Contingent Nature of Lease Sample Clauses

Contingent Nature of Lease. The parties acknowledge that, as of the Commencement Date, Landlord has acquired a certain portion of the Premises known as 23616 and 00000 Xxxxxxxx Xxxxxx, Pleasant Ridge, MI 48069 (the “Acquired Premises”) and Landlord has an equitable interest in the remainder of the Premises that is not the Acquired Premises (the “Contingent Premises”). The Lease is effective, valid and binding as to the Acquired Premises on the Commencement Date. The Lease is contingent, solely with respect to Landlord’s obligations hereunder, as to the Contingent Premises, until Landlord acquires all the Contingent Premises. There shall be no abatement of rent based on Landlord’s acquisition of the Contingent Premises except as provided below; provided, Landlord agrees to give Tenant written notice following its acquisition of the Contingent Premises. If the Landlord does not acquire the Contingent Premises pursuant to the purchase agreements for such Contingent Premises, then the annual Base Rent for the First Lease Year shall be reduced by an amount equal to the product of (i) the outstanding purchase price for the Contingent Premises not acquired, and (ii) 11%. Notwithstanding the foregoing, the Landlord shall not be required to demise and lease that certain portion of the Contingent Premises known as 00000 Xxxxxxxx Xxx until it is acquired by Landlord and the current lease to Hertz expires on March 31, 2023.
Sample 1
AutoNDA by SimpleDocs

Related to Contingent Nature of Lease

  • Amendment of Lease The Lease is hereby amended as follows:

  • Construction of Lease This Lease has been prepared by Landlord and its professional advisors and reviewed by Tenant and its professional advisors. Landlord, Tenant, and their advisors believe that this Lease is the product of all their efforts, that it expresses their agreement, and agree that it shall not be interpreted in favor of either Landlord or Tenant or against either Landlord or Tenant merely because of their efforts in preparing it.

  • Landlords’ Agreements, Mortgagee Agreements, Bailee Letters and Real Estate Purchases Each Credit Party shall use commercially reasonable efforts to obtain a landlord's agreement, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property, the mortgagee of each owned property and the bailee with respect to each warehouse, processor or converter facility or other location where Collateral is stored or located, which agreement or letter shall contain a waiver or subordination of all Liens or claims that the landlord, mortgagee or bailee may assert against the Collateral at that location, and shall otherwise be reasonably satisfactory in form and substance to Agent. After the Restatement Closing Date, no real property or warehouse space shall be leased by any Credit Party and no Inventory shall be shipped to a processor or converter under arrangements established after the Restatement Closing Date without the prior written consent of Agent, unless and until a satisfactory landlord agreement or bailee letter, as appropriate, shall first have been obtained with respect to such location. Each Credit Party shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. To the extent permitted hereunder, if any Credit Party proposes to acquire a fee ownership interest in Real Estate after the Restatement Closing Date, it shall first provide to Agent a mortgage, debenture, deed of trust or similar document granting Agent a first priority Lien on such Real Estate, together with a real property survey, local counsel opinion(s), and, if required by Agent, an environmental audit, mortgage title insurance commitment, supplemental casualty insurance and flood insurance, and such other documents, instruments or agreements reasonably requested by Agent, in each case, in form and substance reasonably satisfactory to Agent.

  • Modification of Lease Should any current or prospective mortgagee or ground lessor for the Building or Project require a modification of this Lease, which modification will not cause an increased cost or expense to Tenant or in any other way materially and adversely change the rights and obligations of Tenant hereunder, then and in such event, Tenant agrees that this Lease may be so modified and agrees to execute whatever documents are reasonably required therefor and to deliver the same to Landlord within ten (10) business days following a request therefor. At the request of Landlord or any mortgagee or ground lessor, Tenant agrees to execute a short form of Lease and deliver the same to Landlord within ten (10) business days following the request therefor.

  • Execution of Lease This Lease may be executed in counterparts and, when all counterpart documents are executed, the counterparts shall constitute a single binding instrument. Landlord's delivery of this Lease to Tenant shall not be deemed to be an offer to lease and shall not be binding upon either party until executed and delivered by both parties.

  • Term of Leases All Leases for residential dwelling units with respect to the Mortgaged Property satisfy each of the following conditions:

  • NONDISCLOSURE OF LEASE TERMS Tenant acknowledges and agrees that the terms of this Lease are confidential and constitute proprietary information of Landlord. Disclosure of the terms could adversely affect the ability of Landlord to negotiate other leases and impair Landlord's relationship with other tenants. Accordingly, Tenant agrees that it, and its partners, officers, directors, employees and attorneys, shall not intentionally and voluntarily disclose the terms and conditions of this Lease to any other tenant or apparent prospective tenant of the Building or Project, either directly or indirectly, without the prior written consent of Landlord, provided, however, that Tenant may disclose the terms to prospective subtenants or assignees under this Lease.

  • Property Management Agreement The Property Management Agreement is in full force and effect and, to Borrower's Knowledge, there are no defaults thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Lease Agreement On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on the Termination Date unless extended or sooner terminated pursuant to this Lease.

  • Term of Lease This Lease shall commence 1st day of May, 2022 to 30th day of April, 2023, unless renewed or extended pursuant to the terms herein.

Time is Money Join Law Insider Premium to draft better contracts faster.