Approval Lease definition

Approval Lease means any lease for space at the Property that (i) is for more than 3,000 rentable square feet, (ii) provides for a rental rate of less than 92.5% of the rental rate for the Property approved from time to time to time by the Company, or (iii) provides for the total cost of tenant improvements and leasing commissions in excess of 150% of the first years base rent, which base rent shall equal (x) the aggregate base rent to be received under the Lease for the term divided by the term of the Lease in months (including any free rental periods) multiplied by (y) 12.
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Approval Lease. Any Lease for space at the Property that (i) is for more than 3,000 rentable square feet, (ii) provides for a rental rate of less than 92.5% of the Approved Rental Rate, or (iii) provides for the total cost of tenant improvements and leasing commissions in excess of 150% of the first year's base rent, which base rent shall equal (x) the aggregate base rent to be received under the Lease for the term divided by the term of the Lease in months (including any free rental periods) multiplied by (y) 12. Approved Annual Budget - as defined in Section 7.17(a).
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Examples of Approval Lease in a sentence

  • With respect to each Contract, Governmental Approval, Lease and Intellectual Property License, Seller shall duly perform and comply with all agreements and conditions required thereby to be performed or complied with by it prior to or on the Closing Date.

  • The First Union Lender shall have three Business Days following receipt of the foregoing information to either approve or disapprove of the entering into the Approval Lease.

  • With respect to any Approval Lease, the Borrower shall cause to be sent to the First Union Lender, at a minimum , the deal summary sheet which shall include the terms set forth on Exhibit C hereto.

  • Each Major Lease and all other proposed Leases which do not satisfy the requirements set forth in this subsection (each a "Required Approval Lease") shall be subject to the prior approval of Lender.

  • The Borrower shall not, nor shall it permit a Property Owner to, enter into any Approval Lease without the prior written consent of the First Union Lender.

  • With respect to each Contract, Governmental Approval, Lease and Equipment Lease, Creative shall duly perform and comply in all material respects with all covenants, agreements and conditions required thereby to be performed or complied with by it prior to or on the Closing Date.

  • The Borrower shall not, nor shall it permit the Property Owner to, enter into any Approval Lease without the prior written consent of the First Union Lender.

  • Purchaser agrees to notify Seller in writing within five (5) business days after its receipt of each Purchaser Required Approval Lease of either its approval or disapproval thereof, including all Tenant Inducement Costs and leasing commissions to be incurred in connection therewith, which approval shall not be unreasonably withheld.

  • In the event Purchaser fails to notify Seller in writing of its approval or disapproval of any such Purchaser Required Approval Lease within the five-day period for such purpose set forth above, such failure shall be deemed the approval by Purchaser of such Purchaser Required Approval Lease.

  • The First Union Lender hereby designates each of Michael Ashner, John A▇▇▇ ▇▇▇ ▇▇▇▇ ▇mi▇▇ ▇▇ ▇▇▇ Pers▇▇▇ ▇▇ ▇▇▇m a request for an Approval Lease is to be made.