Common use of Leasing Practice Clause in Contracts

Leasing Practice. (a) The Existing Space Leases, together with any modifications, renewals and new leases made after the date hereof in accordance with this Section 7.1 hereof are herein called the “Space Leases” and the tenants thereunder are herein called the “Space Tenants”. During the period ending five (5) days before the Outside Termination Date, Seller may enter into new leases, terminate, renew and/or make modifications to the Space Leases (collectively, “New Lease(s)”) without the approval of Purchaser. Beginning with the fifth (5th) day before the Outside Termination Date, provided Purchaser is not in default under this Contract, Seller shall not enter into New Leases without the prior approval of Purchaser, which approval shall not be unreasonably withheld, conditioned or delayed. Purchaser agrees to grant or deny consent in writing (and provide, in reasonable detail, the reasons for any denial) within three (3) Business Days after Purchaser’s receipt of Seller’s request, which request shall contain copies of all material information related to such request and a summary of the material terms of the proposed New Lease. Purchaser’s failure to timely respond in writing to Seller’s request shall be deemed a consent to the proposed New Lease. Seller shall, from time to time, inform (orally or in writing) Purchaser of any new lease negotiations and promptly give notice to Purchaser of any New Lease and a copy of any instruments executed and any material information delivered in connection with the New Lease. (b) Following the Outside Termination Date, Seller may continue to grant consent or approval to a request made by a Space Tenant if such consent or approval is required to be granted pursuant to the applicable provisions of the Space Lease or if Seller is required to exercise reasonable judgment or discretion in determining whether to grant the consent or approval. (c) Following the Outside Termination Date, if Seller is not obligated to grant, or exercise reasonable judgment or discretion in determining whether to grant, consent or approval to a request made by a Space Tenant, then, provided Purchaser is not in default under this Contract, Seller shall, prior to granting such consent or approval, notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three (3) Business Days after Purchaser’s receipt of Seller’s notice, whether Purchaser elects that the Space Tenant’s request be granted or denied (and provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser’s reasonable judgment. Purchaser’s failure to timely respond in writing to Seller’s notice shall be deemed an election to consent to the proposed request. (d) Purchaser acknowledges and agrees that no representation has been made and no responsibility has been assumed by Seller with respect to the continued occupancy of the Premises, or any part thereof, by the Space Tenants from and after the date hereof. Seller does not undertake or guarantee that the Space Tenants will be in occupancy from and after the date hereof. Prior to the Closing, Seller shall have the right, but not the obligation, to enforce its rights against the Space Tenants by summary proceeding, drawing down or application of security deposits or in any other manner. Except as provided in this Section 7.1 above and provided Purchaser is not in default under this Contract, Seller shall not terminate any Space Lease without the prior consent of Purchaser except in the event of a default by a Space Tenant under its Space Lease.

Leasing Practice. (a) The Existing Space Leases, together with any modifications, renewals and new leases made after the date hereof in accordance with this Section 7.1 hereof are herein called the “Space Leases” "SPACE LEASES" and the tenants thereunder are herein called the “Space Tenants”"SPACE TENANTS". During the period ending five (5) days before the Outside Termination DateDate (and provided Purchaser receives a copy of the applicable New Lease on or prior to such date), Seller may enter into new leases, terminate, leases or renew and/or make modifications to the Space Leases (collectively, “New Lease(s"NEW LEASE(S)”") without the approval of Purchaser. Beginning with the fifth (5th) day before the Outside Termination Date, provided Purchaser is not in default under this Contract, Seller shall not enter into New Leases without the prior approval of Purchaser, which approval shall not be unreasonably withheld, conditioned or delayed. Purchaser agrees to grant or deny consent in writing (and provide, in reasonable detail, the reasons for any denial) within three (3) Business Days after Purchaser’s 's receipt of Seller’s 's request, which request shall contain copies of all material information related to such request and a summary of the material terms of the proposed New Lease. Purchaser’s 's failure to timely respond in writing to Seller’s 's request shall be deemed a consent to the proposed New Lease. Seller shall, from time to time, inform (orally or in writing) Purchaser of any new lease negotiations and promptly give notice to Purchaser of any New Lease and a copy of any instruments executed and any material information delivered in connection with the New Lease. Notwithstanding anything contained in this Section 7.1(a) to the contrary, at any time on or before the Closing Date, Seller may enter into New Leases without Purchaser's prior approval provided such New Leases are on terms no less favorable than those set forth on SCHEDULE F annexed hereto. (b) Following the Outside Termination Date, Seller may continue to grant consent or approval to a request made by a Space Tenant if such consent or approval is required to be granted pursuant to the applicable provisions of the Space Lease or if Seller is required to exercise reasonable judgment or discretion in determining whether to grant the consent or approval. (c) Following the Outside Termination Date, if Seller is not obligated to grant, or exercise reasonable judgment or discretion in determining whether to grant, consent or approval to a request made by a Space Tenant, then, provided Purchaser is not in default under this Contract, Seller shall, prior to granting such consent or approval, notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three five (35) Business Days after Purchaser’s 's receipt of Seller’s 's notice, whether Purchaser elects that the Space Tenant’s 's request be granted or denied (and provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser’s 's reasonable judgment. Purchaser’s 's failure to timely respond in writing to Seller’s 's notice shall be deemed an election to consent to the proposed request. (d) Purchaser acknowledges and agrees that no representation has been made and no responsibility has been assumed by Seller with respect to the continued occupancy of the Premises, or any part thereof, by the Space Tenants from and after the date hereoffollowing Closing. Seller does not undertake or guarantee that the Space Tenants will be in occupancy from and after at the date hereofClosing. Prior to the Closing, Seller shall have the right, but not the obligation, to enforce its rights against the Space Tenants by summary proceeding, drawing down or application of security deposits or in any other manner. Except as provided in this Section 7.1 above and provided Purchaser is not in default under this Contract, Seller shall not terminate any Space Lease without the prior consent of Purchaser except in the event of a default by a Space Tenant under its Space Lease. Notwithstanding anything contained herein to the contrary, it shall be a condition to Purchaser's obligation to close title to the Premises if at any time after the Outside Termination Date any of the following shall have occurred with respect to a Space Tenant occupying space equal to or greater than 12,000 square feet at the Premises: (i) the commencement of a case under Title 11 USC section 101, et. sec., as now constituted and hereafter amended which is not dismissed prior to the date scheduled for Closing; (ii) (A) a default by a Space Tenant under its Space Lease for nonpayment of rent (which default continues beyond any applicable grace period) and (B) the vacation of its premises or (iii) the termination of its Space Lease; provided, however, that Purchaser shall be deemed to have waived the provisions in this subsection 7.1(d) if Purchaser expressly consents to or causes any such Space Tenant's vacation or termination in accordance with this Section 7.1. If on the date scheduled for Closing the foregoing condition is not -12- satisfied, Purchaser's sole remedy shall be to terminate this Contract and receive the return of the Deposit and upon the receipt of same, this Contract shall be null and void and of no further force or effect and, except for those provisions expressly stated to survive the termination of this Contract, neither party shall have any rights or obligations against or to the other.

Leasing Practice. (a) The Existing Space Leases, together with any modifications, renewals and new leases made after the date hereof in accordance with this Section 7.1 hereof are herein called the “Space Leases” and the tenants thereunder are herein called the “Space Tenants”. During the period ending five (5) days before the Outside Termination Date, Seller may enter into new leases, terminate, renew and/or make modifications to the Space Leases (collectively, “New Lease(s)”) without the approval of Purchaser; provided, however, Seller shall provide Purchaser with not less than five (5) days’ prior notice of the entering into of any New Lease. Beginning with the fifth (5th) day before the Outside Termination Date, provided Purchaser is not in default under this Contract, Seller shall not enter into New Leases without the prior approval of Purchaser, which approval shall not be unreasonably withheld, conditioned or delayed. Purchaser agrees to grant or deny consent in writing (and provide, in reasonable detail, the reasons for any denial) within three (3) Business Days after Purchaser’s 's receipt of Seller’s 's written request, which request shall contain copies of all material information related to such request and a summary of the material terms of the proposed New Lease. Purchaser’s 's failure to timely respond in writing to Seller’s 's request shall be deemed a consent to the proposed New Lease. Seller shall, from time to time, inform (orally or in writing) Purchaser of any new lease negotiations to which Seller is a party and promptly give notice to Purchaser of any New Lease and a copy of any instruments executed and any material information delivered in connection with the New Lease. (b) Following the Outside Termination Date, Seller may continue to grant consent or approval to a request made by a Space Tenant if such consent or approval is required to be granted pursuant to the applicable provisions of the Space Lease or if Seller is required to exercise reasonable judgment or discretion in determining whether to grant the consent or approval and it would be unreasonable for Seller to withhold the applicable consent or approval. (c) Following the Outside Termination Date, if Seller Section 7.1(b) is not obligated to grant, or exercise reasonable judgment or discretion in determining whether to grant, consent or approval to a request made by a Space Tenantapplicable, then, provided Purchaser is not in default under this Contract, Seller shall, prior to granting such consent or approval, notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three (3) Business Days after Purchaser’s 's receipt of Seller’s 's notice, whether Purchaser elects that the Space Tenant’s 's request be granted or denied (and provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser’s 's reasonable judgment. Purchaser’s 's failure to timely respond in writing to Seller’s 's notice shall be deemed an election to consent to the proposed request. (d) Purchaser acknowledges and agrees that no representation has been made and no responsibility has been assumed by Seller with respect to the continued occupancy of the Premises, or any part thereof, by the Space Tenants from and after the date hereof. Seller does not undertake or guarantee that the Space Tenants will be in occupancy from and after the date hereof. Prior to the Closing, Seller shall have the right, but not the obligation, to enforce its rights against the Space Tenants by summary proceeding, drawing down or application of security deposits or in any other manner. Except as provided in this Section 7.1 above and provided Purchaser is not in default under this Contractabove, Seller shall not terminate any Space Lease without the prior consent of Purchaser except in the event of a default by a Space Tenant under its Space Leasean emergency or life-safety issue.

Leasing Practice. (a) The Existing During the term of this Contract, Seller may continue to lease the Premises in a manner consistent with its past course of business and in a commercially reasonable manner, provided, however, that (i) any amendment to a space lease; (ii) any termination of an existing Space Leases, together with any modifications, renewals and Lease and/or (iii) the entering into of new leases made after or renewals of existing Space Leases shall require the date hereof in accordance with this Section 7.1 hereof are herein called approval of Purchaser, which shall not be unreasonably withheld and which shall be deemed given if Purchaser does not object to same during the “Space Leases” and the tenants thereunder are herein called the “Space Tenants”. During the period ending five (5) days before the Outside Termination Datebusiness day period following Purchaser's receipt of any such request. Furthermore, Seller may enter into new leases, terminate, renew and/or make modifications shall continue to maintain and operate the Space Leases (collectively, “New Lease(s)”) without the approval of Purchaser. Beginning with the fifth (5th) day before the Outside Termination Date, provided Purchaser Premises as same is not in default under this Contract, currently being maintained and Seller shall not enter into New Leases any new Service Contracts which are not terminable at Closing without the prior approval of obtaining Purchaser's consent, which approval shall not be unreasonably withheld, conditioned unreasonable withheld or delayed. Purchaser agrees to grant or deny consent in writing (and provide, in reasonable detail, the reasons for any denial) within three (3) Business Days after Purchaser’s receipt of Seller’s request, which request shall contain copies of all material information related to such request and a summary of the material terms of the proposed New Lease. Purchaser’s failure to timely respond in writing to Seller’s request shall be deemed a consent to the proposed New Lease. Seller shall, from time to time, inform (orally or in writing) Purchaser of any new lease negotiations and promptly give notice to Purchaser of any New Lease and a copy of any instruments executed and any material information delivered in connection with the New Lease. (b) Following the Outside Termination Date, Seller may continue to grant consent or approval to a request made by a Space Tenant if such consent or approval is required to be granted pursuant to the applicable provisions of the Space Lease or if Seller is required to exercise reasonable judgment or discretion in determining whether to grant the consent or approval. (c) Following the Outside Termination Date, if Seller is not obligated to grant, or exercise reasonable judgment or discretion in determining whether to grant, consent or approval to a request made by a Space Tenant, then, provided Purchaser is not in default under this Contract, Seller shall, prior to granting such consent or approval, notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three (3) Business Days after Purchaser’s receipt of Seller’s notice, whether Purchaser elects that the Space Tenant’s request be granted or denied (and provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser’s reasonable judgment. Purchaser’s failure to timely respond in writing to Seller’s notice shall be deemed an election to consent to the proposed request. (d) Purchaser acknowledges and agrees that no representation has been made and no responsibility has been assumed by Seller with respect to the continued occupancy of the Premises, or any part thereof, by the Space Tenants from Tenants. In the event, however, that any of the following occur prior to the date of Closing: (i) any Space Tenant files a petition for bankruptcy; (ii) any Space Tenant vacates its premises in the Premises; or (iii) any Space Lease is terminated, then in any of such events, Seller shall notify Purchaser of same, and Purchaser shall have the right to elect to terminate this Contract within three (3) business days after such notice is given, in which event Purchaser shall receive a return of the Deposit and the parties shall have no further liability each other hereunder, except as set forth in Section 27(e) hereof. Seller shall notify Purchaser if any of the foregoing occur during any time after the date hereofexecution of this Contract. Seller does not undertake or guarantee that the Space Tenants will be in occupancy from at the Closing. Subject to the terms of Section 6(a) hereof, and after the date hereof. Prior prior to the Closing, Seller shall have the right, but not the obligation, to enforce its rights against the Space Tenants by summary proceeding, drawing down or application of security deposits proceeding or in any other manner. Except as provided in this Section 7.1 above and provided Purchaser is not in default under this Contract, Seller shall not terminate any Space Lease without the prior consent of Purchaser except in the event of a default by a Space Tenant under its Space Lease.

Leasing Practice. (a) The Existing Space Leases, together with any modifications, renewals and new leases made after After the date hereof in accordance with this Section 7.1 hereof are herein called the “Space Leases” and the tenants thereunder are herein called the “Space Tenants”. During the period ending five (5) days before the Outside Termination Effective Date, provided Purchaser is not in default, beyond any applicable notice and cure period, under this Contract or any of the Purchaser Documents, Seller may enter into new leases, shall not terminate, renew and/or make modifications to any of the Existing Space Leases (collectivelyLeases, “New Lease(s)”) without the approval of Purchaser. Beginning with the fifth (5th) day before the Outside Termination Date, provided Purchaser is not in default under this Contract, Seller shall not enter into New Leases without the prior approval of Purchaser, which approval shall not be unreasonably withheld, conditioned or delayed. Purchaser agrees to grant or deny consent in writing (and provide, in reasonable detail, the reasons for any denial) within three (3) Business Days after Purchaser’s receipt of Seller’s request, which request shall contain copies of all material information related to such request and a summary of the material terms of the proposed New termination, renewal and/or modification of any Existing Space Lease. Purchaser’s failure to timely respond in writing to Seller’s request shall be deemed a consent to the proposed New Lease. Seller shalltermination, from time to time, inform (orally or in writing) Purchaser renewal and/or modification of any new lease negotiations and promptly give notice to Purchaser of any New Lease and a copy of any instruments executed and any material information delivered in connection with the New Existing Space Lease. (b) Following After the Outside Termination Effective Date, Seller may continue to grant consent or approval to a request made by a Space Tenant if such consent or approval is required to be granted pursuant to the applicable provisions of the Space Lease or if Seller is required to exercise reasonable judgment or discretion in determining whether to grant the consent or approval. In connection with any such request, Seller shall use its reasonable business judgment consistent with the prudent business practices of institutional landlords of first-class office buildings in the area of the Building. Except in the case of an emergency, Seller shall, prior to granting such consent or approval, notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three (3) Business Days (or such less time as may be reasonable based on the time period Seller has under the applicable Space Lease to respond to such request) after Purchaser’s receipt of Seller’s notice, whether Purchaser elects that the Space Tenant’s request be granted or denied (and provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser’s reasonable judgment. Purchaser’s failure to timely respond in writing to Seller’s notice shall be deemed an election to consent to the proposed request. (c) Following After the Outside Termination Effective Date, if Seller is not obligated to grant, or exercise reasonable judgment or discretion in determining whether to grant, consent or approval to a request made by a Space Tenant, then, provided Purchaser is not in default under this ContractContract or any of the Purchaser Documents, Seller shall, prior to granting such consent or approval, notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three (3) Business Days after Purchaser’s receipt of Seller’s notice, whether Purchaser elects that the Space Tenant’s request be granted or denied (and provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser’s reasonable judgment. Purchaser’s failure to timely respond in writing to Seller’s notice shall be deemed an election to consent to disapprove the proposed request. (d) Purchaser acknowledges and agrees that no representation has been made and no responsibility has been assumed by Seller with respect to the continued occupancy of the PremisesProperty, or any part thereof, by the Space Tenants from and after the date hereof. Seller does not undertake or guarantee that the Space Tenants will be in occupancy from and after the date hereof. Prior to the Closing, Seller shall have the right, but not the obligation, to enforce its rights against the Space Tenants by summary proceeding, drawing down or application of security deposits or in any other manner. Except as provided in this Section 7.1 above and provided Purchaser is not in default under this ContractContract or any of the Purchaser Documents, Seller shall not terminate any Space Lease without the prior consent of Purchaser except in Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that Seller shall be entitled, without the event prior consent of Purchaser, to deliver a notice of default by a Space Tenant (without an election to terminate) under its any Space Lease.

Leasing Practice. (a) The Existing Space Leases, together with any modifications, renewals and new leases made after the date Effective Date hereof in accordance with this Section 7.1 hereof are herein called the “Space Leases” and the tenants thereunder are herein called the “Space Tenants”. During the period ending five (5) days before between the Outside Termination Effective Date and the Closing Date, to the extent permitted under the applicable organizational or governing documents of the Fee Owners, Seller may shall not allow either of the Fee Owners to enter into new leases, terminate, renew and/or make modifications to the Space Leases (collectively, “New Lease(s)”) without the approval of Purchaser. Beginning with the fifth (5th) day before the Outside Termination Date, provided Purchaser is not in default under this Contract, Seller shall not enter into New Leases without the prior approval of Purchaser, which approval shall not be unreasonably withheld, conditioned or delayed. Purchaser agrees to grant or deny consent in writing (and provide, in reasonable detail, the reasons for any denial) within three five (35) Business Days after Purchaser’s receipt of Seller’s request, which request shall contain copies of all material information related to such request and a summary of the material terms of the proposed New Lease. Purchaser’s failure to timely respond in writing to Seller’s request shall be deemed a consent to the proposed New Lease. Seller shall, from time to time, inform (orally or in writing) Purchaser of any new lease negotiations and promptly give notice to Purchaser of any New Lease and a copy of any instruments executed and any material information delivered in connection with the any New Lease. (b) Following Between the Outside Termination Effective Date and the Closing Date, Seller may continue if the Fee Owners are not obligated to grant consent or approval to a request made by a Space Tenant if Tenant, then to the extent permitted under the applicable organizational or governing documents of the Fee Owners, Seller shall not allow either of the Fee Owners to grant such consent or approval is required to be granted pursuant to the applicable provisions of the Space Lease or if Seller is required to exercise reasonable judgment or discretion in determining whether to grant the consent or approval. (c) Following the Outside Termination Date, if Seller is not obligated to grant, or exercise reasonable judgment or discretion in determining whether to grant, consent or approval to a request made by a Space Tenant, then, provided Purchaser is not in default under this Contract, Seller shall, unless prior to granting such consent or approval, Seller shall notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three five (35) Business Days after Purchaser’s receipt of Seller’s notice, whether Purchaser elects that the Space Tenant’s request be granted or denied (and provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser’s reasonable judgment. Purchaser’s failure to timely respond in writing to Seller’s notice shall be deemed an election to consent to the proposed request. (dc) Purchaser acknowledges Between the Effective Date and agrees that no representation has been made and no responsibility has been assumed by Seller with respect the Closing Date, to the continued occupancy extent permitted under the applicable organizational or governing documents of the Premises, or any part thereof, by the Space Tenants from and after the date hereof. Seller does not undertake or guarantee that the Space Tenants will be in occupancy from and after the date hereof. Prior to the Closing, Seller shall have the right, but not the obligation, to enforce its rights against the Space Tenants by summary proceeding, drawing down or application of security deposits or in any other manner. Except as provided in this Section 7.1 above and provided Purchaser is not in default under this ContractFee Owners, Seller shall not allow the Fee Owners to terminate any Space Lease without the prior consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed. Purchaser except agrees to grant or deny consent in writing (and provide, in reasonable detail, the reasons for any denial) within said five (5) Business Days after Purchaser’s receipt of Seller’s request, which request shall contain copies of all material information related to such termination. In the event that Purchaser fails to respond within five (5) Business Days after Purchaser’s receipt of Seller’s request, Seller shall provide Purchaser and its counsel with a default by a Space Tenant under its Space Leasesecond request, and if Purchaser fails to respond in writing to Seller’s second request within five (5) Business Days of receipt of the second request, Purchaser shall be deemed to have consented to the proposed termination.