclose details about each lease, including tenant names, lease terms, and any amendments or extensions. By providing a clear record of all ongoing lease agreements, the clause ensures that the buyer or new owner is fully informed about the rights and obligations that will continue after the transaction, thereby preventing disputes and ensuring transparency regarding occupancy and income streams.
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Leases in Force. As of the Cutoff Date, neither the Sponsor’s receivables systems nor the Lease File indicate that the Lease (i) was a Terminating Lease or a Closed Lease or (ii) was satisfied, subordinated, rescinded, cancelled or terminated.
Leases in Force. The 2024-2 Lease Agreement is in full force and effect and, to the best of the Seller’s and the Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated.
Leases in Force. The 2017-3 Lease Agreement is in full force and effect and, to the best of the Seller’s and Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated. Lease Documents
Leases in Force. The 2018-2 Lease Agreement is in full force and effect and, to the best of the Seller’s and Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated. Lease Documents
Leases in Force. As of the Cutoff Date, no Lease (i) is a Terminating Lease or a Closed Lease or (ii) has been satisfied, subordinated, rescinded, cancelled or terminated, in whole or in part.
Leases in Force. No Lease has been satisfied, subordinated, cancelled, terminated or rescinded.
Leases in Force. The 20 - Lease Agreement is in full force and effect and, to the best of the Seller’s and Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated. Lease File
Leases in Force. No Lease (i) is a Terminating Lease or a Closed Lease or (ii) has been satisfied, subordinated, rescinded, cancelled or terminated, in whole or in part.
Leases in Force. As of the Series 1996-1 Issue Date, no Series 1996-1 Lease had been satisfied, subordinated, rescinded, cancelled or terminated.
Leases in Force. The 2020-1 Lease Agreement is in full force and effect and, to the best of the Seller’s and Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated. Lease Documents
i. Confirm there is no evidence within the Lease Documents that the Lease has been subordinated, rescinded, cancelled or terminated
ii. Confirm there is no evidence within the Lease Documents that the Lease has been satisfied prior to the Cutoff Date
iii. If Steps (i) through (ii) are confirmed, then Test Pass