Common use of Assignment and Leasing Clause in Contracts

Assignment and Leasing. (a) Tenant may not assign this Agreement, in whole or in part, or lease all or any part of the Maximum Allocated Amount of parking provided in the Garage, except to (i) a purchaser of the Property in the event of a sale thereof, (ii) an Affiliate of Tenant, (iii) any lender as collateral for financing of the Property or (iv) any purchaser of the Property at a foreclosure sale, transferee pursuant to a deed in lieu of foreclosure, or any receiver appointed for the Property; provided, however, it shall be a condition of any such assignment that the Property shall continue to be used for multi-family residential purposes. In the event the Property ceases to be used for multi-family residential purposes, the City may terminate this Agreement at any time. For purposes hereof, “Affiliate” shall mean as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with such person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a person means the possession, directly or indirectly, of the power to vote more than 50% of the voting stock or membership interests of such person or to direct or cause the direction of the management and policies of such person, whether through the ownership of voting stock or membership interests, or by contract or otherwise. The City agrees to enter into any agreement reasonably requested by any lender or prospective lender to confirm that the assignment of this Agreement to the lender is permitted and to agree to give such lender notice of Tenant’s default and a reasonable opportunity to cure such default.

Assignment and Leasing. (a) Tenant may not assign this Agreement, in whole or in part, or lease all or any part of the Maximum Allocated Amount of parking provided in the Garage, except to (i) a purchaser of the Property in the event of a sale thereof, (ii) an Affiliate of Tenant, (iii) any lender as collateral for financing of the Property or (iv) any purchaser of the Property at a foreclosure sale, transferee pursuant to a deed in lieu of foreclosure, or any receiver appointed for the Property; provided, however, it shall be a condition of any such assignment that the Property shall continue to be used for multi-family residential purposes. In the event the Property ceases to be used for multi-family residential purposes, the City may terminate this Agreement at any time. For purposes hereof, “Affiliate” shall mean as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with such person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a person means the possession, directly or indirectly, of the power to vote more than 50% of the voting stock or membership interests of such person or to direct or cause the direction of the management and policies of such person, whether through the ownership of voting stock or membership interests, or by contract or otherwise. The City agrees to enter into any agreement reasonably requested by any lender or prospective lender to confirm that the assignment of this Agreement to the lender is permitted and to agree to give such lender notice of TenantXxxxxx’s default and a reasonable opportunity to cure such default.

Assignment and Leasing. (a) Tenant may not assign this Agreement, in whole or in part, or lease all or any part of the Maximum Allocated Amount of parking provided in the GarageGarages, except to (i) a purchaser of the Property in the event of a sale thereof, (ii) an Affiliate of Tenant, (iii) any lender as collateral for financing of the Property or (iv) any purchaser of the Property at a foreclosure sale, transferee pursuant to a deed in lieu of foreclosure, or any receiver appointed for the Property; provided, however, it shall be a condition of any such assignment that the Property shall continue to be used for multi-family residential commercial office purposes. In the event the Property ceases to be used for multi-family residential commercial office purposes, the City may terminate this Agreement at any time. For purposes hereof, “Affiliate” shall mean as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with such person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a person means the possession, directly or indirectly, of the power to vote more than fifty percent (50% %) of the voting stock or membership interests of such person or to direct or cause the direction of the management and policies of such person, whether through the ownership of voting stock or membership interests, or by contract or otherwise. The City agrees to enter into any agreement reasonably requested by any lender or prospective lender to confirm that the assignment of this Agreement to the lender is permitted and to agree to give such lender notice of Tenant’s default and a reasonable opportunity to cure such defaultpermitted.

Assignment and Leasing. (a) Tenant may not assign this Agreement, in whole or in part, or lease all or any part of the Maximum Allocated Amount of parking provided in the Garage, except to (i) a purchaser of the Property in the event of a sale thereof, (ii) an Affiliate of Tenant, (iii) any lender as collateral for financing of the Property or (iv) any purchaser of the Property at a foreclosure sale, transferee pursuant to a deed in lieu of foreclosure, or any receiver appointed for the Property; provided, however, it shall be a condition of any such assignment that the Property shall continue to be used for multi-family residential commercial office purposes. In the event the Property ceases to be used for multi-family residential commercial office purposes, the City may terminate this Agreement at any time. For purposes hereof, “Affiliate” shall mean as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with such person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a person means the possession, directly or indirectly, of the power to vote more than fifty percent (50% %) of the voting stock or membership interests of such person or to direct or cause the direction of the management and policies of such person, whether through the ownership of voting stock or membership interests, or by contract or otherwise. The City agrees to enter into any agreement reasonably requested by any lender or prospective lender to confirm that the assignment of this Agreement to the lender is permitted and to agree to give such lender notice of Tenant’s default and a reasonable opportunity to cure such defaultpermitted.

Assignment and Leasing. (a) Tenant may not assign this Agreement, in whole or in part, or lease all or any part of the Maximum Allocated Amount of parking provided in the Garage, except to (i) a purchaser of the Property in the event of a sale thereof, (ii) an Affiliate of Tenant, (iii) any lender as collateral for financing of the Property or (iv) any purchaser of the Property at a foreclosure sale, transferee pursuant to a deed in lieu of foreclosure, or any receiver appointed for the Property; provided, however, it shall be a condition of any such assignment that the Property shall continue to be used for multi-family residential purposes. In the event the Property ceases to be used for multi-family residential purposes, the City may terminate this Agreement at any time. For purposes hereof, “Affiliate” shall mean as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with such person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a person means the possession, directly or indirectly, of the power to vote more than fifty percent (50% %) of the voting stock or membership interests of such person or to direct or cause the direction of the management and policies of such person, whether through the ownership of voting stock or membership interests, or by contract or otherwise. The City agrees to enter into any agreement reasonably requested by any lender or prospective lender to confirm that the assignment of this Agreement to the lender is permitted and to agree to give such lender notice of Tenant’s default and a reasonable opportunity to cure such defaultpermitted.