LEASING OBLIGATIONS. Manager shall use its diligent, good faith efforts during the term of this Agreement to lease the Property in accordance with the Annual Plan. In connection therewith, Manager shall:
LEASING OBLIGATIONS. Manager shall have first leasing and/or marketing rights, however, manager may, with the approval of the owner, contract with real estate brokers to provide leasing services to the Project.
LEASING OBLIGATIONS. Prior to the Closing Date and through and including a period ending on the first to occur of (x) the date that Qualifying Leases (defined below) have been executed with tenants occupying not less than 15,344 square feet of the Vacant Suites or (y) 18 months after the Closing Date (the “Guarantee Period”) Seller shall undertake to lease the Vacant Suites. Seller will guaranty the payment of rental revenue (being the base “Monthly Rent + CAM” expenses) on the Vacant Suites at rates shown on Exhibit 1 to the Financial Agreement (“Exhibit 1”) from the Closing Date until the earlier of (a) the expiration of the Guarantee Period or (b) the first day following the date that Qualifying Leases (defined below) have been signed and Tenants are occupying leased premises and paying rent on Vacant Suites totaling not less than 15,344 square feet of rentable area. A “Qualifying Lease” is a fully executed lease with a third party tenant meeting all of the following criteria: (i) a minimum lease base rent of $9.60/sf per year, nnn, with annual rental increases of no less than 3%, to be applied each year; (ii) a minimum lease term of three years; (iii) a tenant improvement allowance of not more than $12.00/sf for the entire leased area, and (iv) the tenant has been approved by Bedford as meeting Bedford’s customary creditworthiness requirements and other leasing criteria, which approval shall not be unreasonably withheld or conditioned. An existing Tenant that is either relocating suites or downsizing would not be considered a Qualifying Tenant. In the event that the tenant improvement allowance for a particular lease exceeds $12.00/sf (the “Excess TI’s”), Bedford will pay the amount of the Excess TI’s from its own funds outside of the Escrow Holdback provided that the first year annual base rent exceeds $9.60/sf by a minimum of 20% of the amount of the Excess TI’s. For example, if the total tenant improvement allowance for the lease of a Vacant Suite was proposed to be $18/sf for the entire leased area, the minimum acceptable first year base rent for a Qualifying Lease of that space would be $10.80/sf per year [$9.60 + (($18.00 - $12.00) * 20%)] and Bedford would pay $6/sf toward the cost of the tenant improvements. Bedford and Seller will cooperate in the leasing of the Vacant Suites, including mutually agreeing to the selection of a marketing agent.
LEASING OBLIGATIONS. 18 B. Brokers..................................................................19 C.
LEASING OBLIGATIONS. Manager shall use its diligent, good faith efforts during the term of this Agreement to lease the Property in accordance with the Annual Plan. In connection therewith, Manager shall: (1) assist in the preparation of and make recommendations to Owner as to variations to the Standard Form of Shop Lease to be used at the Property from time to time; (2) use the Standard Form of Shop Lease as the basis for the negotiation of all Small Shop Leases and Large Shop Leases; (3) subject to the terms of the Leasing Guidelines, negotiate the terms and conditions of all Leases, including, without limitation, all extensions, renewals, amendments and modifications thereto, in accordance with the Annual Plan, with such immaterial variances from the Standard Form of Shop Lease as may be reasonably required, unless otherwise authorized in writing by Owner, PROVIDED that Manager may negotiate terms and conditions for Leases which vary from the rent terms set forth in the Leasing Guidelines by up to ten percent (10%); (4) arrange for the execution of Leases and all amendments and modifications thereto by all parties thereto, and distribute copies thereof in accordance with this Agreement; (5) locate and endeavor to secure, in accordance with the Annual Plan, suitable Occupants for all areas of the Property that may be vacant from time to time or are to be come vacant in the near future and are reasonably available for occupation or use, including, to the extent applicable, the Common Areas; (6) review the general suitability of prospective Occupants and, to the extent Manager may deem it reasonably necessary or appropriate, seek references from prospective Occupants and conduct such other investigations as will establish whether or not the prospective Occupant is capable of performing all obligations which the prospective Occupant would be required to perform under its Lease; (7) coordinate the activities of management, leasing, design and engineering personnel and/or consultants to implement the leasing program for the Property; and 15 <PAGE> (8) perform such other leasing activities as may be required by and consistent with the prevailing national standard for properties of a similar type and quality as the Property. B.
LEASING OBLIGATIONS. Following the date on which Buyer Completes Construction on the Office Building and continuing until the fifteenth anniversary of the date on which Buyer Completes Construction of the Office Building, Buyer shall not lease any portion of the Office Building to a third party that is not Buyer or a Buyer Affiliate without the consent of the City Manager, which consent shall not be unreasonably withheld or delayed; provided that Buyer is in substantial compliance with this Agreement. For purposes of this Agreement, the term “Affiliate” shall mean any corporation or business entity which controls, is controlled by or is under common control with Buyer, or a corporation or other business entity resulting from a merger or consolidation with Buyer, or to any person or entity which acquires substantially all of the assets of Buyer’s businesses as a going concern.
