Discontinuance of Operations on the Leased Property Sample Clauses

Discontinuance of Operations on the Leased Property. 23 19.2 Obsolescence of the Leased Property; Offer to Purchase 23 19.3 Conveyance of Leased Property 24
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Discontinuance of Operations on the Leased Property. Offer of Substitution. If Lessee has discontinued use of the Leased Property for its Primary Intended Use for 90 consecutive days without Lessor's prior written consent for alterations or remodeling pursuant to Article IX, repairs or restoration pursuant to Article XIII or Article XIV or otherwise, then provided Lessor has not terminated this Lease pursuant to Section 15.2, Lessee may offer to substitute a new property or properties for the Leased Property pursuant to and in accordance with the provisions of Article XX (which offers Lessor may in its sole discretion refuse).
Sample 1
Discontinuance of Operations on the Leased Property. If Lessee has discontinued use of the Leased Property for the Primary Intended Use for 90 consecutive days, all as set forth in an Officer's Certificate delivered to Lessor, except due to a casualty loss or with Lessor's prior written consent pursuant to Article IX or otherwise, Lessee, if Lessor has not terminated this Lease prior to such date as provided in Section 15.1, will offer to purchase the Leased Property for the Minimum Purchase Price on the first Payment Date occurring not less than 120 days after the date of such Officer's Certificate.
Sample 1
Discontinuance of Operations on the Leased Property. Offer of Substitution 23 19.2 Obsolescence of the Leased Property; 23 19.3 Conveyance of Leased Property 23 ARTICLE 20 SUBSTITUTION OF PROPERTY 24 20.1 Substitution of Property for the Leased Property. 24 20.2 Conditions to Substitution. 25 20.3 Conveyance to Lessee. 26 20.4 Expenses. 26 ARTICLE 21 RISK OF LOSS 26 ARTICLE 22 INDEMNIFICATION 26 ARTICLE 23 SUBLETTING AND ASSIGNMENT 27 23.1 Subletting and Assignment. 27 23.2 Non-Disturbance, Subordination and Attornment. 27 23.3 Sublease Limitation. 28 23.4 Sublease to Current Licensee 28 ARTICLE 24 OFFICER'S CERTIFICATES AND FINANCIAL STATEMENTS 28 24.1 Estoppel Certificate 28 24.2 Financial Statements and Certificates. 28 ARTICLE 25 INSPECTION 29 ARTICLE 26 QUIET ENJOYMENT 30 ARTICLE 27 NOTICES 30 ARTICLE 28 APPRAISAL 31 ARTICLE 29 PURCHASE RIGHTS 32 29.1 Right of First Refusal. 32 29.2 Option to Purchase. 32 29.3 Third Party Designee 32 ARTICLE 30 DEFAULT BY LESSOR 33 30.1 Default by Lessor. 33 30.2 Lessee's Right to Cure 33 ARTICLE 31 ARBITRATION 33 31.1 Controversies. . 33 31.2 Appointment of Arbitrators. 33 31.3 Third Arbitrator. 33 31.4 Arbitration Procedure. 33 31.5 Expenses. 34 ARTICLE 32 FINANCING OF THE LEASED PROPERTY 34 ARTICLE 33 SUBORDINATION, ATTORNMENT AND NON-DISTURBANCE 34 ARTICLE 34 EXTENDED TERMS 35 ARTICLE 35 MISCELLANEOUS 35 35.1 No Waiver. 35 35.2 Remedies Cumulative 35 35.3 Surrender 35 35.4 No Merger of Title 36 35.5 Transfers by Lessor 36 35.6 General. 36 35.7 Memorandum of Lease 36 35.8 Transfer of Licenses 36 35.9 Prior Existing Property Conditions 36 35.10 Capital Improvements Term Loan 36 35.11 Facility Repairs and Capital Improvements 37 ARTICLE 36 GLOSSARY OF TERMS 37 LEASE THIS LEASE ("Lease") dated the first day of May, 2003 between HR Acquisition I Corporation, a Maryland corporation, Capstone Capital of Pennsylvania, Inc. and HRT Holdings, Inc., each having its principal office at 0000 Xxxx Xxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, Xxxxxxxxx 00000 each of which is ("Lessor") hereunder, and EMERITUS CORPORATION, a Washington corporation, having its principal office at 0000 Xxxxxxx Xxxxxx, Suite 500, Seattle, Washington 98121 ("Lessee"). LEASED PROPERTY; TERM --------------------- Upon and subject to the terms and conditions hereinafter set forth, Lessor leases to Lessee and Lessee rents from Lessor all of Lessor's rights and interest in and to the following property (collectively, the "Leased Property"): (a) the real property more particularly described on Exhibit A attached ------...
Sample 1
Discontinuance of Operations on the Leased Property. Offer of --------------------------------------------------------------------- Substitution. If Lessee has discontinued use of the Leased Property, or any --- portion thereof, for its Primary Intended Use for 90 consecutive days without Lessor's prior written consent for alterations or remodeling pursuant to Article 9, repairs or restoration pursuant to Article 13 or Article 14 or otherwise, then provided Lessor has not terminated this Lease pursuant to Section 15.2, Lessee may offer to substitute a new property or properties for the affected portion of the Leased Property pursuant to and in accordance with the provisions of Article 20 (which offer to substitute Lessor may in its reasonable discretion refuse). 60.1
Sample 1

Related to Discontinuance of Operations on the Leased Property

  • Maintenance of Operations The Servicer agrees to continue to operate its distribution system to provide service to its customers so long as it is acting as the Servicer under this Agreement.

  • Continuity of Operations (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • Inspection of Property; Books and Records; Discussions Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and permit representatives of any Lender (upon reasonable advance notice coordinated through the Administrative Agent) to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries and with its independent certified public accountants.

  • Statement of Operations d. Statement of Changes in Net Assets.

  • Maintenance of Properties and Leases Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof.

  • Inspection of Properties and Books Etc The Borrower shall permit the Lenders, through the Administrative Agent or any of the Lenders’ other designated representatives, no more frequently than once each calendar year, or more frequently as determined by the Lenders upon the occurrence and during the continuance of an Event of Default, to visit and inspect any of the properties of the Borrower or any of its Subsidiaries, and each such inspection, if no Event of Default has occurred and is continuing, shall be at the Lenders’ expense. The Borrower shall also permit the Lenders, through the Administrative Agent or any of the Lenders’ other designated representatives, to examine the books of account of the Borrower and its Subsidiaries (and to make copies thereof and extracts therefrom), and to discuss the affairs, finances and accounts of the Borrower and its Subsidiaries with, and to be advised as to the same by, its and their officers, all at such reasonable times and intervals as the Administrative Agent or any Lender may reasonably request. The Borrower authorizes the Administrative Agent and, if accompanied by the Administrative Agent, the Lenders to communicate directly with the Borrower’s independent certified public accountants and authorizes such accountants to disclose to the Administrative Agent and the Lenders any and all financial statements and other supporting financial documents and schedules with respect to the business, financial condition and other affairs of the Borrower or any of its Subsidiaries.

  • Control of Operations Without in any way limiting any party’s rights or obligations under this Agreement, the parties understand and agree that (a) nothing contained in this Agreement shall give Parent or the Company, directly or indirectly, the right to control or direct the other party’s operations prior to the Effective Time and (b) prior to the Effective Time, each of the Company and Parent shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its operations.

  • Inspection of Properties and Books The Borrower and the Guarantors will, and will cause their respective Subsidiaries to, permit the Agent and the Lenders, at the Borrower’s expense (to the extent provided for below) and upon reasonable prior notice, to visit and inspect any of the properties of the Borrower, each Guarantor or any of their respective Subsidiaries (subject to the rights of tenants under their Leases), to examine the books of account of the Borrower, any Guarantor and their respective Subsidiaries (and to make copies thereof and extracts therefrom) and to discuss the affairs, finances and accounts of the Borrower, any Guarantor and their respective Subsidiaries with, and to be advised as to the same by, their respective officers, partners or members, all at such reasonable times and intervals as the Agent or any Lender may reasonably request, provided that so long as no Default or Event of Default shall have occurred and be continuing, the Borrower shall not be required to pay for such visits and inspections more often than once in any twelve (12) month period. The Lenders shall use good faith efforts to coordinate such visits and inspections so as to minimize the interference with and disruption to the normal business operations of such Persons.

  • Reports of Foreclosure and Abandonment of Mortgaged Properties The Master Servicer shall file information returns with respect to the receipt of mortgage interest received in a trade or business, reports of foreclosures and abandonments of any Mortgaged Property and cancellation of indebtedness income with respect to any Mortgaged Property as required by Sections 6050H, 6050J and 6050P of the Code, respectively. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the Code.

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