Lease Assumption Sample Clauses
A Lease Assumption clause allows a third party to take over the rights and obligations of the original tenant under an existing lease agreement. In practice, this means that if the tenant wishes to transfer their lease to another party, the new party must formally agree to assume all responsibilities, such as paying rent and maintaining the property, as outlined in the original lease. This clause ensures continuity for the landlord and provides a clear process for transferring tenancy, thereby minimizing disruptions and clarifying liability when a lease changes hands.
Lease Assumption. Purchaser hereby:
(a) Acknowledges that (i) the Company operates from Premises situated at 1▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ (the “Premises”), which are owned by The E▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Non-Exempt Trust & the L▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Trust (“Owner”), and (ii) Owner leases the Premises to Seller pursuant to a Standard Industrial/Commercial Multi-Tenant Lease – Gross dated August 26, 2009 (the “Lease”); and
(b) Agrees that at the Closing, Seller shall assign the Lease to the Company and Purchaser shall cause the Company to assume the Lease and cause the Company to pay, prior to delinquency, all amounts coming due under the Lease with respect to all periods after the Closing.
Lease Assumption. If LESSEE shall assign this Lease, the assignee shall expressly assume all of the obligations of LESSEE hereunder in a written instrument provided by CITY and delivered to CITY not later than five (5) days prior to the effective date of the assignment. If LESSEE shall lease any part of the Building Improvements or sublease any part of the Leased Premises, LESSEE shall obtain and furnish to CITY, not later than fifteen (15) days prior to the effective date of such lease or sublease, and in a form reasonably satisfactory to CITY, the written agreement of such LESSEE or sublessee to the effect that LESSEE or sublessee shall attorn to CITY.
Lease Assumption. The Buyer shall have entered into an assumption of Seller’s current lease for the Branch, and the lessor shall have executed and delivered to the Buyer, evidence of acceptance of the assumption in substantially the form attached hereto as Exhibit H; or Seller and Buyer shall have entered into a sublease or another mutually acceptable alternative as provided in Section 5.2.5.
Lease Assumption. Landlord hereby agrees to sublease space from Tenant at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇. ▇▇▇▇, Minnesota. Pursuant to such sublease (see attached), Landlord shall assume all of Tenant's obligations under such Lease except the obligation to reimburse Landlord for Tenant Improvements and obligation to repair damage caused by Tenant and removal of fixtures at the expiration of the lease term. In the event Tenant defaults under the lease at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇, Landlord's obligation under the subtenancy shall immediately cease. Tenant shall be responsible for all sublease commissions due to ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, Inc.
Lease Assumption. At or prior to Closing, PURCHASER assumes and agrees to pay all amounts as they become due and payable under the existing Lease, as, if and when assigned by SELLER to PURCHASER,.
Lease Assumption. Notwithstanding anything to the contrary in this lease, effective the commencement date of this lease term, Lessor shall provide Lessee with an immediate rent offset for rent, additional rent and related charges except parking, late fees and other penalties paid by Lessee to reimburse Lessee for Lessee's existing lease obligation in the Q▇▇▇▇ ▇▇▇▇ Square Building. The Q▇▇▇▇ ▇▇▇▇ Square lease has a total monthly rental obligation of approximately $38,000 and an expiration of December 31, 2006. Lessee agrees to provide Lessor with monthly rent invoices and additional rent invoices for this pre-existing lease which invoices shall serve as the basis of the rent off-set amount for the next monthly rent payment due pursuant to the terms of this lease Unless terminated by Lessee pursuant to Section 2.3 of this Lease, in the event Lessee defaults and this lease is terminated, or is terminated for other cause or the space is subleased to another party, then the rent offset shall likewise be terminated or reduced accordingly.
Lease Assumption. If Tenant shall assign this Lease, then, as a condition to the effectiveness thereof, the assignee shall expressly assume all of the obligations of Tenant hereunder, to the extent accruing on or after the effective date of the assignment, together with Tenant on a joint and several liability basis, in a written instrument executed by Tenant and assignee on a form reasonably acceptable to Landlord, delivered to Landlord not later than the effective date of the assignment. Any such consent given by Landlord relative to a proposed sublease or assignment transaction shall automatically be deemed conditioned upon Landlord’s receipt, on or before the commencement date of such sublease or the effective date of such assignment, of (i) a true and correct copy of the fully executed sublease or assignment instrument, conforming, in all material respects, to the information
Lease Assumption. The existing lease at 550 parksi▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇ for 4,233 rentable square feet will be assigned to ferdi investments company limited effective November 1, 1996 for the balance of the term (expiring December 14, 1996). Should this Lease Assignment not transpire for any reason, the Landlord will pay to Navtech Systems Support Inc. on the first day of each month, the monthly value of the lease being Three Thousand four Hundred and Forty ($3,440.00 dollars plus GST until lease termination. The Total value of this lease as of November 1, 1996 until December 14th, 1996 will be Five Thousand, One Hundred ans Sixty dollars ($5,160.00) plus GST.
Lease Assumption. Landlord hereby agrees to sublease space from Tenant at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇. ▇▇▇▇, Minnesota. Pursuant to such sublease, Landlord shall assume all of Tenant's obligations under such Lease except the obligation to reimburse Landlord for Tenant Improvements and obligation to repair damage caused by Tenant and removal of fixtures at the expiration of the lease term. Landlord shall have no right to possession of the subleased premises until Landlord has delivered possession of the Premises to Tenant, in the condition required by this Lease, provided that such date of possession of the subleased premises shall be not earlier than October 1, 1997 and not later than November 1, 1997. In the event Tenant defaults under the lease at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇, Landlord's obligation under the subtenancy shall immediately cease. In addition, Landlord's default under the sublease described herein shall constitute a default by Landlord under this Lease. At any time after November 1, 1997, Tenant shall remove any and all equipment and fixtures in the space on Kasota Avenue upon notice from Landlord if Landlord secures a subtenant for the space or part thereof. Tenant shall be responsible for all sublease commissions due to ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, Inc.
Lease Assumption. Seller and the relevant landlord shall have executed an Assignment and Assumption of Lease for Seller’s office located at ▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ in a form reasonably satisfactory to ▇▇▇▇▇▇▇▇▇ (“Assignment and Assumption of Lease”).