Common use of Leasing Coordination Clause in Contracts

Leasing Coordination. (a) During the term of this Agreement, Manager shall use its reasonable best efforts and due diligence to solicit and procure new tenants for the apartments within the Property and shall further solicit renewals, expansions and extensions of all existing tenants at the Property. Manager's operation in connection with such leasing activities will be staffed as reasonably necessary during customary business hours by Manager's leasing representatives. The office space in the property designated by Owner, from time to time, as the management office shall be utilized for leasing activities during customary business hours by Manager. (b) Subject to the prior approval of Owner and, to the extent provided for in the Budget, at Owner's cost and expense, Manager shall advertise such space or apartments as are or will become available for rent in the Property and arrange for or engage outside advertising firms to prepare such signs, brochures and other forms of advertising as Manager may deem advisable. Manager shall not use Owner's name in any advertising or promotional material without Owner's express prior written approval. Advertising and promotional materials shall be prepared in full compliance with Federal, state and municipal laws, ordinances, regulations and orders. Any reasonable costs of printing leasing brochures and other promotional material shall be paid by Owner to the extent provided for in the Budget and otherwise to the extent approved in writing by Owner. (c) Manager shall acquire and maintain a thorough knowledge of the leasing market for space similar to that contained in the Property, prepare a Leasing and Marketing Plan (which will include, without limitation, analysis of the Property's leasing activity, market absorption and projected leasing activities); recommend pricing and marketing strategies for Owner's consideration; and establish general leasing procedures. (d) Manager shall solicit and negotiate leases with desirable tenants financially satisfactory to Owner in its sole and absolute discretion and for uses consistent with the character of the Property as a first-class property and shall prepare (or cause to be prepared at Owner's expense) all prospective leases. All leases will be prepared in accordance with Owner's leasing guidelines, as more particularly set forth in Section 3.4, and shall be on a standard form of lease approved by Owner. Leasing criteria shall be applied by Manager so that there shall be no discrimination against, or segregation of, any person or group of persons on account of race, color, creed, religion, age, sex, familial status, national origin, or ancestry, in the leasing, subleasing, transferring, use or occupancy of the Property. Manager shall take all proper and necessary action to cause the Property to be kept, maintained, used and occupied in compliance with all applicable federal, state and local fair housing laws, regulations and ordinances, including, but not limited to, the Fair Housing Act of 1968 (as amended), and, where applicable, the Americans with Disabilities Act of 1990. Manager shall submit to Owner financial statements, guarantees and other data pertaining to prospective tenants as requested and shall take all necessary and proper action to collect and deliver to Owner advance rent and security deposits required by any lease. (e) Owner agrees that during the term of this Agreement, in which Manager is the exclusive leasing agent, it will not authorize or permit any other person, firm or corporation other than Manager to have or maintain any rental or "For Rent" sign in or about the Property, or any part thereof without the prior written consent of Manager (which consent shall not be unreasonably withheld), and will keep Manager informed concerning inquiries for space or negotiations for space by any person, firm or corporation other than Manager. Manager shall have the right to display on the Property suitable signs to the effect that Manager is the manager of the Property and that space or apartments within the Property are for rent, said signs being subject to Owner's prior written approval as to form and content. (f) Manager shall fully cooperate with other reputable and active licensed real estate brokers to lease such space or apartments. All terms and conditions of any brokerage agreement with such cooperating brokers shall be on a standard form approved by Owner and any variance from such form, which is adverse to Owner, shall be subject to Owner's prior written approval. Owner may deal directly with such brokers.