Renewal Commissions. Owner shall pay to Manager a commission equal to the fee that is customarily charged by others rendering similar services in the same geographic area, as determined by the Board of Directors of The GC Net Lease REIT, in its sole discretion. For purposes of this Section 4.2.B(2), a renewal shall include (i) a renewal of any tenant Lease in a Property pursuant to a new agreement that is executed during the term of this Agreement and (ii) a renewal of an existing tenant Lease pursuant to a new agreement that is executed during the term of this Agreement and prior to the expiration of the term of the existing tenant Lease. Renewal commissions shall be paid out within thirty (30) days of the execution of the applicable renewal or extension.
Appears in 3 contracts
Samples: Master Property Management, Leasing and Construction Management Agreement (Gc Net Lease Reit, Inc.), Master Property Management, Leasing and Construction Management Agreement (Gc Net Lease Reit, Inc.), Master Property Management, Leasing and Construction Management Agreement (Gc Net Lease Reit, Inc.)
Renewal Commissions. Owner shall pay to Manager a commission equal to the fee that is customarily charged by others rendering similar services in the same geographic area, as determined by the Board of Directors of The GC Net Lease the REIT, in its sole discretion. For purposes of this Section 4.2.B(2), a renewal shall include (i) a renewal of any tenant Lease in a Property pursuant to a new agreement that is executed during the term of this Agreement and (ii) a renewal of an existing tenant Lease pursuant to a new agreement that is executed during the term of this Agreement and prior to the expiration of the term of the existing tenant Lease. Renewal commissions shall be paid out within thirty (30) days of the execution of the applicable renewal or extension.
Appears in 2 contracts
Samples: Master Property Management, Leasing and Construction Management Agreement (Griffin Capital Essential Asset REIT, Inc.), Master Property Management, Leasing and Construction Management Agreement (Griffin Capital Essential Asset REIT II, Inc.)
