Limitation on Disbursements for Leasing Commissions Sample Clauses

Limitation on Disbursements for Leasing Commissions. Disbursements on account of Leasing Commissions shall only be used to reimburse Borrower for Leasing Commissions for space vacant at the Property that are fully and unconditionally earned and paid in full by Borrower and (a) such Leasing Commissions are market, reasonable and customary for properties similar to the Property and the portion of the Property leased for which a commission is due and, unless otherwise agreed by Lender, with respect to a new Lease at the Property do not exceed three percent (3.0%) of the total amount of base rent payments under the related Lease; (b) the amount of such Leasing Commissions are determined pursuant to arm’s-length transactions between Borrower and each such leasing agent to which a commission is due; (c) the Lease has been approved by Lender in its discretion; (d) such Leasing Commission are as set forth in the Budget or a schedule approved in writing by Lender; (e) the related tenant shall be in occupancy at the Property and paying rent under its respective Lease and (f) the related tenant shall have executed and delivered a subordination, non-disturbance and attornment agreement, if required by Lender, and/or an estoppel in form and substance reasonably satisfactory to Lender.
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Related to Limitation on Disbursements for Leasing Commissions

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