Foundry Consortium Sublease Sample Clauses

Foundry Consortium Sublease. The CRA needs to execute a sublease with the nonprofit Foundry Consortium so that they may assume the role of independent operator and manager of the building. The sublease, which aligns with the Term Sheet previously approved by the CRA and Foundry Consortium boards, will supersede the Memorandum of Understanding (MOU) that now governs the working relationship between the CRA and Foundry Consortium. Additionally, the Foundry has four office suites, the rental income of which will support a significant portion of the site’s annual operating budget. Tenants have been identified for three of the four suites. Deep Genomics and Break Through Cancer are leasing market rate suites and have fully executed leases. Breakthrough Greater Boston won the lottery for the below market rate suite; their lease is expected to be executed in coming days. The fourth suite is under serious consideration by a prospective tenant. CRA staff expect bring a vote to the CRA Board of Directors regarding the final office suite in May 2022.
Sample 1
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Foundry Consortium Sublease. Five-year Term with the option to extend by five (5) years. • All square footage within the Foundry Property falls under one of three categories: Community Reservation Space, Commercial Office Space, and Common Areas. • The Foundry Consortium will promote and curate community programs to serve the mission of the Foundry (the Program). In order to carry out the Program, the Foundry Consortium has full access to the Premises defined as Community Reservation Space and the Furniture, Fixtures and Equipment provided by the City and the CRA. • The Foundry Consortium is responsible for management and maintenance of entire Foundry Property. • There is no rent due to the CRA from the Foundry Consortium. • The CRA will create and hold Operating and Capital Reserve accounts in accordance with its Master Lease with the City of Cambridge. • The CRA will lease office space and use the income to support operating expenses via payment of the Management Fee to the Foundry Consortium, and support other Foundry related expenses in accordance with the Governing Documents. • The CRA will pay the Foundry Consortium an annual Management Fee, informed by the annual budget that the Foundry Consortium provides to the CRA for approval. • The CRA will provide the Foundry Consortium with $100,000 in start up funds during Spring 2022 to support personnel expenses prior to the Foundry’s public opening. • The Foundry Consortium may collect fees in exchange for providing Community Reservation Space to the public. • The CRA reserves the right to use space at no cost for public meetings and events. • Income collected from the property (whether by the CRA or Foundry Consortium) will be:
Sample 1

Related to Foundry Consortium Sublease

  • Ground Lease Reserved.

  • 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.

  • New Lease In the event of the termination of this Lease as a result of Tenant's default prior to the expiration of the term, or in the event of a rejection by Landlord or Tenant of this Lease under Chapter 11 of the Bankruptcy Code, Landlord shall, in addition to providing the notices of default and termination as required by this Lease, provide each Leasehold Mortgagee with written notice that the Lease has been terminated or that Landlord has filed a request with the Bankruptcy Court seeking to reject the Lease, together with a statement of all sums which would at that time be due under this Lease but for such termination or rejection, and of all other defaults, if any, then known to Landlord. Upon any request of the Leasehold Mortgagee, or its designee, Landlord agrees to enter into a new lease ("New Lease") of the Premises with such Leasehold Mortgagee or its designee for the remainder of the term of this Lease, effective as of the date of termination or rejection, as the case may be, at the Rent, and upon the terms, covenants and conditions (including all transfer rights, but excluding requirements which are not applicable or which have already been fulfilled) of this Lease; provided, however, that (i) the Leasehold Mortgagee whose lien upon the Premises is superior to the lien of any other Leasehold Mortgage (the "Senior Leasehold Mortgagee") shall have the right to give notice of its intent to enter into a New Lease to the Landlord for a period of 60 days from its receipt of the notice referred to in the first sentence of this Section 18.2.18 and (ii) if the Senior Leasehold Mortgagee does not exercise its right to enter into the New Lease during this 60-day period; the Leasehold Mortgagee whose lien upon the Premises is superior to the lien of any other Leasehold Mortgage (other than the Senior Leasehold Mortgagee) shall have the right to give notice of its intent to enter into a New Lease to the Landlord during the remainder of the period(s) specified below; and provided further, however,

  • Head Lease 7.1. To comply with all the obligations imposed upon the Landlord by a Superior Landlord if the Premises are held under a Superior Lease.

  • SUBLEASE Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases from Sublandlord for the term, at the rental, and upon all of the conditions set forth herein, the Subleased Premises.

  • 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.

  • Triple Net Lease Landlord and Tenant acknowledge that, to the extent provided in this Lease, it is their intent and agreement that this Lease be a “TRIPLE NET” lease and that as such, the provisions contained in this Lease are intended to pass on to Tenant or reimburse Landlord for the costs and expenses reasonably associated with this Lease, the Building and the Project, and Tenant’s operation therefrom to the extent provided in this Lease. To the extent such costs and expenses payable by Tenant cannot be charged directly to, and paid by, Tenant, such costs and expenses shall be paid by Landlord but reimbursed by Tenant as Additional Rent.

  • OPTION TO EXTEND THE TERM OF THE CONTRACT (MAR 2000)

  • Lease Agreements 13.1 The Customer shall provide FPL a copy of the lease agreement, as applicable, for any and all leased interconnection equipment.

  • SINGLE FAMILY SHARED-LOSS AGREEMENT This agreement for the reimbursement of loss sharing on certain single family residential mortgage loans (the “Single Family Shared-Loss Agreement”) shall apply when the Assuming Institution purchases Single Family Shared-Loss Loans as that term is defined herein. The terms hereof shall modify and supplement, as necessary, the terms of the Purchase and Assumption Agreement to which this Single Family Shared-Loss Agreement is attached as Exhibit 4.15A and incorporated therein. To the extent any inconsistencies may arise between the terms of the Purchase and Assumption Agreement and this Single Family Shared-Loss Agreement with respect to the subject matter of this Single Family Shared-Loss Agreement, the terms of this Single Family Shared-Loss Agreement shall control. References in this Single Family Shared- Loss Agreement to a particular Section shall be deemed to refer to a Section in this Single Family Shared-Loss Agreement, unless the context indicates that it is intended to be a reference to a Section of the Purchase and Assumption Agreement.

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