Common use of Tenant Improvement Costs, Leasing Commissions and Concessions Clause in Contracts

Tenant Improvement Costs, Leasing Commissions and Concessions. With respect to any new Lease or Lease modification entered into by Seller between May 5, 2006 and the Closing Date, and with respect to any renewal or extension of any Lease, whether through the exercise of an option or otherwise, occurring between such date and the Closing Date, all tenant improvement work, leasing commissions, legal fees or other expenses or grants of any free rent period or other concessions (“Leasing Costs”) shall be prorated over the term of the lease, renewal or extension, based on the economic benefit to the parties hereto occurring before or after the Closing. Seller’s share of such costs shall be based on the portion of economic benefit of the lease term, renewal or extension, as the case may be, occurring prior to Closing, which amount shall be a credit against the Purchase Price, and Buyer shall be responsible for the remainder of such costs. Buyer shall reimburse Seller for all such costs incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereof. Pursuant to the Assignment of Leases Buyer shall assume any then outstanding obligations with respect to such tenant improvements, leasing commissions and concessions. With respect to Leases or Lease modifications or renewals entered into before May 5, 2006, Seller shall be responsible for and shall pay on the Closing Date all Leasing Costs applicable to the then current term of such Leases and Lease modifications or renewals. The provisions of this Section shall survive the Closing.

Tenant Improvement Costs, Leasing Commissions and Concessions. With Except as otherwise agreed in writing by Buyer and Seller, with respect to any new Lease or Lease modification entered into by Seller between May 5, 2006 the Effective Date and the Closing Date, and with respect to any renewal or extension of any Lease, whether through the exercise of an option or otherwise, occurring between such date and the Closing Date, all tenant improvement workwork or allowance, leasing commissions, legal fees or other expenses or grants of any free rent period or other concessions (“Leasing Costs”) shall be prorated over the term of the lease, renewal or extension, based on the economic benefit to the parties hereto occurring before or after the Closing. Seller’s share of such costs shall be based on the portion of economic benefit of the lease term, renewal or extension, as the case may be, occurring prior to Closing, which amount shall be a credit against the Purchase Price, and Buyer shall be responsible for the remainder of such costs. Buyer shall reimburse Seller at Closing for all such costs incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereof. Pursuant to the Assignment of Leases Buyer shall assume any then outstanding obligations with respect to such tenant improvements, leasing commissions and concessions. With respect to Leases or Lease modifications or renewals entered into before May 5, 2006, Seller shall be responsible for and shall pay on the Closing Date all Leasing Costs applicable to the then current term of such Leases and Lease modifications or renewals. The provisions of this Section shall survive the Closing.

Tenant Improvement Costs, Leasing Commissions and Concessions. With respect to any new Lease or Lease modification entered into by Seller between May 5, 2006 the Effective Date and the Closing Date, and with respect to any renewal or extension of any Lease, whether through the exercise of an option or otherwise, occurring between such date and the Closing Date, all tenant improvement work, leasing commissions, legal fees or other expenses or grants of any free rent period or other concessions (“Leasing Costs”) shall be prorated over paid by Buyer. Notwithstanding the term of the leaseforegoing, renewal or extension, based on the economic benefit to the parties hereto occurring before or after the Closing. Seller’s share of such costs shall be based on the portion of economic benefit of the lease term, renewal or extension, as the case may be, occurring prior to Closing, which amount shall be a credit against the Purchase Price, and Buyer Seller shall be responsible for all tenant improvement costs and leasing commissions payable by the remainder landlord pursuant to obligations arising from the current term of any existing Lease which is dated on or before the Effective Date and executed and delivered by both the landlord and tenant thereunder on or before such costsdate. To the extent Seller has not paid any such amounts at Closing, Buyer shall receive a credit therefor at Closing. Buyer shall reimburse Seller for all such costs costs, expenses, free rent period or other concessions incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereofof this Section. Pursuant to the Assignment of Leases Leases, Buyer shall assume any then outstanding obligations with respect to such tenant improvements, leasing commissions and concessions. With , provided that the foregoing does not limit Seller’s obligations under this Section with respect to Leases or Lease modifications or renewals entered into before May 5, 2006, Seller shall be responsible for and shall pay on the Closing Date all Leasing Costs applicable to the then current term of such existing Leases executed and Lease modifications delivered by the parties thereto on or renewalsbefore the Effective Date. The provisions of this Section shall survive the Closing.

Tenant Improvement Costs, Leasing Commissions and Concessions. Seller shall pay on or prior to Closing (or, at the election of Seller, Buyer shall receive a credit against the Purchase Price at Closing on account of, and Buyer shall assume) all tenant improvement work and allowances and leasing commissions shown on Schedule 7.2, and Buyer shall receive a credit at Closing on account of all free rent periods shown on Schedule 7.2; provided, Buyer shall not be entitled to receive a credit at Closing for that portion of any free rent period accruing prior to Closing. With respect to any new Lease or Lease modification entered into by Seller between May 5November 3, 2006 2011 and the Closing Date, and with respect to any renewal renewal, extension or extension expansion of any Lease, whether through the exercise of an option or otherwise, occurring between such date and the Closing Date, Seller shall be required to pay or provide a credit at Closing for only those tenant improvement work and allowances, leasing commissions and free rent periods listed under the heading “Approved Leases” on Schedule 7.2. Except as set forth in Sections 7.1 and 7.2, Buyer shall pay all tenant improvement workwork and allowances, leasing commissions, legal fees or other expenses or grants of any free rent period or other concessions (“Leasing Costs”) shall be prorated over the term of the lease, renewal or extension, based on the economic benefit with respect to the parties hereto occurring before or after the Closing. Seller’s share of such costs shall be based on the portion of economic benefit of the lease term, renewal or extension, as the case may be, occurring prior to Closing, which amount shall be a credit against the Purchase Price, and Buyer shall be responsible for the remainder of such costsany Leases. Buyer shall reimburse Seller for all such costs costs, expenses, free rent period or other concessions incurred by Seller prior to the extent Closing for which Buyer is obligated therefor pursuant to the provisions hereof. Pursuant to the Assignment of Leases responsible hereunder, and Buyer shall assume at Closing any then then-outstanding obligations for which Buyer is responsible hereunder with respect to such tenant improvementsimprovement work and allowances, leasing commissions and commissions, legal fees or other expenses or grants of any free rent period, or other concessions. With respect to Leases or Lease modifications or renewals entered into before May 5, 2006, Seller shall be responsible for and shall pay on the Closing Date all Leasing Costs applicable to the then current term of such Leases and Lease modifications or renewals. The provisions of this Section shall survive the Closing.

Tenant Improvement Costs, Leasing Commissions and Concessions. With respect to any new Lease or Lease modification entered into by Seller between May 5, 2006 the Effective Date and the Closing Date, and with respect to any renewal or extension of any Lease, whether through the exercise of an option or otherwise, occurring between such date and the Closing Date, all tenant improvement work, leasing commissions, legal fees or other expenses or grants of any free rent period or other concessions (“Leasing Costs”) shall be prorated over the term of the lease, renewal or extension, based on the economic benefit to the parties hereto occurring before or after the Closing. Seller’s share of such costs shall be based on the portion of economic benefit of the lease term, renewal or extension, as the case may be, occurring prior to Closing, which amount shall be a credit against the Purchase Price, and Buyer shall be responsible for the remainder of such costs. Buyer shall reimburse Seller at the Closing for all such costs incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereof. Pursuant to the Assignment of Leases Buyer shall assume any then outstanding obligations with respect to such tenant improvements, leasing commissions and concessions. With respect to Leases or Lease modifications or renewals entered into before May 5, 2006, Seller shall be responsible for and shall pay on the Closing Date all Leasing Costs applicable to the then current term of such Leases and Lease modifications or renewals. The provisions of this Section shall survive the Closing.

Tenant Improvement Costs, Leasing Commissions and Concessions. With respect to any new Lease or Lease modification entered into by Seller between May 5, 2006 the Effective Date and the Closing Date, and with respect to any renewal or extension of any Lease, whether through the exercise of an option or otherwise, occurring between such date and the Closing Date, all tenant improvement work, leasing commissionscommissions (including commissions payable to Seller’s leasing agent), legal fees or other expenses or grants of any free rent period or other concessions (“Leasing Costs”) shall be prorated over the term of the lease, renewal or extension, based on the economic benefit to the parties hereto occurring before or after the Closing. Seller’s share of such costs shall be based on the portion of economic benefit of the lease term, renewal or extension, as the case may be, occurring prior to Closing, which amount shall be a credit against the Purchase Price, and Buyer shall be responsible for the remainder of such costs. Buyer shall reimburse Seller for all such costs incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereof. Pursuant to the Assignment of Leases Leases, Buyer shall assume any then outstanding obligations with respect to such tenant improvements, leasing commissions and concessions. With respect to Leases or Lease modifications or renewals entered into before May 5, 2006, Seller shall be responsible for and shall pay on the Closing Date all Leasing Costs applicable to the then current term of such Leases and Lease modifications or renewals. The provisions of this Section shall survive the Closing.