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.
Appears in 2 contracts
Sources: Loan Agreement (Campus Crest Communities, Inc.), Loan Agreement (Campus Crest Communities, Inc.)