Tenant Estoppel Letters. It shall be a condition to Purchaser’s obligation to close the transaction contemplated hereby that Purchaser receive (and Seller shall use reasonable efforts to obtain) tenant estoppel letters from tenants that lease no less than 70% of the rentable square footage of the Property which is then leased by tenants (the “Required Percentage”).
13.1 Such estoppel letters shall be dated not earlier than sixty (60) days prior to the Closing Date (provided that the date of any estoppel dated after July 31, 2005 shall be acceptable) and shall be substantially in the form and substance of the letter attached hereto and incorporated herein by reference as Exhibit E; provided, however, that if any tenant is required or permitted under the terms of its Lease to provide a different form of estoppel or to otherwise make different statements in a certification of such nature than are set forth on Exhibit E, then Purchaser shall accept any such alternate form provided that the information contained therein is consistent with the rent roll and no defaults are alleged by such tenants. The original estoppel letters shall be provided by Seller to Purchaser at Closing to the extent that originals are received by Seller, but copies thereof shall be delivered to Purchaser, upon receipt, prior to Closing.
13.2 In the event Seller does not obtain the Required Percentage of clean and unqualified estoppel letters on or prior to the Closing Date, Seller shall have the right, but not the obligation, exercisable in its sole discretion, to provide Purchaser with a certificate containing the requisite information, on or prior to the Closing Date, for tenants occupying, in the aggregate, no more than ten percent (10%) of the occupied square footage of the Property, and such Seller’s certificates shall apply against the Required Percentage. Seller’s liability under such Seller’s certificate(s) (i) shall expire and be of no further force and effect as of the date that Purchaser receives an estoppel certificate from such tenant with a representation which is not inconsistent with the Seller’s certificate, and (ii) shall be limited by Section 7.
13.3 Provided that Seller has used commercially reasonable efforts to obtain such tenant estoppel letters, the sole and exclusive remedy available to Purchaser under this Agreement, at law or in equity, if the required estoppel letters are not received by Purchaser ,or if any estoppel letter discloses an alleged material default on the part of either ...
Tenant Estoppel Letters. Seller shall have obtained estoppel letters in the form required by the particular Leases, from tenants which, in the aggregate, generate 90% of the monthly Base Rent under the current Leases of the Property, including each of the tenants under leases for 5,000 or more square feet each (“Major Tenants”). The estoppel letters shall be on the form attached as Exhibit H hereto and incorporated herein by this reference; provided, however, that in the event any Leases permit a tenant to provide an estoppel letter on a specified form, or to the extent the Purchaser’s lender or a national chain tenant utilizes its own form of estoppel letter, should said tenant(s) execute that form of estoppel letter rather than the form in Exhibit H, Purchaser shall accept that form. The Estoppel Letters shall be delivered to Purchaser at least three (3) business days prior to the Closing Date. If on the Closing Date Seller has obtained estoppel letters from tenants which generate less than 90% of such Base Rent, Seller may satisfy this condition by executing and delivering to Purchaser at the Closing its own certificate in the form attached as Exhibit H with respect to space leased to tenants who have not delivered estoppel letters and which will cause the space covered by estoppel letters and Seller’s certificates to equal or exceed this 90% requirement, provided that such Seller’s certificates shall not be permitted for any Major Tenant or for more than 5% of the monthly aggregate Base Rent under the current Leases of the Property. Seller shall be deemed to have represented and warranted each item of information contained in its certificate delivered to Purchaser as to each of those Leases, which representations and warranties shall survive for a period terminating on the earlier of (i) 9 months from the Closing Date; or (ii) the date on which Purchaser has received an executed estoppel letter signed by the tenant under the Lease in question confirming such item of information. If Seller has not obtained estoppel letters from such tenants by the Closing Date, Seller may, in lieu of giving its own certificates, adjourn the Closing Date for up to 45 days to allow it additional time to satisfy this requirement (but without waiving the right to deliver its own certificates at the end of the adjournment period), by written notice to Purchaser delivered at or prior to the Closing Date, which regardless of the aforementioned shall be no later than December 31, 2015. Purchaser shall ...
Tenant Estoppel Letters. The tenant estoppel letters to be obtained in accordance with Section 2.5b and Seller’s certificate, if any, delivered pursuant to Section 2.5b;
Tenant Estoppel Letters. Lender shall have received estoppel letters in form and substance satisfactory to Lender from Tenants occupying not less than 85% of the aggregate occupied rentable square feet in the Property, which estoppel letters shall include estoppel letters from the Tenants under each Major Lease.
Tenant Estoppel Letters. Lender shall have received an estoppel letter reasonably satisfactory to Lender and containing no material exceptions or qualifications (unless reserves satisfactory to Lender are established with respect thereto) from LTF Club Operations Company, Inc. and from such other parties as Lender shall reasonably request; and Lender shall have received such subordination, non-disturbance and attornment agreements as Lender shall reasonably require.
Tenant Estoppel Letters. Tenant estoppel letters from each of the tenants listed on Exhibit H attached hereto and incorporated by this reference in form satisfactory to Buyer.
Tenant Estoppel Letters. Seller shall request in writing from each tenant at the Property execution and delivery of an estoppel certificate indicating the amount of rent paid, the date last paid, the amount of security deposits, any prepaid rents, etc. (hereinafter the
Tenant Estoppel Letters. Seller shall deliver to Buyer, prior to Closing, an estoppel certificate (hereinafter the "Estoppel Certificate") signed by each tenant of the Property for the tenants known as Minyards, Blockbuster, Dallas Nephrology, Dollar General, Commerce Land Title and 100% of all remaining tenants indicating the amount of rend paid, the date last paid, the amount of security deposits, any prepaid rents, etc. Buyer shall, within thirty (30) days of the Effective Date, supply such form acceptable to Buyer for Seller's use. The parties acknowledge the form estoppel certificate for national or credit tenants is acceptable for purposes of this paragraph. The form estoppel attached hereto shall be used by Seller.
Tenant Estoppel Letters. Seller shall have delivered to Buyer the Tenant Estoppel Certificates required pursuant to the terms of Section 4(c).
Tenant Estoppel Letters. Buyer's obligation to close hereunder shall be conditioned upon Buyer's receipt, no later than January 25, 1998 ("Estoppel Deadline") of completed tenant estoppel letters, in the form attached hereto as EXHIBIT 9.3, from three of the four tenants occupying space at the Property but one of such letters must be from Marlboro Square Liquors (the "Required Space"). Seller shall direct its management company to send tenant estoppel letters promptly upon full execution of this Agreement to the tenants at the Property. If on or before the Estoppel Deadline Buyer receives estoppel letters substantially in the form of EXHIBIT 9.3 covering the Required Space, then this condition shall be deemed satisfied or waived, and the Closing shall occur as set forth herein. The term substantially in the form shall mean that the provisions regarding applicable rent, term and square footage occupied are completed as well as a statement (which may be qualified to the knowledge of the tenant) regarding tenant's defaults under the applicable lease is included in such estoppel letter. If on or before the Estoppel Deadline Buyer has not received such letters covering the Required Space, Buyer may so notify Seller, and upon the giving of such notice, the Deposit shall be refunded and this Agreement shall terminate, and neither party shall be liable to the other for damages or otherwise except as otherwise expressly provided herein. If on or before the Estoppel Deadline Buyer has not given such notice to Seller, this condition shall be deemed satisfied and waived, and the Closing shall occur as set forth herein.
