Common use of Leasing Services Clause in Contracts

Leasing Services. Manager acknowledges that the Property is, as of the date hereof, subject to the leases described on Schedule 3.19 attached hereto and by this reference made a part hereof (the “Existing Leases”). Following the expiration or sooner termination of the Existing Leases, Manager shall negotiate and cause to be prepared new leases of space in the Property as well as renewals or extensions of leases (“Space Leases”). Manager shall use its reasonable best efforts to ensure that the Space Leases contain rental rates that are at the highest possible level consistent with the then-current general state of the commercial real estate market in the area, but in no event, without all approvals required herein, less than the rate specified in the applicable standard business terms prescribed by Owner’s Representative. All Space Leases (i) shall be on Owner’s standard form of lease/rental agreement; and (ii) shall be in conformity with the then current standard business terms prescribed by Owner’s Representative for each Property as set forth in written directives submitted to Manager; provided, however, Owner shall have the right to change the standard form of lease/rental agreement, the standard business terms and the use restrictions and tenant covenants at any time and from time to time by delivering written notice thereof to Manager. The standard business terms referred to in clause (ii) above shall include, but may not necessarily be limited to, base rental rates, rental adjustment terms, any permitted rent concessions, terms of tenant tax and operating expense contributions and reimbursements, minimum and maximum lease terms and renewal options, maximum permissible square foot area of space that may be leased to a single tenant or one or more related tenants, and allowable tenant improvement allowances and terms of tenant improvement build-outs. All Space Leases shall be executed by Owner’s Representative or by such other person or persons as may be designated by Owner in writing from time to time. No Space Lease which does not comply with the requirements of subsections (i), (ii) and (iii) above, or has terms or provisions which deviate from or which omits any term or provision required by clauses (i), (ii) and (iii) or any of the standard business terms applicable to the Property to which such Space Lease relates, may be entered into unless Manager first submits such Space Lease to Owner’s Representative for review, and such Space Lease has been approved in writing by Owner’s Representative. In addition to the foregoing requirements, all leases to physician tenants or other referral sources must be in writing, and shall provide for rental payments that are not less than the fair market rental value of the premises leased, provide for a lease term not less than one (1) year, cover no more space than is reasonably necessary for the legitimate business use and purposes of the tenant, provide for a pass through of a pro rata share of operating expenses and shall otherwise be on commercially reasonable terms, assuming the absence of any potential for referrals.

Leasing Services. Manager acknowledges that the Property is, as of the date hereof, subject (a) Subject to the leases described on Schedule 3.19 attached hereto and by this reference made a part hereof (the “Existing Leases”). Following the expiration or sooner termination of the Existing LeasesSection 2.5, Manager shall negotiate and cause have the exclusive right to be prepared new leases act as Owner's leasing agent in connection with the leasing of space in the Property as well as renewals on the terms and conditions hereinafter set forth. In negotiating each Tenant Lease, renewal, extension, relocation (subject to any applicable site plan limitations or extensions of leases (“Space Leases”restrictions). , expansion, amendment, assignment and termination, Manager shall use its reasonable best efforts to ensure that obtain the Space best available terms for Owner to maximize for Owner the long-term net income from the Property. (b) Manager, or outside attorneys under Manager's direction, shall prepare the first and all subsequent drafts of all required documentation for any lease transaction, including, without limitation, new Tenant Leases contain rental rates that are at (with initial drafts of leases on non-Anchor Tenant space being on the highest possible level consistent form of lease attached hereto as Exhibit B (the "Standard Lease") (except in the case of national non-Anchor Tenants who may require their own form as the initial draft of the lease)), renewals, extensions, relocations, expansions, amendments, assignments and terminations through final execution. (c) The terms of each Tenant Lease, renewal, extension, relocation, expansion, amendment, assignment and termination to be executed after the date hereof shall be on the Standard Lease, except for changes to which Manager has agreed with the then-current general state of the commercial real estate market particular Tenant and except as provided in the areaimmediately preceding clause (b). Each Tenant Lease, but renewal, extension, relocation, expansion, amendment, assignment and termination may be executed by Owner or by Manager on behalf of Owner. (d) All prepaid Rents and security deposits shall be maintained by Manager in no event, without all approvals required herein, less than the rate specified a separate bank account(s) in the applicable standard business terms prescribed by Owner’s Representative. All Space Leases name of Owner until the earlier to occur of (i) shall be on Owner’s standard form of lease/rental agreement; and such time as they are properly applied against the obligation(s) covered or secured by such prepaid Rents or security deposits or (ii) such time as Owner is required to return such prepaid Rents and/or security deposits to such Tenants which paid or deposited the same. Without limiting Owner's other rights herein, all prepaid Rents and security deposits shall be the property of Owner, subject, however, to the rights therein of the Tenant which paid or deposited the same. (e) If any mortgage, partnership agreement, operating agreement or other Property Document shall require that any Tenant Lease be approved by the mortgagee or beneficiary or partner or member thereunder or by Owner, Owner's Members or any other Person, then Manager shall use its best efforts to obtain such approval strictly in conformity accordance with the then current standard business terms prescribed requirements of such agreement or other Property Document and Section 2.5 hereof and no such lease shall be a Tenant Lease unless and until approved by Owner’s Representative for such Person (except to the extent such requirements are waived or deemed to have been waived by the Person having the right to approve or enforce same under any such instrument). (f) Manager shall deliver or cause to be delivered to Owner a true copy of each Property as set forth Tenant Lease and each renewal, extension, relocation, expansion, amendment, assignment and termination thereof. (g) Manager, in written directives submitted its discretion but subject to ManagerSection 2.5 hereof, may engage or utilize the services of an outside broker or finder in connection with any Tenant Lease or with respect to the leasing of the Property; provided, however, Manager shall engage such broker or finder only after such broker or finder shall have entered into a satisfactory written agreement. Except as set forth below, Owner shall have be responsible for the right payment of the applicable commission, if any, pursuant to change the standard form terms of lease/rental agreementsaid agreement (with any leasing fee otherwise payable under Section 8.2 hereof with respect to any particular Tenant Lease being reduced by the amount of such commission). Notwithstanding the foregoing, Manager shall be responsible for the payment of the applicable commission to the outside broker or finder, if any, pursuant to the terms of said agreement if no leasing fee is payable with respect to such Tenant Lease under Section 8.2 hereof except for the payment of any commissions required to be paid to such outside brokers or finders that are engaged by the Tenant if the Manager determines that the Tenant will not enter into the Tenant Lease without the use of such outside broker or finder. In the event the Tenant shall require the use of such outside brokers or finders, the standard business terms and the use restrictions and tenant covenants at any time and from time to time by delivering written notice thereof to Manager. The standard business terms referred to in clause (ii) above shall include, but may not necessarily be limited to, base rental rates, rental adjustment terms, any permitted rent concessions, terms of tenant tax and operating expense contributions and reimbursements, minimum and maximum lease terms and renewal options, maximum permissible square foot area of space that may be leased to a single tenant or one or more related tenants, and allowable tenant improvement allowances and terms of tenant improvement build-outs. All Space Leases Owner shall be executed by Owner’s Representative or by such other person or persons as may be designated by Owner in writing from time to time. No Space Lease which does not comply with the requirements of subsections (i), (ii) and (iii) above, or has terms or provisions which deviate from or which omits any term or provision required by clauses (i), (ii) and (iii) or any of the standard business terms applicable to the Property to which such Space Lease relates, may be entered into unless Manager first submits such Space Lease to Owner’s Representative for review, and such Space Lease has been approved in writing by Owner’s Representative. In addition to the foregoing requirements, all leases to physician tenants or other referral sources must be in writing, and shall provide for rental payments that are not less than the fair market rental value of the premises leased, provide for a lease term not less than one (1) year, cover no more space than is reasonably necessary responsible for the legitimate business use and purposes payment of the tenant, provide for a pass through of a pro rata share of operating expenses and shall otherwise be on commercially reasonable terms, assuming the absence of any potential for referralssuch commissions.

Leasing Services. Manager acknowledges that the Property is, as of the date hereof, subject (a) Subject to the leases described on Schedule 3.19 attached hereto and by this reference made a part hereof (the “Existing Leases”). Following the expiration or sooner termination of the Existing LeasesSection 2.5, Manager shall negotiate and cause have the exclusive right to be prepared new leases act as Owner’s leasing agent in connection with the leasing of space in the Property as well as renewals on the terms and conditions hereinafter set forth. In negotiating each Tenant Lease, renewal, extension, relocation (subject to any applicable site plan limitations or extensions of leases (“Space Leases”restrictions). , expansion, amendment, assignment and termination, Manager shall use its reasonable best efforts to ensure that obtain the Space best available terms for Owner to maximize for Owner the long-term net income from the Property. (b) Manager, or outside attorneys under Manager’s direction, shall prepare the first and all subsequent drafts of all required documentation for any lease transaction, including, without limitation, new Tenant Leases contain rental rates that are at (with initial drafts of leases on non-Anchor Tenant space being on the highest possible level consistent form of lease attached hereto as Exhibit B (the “Standard Lease”) (except in the case of national non-Anchor Tenants who may require their own form as the initial draft of the lease)), renewals, extensions, relocations, expansions, amendments, assignments and terminations through final execution. (c) The terms of each Tenant Lease, renewal, extension, relocation, expansion, amendment, assignment and termination to be executed after the date hereof shall be on the Standard Lease, except for changes to which Manager has agreed with the then-current general state of the commercial real estate market particular Tenant and except as provided in the areaimmediately preceding clause (b). Each Tenant Lease, but renewal, extension, relocation, expansion, amendment, assignment and termination may be executed by Owner or by Manager on behalf of Owner. (d) All prepaid Rents and security deposits shall be maintained by Manager in no event, without all approvals required herein, less than the rate specified a separate bank account(s) in the applicable standard business terms prescribed by Owner’s Representative. All Space Leases name of Owner until the earlier to occur of (i) shall be on Owner’s standard form of lease/rental agreement; and such time as they are properly applied against the obligation(s) covered or secured by such prepaid Rents or security deposits or (ii) such time as Owner is required to return such prepaid Rents and/or security deposits to such Tenants which paid or deposited the same. Without limiting Owner’s other rights herein, all prepaid Rents and security deposits shall be the property of Owner, subject, however, to the rights therein of the Tenant which paid or deposited the same. (e) If any mortgage, partnership agreement, operating agreement or other Property Document shall require that any Tenant Lease be approved by the mortgagee or beneficiary or partner or member thereunder or by Owner, Owner’s Members or any other Person, then Manager shall use its best efforts to obtain such approval strictly in conformity accordance with the then current standard business terms prescribed requirements of such agreement or other Property Document and Section 2.5 hereof and no such lease shall be a Tenant Lease unless and until approved by Owner’s Representative for such Person (except to the extent such requirements are waived or deemed to have been waived by the Person having the right to approve or enforce same under any such instrument). (f) Manager shall deliver or cause to be delivered to Owner a true copy of each Property as set forth Tenant Lease and each renewal, extension, relocation, expansion, amendment, assignment and termination thereof. (g) Manager, in written directives submitted its discretion but subject to ManagerSection 2.5 hereof, may engage or utilize the services of an outside broker or finder in connection with any Tenant Lease or with respect to the leasing of the Property; provided, however, Manager shall engage such broker or finder only after such broker or finder shall have entered into a satisfactory written agreement. Except as set forth below, Owner shall have be responsible for the right payment of the applicable commission, if any, pursuant to change the standard form terms of lease/rental agreementsaid agreement (with any leasing fee otherwise payable under Section 8.2 hereof with respect to any particular Tenant Lease being reduced by the amount of such commission). Notwithstanding the foregoing, Manager shall be responsible for the payment of the applicable commission to the outside broker or finder, if any, pursuant to the terms of said agreement if no leasing fee is payable with respect to such Tenant Lease under Section 8.2 hereof except for the payment of any commissions required to be paid to such outside brokers or finders that are engaged by the Tenant if the Manager determines that the Tenant will not enter into the Tenant Lease without the use of such outside broker or finder. In the event the Tenant shall require the use of such outside brokers or finders, the standard business terms and the use restrictions and tenant covenants at any time and from time to time by delivering written notice thereof to Manager. The standard business terms referred to in clause (ii) above shall include, but may not necessarily be limited to, base rental rates, rental adjustment terms, any permitted rent concessions, terms of tenant tax and operating expense contributions and reimbursements, minimum and maximum lease terms and renewal options, maximum permissible square foot area of space that may be leased to a single tenant or one or more related tenants, and allowable tenant improvement allowances and terms of tenant improvement build-outs. All Space Leases Owner shall be executed by Owner’s Representative or by such other person or persons as may be designated by Owner in writing from time to time. No Space Lease which does not comply with the requirements of subsections (i), (ii) and (iii) above, or has terms or provisions which deviate from or which omits any term or provision required by clauses (i), (ii) and (iii) or any of the standard business terms applicable to the Property to which such Space Lease relates, may be entered into unless Manager first submits such Space Lease to Owner’s Representative for review, and such Space Lease has been approved in writing by Owner’s Representative. In addition to the foregoing requirements, all leases to physician tenants or other referral sources must be in writing, and shall provide for rental payments that are not less than the fair market rental value of the premises leased, provide for a lease term not less than one (1) year, cover no more space than is reasonably necessary responsible for the legitimate business use and purposes payment of the tenant, provide for a pass through of a pro rata share of operating expenses and shall otherwise be on commercially reasonable terms, assuming the absence of any potential for referralssuch commissions.