MOBILE LEASED PREMISES Clause Samples
The "Mobile Leased Premises" clause defines the terms under which a leased property that is mobile, such as a trailer, modular unit, or portable building, is governed within a lease agreement. This clause typically outlines the responsibilities for transporting, installing, maintaining, and insuring the mobile unit, as well as any restrictions on relocating it during the lease term. Its core function is to clarify the unique obligations and risks associated with leasing movable property, ensuring both parties understand how the lease applies to assets that are not fixed to a single location.
MOBILE LEASED PREMISES. The Servicer as "Lessor," hereby leases to the Transferor and its general partner, World Omni Lease Securitization LLC, each as "Lessee," and Lessee hereby hires and takes as tenant, for a rental of $100 per year for Lessee, certain premises located at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ of the minimum dimensions of five (5) feet by eleven (11) feet and surrounded on at least three (3) sides by walls or moveable partitions (the "Mobile Leased Premises"), to be used as the Alabama office of Lessee. The lease of the Mobile Leased Premises to the Lessee pursuant to this Section 9.14 shall continue throughout the term of this Supplement, except in the case of a change in the Servicer's principal Alabama offices, in which case the lease of functionally equivalent premises in the new location from time to time shall continue throughout such term.
MOBILE LEASED PREMISES. 24 ARTICLE TEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
MOBILE LEASED PREMISES. 17 Section 9.15. Servicer Administrative Duties under the Transaction Documents........................................17 ARTICLE TEN...................................................................17 Section 10.01. Reporting by the Servicer....................................17 Section 10.02. Annual Accountants' Reports..................................18 Section 10.03. Other Certificates and Notices from Servicer.................18 Section 10.04. Tax Returns..................................................18 ARTICLE ELEVEN..............................................................