DEARBORN LEASE Sample Clauses

DEARBORN LEASE. Prior to the date of this Agreement, Maslxx Xxxxxxx Xxxxxx & Xrand, the attorneys for PopMail, have been negotiating a lease for a new Cafe Odyssey Restaurant for premises to be located in the Fairlane Town Center in Dearborn, Michigan (the "Dearborn Lease"). Contemporaneously with the execution of this Agreement, PopMail is assigning to Licensee any and all rights which PopMail may have with respect to the Dearborn Lease. Licensee hereby acknowledges that if Licensee enters into the Dearborn Lease, Licensee shall not be relying in any manner upon the advice or counsel of Maslxx Xxxxxxx Xxxxxx & Xrand with respect to the Dearborn Lease. Licensee further acknowledges that it is experienced in the acquisition, development, leasing, ownership and management of restaurants; that to the extent that Licensee's own expertise or experience with respect to any aspect of the Dearborn Lease or the location to be demised thereunder is insufficient to enable Licensee to reach an informed conclusion with respect to the desirability of entering into the Dearborn Lease, Licensee will have had the opportunity to engage, prior to the execution of the Dearborn Lease, the services of persons qualified to advise Licensee with respect to such matters including legal counsel of Licensee's choosing.
Sample 1
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DEARBORN LEASE. The parties acknowledge that the real property lease for the Dearborn Location terminates on September 20, 2001. The parties further acknowledge that the purchase price for this transaction with respect to the Dearborn Location was based upon an assumption that BUYER will be able to obtain a new lease acceptable to BUYER for the Dearborn location with an initial term such that the remaining term of the existing Lease, and the initial term of the new lease is 20 years, plus two renewal option terms under the new lease of five (5) years each. Prior to the termination of the lease for the Dearborn location, if so requested by BUYER, SELLER will cooperate to assist BUYER in renegotiating a new lease or lease renewal of the existing lease containing the initial term and option terms desired. In the event an acceptable lease to BUYER, (in BUYER's sole discretion), is not executed by the BUYER prior to the expiration of the current lease for the Dearborn Location, the SELLER agrees that BUYER shall receive a credit of $264,000.00 against the outstanding principal balance then existing under the Promissory Note executed by BUYER to SELLER at the CLOSING for the BUSINESSES located in Michigan. In such case, the new outstanding principal balance of such Promissory Note existing after such credit shall be re- amortized over the remaining term of the Note in equal monthly installments of principal and interest. In the event the BUYER does not obtain a new lease acceptable to it as provided for herein prior to the expiration of the current lease for the Dearborn location, BUYER shall transfer all of the assets (including the liquor license) utilized by BUYER in the operations of the Dearborn Location to SELLER on the last business day of the current lease term. Such assets shall be transferred to SELLER in the same condition as received from SELLER, subject to reasonable and normal wear and tear. If such transfer occurs, BUYER shall be entitled to receive reimbursement for its cost of food and beverage inventory transferred to SELLER, and the parties shall make the same prorations in connection with such transfer as are provided for in this Agreement. A copy of the Assignment and Assumption Agreement to be entered into by the parties at the time of CLOSING with respect to the Dearborn Lease is attached hereto as Exhibit "G".
Sample 1

Related to DEARBORN LEASE

  • Operating Lease The parties hereto intend that this Lease shall be deemed for all purposes to be an operating lease and not a capital lease.

  • TO LEASE This Rider No. 1 is made and entered into by and between LBA REALTY FUND III - COMPANY VII, LLC, a Delaware limited liability company (“Landlord”), and INPHI CORPORATION, a Delaware corporation (“Tenant”), as of the day and year of the Lease between Landlord and Tenant to which this Rider is attached. Landlord and Tenant hereby agree that, notwithstanding anything contained in the Lease to the contrary, the provisions set forth below shall be deemed to be part of the Lease and shall supersede any inconsistent provisions of the Lease. All references in the Lease and in this Rider to the “Lease” shall be construed to mean the Lease (and all Exhibits and Riders attached thereto), as amended and supplemented by this Rider. All capitalized terms not defined in this Rider shall have the same meaning as set forth in the Lease.

  • 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.

  • Ground Lease Reserved.

  • Agreement to Lease Lessor hereby agrees to lease the Aircraft to Lessee, and Lessee hereby agrees to lease the Aircraft from Lessor, on the terms and subject to the conditions set forth in this Lease.

  • Master Lease A. All the obligations contained in the Master Lease conferred and imposed upon Sublessor (as Tenant therein) shall be borne by Sublessor and Sublessee in accordance with the Sublessor's Percentage and the Sublessee's Percentage, respectively, except as modified and amended by this Sublease, and all rights and privileges contained in the Master Lease conferred upon Sublessor (as Tenant therein), are hereby conferred and imposed upon Sublessee, to the extent of Sublessee's Percentage. Sublessor covenants and agrees it will make payment of the rentals reserved under the Master Lease as and when due, will perform Sublessor's insurance obligations under the Master Lease, and will otherwise fully and faithfully perform the terms and conditions of the Master Lease with respect to the Sublessor's Percentage. Sublessee covenants and agrees to otherwise fully and faithfully perform the terms and conditions of the Master Lease and the Sublease on its part to be performed. Neither the Sublessor nor Sublessee shall do or cause to be done any act which would or might cause the Master Lease, or the rights of Sublessor as tenant under the Master Lease to be endangered, cancelled, terminated, forfeited or surrendered, or which would or might cause Sublessor to be in default thereunder or liable for any damage, claim or penalty. Sublessee agrees, as an express inducement for Sublessor executing this Sublease, that if there is any conflict between the provisions of the Master Lease and this Sublease which would permit Sublessee to do or cause to be done any act which is prohibited by the Master Lease then the provisions of the Master Lease shall prevail.

  • Sublease Agreement Sublandlord and Subtenant hereby represent that a true and complete copy of the Sublease Agreement is attached hereto and made a part hereof as Exhibit A.

  • New Lease The Ground Lease requires the ground lessor to enter into a new lease with Lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.

  • Operating Leases Not permit the aggregate amount of all rental payments under Operating Leases made (or scheduled to be made) by the Loan Parties (on a consolidated basis) to exceed $1,000,000 in any Fiscal Year.

  • Amended Lease If: (i) Tenant fails to timely deliver a Space Acceptance Notice, or (ii) after the expiration of a period of 10 days after Landlord’s delivery to Tenant of a lease amendment or lease agreement for Tenant’s lease of the Available Space, no lease amendment or lease agreement for the Available Space acceptable to both parties each in their sole and absolute discretion, has been executed, Tenant shall be deemed to have waived its right to lease such Available Space.

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