New Leases and Contracts. Prior to the expiration of the Investigation Period (and up and until the Closing Date with respect to new leases), Seller may enter into any new lease or service contract affecting the Property, or any part thereof, provided such new lease is in conformity with Seller’s Lease Guidelines or otherwise consented to in writing by Purchaser and, with respect to service contracts, notice is given to Purchaser within five (5) business days after such action and in any event at least two (2) business days prior to the expiration of the Investigation Period and the service contract is cancelable on thirty (30) days notice, or less without penalty or premium. After the expiration of the Investigation Period, Seller may not enter into any service contract without Purchaser’s consent, which consent will not be unreasonably withheld or delayed. Notwithstanding the preceding sentence, after the expiration of the Investigation Period, Seller may enter into any new service contracts without Purchaser’s consent if doing so is in the ordinary course of operating the Property and the contract (i) will not be binding on Purchaser after Closing unless Purchaser elects prior to Closing to assume such service contract or (ii) is cancelable on thirty (30) days or less notice without penalty or premium. If Seller shall request Purchaser’s approval to any of the foregoing matters, Purchaser shall have five (5) days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall be deemed approved by Purchaser.
New Leases and Contracts. During the pendency of this Agreement, Seller will not enter into any new lease or contract that will be an obligation affecting the Property after the Closing without Purchaser’s prior written consent, which consent shall not be unreasonably withheld or delayed. Seller will not amend or extend the Lease beyond the Closing Date without Purchaser’s prior written consent.
New Leases and Contracts. From and after three days prior to the end of the Inspection Period (the “Lease Cut-off Date”), without the prior written consent of Bedford, not to be unreasonably withheld, except as set forth in Section 11.1.5 Seller shall not (i) modify or amend any of the Leases; (ii) extend or grant any concessions with respect to any of the Leases, or accept any prepayment of rent under the Leases other than one month in advance; (iii) enter into any new lease or extend any existing lease for space at the Property; (iv) enter into any new service, supply, maintenance or other contract pertaining to the Property or the operation of the Property, which contract is not cancelable at the Closing; (v) purchase, lease or contract to purchase or lease new items or equipment or inventory with respect to the Property other than in the ordinary course of business; (vi) remove existing items of equipment or other personal property, other than in the ordinary course of business, provided, however, that any items removed shall be replaced with personal property of like kind and quality; or (vii) alter or contract for the alteration of any existing improvements or construct or install or contract for the construction or installation of any new improvements other than tenant improvement work in connection with the Leases if any such items in (i) through (vii) above would have a “material adverse impact” on Bedford. As used herein a material adverse impact would be a change that decreases either Bedford’s return on its investment in the Property (as computed using Bedford’s typical underwriting standards) or Bedford’s Funds From Operations (FFO) from the Property (as computed using the NAREIT and SEC approved conventions for computation of FFO). Any new leases entered into with Bedford’s prior written consent as herein provided (“Approved New Leases”) shall thereafter be deemed to be a part of the “Leases” as defined in this Agreement, and any existing Leases which by their terms expire or which are terminated with the prior written consent of Bedford prior to Closing shall no longer thereafter be deemed to be a part of the Leases. Any request for consent by Bedford to any matter covered under this Section shall be made in writing to Bedford and shall include a detailed description of the matter, including in the case of any new Lease the financial condition of the proposed Tenant, the configuration of the space to be leased, the amount of any leasing commission and the type and co...
New Leases and Contracts. Prior to the expiration of the Investigation Period, Seller may enter into any new lease or contract affecting the Property, or any part thereof, provided notice is given to Purchaser within three (3) business days after such action and in any event at least three (3) business days prior to the expiration of the Investigation Period. After the expiration of the Investigation Period, Seller may not enter into any new lease or contract without Purchaser’s consent, which consent will not be unreasonably withheld, conditioned or delayed. Notwithstanding the preceding sentence, after the expiration of the Investigation Period, Seller may enter into any new contracts without Purchaser’s consent if doing so is in the ordinary course of operating the Property and the contract (i) will not be binding on Purchaser or (ii) is cancelable on thirty (30) days or less notice without penalty or premium. If Seller shall request Purchaser’s approval to any of the foregoing matters, Purchaser shall have five (5) business days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall be deemed refused by Purchaser.
New Leases and Contracts. Prior to the expiration of the Investigation Period, Seller may enter into any new lease or contract affecting the Property, or any part thereof, PROVIDED notice is given to Purchaser within five (5) business days after such action and in any event at least two (2) business days prior to the expiration of the Investigation Period. After the expiration of the Investigation Period, Seller may not enter into any new lease or contract without Purchaser's consent, which consent will not be unreasonably withheld or delayed. Notwithstanding the preceding sentence, after the expiration of the Investigation Period, Seller may enter into any new contracts without Purchaser's consent if doing so is in the ordinary course of operating the Property and the contract (i) will not be binding on Purchaser or (ii) is cancelable on thirty (30) days or less notice without penalty or premium. If Seller shall request Purchaser's approval to any of the foregoing matters, Purchaser shall have five (5) business days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice within five (5) business day period, such matter shall be deemed approved by Purchaser.
New Leases and Contracts. Seller Parties will not cause or permit the Partnership or any Partnership Subsidiary to enter into any new lease or contract without Buyer’s prior written consent. Notwithstanding the preceding sentence, Seller Parties may cause the Partnership or applicable Partnership Subsidiary to enter into any new contracts without Buyer’s consent if doing so is in the ordinary course of operating the Partnership Property and the contract (i) will not be binding on Buyer or (ii) is cancelable on thirty (30) days or less notice without penalty or premium. The following procedure will govern Buyer’s review and consent to new leases and Lease Modifications: If Seller Parties seek Buyer’s consent with respect to any new lease or Lease Modification, the Seller Parties shall provide Buyer with the following information: (i) a written term sheet (a “Lease Term Sheet”) summarizing the material terms for the new lease or Lease Modification (including a summary of the estimated Tenant Inducement Costs and leasing commissions; (ii) if available, the current draft of the proposed new lease or Lease Modification, and (iii) any current tenant financial information in the possession of the Seller Parties (Buyer shall keep all tenant financial information provided by Seller Parties confidential). Excepting leases in negotiation as of the date of this Agreement, and leases for national tenants requiring that their own form be used, new leases will be based on Buyer’s standard industrial lease form. If Seller Parties shall request Buyer’s approval to any of the foregoing matters, Buyer shall have five (5) Business Days from its receipt of such request (with all required accompanying information) to give Seller Parties notice of its approval or disapproval of such matter. If Buyer does not timely give such notice, such matter shall be deemed approved by Buyer.
New Leases and Contracts. Seller shall not enter into any new lease or new contract, or any amendment of any existing lease or contract, or grant any material approval, consent (including, without limitation, any consent to assign or sublease) or waiver under any lease or contract, to the extent such action would bind Buyer after the Closing, without (i) in the case of any leases contracts, amendments, approvals, consents or waivers entered into during the Due Diligence Period, obtaining Buyer's prior consent thereto, which consent shall not be unreasonably withheld, conditioned or delayed, or (ii) in the case of lease contracts, amendments, approvals, consents or waivers entered into after the end of the Due Diligence Period, obtaining Buyer's prior consent thereto, which consent may be withheld, conditioned or delayed in Buyer's sole and absolute discretion for any reason or no reason; provided, that nothing in the foregoing prohibits Seller from entering into any Lease or Contract amendment which memorializes a right of the counterparty thereunder over which Seller has no discretion (such as, by way of example only, a tenant's right of renewal). If Buyer does not reasonably disapprove Seller's request within three (3) Business Days following receipt of such written request, such lease, contract, amendment, approval, consent or waiver shall be unconditionally and irrevocably deemed to have been approved by Buyer.
New Leases and Contracts. From and after the Effective Date, Seller shall not enter into any new contract or any lease, occupancy agreement or similar agreement for any portion of the Property without first obtaining Buyer’s written consent, which approval may be withheld in Buyer’s sole discretion, except for any such agreements that are terminable by Seller in Seller’s discretion at or prior to Closing. Seller shall cooperate, and shall cause the Construction Team to cooperate, with all reasonable requests of Buyer and Buyer’s property manager in connection with the initial lease-up of the Property. Seller shall provide a written request to Buyer for approval of any new contract or any lease, which Buyer shall approve or disapprove within ten (10) business days following receipt thereof; provided, that if Buyer does not timely respond within such ten (10) business day-period, Seller shall deliver a second notice to Buyer requesting approval or disapproval of such matter, and if Buyer does not respond to such second notice within five (5) business days following receipt thereof, such new contract or lease, as applicable, shall be deemed approved by Buyer. Any lease executed by Seller prior to the Due Diligence Date or after the Due Diligence Date in accordance with this Section 16(d) shall constitute a Lease under this Agreement.
New Leases and Contracts. Seller may not enter into any new lease or contract without Purchaser's consent, which consent will not be unreasonably withheld or delayed Notwithstanding the preceding sentence, Seller may enter into any new contracts without Purchaser's consent if doing so is in the ordinary course of operating the Property and the contract (i) will not be binding on Purchaser or (ii) is cancelable on thirty (30) days or less notice without penalty or premium. If Seller shall request Purchaser's approval to any of the foregoing matters, Purchaser shall have five (5) business days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice within such five (5) business day period, such matter shall be deemed approved by Purchaser.
New Leases and Contracts. From and after the Effective Date until the Closing or earlier termination of this Agreement, Seller shall not, without the prior written approval of Purchaser, enter into any new Leases of the Property. From and after the Effective Date until the Closing or earlier termination of this Agreement, Seller shall not enter into any contracts, in a manner binding upon Purchaser after the Closing, unless Seller gives Purchaser notice within five (5) business days after such action and provided such action is (i) required by any of the Leases or Contracts or (ii) approved by Purchaser. If Seller shall request Purchaser’s approval to any of the foregoing matters, Purchaser shall have three (3) business days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall be deemed approved by Purchaser.
