Common use of DISCLAIMER OR FORFEITURE OF LEASE Clause in Contracts

DISCLAIMER OR FORFEITURE OF LEASE. 5.1 If the Tenant (being an individual) becomes bankrupt or (being a company) enters into liquidation and the trustee in bankruptcy or liquidator disclaims or surrenders the Lease or the Lease is forfeited then the Surety shall (if it gives written notice to the Landlord within 30 Working Days after such disclaimer or other event) accept from and execute and deliver to the Landlord a counterpart of a new lease of the Land (the proper and reasonable costs of which shall be borne by the Surety) and the Landlord shall grant such new lease to the Surety: (a) to take effect from the date of the disclaimer or other event; (b) for a term beginning on the date of the disclaimer and equal in length to the residue of the term granted by the Lease which would have remained had there been no disclaimer; (c) reserving by way of yearly rent an amount equal to the yearly rent payable immediately before the date of the disclaimer or other event such yearly rent to be payable from that date; (d) imposing on the Surety the same obligations as the Tenant was subject to immediately before the disclaimer or other event; and (e) otherwise containing the same terms and provisions as the Lease, including the provisions relating to payment of money, except that the Surety shall not be required to procure that any other person is made a party to the new lease as surety. 5.2 If the Surety does not require to take a new lease, the Surety shall nevertheless on demand pay to the Landlord a sum equal to the rents and other sums that would have been payable under the Lease but for the disclaimer or other event, from and including the date of such disclaimer or other event for a period of two years or (if sooner) until the date on which a lease or underlease of the Land to a third party is completed.

DISCLAIMER OR FORFEITURE OF LEASE. 5.1 If 7.1 The Guarantor hereby further covenants with the Tenant (being an individual) becomes bankrupt Landlord that: 7.1.1 if a liquidator or (being a company) enters into liquidation and the trustee in bankruptcy shall disclaim or liquidator disclaims or surrenders surrender this Lease; or 7.1.2 if this Lease shall be forfeited; or 7.1.3 if the Lease or Tenant shall cease to exist THEN the Lease is forfeited then Guarantor shall, if the Surety shall (if it gives written Landlord by notice in writing given to the Landlord Guarantor within 30 Working Days twelve (12) months after such disclaimer or other event) event so requires, accept from and execute and deliver to the Landlord a counterpart of a new lease of the Land Demised Premises subject to and with the benefit of this Lease (if the proper and reasonable costs of which same shall still be borne by the Surety) and the Landlord shall grant deemed to be extant at such new lease to the Surety: (a) to take effect from the date of the disclaimer or other event; (btime) for a term beginning commencing on the date of the disclaimer and equal in length to the residue of the term granted by the Lease which would have remained had there been no disclaimer; (c) reserving by way of yearly rent an amount equal to the yearly rent payable immediately before the date of the disclaimer or other event and continuing for the residue then remaining unexpired of the Term, such yearly rent new lease to be payable from that date; (d) imposing on at the Surety cost of the Guarantor and to be at the same obligations as the Tenant was rents and subject to immediately before the disclaimer or other event; and (e) otherwise containing the same terms covenants, conditions and provisions as are contained in this Lease; 7.2 If the Lease, including the provisions relating to payment of money, except that the Surety Landlord shall not be required to procure that any other person is made a party to require the new lease as surety. 5.2 If the Surety does not require Guarantor to take a new lease, the Surety Guarantor shall nevertheless on upon demand pay to the Landlord a sum equal to the rents and other sums that would have been payable under the this Lease but for the disclaimer disclaimer, forfeiture or other event, event in respect of the period from and including the date of such disclaimer disclaimer, forfeiture or other event for a period of two years or (if sooner) until the date on which expiration of twelve (12) months therefrom or until the Landlord shall have granted a lease or underlease of the Land Demised Premises to a third party is completed(whichever shall first occur).

DISCLAIMER OR FORFEITURE OF LEASE. 5.1 If (1) The Surety hereby further covenants with the Tenant Landlord that: (being an individuala) becomes bankrupt if a liquidator or (being a company) enters into liquidation and the trustee in bankruptcy shall disclaim or liquidator disclaims surrender this Underlease or surrenders an AGA or (b) if this Lease shall be forfeited or (c) if the Lease or the Lease is forfeited then Tenant shall cease to exist THEN the Surety shall (if it gives written the Landlord by notice in writing given to the Landlord Surety within 30 Working Days four months after such disclaimer or other event) event so requires accept from and execute and deliver to the Landlord a counterpart of a new lease of the Land Premises (i) for a term commencing on the proper date of the disclaimer or other event and reasonable costs continuing for the residue then remaining unexpired of the term (ii) at the rent payable by the Tenant immediately before the disclaimer or other event (“the Old Rent”) unless the rental value at a review date occurring before or after such disclaimer or other event has not been agreed or determined in accordance with the provisions of this Lease then the Landlord and the Surety shall Back to Contents take such steps as are necessary to agree or determine the Rental Value in accordance with such provisions in which event the rent payable by the Surety under the new lease shall be borne by whichever is the Surety) higher of the Old Rent and the Landlord shall Rental Value and (iii) subject to the same covenants conditions and provisions as are contained in this Underlease AND on the grant of such new lease the Surety shall pay to the Surety: (a) Landlord an amount equal to take effect from the rents which would have been paid to the Landlord had the new lease been granted on the date of the disclaimer or other event; (b2) for a term beginning on If the date of the disclaimer and equal in length to the residue of the term granted by the Lease which would have remained had there been no disclaimer; (c) reserving by way of yearly rent an amount equal to the yearly rent payable immediately before the date of the disclaimer or other event such yearly rent to be payable from that date; (d) imposing on Landlord shall not require the Surety the same obligations as the Tenant was subject to immediately before the disclaimer or other event; and (e) otherwise containing the same terms and provisions as the Lease, including the provisions relating to payment of money, except that the Surety shall not be required to procure that any other person is made a party to the new lease as surety. 5.2 If the Surety does not require to take a new lease, lease the Surety shall nevertheless on upon demand pay to the Landlord a sum equal to the rents and other sums that would have been payable under the this Lease but for the disclaimer or other event, event in respect of the period from and including the date of such disclaimer or other event for a period of two years or (if sooner) until the date on which expiration of six months therefrom or until the Landlord shall have granted a lease or underlease of the Land demised premises to a third party is completed.and any rent free period thereunder shall have expired (whichever shall first occur)

DISCLAIMER OR FORFEITURE OF LEASE. 5.1 6.1 If the Tenant Developer (being an individual) becomes bankrupt or (being a company) enters into liquidation and the trustee in bankruptcy or liquidator disclaims or surrenders the this Lease or the this Lease is forfeited then the Surety shall (if it Homes England gives written notice to the Landlord Surety within 30 65 Working Days after such disclaimer or other event) accept from and execute and deliver to the Landlord Homes England a counterpart of a new lease of the Land (the proper and reasonable costs of which shall be borne by the Surety) and the Landlord Homes England shall grant such new lease to the Surety: (a) to take effect from the date of the disclaimer or other event; (b) for a term beginning on the date of the disclaimer and equal in length to the residue of the term granted by the this Lease which would have remained had there been no disclaimer; (c) reserving by way of yearly rent an amount equal to the yearly rent payable immediately before the date of the disclaimer or other event such yearly rent to be payable from that date; (d) imposing on the Surety the same obligations as the Tenant Developer was subject to immediately before the disclaimer or other event; and (e) otherwise containing the same terms and provisions as the this Lease, including the provisions relating to payment of money, except that the Surety shall not be required to procure that any other person is made a party to the new lease as surety. 5.2 6.2 If the Surety Homes England does not require the Surety to take a new lease, the Surety shall nevertheless on demand pay to the Landlord Homes England a sum equal to the rents and other sums that would have been payable under the this Lease but for the disclaimer or other event, from and including the date of such disclaimer or other event for a period of two years or (if sooner) until the date on which a lease or underlease of the Land to a third party is completed.

DISCLAIMER OR FORFEITURE OF LEASE. 5.1 If the Tenant (being an individual) becomes bankrupt or (being a company) enters into liquidation and the trustee in bankruptcy or liquidator disclaims or surrenders the this Lease or the Lease is forfeited then the Surety shall (if it the Landlord gives written notice Notice to the Landlord Surety within 30 65 Working Days after such disclaimer or other event) event accept from and execute and deliver to the Landlord at the cost of the Surety a counterpart of a new lease of the Land (the proper and reasonable costs of which shall be borne by the Surety) and the Landlord shall grant such new lease to the SuretyPremises: (a) to take effect from the date of the disclaimer or other event; (b) for a term beginning on the date of the disclaimer and equal in length to the residue of the term granted by the Lease Term which would have remained had there been no disclaimer; (c) reserving by way of yearly initial rent an amount equal to the yearly rent Rent payable immediately before the date of the disclaimer or other event such yearly initial rent to be payable from that date; (d) imposing on the Surety the same obligations as the Tenant was subject to immediately before the disclaimer or other event; and (e) otherwise containing the same terms and provisions as the this Lease, including the provisions relating to payment of moneyfor rent review, except that the Surety shall not be required to procure that any other person is made a party to the new lease as surety. 5.2 If the Surety Landlord does not require the Surety to take a new lease, the Surety shall nevertheless on demand pay to the Landlord a sum equal to the rents and other sums that would have been payable under this Lease (and for the Lease avoidance of doubt the provisions of Schedule 5 shall apply mutatis mutandis) but for the disclaimer or other event, from and including the date of such disclaimer or other event for a period of two years 12 months or (if sooner) until the date on which a lease or underlease of the Land Premises to a third party is completed.

DISCLAIMER OR FORFEITURE OF LEASE. 5.1 3.1 If the Tenant (being an individual) becomes bankrupt or (being a company) enters into liquidation and the trustee in bankruptcy or liquidator disclaims or surrenders the Lease or the this Lease is forfeited then or the Surety shall (if it liability of the Tenant under this Lease is disclaimed and the Landlord gives written notice Notice to the Landlord within 30 Working Guarantor not more than 65 Business Days after the Landlord receives notice of such forfeiture or disclaimer or other event) accept it otherwise comes to his knowledge, the Guarantor will take from and execute and deliver to the Landlord (at the cost of the Guarantor) a counterpart of a new lease of the Land (the proper and reasonable costs of which shall be borne by the Surety) and the Landlord shall grant such new lease to the SuretyPremises: (a) 3.1.1 to take effect from the date of the forfeiture or disclaimer or other event(the Effective Date); (b) 3.1.2 for a term beginning on the date of the disclaimer Effective Date and equal in length to the residue of the term granted by the Lease Term which would have remained had there been no forfeiture or disclaimer; (c) 3.1.3 reserving by way of yearly as an initial rent an amount equal to the yearly rent Rent payable immediately before the Effective Date (and if at that date of there is a rent review pending under this Lease then the disclaimer or other event initial rent to be reserved by the new lease shall be the Reviewed Rent determined in accordance with Schedule 4) such yearly initial rent to be payable from that datethe Effective Date; (d) 3.1.4 imposing on the Surety Guarantor the same obligations as the Tenant was subject to immediately before the disclaimer or other eventEffective Date; and (e) 3.1.5 otherwise containing the same terms and provisions as the this Lease, including the provisions relating to payment of moneyfor rent review, except that the Surety Guarantor shall not be required to procure that any other person is made a party to the new lease as suretyGuarantor. 5.2 If 3.2 if the Surety Landlord does not require the Guarantor to take a new lease, Lease the Surety Guarantor shall nevertheless on demand pay to the Landlord a sum an amount equal to the rents and other sums due under the Lease that would have been payable under the Lease but for the forfeiture/disclaimer or other event, for the period of 6 months from and including the date of such forfeiture/disclaimer or other event for a period of two years or (if soonerearlier) until the date on which a lease or underlease of Premises are let by the Land Landlord to a third party and that third party is completedpaying rent.