Common use of Leasing Activity Clause in Contracts

Leasing Activity. (a) The Purchaser agrees that in the period following the date of execution of this Agreement by both parties and up to the date for satisfaction or waiver of the conditions referred to in Section 9.1(b), the Vendors may carry on their leasing program for the Lot F Property and the Building. The Vendors agree that they will not enter into any binding commitments with Tenants or prospective tenants for the Lot F Property and the Building or any material modification of any Lease during such period without first providing the Purchaser with a copy of any such proposed binding commitment or material modification. (b) If the transactions contemplated by this Agreement are completed, the Purchaser will assume all such commitments from and after the Closing Date and will fully perform the obligations of the Vendors pursuant to such commitments, including honouring obligations to provide any tenant inducements to the Tenants or prospective tenants of the Lot F Property and the Building, and being responsible for all commissions that are payable and all landlord’s work thereunder and the same will not be subject to adjustment on closing, except that, if the term of any new lease commences prior to the Closing Date, then the responsibility for any related tenant inducements (including landlord’s work) and commissions will be pro-rated between the Vendors and the Purchaser on the basis of the number of months of the initial term of such lease prior to the Closing Date (as for the Vendors) and the number of months of the initial term of such lease after the Closing Date (as for the Purchaser), and the same will be subject to adjustment on closing. (c) The Vendors agree that after the conditions referred to in Section 9.1(b) are satisfied or waived by the Purchaser, the Vendors will not enter into any binding commitments with Tenants or prospective tenants for the Lot F Property or the Building or any material modification of any Lease without the Purchaser’s prior written approval, which approval may be withheld in the Purchaser’s sole and absolute discretion. (d) The Vendors agree that if they carry on the leasing program, they will do so in good faith in the ordinary course following the date of execution of this Agreement by both parties and will only consider commitments with tenants and prospective tenants which are consistent with market driven leasing arrangements in the Vancouver market.

Leasing Activity. (a) The Purchaser agrees that in the period following the date of execution of this Agreement by both parties and up to the date for satisfaction or waiver of the conditions referred to in Section 9.1(b), the Vendors may carry on their leasing program for the Lot F Property and the Building. The Vendors agree that they will not enter into any binding commitments with Tenants or prospective tenants for the Lot F Property and the Building or any material modification of any Lease during such period without first providing the Purchaser with a copy of any such proposed binding commitment or material modification. (b) If the transactions contemplated by this Agreement are completed, the Purchaser will assume all such commitments from and after the Closing Date and will fully perform the obligations of the Vendors pursuant to such commitments, including honouring obligations to provide any tenant inducements to the Tenants or prospective tenants of the Lot F Property and the Building, and being responsible for all commissions that are payable and all landlord’s work thereunder and the same will not be subject to adjustment on closing, except that, if the term of any new lease commences prior to the Closing Date, then the responsibility for any related tenant inducements (including landlord’s work) and commissions will be pro-rated between the Vendors QLT and the Purchaser on the basis of the number of months of the initial term of such lease prior to the Closing Date (as for the VendorsQLT) and the number of months of the initial term of such lease after the Closing Date (as for the Purchaser), and the same will be subject to adjustment on closing. (c) The Vendors agree that after the conditions referred to in Section 9.1(b) are satisfied or waived by the Purchaser, the Vendors will not enter into any binding commitments with Tenants or prospective tenants for the Lot F Property or the Building or any material modification of any Lease without the Purchaser’s prior written approval, which approval may be withheld in the Purchaser’s sole and absolute discretion. (d) The Vendors agree that if they carry on the leasing program, they will do so in good faith in the ordinary course following the date of execution of this Agreement by both parties and will only consider commitments with tenants and prospective tenants which are consistent with market driven leasing arrangements in the Vancouver market.

Leasing Activity. (a) The Purchaser agrees that in the period following the date of execution of this Agreement by both parties and up to the date for satisfaction or waiver of the conditions condition referred to in Section 9.1(b), the Vendors may carry on their leasing program for the Lot F Property and the Building. The Vendors agree that they will not enter into any binding commitments with Tenants or prospective tenants for the Lot F Property and the Building or any material modification of any Lease during such period without first providing the Purchaser with a copy of any such proposed binding commitment or material modification. (b) If the transactions contemplated by this Agreement are completed, the Purchaser will assume all such commitments from and after the Closing Date and will fully perform the obligations of the Vendors pursuant to such commitments, including honouring obligations to provide any tenant inducements to the Tenants or prospective tenants of the Lot F Property and the Building, and being responsible for all commissions that are payable and all landlord’s work thereunder and the same will not be subject to adjustment on closing, except that, if the term of any new lease commences prior to the Closing Date, then the responsibility for any related tenant inducements (including landlord’s work) and commissions will be pro-rated between the Vendors QLT and the Purchaser on the basis of the number of months of the initial term of such lease prior to the Closing Date (as for the VendorsQLT) and the number of months of the initial term of such lease after the Closing Date (as for the Purchaser), and the same will be subject to adjustment on closing. (c) The Vendors agree that after the conditions condition referred to in Section 9.1(b) are is satisfied or waived by the Purchaser, the Vendors will not enter into any binding commitments with Tenants or prospective tenants for the Lot F Property or the Building or any material modification of any Lease without the Purchaser’s prior written approval, which approval may be withheld in the Purchaser’s sole and absolute discretion. (d) The Vendors agree that if they carry on the leasing program, they will do so in good faith in the ordinary course following the date of execution of this Agreement by both parties and will only consider commitments with tenants and prospective tenants which are consistent with market driven leasing arrangements in the Vancouver market.