Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Wells Real Estate Fund I), Purchase and Sale Agreement (Wells Real Estate Fund Iii L P), Purchase and Sale Agreement (Wells Real Estate Fund Iv L P)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld denied by written notice to Seller given within three five (35) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three five (35) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, Costs or leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, incurred by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunderhereunder after the Effective Date.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Kite Realty Group Trust), Purchase and Sale Agreement (Kite Realty Group Trust), Purchase and Sale Agreement (Kite Realty Group Trust)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s 's prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s 's receipt of Seller’s 's written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ ' fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Wells Mid-Horizon Value-Added Fund I LLC), Purchase and Sale Agreement (Wells Mid-Horizon Value-Added Fund I LLC)
Leasing Arrangements. During From and after the pendency of this AgreementEffective Date, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases Leases, without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which conditioned. Such approval shall be deemed given unless withheld by written notice to Seller given within three five (35) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests . Each request for approval from Seller shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an any existing Lease or with any such new Leaselease, as well as any additional information regarding such proposed transaction as Purchaser may reasonably request. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day periodIn addition, such failure by Purchaser shall be deemed to be the approval of Purchaser. At at Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, Costs or leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, incurred by Seller pursuant to a renewal or expansion pursuant to an amendment of any the existing Lease Leases entered into after the Effective Date or new Lease lease entered into after the Effective Date, in each case approved (or deemed approved) by Purchaser hereunder, and Purchaser shall assume any such new lease and shall assume the obligations of Seller thereunder, including the obligation to pay any Tenant Inducement Costs and leasing commissions.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Xiii L P)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any either of the existing Leases without Purchaser’s prior written consent in each instance, which consent consent, prior to the end of the Inspection Period, shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new a Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with a Lease, as well as any additional information regarding such new Leaseproposed transaction as Purchaser may reasonably request. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At ClosingAfter the end of the Inspection Period, Purchaser Seller shall reimburse Seller for not modify or amend in any Tenant Inducement Costsrespect, leasing commissions or other expensesterminate the Leases without Purchaser’s prior written consent in each instance, including reasonable attorneys’ fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunderwhich consent may be withheld in Purchaser’s sole discretion.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Xiii L P)
Leasing Arrangements. During the pendency of this Agreement, -------------------- Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s 's prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s 's receipt of Seller’s 's written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ ' fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund I)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or renew, expand, extend or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three ten (310) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease and tenant financial information for any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three ten (310) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, Costs or leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, incurred by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Iii L P)
Leasing Arrangements. During Following the pendency expiration of this Agreementthe Inspection Period, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease lease that Seller wishes to execute between the Effective Date end of the Inspection Period and the Closing Date (or the Extension Closing Date, if applicable), including, without limitation, a description of any Tenant Inducement Costs tenant inducement costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Leaselease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Coststenant inducement costs, leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Mid-Horizon Value-Added Fund I LLC)
Leasing Arrangements. During the pendency of this Agreement, Agreement Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which conditioned. Such approval shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests . Each request for approval from Seller shall be accompanied by a copy of any proposed modification or amendment of an the existing Lease or of any new Lease Leases that Seller wishes to execute between the Effective Date expiration of the Inspection Period and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an the existing Lease or with Leases, as well as any additional information regarding such new Leaseproposed transaction as Purchaser may reasonably request. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day periodIn addition, such failure by Purchaser shall be deemed to be the approval of Purchaser. At at Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, Costs or leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, incurred by Seller pursuant to a renewal or expansion of any the existing Lease or new Lease Leases after the expiration of the Inspection Period approved (or deemed approved) by Purchaser hereunder, and Purchaser shall assume any such new lease and shall assume the obligations of Seller thereunder, including the obligation to pay any Tenant Inducement Costs and leasing commissions.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Griffin Capital Essential Asset REIT, Inc.)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases Lease without Purchaser’s prior written consent in each instance, which consent consent, prior to the end of the Inspection Period, shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three five (35) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new the Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with the Lease, as well as any additional information regarding such new Leaseproposed transaction as Purchaser may reasonably request. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three five (35) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At ClosingAfter the end of the Inspection Period, Purchaser Seller shall reimburse Seller for not modify or amend in any Tenant Inducement Costsrespect, leasing commissions or other expensesterminate the Lease without Purchaser’s prior written consent in each instance, including reasonable attorneys’ fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunderwhich consent may be withheld in Purchaser’s sole discretion.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Xi L P)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respectamend, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three five (35) Business Days days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three five (35) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Ix Lp)
Leasing Arrangements. During Upon expiration of the pendency of this AgreementInspection Period, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases or grant any approval or consent thereunder or enter into any easement, restrictions or encumbrances (each a “Proposed Real Property Transaction”) without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to conditioned. Each request for approval from Seller given within three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease the Proposed Real Property Transaction that Seller wishes to execute between from and after the Effective Date expiration of the Inspection Period and before the Closing DateClosing, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an any existing Lease or with any such new Leaselease, as well as any additional information regarding such proposed transaction as Purchaser may reasonably request. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day periodIn addition, such failure by Purchaser shall be deemed to be the approval of Purchaser. At at Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, Costs or leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, incurred by Seller pursuant to a renewal or expansion of any the existing Lease Leases after the Effective Date or new Lease lease approved (or deemed approvedapproved as provided in this Agreement) by Purchaser hereunder, and Purchaser shall assume any such new lease and shall assume the obligations of Seller thereunder, including the obligation to pay any Tenant Inducement Costs and leasing commissions.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Xiii L P)
Leasing Arrangements. During the pendency of this Agreement, Seller -------------------- will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s 's prior written consent in each instance, which consent consent, prior to the expiration of the Inspection Period, shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three five (35) Business Days after Purchaser’s receipt of Seller’s 's written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three five (35) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ ' fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Overseas Partners LTD)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, Costs and leasing commissions or other expenses, including reasonable attorneys’ fees the obligation to pay any Tenant Inducement Costs and leasing commissions actually incurred, incurred by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunderhereunder and Purchaser shall assume any such new Lease and shall assume the obligations of Seller thereunder, including the obligation to pay any Tenant Inducement Costs and leasing commissions.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund I)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s 's prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s 's receipt of Seller’s 's written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease Leases or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease Leases or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Xiii L P)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s 's prior written consent in each instance, which consent shall not may be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after in Purchaser’s receipt of Seller’s written 's sole discretion. Each request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an the existing Lease Leases or with any such new Lease. If lease, as well as any additional information regarding such proposed transaction as Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchasermay reasonably request. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, Costs or leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, incurred by Seller pursuant to a renewal or expansion of any the existing Lease Leases after the Effective Date or new Lease lease approved (or deemed approved) by Purchaser hereunder, and Purchaser shall assume any such new lease and shall assume the obligations of Seller thereunder, including the obligation to pay any Tenant Inducement Costs and leasing commissions.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Standard Motor Products Inc)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s 's prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s 's receipt of Seller’s 's written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ fees ' fees, actually incurred, incurred by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Heritage Oaks Bancorp)
Leasing Arrangements. During the pendency of this Agreement, provided Purchaser does not elect to terminate this agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not may be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after in Purchaser’s receipt of Seller’s sole and absolute discretion. Each written request therefor, each of which requests by Seller shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval of any of the foregoing within said three (3) Business Day periodDays of Purchaser’s receipt of Seller’s written request, such failure by Purchaser shall be deemed to be the approval of disapproval by Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, incurred by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Mid-Horizon Value-Added Fund I LLC)
Leasing Arrangements. During the pendency of this Agreement, Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of which requests shall be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At ClosingClosing and except as otherwise set forth in Section 4.1(f), Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’ fees actually incurred, by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Vi L P)