New Ground Lease Sample Clauses

New Ground Lease. If this Ground Lease is terminated or extinguished for any reason, including by rejection of any receiver or trustee in bankruptcy or by operation of law, the District agrees to enter into a new lease with the Mortgagee with the same priority as this Ground Lease. If there exists more than one Mortgagee, each Mortgagee shall be offered the opportunity to enter into such new lease in the order of the priority of their Ground Leasehold Mortgages and each Mortgagee shall be given fifteen (15) days following written notice to exercise such option. The new lease shall be on the same terms and conditions contained in this Ground Lease, shall be for the remainder of the term which would otherwise then exist under this Ground Lease, and include the same extension options as are granted to the Tenant herein. As a condition to entering into such new lease, the Mortgagee shall be required to pay all past rental and other sums then due to the District under this Ground Lease.
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New Ground Lease. If this Ground Lease shall be rejected or disaffirmed pursuant to any bankruptcy law or other law affecting creditors' rights or if this Ground Lease is terminated under any provision of this Ground Lease (including without limitation Section 13.2), Landlord will enter into a new lease of the Real Property with the Leasehold Mortgagee or its nominee not less than ten (10) nor more than thirty (30) days after the request of the Leasehold Mortgagee referred to below, for the remainder of the term of this Ground Lease effective as of the date of such rejection or disaffirmance or termination, upon all the terms and provisions contained in this Ground Lease; provided that (a) the Leasehold Mortgagee makes a written request to Landlord for such new Ground Lease within fifteen (15) days after the effective date of such rejection or disaffirmance or termination, as the case may be, and such written request is accompanied by a copy of such new lease, duly executed and acknowledged by the Leasehold Mortgagee or its nominee; and (b) upon taking possession of the Real Property the Leasehold Mortgagee cures any outstanding curable defaults within the period reasonably required to cure the same. Any new lease made pursuant to this paragraph shall have the same priority with respect to other interests in the Real Property as this Ground Lease. The provisions of this paragraph shall survive the rejection or disaffirmance or termination of this Ground Lease and shall continue in full force and effect thereafter to the same extent as if this paragraph were a separate and independent contract made by Landlord and the Leasehold Mortgagee.
Sample 1
New Ground Lease. Notwithstanding any contrary provision hereof, upon termination of this Agreement for any reason (including, without limitation, bankruptcy of Tenant) other than by expiration of the Term or a taking as described in Section 24.1 hereof, Leasehold Mortgagee shall have the exclusive right and option, exercisable by delivery of notice to City within fifteen (15) days following receipt by Leasehold Mortgagee of notice from City of the termination hereof, to elect to receive, in its own name or an affiliate, from City a new lease (the “New Ground Lease”) for the Leased Premises for the unexpired balance of the Term. The New Ground Lease will be on the same terms and conditions as herein provided and executed to be effective as of the date of termination of this Agreement by Leasehold Mortgagee and City within thirty (30) days of receipt by Leasehold Mortgagee of such notice from City of the termination hereof; provided, however, that in such event, Leasehold Mortgagee shall be entitled to receive such a New Lease only if Leasehold Mortgagee shall cure any defaults by Tenant hereunder prior to execution of such New Lease (other than any such default related to [i] the institution of bankruptcy or insolvency proceedings with respect to Tenant, [ii] the appointment of a receiver or trustee for the whole or any part of Tenant’s property, or [iii] the dissolution or winding up, in whole or in part, of Tenant). It is understood that Leasehold Mortgagee is not obligated to cure defaults by Tenant under Section 22.1 of this Agreement. After any termination of this Agreement after which Leasehold Mortgagee has the right to obtain a New Ground Lease as provided in this Section 11.5, for so long as Leasehold Mortgagee has such right, City shall not terminate any subleases or the rights of any sublessee except in the case of a default under any such sublease. During said time period City will not collect or receive rents from any subtenant.
Sample 1
New Ground Lease. Upon completion of the Processing Facilities Relocation, Bluffs shall lease to Venoco the Relocation Parcel and the Access Parcel for (i) an initial term of twenty (20) years with options to extend such term up to ninety-nine (99) years so long as (1) commercial oil or gas production exists on Venoco’s onshore oil and gas leases in Carpinteria California or Venoco’s offshore oil and gas leases in federal waters in the Santa Xxxxxxx Channel, (2) the Casitas Pier is used to service oil and gas operations in the Santa Xxxxxxx Channel, or (3) Venoco or Chevron continue to have abandonment obligations under the Purchase Agreement with respect to the Relocation Parcel or the Access Parcel; (ii) the yearly rent of one dollar ($1) with the exception that (1) if the Relocation Parcel occupies a portion of the Property in excess of two (2) acres the yearly rent of the portion of the Relocation Parcel in excess of two (2) acres (“Relocation Parcel Excess”) shall be the fair rental value of such Relocation Parcel Excess determined pursuant to the requirements of Fair Rental Value described in Section 1(a) above, and (2) Venoco shall not be responsible for rent on any portion of the Property which shall be designated as a no development buffer zone by any governmental entity; (iii) right to conduct drilling operations on the Relocation Parcel and to obtain subsurface pass-through rights to the entire Property to access mineral interests either owned or leased by Venoco; and (iv) upon the remaining terms and conditions of the Ground Lease excluding any further obligations to relocate the Processing Facilities (“New Ground Lease”). The Parties shall mutually cooperate in order to finalize the New Ground Lease and upon its commencement the Ground Lease shall terminate.
Sample 1
New Ground Lease. (a) The parties acknowledge that pursuant to Section 1(b) of the Agreement of Sale, Buyer has exercised its option to enter a new ground lease for the Land with the Ground Lessor (the "New Ground Lease"). The terms and conditions of such New Ground Lease are currently being negotiated by Buyer and Ground Lessor. At Closing, Buyer shall pay to the Ground Lessor the transfer fee required to be paid in connection with the entry by Ground Lessor of the New Ground Lease with Buyer, together with legal fees to counsel to the Ground Lessor in an amount not to exceed $2,000.
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Related to New Ground Lease

  • Ground Lease Reserved.

  • Ground Leases For purposes of this Exhibit C, a “Ground Lease” shall mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • New Lease In the event of the termination of this Lease as a result of Tenant's default prior to the expiration of the term, or in the event of a rejection by Landlord or Tenant of this Lease under Chapter 11 of the Bankruptcy Code, Landlord shall, in addition to providing the notices of default and termination as required by this Lease, provide each Leasehold Mortgagee with written notice that the Lease has been terminated or that Landlord has filed a request with the Bankruptcy Court seeking to reject the Lease, together with a statement of all sums which would at that time be due under this Lease but for such termination or rejection, and of all other defaults, if any, then known to Landlord. Upon any request of the Leasehold Mortgagee, or its designee, Landlord agrees to enter into a new lease ("New Lease") of the Premises with such Leasehold Mortgagee or its designee for the remainder of the term of this Lease, effective as of the date of termination or rejection, as the case may be, at the Rent, and upon the terms, covenants and conditions (including all transfer rights, but excluding requirements which are not applicable or which have already been fulfilled) of this Lease; provided, however, that (i) the Leasehold Mortgagee whose lien upon the Premises is superior to the lien of any other Leasehold Mortgage (the "Senior Leasehold Mortgagee") shall have the right to give notice of its intent to enter into a New Lease to the Landlord for a period of 60 days from its receipt of the notice referred to in the first sentence of this Section 18.2.18 and (ii) if the Senior Leasehold Mortgagee does not exercise its right to enter into the New Lease during this 60-day period; the Leasehold Mortgagee whose lien upon the Premises is superior to the lien of any other Leasehold Mortgage (other than the Senior Leasehold Mortgagee) shall have the right to give notice of its intent to enter into a New Lease to the Landlord during the remainder of the period(s) specified below; and provided further, however,

  • Space Leases (i) Borrower has delivered a true, correct and complete schedule of all Space Leases as of the date hereof, which accurately and completely sets forth in all material respects, for each such Space Lease, the following (collectively, the “Rent Roll”): the name and address of the tenant with the name, title and telephone number of the contact person of such tenant; the lease expiration date, extension and renewal provisions; the base rent and percentage rent payable; all additional rent and pass-through obligations; and the security deposit held thereunder and the location of such deposit.

  • Operating Lease The parties hereto intend that this Lease shall be deemed for all purposes to be an operating lease and not a capital lease.

  • Location of Real Property and Leased Premises (a) Schedule 3.20(a) lists completely and correctly as of the Closing Date all real property owned by the Borrower and the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries own in fee all the real property set forth on Schedule 3.20(a).

  • New Leases Continue its present rental program and efforts at such Seller’s Property to rent vacant space in accordance with past practices; provided that, without the prior written consent of the Buyer, which consent may be granted or withheld in the Buyer’s sole discretion, such Seller shall not (i) execute any new lease, license or other occupancy agreement, (ii) amend, supplement, terminate, accept the surrender of, renew or otherwise modify any existing Lease, (iii) approve any assignment or sublease of any existing Lease, or (iv) waive any right or obligation thereunder; provided, however, that, in the case of any amendment, supplement, termination, surrender, renewal or modification of any existing Lease as set forth in clause (ii) above, if such existing Lease expressly and specifically sets forth the terms of any such amendment, supplement, termination, surrender, renewal or modification and requires the landlord under the Lease to acknowledge or counter-sign the same, in which case, the Buyer’s consent shall not be required, but Seller shall provide the Buyer with written notice of (and to the extent such amendment, supplement or modification modifies the rental terms of such Lease which rental amount is not specifically stated in such Lease, the Buyer shall have an opportunity to review and comment upon) such amendment, supplement, termination, surrender, renewal or modification at least five (5) Business Days prior to the date of execution. If such Seller enters into any new lease, license or other occupancy agreement, or renews any existing Lease (each such new lease, license, occupancy agreement and renewal, a “New Lease”) after the date hereof in accordance with the terms of this Section 3.2(d), then each such lease, license, occupancy agreement and renewal shall be included in the definition of “Leases” herein and added to Schedule 3.2(c) attached hereto, shall be assigned to and assumed by the Buyer at the Closing in accordance with this Agreement. If the Buyer does not reject or approve a new lease, license, occupancy agreement, renewal or a Lease amendment within five (5) Business Days after receipt of a copy thereof, then the Buyer shall be deemed to have approved such new lease, license, occupancy agreement, renewal or Lease amendment; provided that such notice includes specific reference to this Section 3.3(d) and the deemed approval provision hereof.

  • Existing Leases Landlord and Tenant hereby acknowledge and agree that the Existing Leases are still in full force and effect and that Tenant's right to possess, use and occupy those portions of the Premises described in the Existing Leases shall be subject to the Existing Leases and shall not commence unless and until the Existing Leases expire or are terminated. Notwithstanding the foregoing, however, Tenant's obligation to pay or cause to be paid the Rent shall commence on the Commencement Date, and Landlord, pursuant to that certain Assignment of Rents to Tenant, has assigned to Tenant the right to receive all rents and other amounts from the Existing Leases . Tenant shall have the right to direct Landlord regarding negotiations with Existing Tenants concerning the Existing Leases and to direct Landlord to terminate the Existing Leases on terms and conditions acceptable to Tenant without Landlord's consent. So long as an Event of Default has not occurred under this Lease, Landlord shall immediately deliver to Tenant any and all amounts that Landlord may hereafter receive from Existing Tenants with respect to the Existing Leases. Landlord shall have no right to modify, amend or terminate the Existing Leases without the prior written consent of Tenant. Prior to the expiration or termination of the Existing Leases, Landlord will perform all of the duties and obligations of the Landlord under the Existing Leases; provided, however, that Tenant shall have no right to modify or amend the Existing Leases so as to increase the maintenance, repair or other duties and obligations of the Landlord under the Existing Leases without the prior written consent of Landlord. Tenant shall indemnify Landlord for any damages and liabilities that Landlord may suffer or incur as a result of Landlord being made a party to any litigation that may hereafter arise between Tenant and Existing Tenants concerning the Existing Leases except to the extent that such litigation concerns the failure of Landlord to perform any of the duties and obligations of the landlord under the Existing Leases or the negligence or misconduct of Landlord. After the termination of the Existing Leases, Tenant, at Tenant's option, shall have the right to, among other things, occupy all or any portion of the Premises for Tenant's own use or sublease all or any portion of the Premises to a third party (subject to limitations therein set forth in this Lease or in the First Mortgage); provided, however, that Tenant shall remain liable for payment of the Rent during the Term of this Lease.

  • Existing Lease Except to the extent specifically amended hereby, all terms and conditions of the Lease remain in full force and effect. [Signatures begin on next page.]

  • Real Property Lease Except as set forth in Disclosure Schedule 1.1.(b), Seller has no leases of real property used or held for use in connection with the Business or the Purchased Assets.

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