Standard Lease Form; Approval Rights; Security Deposits. (a) All Leases shall in all respects be approved by Xxxxxx and, with respect to any Lease entered into from and after the date hereof, shall be on a standard lease form approved by Lender with no material modifications (except as approved by Lender) and shall be at market terms and conditions. Such Lease form and all future Leases at the Project shall provide that (i) the Lease is subordinate to the Mortgage, (ii) the tenant shall attorn to Lender, and (iii) that any cancellation, surrender, or amendment of any Major Lease without the prior written consent of Lender shall be voidable by Lender.
Standard Lease Form; Approval Rights; Security Deposits. (a) All Leases and material amendments and waivers of any Lease must be executed as commercially reasonable market transactions, as determined in Borrower’s good faith discretion. All Major Leases must have a minimum rent (including base rent, other fixed charges and Borrower’s good faith projected percentage rent) of $300 per rentable square foot. Any Major Lease or material amendment or waiver which does not satisfy the foregoing criteria shall be subject to Agent’s reasonable approval. A “Major Lease” is (i) if the Debt Yield at the time the Lease is executed is less than 8%, any Lease which demises more than 4000 rentable square feet or (ii) if the Debt Yield at the time the Lease is executed is 8% or greater, any Lease which demises more than 10,000 rentable square feet.
