Leaseback Lease Clause Samples
Leaseback Lease. Buyer will, concurrently with Closing, lease the Property back to Leaseback Tenant by execution and delivery of the lease or occupancy agreement in a form to be agreed upon by Seller, Buyer, and Leaseback Tenant prior to the expiration of the Inspection Date. The Leaseback Lease shall contain the basic terms outlined in Exhibit H attached hereto, shall provide for initial annual fixed rent for the Property (in the aggregate) of $279,300.00, and the obligations of Leaseback Tenant under the Leaseback Lease shall be guaranteed by Seller (in its capacity as Guarantor, the “Guarantor”) pursuant to form of guaranty to be attached to the Leaseback Lease (the “Lease Guaranty”). In the event that, despite using good faith efforts to negotiate the form of the Leaseback Lease and Lease Guaranty, the parties are unable to agree upon a form of Leaseback Lease and Lease Guaranty prior to the expiration of the Inspection Date, either Seller (at the direction of the Leaseback Tenant) or Buyer may terminate this Agreement by providing written notice to the other parties to this Agreement on or prior to the expiration of the Inspection Date. Upon such termination, the Deposit shall be released to Buyer and this Agreement shall be null and void as provided in accordance with Section 7.3 of this Agreement.
Leaseback Lease. Two (2) originals of the Leaseback Lease duly executed by Seller.
Leaseback Lease. Buyer will, concurrently with Closing, lease the Property back to Leaseback Tenant by execution and delivery of the lease or occupancy agreement in a form to be agreed upon by Seller, Buyer and Leaseback Tenant prior to the expiration of the Inspection Date, which Leaseback Lease shall provide for initial annual fixed rent for the Property (in the aggregate) of One Million Two Hundred Thirty-Seven Thousand Five Hundred and 00/100 Dollars ($1,237,500.00), and which obligations of Leaseback Tenant under the Leaseback Lease shall be guaranteed by BayFirst Financial Corp., a Florida corporation (the “Guarantor”) pursuant to form of guaranty to be attached to the Leaseback Lease (the “Lease Guaranty”). In the event that, despite using good faith efforts to negotiate the form of the Leaseback Lease and Lease Guaranty, the parties are unable to agree upon a form of Leaseback Lease and Lease Guaranty prior to the expiration of the Inspection Date, Buyer may terminate this Agreement by providing written notice to Seller on or prior to the expiration of the Inspection Date in accordance with Section 7.3 of this Agreement.
Leaseback Lease. During the Inspection Period, Purchaser and Seller shall each use good faith efforts to finalize the form of a lease of the Property, under which Seller, as tenant, will lease the Real Property from Purchaser, as landlord, under the following terms (the “Leaseback Lease”):
(i) Base Rent: None.
(ii) Building Operating Expenses: Seller, as tenant, to be responsible for 100% of the operating expenses of the Property, except to the extent real estate taxes exceed the amount paid by Seller as of the date of Closing, which such excess shall be paid by Purchaser, as landlord.
(iii) Term: Up to three (3) years provided Seller shall have the right to terminate at any time on 30-days’ notice.
(iv) No commissions shall be payable with respect to the Leaseback Lease.
(v) Neither Seller (as tenant) nor Purchaser (as landlord) shall have any obligation to repair or restore any portion of the Property during the term of the Leaseback Lease. Any repairs desired by Seller shall be at Seller’s sole expense and discretion.
Leaseback Lease the Leaseback Lease, MOL and SNDA signed by the Leaseback Landlord;
Leaseback Lease. Buyer will, concurrently with Closing, lease the Property back to Leaseback Tenant by execution and delivery of the lease or occupancy agreement in a form to be agreed upon by Seller, Buyer and Leaseback Tenant prior to the expiration of the Inspection Date, which obligations of Leaseback Tenant under the Leaseback Lease shall be guaranteed by FIRST NORTHWEST BANCORP (the “Guarantor”) pursuant to form of guaranty to be attached to the Leaseback Lease (the “Lease Guaranty”). In the event that, despite using good faith efforts to negotiate the form of the Leaseback Lease and Lease Guaranty, the parties are unable to agree upon a form of Leaseback Lease and Lease Guaranty prior to the expiration of the Inspection Date, Buyer may terminate this Agreement by providing written notice to Seller on or prior to the expiration of the Inspection Date in accordance with Section 7.3 of this Agreement.
Leaseback Lease. Buyer will, concurrently with Closing, lease the Property back to Leaseback Tenant by execution and delivery of the lease in a form to be agreed upon by Seller, Buyer and Leaseback Tenant prior to the expiration of the Inspection Date, which Leaseback Lease shall provide for initial annual fixed rent for the Property (in the aggregate) of $1,537,368.00, and which obligations of Leaseback Tenant under the Leaseback Lease shall be guaranteed by MVB Financial Corp., a West Virginia corporation (the “Guarantor”) pursuant to form of guaranty to be attached to the Leaseback Lease (the “Lease Guaranty”). In the event that, despite using good faith efforts to negotiate the form of the Leaseback Lease and Lease Guaranty, the parties are unable to agree upon a form of Leaseback Lease and Lease Guaranty prior to the expiration of the Inspection Date, Buyer or Seller may terminate this Agreement by providing written notice to Seller on or prior to the expiration of the Inspection Date in accordance with Section 7.3 of this Agreement.
Leaseback Lease. Buyer will, concurrently with Closing, lease the Property back to Leaseback Tenant by execution and delivery of the lease or occupancy agreement in a form to be agreed upon by Seller, Buyer and Leaseback Tenant prior to the expiration of the Inspection Date, which obligations of Leaseback Tenant under the Leaseback Lease shall be guaranteed by FINWARD BANCORP, an Indiana Corporation (the “Guarantor”) pursuant to form of guaranty to be attached to the Leaseback Lease (the “Lease Guaranty”). Each of Seller, Buyer, and Leaseback Tenant hereby approve the form of the Leaseback Lease (including without limitation the Leaseback Guaranty attached thereto) attached hereto as EXHIBIT H.
Leaseback Lease. The Leaseback Lease executed by the landlord thereunder;
Leaseback Lease. At Closing, the Buyer, as landlord, and the Seller, as tenant, shall execute a lease agreement (the “Leaseback Lease”), pursuant to which the Buyer shall lease to the Seller a portion of the Property, [Redacted] Notwithstanding anything to the contrary herein, the Seller shall be responsible for all costs and completing any modifications and alterations, each subject to the Buyer’s consent not to be unreasonable withheld, conditions, or delayed, including installation of any walls, doorways, security, or other improvements to the interior of the building to cordon off the Leased Premises from the remainder of the interior of the Property. Prior to the execution of this Agreement, the Buyer has provided a proposed form of Leaseback Lease including the above terms and a form it has utilized for other similarly situated buildings like the Building for multi-tenant commercial properties. The Seller and the Buyer shall negotiate in good faith and with due diligence and shall finalize and agree upon the final terms of Leaseback Lease prior to the expiration of the Due Diligence Period on terms consistent with the terms of this Paragraph 6 and including customary terms for multi-tenant commercial buildings reasonable in the marketplace.