Air Rights Sample Clauses

Air Rights. (a) Landlord shall retain air rights and transferable development rights (collectively “Air Rights”) to the Demised Premises. Subject to the provisions of this Section 33.02 Landlord may transfer any and all Air Rights, either to a non-related party or an affiliate, provided Landlord’s affiliate is an adjoining property owner (if the adjoining ownership requirement is then existing under the Zoning Resolution of the City of New York) and further provided that the offer to purchase the Air Rights is a bona fide offer. Prior to transferring any Air Rights, Landlord shall transmit a written notice to Tenant (the “Air Rights Request Notice”) setting forth the material terms of the proposed transfer (the “Material Terms”), no later than forty-five (45) days prior to the effective date of such transfer. Tenant may by written notice to Landlord (the “Air Rights Response Notice”) within forty-five (45) days of receipt of the Air Rights Request Notice elect to either (i) approve the transfer, (ii) purchase the Air Rights on the Material Terms, (iii) terminate the Lease or (iv) disapprove the transfer, in which event Tenant, contemporaneously with the transmittal of the Air Rights Response Notice, shall pay Landlord an amount equal to the Air Rights Payment (as hereinafter defined). In the event Tenant elects either (ii) or (iii) above, Landlord by written notice (the “Air Rights Withdrawal Notice”) transmitted within thirty (30) days of Landlord’s receipt of the Air Rights Response Notice, may withdraw the Air Rights Request Notice and Tenant shall have no right to acquire the Air Rights or terminate the Lease, as the case may be. In the event Tenant elects (ii) above, and Landlord does not transmit an Air Rights Withdrawal Notice within the required time period, Tenant may assign its right to acquire the Air Rights to the New York City Economic Development Corporation (“EDC”). (b) The Air Rights Payment shall be the amount equal to the consideration stated in the Air Rights Request Notice multiplied by an amount equal to the Prime Rate plus 3%, payable monthly for the balance of the Term and all Renewal Terms, which Air Rights Payment shall be increased in the same percentage and contemporaneously with the increased Fixed Rent under Section 3.01. If Tenant does not respond to Landlord’s Air Rights Request Notice within forty-five (45) days of Tenant’s receipt of the Air Rights Request Notice, Tenant shall be deemed to have approved the Transfer. Landlord shall not...

Air Rights. Borrower has not and will not transfer, assign, convey, hypothecate or encumber any of the air rights pertaining to the Property.

Air Rights. It is understood and agreed that this Lease does not grant any rights to light and air over property, except public streets adjoining the land on which the Building is situated. 24.

Air Rights. All air rights or development rights, or both, if any, now pertaining to or hereinafter transferred to the Land.

Air Rights. This Lease does not grant a servitude and/or other rights to light, view, and air over the property.

Air Rights. The SRA has retained air rights over the GLX Station, as well as the fee interest in the drop-off/pick-up area. These rights and interests may be included in the disposition of Parcel D-2 under the Land Disposition Agreement to be negotiated by the Parties as set forth herein. Master Developer, the SRA and/or the City will work with MassDOT and the MBTA to obtain agreements with the MBTA and other appropriate Parties governing air rights over the GLX tracks and commuter rail corridor to permit the Master Developer to construct one or more approved buildings or other connections over the tracks and to facilitate the redevelopment of the Disposition Parcels north and south of the tracks, and Revitalization Plan Parcels, and the Boynton Yards area.

Air Rights. Notwithstanding anything to the contrary contained in this Lease, Landlord reserves to itself, its successors and assigns and specifically reserves from the demise hereunder any rights to use, dispose and/or further develop those rights commonly referred to as "air rights" or "development rights". Nothing herein contained shall prevent Landlord from using, selling, leasing or developing such rights during the Term of this Lease, provided that any such use, sale, leasing or development shall be accomplished with minimal inconvenience to Tenant. Unless actual usable space of Tenant is actually taken by Landlord for its use, sale, leasing or development of such rights, the rent payable hereunder shall not be reduced or abated during the Term of this Lease.

Air Rights. A. The Premises are let to TENANT subject to all applicable laws, rules, regulations, orders, covenants, restrictions and easements and to the reservation by LANDLORD of all air rights above, around and about the Premises and the right to increase the size of the building of which the Premises form a part or the buildings surrounding the same, based on the air rights appurtenant thereto. B. TENANT understands and agrees that LANDLORD, and anyone claiming by, through or under LANDLORD, may from time to time undertake alterations or additions to the building of which the Premises form a part or any lands added thereto, construct additional buildings or improvements thereon and make alterations thereto, build additional stories on any of the same, construct multi-story, elevated or underground facilities therein, and construct roofs, walls, and any other improvements over, to or in connection with any part thereof. No easement for light or air is included in or appurtenant to the demise of the Premises or to TENANT'S rights pursuant to this Lease. C. LANDLORD shall have the sole right, without TENANT'S consent to use, sell, assign, lease or otherwise dispose of any and all right, title and interest in and to any air rights and development rights relating to the Premises and/or the land thereunder. In the event of any such use, sale, assignment, lease or other disposition thereof by LANDLORD, LANDLORD shall be entitled to receive all sums derived therefrom. TENANT shall not be deemed an interested party and as such required to waive any interest therein. Nonetheless, TENANT shall, upon request by LANDLORD, promptly execute any waiver or other documents that LANDLORD may deem necessary in connection with LANDLORD'S disposition of any such rights. TENANT hereby irrevocably appoints LANDLORD the attorney-in-fact of TENANT for the purpose of executing any such waivers or other documents. D. TENANT shall not increase the height, bulk or floor area of the Premises or construct, place or erect anything on the roof of the building of which the Premises form a part or install machinery, equipment or any other object on the roof of said premises (other than an HVAC system, if applicable) or take any action which might or will adversely affect or reduce the amount of air rights or development rights which are applicable to said premises and to the land thereunder.

Air Rights. 28. This Lease does not grant any rights to light, view and air over property. NOTICE 29. Any notice to be given under this Lease by Landlord to Tenant, or by Tenant to Landlord, shall be considered as duly given if made in writing, addressed to the other party by (i) certified mail, return receipt requested; (ii) hand delivery by a reputable courier service requiring receipt on delivery, or (iii) delivery by a national or regional overnight courier service, to the following addresses, or to such address of Landlord as Landlord may from time to time designate in writing or to such address of Tenant as Tenant may from time to time designate in writing: LANDLORD: WITH A COPY TO: Northpark Properties, L.L.C. Northpark Properties, LLC c/o Stirling Properties, Inc. c/o Stxxxxx Xxxmercial Real Estate 109 Xxxxxxxxx Xxxx., Xxxxx 000 111 Xxxxxxxx Xxxxxxxxx, Xxxxx 0000 Xxxxxxxxx, Xxxxxxxxx 00000 Metaxxxx, Xxxxxxxxx 00000 TENANT: Karts International, Incorporated Corporate Headquarters 4851 XXX Xxxxxxx, Xxxxx 000 Xxxxxx, Xxxxx 00000 Notice shall be effective upon the earlier of actual receipt or forty-eight (48) hours after deposit in the U.S. Mail or permitted courier. Notices of any default by Landlord shall be given by Tenant to any mortgagee of whom Tenant has been notified in writing, and said mortgagee shall have the right to cure said default within the same period of time that Landlord is given under the Lease for such default.

Air Rights. To Seller's actual knowledge, neither Seller, nor any previous owner of the Property, has sold, transferred, conveyed, or entered into any agreement regarding "air rights," "excess floor area ratio," "transferable density rights," or other development or density rights or restrictions relating to the Property.