Tenant Improvements and Leasing Commissions. (a) Borrower hereby agrees to use commercially reasonable efforts to (i) perform, or cause to be performed, tenant improvements required under any Lease entered into in accordance with the provisions of Section 5.13 of this Agreement (collectively, the “Tenant Improvements”), and (ii) pay the costs of leasing commissions incurred by Borrower in connection with the leasing of any Individual Property or a portion thereof and which are approved by Lender, to the extent required by this Agreement (collectively, “Leasing Commissions”).
(b) Upon the first to occur of (i) the payment to Borrower of any sum or termination fee in connection with any Tenant’s election to exercise any early termination option contained in its respective Lease of space at any Individual Property or in connection with any other termination, amendment or modification of any Lease, reduction of Rents, shortening of the term or surrender of space thereunder (the “Termination Fee Deposit”) or (ii) the occurrence of a Debt Yield Sweep Period, Borrower shall establish an Eligible Account with Lender or Lender’s agent to fund the Tenant Improvements and Leasing Commissions. On each Payment Date during the continuance of a Debt Yield Sweep Period, Borrower shall deposit (A) one‑twelfth of $0.50 per annum per square foot of industrial space at the Properties and (B) one‑twelfth $1.00 per annum per square foot of office space (the “Leasing Reserve DY Sweep Monthly Deposit”) until such time that the amounts on deposit in the Leasing Reserve Account equals or exceeds two (2) years’ worth of such deposits (the “Leasing Reserve DY Sweep Cap”); provided, however, if at any time during the term of the Loan (y) the amount on deposit in the Leasing Reserve Account is less than the Leasing Reserve Cap or (z) an Event of Default exists, Borrower shall resume making the Leasing Reserve DY Monthly Deposit on each Payment Date thereafter until the amounts on deposit in the Leasing Reserve Account attributable to the Leasing Reserve DY Sweep Monthly Deposit equals or exceeds the Leasing Reserve Cap or the Event of Default has been cured or waived by Lender, provided no other Event of Default has occurred and is continuing. In addition, Borrower shall deposit with Lender into the Leasing Reserve Account the Termination Fee Deposit on the date of Borrower’s receipt thereof.
(c) Unless a Leasing Reserve Account has already been established and remains open pursuant to clause (b) above, Borrower shall establish t...
Tenant Improvements and Leasing Commissions. (a) Borrower hereby agrees to (a) perform, or cause to be performed, tenant improvements required under any Lease entered into in accordance with the provisions of Section 5.13 of this Agreement (collectively, the "TENANT IMPROVEMENTS"), and (b) pay the costs of leasing commissions incurred by Borrower in connection with the leasing of the Property or a portion thereof (collectively, "LEASING COMMISSIONS").
(b) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender's agent to fund Tenant Improvements and Leasing Commissions (the "LEASING RESERVE ACCOUNT"). Upon the occurrence and during the continuance of a Trigger Period, Borrower shall deposit with Lender into the Leasing Reserve Account (i) the sum of $4,245 (the "LEASING RESERVE MONTHLY DEPOSIT") on each Scheduled Payment Date and (ii) any sum or termination fee payable to Borrower in connection with any Tenant's election to exercise any early termination option contained in its respective lease of space at the Property (the "TERMINATION FEE DEPOSIT") on the date of Borrower's receipt thereof. Amounts so deposited shall hereinafter be referred to as the "LEASING RESERVE FUNDS."
Tenant Improvements and Leasing Commissions. The Development Budget provides for application of the proceeds of the Loan to (i) leasing commissions, (ii) the build out of tenant space as to which the shell building has already been completed and (iii) the reimbursement to the tenant for construction of the building to be occupied by Circuit City. The funds budgeted for the items referred to in Clauses (i) and (ii) are referred to herein as the “TI Funds”, currently budgeted as $ , and the funds budgeted for the item referred to in clause (iii) are referred to herein as the “Circuit City Funds”, currently budgeted as $ . The submission of Requests for Advances relative to TI Funds shall conform with the provisions of this subsection. Lender shall direct the Pledge Agent to disburse portions of the TI Funds to Borrower for the payment of leasing commissions and tenant improvement costs in the amounts actually incurred by Borrower in letting the vacant space in completed shell buildings to third parties, but not exceeding $70.00 per square foot of space being leased. Disbursements of TI Funds shall not be available more often than once per month and not in increments of less than $50,000.00) (except for the final disbursement, which may be in a lesser sum),. Lender’s approval of a request for a disbursement hereunder shall be subject to: (1) its receipt of such documentation evidencing the costs incurred by Borrower, as Lender shall reasonably request (i.e. bills, invoices, etc.), (2) with respect to subsequent disbursements, evidence reasonably required by Lender that all prior disbursements have been applied in accordance with the terms hereof (i.e. invoices, receipts marked paid, lien waivers, etc.) and (3) such additional requirements, including without limitation, tenant estoppel certificates, evidence of completion of improvements, appropriate governmental approvals or “sign-offs”, evidence of ability to pay for improvements to extent greater than allowance hereunder, etc., as Lender may reasonably request. Borrower shall request disbursements by submitting to Pledge Agent a disbursement request, together with all appropriate supporting documentation, and sending a copy of such request to Lender.
Tenant Improvements and Leasing Commissions. Seller shall be responsible for and shall pay at or prior to Closing, any and all leasing commissions and tenant improvement costs payable in connection with any Leases and shall deliver to Buyer evidence of such payment at Buyer’s request. Seller shall indemnify, defend and hold harmless Buyer from and against any and all liabilities, damages, losses, costs and expenses (including attorneys’ fees and expenses) in any manner arising out of, by reason of or in connection with any claims, demands, actions and judgments relating to Seller’s failure to pay tenant improvement costs and/or leasing commissions for the initial base term only under any Lease that was entered into by Seller prior to the Closing Date (but excluding, for the avoidance of doubt, any extensions, amendments, modifications or renewals thereof made by Buyer following Closing). In the event that any leasing commissions or tenant improvement costs remain unpaid by Seller at Closing, Buyer shall assume from Seller the obligation to pay all such leasing commissions and/or tenant improvement costs; provided, that Buyer shall receive a credit against the Purchase Price for any such leasing commissions and/or tenant improvement costs outstanding as of Closing. The provisions of this Section 16(h) shall survive the consummation of the purchase and sale of the Property.
Tenant Improvements and Leasing Commissions. 68 SECTION 9.4.REQUIRED WORK..................................................69 SECTION 9.5.RELEASE OF RESERVE FUNDS.......................................71 SECTION 9.6.TAX AND INSURANCE RESERVE FUNDS................................74 XXXXION 9.7.EXCESS CASH RESERVE............................................75 SECTION 9.8.OPERATING EXPENSES; EXTRAORDINARY EXPENSES.....................75 SECTION 9.9.
Tenant Improvements and Leasing Commissions. At Closing, Purchaser will pay Seller, in addition to the Purchase Price, an additional amount equal to the unamortized component of any tenant improvements or lease commission costs incurred by Seller for leasing the Property to Purchaser. Seller and Purchaser acknowledge and agree that, provided that the Closing occurs on August 9, 2006, the amount owed to Seller under this Section 8.1(d) shall be Two Hundred Thirteen Thousand Seven Hundred Seventy-Three and 20/100 Dollars ($213,773.20).
Tenant Improvements and Leasing Commissions. At or prior to Closing, Duke shall pay any leasing commissions and tenant improvement costs due and payable on or before the Closing Date, if any.
Tenant Improvements and Leasing Commissions. As of the Closing Date, neither TRCLP nor its Subsidiaries will be a party to any contract, agreement or other understanding with any Person (including any Person who is affiliated or otherwise related to any Contributor) providing for the performance of any improvement work for a tenant leasing space at any of the Properties or capital improvements at any of the Properties, construction management, property management and/or leasing services with respect to any of the Properties (other than as mentioned in Section 12.3, 12.8 or Section 12.9) or the payment of any leasing commissions with respect to the current term of any of the Leases other than work and leasing commissions related to the tenants who are listed on Schedule 11.5. Notwithstanding the foregoing, the Contributors shall not have violated this Section 5.21 if they inadvertently fail to disclose any brokerage agreement which (i) provides for commissions to be paid at no greater than market rates or (ii) together with any other brokerage agreement signed by which TRCLP and/or its Subsidiaries are bound after the date hereof, does not result in the payment of brokerage commissions to more than one Person that, in the aggregate, would be more than market rates in respect of any transaction. Furthermore, if an undisclosed brokerage agreement provides for commissions to be paid at above market rates, then in determining Losses, the value of the Lease which gave rise to the commission shall be taken into account. Other than maintenance and repairs in the ordinary course of business, neither TRCLP nor its Subsidiaries is performing any ongoing construction work at any of the Properties.
Tenant Improvements and Leasing Commissions. The Contributors shall be responsible for the performance and prompt payment of the cost of all tenant improvements (including all architect, engineering and related construction fees and expenses) and all leasing commissions, brokerage fees and similar amounts or reimbursements for any of the foregoing relating to any Qualified New Lease or Qualified Replacement Lease (collectively, "Additional NOI Lease Expenses") in accordance with the provisions of the Post-Closing Leasing Agreement. Notwithstanding the foregoing, the Contributors shall have the right to elect in their sole and absolute discretion not to lease any of the space included in the Identified Space, in which event the Contributors shall not have any liability with respect to any additional NOI Lease Expenses relating to such space.
Tenant Improvements and Leasing Commissions. Lender hereby requires, and Borrower hereby agrees, (a) to perform, or cause to be performed, tenant improvements required under any new Lease or modification, renewal or extension of any existing Lease which is entered into after the date hereof and which is approved by Lender or, if Lender's approval is not required, is entered into in accordance with the provisions of Section 3.8 of the Security Instrument (collectively, the "Tenant Improvements"). and (b) pay the costs of leasing commissions incurred by Borrower in connection with the leasing of the Property or a portion thereof, provided that (x) such leasing commissions are reasonable and customary for properties similar to the Property and the portion of the Property leased for which such leasing commission is due, and (y) the amounts of such leasing commissions are determined pursuant to arm's length transactions between Borrower and any leasing agent to which a leasing commission is due, and excluding any leasing commissions which shall be due any member, general partner or shareholder of Borrower or any affiliate of Borrower (collectively, "Leasing Commissions").
