Information; Additional Rights Sample Clauses
The 'Information; Additional Rights' clause establishes the parties' obligations and entitlements regarding the exchange and access to information relevant to the agreement. Typically, it outlines what information must be provided, under what circumstances, and may grant one or both parties the right to request further details or documentation as needed for compliance or oversight. This clause ensures transparency and facilitates informed decision-making, helping to prevent misunderstandings and disputes by clarifying the flow of information between the parties.
Information; Additional Rights. Subject to the applicable limitations set forth in this Agreement, until the Closing or earlier termination of this Agreement, allow the Buyer to:
(i) review and approve annual budgets, development plans, if any, and leasing plans with respect to the Properties and to offer input and suggestions relating to the foregoing; provided that such rights will not require the Sellers to operate the Properties in a substantially different manner than the current operations of the Properties nor obligate the Sellers to make or incur any capital expenditures at the Properties;
(ii) generally discuss and consult (including calling meetings) with, and provide advice with respect to, material matters relating to the Properties with representatives of the Sellers designated by Sellers and the right to submit business proposals or suggestions to such parties;
(iii) receive financial statements, operating reports, delinquency reports, leasing pipeline reports, budgets or other financial reports relating to the Properties which are prepared by or for the Sellers in the ordinary course of business;
(iv) request such other additional information relating to the Properties at reasonable times and intervals in light of the Sellers’ normal business operations concerning the general status of the financial condition and operations of the Properties, but only to the extent such information is reasonably available to the Sellers and in a form consistent with the manner in which the Sellers then maintain such information; and
(v) review and approve the settlement of any tenant audit disputes the settlement of which may alter or affect “base year” amounts payable by Tenants under Leases.
Information; Additional Rights. Subject to the applicable limitations set forth in this Agreement, until the Closing or earlier termination of this Agreement, allow the Buyer to:
(i) review and approve (with such approval not to be unreasonably withheld, conditioned or delayed and shall be assumed given should Buyer fail to respond to a written request for approval within ten (10) Business Days following submission) any annual budgets in excess of 10% of the 2018 budget costs, any development plans in excess of 10% of the 2018 plan costs, if any, and leasing plans in excess of 10% of the 2018 plan costs with respect to the Properties and to offer input and suggestions relating to the foregoing; provided that such rights will not require the Sellers to operate the Properties in a substantially different manner than the current operations of the Properties nor obligate the Sellers to make or incur any capital expenditures at the Properties unless required by law;
(ii) generally discuss and consult (including calling meetings) with, and provide advice with respect to, material matters relating to the Properties with representatives of the Sellers designated by Sellers and the right to submit business proposals or suggestions to such parties;
(iii) receive financial statements, operating reports, Tenant Default and Delinquency Reports, leasing pipeline reports, budgets or other financial reports relating to the Properties which are prepared by or for the Sellers in the ordinary course of business;
(iv) request such other additional information relating to the Properties at reasonable times and intervals in light of the Sellers’ normal business operations concerning the general status of the financial condition and operations of the Properties, but only to the extent such information is reasonably available to the Sellers and in a form consistent with the manner in which the Sellers then maintain such information; and
(v) review and approve the settlement of any tenant audit disputes the settlement of which may alter or affect “base year” amounts payable by Tenants under Leases.