Common use of Leasing Commissions and Cost of Tenant Finish Clause in Contracts

Leasing Commissions and Cost of Tenant Finish. Except as otherwise expressly set forth herein, any Tenant Inducement Costs (as hereafter defined) and Leasing Commissions (as hereafter defined) (collectively, “Tenant Payment Obligations”) paid or incurred by Seller prior to the Effective Date shall remain the Seller’s obligation and shall be paid by Seller at or prior to Closing. Any Tenant Payment Obligations paid or incurred by Seller after the Effective Date and prior to Closing shall be Buyer’s obligation, provided Buyer approved such corresponding leases to the extent required under Section 5.3(b) hereof. If any Tenant Payment Obligations for which the Seller is responsible are not due and payable until after the Closing Date, then, at Closing, Buyer shall assume the Tenant Payment Obligations and receive a credit against the Sale Price in the amount of such Tenant Payment Obligations. For purposes hereof the term “Tenant Inducement Costs” shall mean any out-of-pocket payments required under a lease to be paid by the landlord thereunder (including the cost of work to be performed by or on behalf of the landlord) to or for the benefit of the tenant thereunder, which is in the nature of a tenant inducement or concession, including, without limitation, tenant improvement costs, and other work allowances, lease buyout costs, free rental periods, legal fees and expenses and moving allowances; and the term “Leasing Commissions” shall mean any leasing commission payable to any third party broker or affiliate of Seller in connection with a lease for the existing term of any lease in effect on the Effective Date.

Leasing Commissions and Cost of Tenant Finish. Except as otherwise expressly set forth herein, any Tenant Inducement Costs (as hereafter defined) and Leasing Commissions (as hereafter defined) (collectively, “Tenant Payment Obligations”) paid or incurred by Seller the Company prior to the Effective Date shall remain shall, to the Seller’s obligation and shall extent that the total amount exceeds the balance on the Closing Date of the reserve account maintained by the Lender for such costs, be paid by Seller the Company at or prior to ClosingClosing or shall be applied to reduce the Company Valuation. Any Tenant Payment Obligations paid or incurred by Seller the Company after the Effective Date and prior to Closing shall be Buyerthe Operating Partnership’s obligation, provided Buyer the Operating Partnership approved such corresponding leases to the extent required under Section 5.3(b5.2(b) hereof. If any Tenant Payment Obligations for which the Seller Company is responsible for periods prior to the Effective Date are not due and payable until after the Closing Date, then, at Closing, Buyer the Operating Partnership shall assume the Tenant Payment Obligations and receive a credit against the Sale Price Company Valuation in the amount of that such Tenant Payment Obligations. Obligations exceed the balance on the Closing Date of the reserve account maintained by the Lender for such costs For purposes hereof the term “Tenant Inducement Costs” shall mean any out-of-pocket payments required under a lease to be paid by the landlord thereunder (including the cost of work to be performed by or on behalf of the landlord) to or for the benefit of the tenant thereunder, which is in the nature of a tenant inducement or concession, including, without limitation, tenant improvement costs, and other work allowances, lease buyout costs, free rental periods, legal fees and expenses and moving allowances; and the term “Leasing Commissions” shall mean any leasing commission payable to any third party broker or affiliate of Seller Contributor in connection with a lease for the existing term of any lease in effect on the Effective Date.

Leasing Commissions and Cost of Tenant Finish. Except as otherwise expressly set forth herein, any Tenant Inducement Costs (as hereafter defined) and Leasing Commissions (as hereafter defined) (collectively, “Tenant Payment Obligations”) paid or incurred by Seller prior to the Effective Date shall remain the Seller’s obligation and shall be paid by Seller at or prior to Closing. Any Tenant Payment Obligations paid or incurred by Seller after the Effective Date and prior to Closing shall be Buyer’s obligation, provided Buyer approved such corresponding leases to the extent required under Section 5.3(b) hereof. If any Tenant Payment Obligations for which the Seller is responsible are not due and payable until after the Closing Date, then, at At Closing, Buyer shall assume the Tenant Payment Obligations obligation to pay all leasing commissions and receive a credit against the Sale Price in costs of tenant finish due on or after the amount Closing Date or that become due during the pendency of such Tenant Payment Obligations. For purposes hereof this Agreement with respect to the term “Tenant Inducement Costs” shall mean any out-of-pocket payments required under a lease to be paid by the landlord thereunder (including the cost of work to be performed by or on behalf portion of the landlord) to or for the benefit of the tenant thereunder, which is in the nature of a tenant inducement or concession, including, without limitation, tenant improvement costs, and other work allowances, lease buyout costs, free rental periods, legal fees and expenses and moving allowances; and the term “Leasing Commissions” shall mean any leasing commission payable to any third party broker or affiliate of Seller in connection with a lease for the existing term of any lease, expansion or renewal on or after the Closing Date, to the extent that Buyer had the opportunity to review, and has approved in writing, such lease, expansion or renewal. Buyer specifically agrees that Buyer shall be obligated to pay all costs of tenant finish relating to that certain lease by Water Management Consultants, Inc. (“WMC”) regardless of when such payments to WMC are due; provided, however, that in effect no event shall Buyer’s liability for such costs exceed $349,084 in the aggregate. Leasing commissions or tenant finish costs that are payable on a monthly or other periodic basis during the lease terms shall be prorated between the parties in the same manner as Operating Expenses. Any leasing commissions and costs of tenant finish with regard to new leases of the Property entered into subsequent to the Agreement Date and prior to Closing (the “New Leases”) shall be prorated between Buyer and Seller on the Effective Closing Date based upon the revenue from such New Leases received by Seller prior to Closing and the revenue to be received by Buyer for the term of the New Leases commencing on the Closing Date; provided, however, that Buyer shall have no obligation to pay any costs associated with a New Lease unless Buyer had the opportunity to review such Lease and approved same in writing prior to the execution thereof.

Leasing Commissions and Cost of Tenant Finish. Except as otherwise expressly set forth herein, any Tenant Inducement Costs (as hereafter defined) and Leasing Commissions (as hereafter defined) (collectively, “Tenant Payment Obligations”) paid At or incurred by Seller prior to the Effective Date Closing, Seller shall pay all leasing commissions, tenant allowances and costs of tenant improvements or finish work with respect to any Tenant Leases, expansions and renewals which are due and payable on or prior to the Closing Date. Buyer shall receive a credit at Closing for the leasing commissions, tenant allowances and costs of tenant improvements or finish work set forth on the list previously provided by Seller to Buyer to the extent the same remain the unpaid at Closing. Other than leasing commissions due to Xxxxx Street or Affiliates of Xxxxx Street, Buyer shall be responsible for paying, and at Closing shall assume Seller’s obligation to pay, all leasing commissions, tenant allowances and shall be paid costs of tenant improvements or finish work with respect to (i) all leases, expansions and renewals which are entered into after the date of this Agreement, provided that, with respect to leases, expansions and renewals entered into after the date of this Agreement that are set forth on the list previously provided by Seller to Buyer, Buyer shall only be responsible for paying those leasing commissions, tenant allowances and costs of tenant improvements or finish work for which Buyer receives a credit at Closing, and (ii) the Mastro’s Lease. If any of the obligations to be assumed by Buyer under this Section 11.1.4 are paid in whole or in part by Seller on or prior to Closing. Any Tenant Payment Obligations paid or incurred by Seller after the Effective Date and prior to Closing shall be Buyer’s obligation, provided Buyer approved such corresponding leases to the extent required under Section 5.3(b) hereof. If any Tenant Payment Obligations for which the Seller is responsible are not due and payable until after the Closing Date, then, at Closing, Buyer Seller shall assume the Tenant Payment Obligations and receive a credit against the Sale Price at Closing in the amount of such Tenant Payment Obligations. For purposes hereof the term “Tenant Inducement Costs” shall mean any out-of-pocket payments required under a lease to be paid by the landlord thereunder (including the cost of work to be performed by or on behalf of the landlord) to or for the benefit of the tenant thereunder, which is in the nature of a tenant inducement or concession, including, without limitation, tenant improvement costs, and other work allowances, lease buyout costs, free rental periods, legal fees and expenses and moving allowances; and the term “Leasing Commissions” shall mean any leasing commission payable to any third party broker or affiliate of Seller in connection with a lease for the existing term of any lease in effect on the Effective Datepayment.