LEASE BINDING ON Clause Samples

The "Lease Binding On" clause establishes that the lease agreement is legally binding on the parties involved and, typically, their successors and assigns. In practice, this means that if the property is sold or if either party transfers their interest, the terms of the lease continue to apply to the new owner or tenant. This ensures continuity and enforceability of the lease obligations, preventing either party from escaping their responsibilities simply due to a change in ownership or assignment, thereby providing stability and predictability for both landlord and tenant.
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LEASE BINDING ON. This Lease is binding on Landlord and ▇▇▇▇▇▇ and their heirs, distributees, executors, administrators, successors and lawful assigns.
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LEASE BINDING ON. This Lease is binding on Landlord and Tenant and those that lawfully succeed to their rights or take their place.
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LEASE BINDING ON. This lease is binding on Landlord and Tenant and their heirs, distributees, executors, administrators, or successors, and lawful assigns.
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LEASE BINDING ON. This Lease is binding on Landlord and Tenant and those that lawfully succeed to their rights or take their place, except in the instance of death or disability of Tenant. In the case of death or disability of Tenant, Tenant is relieved of obligations of this Lease.
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Related to LEASE BINDING ON

  • Initial Lease Term The Initial Lease Term is for a minimum of ten (10) years; however, the State will consider a longer lease term if economic benefits are deemed to be in the State’s best interest. Please propose a fixed, or flat, rental rate for a Gross Lease: including all expenses – taxes, insurance, janitorial services, maintenance, etc. The State may elect to pay for utilities separately so please include a cost per square foot to reduce the rental rate if such occurs.

  • Extension Term The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) an Event of Default by Tenant exists, or (ii) Tenant is not leasing sixty percent (60%) or more of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term of this Lease shall irrevocably lapse and be void and of no further force and effect, Tenant shall have no further right to extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term shall mean the Initial Term as it may be extended by the Extension Term. The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be as set forth below.

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

  • LEASE TYPE This Agreement shall be considered a: (check one)

  • Renewal, Extension or Rearrangement All provisions of this Agreement relating to Obligations shall apply with equal force and effect to each and all promissory notes executed hereafter which in whole or in part represent a renewal, extension for any period, increase, or rearrangement of any part of the Obligations originally represented by any part of such other Obligations.