Approved Leases. Borrower shall not enter into any tenant lease of space in the Improvements unless satisfactory to or deemed satisfactory to Administrative Agent prior to execution. Borrower’s standard form of tenant lease, and any revisions thereto, must have the prior written approval of Administrative Agent Any tenant lease shall be “deemed” satisfactory to Administrative Agent that (a) is on the standard form lease approved by Administrative Agent, with no deviations except as satisfactory to Administrative Agent; (b) is entered into in the ordinary course of business with a bona fide unrelated third party tenant, and Borrower, acting in good faith and exercising due diligence, has determined that the tenant is financially capable of performing its obligations under the lease; (c) is received by Administrative Agent (together with each guarantee thereof (if any) and financial information regarding the tenant and each guarantor (if any) received by Borrower) within fifteen (15) days after execution; (d) reflects an arms-length transaction at then current market rate for comparable space; (e) contains no right to purchase the Property, or any present or future interest therein; (f) does not require Borrower to provide funds for tenant improvements in excess of the per square foot allowance provided in the Budget; (g) does not cover in excess of twenty-five percent (25%) of the aggregate net rentable area of the Improvements; and (h) is expressly subordinate to the Mortgage. Borrower shall provide to Administrative Agent a correct and complete copy of each tenant lease, including any exhibits, and each guarantee thereof (if any), prior to execution unless the lease in question is satisfactory to Administrative Agent under the foregoing requirements. Borrower shall, throughout the term of this Agreement, pay all reasonable costs incurred by Administrative Agent in connection with Administrative Agent’s review and approval of tenant leases and each guarantee thereof (if any), including reasonable attorneys’ fees and costs.
Approved Leases. Each of the Loan Parties shall cause each Approved Lease, at all times, to be a lease of a parcel of Mortgaged Property (exclusive of furniture, fixtures and equipment) located in the United States which satisfies all of the following requirements: (a) each tenant under such lease shall be an Eligible Lessee; (b) the Borrower shall own the Remainder Interests in and the current beneficial interests with respect to the underlying Mortgaged Property and the Special Guarantors, collectively, shall hold legal title to the underlying Mortgaged Property under the Trust Documents; (c) neither such Mortgaged Property nor any interest therein of the Borrower or the Special Guarantors, shall be subject to (i) any Lien other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof or (ii) any Negative Pledge (other than as provided in this Agreement); (d) no required rental payment or other payment due under such lease is more than seven (7) days past due; and (e) the Collateral Agent shall have received an Assignment of Leases with respect to such Approved Lease.
Approved Leases. Seller acknowledges and agrees that after the Effective Date Seller will not enter into any new lease or amend any existing Tenant Lease without the prior written approval by Purchaser. Prior to entering into a new lease or amendment after the Effective Date, Seller will send Purchaser a copy of the proposed new lease or amendment for Purchaser’s review and approval. Purchaser will notify Seller in writing within five (5) days after the date Seller sends Purchaser the proposed new lease or amendment and current tenant financials of whether Purchaser approves the proposed new lease or amendment (the “Approved Lease”). Purchaser shall have the right to withhold its approval of any new lease or amendment in its sole and absolute discretion.
Approved Leases. With respect to the Approved Leases and any other leases affecting the Premises, Borrower shall, on a continuing basis, be deemed to have represented and warranted that the same are in full force and effect, have not been modified or amended in any material respect without the consent of Agent, not more than ten percent (10%) of Approved Leases are subject to actual or alleged Borrower defaults, and all conditions to the effectiveness thereof required to be satisfied as of the date hereof have been satisfied;
Approved Leases. Use reasonable efforts to fully lease the Improvements. All leases must comply with the leasing guidelines set forth in Section 4.2(i) hereof. Borrower shall obtain the prior written approval of Agent for each lease if required by Section 4.2(i).
Approved Leases. Any new lease entered into by Seller after the Effective Date in accordance with Section 6(a), and any Existing Lease extended or otherwise amended or modified after the Effective Date in accordance with Section 6(a), shall be referred to herein as an “Approved Lease” and collectively, the “Approved Leases”. Buyer expressly acknowledges that the termination of any of the Existing Leases or Approved Leases prior to Closing by reason of the expiration of their respective terms or the default of the Tenants thereunder (so long as such termination is in compliance with the provisions of Section 6(a)), or a failure of a proposed tenant to follow through with the execution thereof, shall not excuse Buyer from its obligation to complete Closing and to pay the full Purchase Price. Upon Buyer’s written request, Seller shall post to the Data Room updated Rent Rolls for the Parcels, provided same shall not be requested more than once per month prior to Closing (but up to twice during the final month before Closing Date), and the final Rent Roll shall be delivered to Buyer by posting same to the Data Site no sooner than three (3) days prior to Closing.
Approved Leases. Attached to this Sixth Amendment and incorporated herein as Exhibit A hereto is a revised listing of executed, and proposed or pending, leases for space in the Property as of the date hereof, together with the estimated lease revenue to be generated by such leases and the estimated tenant improvement costs, outside brokers’ commissions and NTS brokers’ commissions for each such executed or proposed lease. Exhibit A attached hereto and made a part hereof by this reference shall replace and supersede Exhibit A attached to the Fifth Amendment to Purchase and Sale Agreement. Purchaser hereby acknowledges and agrees that it has reviewed and approved the terms of each of the executed leases listed on Exhibit A and hereby ratifies such approval. Purchaser also agrees that it is solely responsible for the payment of, or reimbursement to NTS of, any and all tenant improvement costs and leasing commissions (both for outside brokers and for NTS commissions) and other leasing costs due or to become due in connection with any such leases (for which estimates only are provided on the attached Exhibit A and which Exhibit A shall be updated at Closing). Purchaser further acknowledges and agrees that it will have the benefit of the executed and proposed leases listed on Exhibit A and that it shall pay and be responsible for the payment, or reimbursement to NTS, of any and all leasing costs paid or to be paid in connection with such leases, and for any other leasing costs associated with any leases entered into between the date of the Agreement and Closing for which Purchaser has given its approval hereunder, or for which Purchaser gives its approval in the future. Prorations of rental income pursuant to the terms of the Agreement shall not be affected by any of the approved leasing costs referred to in this Paragraph 5; provided, however, notwithstanding the foregoing, Seller hereby agrees that in connection with any leases listed on Exhibit A and any other leases entered into between the date of the Agreement and Closing for which Purchaser has given its approval hereunder or for which Purchaser gives its approval in the future, Seller agrees to credit Purchaser at Closing, for each such lease that has a term commencing prior to Closing, with an amount equal to the total estimated cost of all such tenant improvement costs, leasing commissions (both outside and NTS) and other leasing costs, amortized in a straight-line over the term of such lease (not including renewal opt...
Approved Leases. No Borrower shall enter into any Lease of all or any portion of the Property without the prior consent of Administrative Agent. Operating Lessee shall not enter into any Lease of all or any portion of the Property without the prior consent of Administrative Agent, except for a Lease that satisfies the following conditions:
Approved Leases. In the event there exists leasable space in the Improvements, Borrower shall lease such space only pursuant to a lease that is approved by Lender from time to time (an "Approved Lease").
Approved Leases. Each of Borrower and Leasehold Holder agrees that, without the prior written consent of Administrative Agent, it shall not (a) enter into any Lease which is not an Approved Lease, (b) renew (other than pursuant to renewal rights expressly set forth in such Approved Lease) or extend any Approved Lease, (c) waive any provisions of any Approved Lease, provided that subject to clause (b), a Loan Party shall have the right to waive (or cause to be waived) provisions of such Approved Lease so long as the same would not have the effect of either permitting such Loan Party to take an action that it is prohibited from taking under any of the Loan Documents, or preventing such Loan Party from complying with its respective obligations under any of the Loan Documents, or (d) amend or modify in any respect any Lease: (i) in a manner adverse to Administrative Agent, (ii) so as to increase Borrower’s or Leasehold Holder’s obligations thereunder or materially reduce the obligations of the tenant thereunder, or (iii) so as to result in the Lease being on terms and conditions or for Rents that are not market Rents.
