Lessor's Consent Required. 13.1.1 Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayed. 13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a change in the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, of 50% or more of the voting control of Lessee shall constitute a change in control for this purpose. 13.1.3 The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever was or is greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "Net Worth of Lessee" shall mean the net worth of Lessee established under generally accepted accounting principles. 13.1.4 An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4, or a noncurable Breach. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by Lessor. 13.1.5 Lessee's remedy for any breach of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief. 13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested. 13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The In the event Lessee is not a company whose shares are publicly traded on a national securities exchange, the transfer, on a cumulative basis, of 50% twenty five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose. So long as Lessee is a company whose shares are publicly traded on a national securities exchange, a change in control shall only be the transfer of fifty percent (50%) or more of the voting control of Lessee in a single transaction shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions with affiliates (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than 25% fifty percent (50 %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Not Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4, or a noncurable Breach. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by Lessor.
13.1.5 Lessee's remedy for any breach of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Lease Agreement (Metacreations Corp)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of LesseeXxxxxx's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Xxxxxx's consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, financing refinancing. transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Xxxxxx's interest in this Lease without Xxxxxx's specific prior written consent shall, at Lessor's Lessors option, be a Default [ILLEGIBLE] curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved represented to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days' written notice ("Lessors Notice"), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Xxxxxx, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lease shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior to the adjustment specified in Lessor's Notice.
13.1.5 Lessee(e) Xxxxxx's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, transfer on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose. Notwithstanding anything to the contrary in Paragraphs 12.1(a) or (b), Lessor's consent shall not be required for Lessee to make an initial public offering of its stock, and, at any time when Lessee is a publicly held corporation, neither a merger or acquisition of Lessee, nor the sale of its stock, shall require the consent of Lessor, even though the merger or acquisition or sale of stock may involve a change of control or transfer of more than twenty-five percent (25%) of the voting control of Lessee.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth NET WORTH OF LESSEE" for purposes of Lessee" this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4, or a noncurable Breach. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by Lessor.
13.1.5 Lessee's remedy for any breach of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, except to an Affiliate of Lessee, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment") or sublet except to an Affiliate of Lessee all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease except to an Affiliate of Lessee, without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13 1 ( c ) , or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable Breach, . Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice ("Lessor's Notice"), increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect, whichever is greater. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Future , in the event of such Breach and market value adjustment.
13.1.5 (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition), or one hundred then percent (110%) of the price previously in effect, whichever is greater, (ii) any index-oriented rental or price adjustment formulas, contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new market rental bears to the Base Rent in effect immediately prior to the market value adjustment.
(e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or and injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease Net (Farah Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest in this a Lease or in the Premises without Lessor's prior consent given under and subject to the terms of Paragraph 36. Lessor shall respond to requests for consent within ten (10) days, and any refusal of consent shall by accompanied by a detailed written consent, which shall not be unreasonably withheld or delayedexplanation thereof.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% or more of the voting control of Lessee shall constitute a change in control for this purpose. See Addendum.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount greater equal to or less than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any guaranties) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4, Paragraph 13.1(c). or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice ("Lessor's Notice"), increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect, whichever is greater. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor.
13.1.5 Lessee's remedy Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and market value adjustment, (i) the purchase price of any breach of Section 13.1 option to purchase the Premises held by Lessor Lessee shall be limited subject to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent similar adjustment to a proposed assignment the then fair market value (without the Lease being considered an encumbrance or subletting if Lessee is any deduction for depreciation or obsolescence. and considering the Premises at its highest and best use and in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoinggood condition), allowing a de minimis portion or one hundred ten percent (110%) of the Premisesprice previously in effect, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a sublettingwhichever is greater.
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease Net (William Lyon Homes)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayed.
13.1.2 (b) Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a change in the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, of 5025% or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, transfer, leveraged buy-out buyout or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever was or is greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "Net Worth of Lessee" shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 (d) An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(d), or a noncurable Breachnoncurable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved assignment or subletting as a noncurable noncurable Breach, Lessor maymay either: terminate this Lease, or (ii) upon 30 days written notice, terminate increase the attempted assignment or sublease monthly Base Rent to 110% of the Base Rent then in effect. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall then remain liable for be subject to similar adjustment to 110% of the price previously in effect, and (ii) all fixed and nonfixed rental adjustments scheduled during the remainder of its obligations under this Lease, unless otherwise agreed by Lessorthe Lease term shall be increased to 110% of the scheduled adjusted rent.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 (f) Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 (g) Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., i.e. 20 square feet or less, to be used by a third-third party vendor in connection with the installation, for example, installation of a vending machine or priority mail box, payphone shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Multi Tenant Lease Net (International Stem Cell CORP)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayed.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than twenty-five percent (25% %) of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever was or is greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "Net Worth of Lessee" shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 (d) An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor maymay either: (i) terminate this Lease, or (ii) upon 30 thirty (30) days written notice, terminate increase the attempted assignment or sublease monthly Base Rent to one hundred ten percent (110%) of the Base Rent then in effect. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall then remain liable for be subject to similar adjustment to one hundred ten percent (110%) of the price previously in effect, and (ii) all fixed and non-fixed rental adjustments scheduled during the remainder of its obligations under this Lease, unless otherwise agreed by Lessorthe Lease term shall be increased to One Hundred Ten Percent (110%) of the scheduled adjusted rent.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease (Cii Financial Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayed.consent given under and subject to the terms of Paragraph 36. *
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% thirty-five percent (35%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth NET WORTH OF LESSEE" for purposes of Lessee" this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days' written notice ("LESSOR'S NOTICE"), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior to the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or “assignment"”) or sublet all or any part of Lessee's interest in ’s Interest In this Lease or in In the Premises without Lessor's ’s prior written consent, which shall not be unreasonably withheld or delayed.
13.1.2 Unless Lessee is a corporation consent given under and its stock is publicly traded on a national stock exchange, a subject to the terms of Paragraph 38. A change in the control of Lessee shall constitute an assignment requiring consent. The Lessor’s consent the transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 . The involvement Involvement of Lessee or its assets in In any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's ’s assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "‘Net Worth of Lessee" ’ for purposes of this Lease shall mean be the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 principles consistently applied. An assignment or subletting of Lessee’s Interest in this Lease without Lessor’s specific prior written consent shall, at Lessor's ’s option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (t) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (1i) upon thirty (30) days written notice (‘Lessor’s Notice’), increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect, whichever is greater. Pending determination of the new fair market rental value, If disputed by Lessee, Losses shall pay the amount set forth In Lessor.
13.1.5 ’s Notice, with any overpayment credited against the next Installment(s) of Be” Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, In the event of such Breach and market value adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at Its highest and best use and in good condition), or, one hundred ten percent (110%) of the price previously In effect, whichever is greater, (ii) any Index-oriented rental or price adjustment formulas contained In this Lease shall be adjusted to require that the base Index be determined with reference to the Index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lea” term shall be increased In the same ratio as the new market rental bears to the Base Rent In effect immediately prior to the market value adjustment. Lessee's ’s remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive and Injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Tenant Lease (Invivo Corp)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of or law assign, transfer, mortgage or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest Interest in this Lease or in In the Premises without Lessor's prior Lassoes poor written consent, which shall not be unreasonably withheld or delayed.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, of 5025% or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement Involvement of Lessee or its Its assets in In any transaction, or series of transactions (by way of at merger, sale, acquisition, financing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it It was represented at the time of the execution of this Lease or at the time lime of the most recent assignment to which Lessor has consented, or as it exists immediately prior poor to said transaction or transactions constituting such reduction, whichever was or is Is greater, shall be he considered an assignment of this Lease to which Lessor may withhold its consent. "'Net Worth of Lessee" shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 (d) An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor maymay either: (f) terminate this Lease, or (II) upon 30 days written notice, terminate increase the attempted assignment or sublease monthly Base Rent to 110% of the Base Rent then In affect. Further, In the event of such Breach and rental adjustment, (I) the purchase price of any option to purchase the Premises held by Lessee sham be subject to similar adjustment to 110% of the price previously in affect, and (it) all fixed and non-fixed rental adjustments scheduled during the remainder of the Lease term shall then remain liable for all be increased to 110% of its obligations under this Leasethe scheduled adjusted rent, unless otherwise agreed by Lessor.
13.1.5 (a) Lessee's remedy for any breach of Section 13.1 Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial Commercial Multi Tenant Lease Net (American Consolidated Management Group Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, collectively "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, (b) a change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% forty-nine percent (49%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee, as hereafter defined, by an amount equal to or greater than twenty-five percent (25%) of such Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth NET WORTH OF LEASE" for purpose of Lessee" this Lease shall mean be the net worth of Lessee (excluding Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved uncontested to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice ("Lessor's Notice"), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formula contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustment scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior to the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Multi Tenant Lease (Ciphergen Biosystems Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment"assign.) or sublet all or any part of Lessee's interest Interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in In the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in In control for this purpose.
13.1.3 (c) The involvement Involvement of Lessee or its Its assets in In any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation hypothecatlon of this Lease or Lessee's assets occurs, which results or will result in In a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than 25% twenty-five percent (2516) of such Net Worth of Lessee as it It was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it It exists immediately prior to said transaction or transactions constituting consulting such reduction, at whichever time said Net Worth of Lessee was or is Is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its Its consent. "Net Worth of Lessee" Lessee for purposes of this Lease shall mean be the net worth of Lessee lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently supplied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: p) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or 01) upon thirty (30) days written notice {'Lessor's Notice',, Increase the monthly Base Rent for the Premises to the greater of the then fairmarket rental value of the Premises as easonably determined by Lessor,or one hundred ten percent (1 t016) of the Base Rent then In effect. Pending determination of the new fair market rental value if disputed by Lessee, Lessee shall pay the amount set forth In Lessor's Notice, with any overpayment credited against the next Installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determinatlon thereof. Further, in the event of such Breach and rental adjustment, the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at Its highest and best use and in good condition) or one hundred ten percent (110%)of the price previously in effect, pi) any lndex-orlented rental or price adjustment formulas contained In this Lease shall be adjusted to require that the base Index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be Increased In the same ratio as the new rental bears to the Base Rent in effect Immediately prior to the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited Itemized to compensatory damages and/or injunctive Injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The In the event Lessee is not a company whose shares are publicly traded on a national securities exchange, the transfer, on a cumulative basis, of 50% twenty five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose. So long as Lessee is a company whose shares are publicly traded on a national securities exchange, a change in control shall only be the transfer of fifty percent (50%) or more of the voting control of Lessee in a single transaction shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions with affiliates (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than 25% fifty percent ( 50 %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Not Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4, or a noncurable Breach. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by Lessor.
13.1.5 Lessee's remedy for any breach of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Lease Agreement (Metacreations Corp)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may withhold reasonably without its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days' written notice ("Lessor's Notice"), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the THE MANUFACTURERS LIFE INSURANCE COMPANY (U.S.A.) Initials: ________ Form RE-5D Multi-Ind. Gross (10/99) ________ new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the ten fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or _______________, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior to the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Multi Tenant Industrial Lease (American Medical Systems Holdings Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentASSIGNMENT") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which consent given under and subject to the terms of Paragraph 36. Lessor's consent shall not be unreasonably withheld and Lessor shall grant or delayeddeny consent within fifteen (15) days after receipt by Lessor of Lessee's written request, which shall include but not be limited to a description of the proposed operation, sufficient financial information (at least two (2) year tax returns and income statements) and written Landlord references with telephone numbers.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% forty percent (40%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth NET WORTH OF LESSEE" for purposes of Lessee" this Lease shall mean be the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice ("Lessor's Notice"), increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect, whichever is greater. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and market value adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition), or one hundred ten percent (110%) of the price previously in effect, whichever is greater, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new market rental bears to the Base Rent in effect immediately prior to the market value adjustment.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or and injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease (Burke Industries Inc /Ca/)
Lessor's Consent Required. 13.1.1 Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "“assign or assignment"”) or sublet all or any part of Lessee's ’s interest in this Lease or in the Premises without Lessor's ’s prior written consent, consent (which shall will not be unreasonably withheld withheld, conditioned or delayed), unless such assignment is to a related entity, subsidiary, parent company or affiliate of Lessee, or to an acquiring entity with a Net Worth of Lessee (as defined below) equal to or greater than Lessee’s as of the date of this Lease (collectively, “Permitted Transfer”) provided, however, that in the event of such an assignment, the provisions of Section 13.2 shall still be applicable. Notwithstanding the foregoing, Lessor hereby consents to the occupancy of a portion of the Premises by Lessee’s third-party logistics provider.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a change in the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, of 5025% or more of the voting control of Lessee shall constitute a change in control for this purpose. The foregoing shall not apply to Permitted Transfers.
13.1.3 The Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, the involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's ’s assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever was or is greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "“Net Worth of Lessee" ” shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4, or a noncurable Breach. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by Lessor.
13.1.5 Lessee's remedy for any breach of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, The foregoing shall not constitute a sublettingapply to Permitted Transfers.
Appears in 1 contract
Samples: Industrial/Commercial Multi Tenant Lease (Tandem Diabetes Care Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of fifty percent (50% %) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than 25% fifty percent (50%) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. consent [See Attachment] "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved assignment unconsented to assignments or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by or (ii) upon thirty (30) days' written notice ("Lessor.
13.1.5 Lessee's remedy Notice"), increase the monthly Base Rent for any breach the Premises to the greater of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion then fair market rental value of the Premises, i.e.as reasonably determined by Lessor, 20 square feet or lessone hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the same ratio as the new rental bears to the Base Rent in effect immediately prior to the adjustment specified in Lessor's Notice.
(e) Notwithstanding anything contained to the contrary in this Lease, Lessee shall have the right, without Lessor's prior consent, to be used assign the Premises, or any portion thereof, to an "affiliate" of Lessee. For purposes of this Lease, the term "affiliate" shall mean and refer to any duly formed entity which is either majority owned or controlled by a third-party vendor Lessee, under common ownership with Lessee under the same control of Lessee. Upon any assignment to an affiliate, this Lease shall otherwise remain unmodified, and Lessee shall have no obligation to pay any consideration to Lessor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a sublettingtherewith.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentASSIGNMENT") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in In the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of Fifty Percent (50% %) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, sale acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than 25% Fifty Percent (50%) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth NET WORTH OF LESSEE" for purposes of Lessee" this Lease shall mean be the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (il terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice ("Lessor's Notice"), increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect, whichever is greater. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and market value adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment Io the then fair market value (without the Lease being considered an encumbrance or any deduction for depreciation, or obsolescence, and considering the Premises at its highest and best use and in good condition), or one hundred ten percent (110%) of the price previously in effect, whichever is greater, (ii) any Index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new market rental bears to the Base Rent in effect immediately prior to the market value adjustment.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or and injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease Gross (Dental Medical Diagnostic Systems Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "“assign or assignment"”) or sublet all or any part of Lessee's ’s interest in this Lease or in the Premises without Lessor's ’s prior written consent, which shall not be unreasonably withheld withheld, conditioned or delayed.
13.1.2 (b) Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a change in the control of Lessee shall constitute an assignment requiring consent. The , the transfer, on a cumulative basis, of 5025% or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, transfer, leveraged buy-out out, private equity transaction, recapitalization or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's ’s assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent extension of the term or prior assignment or sublease to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever was or is greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "“Net Worth of Lessee" ” shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 An assignment or subletting without consent shallprinciples consistently applied. The failure of Lessee to provide Lessor with at least thirty (30) days advance written notice of any of the above transactions accompanied by sufficient detail to demonstrate to Lessor’s reasonable satisfaction that there has not been a prohibited reduction in Net Worth may, at Lessor's ’s option, be a Default curable after notice per Section 14.4, or a noncurable Breach. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by deemed an Assignment without Lessor’s required consent.
13.1.5 Lessee's remedy for any breach of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Industrial/Commercial Single Tenant Lease (Stevanato Group S.p.A.)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest Interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in In the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its Its assets in In any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing. transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in In a reduction of the Not Worth of Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25%) of such Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Not Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Not Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting Subletting of Lessee's Interest In this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after alter notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (1) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (11) upon thirty (30) days written notice ("Lessor's Notice"), Increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect, whichever is greater. Pending determination of the now fair market rental value, If disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next Installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, In the event of such Breach and market value adjustment, (i) the purchase price of any option to purchase the Promises hold by Lessee shall be subject to similar adjustment to the then fair market value (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition), or one hundred ten percent (110%) of the price previously in affect, whichever is greater, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be Increased In the same ratio as the now market rental bears to the Base Rent In affect Immediately prior to the market value adjustment.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive and Injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease Gross (American Fire Retardant Corp)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectivelycollective, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayed.consent given under and subject to the terms of Paragraph 36
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting consulting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. consent "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, . Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty, (30) days' written notice ("Lessor's Notice"). Increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new law market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental basis to the Base Rent in effect immediately prior to the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayed.
13.1.2 (b) Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a change in the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, of 5025% or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever was or is greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "Net Worth of Lessee" shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 (d) An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor maymay either: (i) terminate this Lease, or (ii) upon 30 days written notice, terminate increase the attempted assignment or sublease monthly Base Rent to 110% of the Base Rent then in effect. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall then remain liable for be subject to similar adjustment to 110% of the price previously in effect, and (ii) all fixed and non-fixed rental adjustments scheduled during the remainder of its obligations under this Lease, unless otherwise agreed by Lessorthe Lease term shall be increased to 110% of the scheduled adjusted rent.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of fifty (50% ) percent or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than 25% fifty (50) percent of such Net Worth of Lessee as it was represented at to Lessor of the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth NET WORTH OF LESSEE" for purposes of Lessee" this lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days' written notice ("LESSOR'S NOTICE"), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Lease Agreement (Mossimo Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment"" ) or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consentconsent given under and subject to the terms of Paragraph 36. In the event an assignment or sublease is made, which 50% of profits gained from a assignment or subletting shall go to Lessor. Consent shall not be unreasonably withheld or delayedwithheld.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% fifty one (51%) or more of the voting control of Lessee shall constitute a change in control for this purpose. If the change of control is to an entity that has a greater market capitalization than Lessee, no consent is necessary and if it is smaller consent shall not be unreasonably withheld.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice ("Lessor's Notice"), increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect whichever is greater. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and market value adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition), or one hundred ten percent (110%) of the price previously in effect, whichever is greater, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new market rental bears to the Base Rent in effect immediately prior to the market value adjustment.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or and injunctive relief.
13.1.6 (f) Lessor may reasonably withhold consent acknowledges that Lessee's business involves the provision of capital and services to individuals and companies that are in the early stages of forming a proposed business (Start-ups) and that these Start-ups will be occupying the Premises from time to time. Based on this acknowledgment, and not withstanding anything to the contrary in this Lease, so long as the Start-ups are not paying rent to Lessee, the occupancy of the Premises by these Start-ups shall not be considered a subletting or assignment or requiring Lessor's consent. If Start-ups do pay rent, it will not constitute subletting if Lessee is has a greater than five (5%)percent equity stake in Default at the time consent is requestedStart-up.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Lease Agreement (Idealab)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, collectively "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, transaction or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever the time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice (Lessor's Notice"), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonable determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease terms shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Lease Agreement (Qad Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "‘assign or assignment"’) or sublet all or any part of Lessee's ’s interest in In this Lease or in the Premises without Lessor's ’s prior written consent, which shall not be unreasonably withheld or delayed.
13.1.2 (b) Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a change in In the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, bass of 5025% or more of the voting control of Lessee shall constitute a change in In control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in In any transaction, or series of transactions (by way of merger, . sale, acquisition, . financing, transfer, leveraged buy-out buyout or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's ’s assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever . Whichever was or is greater, greater shall be considered an assignment of this Lease to which Lessor may withhold its consent. "consent ‘Net Worth of Lessee" ” shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 (d) An assignment or subletting without consent shall, at Lessor's ’s option, be a Default curable after notice per Section 14.4, Paragraph 13.1(c). or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor maymay ether: (I) terminate this Lease, or (11) upon 30 days written notice, terminate Increase the attempted assignment or sublease monthly Base Rent to 110% of the Base Rent then In effect. Further, In the event of such Breach and rental adjustment, (I) the purchase price of any option to purchase the Premises held by Lessee shall then remain liable for be subject to similar adjustment to 110% of the price previously In effect, and (ii) all fixed and non-fixed rental adjustments scheduled during the remainder of its obligations under this Lease, unless otherwise agreed by Lessorthe Lease term shall be increased to 110% of the scheduled adjusted rent.
13.1.5 (e) Lessee's ’s remedy for any breach of Section 13.1 Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is (b) Except for a corporation and its stock is publicly traded on a national stock exchange, Permitted Transfer (as defined below) a change in the control of the Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% or more of the voting control of Lessee shall constitute a change in control for this purpose*INSERT 12.1(b).
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. consent "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 An (d) Except for a Permitted Transfer an assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days' written notice ("Lessor's Notice"), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior to the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Multi Tenant Lease (Nuvasive Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consentconsent given under and subject to the terms of Paragraph 36., which Lessor shall not be unreasonably withheld or delayedwithhold consent.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of fifty percent (50% %) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice ("Lessor's Notice"), increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect, whichever is greater. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor's Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and market value adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition), or one hundred ten percent (110%) of the price previously in effect, whichever is greater, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new market rental bears to the Base Rent in effect immediately prior to the market value adjustment.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or and injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignmentassign") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36 .
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, transaction or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's Lessees assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time lime of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. , "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessees interest in this Lease without Lessor's specific prior written consent shall, at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 12.1, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable non-curable Breach, . Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days' written notice ("Lessor's Notice"), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises, as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Lessee. Lessee shall pay the amount set forth in Lessors Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (iii) any index- oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior to the adjustment specified in Lessor's Notice.
13.1.5 (e) Lessee's remedy for any breach of Section 13.1 this Paragraph 11.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Multi Tenant Lease Gross (Embedded Support Tools Corp)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent, which shall not be unreasonably withheld or delayedconsent given under and subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose. (See Paragraph 49j.)
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" for purposes of this Lease shall mean be the net worth of Lessee established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or subletting of Lessee's interest in this Lease without Lessor's specific prior written consent shall, shall at Lessor's option, be a Default curable after notice per Section 14.4Paragraph 13.1(c), or a noncurable BreachBreach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days written notice ("Lessor's Notice"), increase the monthly Base Rent to fair market rental value or one hundred ten percent (110%) of the Base Rent then in effect, whichever in greater. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor.
13.1.5 Lessee's remedy Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and market value adjustment, (i) the purchase price of any breach of Section 13.1 option to purchase the Premises held by Lessor Lessee shall be limited subject to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent similar adjustment to a proposed assignment the then fair market value (without the Lessee being considered an encumbrance or subletting if Lessee any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition), or one hundred ten percent (110%) of the price previously in effect, whichever is greater, (ii) any index-oriented rental or price adjustment formulas contained in Default at this Lease shall be adjusted to require that the base Index be determined with reference to the index applicable to the time consent is requested.
13.1.7 Notwithstanding of such adjustment, and (iii) any fixed rental adjustments scheduled during the foregoing, allowing a de minimis portion remainder of the Premises, i.e., 20 square feet or less, Lease term shall be increased in the same ratio as the new market rental bears to be used by a third-party vendor the Base Rent in connection with effect immediately prior to the installation, for example, of a vending machine or priority mail box, shall not constitute a sublettingmarket value adjustment.
Appears in 1 contract
Samples: Sublease Agreement (Genoptix Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment"“assign”) or sublet all or any part of Lessee's ’s interest in this Lease or in the Premises without Lessor's ’s prior written consent, which shall not be unreasonably withheld or delayedconsent given under the subject to the terms of Paragraph 36.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor’s consent. The transfer, on a cumulative basis, of 50% twenty-five percent (25%) or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buyby-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's ’s assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the full execution and delivery of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "“Net Worth of Lessee" ” for purposes of this Lease shall mean be the net worth of Lessee (excluding any Guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 (d) An assignment or of subletting of Lessee’s Interest in this Lease without Lessor’s specific prior written consent shall, at Lessor's option, ’s option be a Default curable after notice per Section 14.4, Paragraph 13.1 or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unconsented to assignment or of subletting as a noncurable non-curable Breach, Lessor may, upon 30 days written notice, shall have the right to either: (i) terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed or (ii) upon thirty (30) days’ written notice (“Lessor’s Notice”), increase the monthly Base Rent for the Premises to the greater of the then fair market rental value of the Premises as reasonably determined by Lessor, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed by Lessee, Lessee shall pay the amount set forth in Lessor’s Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to the then fair market value as reasonably determined by Lessor (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good condition) or one hundred ten percent (110%) of the price previously in effect, (ii) any index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately prior to the adjustment specified in Lessor’s Notice.
13.1.5 (e) Lessee's ’s remedy for any breach of Section 13.1 this Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Standard Industrial/Commercial Multi Tenant Lease (Align Technology Inc)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "assign or assignment") or sublet all ail or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consent. Notwithstanding anything to the contrary contained herein, which Lessor's consent shall not be unreasonably withheld required for an assignment or delayedsublease to a Lessee Affiliate (as hereinafter defined). As used herein, "Affiliate' shall mean any entity (a) which owns and controls Lessee;(b) is owned and controlled by Lessee;(c) is owned and controlled by an entity described in (a);(d) with which Lessee may merge or consolidate; or (e) which acquires all or substantially all of the capital stock or assets of Lessee. Lessor acknowledges that as of the date hereof SR Energy Co., Ltd. is an Affiliate of Lessee and, accordingly, sublease to such Affiliate does not require Lessor's consent hereunder.
13.1.2 (a) Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a change in the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, of 5025% or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (b) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever was or is greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "Net Worth of Lessee" shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4, or a noncurable Breach. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by Lessor.
13.1.5 Lessee's remedy for any breach of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or otherwise transfer or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's interest in this Lease or in the Premises without Lessor's prior written consentconsent given under and subject to the terms of Paragraph 36. In the event an assignment or sublease is made, which 50% of profits gained from a assignment or subletting shall go to Lessor. Consent shall not be unreasonably withheld or delayedwithheld.
13.1.2 Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a (b) A change in the control of Lessee shall constitute an assignment requiring Lessor's consent. The transfer, on a cumulative basis, of 50% fifty one (51%) or more of the voting control of Lessee shall constitute a change in control for this purpose. If the change of control is to an entity that has a greater market capitalization than Lessee, no consent is necessary and if it is smaller consent shall not be unreasonably withheld.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, refinancing, transfer, leveraged buy-out or otherwise), ) whether or not a formal assignment or hypothecation of this Lease or Lessee's Lessee s assets occurs, which results or will result in a reduction of the Net Worth of Lessee Lessee, as hereinafter defined, by an amount equal to or greater than twenty-five percent (25% %) of such Net Worth of Lessee as it was represented to Lessor at the time of the execution by Lessor of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, at whichever time said Net Worth of Lessee was or is greater, shall be considered an assignment of this Lease by Lessee to which Lessor may reasonably withhold its consent. "Net Worth of Lessee" shall mean for purposes of this Lease snail be the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principlesprinciples consistently applied.
13.1.4 An assignment or subletting without consent shall, at Lessor's option, be a Default curable after notice per Section 14.4, or a noncurable Breach. If Lessor elects to treat such unapproved assignment or subletting as a noncurable Breach, Lessor may, upon 30 days written notice, terminate the attempted assignment or sublease and Lessee shall then remain liable for all of its obligations under this Lease, unless otherwise agreed by Lessor.
13.1.5 Lessee's remedy for any breach of Section 13.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., 20 square feet or less, to be used by a third-party vendor in connection with the installation, for example, of a vending machine or priority mail box, shall not constitute a subletting.
Appears in 1 contract
Samples: Lease Agreement (Idealab)
Lessor's Consent Required. 13.1.1 (a) Lessee shall not voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, "assign or assignment") or sublet all or any part of Lessee's ’s interest in this Lease or in the Premises without Lessor's ’s prior written consent, which shall not be unreasonably withheld or delayed.
13.1.2 (b) Unless Lessee is a corporation and its stock is publicly traded on a national stock exchange, a change in the control of Lessee shall constitute an assignment requiring consent. The transfer, on a cumulative basis, of 5025% or more of the voting control of Lessee shall constitute a change in control for this purpose.
13.1.3 (c) The involvement of Lessee or its assets in any transaction, or series of transactions (by way of merger, sale, acquisition, financing, transfer, leveraged buy-out or otherwise), whether or not a formal assignment or hypothecation of this Lease or Lessee's ’s assets occurs, which results or will result in a reduction of the Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the time of the execution of this Lease or at the time of the most recent assignment to which Lessor has consented, or as it exists immediately prior to said transaction or transactions constituting such reduction, whichever was or is greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "" Net Worth of Lessee" shall mean the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.
13.1.4 (d) An assignment or subletting without consent shall, at Lessor's ’s option, be a Default curable after notice per Section 14.4notice, or a noncurable Breachnon-curable Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved unproved assignment or subletting as a noncurable non-curable Breach, Lessor maymay either: (i) terminate this Lease, or (ii) upon 30 days written notice, terminate increase the attempted assignment or sublease monthly Base Rent and Percentage Rent Rate to 110% of the Base Rent and Percentage Rent Rate then in effect. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Lessee shall then remain liable for be subject to similar adjustment to 110% of the price previously in effect, and (ii) all fixed and non-fixed rental adjustments scheduled during the remainder of its obligations under this Lease, unless otherwise agreed by Lessorthe Lease term shall be increased to 110% of the scheduled adjusted rent.
13.1.5 (e) Lessee's ’s remedy for any breach of Section 13.1 Paragraph 18.1 by Lessor shall be limited to compensatory damages and/or injunctive relief.
13.1.6 (f) Lessor may reasonably withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.
13.1.7 (g) Notwithstanding the foregoing, allowing a de minimis portion of the Premises, i.e., ie. 20 square feet or less, to be used by a third-third party vendor in connection with the installation, for example, installation of a vending machine or priority mail box, pay-phone shall not constitute a subletting.
Appears in 1 contract
Samples: Lease Agreement
