Common use of Leasing of Property Clause in Contracts

Leasing of Property. From the date of this Agreement through and including the Third Closing Date, Seller agrees not to (i) enter into any new leases, other than month-to-month leases entered into on market terms, but without any discounts or rental concessions, other than those discounts or rental concessions that are consistent with Seller’s leasing practices over the twelve (12) month period prior to the date of this Agreement, or (ii) amend, terminate or accept the surrender of any existing leases, including the Additional Leases or are competitive with those of other geographically proximate unaffiliated self storage facilities, if any, or directly or indirectly grant any discounts or rental concessions to any present or future tenant of the Property, without the prior written consent of Purchaser which may be granted or withheld in Purchaser’s sole discretion. Seller represents and warrants to Purchaser that (i) no leases have been or shall be entered into with any party that, directly or indirectly, has an ownership interest in Seller, or is otherwise in any manner affiliated with Seller (an "Affiliate"), except for leases with Affiliates which were entered into in an arms length transaction upon terms consistent with Seller’s leasing practices (herein referred to as “Affiliate Leases”), which Affiliate Leases shall be identified by Seller in writing to Purchaser no later than 10 days prior to the expiration of the Approval Period, and (ii) except as provided in the following sentence, all future leases shall be entered into only with third parties that are unknown to Seller, any Affiliates of Seller, and their respective officers, directors, principals, managers, members, partners, shareholders, agents and/or representatives. To the extent Affiliate Leases are below then current market rates, Seller shall, prior to Closing, enter into replacement leases with such Affiliates on Purchaser’s form of lease at current market rates on a month to month basis.

Leasing of Property. From the date of this Agreement through and including the Third Closing Date, Seller agrees not to (i) enter into any new leases, other than month-to-month leases entered into on market terms, but without any discounts or rental concessions, other than those discounts or rental concessions that are consistent with Seller’s leasing practices over the twelve (12) month period prior to the date of this Agreement, or (ii) amend, terminate or accept the surrender of any existing leases, including the Additional Leases or are competitive with those of other geographically proximate unaffiliated self storage facilities, if any, or directly or indirectly grant any discounts or rental concessions to any present or future tenant of the Property, without the prior written consent of Purchaser which may be granted or withheld in Purchaser’s sole discretion. Seller represents and warrants to Purchaser that (i) no leases have been or shall be entered into with any party that, directly or indirectly, has an ownership interest in Seller, or is otherwise in any manner affiliated with Seller (an "“Affiliate"”), except for leases with Affiliates which were entered into in an arms length transaction upon terms consistent with Seller’s leasing practices (herein referred to as “Affiliate Leases”), which Affiliate Leases shall be identified by Seller in writing to Purchaser no later than 10 days prior to the expiration of the Approval Period, and (ii) except as provided in the following sentence, all future leases shall be entered into only with third parties that are unknown to Seller, any Affiliates of Seller, and their respective officers, directors, principals, managers, members, partners, shareholders, agents and/or representatives. To the extent Affiliate Leases are below then current market rates, Seller shall, prior to Closing, enter into replacement leases with such Affiliates on Purchaser’s form of lease at current market rates on a month to month basis.