Land Lease Agreements. Marisana shall, and each Obligor shall procure and ensure that Marisana (after it has become a party to the Land Lease Agreement) shall:
15.18.1 not agree to any amendment, waiver or release in respect of the Land Lease Agreement other than:
(a) any agreed increases in rent payments (provided that the Borrower has notified the Lender prior to such increases); and
(b) any statutory rent increases or amendments required to be made to the Land Lease Agreement by applicable law;
15.18.2 not consent to any assignment or underletting or alterations in respect of its interest under the Land Lease Agreement;
15.18.3 not, subject to Clause 15.18.1 above, waive, release, forfeit or exercise any right of re-entry or vary any obligation under, or the terms of, or exercise any option or power to break or determine the Land Lease Agreement;
15.18.4 observe and perform all covenants, stipulations and obligations on it under the Land Lease Agreement;
15.18.5 diligently enforce all covenants on the part of the Land Owner under the Land Lease Agreement;
15.18.6 not do or permit anything under the Land Lease Agreement whereby the Land Lease Agreement may be forfeited;
15.18.7 promptly notify the Lender of any matter or event under or by reason of which the Land Lease Agreement has or may become subject to determination or to the exercise of any right of re-entry or forfeiture and, if so requested by the Lender, to apply for relief against forfeiture; and
15.18.8 not accept or permit the surrender of all or any part of the Land Lease Agreement, unless the Lender has granted prior written consent to the contrary (which shall not be unreasonably withheld or delayed).
Land Lease Agreements. 5.7.1 The SPVs have the capacity and the necessary power to enter into and be bound by each of the relevant Land Lease Agreements (as the case may be) and to exercise their rights and perform their obligations under each of them.
5.7.2 All necessary corporate and other action has been taken to enable SPVs to validly enter into, be bound by and to perform their obligations under each of the Land Lease Agreements (as the case may be).
5.7.3 The execution and delivery of, the performance of its obligations under, and compliance by the SPVs with the provisions of each of the Land Lease Agreements (as the case may be) will not contravene any existing applicable Greek law or regulation to which each SPV is subject nor its constitutional documents.
5.7.4 Each of the Land Lease Agreements is in full force and effect and constitutes legal, valid and binding obligations of the parties thereto enforceable in accordance with their respective terms.
5.7.5 Each landowner(s) has valid, full and exclusive title to, and right to dispose of, the land which is the subject matter of the relevant Land Lease Agreement, as disposed therein, and such land has been registered correctly with the Land Registry and is entirely clear of and free from all claims, liens, charges, mortgages, registrations, encumbrances, options, burdens, usufruct, securities and any other adverse rights of any description limiting or in any way affecting the use of it by the each SPV during the relevant term.
Land Lease Agreements. 5.7.1 The SPVs will have the capacity and the necessary power to enter into and be bound by each of the relevant Land Lease Agreements (as the case may be) and to exercise their rights and perform their obligations under each of them.
5.7.2 All necessary corporate and other action will be been taken to enable SPVs to validly enter into, be bound by and to perform their obligations under each of the Land Lease Agreements (as the case may be).
5.7.3 The execution and delivery of, the performance of its obligations under, and compliance by the SPVs with the provisions of each of the Land Lease Agreements (as the case may be) will not contravene any existing applicable Italian law or regulation to which each SPV is subject nor its constitutional documents.
Land Lease Agreements. The Borrower shall pay and discharge promptly all taxes, assessments and governmental charges or levies imposed upon it or in respect of its property before the imposition of any penalty, as well as all lawful claims for labor, materials, supplies or other matters which, if unpaid, might become a Lien or charge upon such properties or any part thereof; provided, however, that the Borrower shall not -------- ------- be required to pay and discharge or cause to be paid and discharged any such tax, assessment, charge, levy or claim so long as (a) the validity thereof is being contested diligently and in good faith by appropriate proceedings and the enforcement thereof is stayed, pending the outcome of such proceedings, (b) the Borrower has set aside on its books adequate reserves (to the extent required by GAAP or sound business practice) with respect thereto, and (c) such contest will not endanger the Lien of the Agent or the Banks in any of the Borrower's assets.
Land Lease Agreements. What is a land lease agreement?
Land Lease Agreements depending on structure of the PPP and the overall regulatory environment, land tenure for a project may be covered under a separate land lease agreement. In jurisdictions with a more deregulated power sector, a number of these project agreements may be with private parties rather than government entities (which require different risk allocation frameworks).
