Standard Lease Form; Approval Rights. Except as provided below, all future leases and other rental arrangements shall in all respects be approved by Lender and shall be on a standard lease form provided to Lender with no material modifications (except as approved by Lender). Except as provided below, all retail and office leases and other rental arrangements shall in all respects be approved by Lender and shall be on a standard lease form approved by Lender with no material modifications (except as approved by Lender). Lender hereby approves of the Borrower’s current standard forms for self-storage leases and office/retail leases which have been provided to Lender. Retail and office lease forms shall provide that the tenant shall attorn to Lender, and that any cancellation, surrender, or amendment of such lease without the prior written consent of Lender shall be voidable by Lender. Borrower shall, and shall cause each Subsidiary to, hold, in trust, all tenant security deposits related to Borrower’s and such Subsidiary’s Project(s) in the manner required by the applicable leases and applicable law. Within ten (10) days after Lender’s request, Borrower shall furnish to Lender a statement of all tenant security deposits, copies of all retail and office leases not previously delivered to Lender and a current rent roll for each Project, each certified by Borrower as being true and correct. Notwithstanding anything contained in the Loan Documents, Lender’s approval shall not be required for future self-storage leases or self-storage lease extensions at a Project if there exists no Event of Default. Notwithstanding anything contained in the Loan Documents, Lender’s approval shall not be required for future retail or office leases or retail or office lease extensions at a Project if the following conditions are satisfied: (1) there exists no Potential Default or Event of Default; (2) the lease is on the standard lease form approved by Lender with no material modifications (except as approved by Lender, such approval not to be unreasonably withheld or delayed); (3) the lease does not conflict with any restrictive covenant affecting the Project or any other lease for space in the Project; and (4) the leased premises, when combined with all other space in the Project leased to the same tenant or any Affiliate thereof, are not greater than 5,000 rentable square feet, and the lease term is at least 36 months (but not more than 60 months).
Standard Lease Form; Approval Rights. All leases and other rental arrangements valued at more than five percent (5%) of the Project’s annual Operating Revenues (“Material Leases”) shall in all respects be approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed and shall contain terms customarily required by prudent property management practices for similar properties. Borrower shall, or shall cause Operating Lessee to, hold, in trust, all tenant security deposits in a segregated account, and, to the extent required by applicable law, shall not commingle any such funds with any other funds of Borrower or Operating Lessee. Within ten (10) days after Lender’s request, Borrower shall, or shall cause Operating Lessee to, furnish to Lender a statement of all tenant security deposits, and copies of all leases not previously delivered to Lender, certified by Borrower or Operating Lessee as being true and correct. Notwithstanding anything contained in the Loan Documents, Lender’s approval shall not be required for future leases or lease extensions if the following conditions are satisfied: (i) there exists no Potential Default or Event of Default; (ii) the lease is on the standard lease form approved by Lender with no material modifications; (iii) the lease does not conflict with any restrictive covenant affecting the Project or any other lease for space in the Project; and (iv) the lease is for a market rental rate and contains terms customarily required by prudent property management practices for similar properties.
Standard Lease Form; Approval Rights. All leases and other rental arrangements shall in all respects be approved by Lender and shall be on a standard lease form approved by Lender with no modifications (except as approved by Lender, which approval will not be unreasonably withheld or delayed). Borrower shall hold, in trust, all tenant security deposits in a segregated account, and, to the extent required by applicable law, shall not commingle any such funds with any other funds of Borrower. Within ten (10) days after Lender’s request, Borrower shall furnish to Lender a statement of all tenant security deposits and copies of all leases, certified by Borrower as being true and correct. Notwithstanding anything contained in the Loan Documents, Lender’s approval shall not be required for future leases or lease extensions at a Project if the following conditions are satisfied: (i) there exists no Potential Default or Event of Default; (ii) the lease is on the standard lease form approved by Lender with no modifications (except as approved by Lender); (iii) the lease does not conflict with any restrictive covenant affecting the Project or any other lease for space in the Project; and (iv) the effective rental rate is at least a market rate.
Standard Lease Form; Approval Rights. All Residential Leases entered into on or after the Closing Date shall be written substantially in accordance with the standard form of the same approved by Administrative Agent on or before the Closing Date, subject to any variations from the provisions of such standard form which (taken as whole) do not have a material adverse effect on the operation of the Projects (other than in the ordinary course of business or as required by Requirements of Law or as otherwise approved by Administrative Agent, which approval will not be unreasonably withheld or delayed). Borrowers shall hold, in trust, all tenant security deposits in a segregated account, and, to the extent required by any Requirements of Law, shall not commingle any such funds with any other funds of Borrowers. Within ten (10) days after Administrative Agent’s request, Borrowers shall furnish to Administrative Agent a statement of all tenant security deposits, and copies of all Leases not previously delivered to Administrative Agent, certified by Borrowers as being true and correct in all material respects. Notwithstanding anything contained in the Loan Documents, Borrowers shall have the right to enter into Commercial Leases (including any lease extensions, amendments or other modification related thereto) without Administrative Agent’s consent provided (i) the economic terms of the Lease substantially conform to those of the market in the area in which the applicable Project is located, (ii) the initial term is not longer than five (5) years, (iii) the leased premises are not in excess of 500 square feet in the aggregate in any one Project, and (iv) the Commercial Lease is in the form previously approved by Administrative Agent without material modification
Standard Lease Form; Approval Rights. All leases and other rental arrangements shall in all respects be approved by Lender in its reasonable discretion and shall be on a standard lease form approved by Lender with no material modifications (except as approved by Lender). Such lease form shall provide that the tenant shall attorn to Lender, and that any cancellation, surrender, or amendment of such lease without the prior written consent of Lender shall be voidable by Lender. Without limiting the provisions of Section 5.2(2), Borrower shall not enter into a lease with a new tenant that would use, generate or store at the Project chlorinated solvents, chlorobenzine or parachlorobenzine sulfonic acid (pCBSA), and Borrower shall include in all future leases a provision expressly prohibiting the use, generation or storage of such substances. Within ten (10) days after Lender's request, Borrower shall furnish to Lender a statement of all tenant security deposits, and copies of all leases not previously delivered to Lender, certified by Borrower as being true and correct.
Standard Lease Form; Approval Rights. All leases and other rental arrangements shall be on a standard lease form approved by Administrative Agent with no material modifications (except as approved by Administrative Agent). Borrower shall hold, in trust, all tenant security deposits and, to the extent required by applicable law, shall not commingle any such funds with any other funds of Borrower. In addition, during any time that Borrower holds $100,000 or more of tenant security deposits, Borrower shall hold all tenant security deposits in a segregated account and shall not commingle any such funds with any other funds of Borrower. Within ten (10) days after Administrative Agent’s request, Borrower shall furnish to Administrative Agent a statement of occupancy reports, income statements and expenses, and delinquency reports, certified by Borrower as being true and correct.
Standard Lease Form; Approval Rights. All leases and other rental arrangements shall in all respects be approved by Agent and shall be on a standard lease form approved by Agent with no modifications (except as approved by Agent). Such lease form shall provide that the tenant shall attorn to Agent, and that any cancellation, surrender, or amendment of such lease without the prior written consent of Agent shall be voidable by Agent. Grantor shall separately account for the security deposits.
Standard Lease Form; Approval Rights. (a) All Leases and other rental arrangements entered into after the Closing Date shall in all respects be approved by Administrative Agent (which approval shall not be unreasonably withheld, conditioned or delayed) and, except as otherwise approved by Administrative Agent, (which approval will not be unreasonably withheld or delayed) shall be on a standard lease form approved by Administrative Agent in connection with the closing of the Loan with such commercially reasonable modification as Borrower or Kansas City Master Lessee determines in its reasonable discretion (provided no modifications may be to the provisions in the standard lease form which provide such lease is subordinate to the Mortgage and that the tenant will attorn to Administrative Agent or any purchaser at a foreclosure sale, in each case, without Administrative Agent’s consent) . To the extent required by Requirements of Law, Borrowers and Kansas City Master Lessee shall hold, in trust, all tenant Security Deposits in a segregated account, and, to the extent required by Requirements of Law, shall not commingle any such funds with any other funds of Borrowers or Kansas City Master Lessee. Within ten (10) Business Days after Administrative Agent’s request, Borrowers and Kansas City Master Lessee shall furnish to Administrative Agent a statement of all tenant Security Deposits, and copies of all Leases not previously delivered to Administrative Agent, certified by Borrowers and Kansas City Master Lessee as being true and correct in all material respects.
(b) Notwithstanding anything contained in the Loan Documents, provided no Event of Default has occurred and is continuing, Borrowers and Kansas City Master Lessees hall have the right to enter into non-Major Leases without Administrative Agent’s consent provided (i) the economic terms of the Lease conform to those of the market;(ii) the tenant is a physician or physician group or other medical or ancillary use typically found in medical office buildings similar to the applicable Project; (iii) if applicable, the Lease and the tenant thereunder comply with the requirements of the applicable Ground Lease and, if applicable, the Kansas City Master Lease; and (iv) if required under the terms of the applicable Ground Lease, Administrative Agent shall have received evidence of written approval of the Lease by applicable Ground Lessor.
(c) With respect to any Lease or amendment of a Lease which requires approval of Administrative Agent or the Requ...
Standard Lease Form; Approval Rights. (a) Borrowers shall not and shall not permit any Master Tenant to, without Agent’s prior written consent, enter into or amend (in any material respect) any Lease or other rental or occupancy agreement or concession agreement with respect to a Project except as expressly permitted hereunder.
(b) All Leases and other rental arrangements shall be on a standard lease form, which forms shall be reasonably acceptable to Agent and shall not be modified in a manner materially adverse to Agent and Lenders without Agent’s prior written consent. Any non-residential lease form in excess of 15% of the total square footage of any Project shall provide that (a) the lease is subordinate to the Security Document, (b) the tenant shall attorn to Agent, and (c) that any cancellation, surrender, or amendment of any such material lease without the prior written consent of Agent shall be voidable by Agent.
(c) Notwithstanding anything contained in the Loan Documents, Borrowers shall have the right to enter into or to permit any Master Tenant to, amend and/or modify non- residential Leases without Agent’s consent; provided that (i) the economic terms of the Lease conform to those of the market, (ii) the initial term is not longer than five (5) years, and (iii) the leased premises are not greater than (A) 15% of the square footage of any applicable Ten Project Loan Project and (B) 10% of the square footage of any applicable Six Project Loan Project.
(d) Borrowers shall have the right to enter into, amend or terminate and to permit any Master Tenant to enter into, amend or terminate any residential Lease so long as such residential Lease (i) has a term of no more than one (1) year, (ii) is at market rates, and (iii) on the form previously approved by Agent without any material modifications.
Standard Lease Form; Approval Rights. All leases and other rental arrangements shall in all respects be approved by Administrative Agent and all future leases and other future rental arrangements shall be on a standard lease form approved by Administrative Agent with no modifications
(1) there exists no Potential Default or Event of Default; (2) the lease is on the standard lease form approved by Administrative Agent with no modifications except for commercially reasonable changes agreed to in the ordinary course of Borrower's business, provided that in any event there shall be no material modifications to the subordination, attornment, estoppel and landlord liability clauses without the prior written consent of Administrative Agent; (3) the lease does not conflict with any restrictive covenant affecting the Project or any other lease for space in the Project; (4) the lease is not a Major Lease; (5) the lease, lease extension, amendment or other modification, as applicable, shall comply with the leasing guidelines schedule attached hereto as Schedule 6.2; (6) the lease is with a third party and not an Affiliate of Borrower or any Guarantor; (8) the lease shall not contain any options for renewal or expansion by the tenant at rental rates which are below reasonable comparable market levels at the time the lease is executed; (9) the lease shall be to a tenant which Borrower, in its professional and commercially reasonable judgment, has determined is creditworthy; and (10) the lease is for a term of not more than ten (10) years (exclusive of renewal options which, together with the initial lease term, shall not exceed fifteen (15) years).
