Dealership Leases. At the Closing, Xxxxxx X. Xxxxxx, XX or his affiliates will enter into leases with the Buyer, as lessee, regarding the Leased Premises (as defined in Section 3.8(a) below) owned by them, such leases to be substantially in the form of Exhibit 1.4(C) (the "Dealership Leases"). For purposes of this Agreement, the term "affiliate" shall mean any entity directly or indirectly controlling, controlled by or under common control with the specified person, whether by stock ownership, agreement or otherwise, or any parent, child or sibling of such specified person and the concept of "control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract or otherwise.
Dealership Leases. At the Closing, Xxxxxxx Xxxxx and/or his Affiliates (as hereinafter defined), as lessors, will enter into lease agreements with the Buyer, as lessee, regarding the Leased Premises (as defined in Section 3.16(b) below) owned by them, such lease agreements to be substantially in the form of Exhibit D hereto (the "Dealership Leases"). For purposes of this Agreement, the term "Affiliate" shall mean any entity directly or indirectly controlling, controlled by or under common control with the specified person, whether by stock ownership, agreement or otherwise, or any parent, child or sibling of such specified person and the concept of "control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract or otherwise.
Dealership Leases. The Corporation shall have duly executed and delivered to the Sellers the Dealership Leases.
Dealership Leases. At the Closing, the Shareholders will enter into leases to the Buyer's wholly-owned subsidiary (with the guaranty of the Buyer or other security required by the terms of the leases), as lessee, regarding the real properties associated with the Sellers' dealership businesses, substantially in the form of Exhibit 1.4(c) (the "Dealership Leases").
Dealership Leases. At the Closing, certain of the Shareholders or their affiliates will enter into leases with the Buyer or a permitted assignee of the Buyer, as lessee, regarding the Leased Premises (as defined in Section 3.8(a) below) owned by them (the "Dealership Leases"). The Dealership Leases will each be for a term of ten years with two five-year renewal options in the tenant, and will otherwise be substantially in the form of Exhibit D hereto. For purposes of this Agreement, the term "affiliate" shall mean any entity directly or indirectly controlling, controlled by or under common control with the specified person, whether by stock ownership, agreement or otherwise, or any parent, child or sibling of such specified person and the concept of "control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract or otherwise.
Dealership Leases. At the Closing, the Seller and/or his Affiliates (as hereinafter defined), as lessors, will enter into lease agreements (the "Dealership Leases") with the Buyer, as lessee, regarding the Leased Premises (as defined in Section 3.16(b) below) owned by them. The Dealership Leases: shall be for ten year terms with two 5-year renewal options in tenant; shall be "triple net" with aggregate total monthly lease payments of $56,500, subject to CPI adjustment upon completion of the fifth year of the initial lease term and again upon the commencement of each renewal option period; shall contain options to purchase the respective Leased Premises at fair market value; and shall otherwise be substantially in the form of Exhibit E hereto. For purposes of this Agreement, the term "Affiliate" shall mean any entity directly or indirectly controlling, controlled by or under common control with the specified person, whether by stock ownership, agreement or otherwise, or any parent, child or sibling of such specified person and the concept of "control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract or otherwise.
Dealership Leases. At the Closing, certain of the Shareholders or their affiliates will enter into leases with the Buyer or a permitted assignee of the Buyer, as lessee, regarding the Leased Premises (as defined in Section 3.8(a) below) owned by them (the "DEALERSHIP LEASES"). The Dealership Leases will each be for a term of ten years with two five-year renewal options in the tenant, and will otherwise be substantially in the form of Exhibit D hereto. For purposes of this Agreement, the term "AFFILIATE" shall mean any entity directly or indirectly controlling, controlled by or under common control with the specified person, whether by stock ownership, agreement or otherwise, or any parent, child or sibling of such specified person and the concept of "CONTROL" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract or otherwise.
Dealership Leases. The monthly "Rent" under each of the Dealership Leases and the "Purchase Price" for the Buyer's purchase option under each of the Dealership Leases shall be as set forth on Exhibit I attached hereto.
