Common use of Management of Property Clause in Contracts

Management of Property. (a) Mortgagor shall manage the Property or cause the Property to be managed in a manner which is consistent with the Approved Manager Standard. The Manager (other than Mortgagor) shall at all times meet the Minimum Manager Credentials. All Space Leases shall provide for rental rates comparable to then existing local market rates and terms and conditions which constitute good and prudent business practice and are consistent with prevailing market terms and conditions, and shall be arm’s length transactions. All Space Leases shall be on a form previously approved by Lender with such commercially reasonable changes as are consistent with the standards of other similarly situated owners when compared with terms and conditions of leases in similarly situated industrial centers in similar context at the time in question, taking into account, inter alia, the type, creditworthiness and bargaining power of the prospective tenant and the location and size of the space covered by the proposed Lease, and shall provide that they are subordinate to this Security Instrument and that the lessees thereunder attorn to Lender. Mortgagor shall deliver copies of all Leases, amendments, modifications and renewals thereof to Lender. All proposed Space Leases for the Property shall be subject to the prior written approval of Lender, not to be unreasonably withheld or delayed, provided, however that Mortgagor may enter into new Space Leases with unrelated third parties without obtaining the prior consent of Lender provided that: (i) the leases conform with the requirements of this Section 7.02; (ii) the space to be leased pursuant to such proposed Lease, together with any other space which is leased to the proposed tenant or an Affiliate thereof, is not a Major Space Lease; and (iii) the term of the proposed lease does not exceed six (6) years and, inclusive of all extensions and renewals, does not exceed ten (10) years. Lender’s consent to any Lease shall be deemed given, if the first correspondence from Mortgagor to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested by Lender in writing prior to the expiration of such five (5) Business Day period in order to adequately review the same has been delivered and, if Lender fails to respond or to expressly deny such request for approval in writing within the five (5) Business Day period a second notice is delivered to Lender from Mortgagor in an envelope marked “PRIORITY” requesting approval containing a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN” and Lender fails to respond or to expressly deny each request for approval within the five (5) Business Day period.

Management of Property. (a) Mortgagor Borrower shall manage the Property or cause the Property to be managed in a manner which is consistent with the Approved Manager Standard. The Manager (other than MortgagorBorrower) shall at all times meet the Minimum Manager Credentials. All Space Leases shall provide for rental rates comparable to then existing local market rates and terms and conditions which constitute good and prudent business practice and are consistent with prevailing market terms and conditions, and shall be arm’s length transactions. All Space Leases shall be on a form previously approved by Lender with such commercially reasonable changes as are consistent with the standards of other similarly situated owners when compared with terms and conditions of leases in similarly situated industrial shopping centers in similar context at the time in question, taking into account, inter alia, the type, creditworthiness and bargaining power of the prospective tenant and the location and size of the space covered by the proposed Lease, and shall provide that they are subordinate to this Security Instrument and that the lessees thereunder attorn to Lender. Mortgagor Borrower shall deliver copies of all Leases, amendments, modifications and renewals thereof to Lender. All proposed Space Leases for the Property shall be subject to the prior written approval of Lender, not to be unreasonably withheld or delayed, provided, however that Mortgagor Borrower may enter into new Space Leases with unrelated third parties without obtaining the prior consent of Lender provided that: (i) the leases conform with the requirements of this Section 7.02; (ii) the space to be leased pursuant to such proposed Lease, together with any other space which is leased to the proposed tenant or an Affiliate thereof, is does not a Major Space Leaseexceed 7,500 square feet; and (iii) the term of the proposed lease does not exceed six five (65) years and, inclusive of all extensions and renewals, does not exceed ten (10) years. Lender’s consent to any Lease shall be deemed given, if the first correspondence from Mortgagor Borrower to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE TEN (510) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested by Lender in writing prior to the expiration of such five ten (510) Business Day period in order to adequately review the same has been delivered and, if Lender fails to respond or to expressly deny such request for approval in writing within the five ten (510) Business Day period a second notice is delivered to Lender from Mortgagor Borrower in an envelope marked “PRIORITY” requesting approval containing a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN” and Lender fails to respond or to expressly deny each request for approval within the five (5) Business Day period.

Management of Property. (a) Mortgagor Borrower shall manage the Property or cause the Property to be managed in a manner which is consistent with the Approved Manager Standard. The Manager (other than Mortgagor) shall at all times meet the Minimum Manager Credentials. All Space Leases shall provide for rental rates comparable to then existing local market rates and terms and conditions which constitute good and prudent business practice and are consistent with prevailing market terms and conditions, and shall be arm’s arms-length transactions. All Space Leases shall be on a form previously approved by Lender with such commercially reasonable changes as are consistent with the standards of other similarly situated owners when compared with terms and conditions of leases in similarly situated industrial centers in similar context at the time in question, taking into account, inter alia, the type, creditworthiness and bargaining power of the prospective tenant and the location and size of the space covered by the proposed Lease, and shall provide that they are subordinate to this Security Instrument and that the lessees thereunder attorn to Lender. Mortgagor Borrower shall deliver copies of all Leases, amendments, modifications and renewals thereof to Lender. All proposed Space Leases for the Property shall be subject to the prior written approval of Lender, such approval not to be unreasonably withheld withheld, conditioned or delayed, provided, however that Mortgagor Borrower may enter into new Space Leases leases with unrelated third parties without obtaining the prior consent of Lender Lender, provided that: (i) the proposed leases conform with the applicable requirements of this Section 7.02; (ii) the space to be leased pursuant to such proposed Lease, lease together with any other space which is leased or to be leased to the proposed tenant or an Affiliate thereof, is not a Major Space Lease; and (iii) the term of the proposed lease tenant thereunder does not exceed six (6) years and, inclusive of all extensions and renewals, does not exceed ten (10) years15,000 square feet. Lender’s consent to any Lease shall be deemed given, if the first correspondence from Mortgagor Borrower to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE SEVEN (57) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested by Lender in writing prior to the expiration of such five seven (57) Business Day period in order to adequately review the same has been delivered and, if Lender fails to respond or to expressly deny such request for approval in writing within the five seven (57) Business Day period period, a second notice is delivered to Lender from Mortgagor Borrower in an envelope marked “PRIORITY” requesting approval containing a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE THREE (53) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN” and Lender fails to respond or to expressly deny each such request for approval within the five three (53) Business Day period. In the event Lender does not approve a Space Lease, the approval of which has been requested by Borrower, Lender shall upon receipt of request by Borrower, give Borrower an explanation of why such consent was denied. In the event that all materials reasonably required by Lender in connection with the review and approval by Lender of a Space Lease are delivered to Lender simultaneously with Borrower’s original request for approval, Lender shall not disapprove a Space Lease based solely upon insufficient time to review such request.

Management of Property. (a) Mortgagor Borrower shall manage the Property or cause the Property to be managed in a manner which is consistent with the Approved Manager Standard. The Manager (other than Mortgagor) shall at all times meet the Minimum Manager Credentials. All Space Leases shall provide for rental rates comparable to then existing local market rates and terms and conditions which constitute good and prudent business practice and are consistent with prevailing market terms and conditions, and shall be arm’s arms-length transactions. All Space Except for all Leases in existence prior to the Closing Date, all Leases shall be on a form previously approved by Lender with such commercially reasonable changes as are consistent with the standards of other similarly situated owners when compared with terms and conditions of leases in similarly situated industrial centers in similar context at the time in question, taking into account, inter alia, the type, creditworthiness and bargaining power of the prospective tenant and the location and size of the space covered by the proposed Lease, and shall provide that they are subordinate to this Security Instrument and that the lessees thereunder attorn to Lender. Mortgagor Borrower shall deliver copies of all Leases, amendments, modifications and renewals thereof to Lender. All proposed Space Leases for the Property shall be subject to the prior written approval of Lender, not to be unreasonably withheld or delayed, provided, however that Mortgagor Borrower may enter into new Space Leases leases with unrelated third parties without obtaining the prior consent of Lender provided that: (i) the proposed tenant is unrelated to a tenant under an existing Lease; (ii) the proposed leases conform with the requirements of this Section 7.02; (iiiii) the space to be leased pursuant to such proposed Lease, together lease does not exceed one full floor with any other respect to 0000 Xxxxxxxxx Xxxxx or 5,000 square feet with respect to retail space which is leased to at the proposed tenant or an Affiliate thereof, is not a Major Space LeaseProperty; and (iiiiv) the term of the proposed lease does not exceed six (6) years and, inclusive of all extensions and renewals, does not exceed ten five (105) years. LenderXxxxxx’s consent to any Lease shall be deemed given, if the first correspondence from Mortgagor Borrower to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE TEN (510) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested by Lender Xxxxxx in writing prior to the expiration of such five ten (510) Business Day period in order to adequately review the same has been delivered and, if Lender fails to respond or to expressly deny such request for approval in writing within the five ten (510) Business Day period period, a second notice is delivered to Lender from Mortgagor Borrower in an envelope marked “PRIORITY” requesting approval containing a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN” and Lender fails to respond or to expressly deny each such request for approval within the five (5) Business Day period.

Management of Property. (a) Mortgagor Advisor shall manage monitor the Property or cause the Property to be managed in a manner which is consistent tenants' compliance with the Approved Manager Standardterms of the applicable leases, including terms regarding maintenance of each Property. The Manager It is not generally expected that net lease assets require property managers. To the extent it becomes necessary, and subject to prior written approval by Notice from AGAR, Advisor shall select, arrange for, supervise and, if appropriate, replace third-party managing and leasing agents (other than Mortgagor) shall at all times meet selected for their expertise in the Minimum Manager Credentials. All Space Leases shall provide for rental rates comparable to then existing local market rates area), mortgage brokers and agents engaged to assist with debt financing and independent contractors with respect to the maintenance, repair, operation and leasing of each Property, pursuant to contracts ("SERVICE CONTRACTS") containing such terms and conditions which constitute good and prudent business practice and are consistent with prevailing market terms and conditionsas Advisor has recommended to AGAR. Except as otherwise provided herein, and shall be arm’s length transactions. All Space Leases shall be on a form previously approved by Lender with such commercially reasonable changes as are consistent with the standards of other similarly situated owners when compared with terms and conditions of leases in similarly situated industrial centers in similar context at the time in question, taking into account, inter alia, the type, creditworthiness and bargaining power of the prospective tenant and the location and size of the space covered by the proposed Lease, and shall provide that they are subordinate to this Security Instrument and that the lessees thereunder attorn to Lender. Mortgagor shall deliver copies of all Leases, amendments, modifications and renewals thereof to Lender. All proposed Space Leases for the Property Service Contracts shall be subject to the prior written approval approval, given by Notice of LenderAGAR and shall be entered into by Advisor in the name of and on behalf of AGAR. Property management fees shall be competitive in the relevant local market, and Advisor shall review each property management arrangement no less frequently than once every two (2) years to confirm that the fees payable thereunder are competitive in the local market area. Payments for services rendered under the Service Contracts shall be the obligation of AGAR. Advisor shall supervise the administration of and performance of all work done under all Service Contracts and shall monitor compliance of all service-providers with the terms and conditions of their respective Service Contracts, regardless of whether expenditures therefor are set forth in the applicable "ANNUAL BUDGET", as hereafter defined. In furtherance of the foregoing, AGAR must by Notice approve in writing and in advance all third party engagements for services which are not to be unreasonably withheld or delayedidentified in previously approved Annual Budgets and/or which provide for payments in an amount which may exceed the approved guidelines in each Property's Annual Budget, provided, however it being agreed that Mortgagor the Annual Budget for each Property will contain cost and expenditure guidelines under which Advisor may enter into new Space Leases with unrelated third parties third-party service arrangements and Service Contracts without obtaining the prior consent further approval of Lender provided that: (i) the leases conform with the requirements of this Section 7.02; (ii) the space to be leased pursuant to such proposed Lease, together with any other space which is leased to the proposed tenant or an Affiliate thereof, is not a Major Space Lease; and (iii) the term of the proposed lease does not exceed six (6) years and, inclusive of all extensions and renewals, does not exceed ten (10) years. Lender’s consent to any Lease shall be deemed given, if the first correspondence from Mortgagor to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested by Lender in writing prior to the expiration of such five (5) Business Day period in order to adequately review the same has been delivered and, if Lender fails to respond or to expressly deny such request for approval in writing within the five (5) Business Day period a second notice is delivered to Lender from Mortgagor in an envelope marked “PRIORITY” requesting approval containing a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN” and Lender fails to respond or to expressly deny each request for approval within the five (5) Business Day periodAGAR.

Management of Property. (a) Mortgagor Borrower shall manage the Property or cause the Property to be managed in a manner which is consistent with the Approved Manager Standard. The Manager (other than Mortgagor) shall at all times meet the Minimum Manager Credentials. All Space Leases shall provide for rental rates comparable to then existing local market rates and terms and conditions which constitute good and prudent business practice and are consistent with prevailing market terms and conditions, and shall be arm’s arms-length transactions. All Space Leases shall be on a form previously approved by Lender with such commercially reasonable changes as are consistent with the standards of other similarly situated owners when compared with terms and conditions of leases in similarly situated industrial centers in similar context at the time in question, taking into account, inter alia, the type, creditworthiness and bargaining power of the prospective tenant and the location and size of the space covered by the proposed Lease, and shall provide that they are subordinate to this Security Instrument and that the lessees thereunder attorn to Lender. Mortgagor Borrower shall deliver copies of all Leases, amendments, modifications and renewals thereof to Lender. All proposed Space Leases for the Property shall be subject to the prior written approval of Lender, such approval not to be unreasonably withheld withheld, conditioned or delayed, provided, however that Mortgagor Borrower may enter into new Space Leases leases with unrelated third parties without obtaining the prior consent of Lender Lender, provided that: (i) the proposed leases conform with the applicable requirements of this Section 7.02; (ii) the space to be leased pursuant to such proposed Lease, lease together with any other space which is leased or to be leased to the proposed tenant or an Affiliate thereof, is not a Major Space Lease; and (iii) the term of the proposed lease tenant thereunder does not exceed six (6) years and, inclusive of all extensions and renewals, does not exceed ten (10) years25,000 square feet. Lender’s consent to any Lease shall be deemed given, if the first correspondence from Mortgagor Borrower to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE SEVEN (57) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested by Lender in writing prior to the expiration of such five seven (57) Business Day period in order to adequately review the same has been delivered and, if Lender fails to respond or to expressly deny such request for approval in writing within the five seven (57) Business Day period period, a second notice is delivered to Lender from Mortgagor Borrower in an envelope marked “PRIORITY” requesting approval containing a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE THREE (53) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN” and Lender fails to respond or to expressly deny each such request for approval within the five three (53) Business Day period. In the event Lender does not approve a Space Lease, the approval of which has been requested by Borrower, Lender shall upon receipt of request by Borrower, give Borrower an explanation of why such consent was denied. In the event that all materials reasonably required by Lender in connection with the review and approval by Lender of a Space Lease are delivered to Lender simultaneously with Borrower’s original request for approval, Lender shall not disapprove a Space Lease based solely upon insufficient time to review such request.

Management of Property. (a) Mortgagor Borrower shall manage the Property or cause the Property to be managed in a manner which is consistent with the Approved Manager Standard. The Manager (other than Mortgagor) shall at all times meet the Minimum Manager Credentials. All Space Leases entered into after the date hereof shall provide for rental rates comparable to then existing local market rates and terms and conditions which constitute good and prudent business practice and are consistent with prevailing market terms and conditions, and shall be arm’s length transactionstransactions or, with respect to Operating Leases, on terms which would be obtained in an arms-length transaction. All Space Leases entered into after the date hereof shall be on a form previously approved by Lender with such commercially reasonable changes as are consistent with the standards of other similarly situated owners when compared with terms and conditions of leases in similarly situated industrial centers office buildings in similar context at the time in question, taking into account, inter alia, the type, creditworthiness and bargaining power of the prospective tenant and the location and size of the space covered by the proposed Lease, and shall provide that they are subordinate to this Security Instrument and that the lessees thereunder attorn to Lender. Mortgagor Borrower shall deliver copies of all Leases, Leases entered into after the Closing Date and amendments, modifications and renewals thereof of any Lease to Lender. All proposed Space Leases for the Property shall be subject to the prior written approval of Lender, not to be unreasonably withheld or delayed, provided, however that Mortgagor Borrower may enter into new Space Leases leases with unrelated third parties without obtaining the prior consent of Lender provided that: (i) the proposed leases conform with the requirements of this Section 7.02; (ii) the space to be leased pursuant to such proposed Lease, lease together with any other space which is leased to the proposed a related tenant or under an Affiliate thereof, is existing Lease does not a Major Space Leaseexceed 30,000 square feet; and (iii) the term of the proposed lease does not exceed six (6) years andlease, inclusive of all extensions and renewals, does not exceed ten (10) years. Lender’s consent to any Lease Lease, amendment, modification, renewal or termination, if required pursuant to the terms of this Security Instrument, shall be deemed given, given if the first correspondence from Mortgagor Borrower to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE SEVEN (57) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested by Lender in writing prior to the expiration of such five seven (57) Business Day period in order to adequately review the same has been delivered and, if Lender fails to respond or to expressly deny such request for approval in writing within the five seven (57) Business Day period period, a second notice requesting approval is delivered to Lender from Mortgagor Borrower in an envelope marked “PRIORITY” requesting approval containing a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE THREE (53) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN” and Lender fails to respond or to expressly deny each such request for approval within the five three (53) Business Day period.