Common use of Leasing Guidelines Clause in Contracts

Leasing Guidelines. Borrower shall not enter into any Lease of space in the Improvements unless approved or deemed approved by Lender prior to execution, such approval not to be unreasonably withheld, conditioned or delayed. Borrower’s standard form of tenant lease, and any revisions thereto, must 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 no material deviations except as approved by Lender, such approval not to be unreasonably withheld, conditioned or delayed; (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) reflects an arm’s length transaction; and (d) contains no right or option to purchase the Property or any present or future interest therein. Other than in the ordinary course of business, Borrower shall not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lender. If requested by Xxxxxx, Borrower shall provide to Lender a correct and complete copy of each existing Lease, including any exhibits, and any guaranty(ies) thereof, within seven (7) days after Lender’s request.]

Leasing Guidelines. Borrower shall not enter into any Lease of space in the Improvements unless approved or deemed approved by Lender prior to execution, such approval not to be unreasonably withheld, conditioned or delayed. Borrower’s standard form of tenant lease, and any revisions thereto, must 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 no material deviations except as approved by Lender, such approval not to be unreasonably withheld, conditioned or delayed; (b) is entered into in the ordinary course of business with a bona fide unrelated third party Tenanttenant, and Borrower, acting in good faith and exercising due diligence, has determined that the Tenant tenant is financially capable of performing its obligations under the Lease; and (c) reflects an arm’s length transaction; is in accordance with the pro-forma rent schedule for the Eligible Property which Borrower has delivered to Lender and (d) contains no right or option to purchase the Property or any present or future interest therein. Other than which Lender has approved in the ordinary course of business, Borrower shall not alter, modify or change the terms of the Leases, or surrender, cancel or terminate the same without the prior written consent of Lenderwriting. If requested by XxxxxxLender, after the occurrence of an Event of Default, Borrower shall provide to Lender a correct and complete copy of each existing and future Lease, including any exhibits, and any guaranty(ies) thereof, within seven fifteen (715) days after Lender’s requestrequest (for existing Leases) or fifteen (15) days after execution (for future Leases).]