Leasing. 6.1 Company hereby approves (i) all leases of any portion of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date. 6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant. 6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction. 6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants. 6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries. 6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property. 6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature. 6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 35 contracts
Samples: Property Management Agreement, Property and Asset Management Agreement (Strategic Realty Trust, Inc.), Property Management Agreement (Strategic Realty Trust, Inc.)
Leasing. 6.1 Company hereby approves Borrower shall be permitted to enter into Qualified Leases without Agent’s consent. A “Qualified Lease” means a lease or amendment, renewal or extension thereof that (ia) all leases provides for rental rates and term, which, in New Borrower’s reasonable judgment (supported by applicable evidence in Agent’s reasonable discretion), are comparable to existing local market rates and terms, (b) is an arms-length transaction, (c) is for a term of any portion not more than six (6) years, but not exceeding the Initial Maturity Date of the Property (collectivelyNew Loan; provided, and together with any amendments thereto, assignments thereof and guaranties thereto pertaininghowever, the “Leases”term of such lease may be more than six (6) years or exceed the Initial Maturity Date if such lease is cancelable after the earlier of six (6) years or the Initial Maturity Date by the landlord thereunder (or successor thereto) on not less than ninety (90) days notice, (d) provides that such lease is subordinate to the First Lien Mortgage and that the tenant under such lease shall attorn to Agent and (e) is on New Borrower’s standard form lease (which shall be previously approved by Agent). Any lease which is not a Qualified Lease shall be permitted only with Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. In the event that Agent fails to notify Borrower within ten (10) Business Days after receipt of Borrower’s written request for consent, such consent shall be deemed to be given. While New Borrower would expect that short-term leases where extensive tenant installation work is not required will generally not require a non-disturbance agreement (and New Borrower shall not offer one in effect as those circumstances), if and to the extent that New Borrower believes it is appropriate to seek a non-disturbance agreement, whether due to the lease term, credit of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacanttenant or expense of required tenant installation, leasable space in Agent will not unreasonably withhold, condition or delay its consent thereto. Upon the Property and to renew Lease agreements in effect as second anniversary of the Effective Date, New Borrower and Company hereby grants Property Manager the power and authority Agent shall cooperate in all reasonable respects to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with reevaluate the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation provisions of the Property and inconvenience to other Tenantsdefinition of “Qualified Lease”.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 5 contracts
Samples: Lock Up and Plan Support Agreement, Lock Up and Plan Support Agreement (FX Real Estate & Entertainment Inc.), Lock Up and Plan Support Agreement (FX Real Estate & Entertainment Inc.)
Leasing. 6.1 Company hereby approves (i) all leases To not enter into any new Lease with respect to the Property, without Buyer’s prior written consent. The exercise of a mandatory renewal option, shall not be considered a new lease. To the extent specifically disclosed to and approved by Buyer in connection with any portion request for approval, any brokerage commission and the cost of tenant improvements or other allowances payable with respect to a new Lease shall be prorated between Buyer and Seller in accordance with their respective periods of ownership as it bears to the primary term of the Property (collectivelynew Lease. Further, and together with Seller will not modify or cancel any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable existing Lease covering space in the Property and to renew Lease agreements in effect as without first obtaining the written consent of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoingBuyer. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company Buyer shall have five (5) business days after following receipt of the Proposed Lease Transaction a request for any consent pursuant to this Section 7.3.3 in which to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed new Lease Transaction or any modification or cancellation of any existing Lease. Failure to respond in writing within the Lease Review Period, Company said time period shall be deemed to have approved be an approval. Seller’s execution of a new lease or modification or cancellation of an existing Lease following Buyer’s refusal to consent thereto shall constitute a default hereunder. Before the expiration of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants Due Diligence Period, Buyer may not unreasonably withhold, condition or delay its consent under the Leases (each, a “Tenant,” and collectively, the “Tenants”)this Section 7.3.3; (b) to retain existing Tenants in the Property and, after completion expiration of the initial leasing activity for new TenantsDue Diligence Period, to retain Buyer shall have sole discretion in all such new Tenants; (c) to secure compliance by matters. In the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints event of a nature which might default under this Agreement by Buyer, Buyer shall have a material adverse effect on no further consent rights regarding new leases or modification of existing Leases. In the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease event that Seller enters into any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices new Lease with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan Property that (hereafter definedi) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated was entered into by the Leases (collectively, “Tenant Improvements”) Seller in accordance with this Section 7.3.3, and (ii) was not included in the terms of this Agreement. For any Tenant Improvement contract requiring payment Argus run dated September 22, 2010 delivered to Buyer prior to the Effective Date, then Buyer agrees to pay to the Seller, at Closing, (a) the tenant improvement allowance set forth in excess such new lease to complete landlord’s work in connection therewith, not to exceed of $100,00020.00 per rentable square foot, and (b) a 4% leasing commission based upon the Property Manager shall follow total annual rent for the bidding requirements specified in Section 7.2term of the new Lease.
Appears in 5 contracts
Samples: Purchase and Sale Agreement (Healthcare Trust of America, Inc.), Purchase and Sale Agreement (Healthcare Trust of America, Inc.), Purchase and Sale Agreement (Healthcare Trust of America, Inc.)
Leasing. 6.1 Company hereby approves (i) all leases of any portion of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect The following shall apply so long as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); Mezzanine Loan is outstanding or (b) an Event of Default is continuing: Borrower shall not permit Owner to retain enter into a proposed Material Lease or a proposed renewal, extension or modification of an existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon Material Lease without the prior written consent of CompanyLender, Property Manager which consent shall not lease any space in the Property not, so long as no Event of Default is continuing, be unreasonably withheld or delayed. Prior to itself or seeking Lender’s consent to any Material Lease, Borrower shall or shall cause Owner to deliver to Lender a copy of its affiliates such proposed lease (a “Proposed Material Lease”) blacklined to show changes from the standard form of Lease approved by Lender and then being used by Owner. Lender shall approve or subsidiaries.
6.6 Property Manager disapprove each Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease for which Lender’s approval is required under this Agreement within five (5) Business Days of the submission by Borrower or Owner to Lender of a written request for such approval, accompanied by a final copy of the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. If requested by Borrower or Owner, Lender will grant conditional approvals of Proposed Material Leases or proposed renewals, extensions or modifications of existing Material Leases at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and Company agree approved by Lender in connection with such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. Provided that there no Event of Default is continuing, if Borrower or Owner provides Lender with a written request for approval (which written request shall specifically refer to this Section 5.10.2 and shall explicitly state in 14-point bold type that failure by Lender to approve or disapprove within five (5) Business Days will constitute a deemed approval) and Lender fails to reject the request in writing delivered to Borrower or Owner within five (5) Business Days after receipt by Lender of the request, the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease shall be no discrimination against deemed approved by Lender, and Owner shall be entitled to enter into such Proposed Material Lease or segregation proposed renewal, extension or modification of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Propertyan existing Material Lease.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 3 contracts
Samples: Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Leasing. 6.1 Company hereby approves (i) all leases of any portion of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect The following shall apply so long as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (eachMezzanine Loan is outstanding, a “Tenant,” and collectively, the “Tenants”); or (b) to retain an Event of Default is continuing: Borrower shall not enter into a proposed Material Lease or a proposed renewal, extension or modification of an existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon Material Lease without the prior written consent of CompanyLender, Property Manager which consent shall not lease any space in the Property not, so long as no Event of Default is continuing, be unreasonably withheld or delayed. Prior to itself or seeking Lender’s consent to any Material Lease, Borrower shall deliver to Lender a copy of its affiliates such proposed lease (a “Proposed Material Lease”) blacklined to show changes from the standard form of Lease approved by Lender and then being used by Borrower. Lender shall approve or subsidiaries.
6.6 Property Manager disapprove each Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease for which Lender’s approval is required under this Agreement within five (5) Business Days of the submission by Borrower to Lender of a written request for such approval, accompanied by a final copy of the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. If requested by Borrower, Lender will grant conditional approvals of Proposed Material Leases or proposed renewals, extensions or modifications of existing Material Leases at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and Company agree approved by Lender in connection with such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. Provided that there no Event of Default is continuing, if Borrower provides Lender with a written request for approval (which written request shall specifically refer to this Section 5.10.2 and shall explicitly state in 14-point bold type that failure by Lender to approve or disapprove within five (5) Business Days will constitute a deemed approval) and Lender fails to reject the request in writing delivered to Borrower within five (5) Business Days after receipt by Lender of the request, the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease shall be no discrimination against deemed approved by Lender, and Borrower shall be entitled to enter into such Proposed Material Lease or segregation proposed renewal, extension or modification of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Propertyan existing Material Lease.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 2 contracts
Samples: Loan Agreement (Hines Global REIT, Inc.), Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Leasing. 6.1 Company hereby approves Seller will, and will cause its applicable Subsidiaries to, conduct their leasing activities consistent with past practices subject to changes consistent with prevailing market practices. Seller or the Subsidiaries may enter into any new lease, or amend, modify or terminate any Lease that falls within the guidelines provided in Schedule 6.2-1 of the Disclosure Schedule (i) all leases the "Leasing Guidelines"). Seller will apprise Purchaser of leasing activities with respect to the Properties, including notice of any portion of the Property (collectivelyloans made by Seller or any Subsidiary to any Tenant. Seller will not, and together with will cause its Subsidiaries not to, enter into any amendments theretonew lease, assignments thereof and guaranties thereto pertainingor otherwise amend, the “Leases”) in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacantmodify or terminate any Lease, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager that does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction fall within the Lease Review PeriodLeasing Guidelines without Purchaser's prior written consent in each instance, which consent will not be unreasonably withheld, delayed or conditioned. Any notice from Purchaser rejecting a proposed new lease or amendment, modification or termination of disapproval shall any Lease that does not fall within the Leasing Guidelines must include a description of the reasons for Purchaser's rejection. Purchaser will be provided with monthly leasing reports and permitted to attend all leasing meetings. Notwithstanding anything herein to the contrary, except as set forth on Schedule 6.2-2 of the grounds for such disapproval with specificity such Disclosure Schedule, Seller will not, and will cause its Subsidiaries not to, enter into any new lease, or otherwise amend, modify or terminate any Lease, that Property Manager may endeavor to address those grounds is over 10,000 square feet (taking into account all expansion options), or enter into any Required Lease that are not on the same terms and conditions set forth on Schedule 9.4(g) of the Disclosure Schedule, whether or not same falls within the Leasing Guidelines without Purchaser's prior written consent in a revised Proposed Lease Transaction to each instance, which consent will not be thereafter submitted to Companyunreasonably withheld, delayed or conditioned. If Company Purchaser fails to notify Property Manager of its disapproval of any Proposed Lease Transaction object to such lease, amendment, modification or termination within the Lease Review Period5 Business Days, Company shall Purchaser will be deemed to have approved of the Proposed Lease Transactionthat lease, amendment, modification or termination.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 2 contracts
Samples: Purchase Agreement (New Plan Excel Realty Trust Inc), Purchase Agreement (New Plan Excel Realty Trust Inc)
Leasing. 6.1 Company hereby approves (i) all leases Seller shall promptly notify Purchaser in writing of any portion each proposed renewal, expansion, extension or material modification of an existing Tenant Lease and each proposed new Tenant Lease. In the Property (collectivelyevent that Seller wishes to execute a renewal, and together with any amendments theretoexpansion, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as extension or material modification of an existing Tenant Lease or a new Tenant Lease after the Effective Date.
6.2 Property Manager Date and prior to Closing, Seller shall use commercially reasonable efforts submit to lease all vacantPurchaser a copy of each such proposed renewal, leasable space in the Property and to renew Lease agreements in effect as expansion, extension or material modification of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective an existing Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or new Tenant Lease renewal for approval (eachthat Seller wishes to execute and Purchaser shall give notice to Seller in writing, a “Proposed Lease Transaction”). Company shall have within five (5) business days Business Days after receipt delivery thereof that Purchaser either approves or disapproves the renewal, expansion, extension or material modification of the Proposed existing Tenant Lease Transaction or the new Tenant Lease, including all Tenant Inducement Costs and leasing commissions to approve be incurred in connection therewith, which approval shall not be unreasonably withheld by Purchaser prior to the expiration of Purchaser’s Inspection Period and which may be withheld in Purchaser’s sole and absolute discretion after the expiration of Purchaser’s Inspection Period; provided that if any such renewal, expansion or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval extension is pursuant to an option or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds other right expressly contained in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review PeriodTenant Lease, Company Purchaser shall be deemed to have approved such properly exercised renewal, expansion or extension. If Purchaser timely disapproves such renewal, expansion, extension or material modification of an existing Tenant Lease or new Tenant Lease, Seller shall not execute the disapproved renewal, expansion, extension or material modification of the Proposed existing Tenant Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; disapproved new Tenant Lease. In the event Purchaser fails to notify Seller in writing of Purchaser’s approval or disapproval within such period of five (5) Business Days, such failure shall be deemed approved by Purchaser. Subject to the provisions of Section 4(e) above, at Closing, Purchaser shall reimburse Seller for all Tenant Inducement Costs, leasing commissions or other expenses, including reasonable legal fees, paid by Seller pursuant to every renewal or expansion or material modification of an existing Tenant Lease and every new Tenant Lease approved (eor deemed approved) to supervise by Purchaser and executed after the moving in and out of Tenants and arrangeEffective Date, but only to the extent possiblethe amounts of such Tenant Inducement Costs, leasing commissions or other expenses are disclosed to Purchaser in writing on or before the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of CompanyEffective Date, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Propertyor, as well as noticesto those new Tenant Leases or any renewal or expansion or material modification of an existing Tenant Lease exercised or executed after the Effective Date, estoppels certificates and other documents relating are disclosed to Purchaser in writing at the Loan (hereafter defined) which time the same are ministerial in natureentered into.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (KBS Real Estate Investment Trust III, Inc.)
Leasing. 6.1 Neither the Company hereby approves (i) all leases nor any Company Subsidiary shall during the pendency of this Agreement execute or modify in any portion material fashion any Leases pertaining to premises in excess of 3,000 rentable square feet, other than with the prior consent of the Property USRP Entities, which consent shall be deemed given as to the leases or modifications to existing Leases listed on Exhibit 7.2 to this Agreement (collectively, the "In-Negotiation Leases") (and together with any amendments thereto, assignments thereof the budgets for leasing costs attendant to such In-Negotiation Leases as set forth on Exhibit 7.2) and guaranties thereto pertaining, which shall be deemed given if the “Leases”) USRP Entities should fail to approve or disapprove proposed lease matters in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have writing within five (5) business days after Business Days following receipt by the USRP Entities of the Proposed FW Entities' written request. The USRP Entities shall exercise their rights of approval of leasing matters reasonably and in good faith. With respect to new Leases or Lease Transaction amendments pertaining to approve premises of 3,000 rentable square feet or disapprove less, the Proposed Lease Transaction (Company Subsidiary shall have the “Lease Review Period”), and shall notify Property Manager of its approval right to enter into new Leases or disapproval amendments without any need to obtain the consent of the Proposed USRP Entities, provided that (i) such new Lease Transaction within or amendment is entered into on an arm's length basis and the applicable Company Subsidiary believes in its good faith reasonable discretion that it is entering into such new Lease Review Period. Any notice of disapproval or modification on market terms (ii) the USRP Entities shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved any period of free rent or abated rent which will continue after the Proposed Lease Transaction.
6.4 Property Manager Closing Date and any tenant improvement or similar costs which will use commercially reasonable efforts (a) to develop and maintain good relations with be incurred after the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment applicable Closing Date in excess of $100,000the standard tenant improvement allowance customarily provided by the FW Entities to comparable tenants in connection with comparable leases, and (iii) the Property Manager USRP Entities are provided with a copy of the executed Lease or modification documents within three (3) Business Days after such documents are executed. The FW Entities shall follow use reasonable efforts to continue to seek new leases for the bidding requirements specified Properties in Section 7.2a manner consistent with its past and current practices.
Appears in 2 contracts
Samples: Master Agreement (First Washington Realty Trust Inc), Master Agreement (First Washington Realty Trust Inc)
Leasing. 6.1 Company hereby approves (i) all leases Seller shall promptly notify Purchaser in writing of any portion each proposed renewal, expansion, extension or material modification of an existing Tenant Lease and each proposed new Tenant Lease. In the Property (collectivelyevent that Seller wishes to execute a renewal, and together with any amendments theretoexpansion, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as extension or material modification of an existing Tenant Lease or a new Tenant Lease after the Effective Date.
6.2 Property Manager Date and prior to Closing, Seller shall use commercially reasonable efforts submit to lease all vacantPurchaser a copy of each such proposed renewal, leasable space in the Property and to renew Lease agreements in effect as expansion, extension or material modification of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective an existing Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or new Tenant Lease renewal for approval (eachthat Seller wishes to execute and Purchaser shall give notice to Seller in writing, a “Proposed Lease Transaction”). Company shall have within five (5) business days Business Days after receipt delivery thereof that Purchaser either approves or disapproves the renewal, expansion, extension or material modification of the Proposed existing Tenant Lease Transaction or the new Tenant Lease, including all Tenant Inducement Costs and leasing commissions to approve be incurred in connection therewith, which approval may be withheld by Purchaser in its sole discretion thereafter up through Closing. If Purchaser timely disapproves such renewal, expansion, extension or disapprove material modification of an existing Tenant Lease or new Tenant Lease, Seller shall not execute the Proposed disapproved renewal, expansion, extension or material modification of the existing Tenant Lease Transaction or the disapproved new Tenant Lease. In the event Purchaser fails to notify Seller in writing of Purchaser’s approval or disapproval within such period of five (5) Business Days, such failure shall be deemed approved by Purchaser. Subject to the provisions of Section 4(e) above, at Closing, Purchaser shall reimburse Seller for all Tenant Inducement Costs, leasing commissions or other expenses, including legal fees, paid by Seller pursuant to every renewal or expansion or material modification of an existing Tenant Lease and every new Tenant Lease approved (or deemed approved) by Purchaser and executed after the Effective Date. Purchaser acknowledges and agrees that it has approved the form of the proposed lease with Anytime Fitness (dba Cxxxx Fitness Centers, LLC) at Towne Centre at Wxxxxx Chapel (the “Lease Review PeriodAnytime Lease”). In the event that the Anytime Lease has not been executed prior to the Closing Date, then Purchaser and Seller shall execute and deliver the Escrow Agreement, and shall notify Property Manager of its approval or disapproval of Two Hundred Ninety-Three Thousand Dollars ($293,000) from the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such sale proceeds that Property Manager may endeavor would otherwise by paid to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company Seller at Closing shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants held in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance escrow by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Title Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Escrow Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000In the event that the Anytime Lease is executed prior to the Closing Date, then the Property Manager parties shall follow not execute and deliver the bidding requirements specified Escrow Agreement, no funds shall be withheld from the sale proceeds payable to Seller and Purchaser shall receive no credit at Closing (other than the credit set forth in Section 7.24(e)(v).
Appears in 1 contract
Samples: Purchase and Sale Agreement (Phillips Edison - ARC Grocery Center REIT II, Inc.)
Leasing. 6.1 Company hereby approves (i) all leases Following the Effective Date and prior to the expiration of the Contingency Period, Seller shall have the right to enter into any amendment, renewal, termination, extension, waiver or expansion of the existing Lease or of any portion of new Lease respecting the Property (collectivelyas applicable, each a “New Lease Document”) so long as such New Lease Document is consistent with Seller’s current leasing policies and practices and the Leasing Commissions and Tenant Inducement Costs do not exceed the amount set forth on Schedule 5.3(b) attached hereto, without Buyer’s written consent, which consent shall not be unreasonably withheld; provided, however, that Seller shall provide Buyer with a copy of such proposed New Lease Document (together with any amendments theretobrokerage agreements, assignments thereof listing agreements or other agreements relating to the payment of any Leasing Commissions or Tenant Inducement Costs in connection with such New Lease Document) at least seven (7) Business Days for Buyer’s review and guaranties thereto pertaining, comment prior to executing the “Leases”) in effect as same. From and after the expiration of the Effective Date.
6.2 Property Manager Contingency Period, any New Lease Document which Seller wishes to execute shall use commercially reasonable efforts be submitted to lease Buyer prior to execution by Seller. Buyer shall also have seven (7) Business Days after its receipt thereof to notify Seller in writing of either its approval or disapproval thereof, including all vacantTenant Inducement Costs and Leasing Commissions to be incurred in connection therewith. If Buyer informs Seller within such seven (7) Business Day period that Buyer does not approve such New Lease Document (or the same is deemed disapproved pursuant to the following sentence), leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as which approval may be necessary or desirable, withheld in Property ManagerBuyer’s reasonable sole discretion, on behalf of Company, to accomplish the foregoing. Property Manager then this Agreement shall reasonably investigate all prospective Tenants (as hereinafter defined), continue in full force and effect and Seller shall not lease enter into such New Lease Document. If Buyer fails to persons not meeting credit standards reasonable for the market. Property Manager may, notify Seller in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager writing of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall such seven (7) Business Day period set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Periodabove, Company then Buyer shall be deemed to have disapproved of such New Lease Document. At Closing, Buyer shall reimburse Seller for any Tenant Inducement Costs and Leasing Commissions or other expenses, including legal fees, incurred by Seller pursuant to and all New Lease Documents approved (or deemed approved prior to the expiration of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (aContingency Period) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) Buyer pursuant hereto in accordance with and subject to the terms of this AgreementSection 4.5(b)(vii) above. For Seller shall deliver to Buyer copies of all invoices, leasing broker agreements, and other supporting documentation, in Seller’s possession or control, reasonably requested by Buyer in connection with the foregoing expenses, it being understood that Buyer shall be under no obligation to reimburse Seller for any Tenant Improvement contract requiring payment in excess of $100,000expenses for which reasonable supporting documentation is not provided, the Property Manager which shall follow the bidding requirements specified in Section 7.2be deemed to include cancelled checks.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Griffin-American Healthcare REIT III, Inc.)
Leasing. 6.1 Company hereby approves Seller will not amend or terminate any existing Lease or enter into any new Lease without providing Purchaser (ia) all leases relevant supporting documentation, as reasonably determined by Seller, including, without limitation, tenant financial information to the extent in Seller’s possession, and (b) as to any such amendment or termination of any portion a Lease or new Lease which is to be executed after the expiration of the Property (collectivelyInspection Period, and together with Seller’s request for Purchaser’s approval. If Purchaser’s consent is requested by Seller as to any amendments theretoamendment or termination of a Lease, assignments thereof and guaranties thereto pertainingor as to a new Lease, the “Leases”) in effect as Purchaser agrees to give Seller written notice of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew approval or disapproval of a proposed amendment or termination of a Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have within five (5) business days Business Days after Purchaser’s receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”items in Sections 6.1.4(a) and 6.1.4(b), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails Purchaser does not respond to notify Property Manager of its disapproval of any Proposed Lease Transaction Seller’s request within the Lease Review Periodsuch time period, Company shall then Purchaser will be deemed to have approved such amendment, termination or new Lease. Purchaser’s approval rights and obligations will vary depending on whether the request for approval from Seller is delivered to Purchaser before or after the expiration of the Proposed Inspection Period, as follows: Purchase and Sale Agreement – Northcross Shopping Center 11
(1) With respect to a request for approval delivered by Seller to Purchaser 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 Transactionor the entering into of a new Lease, Seller may amend or terminate a Lease or enter into a new Lease at any time 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 enter into a new Lease notwithstanding Purchaser’s failure to approve same, then Purchaser may, within seven (7) days after Seller notifies Purchaser of the execution of said amendment, termination or new Lease, elect to terminate this Agreement, in which event Escrow Agent shall promptly thereafter return the Exxxxxx Money to Purchaser; provided that if Purchaser does not elect to terminate within such seven (7) days after said notification from Seller, then Purchaser shall have waived its right to terminate pursuant to this Section 6.1.4.
6.4 Property Manager will use commercially reasonable efforts (a2) With respect to develop and maintain good relations with a request for approval delivered by Seller to Purchaser after the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion expiration of the initial leasing activity for new TenantsInspection Period, to retain such new Tenants; Purchaser may withhold its consent in its sole discretion, and Seller may not amend (c) to secure compliance except as may be required by the Tenants with the terms and conditions of their respective Leases; (dapplicable Lease) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of or terminate a nature which might have Lease or enter into a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenantsnew Lease without Purchaser’s written consent.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Phillips Edison - ARC Shopping Center REIT Inc.)
Leasing. 6.1 Company hereby approves Hickory will, and will cause its applicable Subsidiaries to, conduct their leasing activities consistent with past practices subject to changes consistent with prevailing market practices. Hickory or the Subsidiaries may enter into any new lease, or amend, modify or terminate any Lease that falls within the guidelines provided in Schedule 6.2-1 of the Disclosure Schedule (i) all leases the "Leasing Guidelines"). Hickory will apprise Down REIT of leasing activities with respect to the Properties, including notice of any portion of the Property (collectivelyloans made by Hickory or any Subsidiary to any Tenant. Hickory will not, and together with will cause its Subsidiaries not to, enter into any amendments theretonew lease, assignments thereof and guaranties thereto pertainingor otherwise amend, the “Leases”) in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacantmodify or terminate any Lease, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager that does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction fall within the Lease Review PeriodLeasing Guidelines without Down REIT's prior written consent in each instance, which consent will not be unreasonably withheld, delayed or conditioned. Any notice from Down REIT rejecting a proposed new lease or amendment, modification or termination of disapproval shall any Lease that does not fall within the Leasing Guidelines must include a description of the reasons for Down REIT's rejection. Down REIT will be provided with monthly leasing reports and permitted to attend all leasing meetings. Notwithstanding anything herein to the contrary, except as set forth on Schedule 6.2-2 of the grounds for such disapproval with specificity such Disclosure Schedule, Hickory will not, and will cause its Subsidiaries not to, enter into any new lease, or otherwise amend, modify or terminate any Lease, that Property Manager may endeavor to address those grounds is over 10,000 square feet (taking into account all expansion options), or enter into any Required Lease that are not on the same terms and conditions set forth on Schedule 9.4(g) of the Disclosure Schedule, whether or not same falls within the Leasing Guidelines without Down REIT's prior written consent in a revised Proposed Lease Transaction to each instance, which consent will not be thereafter submitted to Companyunreasonably withheld, delayed or conditioned. If Company Down REIT fails to notify Property Manager of its disapproval of any Proposed Lease Transaction object to such lease, amendment, modification or termination within the Lease Review Period5 Business Days, Company shall Down REIT will be deemed to have approved of the Proposed Lease Transactionthat lease, amendment, modification or termination.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Contribution Agreement (New Plan Excel Realty Trust Inc)
Leasing. 6.1 Company hereby approves (i) all leases of any portion of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable Use its best efforts to lease and keep leased to desirable tenants all vacant, leasable space held for lease at no less than the prevailing rental rates for similar properties in the Property community in which the property is located and calculated to renew Lease agreements provide a reasonable return on investment to OWNER, unless otherwise approved in effect as writing by OWNER. MANAGER shall lease the Premises with each lease identifying the OWNER (or the trade name of the Effective DatePremises) as the titleholder of the Premises and owner of the lease. No lease shall be for a term of sixty (60) months or longer, and Company hereby grants Property Manager including options, if any. In the power and authority event that a lease contract contemplated to negotiate new Leases and Lease renewals and be entered into by MANAGER in the name of OWNER is not within the limitations set forth in this subparagraph 3A, such lease contract shall first be subject to take all actions as may be necessary or desirablethe written approval of OWNER, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and which approval shall not lease to persons not meeting credit standards reasonable for the marketbe unreasonably withheld. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager MANAGER shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required advise OWNER personally or by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy certified mail of any such information proposed lease or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval amendment thereto. If OWNER fails to advise MANAGER within four (each, a “Proposed Lease Transaction”). Company shall have five (54) business days after receipt of such notice, it shall be presumed that OWNER granted OWNER'S written approval thereto and, accordingly, MANAGER shall be authorized to execute such lease contract in the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager name of its approval or disapproval OWNER without being in violation of MANAGER'S duties hereunder. All leases of the Proposed Lease Transaction within Premises shall remain the Lease Review Periodproperty of OWNER and copies shall be promptly provided to OWNER. Any notice MANAGER shall have the right, without prior consent, at OWNER'S expense, to repair, alter, modify and improve (as distinguished from expand) the existing structures, in connection with any such lease; prior approval, however, of disapproval shall set forth OWNER to be secured by MANAGER on all such matters involving costs in excess of Twenty Thousand Dollars ($20,000) for any one item. MANAGER may collect from lessees, security deposits as security for the grounds performance under the leases, the amount of such security deposits to be for such disapproval with specificity such that Property Manager may endeavor sum as is customary in the locality of said real estate. Failure by MANAGER to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Companyobtain any security deposit shall not constitute any nature of default by MANAGER hereunder. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review PeriodThe security deposits, Company as collected, shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, paid over each month to the extent possible, OWNER following the dates thereof to minimize disturbance to month of collection by MANAGER. Without the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the specific prior written consent approval of CompanyOWNER, Property Manager shall not no lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the PropertyPremises shall provide for rents the determination of which depends in whole or in part on the net income or net profits derived by any person from such property and no tenant shall be permitted to sublease any property wherein the determination of rent depends in whole or in part on the net income or net profits derived by any person from such property; provided, however, leases and subleases may, except as well otherwise directed by OWNER or as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial otherwise provided in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess , provide for rental payments based upon a fixed percentage or percentages of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2receipts or sales.
Appears in 1 contract
Leasing. 6.1 Company hereby approves (ia) all leases of any portion Prior to the expiration of the Property Inspection Period, Seller shall not enter into, amend, terminate or waive any rights under any Material Leases or Material Contracts without Purchaser's prior written consent, which consent shall not be unreasonably withheld or delayed. If and to the extent that Purchaser does not deny a request for such consent by notice given to Seller within two (collectively2) Business Days after Purchaser's receipt of Seller's request therefor, and together with Purchaser shall be deemed to have provided such consent. In any amendments theretoevent, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as copies of the Effective Date.
6.2 Property Manager foregoing shall use commercially reasonable efforts be provided to lease all vacant, leasable space in the Property and Purchaser prior to renew Lease agreements in effect as expiration of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check companyInspection Period. Notwithstanding the foregoing, Property Manager Seller shall have the right at any time to exercise any or all of its legal remedies against any Tenant who is in default under its Lease or Specialty License Agreement (including, without limitation, the right to commence unlawful detainer or eviction actions), provided Seller shall not following the expiration of the Inspection Period seek to terminate any Lease or Specialty License Agreement or any tenant's right of possession under any Lease or Specialty License Agreement without Purchaser's written consent, which consent may be withheld in Purchaser's sole discretion, and which shall be deemed given if Purchaser does not guarantee the accuracy deny a request for such consent by notice given to Seller within two (2) Business Days after Purchaser's receipt of any such information or the financial condition of any TenantSeller's written request therefor.
6.3 Property Manager (b) After the expiration of the Inspection Period, Seller shall provide Company with not enter into any proposed new New Lease, New Contract or New Specialty License Agreement or amend, modify, terminate or waive any rights under any existing Lease, Contract or Specialty License Agreement without Purchaser's prior written consent, which consent may be withheld in Purchaser's sole discretion. Purchaser shall review, and in Purchaser's sole discretion, either approve or disapprove in writing, a written proposal from Seller for a New Lease or New Specialty License Agreement (a "LEASE PROPOSAL") or for termination of an existing Lease renewal for approval or Specialty License Agreement (each, a “Proposed Lease Transaction”). Company shall have five "TERMINATION PROPOSAL") within four (54) business days Business Days after receipt of the Proposed such Lease Transaction Proposal or Termination Proposal. If Purchaser fails to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds deny a request for such disapproval with specificity such that Property Manager may endeavor consent to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction Proposal or Termination Proposal within the Lease Review Periodfour (4) Business Days after receipt thereof, Company Purchaser shall be deemed to have approved of such Lease Proposal or Termination Proposal. With respect to each Lease or Specialty License Agreement, Seller shall utilize the Proposed Lease Transaction.
6.4 Property Manager will standard form lease, specialty license agreement or lease modification, as the case may be, then in use commercially reasonable efforts (a) at the Mall provided, however, that without Purchaser's consent Seller shall have the right to develop and maintain good relations make such modifications in said standard form which are consistent with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants modifications generally made by Seller in the Property andordinary course of leasing space at the Malls. Following approval or deemed approval of any Lease Proposal, after completion Purchaser shall have the right to review and approve any final form of Lease, Specialty License Agreement or lease modification that Seller intends to execute; provided, however, that Purchaser shall not be permitted to reject any Lease, Specialty License Agreement or lease modification for which Purchaser approved the initial leasing activity for new Tenants, to retain such new Tenants; Lease Proposal and which is prepared on the standard form lease,
(c) Not later than the earlier of four (4) Business Days after entering into same or two (2) days prior to secure compliance the Closing Date, Seller shall provide Purchaser with copies of all Leases, Specialty License Agreements and lease amendments, modifications or terminations executed by Seller after the Tenants with Effective Date and prior to the terms and conditions of their respective Leases; Closing Date.
(d) to consider Any request for a consent under this Section 8.2 shall include a copy of all proposed actions and record Tenant service requests in systematic fashion showing a statement of all material facts relating thereto (including, without limitation, the action taken amount of the leasing commissions payable with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenantsthereto).
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Purchase and Sale Agreement (First Union Real Estate Equity & Mortgage Investments)
Leasing. 6.1 Company hereby approves (i) all leases of any portion of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date.
6.2 Property Manager The following shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts apply (a) to develop and maintain good relations with so long as the tenants under the Leases (eachMezzanine Loan is outstanding, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion an Event of the initial leasing activity for new Tenants, to retain such new Tenants; Default is continuing or (c) to secure compliance by an Event of Default (as defined in the Tenants with the terms and conditions Mezzanine Loan Documents) is continuing: Borrower shall not enter into a proposed Material Lease or a proposed renewal, extension or modification of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon an existing Material Lease without the prior written consent of CompanyLender, Property Manager which consent shall not lease any space in the Property not, so long as no Event of Default is continuing, be unreasonably withheld or delayed. Prior to itself or seeking Lender’s consent to any Material Lease, Borrower shall deliver to Lender a copy of its affiliates such proposed lease (a “Proposed Material Lease”) blacklined to show changes from the standard form of Lease approved by Lender and then being used by Borrower. Lender shall approve or subsidiaries.
6.6 Property Manager disapprove each Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease for which Lender’s approval is required under this Agreement within five (5) Business Days of the submission by Borrower to Lender of a written request for such approval, accompanied by a final copy of the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. If requested by Borrower, Lender will grant conditional approvals of Proposed Material Leases or proposed renewals, extensions or modifications of existing Material Leases at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and Company agree approved by Lender in connection with such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. Provided that there no Event of Default is continuing, if Borrower provides Lender with a written request for approval (which written request shall specifically refer to this Section 5.10.2 and shall explicitly state in 14-point bold type that failure by Lender to approve or disapprove within five (5) Business Days will constitute a deemed approval) and Lender fails to reject the request in writing delivered to Borrower within five (5) Business Days after receipt by Lender of the request, the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease shall be no discrimination against deemed approved by Lender, and Borrower shall be entitled to enter into such Proposed Material Lease or segregation proposed renewal, extension or modification of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Propertyan existing Material Lease.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Leasing. 6.1 Company hereby approves (i) all leases Seller shall promptly notify Purchaser in writing of any portion each proposed renewal, expansion, extension or material modification of the Property Tenant Lease and each proposed new tenant lease. In the event that Seller wishes to execute a renewal, expansion, extension or material modification of the Tenant Lease or a new tenant lease after the Effective Date and prior to Closing, Seller shall submit to Purchaser a copy of each such proposed renewal, expansion, extension or material modification of the Tenant Lease or new tenant lease that Seller wishes to execute and Purchaser shall give notice to Seller in writing, within five (collectively5) Business Days after delivery thereof that Purchaser either approves or disapproves the renewal, expansion, extension or material modification of the Tenant Lease or the new tenant lease, including all Tenant Inducement Costs and together with any amendments theretoleasing commissions to be incurred in connection therewith, assignments thereof which approval Purchaser may grant or withhold in its sole discretion. If Purchaser timely disapproves such renewal, expansion, extension or material modification of the Tenant Lease or new tenant lease, Seller shall not execute the disapproved renewal, expansion, extension or material modification the Tenant Lease or the disapproved new tenant lease. In the event Purchaser fails to notify Seller in writing of Purchaser’s approval or disapproval within such period of five (5) Business Days, such failure shall be deemed disapproval by Purchaser. Subject to the provisions of Section 4(e) above, at Closing, Purchaser shall reimburse Seller for all Tenant Inducement Costs and guaranties thereto pertaining, leasing commissions actually paid by Seller pursuant to every renewal or expansion or material modification of the “Leases”) in effect as of Tenant Lease approved by Purchaser and every new tenant lease approved by Purchaser and executed after the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Purchase and Sale Agreement (RREEF Property Trust, Inc.)
Leasing. 6.1 Company hereby approves From the Effective Date through the Contingency Termination Date, Seller may not agree to terminate any existing Leases, but may enter into any amendment or modification of any existing lease (a "Lease Modification") or any new lease affecting the Real Property (a "New Lease") with the prior written consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that (a) with respect to any Lease Modification, Seller shall not (i) all leases of any portion reduce the rental rate; (ii) reduce the term of the Property Lease; or (collectively, iii) provide for any act that negatively impacts the landlord's economic interests or increases landlord's obligations under the Lease; and together (b) with respect to any amendments thereto, assignments thereof and guaranties thereto pertainingNew Lease, the “Leases”) in effect as of the Effective Date.
6.2 Property Manager Lease shall use contain commercially reasonable efforts to lease all vacant, leasable space in terms. After the Property and to renew Lease agreements in effect as of the Effective Contingency Termination Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirableprovided that Buyer is not in default under this Agreement, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager Seller shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for refrain from entering into any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new New Lease or Lease renewal for approval Modification without the prior written consent of Buyer, as described below, except as expressly provided in this Section 5.
1. After the Contingency Termination Date, any Lease Modification or New Lease shall be subject to clause (each, a “Proposed Lease Transaction”). Company shall have five (5a) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”)this Section 5.1, and prior to signing any Lease Modification or New Lease or, Seller shall submit the proposed form of Lease Modification or New Lease to Buyer for Buyer's approval, which approval may be withheld in Buyer's sole and absolute discretion. Buyer shall notify Property Manager Seller in writing of its Buyer's approval or disapproval of each proposed Lease Modification or New Lease submitted to Buyer within three (3) Business Days after Buyer's receipt thereof. Buyer's failure to disapprove any Lease Modification or New Lease in accordance with the Proposed Lease Transaction procedure and within the three (3) Business Day period specified in this Section shall be deemed to constitute Buyer's approval of such Lease Review PeriodModification or New Lease. Any notice of disapproval of a Lease Modification or New Lease by Buyer shall set forth in detail Buyer's specific objections thereto. Seller may submit a Lease Modification or New Lease to Buyer for approval after Seller's execution thereof, provided the grounds for New Lease or Lease Modification contains appropriate conditions regarding Buyer's approval of such disapproval Lease Modification or New Lease. In the event that Seller enters into a New Lease approved by Buyer prior to the Closing Date, Seller shall perform all of the landlord's obligations in connection with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed the New Lease Transaction which are to be thereafter submitted performed prior to Companythe Closing Date. If Company fails Notwithstanding any provision to notify Property Manager the contrary, however, on the Closing Date, Seller shall receive a credit for all sums expended by Seller in connection with such performance. Additionally, for the period of its disapproval of any Proposed Lease Transaction within time on and after the Lease Review PeriodClosing Date, Company Buyer shall be deemed obligated to have approved perform all obligations, monetary and otherwise, of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop Seller under or in connection with such New Lease, including payment of all tenant improvements and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain broker's commissions except such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken broker's commissions with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other TenantsPM Realty.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Leasing. 6.1 Company hereby approves (ia) all leases of any portion Between the expiration of the Property Inspection Period and Closing, Seller shall not, without Purchaser’s prior written consent, which consent may be withheld in Purchaser’s sole discretion: (collectivelya) amend, and together with renew, or extend any amendments theretoLease in any respect, assignments thereof and guaranties thereto pertaining, unless required by law or the “Leases”) in effect as terms of the Effective Date.
6.2 Property Manager existing lease; (b) enter into a new lease; or (c) terminate any lease or tenancy. Before the expiration of the Inspection Period, Seller shall use commercially reasonable efforts to lease all vacantnot permit occupancy of, leasable or enter into any new Lease for, space in the Property and to renew Lease agreements in effect as which is presently vacant or which may hereafter become vacant without first giving Purchaser written notice of the Effective Dateidentity of the proposed tenant, together with (a) a copy of the proposed Lease and a summary of the terms thereof in reasonable detail and (b) a statement of the amount of the brokerage commission, if any, and Company hereby grants Property Manager other leasing costs, if any (hereinafter referred to as the power “Reletting Expenses”), payable in connection therewith and authority to negotiate new Leases and Lease renewals and to take all actions as the terms of payment thereof. If Purchaser approves such proposed Lease, which approval may be necessary or desirable, withheld in Property ManagerPurchaser’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager Purchaser shall reasonably investigate all prospective Tenants so notify Seller within four (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (54) business days after receipt of Seller’s notice if such notice was personally delivered to Purchaser, or within seven (7) business days after the Proposed mailing of such notice by Seller to Purchaser, in which case Seller may enter into the proposed Lease Transaction on the terms disclosed to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”)Purchaser, and the Reletting Expenses (as hereinafter defined) shall notify Property Manager of its approval or disapproval be prorated in each case over the term of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved lease and apportioned as of the Proposed Lease TransactionClosing and credited in favor of Seller at Closing.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in If any space is vacant at the time of Closing, Purchaser shall accept the Property and, subject to such vacancy. From and after completion the expiration of the initial leasing activity Inspection Period, Seller shall not grant any concessions or rent abatements for new Tenantsany period following the Closing without Purchaser’s prior written consent, which consent may be withheld by Purchaser in its sole discretion. Seller does not warrant that any particular Lease or tenancy will be in force or effect at the Closing or that the tenants will have performed their obligations thereunder. Except as expressly provided in this Agreement, the termination of any Lease or tenancy prior to retain such new Tenants; the Closing by reason of the tenant’s default shall not affect the obligations of Purchaser under this contract in any manner or entitle Purchaser to an abatement of or credit against the Purchase Price or give rise to any other claim on the part of Purchaser.
(c) Nothing to secure compliance by the Tenants contrary in this Agreement withstanding, it shall be a condition to Purchaser’s obligation to close under this Agreement that Seller shall have paid, or credited to Purchaser at Closing, the tenant improvement and leasing commission costs incurred in connection with the terms renewal of leases for Adecco USA and conditions Xxxxxxxx Management. Purchaser shall pay leasing commission costs incurred in connection with the execution of their respective Leases; (d) the lease for Verizon, in the event such lease is executed prior to consider the Closing and record Tenant service requests the amount of such leasing commission costs are disclosed to Purchaser prior to the expiration of the Inspection Date. The parties hereby acknowledge that no adjustment to the Purchase Price shall be made in systematic fashion showing connection with either party’s obligations under this Section 8.2(c). Purchaser further acknowledges that the action taken with respect execution or non-execution of the Verizon lease is not a condition precedent to eachPurchaser’s obligation to close the purchase and sale transaction contemplated in this Agreement, and thoroughly investigate all complaints that the execution or non-execution of a nature which might have a material adverse effect such lease shall not affect the obligations of Purchaser under this contract in any manner or entitle Purchaser to an abatement of or credit against the Purchase Price or give rise to any other claim on the Property or the Budget; and (e) to supervise the moving in and out part of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other TenantsPurchaser.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Purchase and Sale Agreement (KBS Real Estate Investment Trust, Inc.)
Leasing. 6.1 Company hereby approves (i) all leases of any portion of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect The following shall apply so long as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (eachMezzanine Loan is outstanding, a “Tenant,” and collectively, the “Tenants”); or (b) to retain an Event of Default is continuing: Borrower shall not enter into a proposed Material Lease or a proposed renewal, extension or modification of an existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon Material Lease without the prior written consent of CompanyLender, Property Manager which consent shall not lease any space in the Property not, so long as no Event of Default is continuing, be unreasonably withheld or delayed. Prior to itself or seeking Lender’s consent to any Material Lease, Borrower shall deliver to Lender a copy of its affiliates such proposed lease (a “Proposed Material Lease”) blacklined to show changes from the standard form of Lease approved by Lender and then being used by Borrower. Lender shall approve or subsidiaries.
6.6 Property Manager disapprove each Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease for which Lender’s approval is required under this Agreement within five (5) Business Days of the submission by Borrower to Lender of a written request for such approval, accompanied by a final copy of the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. If requested by Borrower, Lender will grant conditional approvals of Proposed Material Leases or proposed renewals, extensions or modifications of existing Material Leases at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and Company agree approved by Lender in connection with such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. Provided that there no Event of Default is continuing, if Borrower provides Lender with a written request for approval (which written request shall specifically refer to this Section 5.10.2 and shall explicitly state in 14-point bold type that failure by Lender to approve or disapprove within five (5) Business Days will constitute a deemed approval) and Lender fails to reject the request in writing delivered to Borrower within five (5) Business Days after receipt by Lender of the request, the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease shall be no discrimination against deemed approved by Lender, and Borrower shall be entitled to enter into such Proposed Material Lease or segregation proposed renewal, extension or modification of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.an existing Material Lease 37
Appears in 1 contract
Leasing. 6.1 Company (a) Owner hereby approves (i) all leases of any portion of engages Manager, on the terms and conditions hereinafter provided, to act as the exclusive leasing agent for the Property (collectively, all space leased or available for lease in the Property is hereinafter referred to as the "Space") during the term of this Agreement. Manager represents that Manager is duly qualified to act in such capacity and together that Manager has satisfied all Requirements with any amendments respect thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date.
6.2 Property . Manager shall use commercially reasonable its best efforts to lease all vacant, leasable space the Space in accordance with the Property and to renew Lease agreements in effect as provisions of the Effective Date, and Company hereby grants Property this Agreement. Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, shall not incur any expenses on behalf of CompanyOwner in connection with such leasing unless such costs and expenses are approved by Owner pursuant to the Approved Operating Budget and Capital Budget, to accomplish the foregoingby approving a Lease or otherwise in writing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee that it will be able to lease the accuracy of Space or any such information or the financial condition of any Tenant.
6.3 Property portion thereof, although Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such does agree that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager it will use commercially reasonable its best efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) do so in accordance with the terms of this Agreement.
(b) During the term of this Agreement, Manager shall have the exclusive right on behalf of Owner to procure tenants to lease the Space, including the renewal, extension, modification, amendment and restatement of presently existing leases, licenses and occupancy agreements (all existing and future leases (including leases of additional space), licenses and other occupancy agreements, and all renewals, extensions, modifications, amendments and restatements thereof (including pursuant to extension, expansion, offer, refusal and other options), are hereinafter referred to as "LEASES" and all existing and future tenants, licensees and occupants under Leases are hereinafter referred to as "TENANTS"). For Manager shall use its best efforts to have the Space continuously rented to Tenants satisfactory to Owner, at monthly rentals approved by Owner. All proposed Leases and all of the terms thereof shall be subject to prior review and approval by Owner, including, without limitation, all Tenant improvements, work letters, abatement programs, rent reductions and rebate programs. All Leases in effect on the Commencement Date shall be deemed to have been approved by Owner for all purposes of this Agreement, provided that Owner shall not be deemed to have approved any expansion or extension of any such Leases except as expressly provided therein or to have approved the terms and provisions of any Leases as being applicable or acceptable to any Tenant Improvement contract requiring payment in excess other than the Tenants thereof. Owner shall refer to Manager all offers and inquiries by prospective Tenants, including those from other real estate brokers, with respect to renting Space received by Owner. If Owner shall enter into a Lease during the term of $100,000this Agreement, the Property Manager shall follow be entitled to a Leasing Commission (as hereinafter defined) in accordance with Section 4.4 whether or not Manager was involved in the bidding requirements specified in Section 7.2negotiation of such Lease.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Overseas Partners LTD)
Leasing. 6.1 Company hereby approves (i) all leases of any portion From the expiration of the Inspection Period until the Closing or earlier termination of this Agreement, Seller will endeavor to lease the Property (collectively, in the customary and together ordinary manner consistent with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) Seller’s current practices in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to . If Seller enters into any lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of from the Effective Date, and Company hereby grants Property Manager through a date three days prior to the power and authority expiration of the Inspection Period, Seller shall deliver said lease to negotiate new Leases and Lease renewals and Purchaser within two (2) days of full execution of said lease. If Seller desires to take all actions as may be necessary or desirableenter into a lease from a date three days prior to the end of the Inspection Period through Closing, in Property Manager’s reasonable discretion, on behalf of Company, Seller shall first submit said proposed lease to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined)Purchaser, and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company Purchaser shall have five three (53) business days after from receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”)disapprove. If Purchaser disapproves of said lease after reasonable review, and Purchaser shall notify Property Manager of its approval or disapproval Seller and Seller shall not enter into said lease. If (i) Seller enters into a new lease after the Effective Date more than three (3) days prior to the end of the Proposed Lease Transaction within the Lease Review Due Diligence Period. Any notice ; or (ii) Seller enters into a lease approved by Purchaser and Seller incurs any costs or expenses of disapproval shall set forth the grounds for such disapproval entering into and/or performing obligations and/or work under or in connection with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager any new Leases or renewal or modification of its disapproval of any Proposed Lease Transaction within the Lease Review Periodexisting Leases including, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial tenant improvement and/or leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases commission costs (collectively, “New Tenant ImprovementsCosts”) ), such costs shall be prorated between Seller and Purchaser, and Purchaser’s portion of said New Tenant Costs shall be credited in accordance favor of Seller at Closing. New Tenant Costs shall also include tenant improvement costs and commissions for leases commencing during the Due Diligence Period and prior to Closing, including, without limitation, that certain lease with Visiting Nurse Health System, Inc. dated May 01, 2007. Seller shall supply invoices and statements for all New Tenant Costs to Purchaser at or prior to Closing. If any space is vacant at the terms time of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000Closing, Purchaser shall accept the Property Manager shall follow the bidding requirements specified in Section 7.2subject to such vacancy.
Appears in 1 contract
Samples: Sale and Purchase Agreement (NNN Healthcare/Office REIT, Inc.)
Leasing. 6.1 Company hereby approves Seller will, and will cause its applicable Subsidiaries to, conduct their leasing activities consistent with past practices subject to changes consistent with prevailing market practices. Seller or the Subsidiaries may enter into any new lease, or amend, modify or terminate any Lease that falls within the guidelines provided in Schedule 6.2 (i) all leases the "Leasing Guidelines"). Seller will apprise Purchaser of leasing activities with respect to the Properties, including notice of any portion loans made by Seller or any Subsidiary to any Tenant. Seller will not, and will cause its Subsidiaries not to, enter into any new lease, or otherwise amend, modify or terminate any Lease, that does not fall within the Leasing Guidelines without Purchaser's prior written consent in each instance, which consent will not be unreasonably withheld, delayed or conditioned and shall be subject to the deemed approval provisions of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review PeriodLeasing Guidelines. Any notice from Purchaser rejecting a proposed new lease or amendment, modification or termination of disapproval shall set forth any Lease that does not fall within the grounds Leasing Guidelines must include a description of the reasons for such disapproval Purchaser's rejection. Purchaser will be provided with specificity such monthly leasing reports and permitted to attend all leasing meetings. Notwithstanding anything herein to the contrary, Seller will not, and will cause its Subsidiaries not to, enter into any new lease, or otherwise amend, modify or terminate any Lease, that Property Manager may endeavor to address those grounds is over 20,000 square feet (taking into account all expansion options), whether or not same falls within the Leasing Guidelines without Purchaser's prior written consent in a revised Proposed Lease Transaction to each instance, which consent will not be thereafter submitted to Companyunreasonably withheld, delayed or conditioned. If Company Purchaser fails to notify Property Manager of its disapproval of any Proposed Lease Transaction object to such lease, amendment, modification or termination within the Lease Review Period3 Business Days, Company shall Purchaser will be deemed to have approved of the Proposed Lease Transactionthat lease, amendment, modification or termination.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Purchase Agreement (New Plan Excel Realty Trust Inc)
Leasing. 6.1 Company hereby approves During the term of this Agreement, Manager shall be Owner’s exclusive agent for all new and renewal and expansion leases for Property and shall use commercially reasonable efforts in (ia) all leases of any portion of the Property (collectivelyretaining tenants for Property, and together (b) assisting and cooperating fully with any amendments thereto, assignments thereof and guaranties thereto pertaining, third-party leasing agent or broker engaged from time to time by an existing or prospective tenant in accordance with the “Leases”Leasing Guidelines (as hereafter defined) in effect as of from time to time. The following describes Manager’s duties hereunder:
(a) Subject to the Effective Date.
6.2 Property terms hereof, Manager shall use commercially reasonable efforts to procure occupants to lease (and maintain such leasing of) all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Daterentable area of Property (including temporary and seasonal rental area) on terms (unless Owner otherwise agrees) within the Leasing Guidelines for leases at Property. Manager shall negotiate and prepare all leases (and/or renewals, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary extensions, modifications, amendments or desirable, in Property Manager’s reasonable discretion, terminations thereof) on behalf of CompanyOwner and shall submit all such documents to Owner for its review, approval and execution. All leases shall be executed by Owner and Manager is not authorized to accomplish the foregoing. Property bind Owner in connection with any leases;
(b) Promptly following execution of this Agreement, Manager shall reasonably investigate develop and present to Owner for its review and approval a lease form for use at Property. Manager shall coordinate with manager of Property in the preparation of such form. Following approval by Owner of such lease form, such approved lease form (the “Standard Lease Form”) shall thereafter be used for the preparation of all prospective Tenants new leases. The Standard Lease Form may be revised with the approval of Owner from time to time;
(as hereinafter defined)c) All leases (other than temporary or seasonal leases, specialty leases and corporate sponsorships) shall be forwarded to Owner for approval, even those leases which are otherwise within the Leasing Guidelines. Manager shall submit a lease request form (a “Lease Request Form”) which shall contain a written request for Owner’s consent together with the following information: (i) the tenant’s name and proposed lease term, (ii) the basic, additional and percentage rent to be paid, (iii) the square footage of the premises, (iv) any tenant improvement, free rent, tenant allowances and other incentives, (v) the proposed use of the premises, (vi) credit information regarding the tenant, (vii) any services to be provided to the tenant that are believed by Manager to be non-customary, (viii) any parking arrangements other than access to the common area parking lots, (ix) any exclusivity provisions, (x) any tenant termination rights, (xi) any co-tenancy requirements, (xii) any fee to a Third-Party Broker, and (xiii) significant changes, or a copy marked to show changes, from the Standard Lease Form. The Lease Request Form shall not lease be sent to persons not meeting credit standards reasonable the parties identified for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction Request Forms in Section 9.3 of this Agreement. If Owner fails to approve or disapprove the Proposed Lease Transaction a proposed lease within ten (the “Lease Review Period”)10) business days, and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company Owner shall be deemed to have approved such lease;
(d) Manager may defer negotiation of any lease until the terms are approved by Owner as provided in Section 2.3(c) above, in which case any substantive changes to the business terms previously approved, and any substantive changes in the Standard Lease Form, must be resubmitted to Owner for its approval. If Owner fails to approve or disapprove such substantive changes within ten (10) business days, Owner shall be deemed to have approved such substantive changes;
(e) Leases will be prepared and negotiated by Manager’s in-house legal counsel and/or Manager’s leasing staff. Outside counsel may be used at the expense of Owner for anchor tenants and big box tenants and, with the consent of Owner, for national tenants insisting on utilizing such tenant’s lease form and for leases where extraordinary time requirements are imposed to obtain lease completion;
(f) Once approved by Owner, a lease will be executed by tenant and forwarded to Owner for execution. Owner will execute approved leases promptly;
(g) Owner hereby authorizes Manager to negotiate the terms of, and to execute on behalf of Owner, all temporary or seasonal leases, specialty leases, licenses and corporate sponsorships at Property. Manager shall provide copies of all such leases, licenses and sponsorships to Owner and shall coordinate the tenancy or rights of the Proposed Lease Transaction.
6.4 Property tenant, licensee or sponsor. Notwithstanding the foregoing, if Manager will use commercially reasonable efforts (a) or an affiliate of Manager has a national or regional agreement with a sponsor, Manager shall disclose the existence of such agreement to develop Owner, and maintain good relations with Owner shall approve the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the proposed terms and conditions of their respective Leases; such sponsorship at Property. Manager shall not be required to disclose confidential or proprietary information in any such national or regional contract;
(dh) With regard to any termination, amendment, assignment, renewal, relocation or modification of any lease, Manager shall provide a lease modification form (“Lease Modification Form”) to consider Owner for its consent and record Tenant service requests in systematic fashion showing approval. The Lease Modification Form shall contain (i) the action taken with respect to eachtenant’s name and proposed lease term, if applicable, (ii) the proposed modification, (iii) any tenant improvement, free rent, tenant allowances and other incentives, and thoroughly investigate all complaints (iv) significant changes, or a copy marked to show changes, from the Standard Lease Form. The Lease Modification Form shall be sent to the parties identified for the receipt of Lease Request Forms in Section 9.3 of this Agreement;
(i) Manager shall provide to Owner, and at the request of Owner, to Owner’s lender(s), a nature true and complete copy of each executed lease, or sublease or termination, amendment, assignment or modification thereof, within fifteen (15) days after its execution;
(j) No later than sixty (60) days after the date of this Agreement, and thereafter not later than thirty (30) days prior to the commencement of each calendar year for Property, Manager shall prepare and submit for Owner’s approval proposed leasing guidelines for Property for the ensuing calendar year which might have a material adverse effect on shall include (i) the Property or most recent rent roll for Property, (ii) base, additional and percentage rent parameters for the Budget; leasing of vacant space at Property, (iii) tenant improvement, free rent, tenant allowances and other incentive parameters for the leasing of such space at Property, and (eiv) a description of the nature of acceptable tenants for the vacant space at Property. Once approved by Owner, such submission shall constitute the “Leasing Guidelines” hereunder. The Leasing Guidelines shall be subject to supervise an annual review by Owner, and Manager shall consult with Owner and revise the moving in and out of Tenants and arrange, Leasing Guidelines to the extent possiblenecessary to obtain Owner’s approval as a result of each such review;
(k) Manager shall coordinate the activities of management, marketing and research and leasing personnel to implement the dates thereof to minimize disturbance to leasing program for Property;
(l) Manager shall not, without the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of CompanyOwner, Property Manager shall not lease permit any Person to occupy any space in Property without a written lease or without the obligation to pay rent thereunder; and
(m) Manager shall approve, supervise and coordinate the design of each tenant’s or other occupant’s store to the extent contemplated by such occupant’s respective lease at Property, including without limitation, obtaining and reviewing design drawings for such occupant’s store front, and shall monitor the progress of such occupant’s construction of its improvements at Property to itself or to any of its affiliates or subsidiariesinsure compliance with applicable lease requirements.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Property Management Agreement (SPG SpinCo Subsidiary Inc.)
Leasing. 6.1 Company hereby approves (i) all leases Prior to the expiration of the Contingency Period, Seller ------- shall have the right to enter into any amendment, renewal or expansion of the existing Lease or of any portion new Lease respecting the Properties (as applicable, a "New Lease Document"); provided, however, that Seller shall concurrently provide an executed copy of the Property New Lease Document (collectively, and together with any amendments theretobrokerage agreements, assignments thereof listing agreements or other agreements relating to the payment of fees or commissions in connection with such New Lease Document) to Buyer for its ------------------ review during the Contingency Period as part of Buyer's due diligence respecting the Properties. From and guaranties thereto pertaining, after the “Leases”) in effect as expiration of the Effective Date.
6.2 Property Manager Contingency Period, any New Lease Document which Seller wishes to execute shall use commercially reasonable efforts be submitted to lease all vacant, leasable space in the Property and Buyer prior to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoingexecution by Seller. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company Buyer shall have five (5) business days after its receipt thereof to notify Seller in writing of either its approval or disapproval thereof, including all Tenant Inducement Costs and leasing commissions to be incurred in connection therewith. If Buyer informs Seller within such five (5) business day period that Buyer does not approve the New Lease Document, which approval shall not be unreasonably withheld, then Seller shall have the right to terminate this Agreement in accordance with Section 3.5 by written notice to Buyer within five (5) business days following Seller's receipt of the Proposed Lease Transaction Buyer's disapproval. If Buyer fails to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager Seller in writing of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall five (5) business day period set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Periodabove, Company then Buyer shall be deemed to have approved of the Proposed such New Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) Document. At Closing, Buyer shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including legal fees, incurred by Seller pursuant to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts New Lease Documents approved (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter definedor deemed approved) which are ministerial in natureby Buyer pursuant hereto.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Leasing. 6.1 Company hereby approves (i) all Solicit replacement tenants for vacant retail space in the Centers, solicit extensions of leases by existing tenants by renewal leases or modifications of leases, negotiate replacement or renewal leases, supervise the preparation and execution of a standard form of lease approved by Owners (including any portion modifications thereof approved by Owners) and coordinate any legal services required in connection with the negotiation and execution of leases on the standard form lease. Property Manager will submit the economic terms of each proposed lease to Owner for approval (an "Economic Approval Request"), which approval may be given or withheld in Owner's sole discretion. A lease substantially in the form of the lease approved by Owners for the Centers which contains (x) economic terms consistent with the economic terms described in the Economic Approval Request and (y) does not impose any other material obligations on the relevant Owner, shall be deemed approved by such Owner. Owners will use diligent effort to execute and return such lease executed by the prospective tenant to Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date.
6.2 Manager within seven business days. Property Manager shall use commercially reasonable diligent efforts to lease collect (but makes no guarantee with respect to such collection) all vacantrents (including percentage rentals and escalation billings resulting from tenant participatxxx xx increases in expenses, leasable space taxes and common area maintenance charges) and other charges which may become due at any time from any tenant or from others for services provided in connection with or for the use of any Center or any portion thereof. Property and to renew Lease agreements in effect as Manager may not terminate any lease, lock out a tenant, institute suit for rent or for the possession of the Effective Datepremises without prior written approval of the Owners.
(ii) Owners will approve a standard form of lease for use in leasing retail space within the Centers and any modifications thereto with respect to a particular location within a Center. All leases must be signed, and Company hereby grants Property Manager or approved in writing, by the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoingapplicable Owner. Property Manager shall reasonably investigate not be responsible for and Owners shall pay the charges of all prospective Tenants (as hereinafter defined), persons and shall not lease to persons not meeting credit standards reasonable for the market. firms contracted with and/or retained by Property Manager may, to provide services in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Centers other than Property and inconvenience to other Tenants.
6.5 Except Manager's customary employees who are not located at the Centers so long as otherwise provided herein or upon such charges are reflected on the prior written consent Operating Budget. With the approval of CompanyOwners, Property Manager shall not lease any space may engage the services of attorneys selected by Property Manager to represent Owners in connection with the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager Manager's leasing and Company agree that there collection activities for the Centers. Owners shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in responsible for and shall promptly pay the leasing of the Propertyfees charged and costs advanced by such legal counsel.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Shopping Center Management Agreement (Tanger Properties LTD Partnership /Nc/)
Leasing. 6.1 Company hereby approves Except as hereinafter set forth, Seller will pay for all Lease Expenses in connection with the Leases, including any New Leases entered into after the date of this Agreement in accordance with the applicable Leases and other agreements related thereto, provided, however, Seller is entitled to all reimbursements paid by Tenants for Lease Expenses (including, without limitation, the site work reimbursements to be paid by Lowes at Boulevard Consumer Square (Property #2245), and construction reimbursement to be paid by Walmart at Plattsburgh Consumer Square (Property # 2006) whether paid before or after the applicable Closing. Seller will promptly apprise Purchaser of leasing activities with respect to the Properties, including notice of any loans made by Seller or any Assigning Affiliate to any Tenant. Except with respect to New Leases which are consistent with the approved Letters of Intent set forth on SCHEDULE 6.2 -1 and except as provided in Section 7.5(a), Seller will not, and will cause each applicable Assigning Affiliate (x) not to, enter into any Lease or New Lease, or otherwise amend or modify any Lease or New Lease, without Purchaser's prior written consent in each instance, which consent will not be unreasonably withheld, delayed or conditioned, unless such amendment or modification would change the term, reduce the rent, grant a new exclusive use restriction or change the prorata share of a Tenant subject to such Lease or New Lease for the calculation of Operating Expenses, in which events consent may be withheld in Purchaser's sole and absolute discretion, and (y) not to terminate any Lease or New Lease without Purchaser's prior written consent in each instance, which consent may be withheld in Purchaser's sole and absolute discretion. Seller shall provide to Purchaser weekly leasing reports and Seller and Purchaser or its designee shall meet weekly by telephone to discuss the leasing reports and other issues relating to the Master Lease Spaces. In the event Seller leases space (approved by Purchaser pursuant to the provisions of this section 6.2) that is not a Master Lease Space Purchaser shall reimburse Seller upon the applicable Closing for all Lease Expenses incurred by Seller. Seller shall not have any obligation to make New Lease Payments or Vacant Space Payments for spaces that are not Master Lease Spaces. Purchaser shall have exclusive control of all leasing activities and leasing decisions from and after the applicable Closing Date, subject to the terms and conditions of the Master Lease, hereinafter defined. Purchaser acknowledges and agrees that Seller may, at Seller's sole cost and expense, (i) all leases relocate PETsMart to the location within New Hartford Consumer Square depicted on SCHEDULE 6.2-2, (ii) relocate Sun Capsule to a different location within Dick's Plaza-Union Road in the location shown on SCHEDULE 6.2-3, (iii) enter into lease modification agreements with Tops permitting Tops to construct fuel facilities provided the construction of the fuel facility does not violate the terms of any portion of the Property lease encumbering a Shopping Center, (collectively, and together iv) enter into lease modification agreements with Dollar Tree for any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) lease with Dollar Tree in effect as of the Effective Date.
6.2 Property Manager shall date of this Agreement granting Dollar Tree the exclusive use commercially reasonable efforts to lease provision set forth on SCHEDULE 6.2-4, (v) modify all vacant, leasable space in the Property and to renew Lease agreements Total Tan Leases in effect as of the Effective Datedate of this Agreement located at the Properties to give the Tenant a kick-out right after January 1, and Company hereby grants 2006, upon twelve (12) months prior written notice, (vi) enter into lease modification agreements with X.X.'s in connection with the expansions at X.X.'s-Hanover/Allentown, PA (Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable#2002), in Youngmann Plaza (Property Manager’s reasonable discretion#1155), on behalf of Company, to accomplish the foregoing. Eastgate Plaza (Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined#2085), and X.X.'s Plaza, Hamburg, NY (Property #1653), provided, however, Purchaser shall have the right to review and approve the plans for any such expansion, which shall not lease to persons not meeting credit standards reasonable for the market. Property Manager maybe unreasonably withheld, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancyconditioned or delayed, and shall make it available (vii) modify the Colonial Wine and Spirits Lease in effect as of the date of this Agreement located at Crossroads Centre (Property #1613) to Company give the Tenant a kick-out right after January 1, 2006, upon reasonable twelve (12) months prior written notice, subject . Seller covenants and agrees to compliance with any confidentiality restrictions required by any such Tenant deliver to Purchaser (or any credit check company. Notwithstanding its designee) photocopies of all outstanding default notices sent during the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval prior twelve (each, a “Proposed Lease Transaction”). Company shall have 12) calendar months within five (5) business days Business Days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transactiondate hereof.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Developers Diversified Realty Corp)
Leasing. 6.1 Company hereby approves (i) all leases of any portion of 10.2.1 During the Property (collectivelyDue Diligence Period, and together thereafter if Buyer has timely delivered to Seller notice of its intention to proceed pursuant to Section 4.5, Seller shall consult with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) Buyer in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion, weekly conference calls on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants proposed leasing activity (as hereinafter defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any including proposed new Lease leases and modifications to or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5terminations of existing Leases) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.
6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager Property. Seller shall not lease cause Owner to enter into any space in the Property to itself new leases, or to amend, modify, terminate or extend any of its affiliates or subsidiaries.
6.6 Property Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices existing Leases with respect to the Property, as well as noticeswithout the prior written consent of Buyer, estoppels certificates which consent shall not be unreasonably withheld, conditioned or delayed during the Due Diligence Period but which consent may be granted or withheld in Buyer’s sole and other documents relating absolute discretion thereafter. Buyer’s withholding of consent to a renewal or amendment of any existing Lease shall be deemed reasonable where the rental amount under such renewal or amendment will be less than the rental amount payable by Tenant for such Lease immediately prior thereto. Provided Seller has delivered to Buyer written notice requesting Buyer’s consent to the Loan (hereafter defined) proposed transaction, which are ministerial notice shall include a conspicuous statement in natureall capital letters stating that Buyer’s consent will be deemed given if such request is not disapproved in writing within five Business Days of Buyer’s receipt of such notice, Buyer’s consent shall be deemed given if not disapproved in writing within five Business Days of receipt of such written notice of proposed transaction.
6.8 Property Manager 10.2.2 Each notice of or request for consent to a new, extended or renewed lease or a request to modify or terminate a lease shall coordinate include the applicable documentation and facilitate information about the economic terms of the lease and financial condition of the tenant and the costs and expenses that will be the monetary obligation of Buyer under the lease. Upon executing any new lease or modification or termination of an existing lease, Seller shall promptly deliver to Buyer a copy thereof.
10.2.3 If the Closing occurs, Seller shall have no liability or responsibility for, and Buyer shall be solely responsible for, the payment of all tenant improvements contemplated by Leasing Costs (if any) for all Leases, or amendments, modifications or extensions of any existing Lease, executed on or after the Leases (collectivelyExecution Date, and Seller shall be solely responsible for all Leasing Costs for Leases, or any amendment, modification or extension of any Lease executed before the Execution Date. As used herein, “Tenant Improvements”) Leasing Costs” means any broker’s fees and commissions, tenant improvement costs or allowance, free rent, move-in allowance and any other payment or credit to the tenant in connection with any Lease, in each instance executed after the Execution Date in accordance with the terms this Section 10.2. Seller shall be solely responsible for Leasing Costs incurred in connection with Leases entered into by Seller in breach of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.210.2.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Rouse Properties, Inc.)
Leasing. 6.1 Company hereby approves (i) all leases designates Manager as its exclusive broker for leasing of any portion of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date.
6.2 Property Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property (subject to attached schedule of excluded leases/deals) and agrees that it shall refer all inquiries for the leasing of space to renew Lease agreements Manager and Manager shall negotiate all Leases, Expansion Space Leases, Expansion Options, Relocation Leases, Renewal Leases, Renewal Options, Modifications, Cancellations and (except Specialty License Agreements as defined in effect this Article 4) for purposes of this Agreement other than Section 10.1 are, collectively, referred to hereinafter as "Lease(s)". Any and all negotiating, responses to inquiries about spaces, work on Leases, or prospective leases, may be referred to as "Leasing Activities" throughout this Agreement. All Leasing Activities are subject to the requirements of the Effective DateLoan Documents, if any. During the term of this Agreement, Owner agrees to refer to Manager all offers and inquiries by prospective tenants, other Brokers or by Cooperating Third Party Brokers as defined in Section 4.4 hereof, not affiliated with Manager or by anyone making an inquiry for space in the Property, and Company hereby grants Property Manager the power agrees to diligently investigate and authority to negotiate new Leases and Lease renewals and to take all actions as may be necessary develop such offers or desirable, in Property Manager’s reasonable discretion, on behalf of Companyinquiries, to accomplish canvas, solicit and otherwise employ reasonable commercial efforts and services to lease space in the foregoingProperty. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not lease make every effort to persons not meeting credit standards reasonable obtain desirable tenants for the marketProperty. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.
6.3 Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.
6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrangeshall, to the extent possible, procure financial information from prospective tenants, investigate such information and use its best judgment in the dates thereof submission of prospective tenants to minimize disturbance to Owner for approval. Submission for approval of prospective tenants shall be in the operation form of a completed lease requisition, prospective tenant financial information, where available, financial analysis of the Property proposed lease, and inconvenience any required narrative necessary to other Tenants.
6.5 Except as otherwise provided herein or upon describe the prior written consent of Companyprospective lease transaction. Manager agrees to perform whatever reasonable service may be required in connection with Leasing Activities including, Property Manager shall but not lease any space limited to, preparing monthly leasing status reports to be included in the Property to itself or to any of its affiliates or subsidiaries.
6.6 Property Manager Monthly Financial Statements, and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account of age, race, color, religion, creed, handicap, sex or national origin in the semi-annual leasing of plans for the Property.
6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.
6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements specified in Section 7.2.
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Samples: Management and Leasing Agreement (Gotham Golf Corp)