APPROVAL OF LEASES. (a) Borrower may enter into any Leases provided that all the following requirements are satisfied (the “Minimum Leasing Guidelines”):
(A) If the Lease is a Major Lease, Requisite Lenders’ prior written approval and (B) if the Lease is a Significant Lease, Administrative Agent’s prior written approval shall have first been obtained pursuant to Section 9.4(b), at Borrower’s sole cost and expense;
(ii) The Lease shall be prepared substantially on the Borrower’s standard form of lease agreement, which has been approved by Administrative Agent (with changes as are commercially reasonable taking into consideration the size, credit and bargaining power of the related tenant) or other form required by the tenant (which, as modified in negotiations with the tenant, is commercially reasonable taking into consideration the size, credit and bargaining power of the tenant);
(iii) The Lease shall be to a tenant who will occupy its premises for the conduct of its and its affiliates’ business and not as a master lease primarily for the subletting of space to others (it being understood that Leases to tenants who lease “office suites” (i.e., tenants who conduct a similar business to Regus Corporation) that are not Affiliates of Borrower or Guarantor are not prohibited by this clause (iii));
(iv) The Borrower shall deliver to Administrative Agent a true and complete copy of such Lease together with the delivery of the financial statements required by Section 10.1(a) and shall certify to Administrative Agent Borrower’s compliance with this Section 9.4;
(v) The Lease shall be subordinate to the Loan and the Deed of Trust (which subordination may be subject to the delivery by Administrative Agent of a subordination, non-disturbance and attornment agreement in accordance with the provisions of Section 9.4(c) below);
(vi) No purchase option, master lease options, or rights of first refusal for the sale of the Property shall be permitted without Administrative Agent’s prior written approval, which may be withheld in its sole and absolute discretion; and
(vii) The Lease shall provide for rental rates and other material economic terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such Lease is executed by Borrower, shall be an arms-length transaction with a bona fide, independent third party tenant (other than leases to the Manager on comparable terms and covering comparable space with those in place on t...
APPROVAL OF LEASES. All leases of all or any part of the Property shall: (a) be upon terms and with tenants approved by Lender prior to Borrower’s execution of any such lease; and (b) include estoppel, subordination, attornment and mortgagee protection provisions satisfactory to Lender. All standard lease forms and any material deviation from any form, shall be approved by Lender prior to execution of any lease using such form.
APPROVAL OF LEASES. The Borrower shall not, and shall cause each Mortgagor and other Subsidiary not to, lease space at any of the Properties without the Lender's consent, which consent shall not unreasonably be withheld, provided, however, that no such consent of Lender shall be required for any lease of 10,000 square feet or less unless (i) such lease requires the Lender to provide a non-disturbance agreement to the lessee or (ii) such lease is not on commercially reasonable terms. It is hereby expressly acknowledged and agreed by the Lender that all leases at any Property identified on the certified rent roll delivered to the Lender prior to the date hereof are and shall be deemed to be approved.
APPROVAL OF LEASES. Owner shall not enter into any lease for more than 15,000 square feet of gross leaseable area at the Collateral Asset without the prior written consent of the Administrative Agent, which consent shall be given within ten (10) business days after Administrative Agent’s receipt of a request for consent, or if not given in such time period, shall be deemed approved. After either a Default or the occurrence of events that with the passage of time could reasonably lead to a Default, the Administrative Agent shall have the right, to request Owner to request tenant estoppel certificates from any Major Tenant at the Collateral Asset.
APPROVAL OF LEASES. All leases of all or any part of the Property shall: (a) with respect to a Major Lease, be upon terms and with tenants approved in writing by Administrative Agent prior to Borrower’s execution of any such lease, such approval not to be unreasonably withheld, conditioned or delayed; and (b) include estoppel, subordination, attornment and mortgagee protection provisions satisfactory to Administrative Agent.
APPROVAL OF LEASES. Borrower shall not enter into any lease for more than 10,000 square feet of gross leaseable area at the Collateral Asset without the prior written consent of the Lender, which consent or denial,as applicable, shall be given within ten (10) business days after Lender’s receipt of a request for consent, or if not given in such time period, shall be deemed approved. The Lender shall have the right, upon request, at any time, to receive tenant estoppel certificates and subordination, non-disturbance and attornment agreements in form and substance acceptable to the Lender from any Major Tenant at the Collateral Asset; provided however that Borrower shall have no obligation to provide to Lender (i) an estoppel certificate for any tenant any more often than once in each calendar year and (ii) more than one Subordination, Non-Disturbance and Attornment Agreement for any tenant.
APPROVAL OF LEASES. All leases and renewals of leases of all or any part of the Property and Improvements entered into after the Effective Date shall be upon terms consistent with the Approved Form. All standard lease forms, and any material deviation from the Approved Form shall be approved by Bondowner Representative, and if required pursuant to agreements with Investor Limited Partner, by Investor Limited Partner, in writing prior to execution of any such lease. All residential leases (on the Approved Form), and other leases, rental agreements or residency agreements entered into by Borrower, and all indebtedness arising thereunder or secured thereby, shall contain a provision stating that such leases and such tenants’ rights thereunder are unconditionally junior and subordinate to the Regulatory Agreements, the Deed of Trust and the other Loan Documents, and all indebtedness arising thereunder or secured thereby.
APPROVAL OF LEASES. All leases (and lease terminations, modifications or amendments) of all or any part of the Property shall: (a) in the case of any lease in excess of 15,000 rentable square feet, be upon terms and with tenants approved by Administrative Agent prior to Borrower's execution of any such lease; and (b) include estoppel, subordination, attornment and mortgagee protection provisions satisfactory to Administrative Agent (any such lease, a "Permitted Lease"). With respect to any lease requiring Administrative Agent’s consent, Administrative Agent shall either approve any lease request or provide comments as to why such lease is not acceptable within ten (10) Business Days following receipt of a written request from Borrower. Borrower’s request for approval of a lease CLEARLY SHALL STATE IN BOLD-FACE TYPE THAT THE FAILURE TO RESPOND WITHIN TEN (10) BUSINESS DAYS WILL RESULT IN DEEMED CONSENT UPON FAILURE TO RESPOND WITHIN THREE (3) BUSINESS DAYS AFTER A "FAILURE TO RESPOND" SECOND NOTICE). If Administrative Agent shall not have responded to Borrower within such ten (10) Business Day period, Borrower may give a second notice WHICH CLEARLY SHALL STATE IN BOLD-FACE TYPE THAT THE FAILURE TO RESPOND WITHIN THREE (3) BUSINESS DAYS SHALL BE DEEMED CONSENT. If Administrative Agent fails to so respond within three (3) Business Days after such second notice, the request shall be deemed to be approved.
APPROVAL OF LEASES. Borrower shall not, and Borrower shall not permit any Subsidiary Guarantor to, enter into, amend or renew any Lease without the prior consent of Lender, which consent shall not be unreasonably withheld delayed or, conditioned; provided, however, such consent shall not be required in the case of any Lease which satisfies the Leasing Requirements. In the case of any Lease which does not satisfy the Leasing Requirement, Lender shall notify Borrower of its approval or disapproval of the proposed Lease (and in the case of a disapproval, the reasons therefor) within ten (10) Business Days after Xxxxxx’s receipt of the final draft of the proposed Lease and any other documentation or information reasonably requested by Xxxxxx to evaluate the proposed Lease, and if Xxxxxx fails to respond with such period, Lender will be deemed to have approved the proposed Lease. Xxxxxxxx’s ability to enter into, amend or renew any Lease shall be further limited by Section 6.1(b) of this Loan Agreement.
APPROVAL OF LEASES. All leases of all or any part of the Subject Property shall: (a) be upon terms and with tenants approved by Mortgagee prior to Mortgagor's execution of any such lease; and (b) include estoppel, subordination, attornment and mortgagee protection provisions satisfactory to Mortgagee. All standard lease forms and any material deviation from any form, shall be approved by Mortgagee prior to execution of any lease using such form. Loan No. 8079119402
