Common use of Lease Obligations Clause in Contracts

Lease Obligations. Manager shall be Owner’s exclusive leasing agent for the Properties, and shall, to the extent permitted by applicable law and subject to this Agreement, perform all leasing functions relating to the Properties. Manager shall be paid for such leasing activities in conformity with this Agreement, which amounts shall be in addition to the compensation otherwise payable to Manager hereunder. Without limiting the generality of the foregoing, Manager’s leasing function includes the following: (a) Manager shall use commercially reasonable efforts to lease all space in the Properties which is now vacant, becomes vacant or is projected to become vacant during the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by Owner, and Manager’s responsibilities shall include lease negotiation coordination, tenant improvement coordination, governmental liaison, opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager may, in its sole discretion, engage the services of other outside cooperating real estate consultants and brokers to lease space in the Properties on behalf of Owner and who shall be paid by Owner such commissions as may be included in the Annual Business Plan approved by Owner or are otherwise established by Owner and Manager from time to time. Manager shall, so far as possible, procure references from prospective tenants, investigate such references and use its best judgment in the selection of prospective tenants. Where appropriate, upon the occurrence of a vacancy or a projected vacancy, Manager will prepare and disseminate adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in successfully filling the vacancy. Manager shall establish procedures to ensure that ample time is available to renew existing leases or obtain new tenants in an effort to minimize vacancies and loss of income. (b) Owner shall refer all inquiries concerning the rental of space in the Property to Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Properties shall be prepared by Manager in the name of Owner and shall be in accordance with such leasing guidelines as Owner and Manager shall agree upon from time to time. Manager shall secure Owner’s prior written approval before finalizing any lease for a Property that is not in compliance with the leasing plan set forth in the Annual Business Plan. All leases for Properties shall be presented to and executed by Owner. Manager shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space in the Property, but solely on behalf of Owner and at Owner’s expense. (c) Manager shall prepare all advertising and promotional materials for the Properties, which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials shall be at Owner’s sole cost and expense and shall either be in accordance with an approved operating budget or otherwise approved by Owner in writing. (d) Rental rates for space in the Properties shall be established by Owner. Manager shall, promptly following the execution of this Agreement and from time to time thereafter, provide general market information and general office space rental rate surveys and make recommendations to Owner with respect to rental rates. (e) Manager shall assist Owner, as requested, in obtaining any approvals of proposed leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred equity (each, a “Lender” and collectively, “Lenders”) in accordance with the terms of the applicable loan documents. (f) Notwithstanding anything in this Section 2.C.1 to the contrary, the parties acknowledge and agree that Manager may not be licensed to act as a real estate broker in the state(s) in which the Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities described herein to a licensed real estate broker qualified (by years of experience, number of employees, number and type of properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the Properties; or (b) if Owner elects to enter into a separate agreement with a leasing agent, Manager shall cause the leasing activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all of Owner’s rights and fulfill Owner’s duties under the separate agreement between Owner and Owner’s leasing agent (the “Leasing Activities Agreement”), with the exception of the obligation to pay Owner’s leasing agent the commissions payable pursuant to the Leasing Activities Agreement (which shall remain Owner’s responsibility). Notwithstanding anything in this Section 2.C.1 to the contrary, if Owner elects to enter into a Leasing Activities Agreement with a real estate broker licensed in the state in which the Properties are located and remains obligated to pay the commissions due thereunder, then Manager shall not be paid for the leasing activities described in Section 4.B below.

Lease Obligations. Manager shall be Owner’s exclusive leasing agent for the Properties, and shall, to the extent permitted by applicable law and subject to this Agreement, perform all leasing functions relating to the Properties. Manager shall be paid for such leasing activities in conformity with this Agreement, which amounts shall be in addition to the compensation otherwise payable to Manager hereunder. Without limiting the generality of the foregoing, Manager’s leasing function includes the following: (a) Manager shall use commercially reasonable efforts to lease all space in the Properties which is now vacant, becomes vacant or is projected to become vacant during the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by Owner, and Manager’s responsibilities shall include lease negotiation coordination, tenant improvement coordination, governmental liaison, opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager may, in its sole discretion, engage the services of other outside cooperating real estate consultants and brokers to lease space in the Properties on behalf of Owner and who shall be paid by Owner such commissions as may be included in the Annual Business Plan approved by Owner or are otherwise established by Owner and Manager from time to time. Manager shall, so far as possible, procure references from prospective tenants, investigate such references and use its best judgment in the selection of prospective tenants. Where appropriate, upon the occurrence of a vacancy or a projected vacancy, Manager will prepare and disseminate adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in successfully filling the vacancy. Manager shall establish procedures to ensure that ample time is available to renew existing leases or obtain new tenants in an effort to minimize vacancies and loss of income. (b) Owner shall refer all inquiries concerning the rental of space in the Property to Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Properties shall be prepared by Manager in the name of Owner and shall be in accordance with such leasing guidelines as Owner and Manager shall agree upon from time to time. Manager shall secure Owner’s prior written approval before finalizing any lease for a Property that is not in compliance with the leasing plan set forth in the Annual Business Plan. All leases for Properties shall be presented to and executed by Owner. Manager shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space in the Property, but solely on behalf of Owner and at Owner’s expense. (c) Manager shall prepare all advertising and promotional materials for the Properties, which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials shall be at Owner’s sole cost and expense and shall either be in accordance with an approved operating budget or otherwise approved by Owner in writing. (d) Rental rates for space in the Properties shall be established by Owner. Manager shall, promptly following the execution of this Agreement and from time to time thereafter, provide general market information and general office space rental rate surveys and make recommendations to Owner with respect to rental rates. (e) Manager shall assist Owner, as requested, in obtaining any approvals of proposed leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred equity (each, a “Lender” and collectively, “Lenders”) in accordance with the terms of the applicable loan documents. (f) Notwithstanding anything in this Section 2.C.1 to the contrary, the parties acknowledge and agree that Manager may not be licensed to act as a real estate broker in the state(s) in which the Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities described herein to a licensed real estate broker qualified (by years of experience, number of employees, number and type of properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the Properties; or (b) if Owner elects to enter into a separate agreement with a leasing agent, Manager shall cause the leasing activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all of Owner’s rights and fulfill Owner’s duties under the separate agreement between Owner and Owner’s leasing agent (the “Leasing Activities Agreement”), with the exception of the obligation to pay Owner’s leasing agent the commissions payable pursuant to the Leasing Activities Agreement (which shall remain Owner’s responsibility). Notwithstanding anything in this Section 2.C.1 to the contrary, if Owner elects to enter into a Leasing Activities Agreement with a real estate broker licensed in the state in which the Properties are located and remains obligated to pay the commissions due thereunder, then Manager shall not be paid for the leasing activities described in Section 4.B below.

Lease Obligations. Manager shall be Owner’s exclusive leasing agent for the Properties, and shall, to the extent permitted by applicable law and subject to this Agreement, perform all leasing functions relating to the Properties. Manager shall be paid for such leasing activities in conformity with this Agreement, which amounts shall be in addition to the compensation otherwise payable to Manager hereunder. Without limiting the generality of the foregoing, Manager’s leasing function includes the following: (a) Manager Mortgagor covenants and agrees to keep, observe and perform and to require all tenants of the Premises to keep, observe and perform all the covenants, agreements and provisions of any present or future Leases, including the Credit Leases described herein, of the Premises on their respective part to be kept, observed and performed. If Mortgagor shall use commercially reasonable efforts neglect or refuse to lease all space in the Properties which is now vacantso perform or fail to require such tenants to so perform, becomes vacant or is projected to become vacant during the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by Owner, and Manager’s responsibilities shall include lease negotiation coordination, tenant improvement coordination, governmental liaison, opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager then Lender may, at its option, itself perform and comply or require performance or compliance by such tenants with any such lease covenants, agreements and provisions. Any sums expended by Lender in its sole discretionperformance or compliance with such Leases or in enforcing performance or compliance with such Leases by the tenants, engage the services of other outside cooperating real estate consultants including costs and brokers to lease space in the Properties on behalf of Owner expenses and who attorneys’ fees, shall be paid by Owner such commissions Mortgagor upon demand with interest thereon at the Default Rate as may be included defined in the Annual Business Plan approved by Owner or are otherwise established by Owner Note and Manager from time to time. Manager shall, so far as possible, procure references from prospective tenants, investigate such references and use its best judgment in the selection absence of prospective tenants. Where appropriate, upon such payment all such sums shall be deemed to be and become part of the occurrence of a vacancy or a projected vacancy, Manager will prepare and disseminate adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in successfully filling the vacancy. Manager shall establish procedures to ensure that ample time is available to renew existing leases or obtain new tenants in an effort to minimize vacancies and loss of incomeIndebtedness secured by this Mortgage. (b) Owner shall refer Mortgagor, as further security for the payment of the Indebtedness, has, pursuant to this Mortgage and by separate Assignment of Rents and Leases of even date herewith, sold, transferred and assigned to Lender, its successors and assigns, all inquiries concerning of Mortgagor’s right, title and interest, as landlord, in, to and under certain leases demising all or a portion of the rental of space Premises, together with the Rents provided therein, including, without limitation, those lease or leases (the “Credit Leases”) identified on Exhibit C attached hereto and made a part hereof. Mortgagor expressly covenants and agrees that if Mortgagor, as landlord under the Credit Leases, fails to perform and fulfill any term, covenant, condition or provision in said Credit Leases on its part to be performed or fulfilled, at the times and in the Property to Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Properties shall be prepared by Manager manner in the name Credit Leases provided, or if Mortgagor suffers or permits to occur any breach or default under the provisions of Owner said Credit Leases, or if Mortgagor fails to fully protect, insure, preserve and shall cause continued performance or fulfillment of the terms, covenants or provisions in said Credit Leases required to be in accordance with such leasing guidelines as Owner and Manager shall agree upon from time to time. Manager shall secure Ownerperformed or fulfilled by any tenant therein or if Mortgagor, without Lender’s prior written approval before finalizing consent, permits or approves an assignment by any lease for tenant under the Credit Leases or a Property that is not in compliance with subletting of all or any part of the leasing plan set forth Premises demised in the Annual Business Plan. All leases for Properties Credit Leases, then in any such event, at the option of Lender, and without notice to the Mortgagor, such breach or default shall be presented to constitute an Event of Default hereunder and executed at the option of Lender, all unpaid Indebtedness secured by Owner. Manager shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space this Mortgage shall, notwithstanding anything in the PropertyNote, but solely on behalf of Owner and at Owner’s expense. (c) Manager shall prepare all advertising and promotional materials for this Mortgage or the Properties, which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials shall be at Owner’s sole cost and expense and shall either be in accordance with an approved operating budget or otherwise approved by Owner in writing. (d) Rental rates for space in the Properties shall be established by Owner. Manager shall, promptly following the execution of this Agreement and from time to time thereafter, provide general market information and general office space rental rate surveys and make recommendations to Owner with respect to rental rates. (e) Manager shall assist Owner, as requested, in obtaining any approvals of proposed leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred equity (each, a “Lender” and collectively, “Lenders”) in accordance with the terms of the applicable loan documents. (f) Notwithstanding anything in this Section 2.C.1 other Loan Documents to the contrary, the parties acknowledge become due and agree that Manager may not be licensed to act payable as a real estate broker in the state(s) in which the Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities described herein to a licensed real estate broker qualified (by years case of experience, number other Events of employees, number and type of properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the Properties; or (b) if Owner elects to enter into a separate agreement with a leasing agent, Manager shall cause the leasing activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all of Owner’s rights and fulfill Owner’s duties under the separate agreement between Owner and Owner’s leasing agent (the “Leasing Activities Agreement”), with the exception of the obligation to pay Owner’s leasing agent the commissions payable pursuant to the Leasing Activities Agreement (which shall remain Owner’s responsibility). Notwithstanding anything in this Section 2.C.1 to the contrary, if Owner elects to enter into a Leasing Activities Agreement with a real estate broker licensed in the state in which the Properties are located and remains obligated to pay the commissions due thereunder, then Manager shall not be paid for the leasing activities described in Section 4.B belowDefault.

Lease Obligations. Manager shall be Owner’s exclusive leasing agent for the Multi-Tenant Properties, and shall, to the extent permitted by applicable law and subject to this Agreement, perform all leasing functions relating to the Multi-Tenant Properties. Manager shall be paid for such leasing activities in conformity with this Agreement, which amounts shall be in addition to the compensation otherwise payable to Manager hereunder. Without limiting the generality of the foregoing, Manager’s leasing function includes the following: (a) Manager shall use commercially reasonable efforts to lease all space in the Multi-Tenant Properties which is now vacant, becomes vacant or is projected to become vacant during the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by Owner, and Manager’s responsibilities shall include lease negotiation coordination, tenant improvement coordination, governmental liaison, opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager may, in its sole discretion, engage the services of other outside cooperating real estate consultants consultants, property managers and brokers to lease space in the Multi-Tenant Properties on behalf of Owner Owner. The retention by Manager of the real estate consultants, property managers and who brokers shall be paid for by Owner such commissions as may be included in Manager unless otherwise provided by the Annual Business Plan approved by Owner or are as otherwise established by Owner and Manager from time to time. Manager shall, so far as possible, procure references from prospective tenants, investigate such references and use its best judgment in the selection of prospective tenants. Where appropriate, upon the occurrence of a vacancy or a projected vacancy, Manager will prepare and disseminate adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in successfully filling the vacancy. Manager shall establish procedures to ensure that ample time is available to renew existing leases or obtain new tenants in an effort to minimize vacancies and loss of income. (b) Owner shall refer all inquiries concerning the rental of space in the Property to Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Multi-Tenant Properties shall be prepared by Manager in the name of Owner and shall be in accordance with such leasing guidelines as Owner and Manager shall agree upon from time to time. Manager shall secure Owner’s prior written approval before finalizing any lease for a Multi-Tenant Property that is not in compliance with the leasing plan set forth in the Annual Business Plan. All leases for Multi-Tenant Properties shall be presented to and executed by Owner. Manager shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space in the Multi-Tenant Property, but solely on behalf of Owner and at Owner’s expense. (c) Manager shall prepare all advertising and promotional materials for the Multi-Tenant Properties, which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials shall be at Owner’s sole cost and expense and shall either be in accordance with an approved operating budget or otherwise approved by Owner in writing. (d) Rental rates for space in the Multi-Tenant Properties shall be established by Owner. Manager shall, promptly following the execution of this Agreement and from time to time thereafter, provide general market information and general office space rental rate surveys and make recommendations to Owner with respect to rental rates. (e) Manager shall assist Owner, as requested, in obtaining any approvals of proposed leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred equity (each, a “Lender” and collectively, “Lenders”) in accordance with the terms of the applicable loan documents. (f) Notwithstanding anything in this Section 2.C.1 to the contrary, the parties acknowledge and agree that Manager may not be licensed to act as a real estate broker in the state(s) in which the Multi-Tenant Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities described herein to a licensed real estate broker qualified (by years of experience, number of employees, number and type of properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the PropertiesMulti-Tenant Properties whereby the Manager shall be responsible for paying the subcontractor; or (b) if Owner elects to enter into a separate agreement with a leasing agent, Manager shall cause the leasing activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all of Owner’s rights and fulfill Owner’s duties under the separate agreement between Owner and Owner’s leasing agent (the “Leasing Activities Agreement”), with the exception of excluding the obligation to pay Owner’s leasing agent the commissions payable pursuant to the Leasing Activities Agreement (which shall remain Owner’s responsibility). Notwithstanding anything in this Section 2.C.1 to the contrary, if Owner elects to enter into a Leasing Activities Agreement with a real estate broker licensed in the state in which the Properties are located and remains obligated to pay the commissions due thereunder, then Manager shall not be paid for the leasing activities described in Section 4.B belowAgreement.