Leasing Action definition

Leasing Action means all executions, modifications, terminations and extensions of Leases, and all other actions taken by the Borrower in exercising its rights as landlord under the Leases.

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Leasing Action means any of the following: (i) entering into a New Lease, except with respect to the top floor of “Building 1” of the Property which shall not be leased to any party in any event, (ii) modifying or amending any Pre-Effective Date Lease or any New Lease entered into prior to the end of the Due Diligence Period, (iii) consenting to any assignment or sublease in connection with any Pre-Effective Date Lease or New Lease, and (iv) terminating any Lease and/or removing any Tenant under any Pre- Effective Date Lease or New Lease, whether by summary proceedings or otherwise.

Leasing Action means the amendment, modification, assignment or sublease, supplement, termination, cancelation or rescinding of an existing Lease.

Examples of Leasing Action in a sentence

• All drivers must hold a current license for all types of vehicles and machinery that they are to drive.

• Any Leasing Action not related to the Key Leases will not require Lender written consent if the following conditions are met: Term of Lease: Maximum term of ten (10) years, including the base lease term and all extension options.

• Lender will be deemed to have consented to any Leasing Action if it does not notify Borrower that it is withholding its consent within ten (10) business days of its receipt of (a) notification of the proposed Leasing Action, and (b) all materials reasonably requested to permit Lender to review the proposed Leasing Action.

• The license does not extend to any Leasing Action that permits (i) less than reasonable market rent during its original term or any extension period, (ii) that permits prepayment of rent more than one (1) year in advance, or such shorter period as is actually provided for rentals under the Lease, or (iii) that modifies a Lease in any manner that increases the liability or obligations of any successor to Borrower’s interest in such Lease or affects the notice and cure rights available thereunder.

• Seller shall provide a description of the proposed Leasing Action to Purchaser containing all material terms of the proposed Leasing Action.

• Borrower will provide copies of all documentation for any Leasing Action not requiring Lender approval within ten (10) business days of the occurrence of such Leasing Action.

• The license does not extend to any Leasing Action that permits (i) less than reasonable market rent during its original term or any extension period, (ii) that permits prepayment of rent more than one (1) year in advance, or such shorter period as is actually provided for rentals under the Lease, or (iii) that modifies a Lease in any manner that increases the liability or obligations of any successor to Mortgagor’s interest in such Lease or affects the notice and cure rights available thereunder.

• If after five (5) Business Days from receipt of the second notice, Lender has not responded, the new Lease or the Leasing Action shall be deemed approved by Lender.

• If Seller provides Purchaser with written notice of a proposed Leasing Action, together with a copy of such Leasing Action, then, in such event, Purchaser shall have four (4) business days within which to object in writing to such proposal.

• The Borrower shall request such approval in writing, presenting the terms of the proposed Leasing Action in summary form.

More Definitions of Leasing Action

Leasing Action has the meaning specified in Section 5.10(a).

Leasing Action means any of the following: (i) entering into a new Lease, (ii) modifying or amending any Lease, (iii) consenting to any assignment or sublease in connection with any Lease, and (iv) terminating any Lease and/or removing any tenant under any Lease, whether by summary proceedings or otherwise.

Leasing Action means any termination, assignment, sublease, renewal, or amendment of any Lease, or any material waiver of the Mortgagor’s rights as landlord in connection with the ▇▇▇▇▇ Agreement or any Lease.