Leasing; License Agreements. Seller will not (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease or License Agreement, (iii) enter into any new Lease or new License Agreement or (iv) grant its consent, to the extent Seller’s consent is required, to a sublease of the Property, a modification or assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any Lease or License Agreement (the foregoing items (i), (ii), (iii) and (iv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Purchaser (a) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s possession, and (b) as to any Lease Event which is to be executed or granted after the expiration of the Inspection Period, Seller’s request for Purchaser’s approval. If Purchaser’s approval is requested by Seller as to any Lease Event, Purchaser shall be held to the same standard for approval as Seller is held to in the document giving rise to such approval or consent right, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed Lease Event within three (3) Business Days after Purchaser’s receipt of the items in Section 6.1.4(a) and Section 6.1.4(b). If Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed to have approved such Lease Event. Purchaser’s approval rights and obligations will vary depending on whether such Lease Event is to be executed or granted before or after the expiration of the Inspection Period, as follows: (1) Purchaser’s approval shall not be required with regard to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final three (3) Business Days of the Inspection Period, the Inspection Period will be extended to the third (3rd) Business Day following the date such notice is given to Purchaser. (2) With respect to a request for approval delivered by Seller to Purchaser for the execution or grant of a Lease Event after the expiration of the Inspection Period, so long as Purchaser has complied with its standard for review described above, Purchaser may withhold its approval in its reasonable discretion, and Seller may not execute or grant such Lease Event without Purchaser’s written approval. Seller shall not apply any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller as of the Effective Date are set forth on Schedule 6.1.4. Seller shall deliver to Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such date.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Dividend Capital Total Realty Trust Inc.), Purchase and Sale Agreement (Istar Financial Inc)
Leasing; License Agreements. As used in this Section 6.1.4, “sublease” means a sublease, sub-sublease and any other sublease at any level. Seller will cause AFE, PXR, PXURA and PXLA not to (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease or License Agreement, (iii) enter into any new Lease or new License Agreement or Agreement, (iv) grant its their consent, to the extent SellerAFE’s, PXR’s, PXURA’s or PXLA’s consent is required, to a sublease of the Real Property, a modification or of a sublease, an assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any Lease or License Agreement or (v) grant an acknowledgement with respect to a sublease of the Real Property, a modification of a sublease or an assignment of a sublease (the foregoing items (i), (ii), (iii), (iv) and (ivv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Purchaser (a) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s, AFE’s, PXR’s, PXURA’s or PXLA’s possession, and (b) as to any Lease Event which is to be executed or granted after the expiration of the Inspection Period, Seller’s request for Purchaser’s approval. If Purchaser’s approval is requested by Seller as to any Lease Event, Purchaser shall be held to the same standard for approval as Seller Seller, AFE, PXR, PXURA, or PXLA, as applicable, is held to in the document giving rise to such approval approval, consent, or consent acknowledgement right, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed Lease Event within three (3) Business Days after Purchaser’s receipt of the items in Section 6.1.4(a) and Section 6.1.4(b). If Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed to have approved such Lease Event. Purchaser’s approval rights and obligations will vary depending on whether such Lease Event is to be executed or granted before or after the expiration of the Inspection Period, as follows:
(1) Purchaser’s approval shall not be required with regard to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final three (3) Business Days of the Inspection Period, the Inspection Period will be extended to the third (3rd) Business Day following the date such notice is given to Purchaser.
(2) With respect to a request for approval delivered by Seller to Purchaser for the execution or grant of a Lease Event after the expiration of the Inspection Period, so long as Purchaser has complied with its standard for review described above, Purchaser may withhold its approval in its reasonable discretion, and Seller may not execute or grant such Lease Event without Purchaser’s written approval. Seller shall not apply any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller as of the Effective Date are set forth on Schedule 6.1.4. Seller shall deliver to Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such date.
Appears in 2 contracts
Samples: Member Interest Purchase and Sale Agreement (Dividend Capital Total Realty Trust Inc.), Member Interest Purchase and Sale Agreement (Istar Financial Inc)
Leasing; License Agreements. Seller will not (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease Agreement or License Agreement, (iii) enter into any new Lease or new License Agreement or (iv) grant its consent, to the extent Seller’s consent is required, to a sublease of the Property, a modification or assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any Lease or License Agreement (the foregoing items (i), (ii), (iii) and (iv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Purchaser (ai) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, tenant financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s possession, and (bii) as to any Lease Event which is to be executed or granted after the expiration of the Inspection Period, Seller’s request for Purchaser’s approval. If Purchaser’s approval consent is requested by Seller as to any amendment or termination of a Lease Eventor License Agreement, Purchaser shall be held or as to the same standard for approval as Seller is held to in the document giving rise to such approval a new Lease or consent rightnew License Agreement, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed amendment or termination of a Lease Event or License Agreement or new Lease or new License Agreement within three five (35) Business Days business days after Purchaser’s receipt of the items in Section 6.1.4(a(i) and Section 6.1.4(b)(ii) of this Subsection 6.1.4. If Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed to have approved such amendment, termination or new Lease Eventor new License Agreement. Purchaser’s approval rights and obligations will vary depending on whether such Lease Event the request for approval from Seller is delivered to be executed or granted Purchaser before or after the expiration of the Inspection Period, as follows:
(1) Purchaser’s approval shall not be required with regard to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final three (3) Business Days of the Inspection Period, the Inspection Period will be extended to the third (3rd) Business Day following the date such notice is given to Purchaser.
(2a) With respect to a request for approval delivered by Seller to Purchaser for before the execution expiration of the Inspection Period, Purchaser’s consent shall not be required. Moreover, whether or grant not Purchaser consents to an amendment or termination of a Lease Event or License Agreement or the entering into of a new Lease or License Agreement, Seller may amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement at anytime prior to the expiration of the Inspection Period; however, if Purchaser does not consent to same or is not deemed to have approved same, and if Seller elects to amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement notwithstanding Purchaser’s failure to approve same, then Purchaser may, at the xxxx Xxxxxx notifies Purchaser of the execution of said amendment, termination or new Lease or License Agreement, elect to terminate this Agreement and receive a return of the Xxxxxxx Money; provided that if Purchaser does not elect to terminate within five (5) days after said notification from Seller, then Purchaser shall have waived its right to terminate pursuant to this Subsection 6.1.4. 4171958.3 13662.94208
(b) With respect to a request for approval delivered by Seller to Purchaser after the expiration of the Inspection Period, so long as Purchaser has complied with its standard for review described above, Purchaser may withhold its approval in consent at its reasonable sole discretion, and Seller may not execute amend or grant such terminate a Lease Event or License Agreement or enter into a new Lease or new License Agreement without Purchaser’s written approval. Seller shall not apply any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller as of the Effective Date are set forth on Schedule 6.1.4. Seller shall deliver to Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such dateconsent.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Mid-Horizon Value-Added Fund I LLC)
Leasing; License Agreements. Seller will not (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease Agreement or License Agreement, (iii) enter into any new Lease or new License Agreement or (iv) grant its consent, to the extent Seller’s consent is required, to a sublease of the Property, a modification or assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any Lease or License Agreement (the foregoing items (i), (ii), (iii) and (iv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Purchaser (a) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, tenant financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s possession, and (b) as to any such amendment or termination of a Lease Event or License Agreement or new Lease or new License Agreement which is to be executed or granted after the expiration of the Inspection Period, Seller’s request for Purchaser’s approval. If Purchaser’s approval consent is requested by Seller as to any amendment or termination of a Lease Eventor License Agreement, Purchaser shall be held or as to the same standard for approval as Seller is held to in the document giving rise to such approval a new Lease or consent rightnew License Agreement, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed amendment or termination of a Lease Event or License Agreement or new Lease or new License Agreement within three (3) Business Days after Purchaser’s receipt of the items in Section Sections 6.1.4(a) and Section 6.1.4(b). If Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed to have approved such amendment, termination or new Lease Eventor new License Agreement. Purchaser’s approval rights and obligations will vary depending on whether such Lease Event the request for approval from Seller is delivered to be executed or granted Purchaser before or after the expiration of the Inspection Period, as follows:
(1) Purchaser’s With respect to a request for approval shall not be required with regard delivered by Seller to any Lease Event which is to be executed or granted on or prior to Purchaser before the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final three (3) Business Days expiration of the Inspection Period, Purchaser’s consent shall not be required. Moreover, whether or not Purchaser consents to an amendment or termination of a Lease or License Agreement or the entering into of a new Lease or License Agreement, Seller may amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement at anytime prior to the expiration of the Inspection Period will be extended Period; however, if Purchaser does not consent to same or is not deemed to have approved same, and if Seller elects to amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement notwithstanding Purchaser’s failure to approve same, then Purchaser may, at the third (3rd) Business Day following xxxx Xxxxxx notifies Purchaser of the date such notice is given execution of said amendment, termination or new Lease or License Agreement, elect to Purchaserterminate this Agreement and receive a return of the Xxxxxxx Money; provided that if Purchaser does not elect to terminate within five days after said notification from Seller, then Purchaser shall have waived its right to terminate pursuant to this Section 6.1.4.
(2) With respect to a request for approval delivered by Seller to Purchaser for the execution or grant of a Lease Event after the expiration of the Inspection Period, so long as Purchaser has complied with its standard for review described above, Purchaser may withhold its approval consent in its reasonable discretion, and Seller may not execute amend or grant such terminate a Lease Event or License Agreement or enter into a new Lease or new License Agreement without Purchaser’s written approval. Seller shall not apply any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller as of the Effective Date are set forth on Schedule 6.1.4. Seller shall deliver to Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such dateconsent.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Leasing; License Agreements. Seller will cause the Subsidiary not to (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease or License Agreement, (iii) enter into any new Lease or new License Agreement or Agreement, (iv) grant its their consent, to the extent Sellerthe Subsidiary’s consent is required, to a sublease of the Property, a modification or of a sublease, an assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any Lease or License Agreement or (v) grant an acknowledgement with respect to a sublease of the Property, a modification of a sublease or an assignment of a sublease (the foregoing items (i), (ii), (iii), (iv) and (ivv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Purchaser (a) providing Purchaser all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s or the Subsidiary’s possession, and (b) as to any Lease Event which is to be executed or granted after the expiration of the Inspection Period, Seller’s request for Purchaser’s approval. If obtaining Purchaser’s approval is requested by Seller as to any of such Lease Event, . Purchaser shall be held to the same standard for approval as Seller is or the Subsidiary, as applicable, are held to in the document giving rise to such approval approval, consent, or consent acknowledgement right, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed Lease Event within three (3) Business Days after Purchaser’s receipt of the items in Section 6.1.4(a) and Section 6.1.4(b). If Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed to have approved such Lease Event. Purchaser’s approval rights and obligations will vary depending on whether such Lease Event is to be executed or granted before or after the expiration of the Inspection Period, as follows:
(1) Purchaser’s approval shall not be required with regard to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final three (3) Business Days of the Inspection Period, the Inspection Period will be extended to the third (3rd) Business Day following the date such notice is given to Purchaser.
(2) With respect to a request for approval delivered by Seller to Purchaser for the execution or grant of a Lease Event after the expiration of the Inspection Period, so So long as Purchaser has complied with its the standard for review described above, Purchaser may withhold its approval in its reasonable discretion, and Seller may will cause the Subsidiary not to execute or grant such Lease Event without Purchaser’s written approval. Seller shall cause the Subsidiary not to apply any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after unless the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller Subsidiary has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller the Subsidiary as of the Effective Date are set forth on Schedule 6.1.4. Seller shall deliver to Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such date.
Appears in 1 contract
Samples: Partnership Interests Purchase and Sale Agreement (Dividend Capital Total Realty Trust Inc.)
Leasing; License Agreements. Seller will not (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease Agreement or License Agreement, (iii) enter into any new Lease or new License Agreement or (iv) grant its consentwithout Purchaser's prior written consent thereto. In connection with Purchaser's review of any such proposed amendment, to the extent Seller’s consent is requiredtermination, to a sublease of the Property, a modification or assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any new Lease or new License Agreement (the foregoing items (i)other than a Proposed Amendment, (ii), (iii) and (iv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Seller shall provide Purchaser (a) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, tenant financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s possession, and (b) as to any such amendment or termination of a Lease Event or License Agreement or new Lease or new License Agreement which is to be executed or granted after the expiration of the Inspection Period, Seller’s request for Purchaser’s approval. If In connection with Seller's request for Purchaser’s approval is requested by Seller consent to any amendment or termination of a Lease or License Agreement, or as to any a new Lease Eventor new License Agreement, Purchaser shall be held to the same standard for approval as Seller is held to in the document giving rise to such approval or consent right, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed amendment or termination of a Lease Event or License Agreement or new Lease or new License Agreement within three (3) Business Days business days after Purchaser’s receipt of the items in Section 6.1.4(a(a) and Section 6.1.4(b)(b) of this Subsection 6.1.4. If Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed to have approved such amendment, termination or new Lease Eventor new License Agreement. Purchaser’s approval rights and obligations will vary depending on whether such Lease Event the request for approval from Seller is delivered to be executed or granted Purchaser before or after the expiration of the Inspection Period, as follows:
(1) Purchaser’s approval shall not be required with regard to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final three (3) Business Days of the Inspection Period, the Inspection Period will be extended to the third (3rd) Business Day following the date such notice is given to Purchaser.
(2i) With respect to a request for approval delivered by Seller to Purchaser for before the execution expiration of the Inspection Period, Purchaser shall not unreasonably withhold, condition or grant delay its consent to an amendment or termination of a Lease Event or License Agreement or the entering into of a new Lease or License Agreement. In the event that Seller elects to amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement without obtaining Purchaser's consent thereto, then Purchaser may, at the time Purchaser is notified by Seller of the execution of said amendment, termination or new Lease or License Agreement, elect to terminate this Agreement and receive a return of the Exxxxxx Money; provided that if Purchaser does not elect to terminate within three (3) business days after its receipt of said notification from Seller, then Purchaser shall have waived its right to terminate pursuant to this Subsection 6.1.4.
(ii) With respect to a request for approval delivered by Seller to Purchaser after the expiration of the Inspection Period, so long as Purchaser has complied with its standard for review described above, Purchaser may withhold its approval in consent at its reasonable sole discretion, and Seller may not execute amend or grant such terminate a Lease Event or License Agreement or enter into a new Lease or new License Agreement without Purchaser’s written approvalconsent. Seller shall not apply any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller acknowledges that, as of the Effective Date are set forth Date, Seller (y) is negotiating amendments to each of the Leases described on Schedule 6.1.4. Seller shall deliver to 3 attached hereto and made a part hereof and (z) has provided Purchaser three (3) Business Days before the end with copies of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as drafts of such dateamendments (the “Proposed Amendments”). Purchaser hereby approves the Proposed Amendments provided the net economic terms in the final drafts of the amendment documentation is not materially different from the drafts provided to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Plymouth Industrial REIT Inc.)
Leasing; License Agreements. During the term of this Agreement, Seller will not (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease Agreement or License Agreement, (iii) enter into any new Lease or new License Agreement or (iv) grant its consent, to the extent Seller’s without Purchaser's approval. If Purchaser's consent is requiredrequested by Seller as to any amendment or termination of a Lease or License Agreement, or as to a sublease new Lease or new License Agreement, Purchaser agrees to give Seller written notice of the Property, a modification approval or assignment disapproval of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result proposed amendment or termination of a Casualty or any other item for which a consent is required under any Lease or License Agreement or new Lease or new License Agreement within five (the foregoing items (i), (ii), (iii5) and (iv) are each referred to herein as, a “Lease Event”) business days after the Effective Date and prior to the Closing Date without first providing Purchaser Purchaser's receipt of (a) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, tenant financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s 's possession, and (b) as to any Lease Event which is to be executed or granted after the expiration of the Inspection Period, Seller’s 's request for Purchaser’s 's approval. If Purchaser’s approval is requested by Seller as to any Lease Event, Purchaser shall be held to the same standard for approval as Seller is held to in the document giving rise to such approval or consent right, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed Lease Event within three (3) Business Days after Purchaser’s receipt of the items in Section 6.1.4(a) and Section 6.1.4(b). If Purchaser does not respond to Seller’s 's request within such time period, then Purchaser will be deemed to have approved such amendment, termination or new Lease Eventor new License Agreement. Purchaser’s 's approval rights and obligations will vary depending on whether such Lease Event when the request for approval from Seller is delivered to be executed or granted before or after the expiration of the Inspection PeriodPurchaser, as follows:
(1) Purchaser’s With respect to a request for approval shall not be required with regard delivered by Seller to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final at least three (3) Business Days days before the expiration of the Inspection Period, the Inspection Period will Purchaser's consent shall not be extended to the third (3rd) Business Day following the date such notice is given to Purchaserunreasonably withheld, conditioned or delayed.
(2) With respect to a request for approval delivered by Seller to Purchaser for the execution or grant of a Lease Event after within three (3) days before the expiration of the Inspection Period, so long as Purchaser has complied with its standard for review described above, Purchaser may withhold its approval consent in its reasonable sole discretion. Purchaser acknowledges that Seller was negotiating the terms of a proposed lease with Men's Wearhouse during the negotiation of this Agreement, which lease has been executed prior to the Effective Date. Purchaser has approved the Lease Agreement dated September 9, 2014, between Seller, as landlord, and Seller may not execute or grant such Lease Event without Purchaser’s written approval. Seller shall not apply any The Men's Wearhouse, Inc., a Texas corporation, as tenant or licensee security deposits on account of any alleged default by any tenant or licensee after (the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller as of the Effective Date are set forth on Schedule 6.1.4. Seller shall deliver to Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such date"Men's Wearhouse Lease").
Appears in 1 contract
Samples: Purchase and Sale Agreement (Cole Credit Property Trust V, Inc.)
Leasing; License Agreements. Seller will not (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease or License Agreement, (iii) enter into any new Lease or new License Agreement or (iv) grant its consent, to the extent Seller’s consent is required, to a sublease of the Property, a modification or assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any Lease or License Agreement (the foregoing items (i), (ii), (iii) and (iv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Purchaser (a) all relevant supporting documentationFor so long as this Agreement remains in effect, as reasonably determined by SellerHunter's Creek Seller and Metrowest Seller will continue their respective present rental programs and efforts at the Hunter's Creek Property and the Metrowest Property to rent apartment units and renew expiring Leases, including, without limitation, financial information for the assignee, tenant, subtenant and any guarantor subject to the extent in Seller’s possession, and (b) as to any Lease Event which is to be executed or granted following conditions after the expiration of the Inspection Period, Period and provided this Agreement remains in effect:
(i) Seller shall not enter into new Leases or renew expiring Leases other than on Seller’s request standard form of Lease or for terms of under three (3) months or in excess of fifteen (15) months (unless otherwise approved by Purchaser in its reasonable discretion);
(ii) Seller shall not provide concessions or tenant incentives on any new or renewed Lease without Purchaser’s prior approval in its sole discretion, other than up-front rent credits not to exceed one (1) month’s rent; and
(iii) Seller shall not apply security deposits due to a tenant default which either (A) has been in existence more than ninety (90) days prior to the Effective Date or (B) is less than thirty (30) days old, unless Purchaser approves in its commercially reasonable discretion.
(b) Nothing herein shall in any way affect or restrict the right of Seller to seek to enforce its rights under any Lease, but the taking of any actions or the exercise of any remedies after the end of the Inspection Period which could result in the termination of the Lease shall require the written consent of Purchaser which shall not be unreasonably withheld, delayed or conditioned; provided, however, that such action is consistent with what a reasonable and prudent property owner would do under the circumstances then existing.
(c) Following the expiration of the Inspection Period and provided this Agreement remains in effect, Seller will not amend or terminate any existing License Agreement or enter into any new License Agreement without Purchaser's approval, in Purchaser’s sole discretion. If Purchaser’s approval 's consent is requested by Seller as to any Lease Eventamendment or termination of a License Agreement, Purchaser shall be held or as to the same standard for approval as Seller is held to in the document giving rise to such approval or consent righta new License Agreement, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed Lease Event within three five (35) Business Days business days after Purchaser’s 's receipt of the items in Section 6.1.4(a) and Section 6.1.4(b)request therefor. If Purchaser does not respond to Seller’s 's request within such time period, then Purchaser will be deemed to have approved disapproved such Lease Event. Purchaser’s approval rights and obligations will vary depending on whether such Lease Event is to be executed amendment, termination or granted before or after the expiration of the Inspection Period, as follows:
(1) Purchaser’s approval shall not be required with regard to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final three (3) Business Days of the Inspection Period, the Inspection Period will be extended to the third (3rd) Business Day following the date such notice is given to Purchasernew License Agreement.
(2) With respect to a request for approval delivered by Seller to Purchaser for the execution or grant of a Lease Event after the expiration of the Inspection Period, so long as Purchaser has complied with its standard for review described above, Purchaser may withhold its approval in its reasonable discretion, and Seller may not execute or grant such Lease Event without Purchaser’s written approval. Seller shall not apply any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller as of the Effective Date are set forth on Schedule 6.1.4. Seller shall deliver to Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such date.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Bluerock Residential Growth REIT, Inc.)
Leasing; License Agreements. From the Effective Date through Closing or the earlier termination of this Agreement, Seller will not (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease Agreement or License Agreement, (iii) enter into any new Lease or new License Agreement or (iv) grant its consent, to the extent Seller’s consent is required, to a sublease of the Property, a modification or assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any Lease or License Agreement (the foregoing items (i), (ii), (iii) and (iv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Purchaser (a) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, all Leasing Costs to be incurred and tenant financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s possession, and (b) as to any such amendment or termination of a Lease Event or License Agreement or new Lease or new License Agreement which is to be executed or granted after the expiration of the Inspection Period, Seller’s request for Purchaser’s approval. If Purchaser’s approval consent is requested by Seller as to any amendment or termination of a Lease Eventor License Agreement, Purchaser shall be held or as to the same standard for approval as Seller is held to in the document giving rise to such approval a new Lease or consent rightnew License Agreement, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed amendment or termination of a Lease Event or License Agreement or new Lease or new License Agreement within three (3) Business Days after Purchaser’s receipt of the items in Section 6.1.4(aSections 6.1.3(a) and Section 6.1.4(b6.1.3(b). If Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed to have approved such amendment, termination or new Lease Eventor new License Agreement. Purchaser’s approval rights and obligations will vary depending on whether such Lease Event the request for approval from Seller is delivered to be executed or granted Purchaser before or after the three Business Days before expiration of the Inspection Period, as follows:
(1) Purchaser’s With respect to a request for approval shall delivered by Seller to Purchaser not be required with regard to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final later than three (3) Business Days before the expiration of the Inspection Period, Purchaser’s consent shall not be required. Moreover, whether or not Purchaser consents to an amendment or termination of a Lease or License Agreement or the Inspection Period will be extended entering into of a new Lease or License Agreement, Seller may amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement at any time prior to the third (3rd) Business Day following before the date such notice expiration of the Inspection Period; however, if Purchaser does not consent to same or is given not deemed to have approved same, and if Seller elects to amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement notwithstanding Purchaser's failure to approve same, then Purchaser may, at the xxxx Xxxxxx notifies Purchaser of the execution of said amendment, termination or new Lease or License Agreement, elect to terminate this Agreement and receive a return of the Xxxxxxx Money; provided that if Purchaser does not elect to terminate within five days after said notification from Seller, then Purchaser shall have waived its right to terminate pursuant to this Section 6.1.3.
(2) With respect to a request for approval delivered by Seller to Purchaser for after the execution or grant of a Lease Event after third Business Day before the expiration of the Inspection Period, so long as Purchaser has complied with its standard for review described above, Purchaser may withhold its approval consent in its reasonable sole discretion, and Seller may not execute amend or grant such terminate a Lease Event or License Agreement or enter into a new Lease or new License Agreement without Purchaser’s written approval. Seller consent; however, Purchaser shall not apply have any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to approval rights if Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller is contractually obligated as of the Effective Date are set forth on Schedule 6.1.4. to take such action under the terms of any such Lease or License Agreement (in which case Purchaser’s consent shall not be required but Seller shall deliver to notify Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such datethereof in writing).
Appears in 1 contract
Samples: Purchase and Sale Agreement (Piedmont Office Realty Trust, Inc.)
Leasing; License Agreements. Seller will not (i) amend or terminate any existing Lease or License Agreement, (ii) consent to the assignment of any Lease Agreement or License Agreement, (iii) enter into any new Lease or new License Agreement or (iv) grant its consent, to the extent Seller’s consent is required, to a sublease of the Property, a modification or assignment of a sublease covering the Property, a substitution of the Property covered by the Lease with The Goodyear Tire & Rubber Company as a result of a Casualty or any other item for which a consent is required under any Lease or License Agreement (the foregoing items (i), (ii), (iii) and (iv) are each referred to herein as, a “Lease Event”) after the Effective Date and prior to the Closing Date without first providing Purchaser (ai) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, tenant financial information for the assignee, tenant, subtenant and any guarantor to the extent in Seller’s possession, and (bii) as unless the new Lease or amendment to any existing Lease Event which is to be executed or granted after the expiration for a month-to-month tenancy of the Inspection Periodoffice space, Seller’s request for Purchaser’s approval. If Purchaser’s approval is requested by Seller as to any Lease Event, Purchaser shall be held to the same standard for approval as Seller is held to in the document giving rise to such approval or consent right, and Purchaser agrees to give Seller written notice of its approval or disapproval of a proposed amendment or termination of a Lease Event or License Agreement or new Lease or new License Agreement within three (3) Business Days business days after Purchaser’s receipt of the items in Section 6.1.4(a(i) and Section 6.1.4(b)(ii) of this Subsection 6.1.4. If Purchaser will be deemed to have approved such amendment, termination or new Lease or new License Agreement if (i) Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed period or (ii) the new Lease or amendment to have approved existing Lease for office space within the Improvements is for a minimum term of three (3) years with an effective rate over the term of such new Lease Eventor amendment to existing Lease of at least $20 per rentable square foot full service (which effective rental rate must increase at least $.50 for each one-year increase in the proposed term beyond 3 years) and with combined tenant finish allowance and leasing commissions of a maximum of $17.00 per rentable square foot. Purchaser’s approval rights and obligations will vary depending on the type of space being leased and whether such Lease Event the request for approval from Seller is delivered to be executed or granted Purchaser before or after the expiration of the Inspection Period, as follows:
(1) Purchaser’s approval shall not be required with regard to any Lease Event which is to be executed or granted on or prior to the end of the Inspection Period. If Seller gives Purchaser notice of the execution or grant of a Lease Event during the final three (3) Business Days of the Inspection Period, the Inspection Period will be extended to the third (3rd) Business Day following the date such notice is given to Purchaser.
(2i) With respect to a request for approval for office space delivered by Seller to Purchaser for the execution or grant of a Lease Event after at least five (5) business days before the expiration of the Inspection Period, so long as Purchaser’s consent shall not be unreasonably withheld.
(ii) With respect to a request for approval for office space delivered by Seller to Purchaser has complied with its standard for review described aboveat any time following five (5) business days prior to the expiration of the Inspection Period, Purchaser may withhold its approval in consent at its reasonable sole discretion, and Seller may not execute amend or grant such terminate a Lease Event or License Agreement or enter into a new Lease or new License Agreement without Purchaser’s written approval. consent, other than for a month-to-month tenancy.
(iii) With respect to a request for approval for all or any portion of the restaurant space currently occupied by Monti’s Restaurant delivered by Seller to Purchaser at any time after the Effective Date, Purchaser’s consent shall not apply any tenant or licensee security deposits on account of any alleged default by any tenant or licensee after the earlier of three (3) Business Days before the end of the Inspection Period and the date when Purchaser has delivered the Due Diligence Waiver Notice to Seller pursuant to Section 4.3.1 hereof unless Seller has terminated the applicable Lease or License Agreement and obtained possession of the demised or licensed premises. All tenant and licensee security deposits collected and not applied by Seller as of the Effective Date are set forth on Schedule 6.1.4. Seller shall deliver to Purchaser three (3) Business Days before the end of the Inspection Period an update to Schedule 6.1.4 to reflect the current amount of all security deposits collected and not applied by Seller as of such datebe unreasonably withheld.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Amerivest Properties Inc)