Common use of Standard Lease Form; Approval Rights Clause in Contracts

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 valued at more than five percent (5%) of the Project’s annual Operating Revenues (“Material Leases”) shall in all respects be approved by Lender and shall be on a standard lease form approved by Lender with no modifications (except for such modifications or extensions customarily employed in a residential apartment context or otherwise in the ordinary course of business of prudent property management as approved by Lender, which approval shall will not be unreasonably withheldwithheld or delayed). Such lease form shall provide that (a) the lease is subordinate to the Mortgage, conditioned or delayed and (b) the tenant shall contain terms customarily required by prudent property management practices for similar propertiesattorn to Lender. 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 LesseeBorrower. Within ten (10) days after Upon Lender’s 's request, Borrower shall, or shall cause Operating Lessee to, furnish to Lender with certified copies of all leases and 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 '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 effective rental rate of the lease is a market rate (except for a market rental rate and contains terms customarily required by prudent property discount not to exceed 20% for management practices for similar propertiescompany employees).

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 and shall be on a standard lease form approved by Lender with no modifications (except as approved by Lender). Notwithstanding anything contained herein to the contrary, so long as no Event of Default has occurred and is continuing, the Borrower may enter into leases of space in the Projects, and renewals and extensions of leases of space in the Projects, without the Lender’s written approval (and such approval shall be deemed to have been granted), provided Lender receives prior written notice of such lease (or renewal and extension) and the terms of such lease, or for any renewal and extension, the terms of such lease, as renewed and extended, satisfy the Leasing Guidelines. Such lease form shall provide that the tenant shall attorn to Lender, which approval shall not be unreasonably withheldand that any cancellation, conditioned or delayed and shall contain terms customarily required by prudent property management practices for similar properties. Borrower shallsurrender, or amendment of such lease without the prior written consent of Lender shall cause Operating Lessee tobe voidable by Lender. Unless otherwise directed by Lender, 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 or Operating LesseeBorrower. 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 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 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 (a) the lease is subordinate to the Security Instrument, (which may be subject to Lender agreement of non-disturbance), (b) the tenant shall attorn to Lender, which approval and (c) any cancellation, surrender, or amendment of a Lease without the prior written consent of Lender shall not be unreasonably withheld, conditioned or delayed and shall contain terms customarily required voidable by prudent property management practices for similar propertiesLender. Borrower shall, or shall cause Operating Lessee to, hold, in trust, hold all tenant security deposits in a segregated account, and, to the extent manner required by applicable law, shall not commingle any such funds with any other funds of Borrower or Operating LesseeApplicable Law. Within ten twenty (1020) 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, Borrower shall have the right to enter into Leases or amendments, renewals, expansions or modifications of any existing Leases without Lender’s approval shall not be required for future leases or lease extensions if the following conditions are satisfied: consent provided (i) there exists no Potential Default or Event of Default; the proposed Lease, renewal, modification, expansion is an arm’s length transaction, on economic terms conforming to current market conditions, with a Tenant that is not an Affiliate and (ii) the lease proposed Lease is on in the standard lease form previously approved by Lender with no without any material modifications; modifications (iii) the lease does not conflict with any restrictive covenant affecting the Project or any other lease except as approved by Lender except for space those modifications that are transaction specific, commercially reasonable in the Project; and (iv) the lease is for a market rental rate and contains terms customarily required by prudent property management practices marketplace for similar propertiesleases and/or are approved by Lender).

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 and shall be on a standard lease form approved by Lender with no modifications (except as approved by Lender). Such lease form shall provide that the tenant shall attorn to Lender, which approval and that any cancellation, surrender, or amendment of such lease without the prior written consent of Lender shall not be unreasonably withheld, conditioned or delayed and shall contain terms customarily required voidable by prudent property management practices for similar propertiesLender. 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 LesseeBorrower. 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 of individual storage units if the following conditions are satisfied: (i1) there exists no Potential Default or Event of Default; (ii2) the lease is on the standard lease form approved by Lender with no material modifications; and (iii3) 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 ------------------------------------ Leases and other rental arrangements valued at more than five percent (5%) of executed by Borrower after the Project’s annual Operating Revenues (“Material Leases”) date hereof shall in all respects be approved by Lender. Such Lease shall provide that (a) the Lease is subordinate to the Mortgage, which approval (b) the tenant shall not attorn to Lender, and (c) that any cancellation, surrender, or amendment of such Lease without the prior written consent of Lender shall be unreasonably withheld, conditioned or delayed and shall contain terms customarily required voidable by prudent property management practices for similar propertiesLender. 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 LesseeBorrower. Within ten (10) days after Lender’s '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 Leases not previously delivered to Lender, to the extent that such Leases are in Borrower's possession or Borrower is entitled to receive a copies of such Leases pursuant to the applicable Operating Lease, certified by Borrower or Operating Lessee as being true and correct. Notwithstanding anything contained in the Loan Documents, Lender’s approval The provisions of this Section 7.2 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 apply to 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 propertiesOperating Leases.