Tenant Estoppels Sample Clauses
A Tenant Estoppels clause requires the tenant to provide a written statement, often called an estoppel certificate, confirming the current status of the lease and key terms upon the landlord's request. This certificate typically verifies facts such as the lease's validity, rent amounts, and whether there are any outstanding landlord obligations or disputes. The primary function of this clause is to provide assurance to third parties, such as potential buyers or lenders, about the lease's terms and the tenant's compliance, thereby facilitating property transactions and reducing the risk of misunderstandings.
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Tenant Estoppels. (a) Each Seller shall prepare and deliver to each Tenant at such Seller’s Property an estoppel certificate in the form of Exhibit A attached hereto (the “Tenant Estoppel”) and request each such Tenant to execute and deliver the Tenant Estoppel to such Seller. Each Seller shall use commercially reasonable efforts to obtain the prompt return of the executed Tenant Estoppels in substantially the same form as Exhibit A attached hereto from each Tenant at such Seller’s Property prior to the Closing, without the obligation to make any payments or grant any concessions under the Leases. If a Tenant returns an executed Tenant Estoppel (or Lease Required Estoppel or Statement of Lease as defined below) to such Seller, such Seller shall promptly deliver to the Buyer, or make available on Seller’s transaction website, a copy of such executed Tenant Estoppel (or Lease Required Estoppel or Statement of Lease, if applicable) following such Seller’s receipt of such Tenant Estoppel (or Lease Required Estoppel or Statement of Lease, if applicable).
(b) In the event that the Closing hereunder shall occur simultaneously with the Initial Closing, it shall be a condition to the Buyer’s obligation to close the sale and purchase of the Transferred Assets that, on or before the Initial Closing Date, the Sellers deliver to the Buyer from Tenants (other than the GSA and the Tenants of the properties associated with the LLC Interests and the Partnership Interests (as each such term is defined in the Master PSA), unless the applicable joint venture partner elects to sell all of its interest in the applicable joint venture entity and separate agreements for the sale of such properties to the Buyer are entered into as contemplated in Section 3.9(a)(y) and Section 3.9(b)(y), respectively, of the Master PSA) whose Leases comprise at least seventy-five percent (75%) of remaining base rental income over the lease term as of the date of this Agreement as determined in accordance with the schedule delivered by the Sellers to the Buyer prior to the date hereof, signed tenant estoppel certificates that are substantially in the form of either (1) the Tenant Estoppel or (1) except with respect to ROFO Documents and ROFR Documents (for which Tenant Estoppels, and not Lease Required Estoppels, shall be required), with respect to those Leases that contain a required form of specific estoppel that is attached as an exhibit to such Lease, the form of estoppel attached to such Lease (each, a “Lease Re...
Tenant Estoppels. Lender shall have received an executed tenant estoppel letter, which shall be in form and substance satisfactory to Lender, from (a) each Tenant under a Lease occupying more than ten percent (10%) of the gross leaseable area of, or the Rent under which constitutes ten percent (10%) or more of the Gross Revenues from, any Property and (b) from Tenants under other Leases such that the aggregate of (a) and (b) constitutes not less than 80% of the gross leaseable area then occupied pursuant to Leases at the Property.
Tenant Estoppels. Seller shall have obtained and delivered to Purchaser, at least five (5) business days prior to the Final Closing Date (the "ESTOPPEL RETURN DATE"), a tenant estoppel certificate with respect to each Lease executed by each tenant (and, if applicable, each guarantor) under such Lease, which estoppel certificate shall (i) be in the form of EXHIBIT E attached hereto, provided, however, that the form of tenant estoppel certificate shall reflect appropriate changes thereto for any tenant that has specific requirements in its Lease regarding the form or content of the tenant estoppel certificate; and (ii) disclose no matter that might materially and adversely affect the value of the Property and shall confirm the rents payable by such tenant and the other matters set forth in EXHIBIT E (the foregoing condition being herein referred to as the "TENANT ESTOPPEL CONDITION"). The term "materially and adversely affect the value of the Property" shall be deemed to be a condition that affects the value in an amount that exceeds $75,000.00, provided, however, that if Seller elects in its sole discretion, to provide Purchaser at Closing with a credit against the Purchase Price or with other security that is reasonably acceptable to Purchaser for such condition then such estoppel certificate shall be accepted by Purchaser notwithstanding such condition. An executed tenant estoppel certificate that meets the requirements set forth in the preceding sentence is herein referred to as a "TENANT ESTOPPEL". Seller shall use commercially reasonable efforts to obtain a Tenant Estoppel with respect to each Lease. Seller shall deliver each Tenant Estoppel to Purchaser (regardless of whether it complies with this Agreement) promptly following Seller's receipt thereof. In the event that Seller is unable to satisfy the Tenant Estoppel Condition by the Estoppel Return Date, Seller shall not be in default under this Agreement. However, if the Tenant Estoppel Condition is not fulfilled as of the Estoppel Return Date, then, for three (3) business days thereafter, Purchaser shall have the option either to (a) waive the Tenant Estoppel Condition, (b) extend the Final Closing Date for up to fourteen (14) days to allow Seller more time to obtain additional Tenant Estoppels; or (c) terminate this Agreement, in which event the Deposit shall be returned to Purchaser. If Purchaser elects to extend the Final Closing Date pursuant to clause (b) of the preceding sentence and the Tenant Estoppel Condit...
Tenant Estoppels. Borrower shall exercise reasonable commercial efforts to deliver estoppel letters from Tenants occupying not less than eighty percent (80%) of the gross leasable area of the Property; provided, however, that, in the event that Borrower is unable to deliver some or all of the estoppels described above in this Section 3.1.11, Lender agrees that the requirement to deliver such letters to Lender shall be waived by Lender as a condition precedent to the closing of the Loan so long as Borrower delivers on or before the Closing Date, a certificate executed by Borrower with respect to all applicable leases which shall be in substantially the same form and contain the same terms as set forth in Lender's standard form of estoppel certificate. Borrower shall deliver to Lender an estoppel letter executed by Anchor Tenant in form reasonably acceptable to Lender.
Tenant Estoppels. Lender shall have received an executed tenant estoppel letter, which shall be in form and substance satisfactory to Lender, from each tenant of a Property.
Tenant Estoppels. Lender shall have received an executed tenant estoppel letter, which shall be in form and substance satisfactory to Lender, from (a) each tenant occupying ten percent (10%) of more of the gross leasable area of the Property, (b) each tenant leasing an entire building at the Property, (c) each tenant paying base rent in an amount equal to or exceeding five percent (5%) of the Gross Income from Operations from the Property occupied by such tenant and (d) including the area leased by those described in clauses (a), (b) and (c), lessees of not less than seventy-five percent (75%) of the gross leasable area of the Property.
Tenant Estoppels. FWRLP shall have received (A) a tenant estoppel letter in the form attached hereto as Exhibit F from, at a minimum, those tenants at the Property satisfying the requirements described on Exhibit F-1 attached hereto (or in such form as required by the Lender), confirming the information set forth in the Leases and Rent Schedule attached hereto as Exhibit B for such tenants and containing no material changes therefrom, and (B) any subordination and attornment agreements required by the Lender.
Tenant Estoppels. Seller will use commercially reasonable efforts to obtain and deliver to Purchaser estoppel certificates from the Tenants identified on Schedule 6.3 of the Disclosure Schedule and at Seller's discretion Seller may obtain other estoppel certificates. Each estoppel certificate will be in the form of Exhibit 6.3-1 of the Disclosure Schedule or in the form prescribed in the applicable Tenant's Lease. If any Tenant identified on Schedule 6.3 of the Disclosure Schedule fails to deliver an estoppel certificate before Closing, Seller will deliver an estoppel certificate in the form of Exhibit 6.3-2 of the Disclosure Schedule in respect of that Tenant's Lease at Closing. If Seller obtains an estoppel certificate from any Tenants, Seller's representations and warranties made in Sections 4.5(b), (d) and (e) will terminate and be null and void with respect to all matters represented by such Tenant in such estoppel certificate that relate to the applicable Tenants if such certificates contain no exceptions noted by the Tenant, and if such estoppel certificate contains exceptions noted by the Tenant then such representations and warranties will terminate and be null and void only with respect to those matters represented that relate to the applicable Tenant and that are confirmed without exception by such estoppel certificate, and if the matter to which the Tenant takes exception in the estoppel certificate is not a matter already covered by a Seller representation in Sections 4.5(b), (d) and (e) and is a matter included in the form of Seller estoppel attached as Exhibit 6.3-2 of the Disclosure Schedule, then Seller may but shall not be required to deliver a Seller estoppel with respect to such Tenant for the excepted matter. If the Tenant estoppel includes exceptions and Seller elects not to deliver a Seller estoppel with respect to such Tenant for the excepted matter then such exception shall be considered in determining the occurrence of a Seller Material Adverse Event pursuant to clause (iv) of the definition thereof. If Seller provides an estoppel certificate in respect of any Tenant's Lease and the Tenant delivers an estoppel certificate after Closing, Seller's estoppel certificate in respect of that Lease will be null and void as if the Seller estoppel certificate had not been -38- delivered at Closing if the estoppel certificate from the Tenant contains no exceptions noted by the Tenant, or if such estoppel certificate contains exceptions noted by the Tenant, th...
Tenant Estoppels. At any time and from time to time upon not less than ten Business Days’ notice by Landlord, ▇▇▇▇▇▇ will execute, acknowledge and deliver to Landlord or any other party specified by Landlord a statement certifying that this Lease is unmodified and in full force and effect (or if there have been modifications, that the same as modified, is in full force and effect and stating the modifications) and the date to which each obligation constituting Base Rent and Additional Costs have been paid, stating whether or not to the knowledge of Tenant, Landlord is in default in performance of any covenant, agreement or condition contained in this Lease, and, if so, specifying each such default of which Tenant may have knowledge, and certifying as to any other matter with respect to this Lease as Landlord or such other addressee may reasonably request.
Tenant Estoppels. Lender shall have received an executed tenant estoppel letter, which shall be in form and substance satisfactory to Lender, from each tenant under a Major Lease.