Common use of Corporate or Partnership Transfers Clause in Contracts

Corporate or Partnership Transfers. If the Tenant is a privately held corporation, or is an unincorporated association or partnership, the cumulative or aggregate transfer, assignment or hypothecation of fifty percent (50%) or more of the total stock or interest in such corporation, association or partnership shall be deemed an assignment or sublease within the meaning and provisions of this Article. This Article shall, however, not apply to assignments or subleases to a corporation (i) into or with which Tenant is merged or consolidated; (ii) to which substantially all of Tenant's assets are transferred, or (iii) that controls, is controlled by, or is under common control with Tenant, provided that, in any of such events: 28.12.1. The successor of Tenant has a net worth, computed in accordance with generally accepted accounting principles, at least equal to the net worth of Tenant herein named on the date of this Lease; 28.12.2. Proof satisfactory to Landlord of such net worth shall have been delivered to Landlord at least ten (10) days prior to the effective date of such transaction; 28.12.3. Any such assignment or sublease shall be subject to all of the terms and provisions of this Lease, and such assignee or sublessee shall assume, in a written document reasonably satisfactory to Landlord and delivered to Landlord promptly upon the assignment or sublease, all the obligations of Tenant under this Lease; 28.12.4. Tenant shall remain fully liable for all obligations to be performed by Tenant under this Lease; and 28.12.5. Tenant shall reimburse Landlord, promptly on demand, for Landlord's reasonable attorneys' fees incurred in conjunction with the processing and documentation of any such transaction.

Corporate or Partnership Transfers. If the Tenant is a privately held corporation, or is an unincorporated association or partnership, the cumulative or aggregate transfer, assignment or hypothecation of fifty percent (50%) or more of the total stock or interest in such corporation, association or partnership shall be deemed an assignment or sublease within the meaning and provisions of this Article. This Article shall, however, not apply to assignments or subleases to a corporation (i) into or with which Tenant is merged or consolidated; (ii) to which substantially all of Tenant's assets are we transferred, or (iii) that controls, is controlled by, or is under common control with Tenant, provided that, that in any of such events: 28.12.1. 28.12.1 The successor of Tenant has a net worth, computed in accordance with generally accepted accounting principles, at least equal to the net worth of Tenant herein named on the date of this Lease; 28.12.2. 28.12.2 Proof satisfactory to Landlord of such net worth shall have been delivered to Landlord at least ten (10) days prior to the effective date of such transaction; 28.12.3. 28.12.3 Any such assignment or sublease shall be subject to all of the terms and provisions of this Lease, and such assignee or sublessee shall assume, in a written document reasonably satisfactory to Landlord and delivered to Landlord promptly upon the assignment or sublease, all the obligations of Tenant under this Lease; 28.12.4. 28.12.4 Tenant shall remain fully liable for all obligations to be performed by Tenant under this Lease; and 28.12.5. 28.12.5 Tenant shall reimburse Landlord, promptly on demand, for Landlord's reasonable attorneys' fees incurred in conjunction with the processing and documentation of any such transaction.

Corporate or Partnership Transfers. If the Tenant is a privately held corporation, or is an unincorporated association or partnership, the cumulative or aggregate transfer, assignment or hypothecation of fifty percent (50%) or more of the total stock or interest in such corporation, association or partnership shall be deemed an assignment or sublease transfer within the meaning and provisions of this Article. This None of this Article shall, however, not shall apply to assignments or subleases to transactions with a corporation (i) into or with which Tenant is merged or consolidated; , (ii) to which substantially all of Tenant's assets are transferred, or (iii) that controls, is controlled by, or is under common control with Tenant, provided that, in any of such events: 28.12.1. : (i) The successor of Tenant has a net worth, computed in accordance with generally accepted accounting principles, at least equal to the net worth of Tenant herein named on the date of this Lease; 28.12.2. ; (ii) Proof satisfactory to Landlord of such net worth shall have been delivered to Landlord at least ten (10) days prior to the effective date of such transaction; 28.12.3. ; (iii) Any such assignment assignment, sublease or sublease transfer shall be subject to all of the terms and provisions of this Lease, and such assignee assignee, sublessee or sublessee transferee shall assume, in a written document reasonably satisfactory to Landlord and delivered to Landlord promptly upon the assignment assignment, sublease or subleasetransfer, all the obligations of Tenant under this Lease; 28.12.4. ; (iv) Tenant shall remain fully liable for all obligations to be performed by Tenant under this Lease; and 28.12.5. and (v) Tenant shall reimburse Landlord, promptly on demand, for Landlord's reasonable actual attorneys' fees incurred in conjunction with the processing and documentation of any such transaction.

Corporate or Partnership Transfers. If the Tenant is a privately held corporation, or is an unincorporated association or partnership, the cumulative or aggregate transfer, assignment or hypothecation of fifty percent (50%) or more of the total stock or interest in such corporation, association or partnership shall be deemed an assignment or sublease a Transfer within the meaning and provisions of this ArticleSection. This Article Section shall, however, not apply to assignments or subleases to transactions with a corporation (i) into or with which Tenant is merged or consolidated; , (ii) to which substantially all of Tenant's ’s assets are transferred, or (iii) that controls, is controlled by, or is under common control with Tenant, provided that, in any of such events: 28.12.1. (i) The successor of Tenant has a tangible net worth, computed in accordance with generally accepted accounting principles, at least equal to the net worth of Tenant herein named on the date of this Lease; 28.12.2. (ii) Proof satisfactory to Landlord of such net worth shall have been delivered to Landlord at least ten (10) business days prior to the effective date of such transaction; 28.12.3. (iii) Any such assignment or sublease Transfer shall be subject to all of the terms and provisions of this Lease, and such assignee or sublessee Transferee shall assume, in a written document reasonably satisfactory to Landlord and delivered to Landlord promptly upon the assignment or subleaseTransfer, all the obligations of Tenant under this Lease; 28.12.4. (iv) Tenant shall remain fully liable for all obligations to be performed by Tenant under this Lease; and 28.12.5. (v) Tenant shall reimburse Landlord, promptly on demand, for Landlord's ’s reasonable attorneys' ’ fees incurred in conjunction with the processing and documentation of any such transaction.

Corporate or Partnership Transfers. If the Tenant is a privately held corporation, or is an unincorporated association or partnership, the cumulative or aggregate transfer, assignment or hypothecation of fifty percent (50%) or more of the total stock or interest in such corporation, association or partnership shall be deemed an assignment or sublease within the meaning and provisions of this Article. This Article shall, however, not apply to assignments or subleases to a corporation (i) into or with which Tenant is merged or consolidated; (ii) to which substantially all of Tenant's assets are transferred, ; or (iii) that controls, is controlled by, or is under common control with Tenant, provided that, in any of such events: 28.12.1. 28.12.1 The successor of Tenant has a net worth, computed in accordance with generally accepted accounting principles, at least equal to the greater of (a) the net worth of Tenant immediately prior to such merger, consolidation or transfer, or (b) the net worth of Tenant herein named on the date of this Lease; 28.12.2. 28.12.2 Proof satisfactory to Landlord of such net worth shall have been delivered to Landlord at least ten (10) days prior to the effective date of such transaction; 28.12.3. 28.12.3 Any such assignment or sublease shall be subject to all of the terms and provisions of this Lease, and such assignee or sublessee shall assume, in a written document reasonably satisfactory to Landlord and delivered to Landlord promptly upon the assignment or sublease, all the obligations of Tenant under this Lease; 28.12.4. 28.12.4 Tenant shall remain fully liable for all obligations to be performed by Tenant under this Lease; and 28.12.5. 28.12.5 Tenant shall reimburse Landlord, promptly on upon demand, for Landlord's reasonable attorneys' fees incurred in conjunction with the processing and documentation of any such transaction.