Electorate Approval. To Landlord’s knowledge, Landlord has taken such actions as are necessary to submit to the voters of Landlord’s district a measure proposing the transfer and lease of assets, including the Purchase Option, as contemplated under this Lease and the Asset Purchase Agreement, in accordance with Section 32121(p)(1) of the California Health and Safety Code and applicable provisions of the California Elections Code (the “Electorate Approval”).
Electorate Approval. The clerk of the County of Tulare, California shall have certified the results of an election called by Seller in which the voters of the District shall have approved the proposed transfer of assets contemplated hereby.
Electorate Approval. Attached hereto as Schedule 4.5.2 is (i) a list of the public meetings, including the date and type of notice provided, conducted by Seller with respect to the consummation of the transactions contemplated under this Agreement and the Lease, (ii) the resolution of the board of directors of Seller approving the transactions contemplated under this Agreement and the Lease, and (iii) a description of the transactions contemplated under this Agreement and the Lease as authorized by the board of directors of Seller and set forth on the ballot of a special election to be held upon the request of the District on November 6, 2018. To its knowledge, Seller has taken such actions as are necessary to submit to the voters of Seller’s district a measure proposing the transfer and lease of assets contemplated hereby and under the Lease, in accordance with Section 32121(p)(1) of the California Health and Safety Code and applicable provisions of the California Elections Code (“Electorate Approval”).
Electorate Approval. In the event that the Electorate Approval is received, then, commencing with the Initial Repayment Date, and on each subsequent Rent Payment Due Date thereafter, the Lender shall cause the then due Rent owing to the Borrower, as lessor under the Lease, as such Rent may have been offset against by Tenant in accordance with and under the terms of the Lease (the “Adjusted Rent”), or a portion thereof, to be applied to and offset against the Outstanding Loan Amount plus interest accrued and unpaid through such Repayment Date (the “Rent Offset”) and Borrower consents hereby to the Rent Offset; provided, that the Adjusted Rent shall first be applied to offset all interest accrued and unpaid, and then any remaining amount shall then be applied to offset all or a portion of the Outstanding Loan Amount; provided further that the Rent Offset on the Initial Repayment Date and each subsequent Repayment Date during the first Lease Year (as defined in the Lease) shall be 100% of the Adjusted Rent, and the Rent Offset on each Repayment Date during all subsequent Lease Years, shall be equal to the difference between the Adjusted Rent minus 50% of the then due Rent. Any Outstanding Loan Amount or accrued and unpaid interest that is offset by the Adjusted Rent shall be considered repaid by the Borrower pursuant to the terms hereof. It is the intention of the parties hereto that the Tenant be a third-party beneficiary of this Agreement.
Electorate Approval. The clerk of the County of Sonoma, California shall have certified the results of an election called by Seller in which the voters of the Seller shall have approved the proposed transfer of assets contemplated by this Agreement (“Approval Election”).
Electorate Approval. The Approval Election shall have occurred.
Electorate Approval. In the event that the Electorate Approval is received, then, commencing with the Initial Repayment Date, and on each subsequent rent payment due date thereafter, the Lender shall cause the then due rent payment amount owing to the Borrower, as lessor under the Lease (as such amount may be adjusted in accordance with and under the terms of the Lease, the “Rent Amount”) or a portion thereof, to be applied to and offset against the Outstanding Loan Amount plus interest accrued and unpaid through such Repayment Date (the “Rent Offset”); provided, that the Rent Amount shall first be applied to offset all interest accrued and unpaid, and then any remaining amount shall then be applied to the offset all or a portion of the Outstanding Loan Amount; provided further that the Rent Offset on the Initial Repayment Date shall be 100% of the Rent Amount, and the Rent Offset on each Repayment Date thereafter shall be 50% of the Rent Amount. Any Outstanding Loan Amount or accrued and unpaid interest that is offset by the Rent Amount shall be considered repaid by the Borrower. It is the intention of the parties hereto that the Tenant be a third-party beneficiary of this Agreement.
Electorate Approval. On November 6, 2018, Landlord received the approval of the voters of Landlord’s district to the transfer and lease of assets, as contemplated under this Lease, in accordance with Section 32121(p)(1) of the California Health and Safety Code and applicable provisions of the California Elections Code.
Electorate Approval. To Landlord’s knowledge, Xxxxxxxx has taken such actions as are necessary to submit to the voters of Landlord’s district a measure proposing the transfer and lease of Premises and Existing FF&E as contemplated under this Lease, in accordance with Section 32121(p)(1) of the California Health and Safety Code and applicable provisions of the California Elections Code (the “Electorate Approval”).
