Common use of Leasing Guidelines Clause in Contracts

Leasing Guidelines. Leasing Guidelines. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, COPIES OF ALL LEASES, NEW LEASES, LEASE AMENDMENTS OR MODIFICATIONS, LEASE EXTENSIONS, LEASE ASSIGNMENTS AND RENEWALS MUST BE FORWARDED TO LENDER IMMEDIATELY UPON EXECUTION THROUGHOUT THE TERM OF THE LOAN. Lender shall have the right to review and approve the execution, renewal, modification, settling or termination (each such action is called a “Leasing Action”) relating to the space currently occupied by the “Key Leases”. The Key Leases are X Ray X-Press Corp, The Methodist Hospital and American Medical Response. Any Leasing Action not related to the Key Leases will not require Lender written consent if the following conditions are met: Term of Lease: Maximum term of ten (10) years, including the base lease term and all extension options. Maximum Rental Space: 50,000 square feet of space (which equals 5% of the total SF). Minimum Rent: $4.00 per net rentable square foot (taking into account free rent or other concessions and tenant improvements which exceed market or building standards, etc.). Expense Provisions: NNN Form of lease: All leases shall be made to established tenants on the approved “standard” form of lease with no material deletions or alterations therefrom. To facilitate Assignee’s lease review, all deletions or alterations to the “standard” form of lease submitted by Assignor to Assignee for approval must be black-lined or highlighted. Other Obligations: Landlord shall not agree to any rental space take-over or take-back obligation with respect to the center or any other premises leased by such tenant. No lease shall contain a tenant option to lease additional space which would cause occupied square footage to exceed the limits of item 3 above or to purchase the premises or acquire any Interest in the Property. No lease shall contain any representations, warranties or indemnifications by the Landlord with respect to hazardous substances or asbestos. No lease shall permit prepayment of rent more than one month in advance. Leases must be arms-length transactions to parties not affiliated with Borrower.

Leasing Guidelines. Leasing Guidelines. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, COPIES OF ALL LEASES, NEW LEASES, LEASE AMENDMENTS OR MODIFICATIONS, LEASE EXTENSIONS, LEASE ASSIGNMENTS AND RENEWALS MUST BE FORWARDED TO LENDER IMMEDIATELY UPON EXECUTION THROUGHOUT THE TERM OF THE LOAN. Lender shall have If all of the right following conditions are met with respect to review and approve a proposed action relating to any lease of space in the execution, renewal, modification, settling or termination Project (each such action is called a “Leasing Action”), Lender’s consent shall not be required to such Leasing Action: (a) relating The tenant under the Lease to which the space currently occupied by the “Key Leases”. The Key Leases are X Ray X-Press Corp, The Methodist Hospital and American Medical Response. Any proposed Leasing Action not related to relates leases (and would lease after the Key Leases will not require Lender written consent if consummation of the following conditions are met: Term of Lease: Maximum term of ten (10) yearsproposed Leasing Action), including in the base lease term and all extension options. Maximum Rental Space: 50,000 aggregate, 5,000 or fewer square feet of space at the Properties; (which equals 5% b) The term (including the base term and all optional or mandatory extension terms that do not adjust rent under the applicable lease to a market rate at the time of the total SF). Minimum Rent: $4.00 per applicable extension) of the lease subject to the proposed Leasing Action is (and would be after consummation of the proposed Leasing Action) ten years or less; (c) The net rentable square foot (effective rental rate payable under the lease to which the proposed Leasing Action relates, taking into account free rent all economic terms of the applicable lease including, without limitation, operating expense and tax reimbursements and improvement allowances, is (and would be after the consummation of the applicable Leasing Action) greater than or other concessions equal to the market rental rate in the metropolitan area in which the Project subject to the applicable Leasing Action is located as determined by Lender in its reasonable discretion; (d) If the tenant under the Lease to which the proposed Leasing Action relates leases (and tenant improvements would lease after the consummation of the proposed Leasing Action), in the aggregate, 5,000 or more square feet of space at the Properties, the lease to which exceed market or building standardsthe proposed Leasing Action relates, etc.). Expense Provisions: NNN Form of lease: All leases shall be made together with all documentation related to established tenants on the approved “standard” proposed Leasing Action, is in the same form as a standard form of lease with no for the Borrowers approved by Lender in writing as such “standard form of lease” without any material deletions deviations or alterations therefrom. To facilitate Assignee’s ; (e) If the tenant under the Lease to which the proposed Leasing Action relates leases (and would lease reviewafter the consummation of the proposed Leasing Action), in the aggregate, 5,000 or fewer square feet of space at the Properties, the lease to which the proposed Leasing Action relates, together with all deletions or alterations documentation related to the “standard” form proposed Leasing Action, is on market terms and provisions in the metropolitan area in which the Project subject to the applicable Leasing Action is located; (f) The lease to which the applicable Leasing Action relates, together with all documentation related to the proposed Leasing Action, does not contain any obligation of lease submitted by Assignor any Borrower with respect to Assignee for approval must be black-lined or highlighted. Other Obligations: Landlord shall not agree property other than the Project subject to the applicable Leasing Action, including, without limitation, any rental space take-over takeover, nor any rights or take-back obligation with respect options of the applicable tenant to purchase all or any portion of the Project subject to the center applicable Leasing Action or any other premises leased by such tenant. No lease shall contain interest therein; (g) The proposed Leasing Action is the result of an arm’s length negotiation and transaction with a tenant option to lease additional space which would cause occupied square footage to exceed the limits of item 3 above or to purchase the premises or acquire any Interest in the Property. No lease shall contain any representations, warranties or indemnifications by the Landlord with respect to hazardous substances or asbestos. No lease shall permit prepayment of rent more than one month in advance. Leases must be arms-length transactions to parties that is not affiliated with any Borrower; and (h) No Event of Default under the Loan Documents is continuing on the date any Borrower takes the applicable Leasing Action. PPM Finance, Inc. (“PPM”) is an affiliate of and authorized agent for Xxxxxxx National Life Insurance Company (“Mortgagee” and/or “Lender”), and as such has established the following insurance requirements to be complied with during the lifetime of the loan.

Leasing Guidelines. Leasing GuidelinesBorrower shall not enter into any Lease of space in the Improvements unless approved or deemed approved by Lender prior to execution. NOTWITHSTANDING ANYTHING CONTAINED HEREINBorrower’s standard form of tenant lease, COPIES OF ALL LEASESand any revisions thereto, NEW LEASES, LEASE AMENDMENTS OR MODIFICATIONS, LEASE EXTENSIONS, LEASE ASSIGNMENTS AND RENEWALS MUST BE FORWARDED TO LENDER IMMEDIATELY UPON EXECUTION THROUGHOUT THE TERM OF THE LOANmust have the prior written approval of Lender. Lender shall be “deemed” to have approved any Lease that: (a) is on the standard form lease approved by Lender with any modifications thereto limited to those which Borrower reasonably believes to be customary or otherwise appropriate in leases with tenants such as the subject tenant; (b) is entered into in the ordinary course of business with a bona fide unrelated third-party tenant, and Borrower, acting in good faith and exercising due diligence, has determined that the tenant is financially capable of performing its obligations under the Lease; (c) is received by Lender, together with any guaranty(ies) and financial information received by Borrower regarding the tenant and guarantor(s), within fifteen (15) days after execution; (d) reflects an arm’s-length transaction; (e) contains no option or right of first refusal to review and approve purchase all or any portion of the execution, renewal, modification, settling Property or termination any present or future interest therein; (each such action is called a “Leasing Action”f) relating to the space currently occupied by the “Key Leases”. The Key Leases are X Ray X-Press Corp, The Methodist Hospital and American Medical Response. Any Leasing Action not related to the Key Leases will does not require Borrower to provide funds for tenant improvements in excess of the amount that is or will be available to Borrower to pay the same, (g) requires the tenant to execute and deliver to Lender written consent if the following conditions are met: Term of Lease: Maximum term of an estoppel certificate in form and substance acceptable to Lender within ten (10) years, including the base lease term days after notice from Lender; and all extension options. Maximum Rental Space: 50,000 (h) does not cover in excess of 10,000 square feet of space (which equals 5% net rentable area of the total SF)Improvements or have a rental rate that is less than $17 per square foot. Minimum Rent: $4.00 per net rentable square foot (taking into account free rent or other concessions Borrower shall provide to Lender a correct and tenant improvements which exceed market or building standardscomplete copy of each Lease, etcincluding any exhibits, and any guaranty(ies) thereof, prior to execution unless the Lease meets the foregoing requirements for “deemed” approval by Lender. Borrower shall pay all reasonable costs incurred by Lender in reviewing and approving Leases and any guaranties thereof, and also in negotiating XxxX/Xxxxxxxxx Xxxx Loan Agreement #438690v6 subordination agreements and subordination, nondisturbance and attornment agreements with tenants, including reasonable attorneys’ fees and costs.). Expense Provisions: NNN Form of lease: All leases shall be made to established tenants on the approved “standard” form of lease with no material deletions or alterations therefrom. To facilitate Assignee’s lease review, all deletions or alterations to the “standard” form of lease submitted by Assignor to Assignee for approval must be black-lined or highlighted. Other Obligations: Landlord shall not agree to any rental space take-over or take-back obligation with respect to the center or any other premises leased by such tenant. No lease shall contain a tenant option to lease additional space which would cause occupied square footage to exceed the limits of item 3 above or to purchase the premises or acquire any Interest in the Property. No lease shall contain any representations, warranties or indemnifications by the Landlord with respect to hazardous substances or asbestos. No lease shall permit prepayment of rent more than one month in advance. Leases must be arms-length transactions to parties not affiliated with Borrower.

Leasing Guidelines. Leasing Guidelines. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, COPIES OF ALL LEASES, NEW LEASES, LEASE AMENDMENTS OR MODIFICATIONS, LEASE EXTENSIONS, LEASE ASSIGNMENTS AND RENEWALS MUST BE FORWARDED TO LENDER IMMEDIATELY UPON EXECUTION THROUGHOUT THE TERM OF THE LOAN. Lender shall have the right to review and approve the execution, renewal, modification, settling or termination (each such action is called a “Leasing Action”) relating to the space currently occupied by the “Key Leases”. The Key Leases are X Ray X-Press Corp, The Methodist Hospital and American Medical Response. Any Leasing Action not related to the Key Leases will not require Lender written consent if the following conditions are met: Term of Lease: Maximum term of ten (10) years, including the base lease term and all extension options. Maximum Rental Space: 50,000 square feet of space (which equals 5% of the total SF). Minimum Rent: $4.00 per net rentable square foot (taking into account free rent or other concessions and tenant improvements which exceed market or building standards, etc.). Expense Provisions: NNN Form of lease: All leases shall be made to established tenants on the approved “standard” form of lease with no material deletions or alterations therefrom. To facilitate Assignee’s lease review, all deletions or alterations to the “standard” form of lease submitted by Assignor to Assignee for approval must be black-lined or highlighted. Other Obligations: Landlord shall not agree to any rental space take-over or take-back obligation with respect to the center or any other premises leased by such tenant. No lease shall contain a tenant option to lease additional space which would cause occupied square footage to exceed the limits of item 3 above or to purchase the premises or acquire any Interest in the Property. No lease shall contain any representations, warranties or indemnifications by the Landlord with respect to hazardous substances or 11187841_2.doc asbestos. No lease shall permit prepayment of rent more than one month in advance. Leases must be arms-length transactions to parties not affiliated with Borrower.

Leasing Guidelines. Owner and Agent have adopted for the Property the Leasing Guidelines set forth in the attached Exhibit A to this Addendum C. Agent shall adhere to the Leasing Guidelines in its negotiation of letters of intent and term sheets and shall not deviate therefrom without the prior approval of Landlord, which approval shall not be unreasonably withheld. At least one hundred twenty (120) days prior to the end of each calendar year during the Term, Agent shall submit to Owner proposed revisions to then current Leasing Guidelines and Owner shall either approve such revisions or propose its own revisions to the then current Leasing Guidelines within sixty (60) days of receipt of Agent’s proposed revisions. Agent’s proposed revisions to the Leasing Guidelines should be accompanied by relevant market data to support the recommended revisions. If no revisions to the Leasing Guidelines are approved by Owner and Agent, Agent shall continue to operate under the existing Leasing Guidelines until Agent and Owner agree on the revisions to the Leasing Guidelines. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, COPIES OF ALL LEASES, NEW LEASES, LEASE AMENDMENTS OR MODIFICATIONS, LEASE EXTENSIONS, LEASE ASSIGNMENTS AND RENEWALS MUST BE FORWARDED TO LENDER IMMEDIATELY UPON EXECUTION THROUGHOUT THE TERM OF THE LOAN. Lender Agent shall have the right to review and approve the execution, renewal, modification, settling or termination (each such action is called a “Leasing Action”) relating propose additional reasonable changes to the space currently occupied by Leasing Guidelines at other times if certain conditions exist which necessitate such changes (provided that Owner shall have the “Key Leases”right, in its reasonable discretion, to accept or reject such proposals). The Key Leases As of the date hereof, Agent and Owner have not approved Leasing Guidelines for the current calendar year. Agent and Owner agree to reasonably cooperate to establish Leasing Guidelines but until such time as Leasing Guidelines are X Ray X-Press Corp, The Methodist Hospital and American Medical Response. Any Leasing Action not related established to the Key Leases will not require Lender written consent if the following conditions are met: Term mutual satisfaction of Lease: Maximum term of ten (10) yearsAgent and Owner, including the base lease term and Owner shall approve all extension options. Maximum Rental Space: 50,000 square feet of space (which equals 5% of the total SF). Minimum Rent: $4.00 per net rentable square foot (taking into account free rent or other concessions and tenant improvements which exceed market or building standards, etc.). Expense Provisions: NNN Form of lease: All leases shall be made to established tenants on the approved “standard” form of lease with no material deletions or alterations therefrom. To facilitate Assignee’s lease review, all deletions or alterations to the “standard” form of lease submitted by Assignor to Assignee for approval must be black-lined or highlighted. Other Obligations: Landlord shall not agree to any rental space take-over or take-back obligation negotiations with respect to new leases and the center extension, expansion or any renewal of existing leases. Without limiting the generality of the foregoing, no rental rates or other premises leased by such tenantterms shall be quoted prospective tenants without the prior consent of Owner, which consent shall not be unreasonably withheld. No lease shall contain This Addendum D (this “Addendum”) is attached to and made a tenant option to lease additional space which would cause occupied square footage to exceed part of the limits of item 3 above or to purchase Asset and Property Management Agreement (the premises or acquire any Interest in the Property. No lease shall contain any representations, warranties or indemnifications by the Landlord with respect to hazardous substances or asbestos. No lease shall permit prepayment of rent more than one month in advance. Leases must be arms-length transactions to parties not affiliated with Borrower“Management Agreement”).