Common use of Leasing of the Property Clause in Contracts

Leasing of the Property. Prior to the execution of any new Leases or Work Agreements for the Property, or the amendment, renewal or extension of any existing Leases for the Property, such Seller shall give notice of its intent to do so to Purchaser (which notice may be given by email to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇ and to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇). Such notice shall include the name of the proposed Tenant, financial information respecting such Tenant, amount of space involved, the length of the lease term, the proposed financial terms thereof (including any rent abatement periods), the amount of any Leasing Commission, any TI Obligations, a copy of the form of Lease, Lease amendment or other document to be executed and, if the notice relates to a proposed new Work Agreement, a copy of the proposed new Work Agreement. Purchaser shall have five (5) Business Days after receipt of such notice to notify such Seller of its approval or of its objections, if any, to any such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement, and Purchaser’s failure to approve within such five (5) Business Day period, by e-mail to ▇▇▇▇ ▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇, shall be deemed to constitute Purchaser’s disapproval of such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement. Such Seller shall not enter into any new Lease, amendment, extension or renewal of any existing Lease, or any new Work Agreement, without Purchaser’s prior written consent to the material terms thereof, which consent shall not be unreasonably withheld, conditioned or delayed (and Seller may rely on an email from ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on behalf of Purchaser as evidence of such consent). Notwithstanding the foregoing (a) Purchaser’s consent shall not be required for new Leases and renewals or extensions of existing Leases evidencing or reflecting the exercise by Tenants of any rights or options, the terms of which are fixed or determinable as of the Effective Date, under existing Leases; and (b) Purchaser acknowledges and agrees that the Leases and the extensions or renewals of Leases (if any) listed on Exhibit E have been approved by Purchaser. Without limiting the express provisions of this Agreement, nothing in this Agreement shall be interpreted to require that any space at the Properties be leased as a condition to Purchaser’s obligation to proceed with Closing.

Leasing of the Property. Prior If Seller desires to the execution of enter into (i) any new Leases or Work Agreements leases for the PropertyProperty (a "New Lease"); or (ii) a renewal, extension or the amendment, renewal or extension expansion of any existing Leases for the PropertyProperty (other than renewals, such Seller shall give notice of its intent to do so to Purchaser (which notice may be given by email to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇ and to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇). Such notice shall include the name of the proposed Tenant, financial information respecting such Tenant, amount of space involved, the length of the lease term, the proposed financial terms thereof (including any rent abatement periods), the amount of any Leasing Commission, any TI Obligations, a copy of the form of Lease, Lease amendment extensions or other document to be executed and, if the notice relates to a proposed new Work Agreement, a copy of the proposed new Work Agreement. Purchaser shall have five (5) Business Days after receipt of such notice to notify such Seller of its approval or of its objections, if any, to any such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement, and Purchaser’s failure to approve within such five (5) Business Day period, by e-mail to ▇▇▇▇ ▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇, shall be deemed to constitute Purchaser’s disapproval of such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement. Such Seller shall not enter into any new Lease, amendment, extension or renewal of any existing Lease, or any new Work Agreement, without Purchaser’s prior written consent to the material terms thereof, which consent shall not be unreasonably withheld, conditioned or delayed (and Seller may rely on an email from ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on behalf of Purchaser as evidence of such consent). Notwithstanding the foregoing (a) Purchaser’s consent shall not be required for new Leases and renewals or extensions expansions of existing Leases evidencing or reflecting the exercise by Tenants of any rights or options, the terms of which are fixed or determinable as of the Effective Date, under existing Leases; ) (a "Renewal") or (iii) any other amendment or modification to a Lease (the "Amendment"), Seller shall give Purchaser prior written notice (the "Lease Activity Notice") of its desire to do so. The Lease Activity Notice shall include a copy of the proposed New Lease, Renewal or Amendment, and shall set out the amount of space involved, the length of the lease term, the proposed financial terms thereof (b) Purchaser acknowledges including any rent abatement periods), the amount of any leasing commission, tenant improvement obligations and agrees that the Leases and the extensions or renewals of Leases (if any) listed on Exhibit E have been approved by Purchaser. Without limiting the express any “non-standard” provisions of the proposed New Lease or Renewal or Amendment. Seller shall not enter into any New Lease, Renewal or Amendment without Purchaser’s prior written approval. Purchaser’s approval shall not be unreasonably withheld, delayed or conditioned in connection with a proposed Amendment which is an “Immaterial Amendment,” as defined in the next sentence. For purposes hereof, an “Immaterial Amendment” is an Amendment which will not (i) have any material adverse effect on Purchaser, legal or financial, (ii) increase the financial or legal obligations of the landlord under a Lease; or (iii) modify the term of the Lease or the rent payable thereunder. The Purchaser will be deemed to have granted its consent to any New Lease, Renewal or Amendment in the event that it fails to provide Seller with written objections to the same on or before five (5) Business Days after its receipt of the Lease Activity Notice for the particular New Lease, Renewal or Amendment. As used in this Agreement, nothing in the term "Approved Leases" refers collectively to any New Lease, Renewal or Amendment, which is approved by Purchaser pursuant to this Agreement shall be interpreted to require that any space at the Properties be leased as a condition to Purchaser’s obligation to proceed with ClosingSection.

Leasing of the Property. Prior to the execution of any new Leases or Work Agreements for the Property, or the amendment, renewal or extension of any existing Leases for the Property, such Seller shall give notice of its intent to do so to Purchaser (which notice may be given by email to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇ and to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇). Such notice shall include the name of the proposed Tenant, financial information respecting such Tenant, amount of space involved, the length of the lease term, the proposed financial terms thereof (including any rent abatement periods), the amount of any Leasing Commission, any TI Obligations, a copy of the form of Lease, Lease amendment or other document to be executed and, if the notice relates to a proposed new Work Agreement, a copy of the proposed new Work Agreement. Purchaser shall have five (5) Business Days after receipt of such notice to notify such Seller of its approval or of its objections, if any, to any such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement, and Purchaser’s failure to approve within such five (5) Business Day period, by e-mail to ▇▇▇▇ ▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇, shall be deemed to constitute Purchaser’s disapproval of such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement. Such Seller shall not enter into any new Lease, amendment, extension or renewal of any existing Lease, or any new Work Agreement, without Purchaser’s prior written consent to the material terms thereof, which consent shall not be unreasonably withheld, conditioned or delayed (and Seller may rely on an email from ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on behalf of Purchaser as evidence of such consent). Notwithstanding the foregoing (a) Purchaser’s consent shall not be required for new Leases and renewals or extensions of existing Leases evidencing or reflecting the exercise by Tenants of any rights or options, the terms of which are fixed or determinable as of the Effective Date, under existing Leases; and (b) Purchaser acknowledges and agrees that the Leases and the extensions or renewals of Leases (if any) listed on Exhibit E have been approved by Purchaser. Without limiting the express provisions of this Agreement, nothing in this Agreement shall be interpreted to require that any space at the Properties Property be leased as a condition to Purchaser’s obligation to proceed with Closing.

Leasing of the Property. Prior to the execution of any new Leases or Work Agreements for the Property, Property or the amendmentrenewal, renewal modification or extension of any existing Leases for the Property, such Seller shall give notice of its intent to do so to Purchaser (which notice may be given by email to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇ and to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇)Purchaser. Such notice shall include the name of the proposed Tenant, financial information respecting such Tenant, amount WRIT Industrial III of space involved, the length of the lease term, the proposed financial terms thereof (including any rent abatement periodsperiods or other concessions), the amount of any Leasing Commission, any TI Obligations, and a copy of the form of Lease, Lease amendment or other document to be executed and, if the notice relates to a proposed new Work Agreement, a copy of the proposed new Work Agreementexecuted. Purchaser shall have five (5) Business Days days after receipt of such notice to notify such Seller of its approval or of its objections, if any, to any such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement, and Purchaser’s failure to approve within such five (5) Business Day period, by e-mail to ▇▇▇▇ ▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇, shall be deemed to constitute Purchaser’s disapproval of such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement. Such Seller shall not enter into any new Lease, amendmentLease or any modification, extension or renewal of any existing Lease, or any new Work Agreement, Lease without Purchaser’s prior written consent to the material terms thereofconsent, which consent may be granted or withheld in Purchaser’s sole discretion. Purchaser’s failure to object to a proposed Lease or the modification, extension or renewal of any existing Lease within the five (5)-day period described above shall not be unreasonably withheld, conditioned or delayed (and Seller may rely on deemed an email from ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on behalf of Purchaser as evidence of such consent)approval by Purchaser. Notwithstanding the foregoing (a) Purchaser’s consent shall not be required for new Leases and renewals or extensions of existing Leases evidencing or reflecting the exercise by Tenants of any rights or options, the terms of which are fixed or determinable as of the Effective DateJune 27, 2011, under existing Leases; and (b) Purchaser acknowledges and agrees that the Leases and the extensions extensions, modifications or renewals of Leases (if any) listed on Exhibit E “D-1” have been approved by Purchaser. Without limiting the express provisions of this Agreement, nothing Nothing in this Agreement shall be interpreted to require that any Seller to lease any additional space at the Properties be leased in its Property as a condition to Purchaser’s the sale of such Property, and none of the Sellers shall have any obligation to proceed with Closingenter into or to seek any Leases for its Property prior to the Closing Date.

Leasing of the Property. Prior to From and after the execution of Effective Date, Seller shall not (a) enter into any new Leases or Work Agreements for the Property, (b) amend, renew, extend, accept the surrender of or the amendment, renewal or extension of otherwise modify any existing Leases for the Property, such or (c) consent to any sublease or assignment under any Lease, in each case, without the prior written approval of Purchaser, which may be given or withheld in Purchaser’s sole and absolute direction. Seller shall give notice to Purchaser of its intent request to do so to Purchaser enter into a new Lease (or any modifications, amendments, supplements and/or terminations), which notice may be given by email to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇ and to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇). Such notice shall include the name of the proposed Tenant, financial information respecting such Tenant, amount of space involved, the length of the lease term, the proposed financial terms thereof (including any rent abatement periodsperiods or other concessions), the amount of any Leasing Commission, any TI Obligations, and a copy of the form of Lease, Lease amendment or other document to be executed andexecuted. Further, if after the notice relates Effective Date, Seller shall promptly notify Purchaser of any material correspondence received from or sent to a proposed new Work Agreement, a copy of Tenants regarding the proposed new Work AgreementLeases. Purchaser shall have five ten (510) Business Days days after receipt of such notice to notify such Seller of its approval or of its objections, if any, to any such proposed Lease amendment, modification, supplement, termination or extension or renewal of any existing Lease, Lease or such proposed new Work Agreement, and sublease or assignment. Purchaser’s failure to approve within such five (5) Business Day period, by e-mail object to ▇▇▇▇ ▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇, shall be deemed to constitute Purchaser’s disapproval of such a proposed Lease or extension or renewal of any existing Leasethe modification, or such proposed new Work Agreement. Such Seller shall not enter into any new Lease, amendmenttermination, extension or renewal of any existing Lease, or any new Work Agreement, without Lease within the ten (10)-day period described above shall be deemed an approval by Purchaser’s prior written consent to the material terms thereof, which consent shall not be unreasonably withheld, conditioned or delayed (and Seller may rely on an email from ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on behalf of Purchaser as evidence of such consent). Notwithstanding the foregoing (a) Purchaser’s consent shall not be required for new Leases and renewals or extensions of existing Leases evidencing or reflecting the exercise by Tenants of any rights or options, the terms of which are fixed or determinable as of the Effective Date, options under existing Leases; and (b) Purchaser acknowledges and agrees that the Leases and the extensions or renewals of Leases (if any) listed on Exhibit E have been approved by Purchaser. Without limiting the express provisions of this Agreement, nothing Nothing in this Agreement shall be interpreted to require that any Seller to lease any additional space at the Properties be leased in its Property as a condition to Purchaser’s the sale of such Property, and none of the Sellers shall have any obligation to proceed with Closingenter into or to seek any Leases for its Property prior to the Closing Date.

Leasing of the Property. Prior If Seller desires to the execution of enter into (i) any new Leases or Work Agreements leases for the PropertyProperty (a “New Lease”); or (ii) a renewal, extension or the amendment, renewal or extension expansion of any existing Leases for the PropertyProperty (other than renewals, such Seller shall give notice of its intent to do so to Purchaser (which notice may be given by email to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇ and to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇). Such notice shall include the name of the proposed Tenant, financial information respecting such Tenant, amount of space involved, the length of the lease term, the proposed financial terms thereof (including any rent abatement periods), the amount of any Leasing Commission, any TI Obligations, a copy of the form of Lease, Lease amendment extensions or other document to be executed and, if the notice relates to a proposed new Work Agreement, a copy of the proposed new Work Agreement. Purchaser shall have five (5) Business Days after receipt of such notice to notify such Seller of its approval or of its objections, if any, to any such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement, and Purchaser’s failure to approve within such five (5) Business Day period, by e-mail to ▇▇▇▇ ▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇, shall be deemed to constitute Purchaser’s disapproval of such proposed Lease or extension or renewal of any existing Lease, or such proposed new Work Agreement. Such Seller shall not enter into any new Lease, amendment, extension or renewal of any existing Lease, or any new Work Agreement, without Purchaser’s prior written consent to the material terms thereof, which consent shall not be unreasonably withheld, conditioned or delayed (and Seller may rely on an email from ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on behalf of Purchaser as evidence of such consent). Notwithstanding the foregoing (a) Purchaser’s consent shall not be required for new Leases and renewals or extensions expansions of existing Leases evidencing or reflecting the exercise by Tenants of any rights or options, the terms of which are fixed or determinable as of the Effective Date, under existing Leases) (a “Renewal”) or (iii) any other amendment or modification to a Lease (the “Amendment”), Seller shall give Purchaser prior written notice (the “Lease Activity Notice”) of its desire to do so. The Lease Activity Notice shall include a copy of the proposed New Lease, Renewal or Amendment, and shall set out the amount of space involved, the length of the lease term, the proposed financial terms thereof (including any rent abatement periods), the amount of any leasing commission, tenant improvement obligations and any “non-standard” provisions of the proposed New Lease or Renewal or Amendment. Seller shall not enter into any New Lease, Renewal or Amendment without Purchaser’s prior written approval, which may be granted or withheld in Purchaser’s sole discretion. As used in this Agreement, the term “Approved Leases” refers collectively to (i) any New Lease, Renewal or Amendment which is approved by Purchaser pursuant to this Section; and (bii) Purchaser acknowledges and agrees that the Leases and the extensions or renewals of Leases (if any) listed on Exhibit E have been approved by Purchaser. Without limiting the express provisions of this Agreement, nothing in this Agreement shall be interpreted to require that any space at the Properties be leased as a condition to Purchaser’s obligation to proceed with ClosingSecond Amendment.