Common use of Management and Leasing Fees Clause in Contracts

Management and Leasing Fees. Commencing on the date hereof, Owner shall pay Manager property management in an amount equal to the lesser of (a) fees which are competitive for similar services in the same geographic area or (b) (1) in the case of industrial and commercial properties which are not leased on a long-term (ten or more years) net lease basis, four and one-half percent (4.5%) of Gross Revenues and (2) in the case of industrial and commercial properties which are leased on a long-term (ten or more years) net lease basis, one percent (1.0%) of Gross Revenues plus a one-time initial leasing fee of three percent (3.0%) of Gross Revenues on each lease payable over the first five full years of the original term of the lease. As used herein, the term "net lease" shall mean a lease which requires the tenant to coordinate and pay directly all real estate taxes, sales and use taxes, utilities, insurance and other operating expenses relating to the leased property. In addition, except to the extent that compensation for leasing services is specifically included in the foregoing property management fees, Owner shall also pay Manager a separate fee for the leases of new tenants and renewals of leases with existing tenants in an amount not to exceed the fee customarily charged by others rendering similar services in the same geographic area; provided, however, that in no event may the aggregate of all property management fees and leasing fees paid to Manager exceed six percent (6.0%) of Gross Revenues, and further provided that the foregoing limitation is not intended to preclude the payment of a separate competitive fee for the one-time initial rent-up or leasing-up of a newly constructed property or the total rehabilitation of a property if such service is not included in the purchase price of the property. The fees payable hereunder shall be paid on a monthly basis from the rental income received from the Properties over the term of this Management Agreement. Manager's compensation under this Section 5.1 shall apply to all renewals, extensions or expansions of Leases that Manager has originally negotiated. In the event Manager assists with planning and coordinating the construction of any tenant-paid finish-out or improvements, Manager shall be entitled to receive from any such tenant an amount equal to not greater than five percent (5.0%) of the cost of such tenant improvements.

Management and Leasing Fees. Commencing on the date hereof, Owner shall pay Manager property management fees in an amount equal to the lesser of (a) fees which are competitive for similar services in the same geographic area or (b) (1) in the case of industrial and commercial properties which are not leased on a long-term (ten or more years) net lease basis, four and one-half percent (4.54.0%) of Gross Revenues and (2) in the case of industrial and commercial properties which are leased on a long-term (ten or more years) net lease basis, one percent (1.0%) of Gross Revenues plus a one-time initial leasing fee of three percent (3.0%) of Gross Revenues on each lease payable over the first five full years of the original term of the lease. As used herein, the term "net lease" shall mean a lease which requires the tenant to coordinate and pay directly all real estate taxes, sales and use taxes, utilities, insurance and other operating expenses relating to the leased property. In addition, except to the extent that compensation for leasing services is specifically included in the foregoing property management fees, Owner shall also pay Manager a separate fee for the leases of new tenants and renewals of leases with existing tenants in an amount not to exceed the fee customarily charged by others rendering similar services in the same geographic area; provided, however, that in no event may the aggregate of all property management fees and leasing fees paid to Manager exceed six percent (6.0%) of Gross Revenues, and further provided that the foregoing limitation is not intended to preclude the payment of a separate competitive fee for the one-time initial rent-up or leasing-up of a newly constructed property or the total rehabilitation of a property if such service is not included in the purchase price of the property. The property management fees payable hereunder shall be paid on a monthly basis from the rental income received from the Properties over the term of this Management Agreement. Manager's compensation under this Section 5.1 shall apply to all renewals, extensions or expansions of Leases that Manager has originally negotiated. In the event Manager assists with planning and coordinating the construction of any tenant-paid finish-out or improvements, Manager shall be entitled to receive from any such tenant an amount equal to not greater than five percent (5.0%) of the cost of such tenant improvements.

Management and Leasing Fees. Commencing on the date hereof, Owner shall pay Manager property management in an amount equal to the lesser of (a) fees which are competitive for similar services in the same geographic area or (b) (1) in the case of industrial and commercial properties which are not leased on a long-term (ten or more years) net lease basis, four and one-half percent (4.54.0%) of Gross Revenues and (2) in the case of industrial and commercial properties which are leased on a long-term (ten or more years) net lease basis, one percent (1.0%) of Gross Revenues plus a one-time initial leasing fee of three percent (3.0%) of Gross Revenues on each lease payable over the first five full years of the original term of the lease. As used herein, the term "net lease" shall mean a lease which requires the tenant to coordinate and pay directly all real estate taxes, sales and use taxes, utilities, insurance and other operating expenses relating to the leased property. In addition, except to the extent that compensation for leasing services is specifically included in the foregoing property management fees, Owner shall also pay Manager a separate fee for the leases of new tenants and renewals of leases with existing tenants in an amount not to exceed the fee customarily charged by others rendering similar services in the same geographic area; provided, however, that in no event may the aggregate of all property management fees and leasing fees paid to Manager exceed six percent (6.0%) of Gross Revenues, and further provided that the foregoing limitation is not intended to preclude the payment of a separate competitive fee for the one-time initial rent-up or leasing-up of a newly constructed property or the total rehabilitation of a property if such service is not included in the purchase price of the property. The fees payable hereunder shall be paid on a monthly basis from the rental income received from the Properties over the term of this Management Agreement. Manager's compensation under this Section 5.1 shall apply to all renewals, extensions or expansions of Leases that Manager has originally negotiated. In the event Manager assists with planning and coordinating the construction of any tenant-paid finish-out or improvements, Manager shall be entitled to receive from any such tenant an amount equal to not greater than five percent (5.0%) of the cost of such tenant improvements.