Common use of New Lease After Termination Clause in Contracts

New Lease After Termination. If the Agreement is terminated for any reason or is extinguished for any reason (including without limitation a rejection of this Agreement in a bankruptcy or other insolvency proceeding), the Leasehold Mortgagee may elect to demand a new lease of the Property (the “New Agreement”) by written notice to the Department within thirty (30) days after such termination. The Department agrees, if there are outstanding obligations of AAF to the Leasehold Mortgagee, to enter into a new lease agreement of the Property with the Leasehold Mortgagee (or its designee or nominee; provided that such designee or nominee either is controlled by the Leasehold Mortgagee or meets the requirements of Section 27(e)(i)(B) and (C)) for the remainder of the Term of this Agreement upon all of the covenants, agreements, terms, provisions and limitations of this Agreement (the “New Agreement”), effective as of the date of such termination. The Department’s obligation to enter into a New Agreement pursuant to the preceding sentence is subject to the following requirements, conditions, and provisions: (a) The New Agreement shall be for the remainder of the Term of the Agreement, effective on the date of termination, and shall contain the same covenants, agreements, conditions, provisions, restrictions and limitations as are then contained in the Agreement. (b) The New Agreement shall be executed by the parties within thirty (30) days after receipt by the Department of notice of Leasehold Mortgagee’s or such other acquiring person’s election to enter into a New Agreement. (c) Any New Agreement and the leasehold estate created thereby shall, subject to the same conditions contained in the Agreement, continue to maintain the same priority as the Agreement with regard to any Leasehold Mortgage or any other lien, charge or encumbrance affecting the Property. Concurrently with the execution and delivery of the New Agreement, the Department shall assign to the tenant named therein all of its right, title and interest in and to moneys, if any, then held by or payable to the Department which AAF would have been entitled to receive but for the termination of the Agreement. (d) If AAF refuses to surrender possession of the Property, the Department shall, at the request of Leasehold Mortgagee or such other acquiring person, institute and pursue diligently to conclusion the appropriate legal remedy or remedies to oust or remove AAF and all other occupants who are not authorized to remain in possession hereunder. Any such action taken by the Department at the request of Leasehold Mortgagee or such other acquiring person shall be at Leasehold Mortgagee’s or such other acquiring person’s sole expense. The provisions of this Section 28 shall survive the expiration or earlier termination of this Agreement.

New Lease After Termination. If the this Agreement is terminated for any reason or is extinguished for any reason (including without limitation due to a rejection of this Agreement in a bankruptcy or other insolvency proceeding)bankruptcy, the Leasehold Recognized Mortgagee may elect to demand a new lease of agreement with respect to the Property Premises (the “New Agreement”) by written notice to the Department Authority within thirty (30) days after such termination. The Department Authority agrees, if there are outstanding obligations of AAF Rail Company to the Leasehold Recognized Mortgagee, to enter into a new lease agreement of with respect to the Property Premises with the Leasehold Recognized Mortgagee (or its designee or nominee; provided that such designee or nominee either is controlled by the Leasehold Recognized Mortgagee or meets the requirements of Section 27(e)(i)(B14.04(e)(i)(A), (B) and (C)) for the remainder of the Term of this Agreement upon all of the covenants, agreements, terms, provisions and limitations of this Agreement (the “New Agreement”), effective as of the date of such termination. The DepartmentAuthority’s obligation to enter into a New Agreement pursuant to the preceding sentence is subject to the following requirements, conditions, and provisions: (a) a. Recognized Mortgagee shall cure all pre-existing monetary defaults, and all pre-existing non-monetary defaults that are capable of being cured, including defaults prior to termination through rejection in bankruptcy. b. The New Agreement shall be for the remainder of the Term of the Agreement, effective on the date of termination, and shall contain the same covenants, agreements, conditions, provisions, restrictions and limitations as are then contained in the Agreement. (b) c. The New Agreement shall be executed by the parties within thirty (30) days after receipt by the Department Authority of notice of Leasehold Recognized Mortgagee’s or such other acquiring person’s election to enter into a New Agreement. (c) d. Any New Agreement and the leasehold estate easement created thereby shall, subject to the same conditions contained in the Agreement, continue to maintain the same priority as the Agreement with regard to any Leasehold Recognized Mortgage or any other lien, charge or encumbrance affecting the PropertyPremises. Concurrently with the execution and delivery of the New Agreement, the Department Authority shall assign to the tenant rail company named therein all of its right, title and interest in and to moneys, if any, then held by or payable to the Department Authority which AAF Rail Company would have been entitled to receive but for the termination of the Agreement. (d) e. If AAF Rail Company refuses to surrender possession of the PropertyPremises, the Department Authority shall, at the request of Leasehold Recognized Mortgagee or such other acquiring person, institute and pursue diligently to conclusion the appropriate legal remedy or remedies to oust or remove AAF Rail Company and all other occupants who are not authorized to remain in possession hereunderhereunder to the extent the Authority has the right to do so under the Agreement and applicable law. Any such action taken by the Department Authority at the request of Leasehold Recognized Mortgagee or such other acquiring person shall be at Leasehold Recognized Mortgagee’s or such other acquiring person’s sole expenseexpense which shall be paid in advance on a retainer basis with the retainer to be replenished, in advance, as needed from time to time. The provisions of this Section 28 Paragraph 14.05 shall survive the expiration or earlier termination of this Agreement.

New Lease After Termination. If the this Agreement is terminated for any reason or is extinguished for any reason (including without limitation due to a rejection of this Agreement in a bankruptcy or other insolvency proceeding)bankruptcy, the Leasehold Recognized Mortgagee may elect to demand a new lease of agreement with respect to the Property Land (the “New Agreement”) by written notice to the Department authority within thirty (30) days after such termination. The Department Authority agrees, if there are outstanding obligations of AAF Rail Company to the Leasehold Recognized Mortgagee, to enter into a new lease agreement of with respect to the Property Land with the Leasehold Recognized Mortgagee (or its designee or nominee; provided that such designee or nominee either is controlled by the Leasehold Recognized Mortgagee or meets the requirements of Section 27(e)(i)(B17.e.(i) and (A), (B) And (C)) for the remainder of the Term of this Agreement upon all of the covenants, agreements, terms, provisions and limitations of this Agreement (the “New Agreement”), effective as of the date of such termination. The DepartmentAuthority’s obligation to enter into a New Agreement pursuant to the preceding sentence is subject to the following requirements, conditions, and provisions: (a) a. Recognized Mortgagee shall cure all pre-existing monetary defaults, and all pre-existing non-monetary defaults that are capable of being cured, including defaults prior to termination through rejection in bankruptcy. b. The New Agreement shall be for the remainder of the Term of the Agreement, effective on the date of termination, and shall contain the same covenants, agreements, conditions, provisions, restrictions and limitations as are then contained in the Agreement. (b) c. The New Agreement shall be executed by the parties within thirty (30) days after receipt by the Department Authority of notice of Leasehold Recognized Mortgagee’s or such other acquiring person’s election to enter into a New Agreement. (c) d. Any New Agreement and the leasehold estate easement created thereby shall, subject to the same conditions contained in the Agreement, continue to maintain the same priority as the Agreement with regard to any Leasehold Recognized Mortgage or any other lien, charge or encumbrance affecting the PropertyLand. Concurrently with the execution and delivery of the New Agreement, the Department Authority shall assign to the tenant rail company named therein all of its right, title and interest in and to moneys, if any, then held by or payable to the Department Authority which AAF Rail Company would have been entitled to receive but for the termination of the Agreement. (d) e. If AAF Rail Company refuses to surrender possession of the PropertyLand, the Department Authority shall, at the request of Leasehold Recognized Mortgagee or such other acquiring person, institute and pursue diligently to conclusion the appropriate legal remedy or remedies to oust or remove AAF Rail Company and all other occupants who are not authorized to remain in possession hereunderhereunder to the extent the Authority has the right to do so under the Agreement and applicable law. Any such action taken by the Department Authority at the request of Leasehold Recognized Mortgagee or such other acquiring person shall be at Leasehold Recognized Mortgagee’s or such other acquiring person’s sole expenseexpense which shall be paid in advance on a retainer basis with the retainer to be replenished, in advance, as needed from time to time. The provisions of this Section 28 Paragraph 17 shall survive the expiration or earlier termination of this Agreement.