Common use of Leasing Functions Clause in Contracts

Leasing Functions. PECO will coordinate and negotiate the leasing of the Properties using reasonable commercial efforts to secure executed leases (both new and renewal) from qualified tenants for available space in the Properties. Such leases must be consistent with form and terms approved by Owner unless a tenant requires use of its own lease form. PECO shall be responsible for the hiring of all leasing agents as necessary for the leasing of the Properties, to work with outside brokers and leasing agents, and otherwise to oversee and manage the leasing process on behalf of Owner. PECO’s duties in this regard shall include, without limitation, (1) the preparation and distribution of listings to potential tenants and/or their representatives and to reputable and active real estate agents; (2) the supplying of sufficient information to cooperating brokers and agents to enable them to promote the rental of the Properties, (3) to market and promote the Properties, (4) at all times to maintain and update a merchandising and leasing plan for each Property, and (5) to provide an updated leasing budget and leasing reforecast for the following twelve (12) month period. Additionally, in connection with the budgeting process referred to above, PECO shall submit a yearly leasing budget for approval in accordance (and simultaneously) with the procedure set forth above for the approval of each Property’s budget by Owner.

Leasing Functions. PECO Property Manager will coordinate and negotiate the leasing of the Properties using commercially reasonable commercial efforts to secure executed leases (both new and renewal) from qualified tenants for available space in the Properties. Such leases must be consistent with a form and terms approved by Owner unless a tenant requires use of its own lease form. PECO Property Manager shall be responsible for the hiring of all leasing agents as necessary for the leasing of the Properties, to work with outside brokers and leasing agents, and otherwise to oversee and manage the leasing process on behalf of Owner. PECOProperty Manager’s duties in this regard shall include, without limitation, : (1) the preparation and distribution of listings to potential tenants and/or their representatives and to reputable and active real estate agents; (2) the supplying of sufficient information to cooperating brokers and agents to enable them to promote the rental of the Properties, ; (3) to market the marketing and promote promotion of the Properties, ; (4) at all times to maintain maintaining and update updating a merchandising and leasing plan for each Property, ; and (5) to provide providing an updated leasing budget and leasing reforecast for the following twelve (12) month period. Additionally, in connection with the budgeting process referred to above, PECO Property Manager shall submit a yearly leasing budget for approval in accordance (and simultaneously) with the procedure set forth above for the approval of each Property’s budget by Owner.