Common use of Existing Leases Clause in Contracts

Existing Leases. Property Manager shall not be entitled to a Leasing Commission with respect to the current term of any Lease executed by Owner prior to the date hereof (each, an "Existing Lease"), whether or not the terms of such Existing Lease have commenced or the tenants under such Lease have commenced to occupy the space; provided, that, subject to the limitations set forth in subparagraph (v) below, Property Manager shall receive a Leasing Commission in connection with (a) any renewal of any Existing Lease (as further provided in this subparagraph), (b) the expansion of the space presently covered by such Existing Lease (as further provided in this subparagraph), or (c) an amendment of an Existing Lease that results in additional income to Owner. If at any time during the term of this Agreement, the term of a Lease is renewed or extended pursuant to any option(s) or right(s) contained in the Lease, then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(s) and computed at the rates set forth in Exhibit F, except that the additional commission(s) shall be calculated at the percentage rate level that would have applied if the renewal or extension period were a part of the initial term of the Lease. If at any time during the term of this Agreement (i) the term of a Lease is renewed or extended not pursuant to any option(s) or right(s) contained in the Lease; or (ii) a tenant leases other or additional space(s) from Owner; then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(s) or for such other or additional space(s) and computed at the rates set forth in Exhibit F as if such renewal or extension were a new Lease for the space affected thereby.

Existing Leases. Property Manager At Closing, pursuant to the Assignment and Assumption of Leases in the form annexed hereto as Exhibit “F”, Seller shall assign to Buyer the Existing Leases. During the period from the Effective Date through and including the last day of the Inspection Period, Seller shall have the right, upon notice to Buyer but without Buyer’s consent or approval, to enter into new leases for portions of the Premises which may become vacant, or enter into any amendments of any Existing Leases or consent to any renewals, extensions or expansions of Existing Leases. During the period from and including the day immediately following the expiration of the Inspection Period through Closing (or earlier termination of this Agreement or default by Buyer hereunder), Seller shall not be entitled to a Leasing Commission with respect to enter into new leases for portions of the current term Premises now vacant or for portions of the Premises which may become vacant, or enter into any amendments of any Lease executed by Owner prior Existing Leases or consent to any renewals, extensions or expansions of Existing Leases (other than those to which the date hereof (each, an "Existing Lease"), whether or not tenant is entitled pursuant to the terms of the Existing Lease) without first submitting a copy of such Existing Lease have commenced proposed lease or lease amendment (including any renewal, extension or expansion as to which the tenants under such Lease have commenced lessor’s consent is required) to occupy the space; providedBuyer for Buyer’s approval, that, subject to the limitations set forth in subparagraph (v) below, Property Manager shall receive a Leasing Commission in connection with (a) any renewal of any Existing Lease (as further provided in this subparagraph), (b) the expansion of the space presently covered by such Existing Lease (as further provided in this subparagraph), or (c) an amendment of an Existing Lease that results in additional income to Owner. If at any time during the term of this Agreement, the term of a Lease is renewed or extended pursuant to any option(s) or right(s) contained in the Lease, then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(s) and computed at the rates set forth in Exhibit F, except that the additional commission(s) shall which may not be calculated at the percentage rate level that would have applied if the renewal or extension period were a part of the initial term of the Lease. If at any time during the term of this Agreement (i) the term of a Lease is renewed or extended not pursuant to any option(s) or right(s) contained in the Lease; or (ii) a tenant leases other or additional space(s) from Owner; then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(s) or for such other or additional space(s) and computed at the rates set forth in Exhibit F as if such renewal or extension were a new Lease for the space affected thereby.unreasonably withheld or

Existing Leases. Property Manager shall not be entitled (1) Exhibit “D” annexed hereto lists all of the Existing Leases, including all modifications and amendments thereto, in effect as of the date hereof, and (2) to a Leasing Commission Seller’s knowledge there are no unpaid installments of leasing or brokerage commissions that are payable by the landlord under the Existing Leases or pursuant to any brokerage agreements, after Closing with respect to the current initial term of any Lease executed by Owner Existing Leases (and renewals, extensions or expansions thereof) entered into (or, in the case of renewals, extensions or expansions, exercised) prior to the date hereof hereof, other than as set forth on Exhibit “G” hereto. Seller shall have the right to update the representation and warranty set forth in this Paragraph to reflect Existing Leases entered into, terminated or modified after the Effective Date in accordance with this Agreement, subject to subparagraph (eachc)(ii) of Paragraph 22 of this Agreement. Seller shall make available to Buyer true, an "correct and complete copies of all of the Existing Lease")Leases. Except as set forth on Exhibit “D”, whether or Seller has not received nor delivered any written notice asserting a material default under any of the terms of such Existing Lease Leases which remains uncured. Seller shall have commenced or the tenants under such Lease have commenced right to occupy update the spacerepresentation and warranty set forth in the foregoing sentence; provided, thathowever, subject that if any such update by Seller renders that portion of the representation and warranty in the foregoing sentence relating to material defaults on the limitations part of Seller under Existing Leases untrue in any material respect, the condition set forth in subparagraph (v) below, Property Manager shall receive a Leasing Commission in connection with (a) any renewal of any Existing Lease (as further provided in this subparagraph), (b) the expansion of the space presently covered by such Existing Lease (as further provided in this subparagraph), or (c) an amendment of an Existing Lease that results in additional income to Owner. If at any time during the term of this Agreement, the term of a Lease is renewed or extended pursuant to any option(s) or right(s) contained in the Lease, then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(s) and computed at the rates set forth in Exhibit F, except that the additional commission(s) shall be calculated at the percentage rate level that would have applied if the renewal or extension period were a part of the initial term of the Lease. If at any time during the term of this Agreement (i) the term of a Lease is renewed or extended not pursuant to any option(s) or right(s) contained in the Lease; or (ii) a tenant leases other or additional space(s) from Owner; then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(s) or for such other or additional space(s) and computed at the rates set forth in Exhibit F as if such renewal or extension were a new Lease for the space affected thereby.in

Existing Leases. Possession of each Premises, the Personal Property Manager and the Related Materials relating thereto is to be given by Sellers to Buyer at the completion of Closing by delivery of an applicable Deed, Xxxx of Sale and General Assignment and Assumption Agreement. At Closing, pursuant to the General Assignment and Assumption Agreement, each Seller shall not be entitled to a Leasing Commission assign the Existing Leases in effect as of Closing with respect to the current term Seller’s Premises to Buyer, without any representation or warranty whatsoever except as otherwise expressly set forth in Section 10(a)(v) of this Agreement. The existing leases that are listed on Exhibit “E” hereto and other leases entered into by Sellers in accordance with this Agreement are collectively herein called the “Existing Leases”. The termination or expiration of any Lease executed by Owner of the Existing Leases prior to Closing shall not excuse Buyer from its obligation to complete Closing and to pay the full Purchase Price. During the period from the Effective Date through Closing (or earlier termination of this Agreement), each Seller shall continue leasing activities with respect its Property in the ordinary course. Sellers shall indemnify, defend and save Buyer harmless from and against any and all claims, demands, actions, causes of action, suits, proceedings, damages, liabilities, costs and expenses of every nature whatsoever relating to the Existing Leases accruing prior to the date hereof (eachClosing Date. Buyer agrees to indemnify, an "Existing Lease")defend and save Sellers harmless from and against any and all claims, whether or not the terms demands, actions, causes of such Existing Lease have commenced or the tenants under such Lease have commenced to occupy the space; providedaction, thatsuits, subject proceedings, damages, liabilities, costs and expenses of every nature whatsoever relating to the limitations set forth in subparagraph (v) below, Property Manager shall receive a Leasing Commission in connection with (a) any renewal of any Existing Lease (as further provided in this subparagraph), (b) Leases accruing on or after the expansion of the space presently covered by such Existing Lease (as further provided in this subparagraph), or (c) an amendment of an Existing Lease that results in additional income to Owner. If at any time during the term of this Agreement, the term of a Lease is renewed or extended pursuant to any option(s) or right(s) contained in the Lease, then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(s) and computed at the rates set forth in Exhibit F, except that the additional commission(s) shall be calculated at the percentage rate level that would have applied if the renewal or extension period were a part of the initial term of the Lease. If at any time during the term of this Agreement (i) the term of a Lease is renewed or extended not pursuant to any option(s) or right(s) contained in the Lease; or (ii) a tenant leases other or additional space(s) from Owner; then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(s) or for such other or additional space(s) and computed at the rates set forth in Exhibit F as if such renewal or extension were a new Lease for the space affected therebyClosing Date.

Existing Leases. Possession of the Premises and the Personal Property Manager shall not is to be entitled given by Seller to a Leasing Commission with respect Buyer at the completion of Closing by delivery of the Deed, Bxxx of Sale and General Assignment and Assumption Agreement. At Closing, pursuant to the current term General Assignment and Assumption Agreement, Seller shall assign to Buyer, without any representation or warranty whatsoever (except as otherwise expressly set forth in Paragraph 9 of this Agreement) and without recourse (other than Seller’s liability for any Lease executed by Owner obligations thereunder relating to the period prior to the date hereof of Closing that Buyer has not assumed at Closing) the Existing Leases. During the period from the expiration of the Inspection Period through Closing (each, an "Existing Lease"or earlier termination of this Agreement or default by Buyer hereunder), whether Seller shall not enter into new leases for portions of the Premises now vacant or not for portions of the Premises which may become vacant, or enter into any amendments of any Existing Leases or consent to any renewals, extensions or expansions of Existing Leases (other than those to which the tenant is entitled pursuant to the terms of the Existing Lease) without first submitting such Existing Lease have commenced a copy of such proposed lease or lease amendment (including any renewal, extension or expansion as to which the tenants under such Lease have commenced lessor’s consent is required) to occupy the space; providedBuyer for Buyer’s approval, that, subject to the limitations set forth in subparagraph (v) below, Property Manager shall receive a Leasing Commission in connection with (a) any renewal of any Existing Lease (as further provided in this subparagraph), (b) the expansion of the space presently covered by such Existing Lease (as further provided in this subparagraph), which may not be unreasonably withheld or (c) an amendment of an Existing Lease that results in additional income to Ownerdelayed. If at any time during the term Buyer does not disapprove in writing such a proposed lease or amendment (or renewal, extension or expansion agreement) within five (5) days of this Agreement, the term Buyer’s receipt of a Lease copy thereof, Buyer shall be deemed to have approved the proposed lease or amendment (or renewal, extension or expansion agreement). All such new leases and modifications approved or deemed approved by Buyer (and renewals, extensions or expansions approved or deemed approved by Buyer or as to which the lessor’s consent is renewed or extended pursuant to any option(s) or right(s) contained in the Lease, then, in such event, Owner shall pay a Leasing Commission to Property Manager based on the aggregate Base Rent for the renewal or extension terms(snot required) and computed at the rates set forth in presently existing leases that are listed on Exhibit F, except that “D-1" hereto are collectively herein called the additional commission(s) shall be calculated at the percentage rate level that would have applied if the renewal or extension period were a part of the initial term of the Lease“Existing Leases”. If at any time during the term of this Agreement Neither (i) the termination of any of the Existing Leases prior to Closing by reason of the expiration of its term or the default of a Lease is renewed or extended not pursuant to any option(sthe tenant thereunder nor (ii) or right(s) contained delinquency in the payment of rent (i.e., a failure to pay which, with notice and the opportunity to cure, if any, would constitute a default) by the tenant under any Existing Lease; , shall excuse Buyer from its obligation to complete Closing and to pay the full Purchase Price, unless such termination, default, or delinquency under (i) or (ii) a tenant leases other or additional space(srelates to tenant(s) from Owner; thenwhose base rent(s), in such eventthe aggregate, Owner shall pay a Leasing Commission to Property Manager based on equal more than five percent (5%) of the aggregate Base Rent for total base rent of all tenants under the renewal or extension terms(s) or for such other or additional space(s) and computed at the rates set forth in Exhibit F as if such renewal or extension were a new Lease for the space affected therebyExisting Leases.