AFTER THIRD LEASE YEAR Clause Samples

AFTER THIRD LEASE YEAR. After the first three (3) Lease Years, Lessee may assign this Lease (x) to an entity in which the Lessee or its general partner or the majority shareholder of its general partner maintains a majority interest ("Lessee's Affiliate"), or (y) to an entity having both the financial capability to perform the obligations of Lessee hereunder, and experience and expertise in the ownership or management of luxury resorts similar to the resort operated by Lessee at the Demised Premises (herein, a "Qualified Assignee"), provided, that (i) in each case, the assignee expressly assumes and agrees, for Lessor's express benefit, that it will perform every covenant of this Lease which, by its terms, the Lessee agrees to keep and perform; (ii) in the case of an assignment under clause (y), (A) Lessee shall have first notified Lessor of its intention to offer its leasehold estate and the Club for sale by giving the Lessor and GICI a Notice of Intent, affording to Lessor a Right of First Offer with respect to such leasehold estate and the Club, on the terms and conditions stated in such notice. Such Notice of Intent shall be deemed Lessee's offer to Lessor and GICI to make such Transfer on the terms stated herein. The time and procedures for acceptance of such offer and of consequences of acceptance and non-acceptance of such offer, shall be as set forth in Sections 10.1(c) and (d) above, substituting Lessee for Lessor and GICI and vice-versa, and reflecting that the leasehold estate and Club (and not the Demised Premises and the Retained Club Rights) shall be assigned, and that title to the Demised Premises may be subject to each of the matters listed on Exhibit "C" hereto, including any Permitted Mortgage. (B) Lessor shall have consented to such assignment (provided, however, that Lessor shall not be entitled to deny or withhold such consent unless the proposed assignee is not a Qualified Assignee, and Lessor shall have no right to charge Lessee any fee or other sum for such consent or for the cost of ascertaining the financial capability, experience and expertise of the proposed assignee); and (iii) in either case, Lessee shall provide Lessor with copies of the instruments effectuating such assignment and assumption. If Lessee's interest in and to this Lease or the Demised Premises is assigned or transferred to a Lessee's Affiliate pursuant to clause (x), Lessee's liability for the performance of every term, condition, covenant, or agreement contained herein shall remain u...
View SourceView Similar (2)

Related to AFTER THIRD LEASE YEAR

  • Lease Year Lease Year" means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Initial Lease Term The Initial Lease Term is for a minimum of ten (10) years; however, the State will consider a longer lease term if economic benefits are deemed to be in the State’s best interest. Please propose a fixed, or flat, rental rate for a Gross Lease: including all expenses – taxes, insurance, janitorial services, maintenance, etc. The State may elect to pay for utilities separately so please include a cost per square foot to reduce the rental rate if such occurs.

  • Lease Term The terms and provisions of this Lease shall be effective as of the date of this Lease. The term of this Lease (the “Lease Term”) shall commence on the “Lease Commencement Date,” as that term is set forth in Section 3.2 of the Summary, and shall terminate on the “Lease Expiration Date,” as that term is set forth in Section 3.3 of the Summary, unless this Lease is sooner terminated as hereinafter provided. Tenant hereby acknowledges that the Premises are currently occupied by another tenant of the Building. If Landlord is unable for any reason to deliver possession of the Premises to Tenant on any specific date , then Landlord shall not be subject to any liability for its failure to do so, and such failure shall not affect the validity of this Lease or the obligations of Tenant hereunder. For purposes of this Lease, the term “Lease Year” shall mean each consecutive twelve (12) month period during the Lease Term. At any time during the Lease Term, Landlord may deliver to Tenant a notice in the form as set forth in Exhibit C, attached hereto, as a confirmation only of the information set forth therein, which Tenant shall execute and return to Landlord within ten (10) business days of receipt thereof; provided, however, Tenant’s failure to execute and return such notice to Landlord within such time shall be conclusive upon Tenant that the information set forth in such notice is as specified therein. In addition to the foregoing, subject to any delays caused by Tenant or any Tenant Parties and events of Force Majeure, if Landlord fails to tender possession of the Premises to Tenant on or before January 2, 2015 (the “Base Rent Delivery Date”), Tenant shall be entitled to one (1) day of per diem Base Rent abatement for each day commencing on the day after the Base Rent Delivery Date and ending on the date Landlord so tenders possession of the Premises to Tenant. Any such Base Rent Abatement shall be separate from and in addition to any Rent Abatement described in Section 3.2 below.

  • Sublease Term The term of the Sublease (“Sublease Term”) commences on the later to occur of (1) Sublandlord’s receipt of Prime Landlord’s written consent to this Sublease, and (2) October 1, 2009 (“Sublease Commencement Date”); and expires on January 28, 2018 (“Sublease Expiration Date”; i.e., the day prior to the Termination Date pursuant to the Prime Lease). Sublandlord shall deliver the Subleased Premises “broom clean” and free of all of Sublandlord’s personal property (other than the F&F (defined in Section 2(f))) and debris, but otherwise in “AS IS, WHERE IS” condition on the Sublease Commencement Date; provided that Subtenant shall not be responsible for, or required to remedy, any violation of any applicable law, or any condition or state of facts, with respect to the Subleased Premises, the Building or the Land existing on or prior to the Sublease Commencement Date. Sublandlord is not required to perform any work to prepare the Subleased Premises for Subtenant’s intended use. If (i) for any reason Sublandlord has not received Prime Landlord’s written consent to this Sublease in form required by Section 15(i) below by the date which is sixty (60) days from the date hereof, or (ii) Prime Landlord elects to terminate the Prime Lease in respect of the Subleased Premises pursuant to Prime Landlord’s recapture right set forth in Section 16.5 of the Prime Lease, then in the case of (i), then Sublandlord and Subtenant each may elect at any time thereafter to terminate this Sublease by written notice to the other, whereupon the parties shall deem this Sublease to be null and void and of no effect (except for those provisions expressly stated herein to survive a termination), and in the case of (ii) the Sublease will be deemed terminated in accordance with Section 16.5 of the Prime Lease.

  • Expansion Premises In addition to the Original Premises, commencing on the Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Expansion Premises.