Common use of Right to Enter into New Leases Clause in Contracts

Right to Enter into New Leases. Borrower may enter into new Leases for space at the Prope1iy and renew or extend existing Leases without Lender's prior written consent provided that each such Lease: (i) is not a Major Lease; (ii) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such Lease is executed (unless in the case of a renewal or extension, the rent payable during such renewal term, or a formula or other method to compute such rent, has been specified in the original Lease); (iii) is an arms-length transaction with a tenant that is not an Affiliate of Borrower; (iv) will not have a Material Adverse Effect on the value of the Property taken as a whole; (v) is subordinate to the Security Instrument (other than with respect to residential leases) or (vi) is extended pursuant to the Walgreens Lease. All proposed Leases that do not satisfy the requirements set forth in this Section require Lender's prior written approval at Borrower's expense (including reasonable legal fees and expenses). Borrower shall promptly deliver to Lender a copy of each Lease (other than a residential lease) entered into after the Closing Date, together with written certification from a Responsible Officer which confirms that (x) the copy delivered is a true, complete and correct copy of such Lease and (y) Borrower has satisfied all conditions of this Section. Lender's acceptance of Borrower's certification or a copy of any Lease shall not be deemed a waiver of the requirements of this Section if the Lease is not in compliance herewith.

Right to Enter into New Leases. Borrower may enter into new Leases for space at the Prope1iy Property and renew or extend existing Leases without Lender's ’s prior written consent provided that each such Lease: (i) is documented using, and does not a Major Leasematerially deviate from, the Standard Lease Form; (ii) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such Lease is executed (unless in the case of a renewal or extension, the rent payable during such renewal term, or a formula or other method to compute such rent, has been specified in the original Lease)) and such rental rates (net of any concessions) are not less than ninety-five percent (95%) of proforma rates set forth in the Approved Budget; or (iii) is an arms-length transaction with a tenant that is not an Affiliate of Borrower; (iv) will not have a Material Adverse Effect on the value of the Property taken as a whole; and (v) is subordinate to the Security Instrument (other than with respect to residential leases) or (vi) is extended pursuant to the Walgreens Lease). All proposed Leases that do not satisfy the requirements set forth in this Section require Lender's ’s prior written approval at Borrower's ’s expense (including reasonable legal fees and expenses). Borrower shall promptly deliver to Lender a copy of each Lease (other than a residential lease) entered into after the Closing Date, together with written certification from a Responsible Officer which confirms that (x) the copy delivered is a true, complete and correct copy of such Lease and (y) Borrower has satisfied all conditions of this Section. Lender's ’s acceptance of Borrower's ’s certification or a copy of any Lease shall not be deemed a waiver of the requirements of this Section if the Lease is not in compliance herewith.

Right to Enter into New Leases. Borrower may enter into new Leases for space at the Prope1iy Property and renew or extend existing Leases without Lender's ’s prior written consent provided that each such Lease: (i) is not a Major Lease; (ii) is documented using, and does not materially deviate from, the Standard Lease Form; (iii) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such Lease is executed (unless in the case of a renewal or extension, the rent payable during such renewal term, or a formula or other method to compute such rent, has been specified in the original Lease)) and such rental rates (net of any concessions) are not less than ninety-five percent (95%) of proforma rates set forth in the Approved Budget; (iiiiv) is an arms-length transaction with a tenant that is not an Affiliate of Borrower; (ivv) will not have a Material Adverse Effect on the value of the Property taken as a whole; and (vvi) is subordinate to the Security Instrument (other than with respect to residential leases) or (vi) is extended pursuant to the Walgreens Lease). All proposed Leases that do not satisfy the requirements set forth in this Section require Lender's ’s prior written approval at Borrower's ’s expense (including reasonable legal fees and expenses). Borrower shall promptly deliver to Lender a copy of each Lease (other than a residential lease) entered into after the Closing Date, together with written certification from a Responsible Officer which confirms that (x) the copy delivered is a true, complete and correct copy of such Lease and (y) Borrower has satisfied all conditions of this Section. Lender's ’s acceptance of Borrower's ’s certification or a copy of any Lease shall not be deemed a waiver of the requirements of this Section if the Lease is not in compliance herewith.

Right to Enter into New Leases. Borrower may enter into new Leases for space at the Prope1iy Property and renew or extend existing Leases without Lender's ’s prior written consent provided that each such Lease: (i) is not a Major Lease, is documented using, and does not materially deviate from, the Standard Lease Form (except as set forth in the immediately succeeding paragraph); (ii) provides for rental rates and terms comparable to existing local market rates consistent with sound and terms (taking into account customary leasing and management practices for similar properties in the type and quality of geographic area in which the tenant) as of the date such Lease Property is executed located (unless in the case of a renewal or extension, the rent payable during such renewal term, or a formula or other method to compute such rent, has been specified in the original Lease); (iii) is an arms-length transaction with a tenant that is not an Affiliate of Borrower; (iv) will not have a Material Adverse Effect on the value of the Property taken as a whole; and (v) is subordinate to the Security Instrument (other than with respect to residential leases) or (vi) is extended pursuant to the Walgreens Lease). All proposed Leases that do not satisfy the requirements set forth in this Section require Lender's ’s prior written approval at Borrower's ’s expense (including reasonable legal fees and expenses). Borrower shall promptly deliver to Lender a copy of each Lease (other than a residential lease) entered into after the Closing Date, together with written certification from a Responsible Officer which confirms that (x) the copy delivered is a true, complete and correct copy of such Lease and (y) Borrower has satisfied all conditions of this Section. Lender's ’s acceptance of Borrower's certification or a ’s copy of any Lease shall not be deemed a waiver of the requirements of this Section if the Lease is not in compliance herewith. Notwithstanding this Section 9.06(a)(i) to the contrary, Borrower may use a negotiated modified standard form lease that differs from the Standard Form Lease without Lender’s prior written approval so long as (i) such lease is from a regional or national tenant operating multiple high quality retail stores, (ii) the modifications to such lease are commercially reasonable (based upon an analysis of the rental terms of properties of similar size and type in the same geographic area as the Property) and have no material adverse effect upon Lender, and (iii) Borrower delivers a copy of such lease to Lender within thirty days upon its receipt thereof.

Right to Enter into New Leases. Borrower may enter into new Leases for space at the Prope1iy Property and renew or extend existing Leases without Lender's prior written consent provided that each such Lease: (i) is not a Major Lease; (ii) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such Lease is executed (unless in the case of a renewal or extension, the rent payable during such renewal term, or a formula or other method to compute such rent, has been specified in the original Lease); (iii) is an arms-length transaction with a tenant that is not an Affiliate of Borrower; (iv) will not have a Material Adverse Effect on the value of the Property taken as a whole; (v) is subordinate to the Security Instrument (other than with respect to residential leases) or (vi) is extended pursuant to the Walgreens Lease. All proposed Leases that do not satisfy the requirements set forth in this Section require Lender's prior written approval at Borrower's expense (including reasonable legal fees and expenses). Borrower shall promptly deliver to Lender a copy of each Lease (other than a residential lease) entered into after the Closing Date, together with written certification from a Responsible Officer which confirms that (x) the copy delivered is a true, complete and correct copy of such Lease and (y) Borrower has satisfied all conditions conditi6ns of this Section. Lender's acceptance of Borrower's certification or a copy of any Lease shall not be deemed a waiver of the requirements of this Section if the Lease is not in compliance herewith.

Right to Enter into New Leases. Borrower may enter into new Leases for space at the Prope1iy Property and renew or extend existing Leases without Lender's prior written consent provided that each such Lease: (i) is documented using, and does not a Major Leasematerially deviate from, the Standard Lease Form; (ii) provides for rental rates and terms terns comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such Lease is executed (unless in the case of a renewal or extension, the rent payable during such renewal term, or a formula or other method to compute such rent, has been specified in the original Lease); (iii) is an arms-length transaction with a tenant that is not an Affiliate of Borrower; (iv) will not have a Material Adverse Effect on the value of the Property taken as a whole; and (v) is subordinate to the Security Instrument (other than with respect to residential leases) or (vi) is extended pursuant to the Walgreens Lease). All proposed Leases that do not satisfy the requirements set forth in this Section require Lender's prior written approval at Borrower's expense (including reasonable legal fees and expenses). Borrower shall promptly deliver to Lender a copy of each Lease (other than a residential lease) entered into after the Closing Date, together with written certification from a Responsible Officer which confirms that (x) the copy delivered is a true, complete and correct copy of such Lease and (y) Borrower has satisfied all conditions of this Section. Lender's acceptance of Borrower's certification or a copy of any Lease shall not be deemed a waiver of the requirements of this Section if the Lease is not in compliance herewith.