Representations and Warranties on Leases Clause Samples

Representations and Warranties on Leases. Borrower represents and warrants to Lender with respect to the Leases of each Individual Property under which Borrower is the landlord that: (a) the Leases are valid and in full force and effect; (b) the Leases (including amendments) are in writing, and there are no oral agreements with respect thereto; (c) the copies of the Leases delivered to Lender are true and complete; (d) neither the landlord nor any tenant is in default under any of the Leases; (e) with the exception of those Operating Leases which shall be replaced with TRS Leases, Borrower has no knowledge of any notice of termination or default with respect to any Lease; (f) landlord has not assigned or pledged any of the Leases, the rents or any interests therein except to Lender; (g) no tenant or other party has an option or right of first refusal or offer, to purchase all or any portion of the Individual Property; (h) with the exception of those Operating Leases which shall be replaced with TRS Leases, no tenant has the right to terminate its Lease prior to expiration of the stated term of such Lease; (i) no tenant has prepaid more than one month's rent in advance (except for bona fide security deposits not in excess of an amount equal to two month's rent); (j) no tenant under any Lease has any right or option for additional space; (k) all existing Leases are subordinate to the Mortgage either pursuant to their terms or a recorded subordination agreement; and (1) no termination fees are required in connection with the scheduled termination as of December 31, 2000 of those Operating Leases which are to be replaced with TRS Leases.

Representations and Warranties on Leases. Borrowers represent and warrant to Administrative Agent and Lenders with respect to the Leases that except as set forth on Schedule 4.1, (i) the rent roll delivered to Administrative Agent with respect to such Leases is true and correct; (ii) such Leases are in full force and effect; (iii) the Leases (including amendments) are in writing, and there are no oral agreements with respect thereto; (iv) the copies of the Leases delivered to Administrative Agent are true and complete; (v) neither the landlord nor, to Borrower’s Knowledge, any tenant is in default under any of the Leases; (vi) except as disclosed in estoppel certificates delivered by or on behalf of any Tenant, Borrowers have no knowledge of any notice of termination or default with respect to any Lease; (vii) Borrowers have not assigned or pledged any of the Leases, the rents or any interests therein except to Administrative Agent and Lenders; (viii) except as set forth on Schedule 4.1, no Tenant or other party has an option to purchase all or any portion of any Project; (ix) except as set forth in the Leases, no Tenant has the right to terminate its Lease prior to expiration of the stated term of such Lease; and (x) except as set forth in any estoppel certificates delivered by or on behalf of any Tenant, no Tenant has prepaid more than one month’s rent in advance (except for bona fide security deposits).

Representations and Warranties on Leases. Borrower represents and warrants to Lender with respect to all Leases that: (1) the rent roll delivered to Lender for each Property is true and correct as of the date of such rent roll (provided that if Whitehall has owned a direct or indirect interest in Borrower for less than two (2) months prior to the Closing Date, the foregoing representation and warranty is made to Borrower's knowledge), and the Leases are valid and in and full force and effect; (2) the Leases are in writing, and there are no oral agreements with respect thereto; (3) the copies of the Leases delivered to Lender are true and complete; (4) to Borrower's knowledge, except as set forth in Schedule 5.1(A), neither the landlord nor any Tenant is in material default under any of the Leases; (5) except as set forth in Schedule 5.1(B), (a) Borrower has no knowledge, after due inquiry, of any notice of termination or default with respect to any Non-Storage Lease and (b) to Borrower's knowledge, after due inquiry, not more than 5% of the Leases at any Storage Property are the subject of any notices of termination or default; (6) Borrower has not assigned or pledged any of the Leases, the rents or any interests therein except to Lender;

Representations and Warranties on Leases. Borrower represents and warrants to Lender with respect to leases of the Project that to the best of Borrower's knowledge: (a) the rent roll delivered to Lender is true and correct, and the leases are valid and in and full force and effect; (b) the leases (including amendments) are in writing, and there are no oral agreements with respect thereto; (c) the copies of the leases delivered to Lender are true and complete; (d) neither the landlord nor any tenant is in default under any of the leases; (e) Borrower has no knowledge of any notice of termination or default with respect to any lease; (f) Borrower has not assigned or pledged any of the leases, the rents or any interests therein except to Lender; (g) no tenant or other party has an option to purchase all or any portion of the Project; (h) no tenant has the right to terminate its lease prior to expiration of the stated term of such lease; (i) no tenant has prepaid more than one month's rent in advance (except for bona fide security deposits not in excess of an amount equal to two month's rent); and (j) all existing leases are subordinate to the Mortgage either pursuant to their terms or a recorded subordination agreement.

Representations and Warranties on Leases. Borrower represents and warrants to the Administrative Agent and the Lenders with respect to leases of the Project that except as disclosed in Schedule 5.1: (1) to Borrower's knowledge, the rent roll delivered to the Administrative Agent is true and correct in all material respects, and the leases are valid and in and full force and effect; (2) the leases (including amendments) are in writing, and there are no oral agreements with respect thereto; (3) the copies of the leases delivered to the Administrative Agent are true and complete;

Representations and Warranties on Leases. From and after the date that an Individual Property is encumbered by a Mortgage, each Borrower represents and warrants to Administrative Agent and the Lenders with respect to Leases of the applicable Individual Property as follows: (1) No Individual Property is subject to any Leases other than the Leases described in the true and correct copy of the rent roll attached hereto as Schedule 6.1 (the “Rent Roll”) and made a part hereof (other than tenants’ subleases, if any, and Seasonal Leases). (2) No Person has any possessory interest in any Individual Property or right to occupy the same, except under and pursuant to the provisions of the Leases, the Permitted Encumbrances or the provisions of the Reciprocal Easement Agreement. (3) The Leases described on the Rent Roll are in full force and effect and, except as disclosed in such Rent Roll or in an estoppel delivered to Administrative Agent in connection with the closing of the Loans, to such Borrower’s knowledge, there are no material defaults thereunder by either party to such Lease and there are no conditions that, with the passage of time or the giving of notice, or both, would constitute material defaults thereunder. (4) Except as disclosed in the Rent Roll or in any estoppel delivered to Administrative Agent in connection with the closing of the Loans, to such Borrower’s knowledge,(i) no Rent (other than security deposits) has been paid more than one (1) month in advance of its due date, (ii) all work to be performed to date by the applicable Borrower under each Lease has been performed in all material respects as required, and (iii) except as set forth on Schedule 6.1(4), any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by the applicable Borrower to any tenant already have been received by such tenant. (5) There has been no prior sale, transfer or assignment, hypothecation or pledge of any Borrower’s interest in any Lease or of the Rents received therein which is presently outstanding. (6) Except as expressly described in the Title Insurance Policy or in Schedule 6.1 attached hereto or in an estoppel delivered to Administrative Agent in connection with the closing of the Loans, no tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. (7) Except as described in the Environmental Report, no B...

Representations and Warranties on Leases. Borrower represents and warrants to Lender with respect to leases of the Project that: (a) the rent roll delivered to Lender is true and correct in all material respects, and the leases are valid and in and full force and effect; (b) the leases (including amendments) are in writing, and there are no oral agreements with respect thereto; (c) the landlord is not in default under any of the leases; (d) Borrower has no knowledge of any notice of termination or default with respect to any lease except as disclosed to Lender in writing; (e) Borrower has not assigned or pledged any of the leases, the rents or any interests therein except to Lender; (f) no tenant or other party has an option to purchase all or any portion of the Project; (g) no tenant has the right to terminate its lease prior to expiration of the stated term of such lease; and (h) all existing leases are subordinate to the Mortgage either pursuant to their terms or a recorded subordination agreement.

Representations and Warranties on Leases. Borrower represents and warrants to the Administrative Agent and the Lenders that: (1) the only lease or other occupancy agreement presently affecting the Project is the Restaurant Lease; (2) the Restaurant Lease is in full force and effect, and has not been modified, supplemented or terminated in any way, and there are no oral agreements with respect thereto; (3) Borrower has delivered to the Administrative Agent a true, correct and complete copy of the Restaurant Lease; (4) neither the landlord nor the tenant is in default under the Restaurant Lease; (5) Borrower has not assigned or pledged the Restaurant Lease, the rents therefrom or any interests therein except to the Administrative Agent (on behalf of the Lenders); and (6) the tenant under the Restaurant Lease has not prepaid more than one (1) month’s rent in advance (except for bona fide security deposits not in excess of an amount equal to two (2) months rent).

Representations and Warranties on Leases. Borrower represents and warrants to Lender with respect to leases of the Project that: (a) the leases (including amendments) are in writing, and there are no oral agreements with respect thereto; (b) the copies of the leases delivered to Lender are true and complete; (c) neither the landlord nor any tenant is in default under any of the leases; (d) Borrower has no knowledge of any notice of termination or default with respect to any lease; (e) Borrower has not assigned or pledged any of the leases, the rents or any interests therein except to Lender; (f) no tenant or other party has an option to purchase all or any portion of the Project; (g) no tenant has the right to terminate its lease prior to expiration of the stated term of such lease; (h) no tenant has prepaid more than one (1) month’s rent in advance (except for bona fide security deposits not in excess of an amount equal to two (2) month’s rent); and (i) all existing leases are subordinate to the Mortgage either pursuant to their terms or a recorded subordination agreement.