Lease Approvals. Provided no Default shall have occurred and be continuing hereunder, Borrower may permit any Subsidiary of Borrower to enter into, modify or amend any Lease without the prior written consent of any Lender, provided such proposed Lease (a) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant, the length of term and the location and the amount of space rented) as of the date of such Lease is executed by the applicable Subsidiary and (b) is an arm’s length transaction with a bona fide independent third-party tenant whose identity and creditworthiness are appropriate for a property comparable to the applicable Project. Borrower may also permit any Subsidiary of Borrower to modify, amend or terminate any Lease without the prior approval of any Lender, provided, however, in the event that any such Subsidiary terminates a Lease, any termination fee shall be reserved by such Subsidiary and used for future leasing commission and tenant inducement costs in connection with reletting such space.
Lease Approvals. Except as provided herein, all leases and any amendments, modifications, replacements, extensions, renewals, terminations (except on account of a tenant default), subleases or assignments thereof (each a “Lease” and collectively, the “Leases”) executed after the date hereof must be submitted to Lender for prior written approval accompanied by the proposed Lease and supporting economic data in reasonable detail. Lender shall use commercially reasonable efforts to respond within ten (10) Business Days from its receipt of a written request for approval. Lender’s approval shall not be unreasonably withheld and shall be deemed given if Lender fails to respond in writing within thirty (30) days from its receipt of a written request for approval and supporting documentation, provided, however, Lender’s approval shall not be deemed given in such event where the proposed Lease contains any provision which would materially impair Lender’s lien on such Site. Borrower shall promptly deliver to Lender a fully-executed copy of all such approved Leases. Notwithstanding the forgoing provisions, whenever Lender’s approval or consent is required pursuant to the above provisions of this Section 23(b), Borrower shall have the right to submit a term sheet or letter of intent of such transaction to Lender for Lender’s approval prior to the submission of the proposed lease. Any such term sheet or letter or intent submitted to Lender shall set forth all material terms of the proposed transaction including, without limitation, identity of tenant, square footage, term, rent, rent credits, abatements, work allowances and tenant improvements to be constructed by Borrower. Lender’s approval shall not be unreasonably withheld and shall be deemed given if Lender fails to respond in writing within thirty (30) days from its receipt of a written request for approval and supporting documentation, provided, however, Lender’s approval shall not be deemed given in such event where the proposed Lease contains any provision which would materially impair Lender’s lien on such Site. Borrower shall promptly deliver to Lender a fully-executed copy of all such approved Leases. Notwithstanding the foregoing or the provisions of Section 8 of the Portfolio Mortgages or any other provision of the Loan Documents, for so long as there is no Event of Default under any of the Loan Documents, nor any event or condition that, with notice or the passage of time, or both, would constitute an Event of Default, Le...
Lease Approvals. Pursuant to Section 2.5 of the form of Mortgage attached hereto prior written approval of the Administrative Agent is required for the extension and delivery of any new Major Lease or any “Material Lease Event” (as such term is defined in the form of Mortgage) with respect to any Major Lease. The Lenders hereby acknowledge that such approvals shall be given or withheld by the Administrative Agent in its discretion without any requirement for the Administrative Agent to obtain approval from the Lenders. The Administrative Agent shall provide written notice to the Lenders promptly after giving any such approvals with respect to Major Leases on any Mortgage Property demising space in excess of 25,000 square feet of gross leaseable area.
Lease Approvals. Borrower may cause Owner to enter into any new lease for space in the Property (“New Lease”) or modify any existing Lease or any New Lease (“Lease Modification”) without Lender’s consent, except that Lender’s prior written consent shall be required if (i) the combined loan to value ratio of the Loan and the Mezzanine Loan is greater than or equal to eighty percent (80%) and the New Lease or Lease Modification is for space in the Property that equals or exceeds 20,000 net rentable square feet; (ii) the combined loan to value ratio of the Loan and the Mezzanine Loan, is less than eighty percent (80%) and the Lease Modification relates to either of the ACS Leases and either (x) the effective rent under such Lease (taking into consideration any tenant improvement allowances or other concessions) would be less than ninety (90%) of the current rent under the applicable ACS Lease or (y) such Lease Modification would reduce the term of the applicable ACS Lease to less than three (3) years from the date of the Lease Modification; or (iii) a Default has occurred and is then existing.
Lease Approvals. Purchaser's obligation to purchase the Subject Property is conditioned upon Purchaser approving all Leases, including, but not limited to all terms and conditions thereof. If Purchaser does not notify Seller of its approval of the Leases or notifies Seller of disapproval by April 23, 1998, this condition shall be deemed not satisfied and this Agreement shall be deemed terminated.
Lease Approvals. (i) Unless otherwise consented to by Lender in writing, all Leases entered into after the date of this Agreement shall (A) be to unaffiliated third parties and under market terms (provided, “market terms” shall not be deemed to require market rents), including, without limitation, those relating to insurance, waiver of claims, damage and destruction, condemnation, notice to mortgagee and subordination and attornment, (B) provide for uses of the Property that are consistent with first-class management thereof, and (C) be on a standard form lease reasonably approved by Lender subject to modification as reasonably required by Owner. Additionally, Borrower shall not cause Owner to execute any Major Lease or materially modify or voluntarily terminate any such Major Lease (except for terminations by reason of a material default), in each case without Lender’s prior consent, not to be unreasonably withheld.
Lease Approvals. Administrative Agent and the Required Lenders shall have approved all tenants and leases in effect at the time of closing, and shall have received satisfactory estoppel certificates and SNDA Agreements from all Tenants.
Lease Approvals. Approve any Major Lease or Modification of an existing Major Lease;66
Lease Approvals. Lender shall (a) have approved all tenants and leases in effect at the time of closing and (b) shall have received a satisfactory estoppel certificate from the Major Tenant and, a subordination, non-disturbance and attornment agreement (hereinafter, an “SNDA Agreement”) from the Major Tenant.
Lease Approvals. Purchaser’s obligation to purchase the Subject Property is conditioned upon Purchaser approving the Lease and the Subleases, including, but not limited to all terms and conditions thereof. If Purchaser does not notify Seller of its approval of the Lease and Subleases or notifies Seller of disapproval within sixty (60) days after the Effective Date, this condition shall be deemed not satisfied and this Agreement shall be deemed terminated.
