Common use of TRS Lease Clause in Contracts

TRS Lease. With respect to the TRS Lease: (i) Grantor has delivered to Beneficiary a true and complete copy of the TRS Lease, including all amendments thereto, (ii) the TRS Lease is in full force and effect on the date hereof, (iii) no notice of termination of the TRS Lease has been given or received by Grantor, (iv) such TRS Lease is (and shall continue to be, at Beneficiary’s option) subject and subordinate to this Security Instrument without necessity of any further agreement or acknowledgment on the part of the tenant thereunder, and (v) there are no defaults under the TRS Lease as of the date hereof, nor, to Grantor’s knowledge, any circumstances which, with the passage of time or giving of notice would constitute a default thereunder by landlord or tenant.

TRS Lease. With respect to the TRS Lease: (i) Grantor Borrower has delivered to Beneficiary Lender a true and complete copy of the TRS Lease, including all amendments thereto, (ii) the TRS Lease is in full force and effect on the date hereof, (iii) no notice of termination of the TRS Lease has been given or received by GrantorBorrower, (iv) such TRS Lease is (and shall continue to be, at BeneficiaryLender’s option) subject and subordinate to this Security Instrument without necessity of any further agreement or acknowledgment on the part of the tenant thereunder, and (v) there are no defaults under the TRS Lease as of the date hereof, nor, to GrantorBorrower’s knowledge, any circumstances which, with the passage of time or giving of notice would constitute a default thereunder by landlord or tenant.