New Master Lease. Lessor shall have the right, exercisable in its discretion at any time during the Term by giving written notice thereof to Lessee, to require Lessee to execute and deliver (and cause the lessee(s) under any Other Lease to execute and deliver) an amendment to this Lease (and cause any guarantor of such Other Lease and each Guarantor hereof to execute and deliver consents and reaffirmations of the applicable guaranties), such that the Leased Property and the facilities covered by the Other Lease (collectively, the “Other Leased Property”) are leased by Lessor and the lessor(s) under such Other Lease to Lessee and the lessee(s) under such Other Lease, jointly and severally, pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit (a “New Master Lease”). The lease of the Leased Property pursuant to such New Master Lease shall be Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. upon the same terms and conditions set forth in this Lease with respect to the Leased Property. The lease of the Other Leased Property pursuant to such New Master Lease shall be upon the same economic terms and conditions (i.e., rent, rent escalations, term and renewal options) as are set forth in such Other Lease, but otherwise upon substantially the same non-economic terms and conditions as are applicable to the Leased Property pursuant to this Lease. For purposes of implementing the foregoing with respect to the Other Leased Property, the parties acknowledge that the form of the amendment to this Lease adding the Other Leased Property to the “Leased Property” covered hereby shall be customary for similar transactions and is reasonably acceptable to Lessor and Lessee and with such changes thereto as are necessary to reflect the economic terms and conditions of such Other Lease, other facts relating to the Other Leased Property, and the leasing of the Leased Property and the Other Leased Property pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit. Effective as of the date of execution and delivery of a New Master Lease, this Lease shall be deemed to be amended and restated in its entirety by such New Master Lease; provided, however, that neither Lessee nor any Guarantor shall be released from any of the obligations of the Lessee hereunder or any Guarantor under a Guaranty occurring prior to such date and the Surviving Prior Lease Documents (if such Surviving Prior Lease Documents shall not have previously expired or terminated) shall survive such amendment and restatement. Notwithstanding anything to the contrary contained in this Section 31.3, (a) Lessor’s right to require Lessee to enter into a New Master Lease is expressly conditioned upon the approval thereof by any Facility Mortgagee hereunder and the facility mortgagee of all or any portion of the Other Leased Property and (b) for avoidance of doubt, the transfer restrictions, limitations and provisions set forth in this Lease (including, without limitation, those relating to Transfer Consideration), and not the transfer restrictions, limitations and provisions contained in the Other Lease, shall be incorporated in and govern the New Master Lease.
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Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.), Master Lease and Security Agreement (Hcp, Inc.)
New Master Lease. Lessor shall have the right, exercisable in its discretion at any time during the Term by giving written notice thereof to Lessee, to require Lessee to execute and deliver (and cause the lessee(s) under any Other Lease to execute and deliver) an amendment to this Lease any other lease entered into by Lessor or any of its Affiliates and Lessee or any of its Affiliates (and cause any guarantor of such other lease, the “Other Lease and each Guarantor hereof to execute and deliver consents and reaffirmations of the applicable guarantiesLease”), in either case such that the Leased Property and the facilities covered by the Other Lease (collectively, the “Other Leased Property”) are leased by Lessor and the lessor(s) under such Other Lease any applicable Affiliates to Lessee and the lessee(s) under such Other Lease, jointly and severally, any applicable Affiliates pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit (a “New Master Lease”). The lease of the Leased Property and the Other Leased Property pursuant to such a New Master Lease shall be Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. upon the same terms and conditions set forth in (i) this Lease with respect to the Leased Property. The lease of Property and (ii) the Other Leased Property pursuant to such New Master Lease shall be upon the same economic terms and conditions (i.e., rent, rent escalations, term and renewal options) as are set forth in such Other Lease, but otherwise upon substantially the same non-economic terms and conditions as are applicable to the Leased Property pursuant to this Lease. For purposes of implementing the foregoing with respect to the Other Leased Property; provided, the parties acknowledge however, that the form of the amendment New Master Lease may include such reasonable changes to this Lease adding and the Other Leased Property to the “Leased Property” covered hereby shall Lease as may be customary for similar transactions and is reasonably acceptable to Lessor and Lessee and with such changes thereto as are necessary to reflect the economic terms and conditions of such Other Lease, other facts relating to the Other Leased Property, and the leasing of the Leased Property and the Other Leased Property pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit. Effective as of the date of execution and delivery of a New Master Lease, this Lease shall be deemed to be amended and restated in its entirety by such New Master Lease; provided, however, that neither Lessee nor any Guarantor shall be released from any of the obligations of the Lessee hereunder or any Guarantor under a Guaranty occurring prior to such date and the Surviving Prior Lease Documents (if such Surviving Prior Lease Documents shall not have previously expired or terminated) shall survive such amendment and restatementdate. Notwithstanding anything to the contrary contained in this Section 31.3, (a) Lessor’s right to require Lessee to enter into a New Master Lease is expressly conditioned upon the approval thereof by any Facility Mortgagee hereunder and the facility mortgagee of all or any portion of the Other Leased Property and (b) for avoidance of doubt, the transfer restrictions, limitations and provisions set forth in this Lease (including, without limitation, those relating to Transfer Consideration), and not the transfer restrictions, limitations and provisions contained in the Other Lease, shall be incorporated in and govern the New Master LeaseProperty.
Appears in 2 contracts
Samples: Master Lease and Security Agreement (Emeritus Corp\wa\), Master Lease and Security Agreement (Hcp, Inc.)
New Master Lease. A new Section 31.3 is hereby added to the Master Lease: “Lessor shall have the right, exercisable in its discretion at any time during the Term by giving written notice thereof to Lessee, to require Lessee to execute and deliver (and cause the lessee(s) under any Other Lease to execute and deliver) an amendment to this Lease any other lease entered into by Lessor or any of its Affiliates and Lessee or any of its Affiliates (and cause any guarantor of such other lease, the “Other Lease and each Guarantor hereof to execute and deliver consents and reaffirmations of the applicable guarantiesLease”), in either case such that the Leased Property and the facilities covered by the Other Lease (collectively, the “Other Leased Property”) are leased by Lessor and the lessor(s) under such Other Lease any applicable Affiliates to Lessee and the lessee(s) under such Other Lease, jointly and severally, any applicable Affiliates pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit (a “New Master Lease”). The lease of the Leased Property and the Other Leased Property pursuant to such a New Master Lease shall be Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. upon the same terms and conditions set forth in (i) this Lease with respect to the Leased Property. The lease of Property and (ii) the Other Leased Property pursuant to such New Master Lease shall be upon the same economic terms and conditions (i.e., rent, rent escalations, term and renewal options) as are set forth in such Other Lease, but otherwise upon substantially the same non-economic terms and conditions as are applicable to the Leased Property pursuant to this Lease. For purposes of implementing the foregoing with respect to the Other Leased Property; provided, the parties acknowledge however, that the form of the amendment New Master Lease may include such reasonable changes to this Lease adding and the Other Leased Property to the “Leased Property” covered hereby shall Lease as may be customary for similar transactions and is reasonably acceptable to Lessor and Lessee and with such changes thereto as are necessary to reflect the economic terms and conditions of such Other Lease, other facts relating to the Other Leased Property, and the leasing of the Leased Property and the Other Leased Property pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit. Effective as of the date of execution and delivery of a New Master Lease, this Lease shall be deemed to be amended and restated in its entirety by such New Master Lease; provided, however, that neither Lessee nor any Guarantor shall be released from any of the obligations of the Lessee hereunder or any Guarantor under a Guaranty occurring prior to such date and the Surviving Prior Lease Documents (if such Surviving Prior Lease Documents shall not have previously expired or terminated) shall survive such amendment and restatement. Notwithstanding anything to the contrary contained in this Section 31.3, (a) Lessor’s right to require Lessee to enter into a New Master Lease is expressly conditioned upon the approval thereof by any Facility Mortgagee hereunder and the facility mortgagee of all or any portion of the Other Leased Property and (b) for avoidance of doubt, the transfer restrictions, limitations and provisions set forth in this Lease (including, without limitation, those relating to Transfer Consideration), and not the transfer restrictions, limitations and provisions contained in the Other Lease, shall be incorporated in and govern the New Master Leasedate.”
Appears in 2 contracts
Samples: Master Lease (Emeritus Corp\wa\), Master Lease and Security Agreement (Emeritus Corp\wa\)
New Master Lease. Lessor shall have the right, exercisable in its discretion at any time during the Term by giving written notice thereof to Lessee, to require Lessee to execute and deliver (and cause the lessee(s) under any Other Lease to execute and deliver) an amendment to this Lease (and cause any guarantor of such Other Lease and each Guarantor hereof to execute and deliver consents and reaffirmations of the applicable guaranties), such that the Leased Property and the facilities covered by the Other Lease (collectively, the “Other Leased Property”) are leased by Lessor and the lessor(s) under such Other Lease to Lessee and the lessee(s) under such Other Lease, jointly and severally, pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit (a “New Master Lease”). The lease of the Leased Property pursuant to such New Master Lease shall be Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. upon the same terms and conditions set forth in this Lease with respect to the Leased Property. The lease of the Other Leased Property pursuant to such New Master Lease shall be upon the same economic terms and conditions (i.e., rent, rent escalations, term and term, renewal options, “transfer consideration”, etc.) as are set forth in such Other Lease, but otherwise upon substantially the same non-economic terms and conditions as are applicable to the Leased Property pursuant to this Lease. For purposes of implementing the foregoing with respect to the Other Leased Property, the parties acknowledge that the form of the amendment to this Lease adding the Other Leased Property to the “Leased Property” covered hereby shall be customary for similar transactions and is reasonably acceptable to Lessor and Lessee and with such changes thereto as are necessary to reflect the economic terms and conditions of such Other Lease, other facts relating to the Other Leased Property, and the leasing of the Leased Property and the Other Leased Property pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit. Effective as of the date of execution and delivery of a New Master Lease, this Lease shall be deemed to be amended and restated in its entirety by such New Master Lease; provided, however, that neither Lessee nor any Guarantor shall be released from any of the obligations of the Lessee hereunder or any Guarantor under a Guaranty occurring prior to such date and the Surviving Prior Lease Documents (if such Surviving Prior Lease Documents shall not have previously expired or terminated) shall survive such amendment and restatementdate. Notwithstanding anything to the contrary contained in this Section 31.3, (a) Lessor’s right to require Lessee to enter into a New Master Lease is expressly conditioned upon the approval thereof by any Facility Mortgagee hereunder and the facility mortgagee of all or any portion of the Other Leased Property and (b) for avoidance of doubt, the transfer restrictions, limitations and provisions set forth in this Lease (including, without limitation, those relating to Transfer Consideration), and not the transfer restrictions, limitations and provisions contained in the Other Lease, shall be incorporated in and govern the New Master LeaseProperty.
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New Master Lease. Lessor shall have the right, exercisable in its discretion at any time during the Term by giving written notice thereof to Lessee, to require Lessee to execute and deliver (and cause the lessee(s) under lessee(s)under any Other Lease to execute and deliver) an amendment to this Lease (and cause any guarantor of such Other Lease and each Guarantor hereof to execute and deliver consents and reaffirmations of the applicable guaranties), such that the Leased Property and the facilities covered by the Other Lease (collectively, the “Other Leased Property”) are leased by Lessor and the lessor(s) under lessor(s)under such Other Lease to Lessee and the lessee(s) under lessee(s)under such Other Lease, jointly and severally, pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit (a “New Master Lease”). The lease of the Leased Property pursuant to such New Master Lease shall be Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. upon the same terms and conditions set forth in this Lease with respect to the Leased Property. The lease of the Other Leased Property pursuant to such New Master Lease shall be upon the same economic terms and conditions (i.e., rent, rent escalations, term and term, renewal options, “transfer consideration”,etc.) as are set forth in such Other Lease, but otherwise upon substantially the same non-economic terms and conditions as are applicable to the Leased Property pursuant to this Lease. For purposes of implementing the foregoing with respect to the Other Leased Property, the parties acknowledge that the form of the amendment to this Lease adding the Other Leased Property to the “Leased Property” covered hereby shall be customary for similar transactions and is reasonably acceptable to Lessor and Lessee and with such changes thereto as are necessary to reflect the economic terms and conditions of such Other Lease, other facts relating to the Other Leased Property, and the leasing of the Leased Property and the Other Leased Property pursuant to a single, indivisible, integrated and unitary lease agreement and economic unit. Effective as of the date of execution and delivery of a New Master Lease, this Lease shall be deemed to be amended and restated in its entirety by such New Master Lease; provided, however, that neither Lessee nor any Guarantor shall be released from any of the obligations of the Lessee hereunder or any Guarantor under a Guaranty occurring prior to such date and the Surviving Prior Lease Documents (if such Surviving Prior Lease Documents shall not have previously expired or terminated) shall survive such amendment and restatementdate. Notwithstanding anything to the contrary contained in this Section 31.3, (a) Lessor’s right to require Lessee to enter into a New Master Lease is expressly conditioned upon the approval thereof by any Facility Mortgagee hereunder and the facility mortgagee of all or any portion of the Other Leased Property and (b) for avoidance of doubt, the transfer restrictions, limitations and provisions set forth in this Lease (including, without limitation, those relating to Transfer Consideration), and not the transfer restrictions, limitations and provisions contained in the Other Lease, shall be incorporated in and govern the New Master LeaseProperty.
Appears in 1 contract
Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.)