201502076 - Laserfiche WebLink

Browse

3 2 0150207E fail to comply with any other liability under any of the Leases or to otherwise cease performance of any of lessee's obligations under the Leases; and (b) to give prompt notice to Lender of any notice of default with respect to any of the Leases, whether the default be of the lessees or Borrower, and to furnish Lender with complete copies of said notices; and (c) except for a Minor Lease (as hereinafter defined), not to terminate, modify or amend any of the terms of the Leases in any material manner or grant any concession or waive, excuse or condone any failure of lessees under the Leases, or in any manner release or discharge the lessees from any obligations, covenants, conditions or agreements to be performed by the lessees under the Leases, including, without limitation, the obligation to pay rent, or give any consent to exercise any option required or permitted by the terms of any of the Leases, either orally or in writing, without the prior written consent of Lender, which may be withheld in Lender's reasonable discretion, or to accept the surrender of any of the Leases without the prior written consent of Lender, which may be withheld in Lender's reasonable discretion, and that any attempted termination, modification or amendment of any of the Leases, or any other action which requires Lender's consent, without such consent, shall be null and void. Lender shall be deemed to have approved any Lease or such termination, modification or amendment of any Lease if (A) it is not approved or denied by Lender within ten (10) business days' after notice thereof and receipt of the termination, modification or amendment to be executed. A "Minor Lease" is any Lease that: (i) is entered into in the ordinary course of business on market terms with a bona fide unrelated third party tenant, and Borrower, acting in good faith and exercising due diligence, has determined that the tenant is financially capable of performing its obligations under the Lease; (ii) is received by Lender, together with any guaranty(ies) and financial information received by Borrower regarding the tenant and any guarantor(s), within fifteen (15) days after execution; (iii) reflects an arm's length transaction; (iv) contains no option or right of first refusal to purchase all or any portion of the Property; and (v) does not cover in excess of 3,000 square feet of net rentable area of the improvements on the Property. Borrower shall provide to Lender a correct and complete copy of each Lease, including any exhibits, and any guaranty(ies) thereof, prior to execution unless the Lease meets the foregoing requirements for a Minor Lease; and (d) not to collect any of the rent, income or other liabilities arising or accruing under the Leases more than one (1) month in advance of the time when the same become due; and (e) not to discount any future accruing rents or other liabilities in connection with any of the Leases; and (f) not to execute any other assignment of any of the Leases, any interest in any of the Leases or any of the rents or payments due or to become due in connection with the Leases; and