Common use of Terms of Approval Clause in Contracts

Terms of Approval. Landlord shall respond to Tenant’s request for approval within fifteen (15) business days after receipt of the Transfer Notice, and if Landlord fails to respond within such fifteen (15) day period, Landlord shall be deemed to have disapproved such proposed Assignment or Sublease. If Landlord approves the proposed Assignment or Sublease, or if an Assignment or Sublease is permitted by operation of law, Tenant may, not later than thirty (30) days thereafter, enter into the Assignment or Sublease with the proposed Transferee upon the terms and conditions set forth in the Transfer Notice, and sixty percent (60%) of the Excess Rent received by Tenant shall be paid to Landlord as and when received by Tenant and forty percent (40%) of the Excess Rent received by Tenant shall be retained by Tenant. “Excess Rent” means the gross revenue received from the Transferee during the Sublease term or with respect to the Assignment, less (a) the gross revenue paid to Landlord by Tenant during the period of the Sublease term or during the Assignment; (b) any reasonably documented tenant improvement allowance or other economic concession (planning allowance, moving expenses, etc.), paid by Tenant to the Transferee or to a third party in connection with the transfer; (c) customary and reasonable external brokers’ commissions to the extent paid and documented; (d) reasonable attorneys’ fees; and (e) reasonable costs of advertising the space for Sublease or Assignment (collectively, “Transfer Costs”). Tenant shall not have to pay to Landlord any Excess Rent until Tenant has recovered its Transfer Costs.

Terms of Approval. Landlord shall respond to Tenant’s request for approval within fifteen (15l5) business days after receipt of the Transfer Notice, and if Landlord fails to respond within such fifteen (15) day period, Landlord shall be deemed to have disapproved such proposed Assignment or Sublease. If Landlord approves the proposed Assignment or Sublease, or if an Assignment or Sublease is permitted by operation of law, Tenant may, not later than thirty (30) days thereafter, enter into the Assignment or Sublease with the proposed Transferee upon the terms and conditions set forth in the Transfer Notice, and sixty one hundred percent (60100%) of the Excess Rent received by Tenant shall be paid to Landlord as and when received by Tenant and forty percent (40%) of the Excess Rent received by Tenant shall be retained by Tenant. “Excess Rent” means the gross revenue received from the Transferee during the Sublease term or with respect to the Assignment, less (a) the gross revenue paid to Landlord by Tenant during the period of the Sublease term or during the Assignment; (b) any reasonably documented tenant improvement allowance or other economic concession (planning allowance, moving expenses, etc.), paid by Tenant to the Transferee or to a third party in connection with the transfer; , (cd) customary and reasonable external brokers’ commissions to the extent paid and documented; (de) reasonable attorneys’ fees; and (ef) reasonable costs of advertising the space for Sublease or Assignment (collectively, “Transfer Costs”). Tenant shall not have to pay to Landlord any Excess Rent until Tenant has recovered its Transfer Costs.

Terms of Approval. Landlord shall respond to Tenant’s request for approval within fifteen (15) business days after receipt of the Transfer Notice, and if Landlord fails to respond within such fifteen (15) day period, Landlord shall be deemed to have disapproved such proposed Assignment or Sublease. If Landlord approves the proposed Assignment or Sublease, or if an Assignment or Sublease is permitted by operation of law, Tenant may, not later than thirty (30) days thereafter, enter into the Assignment or Sublease with the proposed Transferee upon the terms and conditions set forth in the Transfer Notice, and sixty one hundred percent (60100%) of the Excess Rent received by Tenant shall be paid to Landlord as and when received by Tenant and forty percent (40%) of the Excess Rent received by Tenant shall be retained by Tenant. “Excess Rent” means the gross revenue received from the Transferee during the Sublease term or with respect to the Assignment, less (a) the gross revenue paid to Landlord by Tenant during the period of the Sublease term or during the Assignment; (b) any reasonably documented tenant improvement allowance or other economic concession (planning allowance, moving expenses, etc.), paid by Tenant to the Transferee or to a third party in connection with the transfer; (cd) customary and reasonable external brokers’ commissions to the extent paid and documented; (de) reasonable attorneys’ fees; and (ef) reasonable costs of advertising the space for Sublease or Assignment (collectively, “Transfer Costs”). Tenant shall not have to pay to Landlord any Excess Rent until Tenant has recovered its Transfer Costs.,