Common use of Modification of Leases Clause in Contracts

Modification of Leases. Between the date hereof and the Closing Date, Seller shall not modify or amend any of the Existing Leases or any of the New Leases without Purchaser's prior written consent in each instance, which consent shall not be unreasonably withheld; provided, however, Seller shall have the right, without Purchaser's consent, to enter into any modification or amendment of an Existing Lease or a New Lease if the same is required pursuant to the terms of the Existing Lease or the New Lease, as the case may be, or if the same is entered into to effectuate or memorialize the exercise of any right or option contained in the Existing Lease or the New Lease, as the case may be. If required, Purchaser's consent shall be deemed granted if not denied by notice (stating the grounds for denial with reasonable specificity) given to Seller within five (5) Business Days after request for such consent by Seller.

Appears in 3 contracts

Samples: Sale Purchase Agreement (Wellsford Real Properties Inc), Sale Purchase Agreement (Wellsford Real Properties Inc), Sale Purchase Agreement (Wellsford Real Properties Inc)

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Modification of Leases. Between the date hereof and the Closing Date, Seller shall not modify or amend any of the Existing Leases or any of the New Leases without Purchaser's ’s prior written consent in each instance, which consent shall not may be unreasonably withheldwithheld for any or no reason; provided, however, Seller shall have the right, without Purchaser's ’s consent, to enter into any modification or amendment of an Existing Lease or a New Lease if the same is required pursuant to the terms of the Existing Lease or the New Lease, as the case may be, or if the same is entered into to effectuate or memorialize the exercise of any an express right or option contained in the Existing Lease or the New Lease, as the case may be. If required, Purchaser's ’s consent shall be deemed granted if not denied by notice (stating the grounds for denial with reasonable specificity) given to Seller within five (5) Business Days after request for such consent by Seller.

Appears in 1 contract

Samples: Sale Purchase Agreement (Wellsford Real Properties Inc)

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Modification of Leases. Between the date hereof and the Closing Date, Seller shall not modify or amend any of the Existing Leases or any of the New Leases without Purchaser's prior written consent in each instance, which consent shall not be unreasonably withheld; provided, however, that Seller shall have the right, without Purchaser's consent, to enter into any modification or amendment of an Existing Lease or a New Lease if the same is required pursuant to the terms of the Existing Lease or the New Lease, as the case may be, or if the same is entered into to effectuate or memorialize the exercise of any an express right or option on the part of the tenant contained in the Existing Lease or the New Lease, as the case may be. If required, Purchaser's consent shall be deemed granted if not denied by notice (stating the grounds for denial with reasonable specificity) given to Seller within five (5) Business Days after request for such consent by Seller.

Appears in 1 contract

Samples: Sale Purchase Agreement (Wellsford Real Properties Inc)

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