Effect of Lease Termination. If the Non-CPLV Lease or CPLV Lease is terminated for any reason, at Landlord’s option (1) Tenant will cooperate (and shall cause Manager to cooperate) to transfer to a designated successor at fair market value all tangible personal property located at each Facility (as applicable) and used exclusively at such Facility (as applicable); and/or (2) Tenant shall stay in possession and continue to operate the business in the same manner as prior practice (for a period not to exceed 2-years) while the identity of a successor tenant is determined. Any amount due to Tenant hereunder for the purchase of the personal property shall be credited by Landlord against any amounts owed by Tenant to Landlord under the applicable Lease (including damages, if any, in connection with the termination of such Lease). The foregoing is subject to the express terms of the MLSA/Guaranty in the event of a Non-Consented Lease Termination (as defined in the MLSA/Guaranty term sheet) of the Non-CPLV Lease or CPLV Lease. REIT Provisions Each Lease shall contain certain provisions required to satisfy REIT-related requirements applicable to Landlord, including: - Tenant shall not sublet, assign or enter into any management arrangements for the Leased Property pursuant to which subtenant rent would be based on net income or profits of the subtenant in any manner which could reasonably be expected to cause any portion of the amounts received by Landlord pursuant to the applicable Lease to fail to qualify as “rents received from real property” within the meaning of Section 856(d) of the Code (or any similar or successor provision thereto), or which could reasonably be expected to cause any other income of Landlord to fail to qualify as income described in Section 856(c)(2) of the Code. - Landlord shall have the right to assign the Leases to another person (e.g., a taxable REIT subsidiary) in order to maintain landlord’s REIT status. - Tenant shall be obligated to provide information to Landlord necessary to verify REIT compliance. Regulatory Landlord and Tenant shall comply with all applicable regulatory requirements. The Non-CPLV Facilities intended to be demised under the Non-CPLV Lease shall be severable into separate leases with respect to any Facility in the event necessary to comply with any applicable licensing or regulatory requirements, pursuant to a mechanism to be set forth in the Non-CPLV Lease as agreed between Landlord and Tenant. The resulting severed leases shall be cross-de...
Effect of Lease Termination. No termination of this Lease by reason of exercise of an optional right, lapse of time, failure of condition or election of a party to terminate shall release or otherwise relieve either party from liability for breach of this Lease or from performance of any contractual obligation provided herein accruing prior to such termination. The possessory rights of Tenant, however, shall cease and expire as of the effective time of any such termination.
Effect of Lease Termination. If Tenant so elects to terminate this Lease as provided in paragraphs (B) or (C) of this Article, Landlord shall nevertheless have the option of negating such notice of termination by giving notice to Tenant of such negation, which notice, if given at all, shall be given within 60 days of Landlord’s receipt of Tenant’s notice of termination. If Landlord elects to negate Tenant’s notice of termination, then (i) this Lease shall not terminate, and (ii) Landlord shall, with due diligence, repair and restore the Ski Facility in its entirety at Landlord’s sole cost and expense. If Landlord elects to negate Tenant’s notice of termination as provided herein, then all insurance proceeds payable as a result of such damage or destruction (except for proceeds payable with respect to Tenant’s Property) shall belong to Landlord, and Tenant’s Annual Fixed Rent shall xxxxx (i) during the period of restoration, to the extent that Landlord receives compensation for lost rents by policies of insurance described in Section 16(E); and (ii) following restoration, in proportion to the portion of the Ski Facility that is rendered unusable by reason of the casualty and not restored by Landlord.
Effect of Lease Termination. After Lessee gives notice of an intended Lessee Termination and until the Termination Date, Lessee shall:
Effect of Lease Termination. Landlord acknowledges and agrees that in the event of any termination or cancellation of this Lease (including on account of an Event of Default): (a) neither Tenant nor any Affiliate of Tenant shall be under any obligation, express or implied, to issue a license to Landlord or any subsequent operator of any portion of the Premises; (b) Landlord shall not use any Xxxx in association with the improvements located at the Premises; and (c) Tenant and any Affiliate of Tenant shall have the right to enter the Premises and remove all signs, furnishings, printed materials, emblems, slogans or other distinguishing characteristics that in any way use or are now or hereafter connected with any Xxxx.
Effect of Lease Termination. 14 SECTION 9.04. Insurance Proceeds. . . . . . . . . . . . . . . . . . . . . . 14 SECTION 9.05. Restoration . . . . . . . . . . . . . . . . . . . . . . . . . 15 ARTICLE 10 CONDEMNATION SECTION 10.01. Notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 SECTION 10.02. Total Taking. . . . . . . . . . . . . . . . . . . . . . . . . 15 SECTION 10.03. Partial Taking. . . . . . . . . . . . . . . . . . . . . . . . 15 SECTION 10.04. Award . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 SECTION 10.05. Abatement of Rent . . . . . . . . . . . . . . . . . . . . . . 16 SECTION 10.06. Landlord's Condemnation Covenant. . . . . . . . . . . . . . . 16 ARTICLE 11 LIENS SECTION 11.01. No Liens. . . . . . . . . . . . . . . . . . . . . . . . . . . 17 SECTION 11.02. Mechanics' Liens. . . . . . . . . . . . . . . . . . . . . . . 17 ARTICLE 12 INSPECTION OF PREMISES BY LANDLORD SECTION 12.01. Entry . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 SECTION 12.02. Exhibit for Sale or Lease . . . . . . . . . . . . . . . . . . 17 ARTICLE 13
Effect of Lease Termination. If Tenant elects to terminate this Lease pursuant to this Article, the following shall apply: (a) If Landlord so elects, Tenant shall raze that part of the Improvements that have been damaged and clear the area of all debris; provided that Tenant shall have no obligation under this Section 9.03(a) if the damage, destruction or other casualty resulted from or was related to the negligence, fraud or willful misconduct of Landlord, its agents, employees, contractors or licensees. (b) This Lease shall terminate and the parties shall thereupon be released from their obligations under this Lease, except for those obligations which have accrued prior to the effective date of such termination, upon either: (i) the date set forth in Tenant's notice of termination, or (ii) if Landlord makes the election under subparagraph (a) above, the date on which such demolition and clearing is completed. SECTION 9.04.
Effect of Lease Termination. 50 9.22 SPECIAL STIPULATIONS ............................................ 50 SCHEDULE OF EXHIBITS Exhibit "A": Floor Plan(s)
Effect of Lease Termination. Landlord acknowledges that under the terms of the Players License, in the event of any termination of this Lease (including on account of an uncured Default by Tenant): (a) neither Tenant nor Players shall be under any obligation, express or implied, to issue a license to Landlord or any subsequent operator of the Premises to utilize the Players Marks; and (b) Landlord shall not use Players Marks in association with the Premises or the Shoreside Complex. Tenant shall have the right, within thirty (30) days after the termination of this Lease, to remove all Tenant's Property identified with Players Marks, subject to the obligation to restore any damage to the Premises or Shoreside Complex caused by the installation or removal thereof.
Effect of Lease Termination. Upon any termination of this Lease under any of the provisions of this Section 12, rent shall be prorated as of the effective date of such termination, and Tenant and Landlord shall each be released from any further obligations hereunder accruing after the effective date of such termination, except that such release shall not relieve Tenant of its obligation to pay any sums then accrued or any obligations regarding surrender of the Premises, and Landlord shall return any portion of the Security Deposit to which Tenant is entitled pursuant to Section 18.
