Common use of Tenant Improvements and Commissions Clause in Contracts

Tenant Improvements and Commissions. (i) If Closing is consummated, Buyer shall assume the obligation for all tenant improvement costs, tenant allowances and unrelated third party leasing commissions with regard to any New Leases, and (b) the modification, extension or renewal of any Lease on or after the Effective Date, provided that with regard to any modification or extension not required by the terms of the Lease, the same shall have been approved by Buyer to the same extent as would be required pursuant to Section 9.2(a); and provided further, that to the extent Seller receives prior to Closing lease payments for the Leases giving rise to such tenant improvement costs, tenant allowances or third party leasing commissions, such tenant improvement costs, tenant allowances and third party leasing commissions shall be shared pro rata by Seller and Buyer based upon the ratio that the base rent received by Seller bears to the aggregate base rent payable during the original lease term (and if Seller's share is not paid prior to Closing, the Purchase Price shall be reduced by the amount thereof). In the event Seller or the Seller Affiliates have paid prior to Closing any such tenant improvement costs, tenant allowances or leasing commissions which are the obligation of Buyer under this Section or Section 9.2(b)(ii), then the Purchase Price hereto shall be increased by such amount at Closing. (ii) Except as provided in Section 9.2(b)(i) above, Seller shall be responsible for the payment of all tenant improvement costs, tenant allowances and leasing commissions due under any Lease or modification, extension or renewal of any Lease; provided however, if Closing is consummated and a tenant improvement cost, tenant allowance or unrelated third party leasing commission is not then currently due and the obligation to pay such cost, allowance or commission shall arise only as the result of a tenant foregoing an option to terminate its Lease or a tenant exercising a right to extend the Lease or expand the premises subject to the Lease, then such tenant improvement costs, tenant allowance or unrelated third party leasing commission shall be Buyer's obligation (but only to the extent allocable to a Lease term subsequent to Closing). The provisions of this Section 9.2(b)(ii) shall survive Closing hereunder.

Tenant Improvements and Commissions. (i) If Closing is consummated, Buyer shall assume the obligation for all tenant improvement costs, tenant allowances and unrelated third party leasing commissions with regard to (a) any New Leases, and (b) the modification, extension or renewal of any Lease on or after the Effective Date, provided that with regard to any modification or extension not required by the terms of the Lease, the same shall have been approved by Buyer to the same extent as would be required pursuant to Section 9.2(a); and provided further, that to the extent Seller receives prior to Closing lease payments for the Leases giving rise to such tenant improvement costs, tenant allowances or third party leasing commissions, such tenant improvement costs, tenant allowances and third party leasing commissions shall be shared pro rata by Seller and Buyer based upon the ratio that the base rent received by Seller bears to the aggregate base rent payable during the original lease term (and if Seller's share is not paid prior to Closing, the Purchase Price shall be reduced by the amount thereof). In the event Seller or the Seller Affiliates have paid prior to Closing any such tenant improvement costs, tenant allowances or leasing commissions which are the obligation of Buyer under this Section or Section 9.2(b)(ii), then the Purchase Price hereto shall be increased by such amount at Closing. (ii) Except as provided in Section 9.2(b)(i) above, Seller shall be responsible for the payment of all tenant improvement costs, tenant allowances and leasing commissions due under any Lease or modification, extension or renewal of any Lease; provided however, if Closing is consummated and a tenant improvement cost, tenant allowance or unrelated third party leasing commission is not then currently due and the obligation to pay such cost, allowance or commission shall arise only as the result of a tenant foregoing an option to terminate its Lease or a tenant exercising a right to extend the Lease or expand the premises subject to the Lease, then such tenant improvement costs, tenant allowance or unrelated third party leasing commission shall be Buyer's obligation (but only to the extent allocable to a Lease term subsequent to Closing). The provisions of this Section 9.2(b)(ii) shall survive Closing hereunder.

Tenant Improvements and Commissions. (i) If Closing is consummated, Buyer shall assume the obligation for all tenant improvement costs, tenant allowances and unrelated third party leasing commissions with regard to any New Leases, and (b) the modification, extension or renewal of any Lease on or after the Effective Date, provided that with regard to any modification or extension not required by the terms of the Lease, the same shall have been approved by Buyer to the same extent as would be required pursuant to Section 9.2(a); and provided further, that to the extent Seller receives prior to Closing lease payments for the Leases giving rise to such tenant improvement costs, tenant allowances or third party leasing commissions, such tenant improvement costs, tenant allowances and third party leasing commissions shall be shared pro rata by Seller and Buyer based upon the ratio that the base rent received by Seller bears to the aggregate base rent payable during the original lease term (and if Seller's share is not paid prior to Closing, the Purchase Price shall be reduced by the amount thereof). In the event Seller or the Seller Affiliates have paid prior to Closing any such tenant improvement costs, tenant allowances or leasing commissions which are the obligation of Buyer under this Section or Section 9.2(b)(ii), then the Purchase Price hereto shall be increased by such amount at Closing. (ii) Except as provided in Section 9.2(b)(i) above, Seller shall be responsible for the payment of all tenant improvement costs, tenant allowances and leasing commissions due under any Lease or modification, extension or renewal of any Lease; provided however, if Closing is consummated and a tenant improvement cost, tenant allowance or unrelated third party leasing commission is not then currently due and the obligation to pay such cost, allowance or commission shall arise only as the result of a tenant foregoing an option to terminate its Lease or a tenant exercising a right to extend the Lease or expand the premises subject to the Lease, then such tenant improvement costs, tenant allowance or unrelated third party leasing commission shall be Buyer's obligation (but only to the extent allocable to a Lease term subsequent to Closing). The provisions of this Section 9.2(b)(ii) shall survive Closing hereunder.

Tenant Improvements and Commissions. (i) If Closing is consummated, Buyer shall assume the obligation for for: (a) all tenant improvement costs, tenant allowances and unrelated third party leasing commissions with regard to any New Leases, and (b) the modification, extension or renewal of any Lease on or after the Effective Date, provided that with regard to any modification or extension not required by the terms of the Lease, the same shall have been approved by Buyer to the same extent as would be required pursuant to Section 9.2(a); and provided further, that to the extent Seller receives prior to Closing lease payments for the Leases giving rise to such tenant improvement costs, tenant allowances or third party leasing commissions, such tenant improvement costs, tenant allowances and third party leasing commissions shall be shared pro rata by Seller and Buyer based upon the ratio that the base rent received by Seller bears to the aggregate base rent payable during the original lease term (and if Seller's share is not paid prior to Closing, the Purchase Price shall be reduced by the amount thereof). In the event Seller or the Seller Affiliates have paid prior to Closing any such tenant improvement costs, tenant allowances or leasing commissions which are the obligation of Buyer under this Section or Section 9.2(b)(ii), then the Purchase Price hereto shall be increased by such amount at Closing. (iii) Except as provided in Section 9.2(b)(i) above, Seller shall be responsible for the payment of all tenant improvement costs, tenant allowances and leasing commissions due under any Lease or modification, extension or renewal of any Lease; provided however, if Closing is consummated and a tenant improvement cost, tenant allowance or unrelated third party leasing commission is not then currently due and the obligation to pay such cost, allowance or commission shall arise only as the result of a tenant foregoing an option to terminate its Lease or a tenant exercising a right to extend the Lease or expand the premises subject to the Lease, then such tenant improvement costs, tenant allowance or unrelated third party leasing commission shall be Buyer's obligation (but only to the extent allocable to a Lease term subsequent to Closing). The provisions of this Section 9.2(b)(ii) shall survive Closing hereunder.