Tenant Estoppels. Seller shall have obtained and delivered to Purchaser, at least one (1) Business Day before the Closing Date, executed Tenant Estoppels from tenants comprising at least seventy-five percent (75%) of the occupied rentable area of the Building, including a Tenant Estoppel from (a) HDR Engineering, Inc., (b) Intelius, Inc., (c) Sucker Punch Productions, LLC, and (d) Global Scholar, Inc. (the “Required Estoppel Percentage”), with such Tenant Estoppels not indicating any material defaults under the applicable Lease or any material inconsistencies with respect to the facts or information set forth in the applicable Lease, except to the extent the same have been disclosed in Schedule 5.1.7(vii). If necessary to achieve the Required Estoppel Percentage for the Building, Seller, at its option, may deliver to Purchaser a representation letter substantially in the form of Exhibit C-2 (each, a “Seller Estoppel”) with respect to one or more Leases; provided, however, such Seller Estoppels shall not collectively represent in excess of ten percent (10%) of the occupied rentable area of the Building. Seller’s liability under each Seller Estoppel shall expire and be of no further force or effect on the earlier of: (A) nine (9) months following the Closing Date, or (B) the date that Purchaser receives a Tenant Estoppel (not indicating any material defaults under the applicable Lease or any material inconsistencies with respect to the facts or information set forth in the applicable Lease, except to the extent the same have been disclosed in Schedule 5.1.7(vii)) from the applicable tenant. In addition, Seller’s liability under any Seller Estoppel shall be subject to the limitations of Sections 5.4 and 10.2 hereof. A Tenant Estoppel shall be deemed acceptable regardless of whether a guarantor of the Lease executes the joinder by guarantor contained in the Tenant Estoppel; provided, however, that in such instances where the applicable guaranty requires the guarantor to execute an estoppel, such guarantor estoppel shall be (i) required to be deemed an acceptable Tenant Estoppel, and (ii) in substantially the form of, and to the extent required by, the applicable guaranty.
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).
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.
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. (a) Reference is made to that certain Office Lease Agreement dated August 1, 2000 with Centex Homes, a Nevada general partnership (“Centex”), as tenant, in respect of the Property, as same may have been amended (the “Centex Lease”). Seller shall request that Centex execute an estoppel certificate in the form of Exhibit J-1 attached hereto with respect to the Centex Lease. For purposes hereof, the term “Centex Homes Estoppel Certificate” shall refer to an estoppel certificate executed by Centex in substantially the form of Exhibit J-1attached hereto (or as otherwise approved by Purchaser) and dated not earlier than the twentieth (20th) day prior to the Closing Date. Notwithstanding anything contained herein to the contrary, it shall be a condition precedent (the “Centex Homes Estoppel Condition”) to the obligation of Purchaser to consummate the transaction that is the subject of this Agreement that Seller deliver to Purchaser the Centex Homes Estoppel Certificate on or before the Closing Date; provided, however, that Purchaser shall not unreasonably withhold its approval to non-material modifications by Centex to the Centex Homes Estoppel Certificate. In the event that Seller is unable to obtain the Centex Homes Estoppel Certificate, Seller shall not be in default under this Agreement; however, in such event Purchaser shall have the option either to (i) waive receipt of the Centex Homes Estoppel Certificate, or (ii) terminate this Agreement as its sole recourse, in which event the Xxxxxxx Money shall be returned to Purchaser. Purchaser shall make its election pursuant to the preceding sentence by sending written notice to Seller upon the earlier of (A) five (5) days after receiving notice from Seller that Seller will be unable to obtain the Centex Homes Estoppel Certificate, or (B) the date of Closing. If Purchaser fails to send timely notice of its election, Purchaser shall be deemed to have elected to terminate this Agreement as its sole recourse and the Xxxxxxx Money shall be returned to Purchaser.
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. 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. At Lender’s request, Borrower shall use commercially reasonable efforts to obtain and furnish to Lender written estoppels in form and substance satisfactory to Lender, executed by tenants under commercial Leases in the Project and confirming the term, rent and other provisions and matters relating to the Leases.
Tenant Estoppels. Between the Effective Date and the Date of Closing, Seller agrees to deliver to, and attempt to obtain from, all tenants of the Property (or any portion thereof) estoppel certificates in the form attached as Exhibit 4.5 ("ESTOPPEL CERTIFICATES"). Seller shall deliver to Purchaser at Closing all Estoppel Certificates obtained by Seller from tenants of the Property. In the event that as of Closing Seller has not received Estoppel Certificates from tenants occupying at least eighty-five percent (85%) of the occupied rentable space in the Improvements, then Seller may (but shall not be required to) furnish Purchaser with certificates ("SELLER CERTIFICATES") certifying, to Seller's actual knowledge, all of the matters set forth in the form of estoppel certificate attached hereto as Exhibit 4.5 with respect to such Leases as are necessary to provide Purchaser with a combination of Estoppel Certificates and Seller Certificates for Leases covering eighty-five percent (85%) of the occupied rentable space in the Improvements. Purchaser agrees that Purchaser shall accept the Seller Certificates in lieu of the missing Estoppel Certificates. It is agreed that non-material exceptions, qualifications or modifications of any Estoppel Certificate or Seller Certificate shall not permit Purchaser to terminate this Agreement. Upon subsequent delivery to Purchaser of a missing Estoppel Certificate, Purchaser shall cancel any Seller Certificate executed in lieu thereof and return such cancelled Seller Certificate to Seller. The representations contained in any Seller Certificate shall survive the Closing to the extent set forth in, and Purchaser's remedies for breach thereof shall be subject to, the provisions set forth in Section 5.1 below, in the same manner as the representations and warranties of Seller in Section
Tenant Estoppels. Seller shall have delivered to Buyer the Tenant Estoppels from the Required Tenants, or Seller Estoppels, if any, on or before three (3) days prior to the Closing Date, as required under Section 8 below.
