Hanford Rent Prepayment Sample Clauses

Hanford Rent Prepayment. Some or all Collateral will be held at the following addresses: 1▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (collectively, the “Hanford Premises”), which is leased by Lessee, pursuant to a commercial lease between Lessee and 10701 IDAHO OWNER, LLC, a Delaware limited liability company (“Hanford Landlord”). As a condition to closing the Transaction, Lessor required that Hanford Landlord and Lessee each execute a Collateral Access Agreement (the “Hanford Access Agreement”) in favor of Lessor that, among other things, provided Lessor the right to occupy the Hanford Premises rent free for up to 120 days to reclaim the Collateral upon the occurrence of an Event of Default (as defined under the Lease Agreement) under the Lease Agreement (“Hanford Premises Access Period”). As of the Effective Date, L▇▇▇▇▇ was unable to cause Hanford Landlord to execute the Hanford Access Agreement as required, but was able to cause Landlord to provide up to 150 days access, of which 90 days is rent-free access and 60 days paid access. However, as an accomodation to Lessee, Lessor has agreed to provide for rent for the Hanford Premises during the Hanford Premises Access Period subject to, among other things, Lessee making an immediate prepayment under the Lease Agreement in an amount equal to $100,000 (the “Hanford Rent Prepayment”), which will be applied by Lessor, subject to Section 2 below, to offset any rental or other charges incurred by Lessor as a result of or otherwise arising out of its rights or obligations under the Lease Agreement.