Common use of Leasing Guidelines Clause in Contracts

Leasing Guidelines. Borrower shall not enter into any Lease of space in the Property unless approved or deemed approved by Lender prior to execution. Borrower’s standard form of tenant lease has been approved by Lender. Lender shall be “deemed” to have approved any Lease that: (a) is on the standard form lease approved by Lender; (b) is entered into in the ordinary course of business with a bona fide unrelated third party tenant, and Borrower, acting in good faith and exercising due diligence; (c) reflects an arm’s length transaction; and (d) contains no option or right of first refusal to purchase all or any substantial portion of the Property or any present or future interest therein.