Common use of Leasing Conditions Clause in Contracts

Leasing Conditions. Subject to terms of this Section 8.8, provided no Event of Default shall have occurred and be continuing, Borrower may enter into a New Lease or Future Lease, without Lender's prior written consent, that satisfy each of the following conditions (as evidenced by an Officer's Certificate delivered to Lender at least five (5) Business Days prior to Borrower's entry into such New Lease or Future Lease): (a) such New Lease or Future Lease, as applicable, is written on a form substantially similar to the standard form of lease attached hereto as EXHIBIT O (or such other form as may be reasonably approved by Lender, such approval not to be unreasonably withheld, conditioned or delayed, the STANDARD FORM OF LEASE), with only such changes as are commercially reasonable given the standard then-current local market conditions, none of which changes shall materially and adversely vary from the subordination, attornment and non-disturbance provisions contained in the Standard Form of Lease; (b) with respect to a New Lease or Future Lease, the premises demised thereunder is not more than 25,000 (or, if no portion of the premises is located in ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, 40,000) rentable square feet of the Property; (c) the term of such New Lease or Future Lease, as applicable, does not exceed 120 months, plus up to two (2) 60-month option terms (or equivalent combination of renewals) provided that the rental rate during each such option term is at least equal to 95% of the prevailing market rate as of the commencement of such option term; (d) the rental rate under such New Lease or Future Lease, as applicable, is at least equal to the then prevailing market rate for the entire term of such lease (except for the option periods as set forth in the preceding clause (c));

Leasing Conditions. Subject to terms of this Section 8.8, provided no Event of Default shall have occurred and be continuing, Borrower may enter into a New Lease or Future LeaseLease Modification, without Lender's prior written consent, that satisfy satisfies each of the following conditions (as evidenced by an Officer's Certificate delivered to Lender at least five ten (510) Business Days prior to Borrower's entry into such New Lease or Future LeaseLease Modification): (a) such New Lease or Future Lease, as applicable, is written on a form substantially similar to the standard form of lease attached hereto as EXHIBIT O (or such other form as may to be reasonably approved by Lender, such approval not to be unreasonably withheld, conditioned or delayed, Lender within thirty (30) days of the STANDARD FORM OF LEASEdate hereof (the Standard Form of Lease), with only such changes as are commercially reasonable given the standard then-current local market conditions, none of which changes shall materially and adversely vary from violate the subordination, attornment and non-disturbance provisions contained in the Standard Form of Lease; (b) with respect to a New Lease or Future LeaseLease Modification, the premises demised thereunder is not more than 25,000 (or, if no portion of the premises is located in ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, 40,000) net rentable square feet of the Property; (c) the term of such New Lease or Future LeaseLease Modification, as applicable, does not exceed 120 months, plus up to two (2) 60-month option terms (or equivalent combination of renewals) or 240 months for bank branches, provided that the rental rate during each such option term is at least equal to the greater of (x) 95% of the prevailing market rate as of the commencement of such option term and (y) during the first such option term, the rental rate in effect under such New Lease or Lease Modification, as applicable, during the initial term, and during the second such option term, the rental rate in effect under such New Lease or Lease Modification, as applicable, during the first option term; (d) the rental rate under such New Lease or Future LeaseLease Modification, as applicable, is at least equal to the then prevailing market rate (including rent abatements and tenant inducements) for the entire term of such lease (except for the option periods as set forth in the preceding clause (c)); (e) such New Lease or Lease Modification, as applicable, provides that the premises demised thereby cannot be used for any of the following uses; any pornographic or obscene purposes, any commercial sex establishment, any pornographic, obscene, nude or semi-nude performances, modeling, materials, activities or sexual conduct or any other use that has or could reasonably be expected to have a Material Adverse Effect; (f) the Tenant under such New Lease or Lease Modification, as applicable, is not an Affiliate of Borrower (other than any property management offices); (g) the New Lease or Lease Modification, as applicable, does not impose any burden, duty or liability on Borrower that is materially greater than is provided in the Standard Form of Lease subject to clause (a) above other than rent concessions and tenant improvement allowances which are consistent with the then current market conditions; (h) the New Lease or Lease Modification, as applicable, does not contain any provision whereby the Rent payable thereunder would be based, in whole or in part, upon the net income or profits derived by any Person from the Property (which, for the avoidance of doubt, does not include percentage rent); (i) the New Lease or Lease Modification, as applicable, does not prevent Proceeds from being held and disbursed by Lender in accordance with the terms hereof; (j) the New Lease or Lease Modification, as applicable, shall not entitle any Tenant to receive and retain Proceeds except those that may be specifically awarded to it in condemnation proceedings because of the Taking of its trade fixtures and its leasehold improvements which have not become part of the Property and such business loss as Tenant may specifically and separately establish; and (k) the New Lease or Lease Modification, as applicable satisfies the requirements of Section 8.8.7 and Section 8.8.8.

Leasing Conditions. Subject to terms of this Section 8.8, provided no Event of Default shall have occurred and be continuing, Borrower may enter into a New Lease or Future LeaseLease Modification, without Lender's ’s prior written consent, that satisfy satisfies each of the following conditions (as evidenced by an Officer's ’s Certificate delivered to Lender at least five ten (510) Business Days prior to Borrower's ’s entry into such New Lease or Future LeaseLease Modification): (a) such New Lease or Future LeaseLease Modification, as applicable, is written on a form substantially similar to the standard form of lease attached hereto as EXHIBIT O Exhibit S (or such other form as may be reasonably approved by Lender, such approval not to be unreasonably withheld, conditioned or delayed, the STANDARD FORM OF LEASEStandard Form of Lease), with only such changes as are commercially reasonable given the standard then-current local market conditions, none of which changes shall materially and adversely vary from violate the subordination, attornment and non-disturbance provisions contained in the Standard Form of Lease; (b) with respect to a New Lease or Future LeaseLease Modification, the premises demised thereunder is not more than 25,000 (or, if no portion of the premises is located in ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, 40,000) 35,000 net rentable square feet of the Property; (c) the term of such New Lease or Future LeaseLease Modification, as applicable, does not exceed 120 months, plus up to two (2) 60-month option terms (or equivalent combination of renewals) provided that the rental rate during each such option term is at least equal to the greater of (x) 95% of the prevailing market rate as of the commencement of such option term and (y) during the first such option term, the rental rate in effect under such New Lease or Lease Modification, as applicable, during the initial term and during the second such option term, the rental rate in effect under such New Lease or Lease Modification, as applicable, during the fast option term; (d) the rental rate under such New Lease or Future LeaseLease Modification, as applicable, is at least equal to the then prevailing market rate for the entire term of such lease (except for the option periods as set forth in the preceding clause (c));