Common use of Landlord Consent to Lease Assignments and Subleases Clause in Contracts

Landlord Consent to Lease Assignments and Subleases. Landlord shall not unreasonably withhold its consent to any Lease Assignment or Sublease as provided in Sections 17.1(a)(ii) or 17.1(b)(ii), above, and Landlord’s approval of a Lease Assignment or Sublease to the extent required by Sections 17.1(a)(ii) or 17.1(b)(ii), above shall be based solely on the following: (i) the proposed assignee’s or subtenant’s current and future projected financial strength and creditworthiness, management style, financial philosophy and reputation, (ii) the proposed assignee’s or subtenant’s experience in the oil exploration and production business, (iii) the proposed assignee’s or subtenant’s ability to recover costs or pass them on to its customers and other Persons, (iv) the use contemplated under any such Lease Assignment or Sublease does not breach the provisions of Article IX and would not, in Landlord’s reasonable judgment, impair the structural integrity, functionality or value of the Leased Property in any material respect, and (v) the proposed subtenant or assignee enters into an agreement in a form reasonably satisfactory to Landlord recognizing that such Lease Assignment or Sublease, and any renewals or extensions thereof, are subordinate and subject to the terms of this Lease. Landlord shall approve or deny Tenant’s request for consent to a Lease Assignment or a Sublease as and to the extent required by Sections 17.1(a)(ii) or 17.1(b)(ii), above, as soon as practicable but no later than fifteen (15) Business Days after receipt of Tenant’s notice to Landlord requesting consent with such information as may be reasonably requested by Landlord (by notice given to Tenant within five (5) days after receipt of Tenant’s aforesaid notice) to evaluate the proposed transaction and the proposed assignee or subtenant. Landlord shall be deemed to have rejected any such Lease Assignment or Sublease if a written request for approval is delivered to Landlord, and Landlord does not respond in writing within fifteen (15) Business Days after Landlord’s receipt of such written request for approval and all information timely requested by Landlord as provided in the immediately preceding sentence. If Landlord does not approve such proposed Lease Assignment or Sublease in writing within such fifteen (15) Business Day period, Landlord agrees to provide Tenant with a reasonably detailed written explanation as to the reasons for withholding such approval to such proposed Lease Assignment or Sublease on or before the end of such fifteen (15) Business Day period. This subsection (d) shall not in any event be deemed to give Landlord approval rights as to any Sublease or Lease Assignment except as expressly provided in Sections 17.1(a)(ii) and 17.1(b)(ii), above, nor shall this subsection (d) be deemed to expand the scope or basis for any such approval under such Sections 17.1(a)(ii) and 17.1(b)(ii) beyond the issues set forth in the first sentence of this subsection (d).

Landlord Consent to Lease Assignments and Subleases. Landlord shall not unreasonably withhold its consent to any Lease Assignment or Sublease as provided in Sections 17.1(a)(ii) or 17.1(b)(ii)) , above, and Landlord’s approval of a Lease Assignment or Sublease to the extent required by Sections 17.1(a)(ii) or 17.1(b)(ii)) , above shall be based solely on the following: (i) the proposed assignee’s or subtenant’s current and future projected financial strength and creditworthiness, management style, financial philosophy and reputation, (ii) the proposed assignee’s or subtenant’s experience in the oil exploration and production business, (iii) the proposed assignee’s or subtenant’s ability to recover costs or pass them on to its customers and other Persons, (iv) the use contemplated under any such Lease Assignment or Sublease does not breach the provisions of Article IX and would not, in Landlord’s reasonable judgment, impair the structural integrity, functionality or value of the Leased Property in any material respect, and (v) the proposed subtenant or assignee enters into an agreement in a form reasonably satisfactory to Landlord recognizing that such Lease Assignment or Sublease, and any renewals or extensions thereof, are subordinate and subject to the terms of this Lease. Landlord shall approve or deny Tenant’s request for consent to a Lease Assignment or a Sublease as and to the extent required by Sections 17.1(a)(ii) or 17.1(b)(ii)) , above, as soon as practicable but no later than fifteen (15) Business Days after receipt of Tenant’s notice to Landlord requesting consent with such information as may be reasonably requested by Landlord (by notice given to Tenant within five (5) days after receipt of Tenant’s aforesaid notice) to evaluate the proposed transaction and the proposed assignee or subtenant. Landlord shall be deemed to have rejected any such Lease Assignment or Sublease if a written request for approval is delivered to Landlord, and Landlord does not respond in writing within fifteen (15) Business Days after Landlord’s receipt of such written request for approval and all information timely requested by Landlord as provided in the immediately preceding sentence. If Landlord does not approve such proposed Lease Assignment or Sublease in writing within such fifteen (15) Business Day period, Landlord agrees to provide Tenant with a reasonably detailed written explanation as to the reasons for withholding such approval to such proposed Lease Assignment or Sublease on or before the end of such fifteen (15) Business Day period. This subsection (d) shall not in any event be deemed to give Landlord approval rights as to any Sublease or Lease Assignment except as expressly provided in Sections 17.1(a)(ii) and 17.1(b)(ii)) , above, nor shall this subsection (d) be deemed to expand the scope or basis for any such approval under such Sections 17.1(a)(ii) and 17.1(b)(ii) beyond the issues set forth in the first sentence of this subsection (d)) .