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<br />Page | 40 <br />9138-126780\1512539.3 <br />16.2.5. The Lessor may enter the Premises in accordance with Section 4.5 and/or <br />review Tenant records at all reasonable times to assure that activities conducted on the Premises <br />comply with the requirements of this Section. <br />16.3 On-Site Manager. Tenant shall employ a competent manager who shall be <br />responsible for the day-to-day operation and level of maintenance, cleanliness, and general order for <br />the Premises. Such person shall be vested with the authority of Tenant with respect to the <br />supervision over the operation and maintenance of the Premises, including the authority to enforce <br />compliance by Tenant’s agents, employees, concessionaires, or licensees with the terms and <br />conditions of this Lease and any and all rules and regulations adopted hereunder. Tenant shall notify <br />Lessor in writing of the name of the Manager currently so employed as provided in Section 19.20 of <br />this Lease. <br />16.4 Policies and Procedures to be Established by Tenant. Prior to the completion of <br />construction, Tenant shall submit to Lessor proposed policies and procedures pertinent to the <br />operation of the multifamily affordable residential rental development and manner of providing the <br />uses required by this Lease (“Policies and Procedures”). <br />ARTICLE XVII <br />LEASEHOLD MORTGAGES <br /> <br />17.1 Definitions. The following definitions are used in this Article (and in other Sections <br />of this Lease): <br />17.1.1. “Leasehold Estate” shall mean Tenant’s leasehold estate in and to the <br />Premises, including Tenant’s rights, title and interest in and to the Premises and the Improv ements, <br />or any applicable portion thereof or interest therein. <br />17.1.2. “Leasehold Foreclosure Transferee” shall mean any person (which may, <br />but need not be, a Leasehold Mortgagee) which acquires the Leasehold Estate pursuant to a <br />foreclosure, assignment in lieu of foreclosure or other enforcement of remedies under or in <br />connection with a Leasehold Mortgage. <br />17.1.3. “Leasehold Mortgage” shall mean and includes a mortgage, deed of trust, <br />security deed, conditional deed, deed to secure debt or any other security instrument (including any <br />assignment of leases and rents, security agreement and financing statements) held by a Lender by <br />which Tenant’s Leasehold Estate is mortgaged to secure a debt or other obligation, including a <br />purchase money obligation. <br />17.1.4. “Leasehold Mortgagee” shall mean a Lender which is the holder of a <br />Leasehold Mortgage. <br />17.1.5. “Tenant” shall mean all of the following: (i) the Tenant under this Lease; (ii) <br />an approved assignee, transferee or subtenant of the Tenant under this Lease who is or becomes <br />directly and primarily liable to Lessor; and (iii) any further assignee, transferee or subtenant of any of <br />the parties listed in (ii) who is or becomes directly and primarily liable to Lessor. <br />17.2 Tenant’s Right to Encumber Leasehold Estate; No Right to Encumber Lessor’s <br />Fee Interest. Provided that an Event of Default has not occurred and is continuing, Tenant may, at <br />EXHIBIT 5