Lessor's Right to Terminate. Lessee warrants and represents that it will use Premises in full compliance with state and local law. However, if at any time during the term of this Lease, Lessor receives written notice from a government official relating to any of the following “Early Termination Events”, due to Lessee’s presence in the Leased Premises: • Federal criminal prosecution for conspiracy to sell, produce, or transport an illegal drug or an impending federal RICO action; • Seizure of property under federal laws providing for forfeiture of assets by those involved in drug trafficking; • A substantiated “nuisance” claim for the smoke, odors, loiterers, or other marijuana related nuisance because of the Lessee’s Use. Enclosed: Exhibit A - Floor Plan Exhibit B - Legal Description Exhibit C – Holliston Tax Xxxx Exhibit D - Fair Market Value Exhibit E - Lessee Finish Work: Lessor Builds to Plans Within a reasonable time after Lessor’s receipt of Lessee’s written notice of exercise of Lessee’s option to extend (which notice to extend must be received by Lessor prior to the deadline for same set forth herein), Lessor shall send written notice to Lessee of Lessor’s determination of the fair market rent during the option period. In the event Lessee does not accept Lessor’s determination of fair market rent, then Lessee shall deliver written notice of objection to Lessor within ten (10) days of Lessee’s receipt of Lessor’s notice of determination (the “Objection Period”). The failure of Lessee to deliver such written notice of objection to Lessor during the Objection Period shall be deemed acceptance by Lessee of Lessor’s determination of fair market rent. If the parties cannot agree within ten (10) days of Lessee’s written notice of objection (the “Negotiation Period”) on the fair market rental to be paid by the Lessee during any option period, the same shall be determined as follows: (a) The Lessor and Lessee shall each select a MAIA certified real estate appraiser or reputable commercial real estate broker with at least five (5) years experience in the Holliston/Hopkinton area real estate market to determine said fair market rental, within twenty (20) days of the Negotiation Period. The fair market rental agreed upon by said appraisers/brokers shall be the Rent to be paid by Lessee and accepted by Lessor during such option period. (b) In the event the aforesaid appraisers/brokers cannot agree on the fair market rental by said 20th day, they shall immediately appoint a third, and the decision of the majority of the three appraisers/brokers shall govern by mutual agreement of the parties hereto. Lessee shall be responsible for any and all expenses of the appraisers/brokers. Except as set forth in this Exhibit, Lessee’s taking possession of the Leased Premises shall be conclusive evidence that the Premises were in good order and satisfactory condition when Lessee took possession. The Premises have been delivered in “as is” condition. The Lessor will provide an improvement allowance of for the purpose of demolishing some of the existing office space, building out the premises, and augmenting the power to the premises. Lessee will not demolish any portion of the office space until Lessee waives their right to early termination because Lessee has not receive all necessary approvals and permits from the Town of Holliston and/or State of Massachusetts The improvement allowance will be paid from Lessor to Lessee once Lessee has waived the aforementioned early termination right and within ten
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Lessor's Right to Terminate. Lessee warrants and represents that it will use Premises in full compliance with state and local law. However, if at any time during the term of this Lease, Lessor receives written notice from a government official relating to any of the following “Early Termination Events”, due to Lessee’s presence in the Leased Premises: • Federal criminal prosecution for conspiracy to sell, produce, or transport an illegal drug or an impending federal RICO action; • Seizure of property under federal laws providing for forfeiture of assets by those involved in drug trafficking; • A substantiated “nuisance” claim for the smoke, odors, loiterers, or other marijuana related nuisance because of the Lessee’s Use. Enclosed: Exhibit A - Floor Plan Exhibit B - Legal Description Exhibit C – Holliston Tax Xxxx Exhibit D - Fair Market Value Exhibit E - Lessee Finish Work: Lessor Builds to Plans Within a reasonable time after Lessor’s receipt of Lessee’s written notice of exercise of Lessee’s option to extend (which notice to extend must be received by Lessor prior to the deadline for same set forth herein), Lessor shall send written notice to Lessee of Lessor’s determination of the fair market rent during the option period. In the event Lessee does not accept Lessor’s determination of fair market rent, then Lessee shall deliver written notice of objection to Lessor within ten (10) days of Lessee’s receipt of Lessor’s notice of determination (the “Objection Period”). The failure of Lessee to deliver such written notice of objection to Lessor during the Objection Period shall be deemed acceptance by Lessee of Lessor’s determination of fair market rent. If the parties cannot agree within ten (10) days of Lessee’s written notice of objection (the “Negotiation Period”) on the fair market rental to be paid by the Lessee during any option period, the same shall be determined as follows:
(a) The Lessor shall have the right upon written notice to the Lessee to terminate the lease of any or all Property or Equipment as of a Basic Rent Payment Date stipulated in such notice if at any time, for any reason (other than an Event of Default by the Lessor under a Credit Agreement (as therein defined) which has not been caused by or resulted from an Event of Default under this Lease or from a breach by the Lessee of its obligations under any agreement or document executed and Lessee shall each select delivered in connection with this Lease), Commercial Paper cannot be issued by the Lessor upon terms reasonably acceptable to the Lessor, the Lessor cannot arrange for bank borrowings to finance or refinance the purchase of such Property or Equipment upon terms reasonably acceptable to the Lessor, and the Lessor may no longer make or continue to obtain financing under a MAIA certified real estate appraiser Credit Agreement sufficient to finance or reputable commercial real estate broker with at least five (5) years experience in the Holliston/Hopkinton area real estate market to determine said fair market rental, within twenty (20) days of the Negotiation Period. The fair market rental agreed upon by said appraisers/brokers shall be the Rent to be paid by Lessee and accepted by Lessor during refinance such option periodpurchase.
(b) In the event of a termination with respect to any or all Property or Equipment pursuant to paragraph (a) of this Section 14, the aforesaid appraisers/brokers cannot agree on the fair market rental by said 20th day, they shall immediately appoint a third, and the decision of the majority of the three appraisers/brokers shall govern by mutual agreement of the parties hereto. Lessee shall be responsible required, at its option, either (i) to arrange for any such Property or Equipment to be sold in accordance with the terms, and subject to satisfying the conditions for the use, of Section 12 above and with the consequences therein provided, except that such sale must occur on the Basic Rent Payment Date stipulated in the written notice contemplated in paragraph (a) of this Section 14, or (ii) to purchase, on the Basic Rent Payment Date stipulated in the written notice contemplated by paragraph (a) of this Section 14, such Property or Equipment for cash at its Adjusted Acquisition Cost. If a notice under paragraph (a) of this Section 14 shall be given with respect to the Lessor's inability to finance a Pork Production Facility or Pork Production Facility Equipment, the sale or purchase referred to in this paragraph (b) shall include both the affected Pork Production Facility and all expenses Pork Production Facility Equipment used, or to be used, at such Pork Production Facility and if a notice under paragraph (a) of this Section 14 shall be given with respect to the appraisers/brokers. Except as set forth Lessor's inability to finance a Poultry Production Facility or Poultry Production Facility Equipment the sale or purchase referred to in this Exhibitparagraph (b) shall include both the affected Poultry Production Facility and all Poultry Production Facility Equipment used, Lessee’s taking possession of or to be used, at such Poultry Production Facility. In connection with any purchase or sale under this paragraph, on the Leased Premises Basic Rent Payment Date upon which such purchase or sale occurs, the Lessee shall be conclusive evidence that the Premises were in good order and satisfactory condition when Lessee took possession. The Premises have been delivered in “as is” condition. The Lessor will provide an improvement allowance of for the purpose of demolishing some of the existing office space, building out the premises, and augmenting the power pay to the premises. Lessee will not demolish Lessor, in addition to any portion purchase price payable, all Basic Rent payable, the Variable Component of the office space until Lessee waives their right Basic Rent accrued with respect to early termination because Lessee has not receive all necessary approvals such Property or Equipment and permits from the Town of Holliston and/or State of Massachusetts The improvement allowance will be paid from Lessor to Lessee once Lessee has waived the aforementioned early termination right any Additional Rent and within tenother amounts owing hereunder.
Appears in 1 contract
Samples: Lease Agreement (Seaboard Corp /De/)
Lessor's Right to Terminate. Should a Hazardous Substance Condition that was not caused or materially contributed to by Lessee warrants and represents that it will use be discovered in, on or under the Premises in full compliance with state and local law. However, if at any time or Office Building Project during the term of this Lease, Lessor receives written notice from a government official relating to any Lease the full remediation of the following “Early Termination Events”, due to Lessee’s presence in the Leased Premises: • Federal criminal prosecution for conspiracy to sell, produce, or transport an illegal drug or an impending federal RICO action; • Seizure of property under federal laws providing for forfeiture of assets by those involved in drug trafficking; • A substantiated “nuisance” claim for the smoke, odors, loiterers, or other marijuana related nuisance because of the Lessee’s Use. Enclosed: Exhibit A - Floor Plan Exhibit B - Legal Description Exhibit C – Holliston Tax Xxxx Exhibit D - Fair Market Value Exhibit E - Lessee Finish Work: Lessor Builds to Plans Within a reasonable time after which would cost more than Lessor’s receipt of Lessee’s written notice of exercise of Lessee’s option to extend (which notice to extend must be received by Lessor prior to the deadline for same set forth herein)'s Remediation Cost Limit, Lessor shall send promptly advise Lessee thereof and Lessor may, at Lessor's option, either (a) remediate said Hazardous Substance Condition as soon as reasonably possible at Lessor's expense, in which event this Lease shall continue in full force and effect, or (b) give written notice to Lessee of Lessor’s determination 's intention to terminate this Lease. Lessor shall advise Lessee of the fair market rent during the option periodits election within thirty (30) days after Lessor's discovery of such Hazardous Substance Condition. In the event Lessee does not accept Lessor elects to give such notice of Lessor’s determination of fair market rent's intention to terminate this Lease, then Lessee shall deliver written notice of objection to Lessor have the right within ten (10) days after receipt of such notice to give written notice to Lessor of Lessee’s receipt 's commitment to pay (without reimbursement from Lessor) the cost of remediating the Hazardous Substance Condition in excess of Lessor’s notice of determination (the “Objection Period”). The failure of Lessee to deliver such written notice of objection to Lessor during the Objection Period 's Remediation Cost Limit in which event this Lease shall be deemed acceptance by continue in full force and effect, and Lessor, after receipt from Lessee of Lessor’s determination of fair market rentthe funds required to cover said excess cost, or adequate assurance thereof from Lessee, shall proceed to make such remediation as soon as reasonably possible. If the parties canLessee does not agree give such notice and funds or assurance within said ten (10) day period, this Lease shall terminate thirty (30) days of Lessee’s following the date the initial written notice of objection (the “Negotiation Period”) on the fair market rental to be paid by the Lessee during any option period, the same shall be determined as follows:
(a) The Lessor and Lessee shall each select a MAIA certified real estate appraiser or reputable commercial real estate broker with at least five (5) years experience in the Holliston/Hopkinton area real estate market to determine said fair market rental, within twenty (20) days of the Negotiation Period. The fair market rental agreed upon by said appraisers/brokers shall be the Rent to be paid by Lessee and accepted was given by Lessor during such option periodto Lessee.
(b) In the event the aforesaid appraisers/brokers cannot agree on the fair market rental by said 20th day, they shall immediately appoint a third, and the decision of the majority of the three appraisers/brokers shall govern by mutual agreement of the parties hereto. Lessee shall be responsible for any and all expenses of the appraisers/brokers. Except as set forth in this Exhibit, Lessee’s taking possession of the Leased Premises shall be conclusive evidence that the Premises were in good order and satisfactory condition when Lessee took possession. The Premises have been delivered in “as is” condition. The Lessor will provide an improvement allowance of for the purpose of demolishing some of the existing office space, building out the premises, and augmenting the power to the premises. Lessee will not demolish any portion of the office space until Lessee waives their right to early termination because Lessee has not receive all necessary approvals and permits from the Town of Holliston and/or State of Massachusetts The improvement allowance will be paid from Lessor to Lessee once Lessee has waived the aforementioned early termination right and within ten
Appears in 1 contract
