Common use of Leases and Other Agreements Clause in Contracts

Leases and Other Agreements. Except as provided below, Seller --------------------------- covenants and agrees that during the term of this Agreement, Seller or its agents shall not amend or modify any Lease and shall not enter into any new Lease, for any portion of the Property, without Buyer's prior written approval. Seller's request for approval of any such new or modified Lease shall be accompanied by the estimated cost of any tenant improvements associated therewith and the amount of the real estate commission to be paid in conjunction therewith. In the event that Buyer approves any new or modified Lease, upon the Closing Date, Buyer shall be responsible for the cost of the tenant improvements and the real estate commissions associated therewith prorated in an amount proportional to the amount of rent paid thereunder before and after the Closing Date. Buyer shall pay Seller on the Closing Date for any costs that Seller has incurred for the tenant improvements and real estate commissions in excess of its pro-rata share. Upon the Closing Date, all tenant improvement construction contracts and brokerage agreements on such Leases shall be assigned to and assumed by Buyer.

Leases and Other Agreements. (a) Except as provided below, Seller --------------------------- covenants and agrees that during the term of this Agreement, Seller or its agents shall not amend or modify any Lease and shall not enter into any new Lease, for any portion of the Property, without Buyer's prior written approval. Seller's request for approval of any such new or modified Lease shall be accompanied by the estimated cost of any tenant improvements associated therewith and the amount of the real estate commission to be paid in conjunction therewith. In the event that Buyer approves any new or modified Lease, upon the Closing Date, Buyer shall be responsible for the cost of the tenant improvements and the real estate commissions associated therewith prorated in an amount proportional to the amount of rent paid thereunder before and after the Closing Date. Buyer shall pay Seller on the Closing Date for any costs that Seller has incurred for the tenant improvements and real estate commissions in excess of its pro-rata share. Upon the Closing Date, all tenant improvement construction contracts and brokerage agreements on such Leases shall be assigned to and assumed by Buyer.