Common use of Major Leases Clause in Contracts

Major Leases. Borrower shall not enter into a proposed Major Lease or a proposed renewal, extension or modification of an existing Major Lease without the prior written consent of Lender, which consent shall not, so long as no Event of Default is continuing, be unreasonably withheld, conditioned or delayed. Prior to seeking Lender’s consent to any Major Lease, Borrower shall deliver to Lender a copy of such proposed lease (a “Proposed Major Lease”) blacklined to show changes from the standard form of Lease approved by Lender and then being used by Borrower. Lender shall endeavor to approve or disapprove each Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease for which Lender’s approval is required under this Agreement within seven (7) Business Days of the submission by Borrower to Lender of a written request for such approval, accompanied by a final copy of the Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease. If requested by Borrower, Lender will grant conditional approvals of Proposed Major Leases or proposed renewals, extensions or modifications of existing Major Leases at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and approved by Lender in connection with such Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease. Lender’s consent to any Major Lease or modification thereto shall be deemed given if the correspondence from Borrower to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN TEN (10) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested by Lender in writing prior to the expiration of such ten (10) Business Day period in order to adequately review the same has been delivered and Lender fails to respond or to expressly deny each request for approval within the ten (10) Business Day period.

Major Leases. Borrower shall not enter into a proposed Major Lease or a proposed renewal, extension or modification of an existing Major Lease without the prior written consent of Lender, which consent shall not, so long as no Event of Default is continuing, be unreasonably withheld, conditioned or delayed. Prior to seeking Lender’s consent to any Major Lease, Borrower shall deliver to Lender a copy of such proposed lease (a “Proposed Major Lease”) blacklined to show changes from the standard form of Lease approved by Lender and then being used by Borrower. Lender shall endeavor to approve or disapprove each Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease for which Lender’s approval is required under this Agreement within seven (7) 15 Business Days of the submission by Borrower to Lender of a written request for such approval, accompanied by a final copy of the Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease. If requested by Borrower, Lender will grant conditional approvals of Proposed Major Leases or proposed renewals, extensions or modifications of existing Major Leases at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and approved by Lender in connection with such Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease. Lender’s consent Provided that no Event of Default is continuing, if Borrower provides Lender with a written request for approval (which written request shall specifically refer to any Major Lease or modification thereto this Section 5.10.2 and shall be deemed given if the correspondence from Borrower to Lender requesting such approval is in an envelope marked “PRIORITY” and contains a bold-faced, conspicuous legend at the top of the first page thereof stating explicitly state that “IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN TEN (10) BUSINESS DAYS, YOUR APPROVAL MAY BE DEEMED GIVEN”, and is accompanied by the information and documents required above and any other information reasonably requested failure by Lender in writing prior to the expiration of such ten (10approve or disapprove within 15 Business Days will constitute a deemed approval) Business Day period in order to adequately review the same has been delivered and Lender fails to respond reject the request in writing delivered to Borrower within 15 Business Days after receipt by Lender of the request, the Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease shall be deemed approved by Lender, and Borrower shall be entitled to expressly deny each request for approval within the ten (10) Business Day periodenter into such Proposed Major Lease or proposed renewal, extension or modification of an existing Major Lease.