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

Tenant Improvement Costs, Leasing Commissions and Free Rent. If the Closing occurs, Buyer shall be responsible and shall pay for the costs of tenant improvement work or allowances, third-party leasing commissions and other leasing costs (collectively, "Leasing Costs") relating to or arising from (i) those Leases or modifications of Leases entered into on or after October 9, 1997 (ii) the exercise by a Tenant of a renewal, expansion or extension option contained in any Lease, which renewal or extension period commences, or which expansion space such Tenant first has the right to occupy, on or after October 9, 1997 (notwithstanding that such Tenant may have exercised such option prior to October 9, 1997 and (iii) any items set forth on Schedule 7.2.1, and any amounts paid by Seller in respect of such Leasing Costs shall result in an upward adjustment to the Purchase Price at Closing equal to the amounts so paid. Free rent periods provided for in Leases entered into by Seller prior to October 9, 1997 that occur, in whole or in part, after the Closing Date shall be for the account of, and borne by, Buyer without adjustment to the Purchase Price at closing. The provisions of this Section 7.2 shall survive the Closing.