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 said building is situated.
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. All air rights or development rights, or both, if any, now pertaining to or hereinafter transferred to the Land.
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 Master Land Disposition Agreement and/or the Parcel D-2 Land Disposition Agreement . 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. This Lease does not grant any rights to light, view and air over property.
Air Rights. Section 36.1 Tenant acknowledges that it has no rights to any development rights, "air rights" or comparable rights appurtenant to the Land and Building, and consents, without further consideration, to any utilization of such rights by Landlord and agrees, to promptly execute and deliver any instruments which may be requested by Landlord, including instruments evidencing such acknowledgment and consent. The provisions of this Section 36.1 shall be deemed to be and shall be construed as an express waiver by Tenant of any interest Tenant may have as a party in interest in the Land and Building. Notwithstanding the foregoing, Landlord hereby agrees that during the term of this Lease, Landlord shall not sell or otherwise transfer any air rights above the Demised Premises and represents that Landlord did not previously sell any air rights to any other party.
Air Rights. Any expenditures on account of Landlord’s acquisition of air or similar development rights.
Air Rights. Seller owns and holds fee title to those certain air rights described in Parcel B on Exhibit A (the “Air Rights Parcel”).
