Assumption of Lease. In the event Tenant shall become a Debtor under Chapter 7 of the Bankruptcy Code (“Code”) or a petition for reorganization or adjustment of debts is filed concerning Tenant under Chapters 11 or 13 of the Code, or a proceeding is filed under Chapter 7 and is transferred to Chapters 11 or 13, the Trustee or Tenant, as Debtor and as Debtor-In-Possession, may not elect to assume this Lease unless, at the time of such assumption, the Trustee or Tenant has:
Assumption of Lease. Assignee hereby accepts the sale, bargain, conveyance, transfer and assignment by Assignor to Assignee, its successors and assigns, of all of Assignor’s right, title and interest in the Lease and hereby assumes all of Assignor’s obligations and liabilities under the Lease arising on or after the Effective Date (the “Assumed Obligations”), notwithstanding the later execution and delivery of this Agreement.
Assumption of Lease. Assignee hereby accepts the assignment of the Lease and assumes and agrees to perform directly all of the respective duties and obligations of Assignor thereunder that accrue from and after the Effective Date and agrees to perform all of the respective covenants, terms and conditions contained therein.
Assumption of Lease. In the event Tenant becomes a Debtor under Chapter 7 of the Bankruptcy Code ("Code") or a petition for reorganization or adjustment of debts is filed concerning Tenant under Chapters 11 or 13 of the Code, or a proceeding is filed under Chapter 7 of the Code and is transferred to Chapters 11 or 13 of the Code, the Trustee or Tenant, as Debtor and as Debtor- In-Possession, may not elect to assume this Lease unless, at the time of such assumption, the Trustee or Tenant has: (i) Cured all defaults under the Lease and paid all sums due and owing under the Lease or provided Landlord with "Adequate Assurance" (as defined below) that: (i) within ten (10) days from the date of such assumption, the Trustee or Tenant will completely pay all sums due and owing under this Lease and compensate Landlord for any actual pecuniary loss resulting from any existing default or breach of this Lease, including without limitation, Landlord's reasonable costs, expenses, accrued interest, and attorneys' fees incurred as a result of the default or breach; (ii) within twenty (20) days from the date of such assumption, the Trustee or Tenant will cure all non-monetary defaults and breaches under this Lease, or, if the nature of such non-monetary defaults is such that more than twenty (20) days are reasonably required for such cure, that the Trustee or Tenant will commence to cure such non-monetary defaults within twenty (20) days and thereafter diligently prosecute such cure to completion; and (iii) the assumption will be subject to all of the provisions of this Lease.
Assumption of Lease. The making of a Leasehold Mortgage shall not be deemed to constitute an assignment or transfer of Tenant’s interest under this Lease or the leasehold estate hereby created, nor shall any Leasehold Mortgagee, as such, be deemed to be an assignee or transferee of Tenant’s interest under this Lease or of the leasehold estate hereby created so as to require such Leasehold Mortgagee, as such, to assume the performance of any of the terms, covenants or conditions on the part of Tenant to be performed hereunder. Notwithstanding the foregoing, the purchaser at any sale of Tenant’s interest under this Lease and of the leasehold estate hereby created in any proceedings for the foreclosure of any Leasehold Mortgage, or the assignee or transferee of the Tenant’s rights under this Lease and of the leasehold estate hereby created under any instrument of assignment or transfer in lieu of the foreclosure of any Leasehold Mortgage, including, without limitation, a Leasehold Mortgagee, shall be deemed to be an assignee or transferee within the meaning of this Section 14.7 and shall be deemed to have agreed to perform all of the terms, covenants and conditions on the part of Tenant to be performed hereunder from and after the date of such purchase and assignment only for as long as such purchaser or assignee is the holder of this leasehold estate.
Assumption of Lease. 17 18.1.1 Definition of Adequate Assurances....................... 18 18.2
Assumption of Lease. Assignee acknowledges that it has inspected the Premises and reviewed the Lease and Assignee hereby accepts the foregoing Assignment and assumes and agrees, for the benefit of Lessor, to be bound by and perform all obligations of Assignor as Lessee pursuant to and as required by the Lease and to abide by all of the terms, provisions, covenants and conditions of the Lease whether arising or accruing prior to, as of, or subsequent to the date of the Assignment (the “ASSUMPTION”). Without limiting the generality of the foregoing, Assignee shall be liable for all repair, restoration, surrender and indemnification obligations of the “Lessee” under the Lease as if Assignee had been the original signatory of the Lease. Attached hereto as Exhibit A is a true copy of the Lease, which Assignee shall initial each page (however, the absence of such initial shall not in any way invalidate or diminish the effectiveness of the Assignment or Assumption or Assignee’s obligations under the Lease). Assignor and Assignee each agrees to indemnify, defend and hold the other party harmless from and against any claim, liability, loss or expense (including, without limitation, reasonable attorneys’ fees and costs) incurred by the indemnified party as a result of any breach or default of, or failure to perform, at any time, any obligation under the Lease (i) accruing prior to the Effective Date as to Assignor, and (ii) accruing on and after the Effective Date solely as to Assignee. Assignee represents and warrants to Assignor and Lxxxxx that the execution and delivery of this Consent will neither violate nor constitute a default under any agreements with any third parties. Notwithstanding anything to the contrary contained herein, Assignee conclusively accepts the Premises in “AS IS” condition, with all faults and agrees to perform all obligations with respect to the repair, maintenance, replacement and restoration of the Premises at Assignee’s sole cost (including any latent and patent defects). Assignor has no obligation to Assignee to perform any work or improvements in or to the Premises in connection with the Assignment.
Assumption of Lease. Each permitted assignee or transferee shall assume and be deemed to have assumed the obligations of Tenant under this Lease to be performed, or arising or accruing, on and after the effective date of such assignment or transfer and shall be and remain liable jointly and severally with Tenant for the payment of Fixed Rent and Additional Charges, and for the due performance of all the terms, covenants, conditions and agreements herein contained on Tenant's part to be performed for the Term. No assignment shall be binding on Landlord unless such assignee or Tenant shall deliver to Landlord a duplicate original of the instrument of assignment which contains a covenant of assumption by the assignee of all of the obligations aforesaid and shall obtain from Landlord the aforesaid written consent, prior thereto. No assignment in whole or in part of this Lease shall release Tenant or any assignee of Tenant of its continuing liability under this Lease. Tenant shall reimburse Landlord on demand for any costs that may be incurred by Landlord in connection with any such assignment, including, without limitation, costs of the nature described in Section 5.05(k).
Assumption of Lease. Assignee hereby (i) accepts this assignment and transfer of Assignor’s right, title and interest in, to and under the Deed of Sub Lease, and (ii) assumes and agrees to be bound by and liable for the performance of all covenants, duties and obligations of the tenant under the Deed of Sub Lease and all exhibits and attachments thereto, just as fully and to the same extent as if Assignee had been the original party designated as the tenant under the Original Lease.
Assumption of Lease. Assignee hereby assumes and shall be responsible for and perform the obligations of Assignor under the Lease that arise or accrue from or after the Closing Date. Assignor shall remain responsible for all rent and other obligations that arose or accrued prior to the Closing Date.
