Entering Into Leases Sample Clauses
The 'Entering Into Leases' clause defines the conditions and procedures under which a party is permitted to enter into lease agreements related to the subject property. Typically, this clause outlines any required approvals, restrictions on lease terms, or obligations to notify other parties before executing a lease. For example, it may require the landlord to obtain the tenant's consent before leasing additional space or set limits on the duration or type of permissible leases. Its core function is to ensure that all parties have clarity and control over new leasing arrangements, thereby preventing unauthorized or undesirable leases that could affect their interests.
Entering Into Leases. Borrower will not enter into, modify, amend, consent to the cancellation of or terminate any Lease (including, without limitation, the Principal Lease), whether now existing or hereafter entered into, without the prior written consent of Lender which consent may be granted or withheld in Lender’s sole discretion.
Entering Into Leases. Before entering into a lease of the real estate, you must obtain our written approval to the lease. Our approving a lease does not mean that our interest is bound by it.
Entering Into Leases. Neither Borrower nor Operating Lessee shall enter into a proposed Lease without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed. Lender shall endeavor to approve or disapprove each proposed Lease within ten (10) Business Days of the submission by Borrower or Operating Lessee, as applicable, to Lender of a written request for such approval, accompanied by a final copy of the proposed Lease. If requested by Borrower or Operating Lessee, as applicable, Lender will grant conditional approvals of a proposed Lease at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such proposed Lease or particular terms thereof if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and approved by Lender in connection with such proposed Lease. Provided that no Event of Default is continuing, if Borrower or Operating Lessee, as applicable, provides Lender with a written request for approval (which written request shall specifically refer to this Section 5.9.2 and shall explicitly state that failure by Lender to approve or disapprove within ten (10) Business Days will constitute a deemed approval) (a “Lease Approval Request”) and Lender fails to respond to the request in writing delivered by Borrower or Operating Lessee, as applicable, within ten (10) Business Days after receipt by Lender of the Lease Approval Request, and Borrower or Operating Lessee, as applicable, sends a second request containing a legend clearly marked in not less than fourteen (14) point bold face type, underlined, in all capital letters “REQUEST DEEMED APPROVED IF NO RESPONSE WITHIN FIVE (5) BUSINESS DAYS”, Lender shall be deemed to have approved or consented to the proposed Lease if Lender fails to respond to such second written request before the expiration of such five (5) Business Day period, and Borrower or Operating Lessee, as applicable, shall be entitled to enter into such proposed Lease. Additional Covenants with respect to Leases . Borrower or Operating Lessee, as applicable, (i) shall observe and perform the material obligations imposed upon the lessor under the Leases and shall not do or permit anything to impair the value of the Leases as security for the Debt; (ii) shall promptly send copies to Lender of all no...
Entering Into Leases. Borrower may enter into a proposed Lease (which includes the renewal or extension of an existing Lease (a “Renewal Lease”)) without the prior written consent of Lender (except if required pursuant to Section 4.10(d) hereof) if such proposed Lease (i) provides for rental rates and 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 (unless, in the case of a Renewal Lease, the rent payable during such renewal, or a formula or other method to compute such rent, is provided for in the original Lease), (ii) is an arms-length transaction with a bona fide, independent third party tenant for occupancy by the lessee under such Lease, (iii) does not have a materially adverse effect on the value of the Property taken as a whole, (iv) is subject and subordinate to the Mortgage, and obligates the lessee thereunder to attorn to Lender, or any designee, upon transfer of title to the Property thereto, (v) does not contain any option or right of first refusal to purchase all or any portion of the Property, (vi) expressly provides that the portion of the Property demised thereby shall not be used for a Prohibited Use, and (vii) is written on the standard form of lease which was either delivered to Lender simultaneously herewith or was subsequently approved by Lender, in either case with only immaterial variations from such standard form. All proposed Leases which do not satisfy the requirements set forth in this Section 4.10(a) shall be subject to the prior approval of Lender and its counsel, at Borrower’s expense (and, in conjunction therewith, Borrower shall provide Lender with such information as Lender shall reasonably request with respect to such proposed Lease and the Tenant thereunder). Promptly upon entering into any Lease without Lender’s approval pursuant to this Section 4.10(a), Borrower shall promptly deliver to Lender a copy of such Lease, together with Borrower’s certification that such Lease satisfies all of the conditions of this Section 4.10. Upon Lender’s request, Borrower shall deliver to Lender a true, correct and complete copy of each Lease then in effect.
Entering Into Leases. Borrower may enter into a proposed Lease (which includes the renewal or extension of an existing Lease (a “Renewal Lease”)) without the prior written consent of Lender if such proposed Lease (i) provides for rental rates and 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 (unless, in the case of a Renewal Lease, the rent payable during such renewal, or a formula or other method to compute such rent, is provided for in the original Lease), (ii) is an arms-length