Approved Leases. Borrower shall not enter into any tenant lease of space in the Improvements unless satisfactory to or deemed satisfactory to Administrative Agent prior to execution. Borrower’s standard form of tenant lease, and any revisions thereto, must have the prior written approval of Administrative Agent Any tenant lease shall be “deemed” satisfactory to Administrative Agent that (a) is on the standard form lease approved by Administrative Agent, with no deviations except as satisfactory to Administrative Agent; (b) is entered into in the ordinary course of business 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; (c) is received by Administrative Agent (together with each guarantee thereof (if any) and financial information regarding the tenant and each guarantor (if any) received by Borrower) within fifteen (15) days after execution; (d) reflects an arms-length transaction at then current market rate for comparable space; (e) contains no right to purchase the Property, or any present or future interest therein; (f) does not require Borrower to provide funds for tenant improvements in excess of the per square foot allowance provided in the Budget; (g) does not cover in excess of twenty-five percent (25%) of the aggregate net rentable area of the Improvements; and (h) is expressly subordinate to the Mortgage. Borrower shall provide to Administrative Agent a correct and complete copy of each tenant lease, including any exhibits, and each guarantee thereof (if any), prior to execution unless the lease in question is satisfactory to Administrative Agent under the foregoing requirements. Borrower shall, throughout the term of this Agreement, pay all reasonable costs incurred by Administrative Agent in connection with Administrative Agent’s review and approval of tenant leases and each guarantee thereof (if any), including reasonable attorneys’ fees and costs.
Approved Leases. Each of the Loan Parties shall cause each Approved Lease, at all times, to be a lease of a parcel of Mortgaged Property (exclusive of furniture, fixtures and equipment) located in the United States which satisfies all of the following requirements:
(a) each tenant under such lease shall be an Eligible Lessee; (b) the Borrower shall own the Remainder Interests in and the current beneficial interests with respect to the underlying Mortgaged Property and the Special Guarantors, collectively, shall hold legal title to the underlying Mortgaged Property under the Trust Documents; (c) neither such Mortgaged Property nor any interest therein of the Borrower or the Special Guarantors, shall be subject to (i) any Lien other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof or (ii) any Negative Pledge (other than as provided in this Agreement); (d) no required rental payment or other payment due under such lease is more than seven (7) days past due; and (e) the Collateral Agent shall have received an Assignment of Leases with respect to such Approved Lease.
Approved Leases. With respect to the Approved Leases and any other leases affecting the Premises, Borrower shall, on a continuing basis, be deemed to have represented and warranted that the same are in full force and effect, have not been modified or amended in any material respect without the consent of Agent, not more than ten percent (10%) of Approved Leases are subject to actual or alleged Borrower defaults, and all conditions to the effectiveness thereof required to be satisfied as of the date hereof have been satisfied;
Approved Leases. Use reasonable efforts to fully lease the Improvements. All leases must comply with the leasing guidelines set forth in Section 4.2(i) hereof. Borrower shall obtain the prior written approval of Agent for each lease if required by Section 4.2(i).
Approved Leases. Seller acknowledges and agrees that after the Effective Date Seller will not enter into any new lease or amend any existing Tenant Lease without the prior written approval by Purchaser. Prior to entering into a new lease or amendment after the Effective Date, Seller will send Purchaser a copy of the proposed new lease or amendment for Purchaser’s review and approval. Purchaser will notify Seller in writing within five (5) days after the date Seller sends Purchaser the proposed new lease or amendment and current tenant financials of whether Purchaser approves the proposed new lease or amendment (the “Approved Lease”). Purchaser shall have the right to withhold its approval of any new lease or amendment in its sole and absolute discretion.
Approved Leases. Lease tenant space in the Eligible Properties only pursuant to Approved Leases. An "Approved Lease" is a tenant lease of space in any other Improvements (i) that is on a form approved by Lender in writing, whether such form is prepared by Borrower or Borrower's tenants, (ii) which is on terms consistent with the proforma rents for the applicable Eligible Property projected by Borrower in connection with its application for the loan evidenced by the Revolving Note (and if entered into after the date the Eligible Property became an Eligible Property, the initial term of the lease and all other leases entered into after the date of this Agreement for all Eligible Properties must average at least three year initial terms based on a weighted average of the square footage of all such leases), (iii) which the tenant thereunder has entered into a Subordination, Non-Disturbance and Attornment Agreement on a form acceptable to Lender, and (iv) if the lease is for over 5,000 square feet, Lender shall have approved the identity of the tenant and the form of the proposed lease (which shall be compared against Borrower's standard form of lease in a manner satisfactory to Lender). Notwithstanding anything herein to the contrary, all leases in effect for an Eligible Property as of the date it became an Eligible Property shall be deemed to be Approved Leases. Borrower shall not, without the consent and approval of Lender, make any change to its standard form of lease for a particular Eligible Property other than in the ordinary course of business; and
Approved Leases. Any new lease entered into by Seller after the Effective Date in accordance with Section 6(a), and any Existing Lease extended or otherwise amended or modified after the Effective Date in accordance with Section 6(a), shall be referred to herein as an “Approved Lease” and collectively, the “Approved Leases”. Buyer expressly acknowledges that the termination of any of the Existing Leases or Approved Leases prior to Closing by reason of the expiration of their respective terms or the default of the Tenants thereunder (so long as such termination is in compliance with the provisions of Section 6(a)), or a failure of a proposed tenant to follow through with the execution thereof, shall not excuse Buyer from its obligation to complete Closing and to pay the full Purchase Price. Upon Buyer’s written request, Seller shall post to the Data Room updated Rent Rolls for the Parcels, provided same shall not be requested more than once per month prior to Closing (but up to twice during the final month before Closing Date), and the final Rent Roll shall be delivered to Buyer by posting same to the Data Site no sooner than three (3) days prior to Closing.
Approved Leases. Borrower shall not execute or enter into a new lease affecting the Real Property or a renewal or extension of an existing Approved Lease without having obtained Lender's Consent to the terms and rental rates of the proposed lease and Lender's approval of the financial and business conditions and prospects of the proposed Lessee. Borrower shall not terminate, cancel, amend, extend, waive, assign or rescind all or any portion of any Approved Lease. Borrower shall not subordinate any Approved Lease to any lien other than the lien of the Deed of Trust. Borrower shall not exercise any remedy to sue any Lessee or to terminate any Approved Lease and shall not entxx into any lease buy-outs. Lease buy-outs shall be subject to approval by Lender with an acceptable replacement tenant. All proceeds from lease buy-outs in excess of funds estimated for tenant improvements and leasing commission for such space shall be applied to the principal balance of the Loan. Borrower will not make, consent to or permit any new lease or agreement for the occupancy of all or any portion of the Real Property, except for Approved Leases. Borrower shall not collect any rent or other charge from any Lessee more than thirty (30) days in advance of the date due. Borrower shall not offer or commit to any free rent, rent rebate, rent abatement or any other cancellation of rent due under any Approved Lease.
Approved Leases. Borrower agrees that, without the prior written consent of Administrative Agent, it shall not (a) renew (other than pursuant to renewal rights expressly set forth in such Approved Lease) or extend any Approved Lease, (b) waive any provisions of any Approved Lease, provided that subject to clause (a), Borrower shall have the right to waive provisions of such Approved Lease so long as the same would not have the effect of either permitting Borrower to take an action that it is prohibited from taking under any of the Loan Documents, or preventing Borrower from complying with its obligations under any of the Loan Documents, or (c) amend or modify in any respect in a manner adverse to Administrative Agent, or that would increase Borrower’s obligations thereunder, any provision of any Approved Lease.
Approved Leases. Borrower may enter into Approved Leases for space at the Mortgaged Property.
