Common use of Tenant Improvement Costs, Leasing Commissions and Concessions Clause in Contracts

Tenant Improvement Costs, Leasing Commissions and Concessions. With respect to any new Lease or Lease modification entered into by Seller in accordance with the provisions of Section 7.1 above, between the Effective Date and the Closing Date, and with respect to any renewal or extension of any Lease, whether through the exercise of an option or otherwise, occurring between such date and the Closing Date, all tenant improvement work, leasing commissions, or grants of any free rent period or other concessions shall be the obligation of Buyer. In the event the transaction contemplated by this Agreement is consummated as provided herein, Buyer shall reimburse Seller for all such costs incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereof. Pursuant to the Assignment of Leases (as defined below), Buyer shall assume any then outstanding obligations with respect to such tenant improvements, leasing commissions and concessions. To the extent at Closing there are any unpaid tenant improvement allowances or brokers' commissions for Leases entered into prior to the Effective Date ("Unpaid TI/LC"), Seller shall credit Buyer the estimated amount of Unpaid TI/LC at Closing, and Buyer shall thereafter be obligated to pay directly to the applicable parties the applicable amounts from the Unpaid TI/LC credited to Buyer. To the extent the credit provided to Buyer at Closing for any Unpaid TI/LC shall be less than the actual amount of such Unpaid TI/LC, Seller shall be obligated to pay Buyer the difference promptly following the final determination of the Unpaid TI/LC. To the extent the credit provided to Buyer at Closing for any Unpaid TI/LC is more than the actual amount of such Unpaid TI/LC, Buyer shall be obligated to pay Seller the difference promptly following the final determination of the Unpaid TI/LC. The provisions of this Section shall survive the Closing.

Tenant Improvement Costs, Leasing Commissions and Concessions. With respect to any new Lease or Lease modification entered into by Seller in accordance with the provisions of Section 7.1 above, between the Effective Date and the Closing DateDate in accordance with this Agreement, and with respect to any renewal renewal, extension or extension expansion of any Lease, whether through the exercise of an option or otherwise, occurring between such date and the Closing Date, all tenant improvement work, leasing commissions, legal fees or other expenses or grants of any free rent period or other concessions shall be the obligation of paid by Buyer. In the event the transaction contemplated by this Agreement is consummated as provided herein, Buyer shall reimburse Seller for all such costs costs, expenses, free rent period or other concessions incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereofSeller. Pursuant to the Assignment of Leases (as defined below)Leases, Buyer shall assume any then then-outstanding obligations with respect to such tenant improvements, leasing commissions and concessions. To the extent Buyer shall be credited at Closing there are for the amount of all unsatisfied costs and expenses, in connection with any unpaid and all Leases executed, modified or extended by Seller prior to March 23, 2016 for tenant improvement allowances work and leasing commissions (either completed or brokers' to be completed) and brokerage commissions for (collectively, “Pre-Closing Leasing Costs”). In connection with any and all Leases entered into executed, modified or extended by Seller prior to the Effective Date ("Unpaid TI/LC"), Seller shall credit Buyer the estimated amount of Unpaid TI/LC at Closing, and Buyer shall thereafter be obligated to pay directly to the applicable parties the applicable amounts from the Unpaid TI/LC credited to Buyer. To the extent the credit provided to Buyer at Closing for any Unpaid TI/LC shall be less than the actual amount of such Unpaid TI/LC, Seller shall be obligated to pay Buyer the difference promptly following the final determination of the Unpaid TI/LC. To the extent the credit provided to Buyer at Closing for any Unpaid TI/LC is more than the actual amount of such Unpaid TI/LCDate, Buyer shall be obligated entitled to pay Seller receive a credit against the difference promptly following Purchase Price at Closing for the final determination amount of any rental abatements or “free rent” periods attributable to periods from and after the Unpaid TI/LCClosing Date as more particularly described in Exhibit I attached hereto and made a part hereof. The provisions of this Section shall survive the Closing.

Tenant Improvement Costs, Leasing Commissions and Concessions. With Except as provided in Section 7.1 with respect to the lease transactions described in SCHEDULE 3 (the Leasing Costs under which shall be paid by Seller), with respect to any new Lease or Lease modification entered into by Seller in accordance with the provisions of Section 7.1 above, between fully executed on or after the Effective Date and the Closing Dateapproved or deemed approved or accepted by Buyer, and with respect to any renewal or extension of any Lease, whether through the exercise of Lease pursuant to an option existing as of the Effective Date, fully executed on or otherwise, occurring between such date and after the Closing Effective Date, all tenant improvement work, leasing commissions, or grants of any free rent period reasonable legal fees or other concessions reasonable expenses (collectively, "LEASING COSTS") payable with respect to such transactions shall be the obligation of Buyerpaid by Buyer at Closing. In the event the transaction contemplated by this Agreement is consummated as provided herein, Buyer shall reimburse Seller at Closing (or thereafter if paid by Seller after Closing) for all such costs Leasing Costs incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereof. Pursuant to the Assignment of Leases (as defined below)Leases, Buyer shall assume any then outstanding obligations with respect to such tenant improvementsLeasing Costs and all subsequent concessions, leasing commissions and concessionsincluding amounts shown on SCHEDULE 3 for which Buyer receives a credit at Closing. To the extent at Closing there are With respect to any unpaid tenant improvement allowances Lease or brokers' commissions for Leases entered into Lease modification fully executed prior to the Effective Date ("Unpaid TI/LC")and the lease transactions described in SCHEDULE 3 attached hereto, all Leasing Costs payable with respect to such transactions shall be paid by Seller; provided, however, that the foregoing is not intended to place the burden on Seller of any free rent or other costs or concessions accruing on or after the Closing Date or for those Leasing Costs arising from the Lease or Lease modifications fully executed prior to the Effective Date and described in SCHEDULE 5 attached hereto, all of which shall be Buyer's responsibility, to the extent provided in Schedule 5. Seller shall credit Buyer at Closing the estimated amount of Unpaid TI/LC at Closing, any such Leasing Costs that are Seller's obligation pursuant to the provisions hereof and not paid as of Closing and Buyer shall thereafter be obligated to pay directly Seller at Closing the amount of any Leasing Costs that are Buyer's obligation pursuant to the applicable parties the applicable amounts from the Unpaid TI/LC credited to Buyerprovisions hereof. To the extent the credit provided to Buyer at Closing for any Unpaid TI/LC shall be less than the actual amount of such Unpaid TI/LC, Seller shall be obligated to pay Buyer the difference promptly following the final determination As of the Unpaid TI/LC. To Effective Date, SCHEDULE 5 lists the extent the credit provided to Buyer at Closing for any Unpaid TI/LC is more than the actual amount of such Unpaid TI/LC, Buyer shall be obligated to pay respective credits due Seller the difference promptly following the final determination of the Unpaid TI/LCand Buyer. The provisions of this Section shall survive the Closing.

Tenant Improvement Costs, Leasing Commissions and Concessions. Seller shall provide Buyer a credit against the Purchase Price for all tenant improvement allowances and other concessions that are available to Tenants under the Leases in effect as of the Effective Date with respect to the current term of each of such Leases and that have not been fully disbursed as of the Closing Date (to the extent after Closing, it is determined that any such credits were not for the full amount due or were in excess of the full amount due to the applicable Tenants, then Seller and Buyer agree to reconcile and adjust such amount between them upon request by either party). Seller shall also pay or provide a credit for all unpaid leasing commissions due and payable as of Closing. With respect to any new Lease or Lease modification entered into by Seller in accordance with the provisions of Section 7.1 above, between the Effective Date and the Closing Date, and with respect to which Lease or Lease modification is approved by Buyer under Section 7.1 above (but excluding any renewal or extension of any Lease, whether Lease through the exercise of an option or otherwise, occurring between such date and the Closing Datethat is currently available to a tenant under an existing Lease), all tenant improvement work, leasing commissions, legal fees and other related expenses, or grants of any free rent period or other concessions shall be prorated over the obligation term of Buyerthe lease, renewal or extension. In Seller’s share of such costs shall be based on the event portion of the transaction contemplated by this Agreement is consummated lease term, renewal or extension, as provided hereinthe case may be, occurring prior to Closing, which amount shall be a credit against the Purchase Price, and Buyer shall be responsible for the remainder of such costs. Buyer shall reimburse Seller for all such costs incurred by Seller to the extent Buyer is obligated therefor pursuant to the provisions hereof. Pursuant to the Assignment of Leases (as defined below), Buyer shall assume any then outstanding obligations with respect to such tenant improvements, leasing commissions and concessions. To the extent at Closing there are any unpaid tenant improvement allowances or brokers' commissions for concessions under existing Leases entered into prior (subject to the Effective Date ("Unpaid TI/LC")credit to be provided by Seller as set forth above and Seller’s obligation to cash out and discharge all leasing commission obligations, Seller shall credit Buyer if any, under the estimated amount of Unpaid TI/LC existing Leases that are due and payable at Closing, ) and under any new Lease or Lease modification for which Buyer shall thereafter be obligated to pay directly to is otherwise responsible under the applicable parties the applicable amounts from the Unpaid TI/LC credited to Buyer. To the extent the credit provided to Buyer at Closing for any Unpaid TI/LC shall be less than the actual amount of such Unpaid TI/LC, Seller shall be obligated to pay Buyer the difference promptly following the final determination of the Unpaid TI/LC. To the extent the credit provided to Buyer at Closing for any Unpaid TI/LC is more than the actual amount of such Unpaid TI/LC, Buyer shall be obligated to pay Seller the difference promptly following the final determination of the Unpaid TI/LCforegoing provisions. The provisions of this Section shall survive the Closing.