New Lease. Lessor shall have the right, at any time and from time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “Transferred Property” or collectively, “Transferred Properties”) is separated and removed from this Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case: (a) Lessor and Tenant shall execute a new lease (the “New Lease”) for such Transferred Property(ies), effective as of the date specified in subsection (c) below (the “Property Transfer Date”), in the same form and substance as this Lease, but with the following changes thereto: (i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C attached hereto and made a part hereof (the “Transferred Property Percentage(s)”), and (y) aggregate Base Rent in effect under this Lease on the Property Transfer Date; (ii) Intentionally omitted; (iii) Intentionally omitted; (iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;
Appears in 8 contracts
Samples: Master Lease Agreement (Kindred Healthcare, Inc), Master Lease Agreement (Ventas Inc), Master Lease Agreement (Ventas Inc)
New Lease. Lessor shall have the right, at any time and --------- from time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “"Transferred Property” " or -------------------- collectively, “"Transferred Properties”") is separated and removed from this ---------------------- Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “"New Lease”") for such --------- Transferred Property(ies), effective as of the date specified in subsection (c) below (the “"Property Transfer Date”"), in the same form and substance as this ---------------------- Lease, but with the following changes thereto:
(i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C C, attached hereto and made a part hereof (the “"Transferred Property Percentage(s)”"), and (y) ---------------------------------- aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(ii) Intentionally omittedThe initial Current Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the Transferred Property Percentage(s), and (y) aggregate Current Rent in effect under this Lease on the Property Transfer Date;
(iii) Intentionally omittedTo the extent that there is any Unpaid Accrued Rent under this Lease as of such Property Transfer Date, then an amount of such Unpaid Accrued Rent equal to the product of (x) the Transferred Property Percentage(s), and (y) the aggregate amount of Unpaid Accrued Rent under this Lease as of the Property Transfer Date, shall be deemed to be outstanding under the New Lease;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;
Appears in 3 contracts
Samples: Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Kindred Healthcare Inc)
New Lease. Lessor shall have the right, at any time and from time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “Transferred Property” or collectively, “Transferred Properties”) is separated and removed from this Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “New Lease”) for such Transferred Property(ies), effective as of the date specified in subsection (c) below (the “Property Transfer Date”), in the same form and substance as this Lease, but with the following changes thereto:
(i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C attached hereto and made a part hereof (the “Transferred Property Percentage(s)”), and (y) aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(ii) Intentionally omitted;
(iii) Intentionally omitted;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;
(v) Intentionally omitted;
Appears in 2 contracts
Samples: Master Lease Agreement (Kindred Healthcare, Inc), Master Lease Agreement (Kindred Healthcare, Inc)
New Lease. Any successor to Lessor following (or in conjunction with) a foreclosure, deed-in-lieu of foreclosure, or any similar action or transaction (a "SUCCESSOR LESSOR") shall have the right, at any time and from time to time during the Term for a legitimate business any purpose, by written notice to TenantLessee, to require Tenant Lessee to execute an amendment to this Lease whereby one or more Leased Properties of the Facilities (individually, a “Transferred Property” "SEPARATED PROPERTY" or collectively, “Transferred Properties”the "SEPARATED PROPERTIES") is separated and removed from this Lease, and to simultaneously execute a substitute lease with respect to such Transferred Separated Property(ies), in which case:
(a) 32.5.1 the Successor Lessor that is the owner of such Separated Property and Tenant Lessee shall execute a new lease (the “New Lease”"NEW LEASE") for such Transferred Separated Property(ies), effective EFFECTIVE as of the date specified in subsection (c) SECTION 32.5.3 below (the “Property Transfer Date”"NEW LEASE EFFECTIVE DATE"), in the same form and substance as this Lease, but with such changes thereto as necessary to reflect the following changes theretoseparation of the Separated Property(ies) from the balance of the Leased Property, including specifically the following:
(ia) The initial Base total monthly Minimum Rent for payable under such Transferred Property(ies) New Lease shall be an amount equal the total applicable monthly Allocated Minimum Rent (defined below) with respect to the product of (x) the percentage(s) set forth opposite the Transferred such Separated Property(ies) on Exhibit C attached hereto and made a part hereof (the “Transferred Property Percentage(s)”), and (y) aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(iib) Intentionally omitted;
(iii) Intentionally omitted;
(iv) Any All Minimum Rent rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under at the New Lease on such May 1, times and in the full amount required as if such Transferred Property(ies) had been under the New amounts set forth in this Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full yearMinimum Rent increases;
Appears in 2 contracts
Samples: Lease Agreement (Brookdale Senior Living Inc.), Lease Agreement (Brookdale Senior Living Inc.)
New Lease. Lessor shall have the right, at any time and from time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “Transferred Property” or collectively, “Transferred Properties”) is separated and removed from this Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “New Lease”) for such Transferred Property(ies), effective as of the date specified in subsection (c) below (the “Property Transfer Date”), in the same form and substance as this Lease, but with the following changes theretoand terms incorporated therein:
(i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C C, attached hereto and made a part hereof (the “Transferred Property Percentage(s)”), and (y) aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(ii) Intentionally omitted;
(iii) Intentionally omitted;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;
Appears in 2 contracts
Samples: Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Ventas Inc)
New Lease. Lessor If this Lease is rejected by a trustee or debtor-in-possession in any bankruptcy or insolvency preceding except in the case where Lessee shall elect to retain its rights under the Lease pursuant to Section 365(h) of the U.S. Bankruptcy Code or other similar applicable law, or the Lease is terminated by operation of law or as a result of any default, and within one hundred twenty (120) days after such rejection or termination a Security Assignee shall have arranged to the right, at any time reasonable satisfaction of Lessor for the payment of all fees or other charges due and from time to time during the Term for a legitimate business purpose, payable by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “Transferred Property” or collectively, “Transferred Properties”) is separated and removed from this Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “New Lease”) for such Transferred Property(ies), effective Lessee as of the date specified in subsection of such rejection or termination, then Lessor shall execute and deliver to Security Assignee or its designee a new lease to the Leased Property which (a) shall be for a term equal to the remainder of the term of the Lease before giving effect to such rejection or termination, (b) shall contain the same covenants, agreements, terms, provisions and limitations as this Lease (except for any requirements that have been fulfilled by Lessee prior to rejection or termination of the Lease), (c) below shall include that portion of the Lease, Leased Property, Wind Energy Improvements or Improvements in which Security Assignee had a security interest on the date of rejection or termination, (the “Property Transfer Date”), in d) shall enjoy the same form and substance priority as this LeaseLease over any Lien or other interest created by Lessor, but with the following changes thereto:
(ie) The initial Base Rent for such Transferred Property(ies) shall may be an amount equal made subject to the product of (x) same security interest held by Security Assignee prior to any such rejection by a trustee or debtor-in possession in any bankruptcy or insolvency proceeding; and, until such time as such new lease is executed and delivered, the percentage(s) set forth opposite Security Assignee may enter, use and enjoy the Transferred Property(ies) on Exhibit C attached hereto Leased Property and made a part hereof (the “Transferred Property Percentage(s)”), and (y) aggregate Base Rent in effect under conduct operations thereon as if this Lease on the Property Transfer Date;
(ii) Intentionally omitted;
(iii) Intentionally omitted;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, were still in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;effect.
Appears in 1 contract
Samples: Power Purchase Agreement (First Wind Holdings Inc.)
New Lease. Lessor shall have the right, at any time and --------- from time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “"Transferred Property” " or -------------------- collectively, “"Transferred Properties”") is separated and removed from this ---------------------- Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “"New Lease”") --------- for such Transferred Property(ies), effective as of the date specified in subsection (c) below (the “"Property Transfer Date”"), in the same form and ---------------------- substance as this Lease, but with the following changes thereto:
(i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C C, attached hereto and --------- made a part hereof (the “"Transferred Property Percentage(s)”"), and (y) ---------------------------------- aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(ii) Intentionally omittedThe initial Current Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the Transferred Property Percentage(s), and (y) aggregate Current Rent in effect under this Lease on the Property Transfer Date;
(iii) Intentionally omitted;To the extent that there is any Unpaid Accrued Rent under this Lease as of such Property Transfer Date, then an amount of such unpaid Accrued Rent equal to the product of (x) the Transferred Property Percentage(s), and (y) the aggregate amount of Unpaid Accrued Rent under this Lease as of the Property Transfer Date, shall be deemed to be outstanding under the New Lease; 125
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;
Appears in 1 contract
New Lease. Lessor If this Lease is rejected by a trustee or debtor-in-possession in any bankruptcy or insolvency preceding except in the case where Lessee shall elect to retain its rights under the Lease pursuant to Section 365(h) of the U.S. Bankruptcy Code or other similar applicable law, or the Lease is terminated by operation of law or as a result of any default, and within one hundred twenty (120) days after such rejection or termination a Security Assignee shall have arranged to the right, at any time reasonable satisfaction of Lessor for the payment of all fees or other charges due and from time to time during the Term for a legitimate business purpose, payable by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “Transferred Property” or collectively, “Transferred Properties”) is separated and removed from this Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “New Lease”) for such Transferred Property(ies), effective Lessee as of the date specified in subsection of such rejection or termination, then Lessor shall execute and deliver to Security Assignee or its designee a new lease to the Leased Property which (a) shall be for a term equal to the remainder of the term of the Lease before giving effect to such rejection or termination, (b) shall contain the same covenants, agreements, terms, provisions and limitations as this Lease (except for any requirements that have been fulfilled by Lessee prior to rejection or termination of the Lease), (c) below shall include that portion of the Lease, Leased Property, Wind Energy Improvements or Improvements in which Security Assignee had a security interest on the date of rejection or termination, (the “Property Transfer Date”), in d) shall enjoy the same form and substance priority as this LeaseLease over any Lien or other interest created by Lessor, but with the following changes thereto:
(ie) The initial Base Rent for such Transferred Property(ies) shall may be an amount equal made subject to the product of (x) same security interest held by Security Assignee prior to any such rejection by a trustee or debtor-in-possession in any bankruptcy or insolvency proceeding; and, until such time as such new lease is executed and delivered, the percentage(s) set forth opposite Security Assignee may enter, use and enjoy the Transferred Property(ies) on Exhibit C attached hereto Leased Property and made a part hereof (the “Transferred Property Percentage(s)”), and (y) aggregate Base Rent in effect under conduct operations thereon as if this Lease on the Property Transfer Date;
(ii) Intentionally omitted;
(iii) Intentionally omitted;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, were still in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;effect.
Appears in 1 contract
Samples: Power Purchase Agreement (First Wind Holdings Inc.)
New Lease. Lessor Subject to the rights of Mortgagees in Section 14, in the event of termination of this Lease upon a default, by agreement, by operation of law or otherwise, or if this Lease is rejected by a trustee or debtor-in-possession in any bankruptcy or insolvency proceeding, each Sublessee, if any, shall have the rightright (but not the obligation) to demand, at any time and from time to time during Lessor shall, without demanding additional consideration therefor, except for reasonable attorney’s fees incurred by Lessor for Lessor’s review of such new lease, immediately grant and enter into, a new lease with each Sublessee hereunder under which the Term for a legitimate business purposeSublessee shall be entitled to, and Lessor shall not disturb, the continued use and enjoyment by written notice to Tenantsuch Sublessee of the Property (or the applicable portion thereof), to require Tenant to execute an amendment to which new lease shall: (a) contain the same covenants, agreements, terms, provisions and limitations as this Lease whereby one (except for any requirements that have been fulfilled by Lessee or more Leased Properties any Sublessee prior to the execution of such new lease, and except for any modifications that may be required to ensure that such Sublessee’s obligations under such new lease do not exceed its obligations under its Sublease); (individuallyb) include the Property and the Improvements (or such portion thereof) in which said Sublessee had an interest on the date of such default, a “Transferred Property” termination or collectively, “Transferred Properties”rejection; (c) is separated and removed from be for the full remaining Term of this Lease, as set forth in Section 2, or such shorter term to which said Sublessee may otherwise be entitled pursuant to its Sublease; (d) contain a grant to said Sublessee of access, transmission, communications, utility and to simultaneously execute a substitute lease with respect to other easements covering such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “New Lease”) for such Transferred Property(ies), effective as portion or portions of the date specified in subsection Property as such Sublessee may reasonably designate (c) below (the “Property Transfer Date”), in the same form and substance as this Lease, but with the following changes thereto:
(i) The initial Base Rent for such Transferred Property(ies) which shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C attached hereto and made a part hereof (the “Transferred Property Percentage(s)”), and (y) aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(ii) Intentionally omitted;
(iii) Intentionally omitted;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may not be less than one full year;the grant, if any, contained in its Sublease); and (e) enjoy the same priority as this Lease over any lien, encumbrance or other interest created by Lessor. Until such time as such new lease is executed and delivered, the Sublessee may continue to enter, use and enjoy the Property (or such portion thereof) and conduct Operations thereon as if this Lease were still in effect.
Appears in 1 contract
Samples: Wind Energy Lease
New Lease. Lessor shall have the right, at any time and from --------- time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “"Transferred Property” " or -------------------- collectively, “"Transferred Properties”") is separated and removed from this ---------------------- Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “"New Lease”") --------- for such Transferred Property(ies), effective as of the date specified in subsection (c) below (the “"Property Transfer Date”"), in the same form and ---------------------- substance as this Lease, but with the following changes thereto:
(i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C C, attached hereto and --------- made a part hereof (the “"Transferred Property Percentage(s)”"), and (y) ---------------------------------- aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(ii) Intentionally omittedThe initial Current Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the Transferred Property Percentage(s), and (y) aggregate Current Rent in effect under this Lease on the Property Transfer Date;
(iii) Intentionally omittedTo the extent that there is any Unpaid Accrued Rent under this Lease as of such Property Transfer Date, then an amount of such Unpaid Accrued Rent equal to the product of (x) the Transferred Property Percentage(s), and (y) the aggregate amount of Unpaid Accrued Rent under this Lease as of the Property Transfer Date, shall be deemed to be outstanding under the New Lease;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;
Appears in 1 contract
Samples: Master Lease Agreement (Ventas Inc)
New Lease. Lessor shall have the right, at any time and from time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “"Transferred Property” " or collectively, “"Transferred Properties”") is separated and removed from this Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “"New Lease”") for such Transferred Property(ies), effective as of the date specified in subsection (c) below (the “"Property Transfer Date”"), in the same form and substance as this Lease, but with the following changes thereto:
(i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C C, attached hereto and made a part hereof (the “"Transferred Property Percentage(s)”"), and (y) aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(ii) Intentionally omittedThe initial Current Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the Transferred Property Percentage(s), and (y) aggregate Current Rent in effect under this Lease on the Property Transfer Date;
(iii) Intentionally omittedTo the extent that there is any Unpaid Accrued Rent under this Lease as of such Property Transfer Date, then an amount of such Unpaid Accrued Rent equal to the product of (x) the Transferred Property Percentage(s), and (y) the aggregate amount of Unpaid Accrued Rent under this Lease as of the Property Transfer Date, shall be deemed to be outstanding under the New Lease;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;
Appears in 1 contract
Samples: Master Lease Agreement (Ventas Inc)
New Lease. Lessor shall have the right, at any time and from time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “Transferred Property” or collectively, “Transferred Properties”) is separated and removed from this Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “New Lease”) for such Transferred Property(ies), effective as of the date specified in subsection (c) below (the “Property Transfer Date”), in the same form and substance as this Lease, but with the following changes thereto:
(i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product (or the sum of the products, if there is more than one Transferred Property) of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C attached hereto and made a part hereof (the “respective Transferred Property Percentage(s)”) for such Transferred Property(ies), and (y) aggregate Base Rent in effect under this Lease on Lease, in each case as of the date immediately preceding the Property Transfer Date;
(ii) Intentionally omitted;
(iii) Intentionally omitted;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date (or, if applicable, on the May 1 that is simultaneous with the Property Transfer Date) shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full yearyear (or, if applicable, notwithstanding that the Property Transfer Date is simultaneous with such May 1);
Appears in 1 contract
New Lease. Lessor shall have the right, at any time and --------- from time to time during the Term for a legitimate business purpose, by written notice to Tenant, to require Tenant to execute an amendment to this Lease whereby one or more Leased Properties (individually, a “"Transferred Property” " or -------------------- collectively, “"Transferred Properties”") is separated and removed from this ---------------------- Lease, and to simultaneously execute a substitute lease with respect to such Transferred Property(ies), in which case:
(a) Lessor and Tenant shall execute a new lease (the “"New Lease”") for --------- such Transferred Property(ies), effective as of the date specified in subsection (c) below (the “"Property Transfer Date”"), in the same form and substance as this ---------------------- Lease, but with the following changes thereto:
(i) The initial Base Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the percentage(s) set forth opposite the Transferred Property(ies) on Exhibit C C, attached hereto and made a part hereof (the “"Transferred Property Percentage(s)”"), and (y) ---------------------------------- aggregate Base Rent in effect under this Lease on the Property Transfer Date;
(ii) Intentionally omittedThe initial Current Rent for such Transferred Property(ies) shall be an amount equal to the product of (x) the Transferred Property Percentage(s), and (y) aggregate Current Rent in effect under this Lease on the Property Transfer Date;
(iii) Intentionally omittedTo the extent that there is any Unpaid Accrued Rent under this Lease as of such Property Transfer Date, then an amount of such Unpaid Accrued Rent equal to the product of (x) the Transferred Property Percentage(s), and (y) the aggregate amount of Unpaid Accrued Rent under this Lease as of the Property Transfer Date, shall be deemed to be outstanding under the New Lease;
(iv) Any rental escalations required under the New Lease to be made on the May 1 immediately following the Property Transfer Date shall be made under the New Lease on such May 1, in the full amount required as if such Transferred Property(ies) had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to such succeeding May 1 may be less than one full year;
Appears in 1 contract