Leasing Activity Clause Samples

Leasing Activity. (a) The Purchaser agrees that in the period following the date of execution of this Agreement by both parties and up to the date for satisfaction or waiver of the conditions referred to in Section 9.1(b), the Vendors may carry on their leasing program for the Lot F Property and the Building. The Vendors agree that they will not enter into any binding commitments with Tenants or prospective tenants for the Lot F Property and the Building or any material modification of any Lease during such period without first providing the Purchaser with a copy of any such proposed binding commitment or material modification. (b) If the transactions contemplated by this Agreement are completed, the Purchaser will assume all such commitments from and after the Closing Date and will fully perform the obligations of the Vendors pursuant to such commitments, including honouring obligations to provide any tenant inducements to the Tenants or prospective tenants of the Lot F Property and the Building, and being responsible for all commissions that are payable and all landlord’s work thereunder and the same will not be subject to adjustment on closing, except that, if the term of any new lease commences prior to the Closing Date, then the responsibility for any related tenant inducements (including landlord’s work) and commissions will be pro-rated between the Vendors and the Purchaser on the basis of the number of months of the initial term of such lease prior to the Closing Date (as for the Vendors) and the number of months of the initial term of such lease after the Closing Date (as for the Purchaser), and the same will be subject to adjustment on closing. (c) The Vendors agree that after the conditions referred to in Section 9.1(b) are satisfied or waived by the Purchaser, the Vendors will not enter into any binding commitments with Tenants or prospective tenants for the Lot F Property or the Building or any material modification of any Lease without the Purchaser’s prior written approval, which approval may be withheld in the Purchaser’s sole and absolute discretion. (d) The Vendors agree that if they carry on the leasing program, they will do so in good faith in the ordinary course following the date of execution of this Agreement by both parties and will only consider commitments with tenants and prospective tenants which are consistent with market driven leasing arrangements in the Vancouver market.

Leasing Activity. Except for Leases or amendments to Leases entered into pursuant to renewal notices mailed prior to the Effective Date, unless Purchaser agrees otherwise in writing (or, during the Transition Period, unless Purchaser or New Property Manager agrees otherwise in writing, or New Property Manager actually enters into a non-compliant new lease or Lease renewal), any new leases or renewals of existing leases for apartment units entered into by Seller after the Effective Date until the Closing or earlier termination of this Agreement shall be on Seller’s standard apartment lease form for the Property, and shall be for terms of no less than six (6) months and no more than thirteen (13) months. In all cases, Seller shall retain the discretion to set rent rates, concessions and other terms of occupancy consistent with then-extant market conditions for the Property. After the expiration of the Due Diligence Period, Purchaser shall have the right to participate in a weekly call with Seller and Existing Property Manager or New Property Manager, as applicable, to discuss operation of the Property, which shall be scheduled by Seller at the request of Purchaser, and which for the avoidance of doubt shall be a separate call from Seller’s operation calls with its property manager.

Leasing Activity. From and after the date hereof through the Closing Date, Seller may not enter into new leases affecting the Property or any portion thereof or modify, amend, cancel, terminate, extend or change the terms of the Lease or any Permitted Exception, without the prior written consent of Buyer, provided, however, that Buyer’s consent shall not be unreasonably withheld, conditioned or delayed with respect to any modification of the Lease providing for Tenant’s restoration of the life-safety/fire protection systems at the Property to code upon the expiration or termination of the Lease. In addition, Seller shall perform and comply with its obligations under the Lease through the Closing Date.

Leasing Activity. Not, except where required of the landlord pursuant to the terms of any Leases, terminate or modify any of the Leases or extend the term of any of the Leases or enter into any New Leases except with the written consent of Purchaser, which consent Purchaser agrees not to unreasonably withhold or delay. However, Seller shall have the right, in Seller's sole discretion and without Purchaser's consent, to terminate any Lease of less than 2,500 rentable square feet as to which the tenant under such Lease is in default of its rent or other monetary obligation under such Lease for more than sixty (60) days. If Seller desires to modify any Lease (including extending the term of any Lease or expanding the demised premises, in each case unless pursuant to a right of the tenant contained in the Lease) or to enter into a New Lease, Seller shall provide Purchaser with written notice thereof, which notice shall include a copy of the proposed modification or New Lease and the terms of any brokerage commissions payable in connection therewith. Purchaser shall have five (5) business days after receipt of such written notice and a copy of the proposed modification or New Lease to either approve or disapprove the proposed modification or New Lease. If such response from Purchaser is not received by Seller within the aforesaid period, then Purchaser shall be deemed to have approved the proposed modification or New Lease and the terms of any brokerage commissions payable in connection therewith. Approval or deemed approval by Purchaser of a New Lease shall constitute approval of any subsequent commencement letter which is consistent with the terms of such New Lease.