Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use. (b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 8 contracts
Samples: Master Lease Agreement (Five Star Quality Care Inc), Master Lease Agreement (Senior Housing Properties Trust), Master Lease Agreement (Five Star Quality Care Inc)
Permitted Use. (a) Tenant shall, and shall cause Manager to, at all times during the Term, Term and at any other time that Tenant and Manager shall be in possession of any the Leased Property, continuously use and operate, or cause Manager to be used continuously use and operatedoperate, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home hotel facility as currently operatedin a manner consistent with the Management Agreement and shall use reasonable good faith efforts to seek to maximize Gross Revenues. Subject to Section 16.3, Tenant shall not, and any uses incidental thereto. Tenant shall not ensure that Manager shall not, use (and shall not permit any Person to use) any the Leased Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property the Leased Property, and no acts shall be done thereon thereon, which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor and Tenant shall Tenant not, and shall ensure that Manager shall not, sell or otherwise provide to residents or patients therein, or permit to be kept, used used, or sold in or about any Property the Leased Property, any article which may be prohibited by law law, or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Further, Tenant shall not not, and Tenant shall ensure that Manager shall not, take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give proceed with all due diligence and exercise commercially reasonable efforts to obtain and maintain, or to cause Manager to obtain and maintain, all approvals necessary to use and operate, for its Permitted Use, the Leased Property and the Hotels located thereon under applicable law. Landlord Notice thereofshall cooperate with Tenant in this regard, which Notice including, without limitation, by executing all applications and consents required to be signed by Landlord in order for Tenant to obtain and maintain such approvals.
(c) Tenant shall set forth in reasonable detail the reasons therefor. Thereafternot, Landlord and Tenant shall negotiate in good faith to agree on an alternative ensure that Manager shall not, use for such or suffer or permit the use of the Leased Property or Tenant’s Personal Property, appropriate adjustments to the Additional Rent and other related matters; providedif any, howeverfor any unlawful purpose. Tenant shall not, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail shall ensure that Manager shall not, (i) commit or suffer to agree be committed any waste on an alternative use for such Property within sixty the Leased Property, or in the Hotels, or cause or permit any unlawful nuisance thereon or therein, or (60ii) days after commencing negotiations as aforesaidpermit the Leased Property, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice or any portion thereof, which Notice shall include to be used in such a copy manner as (A) might reasonably impair Landlord’s title thereto or to any portion thereof; or (B) may reasonably allow a claim or claims for adverse usage of adverse possession by the public, as such, or of implied dedication of the Offer executed by such third party. In the event that Landlord shall fail to accept Leased Property or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateany portion thereof.
Appears in 7 contracts
Samples: Lease Agreement (ESH Hospitality, Inc.), Lease Agreement (ESH Hospitality, Inc.), Lease Agreement (ESH Hospitality, Inc.)
Permitted Use. (a) Tenant shall, at all times during the TermLessee will use, and at any other time that Tenant shall be in possession of any Property, continuously will permit the use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any actionof, the taking or omission of which materially impairs Leased Property at each Site only for the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In Lessee will not use, or permit to be used, any Site, or any portion of such Site, by Lessee, any Person or the event thatpublic in such manner as might reasonably be expected to impair Lessor's title to, or interest or rights in, such Site, or any portion of such Site, or in such manner as might reasonably make possible a Claim or Claims of adverse usage or adverse possession by the reasonable determination public, as such, or any Person, or of Tenantimplied dedication of any of the Leased Property of such Site (provided there is no obligation to monitor or control use of the Site by Sprint Collocator or its Affiliates). Nothing contained in this Agreement and no action or inaction by Lessor, Sprint Collocator or any of their respective Affiliates will be deemed or construed to mean that Lessor or Sprint Collocator has granted to Lessee any right, power or permission to do any act or make any agreement that may create, or give rise to or be the foundation for any such right, title, interest, lien, charge or other encumbrance upon the estate of Lessor in any Site.
(c) Sprint Collocator will use the Sprint Collocation Space at each Site only for installation, use, operation, repair and replacement of Sprint's Communications Facility. Sprint Collocator will not use the Sprint Collocation Space at any Site in such manner as might reasonably be expected to impair Lessee's rights or interest in such Site or in such manner as might reasonably make possible a Claim or Claims of adverse usage or adverse possession by the public, as such, or any other Person (other than Sprint Collocator or any of its Affiliates), or of implied dedication of such Sprint Collocation Space. Except as specifically permitted hereunder, Sprint Collocator and its Affiliates shall have no right to use or occupy any space at any Site other than the Sprint Collocation Space that it shall no longer be economically practical occupies from time to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth time in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement accordance with the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateAgreement.
Appears in 6 contracts
Samples: Master Lease and Sublease (Global Signal Inc), Master Lease and Sublease (Global Signal Inc), Master Lease and Sublease (Global Signal Inc)
Permitted Use. (a) Tenant shallshall use, at all times during operate and occupy the TermFacility as a radiation or oncology related medical office building and treatment center, and at any for ancillary services relating thereto, but for no other time purpose; provided, however, that Tenant may, with the written approval of Landlord (subject to the succeeding sentence, to be granted or withheld in the exercise of its sole and absolute discretion) change the use of the Facility to a different use so long as Tenant shall be continue to use, operate and occupy the Facility for a use in possession the medical services industry. Landlord, upon the written request of any PropertyTenant, continuously shall approve a change in the use of the Facility if the following conditions are met: (i) the proposed change in use is for a use in the medical services industry, (ii) Tenant has obtained and provided to Landlord appraisals (prepared by an appraiser reasonably acceptable to Landlord) that take into account the proposed change in use and operate, or cause that demonstrate to be used and operated, such Property as Landlord’s reasonable satisfaction that the fair market value of the Facility after the change in use will not result in a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedmaterial reduction of the fair market value of the Facility, and any uses incidental thereto(iii) Tenant has obtained or agrees to obtain prior to such change in use all licenses, certificates, permits and all other approvals required by law in connection with operating the Facility for the proposed new use. Tenant shall not use (operate the Facility and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done Business conducted thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute in a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied manner consistent with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Useapplicable laws.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereofcontinuously and uninterruptedly use, which Notice shall set forth in reasonable detail operate and occupy the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to Facility throughout the Additional Rent and other related mattersTerm; provided, however, that (i) Tenant may close down the operations of the Facility in connection with Tenant’s refurbishing, upgrading, or changing the permitted use of the Facility for a commercially reasonable amount of time required to complete such refurbishment, upgrades, or change in use; but in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty period of time exceed two hundred seventy (60270) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Propertydays, and the Minimum Rent shall be reduced by an amount equal (ii) subject to the product of Tenant’s restoration obligations contained in this Lease, Sections 17 and 18, the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or Facility may be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal temporarily closed down to the product extent and for the period of time the projected net proceeds determined Facility is untenantable by reference to such Offer multiplied by the Interest Ratereason of fire or other casualty or condemnation.
Appears in 5 contracts
Samples: Lease Agreement (21st Century Oncology Holdings, Inc.), Lease Amendment (21st Century Oncology Holdings, Inc.), Lease Agreement (21st Century Oncology Holdings, Inc.)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Travel Center, as currently operated, and any uses incidental thereto. Tenant shall operate the Travel Centers under the name “TA”, “Travel Centers of America” or “Goasis”, or such other names as Tenant shall use for the travel center locations operated by it and its Affiliated Persons. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients thereinprovide, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to to, at Landlord’s option, (x) the product Percentage Reduction of the net proceeds of sale received by Landlord multiplied or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the Interest Rateparties or, absent agreement, by an appraiser designated by Landlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to to, at Landlord’s option (x) the product applicable Percentage Reduction of the projected net proceeds determined by reference to such Offer multiplied or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the Interest Rateparties or, absent agreement, by an appraiser designated by Landlord. Notwithstanding the foregoing, Tenant shall not have the right to invoke the provisions of this Section 4.1.1(b) with respect to more than twenty (20) Properties in the aggregate under this Agreement and the Other Leases during the Term. For purposes of the preceding sentence, “Properties” shall include any Property under this Lease and any “Property” (as defined therein) under any Other Lease.
Appears in 4 contracts
Samples: Lease Agreement (TravelCenters of America Inc. /MD/), Lease Agreement (TravelCenters of America Inc. /MD/), Lease Agreement (TravelCenters of America Inc. /MD/)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, Travel Center and any uses incidental thereto, and any truck servicing or repair, retail convenience, mobility or energy generation or management facility and any other ancillary lawful uses related or complimentary thereto; provided, however, Tenant may from time to time suspend use or operations at any Property as in Tenant’s reasonable determination is necessary or desirable in connection with construction or development thereat, casualty or condemnation with respect thereto, in order to comply with Applicable Law or, if, in Tenant’s reasonable determination, it is no longer economically practical to operate such Property as currently operated. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease Ground Lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients thereinprovide, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operateda Travel Center, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant Xxxxxx receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an annual amount equal to the product of (x) the Percentage Reduction multiplied by (y) the net proceeds of sale received by Landlord multiplied by the Interest RateLandlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an annual amount equal to the product of (a) the Percentage Reduction multiplied by (b) the projected net proceeds determined by reference to such Offer multiplied by Offer; provided, however, in no event shall the Interest Rateaggregate reduction of Minimum Rent during the Term pursuant to this Section 4.1.1(b) exceed the Minimum Rent Reduction Limit.
Appears in 4 contracts
Samples: Lease Agreement (Service Properties Trust), Lease Agreement (Service Properties Trust), Lease Agreement (Service Properties Trust)
Permitted Use. (a) Tenant shallshall use, at all times during the Termoperate and occupy each Facility as a radiation or oncology related medical office building and treatment center, and at any for ancillary services relating thereto, but for no other time purpose; provided, however, that Tenant may, with the written approval of Landlord (subject to the succeeding sentence, to be granted or withheld in the exercise of its sole and absolute discretion) change the use of a Facility to a different use so long as Tenant shall be continue to use, operate and occupy such Facility for a use in possession the medical services industry. Landlord, upon the written request of any PropertyTenant, continuously shall approve a change in the use of a Facility if the following conditions are met: (i) the proposed change in use is for a use in the medical services industry, (ii) Tenant has obtained and provided to Landlord appraisals (prepared by an appraiser reasonably acceptable to Landlord) that take into account the proposed change in use and operate, or cause that demonstrate to be used and operated, Landlord’s reasonable satisfaction that the fair market value of such Property as Facility after the change in use will not result in a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedmaterial reduction of the fair market value of the Facility, and any uses incidental thereto(iii) Tenant has obtained or agrees to obtain prior to such change in use all licenses, certificates, permits and all other approvals required by law in connection with operating the Facility for the proposed new use. Tenant shall not use (operate each Facility and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done Business conducted thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute in a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied manner consistent with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Useapplicable laws.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereofcontinuously and uninterruptedly use, which Notice shall set forth in reasonable detail operate and occupy each Facility throughout the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related mattersTerm; provided, however, that (i) Tenant may close down the operations of a Facility in connection with Tenant’s refurbishing, upgrading, or changing the permitted use of such Facility for a commercially reasonable amount of time required to complete such refurbishment, upgrades, or change in use; but in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty period of time exceed two hundred seventy (60270) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Propertydays, and the Minimum Rent shall be reduced by an amount equal (ii) subject to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or Tenant’s restoration obligations contained in this Master Lease, Sections 17 and 18, a Facility may be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal temporarily closed down to the product extent and for the period of the projected net proceeds determined time such Facility is untenantable by reference to such Offer multiplied by the Interest Ratereason of fire or other casualty or condemnation.
Appears in 4 contracts
Samples: Master Lease (21st Century Oncology Holdings, Inc.), Master Lease (21st Century Oncology Holdings, Inc.), Master Lease (Radiation Therapy Services Holdings, Inc.)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such the Leased Property as a skilled nursing/ intermediate care/independent living/an assisted living/ special care/group home living and Alzheimer’s care facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any the Leased Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Propertythe Leased Property (if any), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 4 contracts
Samples: Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Senior Housing Properties Trust)
Permitted Use. (a) Tenant shall, at all times during shall use the TermPremises only for the Permitted Use of the Premises specified in the Basic Lease Information and for lawful purposes incidental thereto, and at any no other time that purpose whatsoever. Tenant shall not do or permit to be done in. on or about the Premises, nor bring or keep or permit to be brought or kept therein, anything which is prohibited by or will in possession of any Propertyway conflict with any Applicable Laws, continuously use and operateor which is prohibited by any insurance policy applicable to the Premises, or will in any way increase the existing rate of, or disallow any fire rating or sprinkler credit, or cause a cancellation of, or affect any insurance for the Premises. Tenant shall not do or permit anything to be used and operateddone in or about the Premises which will in any way obstruct or interfere with the rights of Landlord or other tenants or users of the Property, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoor injure or annoy them. Tenant shall not use (or allow the Premises to be used for any improper, immoral unlawful or objectionable activity, nor shall Tenant cause, maintain or permit any nuisance in, on or about the Premises or commit or suffer to be committed any waste in, on or about the Premises. Except for equipment and fixtures that Xxxxxx has constructed on the Building 543 Premises pursuant to permits previously issued by Landlord, Tenant shall not permit store any Person to usematerials equipment or vehicles outside the Premises and agrees that no washing of any type (including washing vehicles) shall take place in or outside the Premises. Tenant shall not receive, store or otherwise handle any Propertyproduct or material that is explosive or highly inflammable, or except in accordance with Applicable Laws. Tenant shall not install any portion thereof, for any other use signs on the Premises without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))Tenant’s expense, comply remove all such signs prior to or cause to be complied with all Insurance Requirements. Tenant shall not take upon termination of this Lease, repair any damage caused by the installation or omit to takeremoval of such signs, or permit to be taken or omitted to be taken, any action, and restore the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments Premises to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms condition that existed before installation of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third partysigns. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.BE 543 154 EUL Final 120511 SAA2 – 402658
Appears in 4 contracts
Samples: Enhanced Use Lease (Bloom Energy Corp), Enhanced Use Lease (Bloom Energy Corp), Enhanced Use Lease (Bloom Energy Corp)
Permitted Use. (a) Tenant shall, at all times The Leased Premises may be used and occupied for any lawful purposes during the TermTerm of this Lease, including, without limitation, the purposes specified in Section 1.1(n) above, and at any other time uses selected by Tenant, in Tenant's sole discretion, which are not otherwise prohibited at law and which relate to or supplement any of the foregoing. It is hereby acknowledged that Tenant's initial use of the Leased Premises will be for the purpose specified in Section 1.1(n), as well as for such other uses selected by Tenant, in Tenant's sole discretion, which are not otherwise prohibited at law. Upon the request of Tenant, Landlord will join with Tenant in applications or proceedings to obtain any required or desired use permits or licenses for the Leased Premises; provided, however, that Tenant shall be bear all costs in possession connection therewith. Notwithstanding the foregoing, Tenant may not apply or seek to change the legal use of the Leased Premises from that specified in Section 1.1(n) if such other use would: (A) have an adverse effect on the fair market value of the Leased Premises, (B) increase the likelihood that Tenant, Landlord or Lender would incur liability under any provisions of any Property, continuously use and operateHazardous Substance Laws, or cause (C) result in or give rise to be used and operatedany environmental deterioration or degradation of the Leased Premises, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use or (and shall not permit any Person to useii) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or purpose which would constitute a default under public or private nuisance or waste or which would violate any ground lease affecting such Propertyof the provisions of any Permitted Encumbrance, nor shall Tenant sell or otherwise provide to residents or patients thereinany Legal Requirements, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, requirements or any other insurance policies required covenants, restrictions or agreements hereafter created by or consented to be carried hereunder, or fire underwriter’s regulations. by Landlord and Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause which are applicable to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted UseLeased Premises.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall Notwithstanding anything contained or set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments this Lease to the Additional Rent and other related matters; providedcontrary, howevernothing set forth in this Lease shall be construed, in any manner whatsoever, as an express or implied covenant on the part of Tenant to commence business operations or to thereafter continuously operate any business operations on the Leased Premises, and Landlord specifically acknowledges that there is no event shall covenant of initial or continuous operation on the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy part of the Offer executed by such third party. In the event that Landlord shall fail to accept Tenant, express or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateimplied.
Appears in 3 contracts
Samples: Lease Agreement (Egl Inc), Lease Agreement (Egl Inc), Lease Agreement (Egl Inc)
Permitted Use. The use of the Premises by Tenant and Tenant’s assignees and subtenants and their respective agents, advisors, employees, partners, shareholders, directors, customers, clients, visitors, invitees and independent contractors (acollectively, “Tenant’s Agents”) shall be solely for the Permitted Use specified in the Basic Lease Information and for no other use. Subject to the terms of this Lease and all applicable Laws, Tenant shallshall be provided access to the Premises twenty-four (24) hours a day, at all times seven (7) days a week during the Term. Tenant shall not permit any waste or any objectionable or unpleasant odor, smoke, dust, gas, noise or vibration to emanate outside of the Building. The Premises shall not be used to create any nuisance or trespass, for any illegal purpose, for any purpose not permitted by Laws (as hereinafter defined), for any purpose that would invalidate the insurance or increase the premiums for insurance on the Premises, the Building or the Project or for any purpose or in any manner that would interfere with other tenants’ use or occupancy of the Project. Tenant shall pay to Landlord, as Additional Rent, any increases in premiums on policies resulting from Tenant’s use of the Premises for other than general office and at research and development uses or any other time that use or action by Tenant shall be in possession or Tenant’s Agents which increases Landlord’s premiums or requires additional coverage by Landlord to insure the Premises. Tenant agrees not to overload the floor(s) of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretothe Building. Tenant shall not use (and shall not permit the Premises in any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which manner that will cause the cancellation of any insurance policy covering such Property Building or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide not to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by conform with the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriterBuilding’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value Sustainability Practices or the usefulness certification of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments Building issued pursuant to the Additional Rent and other related mattersapplicable Green Building Standards, if any; provided, however, that in no event shall such practices or certification requirements or the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty foregoing restriction have the effect of interfering (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale other than to a third party. If de minimis extent) with Tenant’s conduct of business at the Premises in a manner consistent with the Permitted Use or result in additional cost to Tenant receives (other than to a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratede minimis extent).
Appears in 3 contracts
Samples: Lease Agreement (10x Genomics, Inc.), Lease Agreement (10X Genomics, Inc.), Lease Agreement (10x Genomics, Inc.)
Permitted Use. (a) Tenant shall, A. Lessee shall at all times during the Term, Term and at any other time that Tenant Lessee shall be in possession use and occupancy of any Propertythe Cypress Premises, continuously use and operateoperate the Personal Property solely for commercial purposes in strict compliance with the terms of the Cypress Permit, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedthe VANOC Agreement, and any uses incidental theretoApplicable Laws, and shall use reasonable commercial efforts to seek to maximize Gross Revenues. Tenant Lessee shall not use (and shall not permit any Person to use) any Property, the Personal Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditionedLessor. No use shall be made or permitted to be made of any the Personal Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Cypress Premises, the Personal Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor and Lessee shall Tenant not sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property the Cypress Premises any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant Lessee shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant Further, Lessee shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any Property the Cypress Premises or the Personal Property, or any part thereof for its Permitted Use.
(b) In B. Lessee shall proceed with all due diligence and exercise commercially reasonable efforts to obtain and maintain all approvals necessary to continuously use and continuously operate the event thatPersonal Property for its Permitted Use under Applicable Laws. Lessor shall reasonably cooperate with Lessee in this regard, at no expense to Lessor, including executing all applications and consents required to be signed by Lessor, to which Lessor has no reasonable objection, in order for Lessee to obtain and maintain such approvals.
C. Lessee shall not use or suffer or permit the reasonable determination use of Tenantthe Personal Property for any unlawful purpose. Lessee shall not commit or suffer to be committed any waste of the Personal Property, it or cause or permit any unlawful nuisance thereon or therein. Except as may be required by law or any order of a Court having jurisdiction over the Cypress Premises or Lessee, Lessee shall no longer be economically practical to operate not permit the Personal Property, or any Property as currently operated, Tenant shall give Landlord Notice portion thereof, which Notice shall set forth to be used in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith such a manner as might reasonably impair Lessor’s rights or title thereto or to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice any portion thereof, which Notice shall include or may reasonably allow a copy claim or claims for adverse usage or adverse possession by any person or implied dedication of the Offer executed by such third party. In the event that Landlord shall fail to accept Personal Property or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateany material portion thereof.
Appears in 3 contracts
Samples: Personal Property Lease Agreement, Personal Property Lease Agreement (CNL Lifestyle Properties Inc), Personal Property Lease Agreement (CNL Income Properties Inc)
Permitted Use. (a) A. Tenant shall, shall at all times during the Term, Term and at any other time that Tenant shall be in possession use and occupancy of any Propertythe Cypress Premises, continuously use and operate, or cause operate the Cypress Premises and the Leased Property solely for commercial purposes in compliance with the terms of the Cypress Permit but recognizing and subject to be used the VANOC Agreement and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoshall use reasonable commercial efforts to seek to maximize Gross Revenues. Tenant shall not use (and shall not permit any Person to use) any Propertythe Cypress Premises, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Cypress Premises or the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Cypress Premises, the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor and Tenant shall Tenant not sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property the Cypress Premises any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Further, Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any Property the Cypress Premises, the Leased Property, or any part thereof for its Permitted Use.
(b) In B. Tenant shall proceed with all due diligence and exercise commercially reasonable efforts to obtain and maintain all approvals necessary to continuously use and continuously operate the event thatCypress Premises and Leased Property for its Permitted Use under Applicable Laws. Landlord shall reasonably cooperate with Tenant in this regard, at no expense to Landlord, including executing all applications and consents required to be signed by Landlord, to which Landlord has no reasonable objection, in order for Tenant to obtain and maintain such approvals.
C. Tenant shall not use or suffer or permit the reasonable determination use of Tenantthe Cypress Premises or Leased Property for any unlawful purpose. Tenant shall not commit or suffer to be committed any waste on the Cypress Premises, it shall no longer or cause or permit any unlawful nuisance thereon or therein. Except as may be economically practical to operate required by law or any Property as currently operatedorder of a Court having jurisdiction over the Cypress Premises, Tenant shall give Landlord Notice not permit the Cypress Premises, the Leased Property, or any portion thereof, to be used in such a manner as might reasonably impair Landlord’s rights or title thereto or to any portion thereof, or may reasonably allow a claim or claims for adverse usage or adverse possession by any person or implied dedication of the Cypress Premises, the Leased Property or any material portion thereof provided that any claims of aboriginal rights or title made by or on behalf of any aboriginal group which Notice shall set forth in reasonable detail do not materially impair the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments Landlord’s rights or title to the Additional Rent and other related matters; provided, however, in no event Cypress Premises under the Permit or Tenant’s operations at the Cypress Premises shall the Minimum Rent not be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms breach of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratesection 4.1.
Appears in 3 contracts
Samples: Sub Permit and Lease Agreement, Sub Permit and Lease Agreement (CNL Lifestyle Properties Inc), Sub Permit and Lease Agreement (CNL Income Properties Inc)
Permitted Use. (a) Tenant shallshall use the Premises only for the Permitted Use. Tenant will not occupy or use the Premises, at all times during or permit any portion of the TermPremises to be occupied or used, for any business or purpose other than the Permitted Use or for any use or purpose which is unlawful in part or in whole or deemed to be disreputable in any manner or extra hazardous on account of fire, nor shall Tenant use, store, or discharge any “Hazardous Material” as defined in Section 45 hereof, nor permit anything to be done which will in any way increase the rate of insurance on the Building or contents; and at if, by act of Tenant, there is any other time that increase in the rate of insurance on the Building or contents created by Tenant’s acts or conduct, then such acts of Tenant shall be in possession an event of default hereunder and Tenant shall pay to Landlord the amount of such increase on demand. Acceptance of such payment shall not constitute a waiver of any Propertyof Landlord’s other rights provided herein. Tenant will conduct its business and control its agents, continuously use employees and operateinvitees to not create any nuisance, nor interfere with, annoy or cause disturb other tenants or Landlord in the management of the Building. Tenant will maintain the Premises in a clean, healthful and safe condition and will comply with all laws, ordinances, orders, rules and regulations (state, federal, municipal and other agencies of bodies having jurisdiction thereof) with reference to be used and operatedthe use, such Property condition or occupancy of the Premises as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility well as currently operatedthe provisions of all recorded documents affecting the Building. Tenant will not, and without the prior consent of Landlord, paint, install lighting or install any uses incidental theretosigns, window or door lettering or advertising media of any type on or about the Premises. Tenant shall not use (place a load upon any floor of the Premises exceeding the floor load per square foot which such floor was designated to carry or which is allowed by law. Landlord hereby reserves the right to prescribe the weight and shall not permit any Person position of all safes or other unusually heavy equipment which must be placed so as to use) any Property, or any portion thereof, for any other use without distribute the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditionedweight. No use Business machines and mechanical equipment shall be made or permitted to be made of any Property placed and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited maintained by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallTenant, at its Tenant’s sole cost (except as expressly provided and expense, in Section 5.1.2(b))settings sufficient in Landlord’s judgment to absorb and prevent transmission of vibration, comply or cause to be complied with all Insurance Requirementsnoise and annoyance. Tenant shall not take install or omit to take, use in the Premises any electrical machinery or permit to be taken appliances which in Landlord’s sole judgment may overload the electrical wiring or omitted to be taken, any action, equipment capacity in the taking or omission of which materially impairs the value Premises or the usefulness of any Property or any part thereof for its Permitted UseBuilding.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 3 contracts
Samples: Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.)
Permitted Use. The Premises shall be continuously used for the sole purpose of general business offices and/or for receiving, storing, shipping and selling (aother than at retail) products, materials and merchandise made and/or distributed by Tenant and for no other use or purpose. Tenant shall at its own cost and expense obtain any and all licenses and permits necessary for any such use. The overnight parking of automobiles, trucks or other vehicles, and the outside storage of any property including trash or garbage are prohibited. Tenant agrees that it shall, at all times during its own cost and expenses keep its employees, agents, customers, invitees, and/or licensees from parking on any streets running through or contiguous to the Term, and at any other time buildings or development of which the premises are part thereof. Tenant agrees that Tenant shall be in possession no washing of any Property, continuously use type will take place in the premises including the truck apron and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoparking areas. Tenant shall not permit any objectionable or unpleasant odors, smoke, dust, gas, noise or vibrations to emanate from the Premises, nor take any other action which would constitute a nuisance or would disturb or endanger any other tenants of Development or unreasonably interfere with such tenants' use (and of their respective premises or permit any use which would adversely affect the reputation of the Development. Tenant shall not receive, store or otherwise handle any product, material or merchandise which is explosive, highly flammable or constitutes a hazardous substance or waste. Tenant shall not permit the Premises to be used for any Person purpose (including, without limitation, the storage of merchandise) in any manner which would render the insurance thereon void or increase the insurance rate thereof. Tenant agrees to indemnify and hold Landlord harmless against any and all loss, costs and claims, including attorney's fees relating to the improper storage, handling, transportation or disposal of explosive, highly flammable or hazardous materials or resulting from any other improper use) . Tenant shall comply with all governmental laws, ordinances and regulations applicable to the Premises, and shall promptly comply with all governmental orders and directives for the correction, prevention and abatement of any Propertyviolations or nuisances in or upon, or connected with, the Premises, all at Tenant's sole expense. If, as a result of any portion change in the governmental laws, ordinances and regulations, the Premises must be altered to accommodate lawfully the use and occupancy thereof, for any other use without such alterations shall be made only with the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use but the entire cost thereof shall be made or permitted borne by Tenant; provided that the necessity of Landlord's consent shall in no way create any liability against Landlord for failure of Tenant to be made of any Property comply with such laws, ordinances and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallshall take whatever other actions are necessary so that the Premises and Tenant's use thereof complies with the Fire Prevention Code of the National Fire Protection Association and any other fire prevention laws, at its sole cost (except as expressly provided in Section 5.1.2(b))ordinances, comply rules or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments regulations applicable to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RatePremises.
Appears in 3 contracts
Samples: Lease Agreement (Daleen Technologies Inc), Lease Agreement (Daleen Technologies Inc), Lease Agreement (Daleen Technologies Inc)
Permitted Use. (a) Tenant 8.1 The Premises shall be used only for the Permitted Use and for no other purpose. The Tenant, shall, at its own cost and expense, obtain any and all times during licenses and permits necessary for such use. The Tenant shall comply with all governmental laws, ordinances and regulations applicable from time to time to its use of the TermPremises, and shall promptly comply with all governmental orders and directives for the correction, prevention and abatement of nuisances in or upon, or connected with the Premises, all at any other time that the Tenant's sole expense.
8.2 The Tenant shall not do, suffer or permit anything to be in possession of any done in, on or about the Premises or the Property, continuously nor bring, nor keep anything therein which will in any way affect fire or other insurance upon the Building or any of its contents or which will in any way conflict with any law, ordinance, rule or regulation now or hereafter in force or effect relating to the occupancy and use of the Premises and operatesaid Property, or cause in any way obstruct or interfere with the rights of other lessees or users of the Property, or injure or annoy them, nor use, nor allow the Premises or the Building to be used and operatedfor any improper, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedimmoral, unlawful or objectionable purpose, cooking therein, and nothing shall be prepared, manufactured, or used in the Premises which might emit an odor into the corridors of the building.
8.3 The Tenant will not, without the written consent of the Landlord, use any uses incidental thereto. apparatus, machinery, or equipment or device in, on or about the Premises which may cause any excessive noise or may set up any excessive vibration or excessive floor loads or which in any way would increase the normal amount of electricity agreed to be furnished or supplied under this Lease, or as specified in the Building Standards Manual, and further, the Tenant shall not use (and shall not permit connect with water any Person to use) any Propertyapparatus, machinery, equipment or any portion thereof, for any other use devise without the prior written consent of the Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. The Tenant shall, at its the Tenant's sole cost (except as expressly provided in Section 5.1.2(b))and expense, comply or cause to be complied with all Insurance Requirements. Tenant of the requirements of all municipal, state and federal authorities now or hereafter in force, pertaining to said Premises, and shall faithfully observe in the use of said Premises and Property all municipal ordinances and regulations and state and federal statutes and regulations now or hereafter in force and effect.
8.4 Any change in law or otherwise which may make Tenant's use of the Premises impracticable or impossible shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Useaffect Tenant's obligations under this Lease.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 3 contracts
Samples: Lease Agreement (Insurance Management Solutions Group Inc), Lease Agreement (Insurance Management Solutions Group Inc), Lease Agreement (Insurance Management Solutions Group Inc)
Permitted Use. Tenant shall use the Premises solely for general office purposes and any incidental uses thereto including, but not limited to, breakrooms, installation of vending machines (afor Tenant's employees) Tenant shalland photocopy areas, at and, subject to Section 5.1.2 below, the Company Store, all times during to the Termextent consistent with the character of the Building as a first-class office building, and at any other time that Tenant shall be in possession of any Property, continuously not use and operate, or cause permit the Premises to be used for any other purpose or purposes whatsoever. Tenant further covenants and operatedagrees that it shall not use, such or suffer or permit any person or persons to use, the Premises or any part thereof in any manner contrary to the provisions of Exhibit D, attached hereto, or in a manner so as to cause a violation of the laws, ordinances, codes, statutes, rules or regulations of the United States of America, the state in which the Real Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedis located, or the ordinances, regulations or requirements of the local municipal or county governing body (including, but not limited to, zoning and building codes) or other governmental or quasi-governmental authorities having jurisdiction over the Real Property (collectively, "Laws"). Tenant shall comply with all recorded covenants, conditions, and any uses incidental theretorestrictions, now affecting the Real Property. Attached hereto as Exhibit J is a list of existing recorded covenants, conditions and restrictions affecting the Real Property, it true, correct and complete copies of which have been delivered to Tenant. Tenant shall also comply with all recorded covenants, conditions, and restrictions affecting the Real Property and executed after the date of execution of this Lease provided that such covenants, conditions, and restrictions and leases do not materially restrict Tenant in Tenant's use of the Premises or materially increase Tenant's obligations or adversely affect Tenants rights under this Lease. Tenant shall not use or allow another person or entity to use any pan of the Premises for the storage, use, treatment. manufacture or sale of "Hazardous Material," as that term is defined below, except for ordinary and general office supplies typically used in the ordinary course of business within office space in first-class office buildings (such as copier toner, liquid paper, glue, ink and shall not permit any Person to usecommon household cleaning supplies) any Property, or any portion thereof, for any other which Tenant must use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied strict compliance with all Insurance Requirementsapplicable Laws. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any actionAs used herein, the taking term "Hazardous Material" means any hazardous or omission of toxic substance, material or waste which materially impairs is or becomes regulated by any local governmental authority, the value state in which the Real Property is located or the usefulness of any Property or any part thereof for its Permitted UseUnited States Government.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 3 contracts
Samples: Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)
Permitted Use. (a) Tenant shall, at all times during agrees that the Term, and at any other time that Tenant Premises shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, occupied by Tenant only for Permitted Uses and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any no other use without Landlord’s express written consent.
(b) Tenant agrees to conform to the prior written following provisions during the Term of this Lease:
(i) Tenant shall cause all freight to be delivered to or removed from the Building and the Premises in accordance with the Rules and Regulations established by Landlord therefore;
(ii) Tenant will not place on the exterior of the Premises (including both interior and exterior surfaces of doors and interior surfaces of windows) or on any part of the Building outside the Premises, any sign, symbol, advertisement or the like visible to public view outside of the Premises. Landlord will not withhold consent for signs or lettering on the entry doors to the Premises provided such signs conform to sign standards for the Building adopted by Landlord in its sole discretion and Tenant has submitted to Landlord a plan or sketch in reasonable detail (showing, without limitation, size, color, location, materials and method of affixation) of the sign to be placed on such entry doors. Landlord agrees, however, to maintain a tenant directory in the lobby of the Building (and, in the case of multi-tenant floors, in that floor’s elevator lobby) in which will be placed Tenant’s name (or any approved assignee’s name) and the location of the Premises in the Building. Notwithstanding the foregoing, Tenant shall have the right to place Tenant’s name on the Building or on a sign next to the Building, at Tenant’s sole cost and expense, provided Tenant obtains Landlord’s consent, which shall not be unreasonably withheld, conditioned or delayed and the consent of any applicable governmental authorities, and Tenant delivers to Landlord plans for installation of such sign, which shall be subject to Landlord’s prior approval, which approval shall not be unreasonably withheld, delayed conditioned or conditioneddelayed. No use Landlord hereby consents to Tenant’s exterior signage, as set forth in Exhibit M attached hereto and incorporated herein;
(iii) Tenant shall be made not perform any act or permitted to be made of carry on any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article practice which may be prohibited by law or by injure the standard form of fire insurance policiesPremises, or any other insurance policies required to be carried hereunderpart of the Building, or fire underwriter’s regulations. cause any offensive odors or loud noise or constitute a nuisance or a menace to any other tenant or tenants or other persons in the Building;
(iv) Tenant shall, at in its sole cost (except as expressly provided in Section 5.1.2(b))use of the Premises, comply with the requirements of all applicable governmental laws, rules and regulations, including, without limitation, the Americans With Disabilities Act of 1990 and the regulations of the Massachusetts Architectural Access Board. Landlord warrants and represents that the Base Building Work will comply with the Title III of the Americans with Disabilities Act of 1990 and any regulations or cause accessibility guidelines promulgated thereunder and with any other federal, state or municipal laws, regulations or building codes concerning handicapped access (collectively, “Access Requirements”). To the extent that any alterations to the Building are required as a result of the Base Building Work, and are not due to Tenants’ use of the Premises or Tenant’s Work, in order to come into compliance with the Access Requirements, Landlord shall make such alterations. The costs thereof and any other costs of complying with any Access Requirements shall be complied with all Insurance Requirements. borne by Landlord and shall not be included in Operating Expenses; and
(v) Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any actionabandon the Premises. For purposes of the foregoing, the taking or omission of which materially impairs term “abandonment” shall mean vacating the value or the usefulness of any Property or any part thereof for its Permitted UsePremises and failing to perform Tenant’s obligations hereunder.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Lease Agreement (Repligen Corp), Lease Agreement (Repligen Corp)
Permitted Use. (a) Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or and cause the Manager to be used use and operatedoperate, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, Wyndham Hotel and any uses incidental thereto. Tenant shall not use (and shall direct the Manager not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.3(b)), comply (or cause direct the Manager to be complied comply) with all Insurance Requirements. Tenant shall not take or omit to take (and Tenant shall direct the Manager not to take or omit to take, or permit to be taken or omitted to be taken, ) any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operateda Wyndham Hotel, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property or substitution of one or more other properties for the Leased Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateabated.
Appears in 2 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Lease Agreement (Wyndham Hotel Corp)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such (i) each Senior Housing Property as a skilled nursing/ nursing/intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto, and (ii) each Rehabilitation Hospital Property as a rehabilitation hospital, clinic or professional level health or medical services facility, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent (if applicable) and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Master Lease Agreement (Senior Housing Properties Trust), Master Lease Agreement (Five Star Quality Care Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent Property and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Master Lease Agreement (Senior Housing Properties Trust), Master Lease Agreement (Five Star Quality Care Inc)
Permitted Use. A. Tenant shall use and occupy the Premises for general offices (athe “Permitted Use”) and for no other purpose. Tenant shallwill not at any time use or occupy the Premises in violation of the certificate of occupancy issued for the Premises and the Building, at all times now existing or as hereinafter amended or modified (the “Certificate of Occupancy”).
B. Tenant has inspected the Premises and accepts them as is. Without limiting the generality of the foregoing, Tenant has requested that the items of furniture currently located in the Premises remain in the Premises as of the Commencement Date. Owner agrees that Tenant may make use of such furniture during the Term. Owner makes no representation to Tenant as to (i) the condition of such furniture, and at (ii) the suitability of any such furniture for Tenant’s purposes or (iii) any other time matter pertaining to such furniture. Tenant agrees that Tenant it shall be in take possession of the Premises with any Property, continuously use such furniture in place and operate, or cause Owner shall have no responsibility to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. remove same prior to the Commencement Date.
C. Tenant shall not use (and or occupy or permit or suffer the Premises to be used or occupied for any purposes other than the Permitted Use set forth in this Article 3. In no event shall not Tenant use, or permit any Person to use) any Propertythe use of the Premises, or any portion thereof, for in any manner which, in Owner’s judgment, will: (1) adversely affect (a) the appearance, character, reputation or first-class nature of the Building, or (b) the proper or economic furnishing of services to other tenants in the Building, or (c) the use and enjoyment of any other use without portion of the prior written consent Building by any other tenant(s), or (d) the proper and economic functioning of Landlordany of the Building Systems, which approval shall not be unreasonably withheldor (e) Owner’s ability to obtain from reputable insurance companies authorized to do business in New York, delayed at standard rates, all risk property insurance or conditioned. No use shall be made liability, elevator, boiler or permitted other insurance at standard rates required to be made furnished by Owner under the terms of any Property and no acts shall be done thereon which will cause Superior Lease and/or Mortgage covering the cancellation Total Property; (2) violate any Legal Requirements of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policiesLegal Authorities, or any other insurance policies required to be carried hereunderrequirements of Insurance Bodies, or fire underwriter’s regulations. Tenant shall, at its sole cost the Certificate of Occupancy; or (except as expressly provided 3) be in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. violation of any of the Restricted Uses.
D. Tenant shall not take or omit to take, use or permit to be taken or omitted to be takenthe use of the Premises, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
the following uses and/or purposes (bcollectively, the “Restricted Uses”): (1) In for the event thatbusiness of photographic, in the reasonable determination multilith or multigraph reproductions or offset printing; (2) for manufacturing of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matterskind; provided, however, in no event shall the Minimum Rent be reduced or abated (3) as a result thereof. If Landlord and Tenant fail to agree on an alternative use restaurant or bar or for such Property within sixty the sale of confectionery, beverages, sandwiches, ice cream or baked goods or for the preparation, dispensing or consumption of food or beverages in any manner whatsoever; (604) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer bank or other financial services office (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant which restriction shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall also be deemed to be rejected prohibit the installation by Landlord. If Landlord shall sell Tenant of automatic teller machines in the Property pursuant to such OfferPremises); (5) as an employment or travel agency, thenlabor union office, effective physician’s, dentist’s, medical or psychiatric office, medical or dental laboratory, dance or music studio, or health club or sports or exercise facility; (6) as of a bxxxxx shop or beauty salon; (7) for the date of such direct sale, this Agreement shall terminate with respect at retail or otherwise, of any goods or products of any sort or kind; (8) by any Legal Authority or by any foreign or domestic governmental or quasi-governmental entity entitled, directly or indirectly, to such Propertydiplomatic or sovereign immunity or not subject to the service of process in, and the Minimum Rent shall be reduced by an amount equal to jurisdiction of, the product courts of the net proceeds State of New York; (9) for the sale received by Landlord multiplied by of traveler’s checks and/or foreign exchange; (10) for the Interest Rate. If Landlord shall reject conduct of an auction; (11) for gambling activities; (12) for the conduct of obscene, pornographic, similar type or be deemed to have rejected) such Offerany other disreputable activities or for the sale of obscene, thenpornographic or similar type books, effective magazines, periodicals or other literature or materials, as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied Owner in its sole judgment; or (13) by the Interest Rateor for any charitable, religious or other not-for-profit organization’s activities.
Appears in 2 contracts
Samples: Lease Agreement (Polarityte, Inc.), Lease Agreement (Polarityte, Inc.)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent (if applicable) and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Master Lease Agreement (Five Star Quality Care Inc), Master Lease Agreement (Senior Housing Properties Trust)
Permitted Use. Concessionaire shall use the Premises only for the purpose of conducting the business of selling those items of merchandise and products and/or providing services specifically set forth below (a“Permitted Use”) Tenant and with merchandise items approved by Director and for no other use or purpose. Any other use shall require the advance written approval of the Aviation Director. City reserves the right to allow others to conduct operations and/or sell goods or services in other locations at the Airport that are the same, similar, or even identical to those being sold by Concessionaire. Concessionaire understands and agrees that its right to conduct operations and/or sell any goods or services at the Airport is not exclusive. TA-134 Space #134 is being offered for the sale of duty free merchandise to include, but not limited to: • Liquor • Name Brand Fashion Accessories • Tobacco Products • Crystal • Cameras • Jewelry • Cologne and other related items • Watches • Cosmetics • Pens • Gourmet foods • Electronics • Leather goods • Domestic and International Brands of Perfume “Duty free merchandise” is defined as merchandise of which is handled under the supervision of the United States Customs Service and not subject to United States Internal Revenue excise taxes; and any other merchandise referred to as “in-bond” merchandise. All merchandise offered for sale must be eligible to be sold to passengers leaving the United States. In addition to duty free merchandise, the Selected Respondent may offer for sale duty-paid merchandise, subject to the Director’s prior written approval, in accordance with all applicable United States Customs Service and United States Internal Revenue Service rules and regulations. . Notwithstanding anything to the contrary contained herein, including Concessionaire’s Permitted Use, if the Director reasonably determines that any item and/or service displayed, offered for sale or sold by Concessionaire is objectionable or inappropriate for display or sale at the Terminal and/or Airport, Concessionaire shall, within 1 day after delivery of the Director’s written notice to the Premises, immediately remove such item and/or service from display and its inventory (if the objectionable item and/or service displayed, offered for sale or sold shall be deemed to be offensive or potentially dangerous to the general public, as reasonably determined by the Director from time to time, Concessionaire shall remove such offensive or potentially dangerous item and/or service immediately upon verbal notice from the Director or his/her designee) and Concessionaire shall not thereafter display, offer for sale or sell any such objectionable or inappropriate item and/or service. If Concessionaire shall fail to remove any such item and/or service from display as may be required from time to time by the City within such 1 day period, then Concessionaire shall pay, within 10 days of demand therefor by the Director, Contractual Charges in the amount of not more than $50.00 per day until such time as Concessionaire has removed any such item and/or service from display. This remedy shall be in addition to any and all other remedies provided in this Agreement or by law to the City. Concessionaire represents and warrants that it holds all certificates, permits, licenses or other entitlements required by federal, state or local, laws, rules or regulations in order to enable Concessionaire to conduct its operations and to engage in its Permitted Use and that such certificates, permits, licenses or other entitlements are and shall be kept current, valid and complete at all times during the TermTerm hereof. Concessionaire shall submit any of the foregoing for inspection by the City from time to time. Concessionaire, and at any other time that Tenant Concessionaire’s expense, shall be in possession at all times comply with the requirements of any Propertyand all such certificates, continuously use and operatepermits, licenses or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Useentitlements.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
Permitted Use. (a) Tenant covenants and agrees that it shall, at all times during throughout the Term, and at any other time that Tenant shall be in possession Term of any Propertythis Agreement, continuously use and operate, or cause to be used occupy the Leased Property solely and operated, such Property exclusively as a first class licensed skilled nursing/ intermediate care/independent living/nursing, assisted living/ special care/group home facility as currently operatedliving and dementia care facility, and any for such other uses as may be necessary or incidental thereto. Tenant shall not to such use (such as services provided directly to residents by Tenant or under Service Licenses, as such term is defined below), with appropriate amenities for the same and for no other purpose without interruption except for minimum necessary interruptions in respect to portions of the Leased Property for periods provided herein for repairs, renovations, replacements and rebuilding all of which shall not permit any Person be carried out pursuant to, and in accordance with the applicable provisions of this Agreement (the foregoing being referred to use) any Property, or any portion thereof, for any other use without as the "Permitted Use"). Without the prior written consent of the Landlord, which approval shall not no Affiliated Person of Tenant may be unreasonably withhelda subtenant or concessionaire in the Leased Property, delayed or conditionedprovided however that Landlord hereby consents and agrees that a qualified and fully-insured Affiliated Person of Tenant may provide therapy and therapy-related services at the Facility for customary and appropriate charges. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In , or causes the event that, in the reasonable determination of Tenant, it shall Leased Premises to no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as considered a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratefirst class facility.
Appears in 2 contracts
Samples: Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (American Retirement Corp)
Permitted Use. (a) Tenant shall, at all times during agrees that the Term, Premises and at any other time that Tenant the Building Perimeter shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property occupied by Tenant only for the purposes specified as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedthe use thereof in Section "1.2" of this Lease, and for no other purpose or purposes.
(b) Tenant further agrees to conform to the following provisions during the entire term of this Lease:
(1) No auction, fire or bankruptcy sales may be conducted within the Premises without the previous consent of Landlord;
(2) Except as provided below, Tenant may not use any uses incidental theretoportion of the Common Area adjacent to the Premises, for any retail purpose unless expressly permitted by Landlord; Tenant may not use any outside loudspeakers; Tenant may not use any of the Common Area or any area outside the Premises for the storage of any goods, products or other materials whether in trailers, storage containers or otherwise. During construction of the Improvements, Landlord shall designate a staging area for Tenant's construction in which construction materials may be temporarily stored, provided they are properly screened and secured. Landlord shall not be responsible for any of Tenant's materials or those of its contractors;
(3) It is expressly understood that the Tenant shall not use (violate any of the Prohibited and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditionedExclusive Uses set forth on Exhibit "U" attached hereto. No use Any such violation shall be made or permitted to be made an Event of any Property Default with a twenty (20) day notice and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof cure period;
(unless another adequate policy 4) Until removal is available) or which would constitute a default under any ground lease affecting such Propertyeffected, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost and expense, keep all garbage or refuse in the Premises or in Tenant's dumpster suitably covered so that the same is not visible to the public and the Tenant shall comply with any and all recycling and other environmental laws in connection therewith; and
(except as expressly provided in Section 5.1.2(b))5) Tenant shall use its best efforts not to perform any act or carry out any practice which may injure the Premises, comply or any other part of the Shopping Center, or cause any offensive odors or loud noise in violation of municipal requirements or constitute a nuisance or a menace to be complied with all Insurance Requirementsany other tenant or tenants or other persons in the Shopping Center. Tenant shall not take cause all deliveries to the Premises to be made at the rear or omit to takeside of the Premises. No delivery vehicles may be parked, or permit stopped in front of the Premises to be taken or omitted to be taken, deliver any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Usegoods.
(bc) In the event that, in the reasonable determination of Tenant, it Tenant shall no longer be economically practical obligated to operate any Property the Embassy Bank for at least one (1) day as currently operated, Tenant indicated herein. The failure to open for business within twelve (12) months after all approvals are received and Building Pad is delivered shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail constitute an Event of Default. It is understood that after the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy initial opening of the Offer executed Embassy Bank, there is no covenant by such third party. In Tenant of continuous operation and as long as Tenant is paying its rent and complying with all other obligations under this Lease, the event that Landlord failure to continuously operate shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall not be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as an Event of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateDefault.
Appears in 2 contracts
Samples: Lease Agreement (Embassy Bancorp, Inc.), Lease Agreement (Embassy Bancorp, Inc.)
Permitted Use. (a) Tenant shall, at all times during agrees that the Term, and at any other time that Tenant Premises shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretooccupied by Tenant only for Permitted Uses. Tenant The Premises shall not use (and shall not permit in any Person to use) any Propertyevent be used for medical, dental, governmental, utility company or employment agency offices or for residential purposes, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by applicable law or by under the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted UseCondominium Documents.
(b) In Tenant agrees to conform to the event thatfollowing provisions during the Term of this Lease:
(i) Tenant shall cause all stock and other freight to be delivered to or removed from the Building and the Premises in accordance with reasonable rules and regulations established by Landlord and the Condominium Trustees.
(ii) Tenant will not place on the interior or exterior surfaces of windows, or in any window areas so as to be visible from outside the Building, or on any surface of the Building or the Property outside of the Premises, any signs, symbol, advertisement or the like without having first obtained the written consent of Landlord (and, if required, of the Condominium Trustees). Any request for consent shall be accompanied by an accurate rendering of such display (including size, color, material, location and method of affixation). Tenant shall be responsible for obtaining any and all permits, licenses or approvals required for the installation and maintenance of all such exterior signs. At the expiration or earlier termination of this Lease, the Tenant shall remove such signage as Landlord or the Condominium Trustees may require, and repair any damage caused thereby and restore the underlying surface.
(iii) Tenant shall not perform any act or carry on any practice which may injure the Premises, or any other part of the Building, or cause any offensive odors or loud noise or constitute a nuisance or a menace to, or otherwise interfere with the business of, any other tenant or tenants or other persons in the Building, or which is in violation of the Condominium Documents.
(iv) Tenant shall, in its use of the Premises, comply with the requirements of all applicable governmental laws, rules and regulations, including without limitation all applicable health and sanitation codes, the requirements of the Massachusetts Architectural Access Board and the Americans With Disabilities Act of 1990, as amended.
(v) Tenant shall, in its use of the Premises, comply in every respect and detail with the Condominium Documents. Tenant acknowledges receipt of the Condominium Documents and that it has reviewed the same.
(vi) Tenant shall not engage in any fire, distress or bankruptcy sale in the Premises, nor shall Tenant permit the Premises to be used by others for such purposes, but Tenant may have all reasonable determination and customary sales including, without limitation, sales in connection with permitted changes of Tenant, it shall no longer be economically practical to operate any Property as currently operateduse.
(vii) To the extent that the same are not publicly available, Tenant shall give Landlord Notice thereofsubmit to Landlord, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaidthe end of each calendar year, audited financial statements of Tenant may market covering such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the calendar year, and fairly presenting Tenant’s financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective condition as of the date end of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateyear.
Appears in 2 contracts
Samples: Lease (Converted Organics Inc.), Lease (Converted Organics Inc.)
Permitted Use. (a) Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Residence Inn by Marriott hotel (or as currently operated, a hotel under any successor brand name) and any uses incidental theretothereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use (and shall not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.3(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operateda Residence Inn by Marriott hotel or if the Franchisor shall terminate the Franchise Agreement, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third partyabated. In the event that Landlord shall fail to accept or reject operating the Leased Property for such Offer within thirty (30) days after receipt of such Notice, such Offer alternative use shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective outside of Tenant's expertise as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds reasonably determined by reference Tenant, Tenant may engage a third party Manager, reasonably acceptable to Landlord, for such Offer multiplied by the Interest Ratepurpose.
Appears in 2 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Lease Agreement (Hospitality Properties Trust)
Permitted Use. (a) Tenant shall, at all times during shall use the TermPremises only for the Permitted Use of the Premises specified in the Basic Lease Information and for lawful purposes incidental thereto, and at any no other time that purpose whatsoever. Tenant shall not do or permit to be done in, on or about the Premises, nor bring or keep or permit to be brought or kept therein, anything which is prohibited by or will in possession of any way conflict with any law, ordinance, rule, regulation or order now in force or which may hereafter be enacted, or which is prohibited by any insurance policy carried by Landlord for the Property, continuously use and operateor will in any way increase the existing rate of, or disallow any fire rating or sprinkler credit, or cause a cancellation of, or affect any insurance for the Property. If Tenant causes any increase the premium for any insurance covering the Property carried by Landlord, Tenant shall pay to Landlord, on written demand as additional rent, the entire amount of such increase. Tenant shall not do or permit anything to be used and operateddone in or about the Premises which will in any way obstruct or interfere with the rights of Landlord or other tenants of the Property, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoor injure or annoy them. Tenant shall not use (and or allow the Premises to be used for any improper, immoral, unlawful or objectionable activity, nor shall Tenant cause, maintain or permit any nuisance in, on or about the Premises or commit or suffer to be committed any waste in, on or about the Premises. Tenant shall not permit store any Person to usematerials, equipment or vehicles outside the Premises and agrees that no washing of any type (including washing vehicles) shall take place in or outside the Premises. Tenant shall not receive, store or otherwise handle any Property, product or material that is explosive or highly inflammable. Tenant shall not install any portion thereof, for any other use signs on the Premises without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))Tenant's expense, comply remove all such signs prior to or cause to be complied with all Insurance Requirements. Tenant shall not take upon termination of this Lease, repair any damage caused by the installation or omit to takeremoval of such signs, or permit to be taken or omitted to be taken, any action, and restore the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments Premises to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms condition that existed before installation of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratesigns.
Appears in 2 contracts
Samples: Industrial Lease (Foster L B Co), Industrial Lease (Sanfilippo John B & Son Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such the Leased Property as a skilled nursing/ intermediate care/an independent living/assisted living/ special care/group home living facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any the Leased Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Propertythe Leased Property (if any), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Senior Housing Properties Trust)
Permitted Use. (a) Tenant shall, at all times during Subtenant agrees that the Term, and at any other time that Tenant Subleased Premises shall be in possession of any Property, continuously use and operate, or cause to be used and operatedoccupied by Subtenant only for Permitted Uses specifically excluding use for governmental, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, utility company or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Useemployment agency offices.
(b) In Subtenant agrees to conform to the event thatfollowing provisions during the Sublease Term:
(i) Subtenant shall cause all freight to be delivered to or removed from the Building and the Subleased Premises in accordance with reasonable rules and regulations established by Sublandlord therefore;
(ii) Subtenant will not place on the exterior of the Subleased Premises (including both interior and exterior surfaces of doors and interior surfaces of windows) or on any part of the Building outside the Subleased Premises, any signs, symbol, advertisement or the like visible to public view outside of the Subleased Premises. Sublandlord agrees to facilitate Subtenant’s inclusion in the reasonable determination building’s directory in the lobby of Tenantthe Building. The cost of placing Subtenant’s name in the directory shall be paid by Subtenant. Subtenant shall be solely responsible for maintaining, it repairing and removing any signage not provided by Sublandlord;
(iii) Subtenant shall no longer be economically practical not perform any act or carry on any practice which may injure the Subleased Premises, or any other part of the Building, or cause any offensive odors or loud noise or constitute a nuisance or a menace to operate any Property as currently operatedother Subtenant or Subtenants or other persons in the Building;
(iv) Subtenant shall, Tenant shall give Landlord Notice thereofat Subtenant’s sole expense, promptly comply with all applicable laws and ordinances, governmental rules, regulations, and orders, certificates of occupancy, conditional use or other permits, variances, covenants and restrictions of record, the recommendations of Sublandlord’s engineers or other consultants, and requirements of any fire insurance underwriters, rating bureaus or government agencies, now in effect or which Notice shall set forth may hereafter come into effect, whether or not they reflect a change in reasonable detail policy from that now existing, during the reasons therefor. ThereafterSublease Term or any part of the Sublease Term hereof, Landlord and Tenant shall negotiate relating in good faith to agree on an alternative use for such Property, appropriate adjustments any manner to the Additional Rent Subleased Premises and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord occupation and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy by Subtenant of the Offer executed by such third partySubleased Premises. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such NoticeSubtenant shall, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offerat Subtenant’s sole expense, then, effective as comply with all requirements of the date of such sale, this Agreement shall terminate with respect Americans With Disabilities Act that relate to such Propertythe Subleased Premises, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offerall federal, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, state and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratelocal laws and regulations governing occupational safety and health.
Appears in 2 contracts
Samples: Sublease (Upstream Bio, Inc.), Sublease (Upstream Bio, Inc.)
Permitted Use. (a) The use of the Premises by Tenant shalland Tenant’s agents, at all times during the Termadvisors, employees, partners, shareholders, directors, invitees and at any other time that Tenant independent contractors (collectively, “Tenant’s Agents”) shall be solely for the Permitted Use specified in possession of any Property, continuously use the Basic Lease Information and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretofor no other use. Tenant shall not use (permit any objectionable or unpleasant smoke, dust, gas, noise or vibration to emanate from or near the Premises, and shall not permit use its best efforts to prevent any Person to use) any Property, objectionable odor from emanating from or any portion thereof, for any other use without near the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance RequirementsPremises. Tenant shall not take strictly comply with the measures set forth on Exhibit C hereto and any additional measures reasonably required by Landlord from time to time to eliminate the emanation of objectionable odors. Tenant shall promptly provide Landlord with copies of all permits issued to Tenant by the Bay Area Air Quality Management District (the “Air Management District”) and any other governmental agency responsible for or omit having jurisdiction over matters related to takeair quality, together with copies of all correspondence between Tenant and the Air Management District or permit such other agencies. Tenant acknowledges that The Gateway, the real estate development in which the Project is located, is a first-class office and R&D campus and that “objectionable odors” is a subjective standard. Accordingly, Tenant agrees that if odors in the area of the Building lead to complaints from other tenants and occupants of The Gateway, and if Landlord reasonably determines, based upon observation and/or a review of Tenant’s records, that such odors emanated from the Premises, Tenant shall promptly use its best efforts to correct the situation at Tenant’s sole cost and expense. Such measures to be taken or omitted to be takenby Tenant shall include, any actionwithout limitation, the taking hiring of special consultants and the making of capital improvements to the Premises. Tenant shall make its laboratory records available to Landlord for review in connection with any complaints by tenants or omission occupants of which materially impairs the value or the usefulness Gateway and as otherwise reasonably requested by Landlord. Any failure of any Property or any part thereof for Tenant to comply with its Permitted Useobligations under this Paragraph 9.1(a) shall constitute an immediate Default under this Lease.
(b) In The Premises shall not be used to create any nuisance or trespass, for any illegal purpose, for any purpose not permitted by Laws, for any purpose that would invalidate the event thatinsurance or increase the premiums for insurance on the Premises, the Building or the Project or for any purpose or in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative manner that would unreasonably interfere with other tenants’ use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy occupancy of the Offer executed Project. Tenant agrees to pay to Landlord, as Additional Rent, any increases in premiums on policies resulting from Tenant’s Permitted Use or any other use or action by such third partyTenant or Tenant’s Agents which increases Landlord’s premiums or requires additional coverage by Landlord to insure the Premises. In Tenant agrees not to overload the event that Landlord shall fail to accept or reject such Offer within thirty (30floor(s) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateBuilding.
Appears in 2 contracts
Samples: Lease Agreement (Theravance Biopharma, Inc.), Lease Agreement (Threshold Pharmaceuticals Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Travel Center, as currently operated, and any uses incidental thereto. Tenant shall operate the Travel Centers under the names Travel Centers of America, Goasis or Petro, or such other name as TA shall use for the travel center locations operated by it and its Affiliated Persons. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients thereinprovide, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product eight and one half percent (8.5%) of the net proceeds of sale received by Landlord multiplied by the Interest RateLandlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product eight and one half percent (8.5%) of the projected net proceeds determined by reference to such Offer multiplied (and, at Landlord’s request, Tenant shall cause TA (or its Affiliated Persons) to enter into a franchise agreement on market terms with Landlord or Landlord’s designee providing for the operation of such Property by Landlord or such designee as a Travel Center under the Interest RateTA brand at the Property). Notwithstanding the foregoing, Tenant shall not have the right to invoke the provisions of this Section 4.1.1(b) with respect to more than five(5) Properties during the Term.
Appears in 2 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Lease Agreement (Travelcenters of America LLC)
Permitted Use. (a) Xxxxxx agrees that the Premises shall be used and occupied by Tenant only for Permitted Uses specifically excluding use for governmental, utility company or employment agency offices.
(b) Xxxxxx agrees to conform to the following provisions during the Term of this Lease:
(i) Tenant shall cause all freight to be delivered to or removed from the Building and the Premises in accordance with reasonable rules and regulations established by Landlord therefor;
(ii) Tenant will not place on the exterior of the Premises (including both interior and exterior surfaces of doors and interior surfaces of windows) or on any part of the Building outside the Premises, any signs, symbol, advertisement or the like visible to public view outside of the Premises without Xxxxxxxx’s prior written consent. Landlord will not unreasonably withhold consent for Tenant’s standard corporate signs or lettering on the entry doors to the Premises, provided such signs conform to building standards adopted by Landlord in its sole discretion and Tenant has submitted to Landlord for approval a plan or sketch in reasonable detail (showing, without limitation, size, color, location, materials and method of affixation) of the sign to be placed on such entry doors. Tenant shall be responsible for obtaining any necessary governmental approvals for such signs, and for the maintenance, repair and replacement (and, upon the expiration or earlier termination of this Lease, the removal) of such signs. Landlord agree to maintain a tenant directory in the lobby of the Building in which will be placed Xxxxxx’s name and the location of the Premises in the Building. The initial cost of placing Tenant’s name in the directory shall be paid by Landlord. The cost of any subsequent modifications thereto shall be paid by Xxxxxx, at Xxxxxx’s sole expense. Tenant shall be solely responsible for maintaining, repairing and removing any signage not provided by Landlord;
(iii) Tenant shall not perform any act or carry on any practice which may injure the Premises, or any other part of the Building, or cause any offensive odors or loud noise or constitute a nuisance or a menace to any other tenant or tenants or other persons in the Building;
(iv) Tenant shall, at Tenant’s sole expense, promptly comply with all times applicable laws and ordinances, governmental rules, regulations, and orders, certificates of occupancy, conditional use or other permits, variances, covenants and restrictions of record, the recommendations of Landlord’s engineers or other consultants, and requirements of any fire insurance underwriters, rating bureaus or government agencies, now in effect or which may hereafter come into effect, whether or not they reflect a change in policy from that now existing, during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property Term or any part thereof (unless another adequate policy is available) or which would constitute a default under of the Term hereof, relating in any ground lease affecting such Property, nor shall manner to the Premises and the occupation and use by Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by of the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulationsPremises. Tenant shall, at its Tenant’s sole cost (except as expressly provided in Section 5.1.2(b))expense, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, requirements of the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments Americans With Disabilities Act that relate to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such PropertyPremises, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offerall federal, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, state and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.local laws and regulations governing occupational safety and health;
Appears in 2 contracts
Samples: Sublease (Upstream Bio, Inc.), Sublease (Upstream Bio, Inc.)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession subject to temporary periods for the repair of any Propertydamage caused by casualty or Condemnation, continuously use and operate, or cause to be used and operated, such operate each Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, an extended stay hotel and any uses incidental thereto. Tenant shall not use (and shall not or permit to be used any Person to use) any Property, Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. Tenant shall not change the brand of the Hotels without Landlord's prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned, it being agreed that, on the Commencement Date, the Hotels shall be operated under the "Candlewood Hotel" brand. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof that is required hereunder (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operateda Candlewood hotel, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Propertythe Property or a replacement property therefor (in which event the affected Property shall be transferred to Tenant's designee), appropriate adjustments to the Additional Rent and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateabated.
Appears in 2 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Lease Agreement (Candlewood Hotel Co Inc)
Permitted Use. (a) Tenant shall, at all times during may use the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to Premises only for the Permitted Use. The Premises must not be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use purpose without the prior written consent of Landlord. If Tenant pays the Base Rent and Additional Rent, which approval shall not be unreasonably withheldand otherwise complies with all other terms, delayed or conditionedconditions and covenants of this Lease, Tenant may occupy and enjoy the Premises for the Lease Term. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallTenant, at its sole cost (except as expressly provided and expense, shall comply with the Project Rules, all deed restrictions, restrictive covenants and encumbrances of record affecting the Premises and all zoning requirements, governmental laws, ordinances, orders, rules and regulations now in Section 5.1.2(b))effect or enacted subsequent to the date hereof by state, comply federal, municipal or cause other agencies or bodies having jurisdiction over Tenant, the use of the Premises, the conduct of the business operated by Tenant at the Premises, the construction or installation of any improvements to be complied with the Premises, and the appearance of the Premises and all Insurance Requirementsmatters of record and any regulations pursuant thereto affecting the Building or Project. Tenant shall not take promptly comply with all governmental orders and directives for the correction, prevention and abatement of nuisances in or omit to takeupon, or connected with the Premises, all at Tenant’s sole expense. Tenant (i) shall not permit or cause any party to be taken bring any Hazardous Substances upon the Premises or omitted transport, store, use, generate, manufacture, dispose or release any Hazardous Substances on or from the Premises except in a manner and quantity necessary for the ordinary performance of Tenant’s business; and (ii) shall comply with all Environmental Laws relating to be takenthe use, any action, the taking storage or omission of which materially impairs the value or the usefulness disposal of any Property such Hazardous Substances by Tenant. Tenant shall indemnify, defend and hold Landlord harmless from and against any losses, claims, demands, actions, suits, damages, expenses and costs which are brought or recoverable against Landlord as a result of any release of Hazardous Substances by Tenant or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall Parties. Notwithstanding anything set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments herein to the Additional Rent and other related matters; provided, howevercontrary, in no event shall the Minimum Rent be reduced way does Landlord warrant or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative represent, either expressly or impliedly, that Tenant’s use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept Premises is in accordance with applicable codes or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as ordinances of the date of such sale, this Agreement shall terminate with respect to such Property, and municipality within which the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateBuilding is located.
Appears in 2 contracts
Samples: Lease Agreement (Lakeside Holding LTD), Lease Agreement (Lakeside Holding LTD)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/an independent living/assisted living/ special care/group home living facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section SECTION 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; providedPROVIDED, howeverHOWEVER, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”"OFFER") to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product nine percent (9%) of the net proceeds of sale received by Landlord multiplied by the Interest RateLandlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product nine percent (9%) of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateOffer.
Appears in 2 contracts
Samples: Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Five Star Quality Care Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ nursing/intermediate care/independent living/assisted living/ living/special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product ten percent (10%) of the net proceeds of sale received by Landlord multiplied by the Interest RateLandlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product ten percent (10%) of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateOffer.
Appears in 2 contracts
Samples: Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Senior Housing Properties Trust)
Permitted Use. (a) Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Courtyard by Marriott hotel (or as currently operated, a hotel under any successor brand name) and any uses incidental theretothereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use (and shall not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.3(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operateda Courtyard by Marriott hotel or if the Franchisor shall terminate the Franchise Agreement, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third partyabated. In the event that Landlord shall fail to accept or reject operating the Leased Property for such Offer within thirty (30) days after receipt of such Notice, such Offer alternative use shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective outside of Tenant's expertise as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds reasonably determined by reference Tenant, Tenant may engage a third party Manager, reasonably acceptable to Landlord, for such Offer multiplied by the Interest Ratepurpose.
Appears in 2 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Lease Agreement (Hospitality Properties Trust)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant The Leased Premises shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property occupied only for the Permitted Use (as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, hereinafter defined) and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any no other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulationspurposes. Tenant shall, at its own cost and expense, comply with all Federal, state and municipal laws, ordinances, rules and regulations issued by any governmental authority and all covenants, conditions and restrictions of record which relate to the condition of the Leased Premises, to the extent caused or created by the act or omission of Tenant, its agents, servants, employees, contractors or invitees, or Tenant’s specific use, or manner of use or occupancy, of the Leased Premises. Tenant may, at its sole cost and expense, contest the denial of any application made by Tenant pursuant to, or in order to comply with, any Federal, state or municipal law, ordinance, rule and/or regulation relating to Tenant’s specific use, or manner of use or occupancy, of the Leased Premises, provided that: (except as expressly a) at the time such contest is made, Tenant is not in default of any of the terms or provisions of this Lease beyond the expiration of any applicable notice and cure periods; and (b) such contest, whether or not Tenant prevails therein, does not: (i) require alteration of any of the fixtures, systems or structural elements of the Building; (ii) require Landlord or any other tenant of the Building to incur any costs or expenses; and/or (iii) affect any other tenant of the Building in any manner. For purposes hereof, the term “Permitted Use” shall mean general, executive and administrative offices, including a conference center, seminar rooms, mock retail area (including the storage and display of goods and products in connection therewith, provided in Section 5.1.2(b)that no actual retail sales are made therein), comply or cause to be complied with all Insurance Requirementstraining center and data center. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, have use of the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments Common Areas subject to the Additional Rent terms and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms provisions of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateLease.
Appears in 2 contracts
Samples: Lease Agreement (Vitamin Shoppe, Inc.), Lease Agreement (Vitamin Shoppe, Inc.)
Permitted Use. (a) Tenant shallshall use the Premises only for the Permitted Use. Tenant will not occupy or use the Premises, at all times during or permit any portion of the TermPremises to be occupied or used, for any business or purpose other than the Permitted Use or for any use or purpose which is unlawful in part or in whole or deemed to be disreputable in any manner or extra hazardous on account of fire, nor shall Tenant use, store or discharge any "Hazardous Material" as defined in Section 46.0 hereof, nor permit anything to be done which will in any way increase the rate of insurance on the Building or contents; and at in the event that, by reasons of acts of the Tenant, there shall be any other time that increase in the rate of insurance on the Building or contents created by Tenant's acts or conduct of business, then such acts of Tenant shall be in possession deemed to be an event of default hereunder and Tenant hereby agrees to pay to Landlord the amount of such increase on demand, and acceptance of such payment shall not constitute a waiver of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoof Landlord's other rights provided herein. Tenant shall will conduct its business and control its agents, employees and invitees in such a manner as not use to create any nuisance, nor interfere with, annoy or disturb other tenants or Landlord in the management of the Building. Tenant will maintain the Premises in a clean, healthful and safe condition and will comply, at Tenant's expense, with all laws, ordinances, orders, rules and regulations (state, federal, municipal and shall not permit any Person other agencies of bodies having jurisdiction thereof) with reference to the use) any Property, condition or any portion thereofoccupancy of the Premises, for any other use including, without limitation, ADA. Tenant will not, without the prior written consent of the Landlord, which approval shall not be unreasonably withheldpaint, delayed install lighting or conditioned. No use shall be made decorations, or permitted to be made install any signs, window or door lettering or advertising media of any Property and no acts shall be done thereon which will cause type on or about the cancellation of any insurance policy covering such Property Premises or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Usethereof.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Lease Agreement (Accord Networks LTD), Lease Agreement (Accord Networks LTD)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ living/special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Master Lease Agreement (Senior Housing Properties Trust), Master Lease Agreement (Five Star Quality Care Inc)
Permitted Use. (a) Tenant shall, at all times The Licensee covenants and agrees that it shall use the Premises for the Permitted Use and for no other purpose. The Licensee covenants and agrees that during the Term, the Licensee shall:
(a) remove all of the Licensee’s personal property from the Premises and store the same in such area(s) as designated by the Licensor between each use of the Premises at any other time that Tenant shall be the times set out on Schedule “B”;
(b) deliver the Premises in possession a good, clean and tidy condition to the Licensor after each use of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall the Premises at the times set out on Schedule “B”;
(c) not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, do or permit to be kept, used done on the Premises anything which is illegal or sold in or about any Property any article which may be prohibited by law or by become a nuisance (whether actionable or not), annoyance, inconvenience or disturbance to the standard form Licensor or to the tenants, other licensees or occupiers of fire insurance policies, the Property or any other insurance policies required to be carried hereunder, owner or fire underwriter’s regulations. Tenant shall, occupier of neighbouring property;
(d) not use or store any Hazardous Substances at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall the Premises and not take or omit to take, do or permit to be taken or omitted to be taken, any action, done anything at the taking or omission of which materially impairs the value Premises or the usefulness of any Property that may contaminate all or any part thereof for its Permitted Use.of the Property or the soil or water of neighbouring properties to the Property;
(be) In operate the event thatPermitted Use from the Premises in a professional, courteous, first class and reputable manner and in a clean, safe and neat condition;
(f) not damage or permit to be damaged the Premises, the Common Areas, the Property, neighbouring properties of the Property, the personal property of the Licensor at the Property, or the personal property of the tenants, other licensees and occupiers of the Property or neighbouring properties;
(g) not obstruct or interfere with any accessways at the Property;
(h) not park vehicles or permit parking of vehicles at the Property by the Licensee, its employees and customers other than in spaces designated by the Licensor for customer parking in the reasonable determination of Tenant, it shall no longer be economically practical Common Areas;
(i) to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments pay directly to the Additional Rent relevant authorities when due any and other related matters; providedall fees, however, in no event shall levies and taxes assessed on the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use Licensee for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy operation of the Offer executed by such third party. In Permitted Use at the event that Landlord shall fail to accept Premises; and
(j) not do or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed permit to be rejected by Landlord. If Landlord shall sell done anything at the Premises or the Property pursuant to such Offerthat would result in the Licensor’s insurance being cancelled or its insurance premiums for the Property being increased or which would put the Licensor in default of any of its government permits, thenlicences, effective as consents, or approvals for the Property or which would put the Licensor in default of the date provisions of such saleother leases, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product licences or occupancy agreements for parts of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: License Agreement, License Agreement
Permitted Use. (a) Tenant shall, at all times may use and occupy the Premises during the Termcontinuance of this Lease only for the "Permitted Use" described on the Summary/Signature Page of this Lease [and/or in the Special Provisions], and at any for no other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use purpose without the prior written consent of Landlord. Unless otherwise authorized herein or expressly provided by applicable laws or regulations, which approval the Premises shall not constitute or be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made used as a "place of any Property public accommodation" as defined in the Americans with Disabilities Act of 1990 and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s applicable federal regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), shall promptly comply or cause to be complied with all Insurance Requirementslaws, ordinances and governmental orders and regulations in any way affecting the cleanliness, occupation or use of the Premises or the physical accommodations, facilities and equipment therein. No auctions, fire sales, truckload sales, sidewalk sales, inventory reduction sales, liquidation sales, bankruptcy sales, "going out of business" sales or sales of similar import any be conducted on or about the premises except upon Landlord's prior written consent in each instance. Tenant agrees to conduct its business in the Premises during the regular and customary hours for such type business in a lawful manner, in good faith and in such a manner that Landlord will at all times received the maximum amount of Rent consistent with the profitable operation of Tenant's business on the Premises. Tenant shall not take conduct wholesale, factory outlet or omit to takewarehouse business on the Premises, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereofdiscount store, or otherwise engage in heavily discounted sales from the Premises. If Landlord For purposes of this Lease, "heavily discounted" sales shall mean those advertised or promoted at reductions of greater than fifty percent (50%) from retail prices. Tenant further agrees to maintain the interior of its Premises with tastefully decorated and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Propertyappointed furnishings and store fixtures, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offerwith top-quality display racks, thencounters, effective as of the proposed date of such saleshelving, this Agreement shall terminate with respect to such Property, floor and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratewall coverings.
Appears in 2 contracts
Samples: Commercial Lease (Healthcore Medical Solutions Inc), Commercial Lease (Healthcore Medical Solutions Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be use the Premises solely for the Permitted Use set forth in possession Section 13 of any Property, continuously use the Summary and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not or permit any Person the Premises or the Project to use) any Property, or any portion thereof, be used for any other use purpose or purposes whatsoever without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriterwithheld in Landlord’s regulationssole discretion. Tenant shall, at its sole own cost (except as expressly provided in Section 5.1.2(b))and expense, comply obtain and maintain any and all licenses, permits, and approvals necessary or cause appropriate for its use, occupation and operation of the Premises for the Permitted Use. Tenant’s inability to be complied with all Insurance Requirementsobtain or maintain any such license, permit or approval necessary or appropriate for its use, occupation or operation of the Premises shall not relieve it of its obligations under this Lease, including the obligation to pay Base Rent and Additional Rent. Tenant further covenants and agrees that Tenant shall not take or omit to takeuse, or suffer or permit any person or persons to be taken or omitted to be taken, any actionuse, the taking or omission of which materially impairs the value or the usefulness of any Property Premises or any part thereof for its Permitted Use.
(b) In any use or purpose contrary to provisions of the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall Rules and Regulations set forth in reasonable detail Exhibit D, attached hereto (as the reasons therefor. Thereaftersame may be modified or rescinded from time to time), Landlord and Tenant shall negotiate or in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms violation of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy laws of the Offer executed United States of America, the state in which the Project is located, the ordinances, rules, regulations or requirements of the local municipal or county governing body or other lawful authorities having jurisdiction over the Project, or all recorded covenants, conditions, and restrictions now or hereafter affecting the Project including, without limitation, any certificate of occupancy, any such laws, ordinances, regulations or requirements relating to hazardous materials or substances, as those terms are defined by such third partyapplicable laws now or hereafter in effect (collectively, the “Law(s)”). In A violation of the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer Rules and Regulations by Tenant shall be deemed a default under this Article 5 Tenant shall not do or permit anything to be rejected by Landlord. If Landlord shall sell done in or about the Property pursuant to such Offer, then, effective as Project which will in any way damage the reputation of the date Project or obstruct or interfere with the rights of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product other tenants or occupants of the net proceeds of sale received by Landlord multiplied by Project, or injure or annoy them or use or allow the Interest Rate. If Landlord Project to be used for any improper, unlawful or objectionable purpose, nor shall reject (Tenant cause, maintain or be deemed to have rejected) such Offerpermit any nuisance in, then, effective as of on or about the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RatePremises.
Appears in 2 contracts
Samples: Office Lease (Xenith Bankshares, Inc.), Office Lease (Xenith Bankshares, Inc.)
Permitted Use. (a) Tenant shall, and shall cause the Management Parties to, at all times during the Term, Term and at any other time that Tenant and the Management Parties shall be in possession of any the Leased Property, continuously use and operate, or cause the Management Parties to be used continuously use and operatedoperate, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home hotel facility as currently operatedin a manner consistent with the Management Agreement and shall use reasonable good faith efforts to seek to maximize Gross Revenues. Subject to Section 16.3, Tenant shall not, and any uses incidental thereto. Tenant shall not ensure that the Management Parties shall not, use (and shall not permit any Person to use) any the Leased Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property the Leased Property, and no acts shall be done thereon thereon, which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor and Tenant shall Tenant not, and shall ensure that the Management Parties shall not, sell or otherwise provide to residents or patients therein, or permit to be kept, used used, or sold in or about any Property the Leased Property, any article which may be prohibited by law law, or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Further, Tenant shall not not, and Tenant shall ensure that the Management Parties shall not, take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give proceed with all due diligence and exercise commercially reasonable efforts to obtain and maintain, or to cause the Management Parties to obtain and maintain, all approvals necessary to use and operate, for its Permitted Use, the Leased Property and the Hotels located thereon under applicable law. Landlord Notice thereofshall cooperate with Tenant in this regard, which Notice including, without limitation, by executing all applications and consents required to be signed by Landlord in order for Tenant to obtain and maintain such approvals.
(c) Tenant shall set forth in reasonable detail the reasons therefor. Thereafternot, Landlord and Tenant shall negotiate in good faith to agree on an alternative ensure that the Management Parties shall not, use for such or suffer or permit the use of the Leased Property or Tenant’s Personal Property, appropriate adjustments to the Additional Rent and other related matters; providedif any, howeverfor any unlawful purpose. Tenant shall not, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail shall ensure that the Management Parties shall not, (i) commit or suffer to agree be committed any waste on an alternative use for such Property within sixty the Leased Property, or in the Hotels, or cause or permit any unlawful nuisance thereon or therein, or (60ii) days after commencing negotiations as aforesaidpermit the Leased Property, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice or any portion thereof, which Notice shall include to be used in such a copy manner as (A) might reasonably impair Landlord’s title thereto or to any portion thereof; or (B) may reasonably allow a claim or claims for adverse usage of adverse possession by the public, as such, or of implied dedication of the Offer executed by such third party. In the event that Landlord shall fail to accept Leased Property or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateany portion thereof.
Appears in 2 contracts
Samples: Lease Agreement (ESH Hospitality, Inc.), Lease Agreement (ESH Hospitality LLC)
Permitted Use. (a) Tenant shall, at all times during agrees that the Term, and at any other time that Tenant Premises shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, occupied by Tenant and any uses incidental thereto. Tenant shall not use its authorized subtenants only for Permitted Uses (defined hereinabove) and shall not permit any Person to use) any Property, or any portion thereof, for any no other use without the prior Landlord’s express written consent which consent may be withheld or conditioned in the sole and unfettered discretion of the Landlord. It shall be the Tenant’s responsibility and obligation to obtain and maintain the proper licenses and permits for the Tenant’s business at the Tenant’s expense and the Landlord makes no representation with respect to the availability or non-availability of such licenses or permits. Landlord represents and warrants that the Premises may be used for the Permitted Uses under applicable zoning and other land use laws.
(b) Tenant agrees for itself and its authorized subtenants to conform to the following provisions during the Term of this Lease:
(i) Tenant will not place on the exterior of the Premises, Property or on any part of the Building, any sign, symbol, advertisement or the like, other than the existing signs located on the Property, without first obtaining Landlord’s consent, which approval shall not be unreasonably withheld, delayed or conditionedfor interior signs. No use shall be made or permitted Landlord agrees to be made cooperate with Tenant as to sign locations. With regard to the installation of any Property and no acts signs, the Tenant shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirementsprovisions of Section 5.2 herein. The Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, maintain and repair the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree ’s signs located on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such salethis Lease and shall bear all costs and expenses associated therewith. Tenant agrees to have a sign installed in the lobby of the Building prior to the Rent Commencement Date and to permit Landlord to advertise the tenancy of the Tenant in the Building in accordance with Section 14.10 (the “Publicity Restrictions”):
(ii) Tenant shall not perform any act or carry on any practice which may injure the Premises, this Agreement or any other part of the Building and shall terminate operate the Premises in a reputable manner;
(iii) Tenant shall, in its use of the Premises, comply with respect to such Propertythe requirements of all applicable governmental laws, rules and regulations, including, without limitation, the Americans With Disabilities Act of 1990 and the Minimum Rent regulations of the Massachusetts Architectural Access Board, subject to Tenant’s right to contest the same in good faith and postpone such compliance during the pendency of such contest; provided, that Tenant shall not be reduced by an amount equal responsible for ensuring the Premises complies with such laws when (i) such legal requirements are imposed on a Building-wide basis or would be generally applicable to any office space and do not relate to Tenant’s particular manner of use of the Premises, (ii) a notice of violation or order was issued prior to the product date Tenant is given possession of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject Premises, or (or be deemed to have rejectediii) such Offerlegal requirements require investigating, thencertifying, effective as monitoring, encapsulating, removing or in any way dealing with asbestos or hazardous substances unless such asbestos or hazardous substances were introduced into the Premises by Tenant; and
(iv) Tenant agrees that the Premises and any other part of the proposed date Building will be used and occupied in a careful, reasonably safe and proper manner and that Tenant will not permit waste therein that results from negligence or breach hereof on the part of such saleTenant, this Agreement shall terminate with respect to such Propertyits employees, agents, invitees and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateothers acting on its behalf.
Appears in 2 contracts
Samples: Lease (Cytrx Corp), Lease (Rxi Pharmaceuticals Corp)
Permitted Use. (a) Tenant covenants and agrees that it shall, at all times during throughout the Term, and at any other time that Tenant shall be in possession Term of any Propertythis Agreement, continuously use and operate, or cause to be used occupy the Leased Property solely and operated, such Property exclusively as a skilled nursing/ intermediate care/first class independent living/living facility (and, subject to Landlord's consent pursuant to Section 4.1.2 below, as a first class licensed assisted living/ special care/group home facility as currently operatedliving and dementia care facility), and any for such other uses as may be necessary or incidental thereto. Tenant shall not to such use (such as services provided directly to residents by Tenant or under Service Licenses, as such term is defined below), with appropriate amenities for the same and for no other purpose without interruption except for minimum necessary interruptions in respect to portions of the Leased Property for periods provided herein for repairs, renovations, replacements and rebuilding all of which shall not permit any Person be carried out pursuant to, and in accordance with the applicable provisions of this Agreement (the foregoing being referred to use) any Property, or any portion thereof, for any other use without as the "Permitted Use"). Without the prior written consent of the Landlord, which approval shall not no Affiliated Person of Tenant may be unreasonably withhelda subtenant or concessionaire in the Leased Property, delayed or conditionedprovided however that Landlord hereby consents and agrees that a qualified and fully-insured Affiliated Person of Tenant may provide therapy and therapy-related services at the Facility for customary and appropriate charges. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In , or causes the event that, in the reasonable determination of Tenant, it shall Leased Property to no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as considered a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratefirst class facility.
Appears in 2 contracts
Samples: Lease Agreement (American Retirement Corp), Lease Agreement (CNL Retirement Properties Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession subject to temporary periods for the repair of any Propertydamage caused by casualty or Condemnation, continuously use and operate, or cause to be used and operated, such operate each Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, an extended stay hotel and any uses incidental thereto. Tenant shall not use (and shall not or permit to be used any Person to use) any Property, Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. Tenant shall not change the brand of the Hotels without Landlord's prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned, it being agreed that, on the Commencement Date, the Hotels shall be operated under the "Candlewood Hotel" brand. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operateda Candlewood hotel, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Propertythe Property or a replacement property therefor (in which event the affected Property shall be transferred to Tenant's designee), appropriate adjustments to the Additional Rent and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateabated.
Appears in 2 contracts
Samples: Lease Agreement (Candlewood Hotel Co Inc), Lease Agreement (Hospitality Properties Trust)
Permitted Use. Tenant shall use the Premises only for ------------- the following "Permitted Use": general office and research use and other lawful uses; provided such other lawful uses do not materially and adversely impact the value, marketability or development opportunities on the Property. Tenant shall not do or permit to be done in, on or about the Premises, nor bring or keep or permit to be brought or kept therein, anything which is prohibited by or will in any way conflict with any law, ordinance, rule, regulation or order now in force or which may hereafter be enacted. Tenant shall not do or permit to be done in, on or about the Premises, nor bring or permit to be brought or kept therein, anything which Tenant has been notified by Landlord is prohibited by any insurance policy carried by Landlord for the Property, provided that such prohibition is similarly found in insurance policies that are generally available in the industry for properties similar to the Property. Notwithstanding the foregoing, if Landlord imposes such a prohibition under its insurance, Tenant shall have the right to require Landlord to purchase alternative insurance designated by Tenant that does not include such prohibition so long as such alternative insurance includes substantially the same coverages, limits and deductibles as Landlord's policies, and so long as the carriers under such alternative policies are reasonably acceptable to Landlord. If Tenant causes any increase in the premium for any insurance covering the Property carried by Landlord including any increase in premium and/or additional premiums due to Tenant causing Landlord to purchase alternative or additional insurance pursuant to the foregoing provisions of this Section, Tenant shall pay to Landlord, within thirty (a30) Tenant shalldays of demand, at all times as additional rent, the entire amount of such increase during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoterm. Tenant shall not use or allow the Premises to be used for any unlawful activity, nor shall Tenant cause, maintain or permit any nuisance in, on or about the Premises or commit or suffer to be committed any waste in, on or about the Premises. Tenant shall be allowed to install an identity sign along with Landlord's identity sign on the entrance monument on the Property provided that (i) such signage shall comply with all laws and (ii) Landlord approves the design of the sign, such approval not to be unreasonably withheld. Tenant shall not permit any Person to use) any Property, or any portion thereof, for install any other use signs on the Premises or Property without the prior written consent of Landlord, which such approval shall not to be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))Tenant's expense, comply remove all such signs prior to or cause to be complied with all Insurance Requirements. Tenant shall not take upon termination of this Lease and repair any damage caused by the installation or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms removal of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratesigns.
Appears in 2 contracts
Samples: Campus Lease (Monsanto Co /New/), Campus Lease (Monsanto Co /New/)
Permitted Use. (a) Tenant covenants and agrees that it shall, at all times during throughout the Term, and at any other time that Tenant shall be in possession Term of any Propertythis Agreement, continuously use and operate, or cause to be used occupy the Leased Property solely and operated, such Property exclusively as a skilled nursing/ intermediate care/independent living/first class licensed assisted living/ special care/group home facility as currently operatedliving and dementia care facility, and any for such other uses as may be necessary or incidental thereto. Tenant shall not to such use (such as services provided directly to resident's by Tenant or under Service Licenses, as such term is defined below), with appropriate amenities for the same and for no other purpose without interruption except for minimum necessary interruptions in respect to portions of the Leased Property for periods provided herein for repairs, renovations, replacements and rebuilding all of which shall not permit any Person be carried out pursuant to, and in accordance with the applicable provisions of this Agreement (the foregoing being referred to use) any Property, or any portion thereof, for any other use without as the "Permitted Use"). Without the prior written consent of the Landlord, which approval shall not no Affiliated Person of Tenant may be unreasonably withhelda subtenant or concessionaire in the Leased Property, delayed or conditionedprovided however that Landlord hereby consents and agrees that a qualified and fully-insured Affiliated Person of Tenant may provide therapy and therapy-related services at the Facility for customary and appropriate charges. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In , or causes the event that, in the reasonable determination of Tenant, it shall Leased Premises to no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as considered a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratefirst class facility.
Appears in 2 contracts
Samples: Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Travel Center, as currently operated, and any uses incidental thereto. Tenant shall operate the Travel Centers under the name Travel Centers of America or Goasis, or such other name as TCA shall use for all or substantially all of the travel center locations operated by it and its Affiliated Persons as of the Commencement Date. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients thereinprovide, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(bin
SECTION 5.1. 2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; providedPROVIDED, howeverHOWEVER, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “OfferOFFER”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product to, at Landlord’s option, (x) eight and one half percent (8.5%) of the net proceeds of sale received by Landlord multiplied or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the Interest Rateparties or, absent agreement, by an appraiser designated by Landlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product to, at Landlord’s option, (x) eight and one half percent (8.5%) of the projected net proceeds determined by reference to such Offer multiplied (and, at Landlord’s request, Tenant shall cause TCA (or its Affiliated Persons) to enter into a franchise agreement on market terms with Landlord or Landlord’s designee providing for the operation of such Property by Landlord or such designee as a Travel Center under the Interest RateTCA brand) or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the parties or, absent agreement, by an appraiser designated by Landlord. Notwithstanding the foregoing, Tenant shall not have the right to invoke the provisions of this SECTION 4.1.1(b) with respect to more than 15 Properties during the Term.
Appears in 2 contracts
Samples: Lease Agreement (Travelcenters of America LLC), Lease Agreement (Hospitality Properties Trust)
Permitted Use. Tenant will not use the Premises for any purpose other than general and administrative office, training, storage and cafeteria uses, and any/or other lawful purposes (“Permitted Use”). Tenant will not conduct such Permitted Use of the Premises, or allow such Permitted Use to be conducted by any Tenant Parties, in violation of any Requirements or in any manner which would (a) Tenant shall, at all times during violate any certificate of occupancy affecting the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
; (b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical make void or voidable any insurance that Landlord is required to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments maintain under this Lease with respect to the Additional Rent and other related mattersProperty; or (c) constitute a public or private legal nuisance or waste; provided, however, that that it is acknowledged that the use of the Premises generally for general and administrative offices, training, storage and cafeteria uses in no event shall accordance with the Minimum Rent other provisions of this Lease will not be reduced deemed to violate the terms of this Section 4.1. Tenant will not use the Common Area in any manner that is inconsistent with the Permitted Use nor in any manner that unreasonably interferes with the use of the Property by other occupants or abated users of the Property (it being agreed that the Permitted Use and the exercise of Tenant’s rights under this Lease will not be deemed to constitute a violation of the terms of this sentence). If Tenant’s particular use or occupancy of the Premises or Property (other than for general and administrative offices, training or storage uses) causes or requires Landlord to incur any unusual or extraordinary costs or expenses (including, without limitation, costs for any (i) special governmental permits, (ii) special maintenance, monitoring, inspection or reporting requirements which are, in all event, required as a result thereof. If of Laws first enacted after the Commencement Date, or changes to existing Laws first enacted after the Commencement Date, (iii) additional insurance premiums, surcharges, policies or coverages, or (iv) other matters required solely as a result of Tenant’s particular use or occupancy of the Premises or Property), Landlord may xxxx Tenant directly therefor and Tenant fail will pay all such cost and expense so billed to agree on an alternative use for Landlord as Additional Rent. During any period within the Term that Tenant is not occupying and operating the Premises (excluding any such Property within sixty (60) days after commencing negotiations as aforesaidperiod during which the Premises are being repaired or restored in connection with a casualty, and then only excluding the portion of the Premises being repaired or restored), Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy will keep those portions of the Offer executed by Premises visible from the Common Area from appearing abandoned, including, without limitation, keeping such third party. In the event areas lighted during Business Hours, free of stored materials, clean and otherwise maintained such that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateit is not apparent that business is not being conducted therein.
Appears in 2 contracts
Samples: Sublease, Sublease (Horizon Pharma PLC)
Permitted Use. (a) Tenant covenants and agrees that it shall, at all times during throughout the Term, and at any other time that Tenant shall be in possession Term of any Propertythis Agreement, continuously use and operate, occupy (subject to any condemnation or cause to be used casualty) the Leased Property solely and operated, such Property exclusively as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility hotel for the accommodation of hotel guests, with appropriate amenities for the same and for permitted subleases as currently operatedcontemplated in ARTICLE 16 hereof and for no other purpose without interruption except for minimum necessary interruptions in respect to portions of the Leased Property for periods provided herein for repairs, renovations, replacements and rebuilding all of which shall be carried out pursuant to, and any uses incidental theretoin accordance with the applicable provisions of this Agreement, (the foregoing being referred to as the "Permitted Use"). Tenant shall not use (and shall not permit any Person to use) any PropertyIn addition, or any portion thereofexcept as provided in Section 16.8, for any other use without the prior written consent of the Landlord, which approval shall will not be unreasonably withheld, delayed no Affiliated Person of Tenant may be a subtenant or conditionedconcessionaire in the Leased Property and any sublease or concession agreement with an Affiliated Person shall be on "arms length", commercially reasonable terms. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article Article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit subject to be taken or omitted Landlord complying with its obligations under ARTICLE 5, omit to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant The Premises shall be in possession of any Property, continuously use used only for the Permitted Use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any no other use purpose without the Landlord’s prior written consent of Landlordconsent, which approval consent shall not be unreasonably withheld, delayed conditioned or conditioneddelayed. No Without limitation to the generality of the foregoing, the Premises shall not be used for: (i) retail sales, (ii) living or sleeping quarters or a residence, (iii) any use shall be made which is disreputable, (iv) an escort service, a massage parlor or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Propertyspa, nor shall Tenant sell or otherwise provide to residents or patients thereinblood bank, abortion clinic, or permit to be keptfor the sale, used distribution or display (electronically or otherwise) of materials or merchandise of a pornographic nature or merchandise generally sold in an adult book or about adult videotape store (which are defined as stores in which any Property any article which may be prohibited by law portion of the inventory is not available for sale or by the standard form of fire insurance policiesrental to children under 18 years old because such inventory explicitly details with or depicts human sexuality), or (v) receiving, storing or handling, except in compliance with “Environmental Requirements” (as hereinafter defined) any other insurance policies required to be carried hereunderproduct, material or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided merchandise that is explosive or highly inflammable or hazardous or would violate any provision in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements26. Tenant shall not sell, display, transmit or distribute (electronically or otherwise) materials or merchandise of a pornographic nature or merchandise generally sold in an adult book or adult video tape store (as defined above). Outside storage, including without limitation, storage in non-operative or stationary trucks, trailers and other vehicles (but excepting temporary storage in trucks, trailers or other vehicles in connection with deliveries made to the Building), and vehicle maintenance or repair is prohibited without Landlord’s prior written consent, which consent shall not be unreasonably withheld. Tenant shall not permit any objectionable or unpleasant odors, smoke, dust, gas, light, noise or vibrations to emanate from the Premises; nor commit, suffer or permit any waste in or upon the Premises; nor at any time sell, purchase or give away or permit the sale, purchase or gift of food in any form by or to any of Tenant’s agents or employees or other parties in the Premises, except through vending machines in employees’ lunch or rest areas within the Premises for use by Tenant’s employees only; nor take any other action that would constitute a public or omit to takeprivate nuisance or would disturb the quiet enjoyment of any other tenant of the Building or Project, or unreasonably interfere with, or endanger Landlord or any other person; nor permit the Premises to be taken used for any purpose or omitted to be takenin any manner that would (1) void the insurance thereon, (2) increase the insurance risk, (3) cause the disallowance of any sprinkler credits, (4) violate any Law (defined below) including, but not limited to, any actionzoning ordinance, or (5) be dangerous to life, limb or property. Tenant shall pay to Landlord on demand any increase in the taking or omission cost of which materially impairs any insurance on the value Premises or the usefulness Building incurred by Landlord, which is caused by Tenant’s use of the Premises or because Tenant vacates the Premises, and acceptance of such payment shall not constitute a waiver of any Property of Landlord’s other rights or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination remedies nor a waiver of Tenant, it shall no longer be economically practical ’s duty to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratecomply herewith.
Appears in 2 contracts
Samples: Commercial Industrial Lease Agreement (Li-Cycle Holdings Corp.), Commercial Industrial Lease Agreement (Li-Cycle Holdings Corp.)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Travel Center, as currently operated, and any uses incidental thereto. Tenant shall operate the Travel Centers under the name “TA”, “Travel Centers of America” or “Goasis”, or such other name as TCA shall use for all or substantially all of the travel center locations operated by it and its Affiliated Persons as of January 31, 2007, except that Tenant may operate the Travel Centers at the Properties identified on Exhibit C attached hereto under the name “Petro” or “Petro Stopping Centers”. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients thereinprovide, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product to, at Landlord’s option, (x) eight and one half percent (8.5%) of the net proceeds of sale received by Landlord multiplied or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the Interest Rateparties or, absent agreement, by an appraiser designated by Landlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to to, at Landlord’s option (x) the product applicable Percentage Reduction of the projected net proceeds determined by reference to such Offer multiplied or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the Interest Rateparties or, absent agreement, by an appraiser designated by Landlord. Notwithstanding the foregoing, Tenant shall not have the right to invoke the provisions of this Section 4.1.1(b) with respect to more than 15 Properties in the aggregate under this Agreement and the Other Leases during the Term. For purposes of the preceding sentence, “Properties” shall include any Property under this Lease and any “Property” (as defined therein) under any Other Lease.
Appears in 2 contracts
Samples: Lease Agreement (Travelcenters of America LLC), Lease Agreement (Travelcenters of America LLC)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such (i) each Senior Housing Property as a skilled nursing/ nursing/intermediate care/independent living/assisted living/ living/special care/group home care facility as currently operated, and any uses necessary or incidental thereto, subject to and in accordance with applicable Legal Requirements and (ii) each Rehabilitation Hospital Property as a rehabilitation hospital, clinic or professional level health or medical services facility, and any uses necessary or incidental thereto, subject to and in accordance with all applicable Legal Requirements. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such any Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.3(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, Property and appropriate adjustments to the Additional Rent (if applicable) and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the Interest Rate multiplied by the net proceeds of sale received by Landlord multiplied by the Interest RateLandlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the Interest Rate multiplied by the projected net proceeds determined by reference to such Offer multiplied by the Interest RateOffer.
Appears in 2 contracts
Samples: Master Lease Agreement (Senior Housing Properties Trust), Master Lease Agreement (Five Star Quality Care Inc)
Permitted Use. (a) Tenant shallLandlord represents that, at all times during to the Termbest of its knowledge, the Initial Premises and at any other time that each Must Take Expansion Premises can legally be used for Office Use. Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretooccupy the Premises for the Permitted Use. Tenant shall not use (and or occupy the Premises for any unlawful purpose, or in any manner that will violate the certificate of occupancy for the Premises. Tenant shall not permit use or occupy the Premises for any Person to use) any Propertyunlawful purpose, or in any portion thereof, manner that will violate the certificate of occupancy for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed Premises or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof Building (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallprovided Landlord acknowledges that Tenant, at its sole cost costs and expense, may apply and obtain an amendment to the certificate of occupancy to permit any Permitted Use not otherwise permitted by the current certificate of occupancy and Landlord, at no expense to Landlord, shall reasonably cooperate with such application upon Tenant’s request) or that will constitute waste or public nuisance or unreasonably interfere with Landlord or any other tenant of the Building (except as expressly provided that Landlord acknowledges that Tenant’s typical operations often include a large, collaborative, informal and occasionally vocal group discussions and activities which may take place in the Lobby, Amenity Space, the proposed lounge on the 2nd Floor or the outside Building Common Areas and that such activities do not, per se, unreasonably interfere with Landlord or other tenants). Subject to Section 5.1.2(b))25.26, Tenant shall comply or cause to with all present Requirements concerning the Tenant’s use, occupancy and condition of the Premises and all machinery, equipment, furnishings, fixtures and improvements therein, all of which shall be complied with in a timely manner at Tenant’s sole expense. If any such Requirement requires an occupancy or use permit or license for the Premises or the operation of the business conducted therein, then Tenant shall obtain and keep current such permit or license at Tenant’s expense and shall promptly deliver a copy thereof to Landlord. Use of the Premises is subject to all Insurance Requirements. covenants, conditions and restrictions of record; Tenant shall not take use any space in the Building for the sale of goods to the public at large or omit to take, for the sale at auction of goods or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness property of any Property or any part thereof for its Permitted Usekind.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 2 contracts
Samples: Office Lease, Office Lease (2U, Inc.)
Permitted Use. (a) Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or and cause the Manager to be used use and operatedoperate, such each Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, Summerfield Suites Hotel and any uses incidental thereto. Tenant shall not use (and shall direct the Manager not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.3(b)), comply (or cause direct the Manager to be complied comply) with all Insurance Requirements. Tenant shall not take or omit to take (and Tenant shall direct the Manager not to take or omit to take, or permit to be taken or omitted to be taken, ) any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In Notwithstanding the foregoing, in the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operatedan all suites hotel, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Propertythe Property or a replacement property therefor (in which event the affected Property shall be transferred to Tenant or Tenant's designee), appropriate adjustments to the Additional Rent and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateabated.
Appears in 2 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Master Lease Agreement (Hospitality Properties Trust)
Permitted Use. (a) Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Courtyard by Marriott hotel (or as currently operated, a hotel under any successor brand name) and any uses incidental theretothereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use (and shall not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.4(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In Notwithstanding the foregoing, in the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operateda Courtyard by Marriott hotel or if the Franchisor shall terminate the Franchise Agreement, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereofabated. If Upon agreement by Landlord and Tenant fail to agree on an alternative use, Landlord shall use for such Property within sixty (60) days after commencing negotiations as aforesaidcommercially reasonable efforts, Tenant may market such Property for sale at Tenant's cost and expense, to a third party. If Tenant receives a bona fide offer (an “Offer”) obtain any approvals or waivers needed pursuant to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third partyLegal Requirements. In the event that Landlord shall fail to accept or reject operating the Leased Property for such Offer within thirty (30) days after receipt of such Notice, such Offer alternative use shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective outside of Tenant's expertise as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds reasonably determined by reference Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such Offer multiplied by the Interest Ratepurpose.
Appears in 2 contracts
Samples: Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc)
Permitted Use. (a) Tenant covenants that it shall not use and shall not cause, suffer or permit the Premises to be used for any purpose other than as described in subsection 1(i) hereof. Tenant acknowledges that Landlord is making no representation or warranty as to Tenant’s ability to use the Premises for its intended use and Tenant shall, at prior to executing this Lease, perform such searches and satisfy itself that its use is permitted under all times during the Termapplicable Laws and that Tenant will be able to obtain an occupancy permit. If required, and at any other time that Tenant shall be responsible to apply to the City in possession which the Building is located for an occupancy permit for Unit 5 on or before the Unit 5 Delivery Date and a renewal occupancy permit for Unit 4 on or before the Unit 4 Term Commencement Date.
(b) Tenant acknowledges that Landlord has granted exclusive covenants and may grant other exclusive covenants to tenants of any Propertythe Project and accordingly, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant covenants that it shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without carry on only the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or business permitted to be made carried on in the Premises as and to the extent set out in subsection 1(i) of any Property this Lease and in no acts other manner whatsoever.
(c) Tenant shall be done thereon which will cause entitled to use the cancellation of any insurance policy covering such Property or any part thereof Exercise Facility on the following terms and conditions:
(unless another adequate policy is availablei) or which would constitute the Exercise Facility shall be: (A) located within Unit 5; (B) comprise a default under any ground lease affecting such PropertyRentable Area not to exceed approximately three thousand (3,000) square feet; (C) installed, nor shall Tenant sell or otherwise provide to residents or patients thereinoperated, or permit to be keptmaintained, used or sold in or about any Property any article which may be prohibited repaired and replaced (as required) by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallTenant, at its sole cost and expense, in accordance with applicable Laws and the applicable provisions of this Lease;
(except as expressly provided ii) Tenant shall be permitted to install a tread pool (“Tread Pool”) within the Exercise Facility, which shall not exceed approximately two hundred (200) square feet in Section 5.1.2(b))size. The Tread Pool shall be an above ground, comply or cause pre-fabricated unit, to be complied with all Insurance Requirementsinstalled, operated, maintained, repaired and/or replaced (as required) at Tenant’s sole expense by a reputable contractor who has received the prior written approval of Landlord, and Tenant shall thereafter be responsible for quarterly inspections of the Exercise Facility by an Approved Consultant (as hereinafter defined) to ensure there is no development of mold or other Hazardous Substances within the Premises as a result of the presence of the Tread Pool or the Exercise Facility. Tenant shall deliver to Landlord copies of its annual maintenance and quarterly inspection contracts for the Exercise Facility and any service reports generated in connection therewith, including confirmation, satisfactory to Landlord, that all maintenance, repairs and/or replacements required or recommended by such service reports have been completed;
(iii) the Exercise Facility shall at all times be used and operated in a first class manner;
(iv) Tenant shall take every reasonable precaution to ensure that the use and operation of the Exercise Facility does not take disturb any other tenants or omit to take, or permit any other Persons permitted to be taken on the Project and, for greater certainty, shall ensure no undue noises or omitted to be taken, any action, vibrations emanate from the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.Premises;
Appears in 2 contracts
Samples: Multi Tenant Industrial Lease (PointClickCare Corp.), Multi Tenant Industrial Lease (PointClickCare Corp.)
Permitted Use. (a) Landlord covenants that, subject to restrictions of record and governmental laws or regulations, Tenant shallmay use the Leased Premises for office space, at all times during showroom space and related storage space and other related purposes in connection with the Termconduct of its existing business and except, and at any other time that Tenant shall be further, in possession of any Property, continuously use and operate, or cause to no event may the Leased Premises be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility for the storage or manufacture of Hazardous Materials (as currently operated, and any uses incidental theretosaid term is hereinafter defined) or for the use of Hazardous Materials. Tenant shall agrees not use (and shall not permit any Person to use) any Property, permit or any portion thereof, suffer the use of the Leased Premises for any other use purpose without the prior written consent of Landlord, which approval consent shall not be unreasonably withheld. Tenant shall observe and comply with all applicable governmental laws, delayed or conditioned. No statutes, ordinances, rules and regulations governing Tenant's use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall including but not limited to all laws, regulations and ordinances of local, state or federal agencies pertaining to air and water quality, hazardous materials, waste disposal, air emissions, general environmental record keeping and reporting and zoning. If Tenant sell or otherwise provide to residents or patients thereinbreaches the obligations stated herein, which obligations Tenant does not remedy, or permit to be kept, used or sold in or about any if contamination of the Property any article occurs for which may be prohibited by law or by the standard form of fire insurance policiesTenant, or any other insurance policies required to be carried hereunderof Tenant's subtenants, licensees or fire underwriter’s regulationsinvitees is legally liable in damages, then Tenant shall indemnify, defend, and hold Landlord and its officers, directors, and employees harmless from, all claims, judgments, damages, penalties, fines, liens, costs, liabilities and losses which arise during or after the Lease Term as a result of such breach or contamination. Tenant shallshall notify Landlord in the event of material contamination of the Property by Tenant not remedied by Tenant within 90 days or if Tenant receives notice from any governmental authority or private party of any claim, at its sole cost (except as expressly provided in Section 5.1.2(b))proceeding, comply litigation, order or cause to be complied with all Insurance Requirementsdirective regarding environmental matters referenced herein. Tenant shall not take install underground storage tanks on or omit to take, or permit to be taken or omitted to be taken, any action, under the taking or omission Property without the consent of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third partyLandlord. In the event that any electrical transformer installed or caused to be installed by Tenant on the Property contains 50 parts per million or greater of polychlorinated biphenyls ("PCBs"), Tenant shall be responsible, financially and otherwise, for the proper use and disposal of such transformers in accordance with all applicable local, state or federal regulations governing such transformers. If, after the date hereof, the Property becomes contaminated by Hazardous Materials (as said term is hereinafter defined) for which Landlord is legally liable in damages (exclusive of any contamination or Hazardous Materials for which Tenant or any assignee, sublessee, successor, assign or licensee of Tenant may be responsible), Landlord shall fail to accept indemnify, defend and hold the original Tenant and its officers, directors and employees harmless from all claims, judgments, damages, penalties, fines, liens, costs, liabilities and losses arising during or reject such Offer within thirty (30) days after receipt the Term of such Notice, such Offer this Lease. The provisions of the indemnity contained in the preceding sentence shall be deemed for the benefit of the original Tenant only, namely, Action Industries, Inc., and shall not benefit any assignee, transferee or sublessee thereof. Tenant represents and warrants to be rejected by Landlord. If Landlord shall sell that there are no underground storage or other tanks at the Property and that removal of any underground storage or other tanks was completed by Tenant in compliance with all applicable laws, ordinances, rules and regulations. The term "Hazardous Materials" shall include, without limitation, any material or substance which is (i) petroleum, (ii) asbestos, (iii) designated as a "hazardous substance" pursuant to such Offer, then, effective as Section 311 of the date Federal Water Pollution Control Act, 33 U.S.C. Section 1251 et seq. (33 U.S.C. Section 1321) or listed pursuant to Section 307 of such salethe Federal Water Pollution Control Act (33 U.S.C. Section 1317), this Agreement shall terminate with respect (iv) defined as a "hazardous waste" pursuant to such PropertySection 1004 of the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq. (42 U.S.C. Section 6903), (v) defined as a "hazardous substance" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation, and the Minimum Rent shall be reduced by an amount equal Liability Act, 42 U.S.C. Section 9601 et seq. (42 U.S.C. Section 9601), as amended, (vi) defined as "oil" or a "hazardous waste", a "hazardous substance", a "hazardous material" or a "toxic material" under any other law, rule or regulation applicable to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject Property or (vii) is biologically or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratechemically active.
Appears in 2 contracts
Samples: Lease Agreement (Action Industries Inc), Lease Agreement (Action Industries Inc)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/an independent living/assisted living/ special care/group home living facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product nine percent (9%) of the net proceeds of sale received by Landlord multiplied by the Interest RateLandlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product nine percent (9%) of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateOffer.
Appears in 2 contracts
Samples: Lease Agreement (Senior Housing Properties Trust), Lease Agreement (Senior Housing Properties Trust)
Permitted Use. (a) Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such operate the Leased Property as an assisted living facility, which may include a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home dementia facility as currently operated, and any uses incidental thereto. Subject to Section 16.3, Tenant shall not use (and shall not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.4(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In Notwithstanding the foregoing, in the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operatedan assisted living facility, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereofabated. If Upon agreement by Landlord and Tenant fail to agree on an alternative use, Landlord shall use for such Property within sixty (60) days after commencing negotiations as aforesaidcommercially reasonable efforts, Tenant may market such Property for sale at Tenant's cost and expense, to a third party. If Tenant receives a bona fide offer (an “Offer”) obtain any approvals or waivers needed pursuant to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third partyLegal Requirements. In the event that Landlord shall fail to accept or reject operating the Leased Property for such Offer within thirty (30) days after receipt of such Notice, such Offer alternative use shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective outside of Tenant's expertise as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds reasonably determined by reference Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such Offer multiplied by the Interest Ratepurpose.
Appears in 2 contracts
Samples: Lease Agreement (CNL Health Care Properties Inc), Lease Agreement (CNL Health Care Properties Inc)
Permitted Use. (a) Tenant covenants and agrees that it shall, at all times during throughout the Term, and at any other time that Tenant shall be in possession Term of any Propertythis Agreement, continuously use and operate, or cause to be used occupy the Leased Property solely and operated, such Property exclusively as a skilled nursing/ intermediate care/independent living/first class licensed assisted living/ special care/group home facility as currently operatedliving and dementia care facility, and any for such other uses as may be necessary or incidental thereto. Tenant shall not to such use (such as services provided directly to residents by Tenant or under Service Licenses, as such term is defined below), with appropriate amenities for the same and for no other purpose without interruption except for minimum necessary interruptions in respect to portions of the Leased Property for periods provided herein for repairs, renovations, replacements and rebuilding all of which shall not permit any Person be carried out pursuant to, and in accordance with the applicable provisions of this Agreement (the foregoing being referred to use) any Property, or any portion thereof, for any other use without as the "Permitted Use"). Without the prior written consent of the Landlord, which approval shall not no Affiliated Person of Tenant may be unreasonably withhelda subtenant or concessionaire in the Leased Property, delayed or conditionedprovided however that Landlord hereby consents and agrees that a qualified and fully-insured Affiliated Person of Tenant may provide therapy and therapy-related services at the Facility for customary and appropriate charges. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In , or causes the event that, in the reasonable determination of Tenant, it shall Leased Premises to no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as considered a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratefirst class facility.
Appears in 2 contracts
Samples: Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc)
Permitted Use. The Premises shall be continuously used for the sole purpose of general business offices and/or for receiving, storing, shipping and selling (aother than at retail) products, materials and merchandise made and/or distributed by Tenant and for no other use or purpose. Tenant shall at its own cost and expense obtain any and all licenses and permits necessary for any such use. The overnight parking of automobiles, trucks or other vehicles, and the outside storage of any property including trash or garbage are prohibited. Tenant agrees that it shall, at all times during its own cost and expenses keep its employees, agents, customers, invitee, and/or licensees from parking on any streets running through or contiguous to the Term, and at any other time buildings or development of which the premises are part thereof. Tenant agrees that Tenant shall be in possession no washing of any Property, continuously use type will take place in the premises including the truck apron and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoparking areas. Tenant shall not permit any objectionable or unpleasant odors, smoke, dust, gas, noise or vibrations to emanate from the Premises, nor take any other action which would constitute a nuisance or would disturb or endanger any other tenants of Development or unreasonably interfere with such tenants' use (and of their respective premises or permit any use which would adversely affect the reputation of the Department. Tenant shall not receive, store or otherwise handle any product, material or merchandise which is explosive, highly flammable or constitutes a hazardous substance or waste. Tenant shall not permit the Premises to be used for any Person purpose (including, without limitation, the storage of merchandise) in any manner which would render the insurance thereon void or increase the insurance rate thereof. Tenant agrees to indemnify and hold Landlord harmless against any and all loss, costs and claims, including attorney's fees relating to the improper storage, handling, transportation or disposal of explosive, highly flammable or hazardous materials or resulting from any other improper use) . Tenant shall comply with all governmental laws, ordinances and regulations applicable to the Premises, and shall promptly comply with all governmental orders and directives for the correction, prevention and abatement of any Propertyviolations or nuisances in or upon, or connected with, the Premises, all at Tenant's sole expense. If, as a result of any portion change in the governmental laws, ordinances and regulations, the Premises must be altered to accommodate lawfully the use and occupancy thereof, for any other use without such alterations shall be made only with the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use but the entire cost thereof shall be made or permitted home by Tenant; provided that the necessity of Landlord's consent shall in no way create any liability against Landlord for failure of Tenant to be made of any Property Landlord: _____ Tenant: _____ comply with such laws, ordinances and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallshall take whatever other actions are necessary so that the Premises and Tenant's use thereof complies with the Fire Prevention Code of the National Fire Protection Association and any other fire prevention laws, at its sole cost (except as expressly provided in Section 5.1.2(b))ordinances, comply rules or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments regulations applicable to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RatePremises.
Appears in 1 contract
Permitted Use. (a) Subject to the provisions of this Lease, the provisions of all applicable permits and licenses and the provisions of all applicable local, state and federal law, Tenant shall, at all times during shall use and occupy the TermLeased Premises as follows, and at any for no other time that Tenant shall be in possession of any Property, continuously purpose whatsoever: for general office use and operatefor purposes incidental thereto and as a medical research and/or process development Laboratory as more fully described on Exhibit E attached hereto. In the event Tenant assigns this interest in the Lease or sublets the Leased Premises pursuant to the provisions of Article 11 hereof, or cause to the Leased Premises may be used and operatedfor another lawful use, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person subject to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord’s consent, which approval shall not be unreasonably withheldwithheld or delayed. Tenant will not use or occupy or permit the use or occupancy of the Leased Premises for any purpose which is forbidden by law, delayed ordinance or conditioned. No governmental or municipal regulation or order; or permit the maintenance of any public or private nuisance; or do or permit any other thing which may disturb the quiet enjoyment of any other tenant of the Building; or keep any substance or carry on or permit any operation which might emit offensive odors or conditions into other portions of the Building or use shall be made any apparatus which might make undue noise or permitted create vibrations in the Building; or permit anything to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under increase the fire and extended coverage insurance rate on the Building or contents, provided that if there is any ground lease affecting increase in such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited rate by law or by the standard form reason of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination acts of Tenant, it shall no longer be economically practical then Tenant agrees to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for pay such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected increase promptly upon demand therefor by Landlord. If Payment by Tenant of any such rate increase shall not be a waiver of Tenant’s duty to comply herewith. However, Landlord shall sell represents that its insurance rate coverage premiums already take into consideration a Tenant that will operate a biotechnology laboratory in the Property pursuant to such Offer, then, effective as Leased Premises and expects no increase in premiums based on Tenant’s ordinary use of the date of such sale, this Agreement shall terminate with respect to such Property, and Leased Premises. Landlord represents that the Minimum Rent shall be reduced by an amount equal to the product Building is located in a building zone that allows Tenant’s permitted uses of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateLeased Premises.
Appears in 1 contract
Samples: Lease Agreement (CONTRAFECT Corp)
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Travel Center, as currently operated, and any uses incidental thereto. Tenant shall operate the Travel Centers under the names Travel Centers of America, Goasis or Petro, or such other name as TA shall use for the travel center locations operated by it and its Affiliated Persons. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients thereinprovide, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 1 contract
Permitted Use. (a) Tenant shall, at all times during may use the TermPremises solely for the Permitted Use as shown on the Lease Summary, and at any for no other time that Tenant shall purpose without Landlord’s consent (which consent may be withheld in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoLandlord’s reasonable discretion). Tenant shall comply with all recorded covenants, conditions, and restrictions, and the provisions of all ground or underlying leases, now or, so long as the same do not materially interfere with Tenant’s use (and shall not permit any Person to use) any Propertyof the Premises or parking or materially increase Tenant’s obligations under this Lease, or any portion thereof, for any other use without hereafter affecting the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulationsProject. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))Tenant’s expense, comply or cause to be complied with all Insurance Requirementsinsurance company and/or Mortgagee requirements pertaining to the use of the Premises. Tenant shall not take or omit to take, (a) do or permit anything to be taken done in or omitted to be taken, about the Premises that would in any action, way obstruct or interfere with the taking rights of other tenants or omission occupants of which materially impairs the value any Building or the usefulness of Project or violate any Property restrictions or exclusive uses set forth in any part thereof for its Permitted Use.
other tenants’ leases; (b) In injure, or unreasonably interfere with the event thatbusiness of any other tenants or occupants of the Project or any of their invitees; (c) cause, maintain or permit any nuisance arising out of Tenant’s use or occupancy of the Premises; or (d) commit any waste in or upon the Premises, any Building or the Project. Tenant acknowledges that each Building and/or Project has, or in the future may seek, a USGBC or other “green agency” rating and, as a result, such Building and/or Project will be operated pursuant to Landlord’s sustainable practices (as the same may be modified by Landlord from time to time) and, in connection therewith and so long as the reasonable determination same do not materially interfere with the operation of Tenant’s business in the Premises, it shall no longer be economically practical to operate any Property as currently operatedmaterially increase Tenant’s obligations under this Lease or materially decrease Tenant’s rights under this Lease, Tenant (i) shall give Landlord Notice thereofcomply with such practices, which Notice and (ii) shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced not do or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed permit anything to be rejected by Landlord. If Landlord shall sell done in or about the Property pursuant to Premises that would in any way jeopardize any such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Raterating.
Appears in 1 contract
Permitted Use. (a) Tenant shallshall use, at all times during the Termoperate and occupy each Facility as a radiation or oncology related medical office building and treatment center, and at any for ancillary services relating thereto, but for no other time purpose; provided, however, that Tenant may, with the written approval of Landlord (subject to the succeeding sentence, to be granted or withheld in the exercise of Landlord’s reasonable discretion, not to be unreasonably withheld) change the use of a Facility to a different use so long as Tenant shall be continue to use, operate and occupy such Facility for a use in possession the medical services industry. Landlord, upon the written request of any PropertyTenant, continuously shall approve a change in the use of a Facility if the following conditions are met: (i) the proposed change in use is for a use in the medical services industry, (ii) if the proposed use is for a service not ancillary to the principal functions of an oncology related medical office building and treatment center, Tenant has obtained and provided to Landlord appraisals (prepared by an appraiser reasonably acceptable to Landlord) that take into account the proposed change in use and operate, or cause that demonstrate to be used and operated, Landlord’s reasonable satisfaction that the fair market value of such Property as Facility after the change in use will not result in a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedmaterial reduction of the fair market value of the Facility, and any uses incidental thereto(iii) Tenant has obtained or agrees to obtain prior to such change in use all licenses, certificates, permits and all other approvals required by law in connection with operating the Facility for the proposed new use. Tenant shall not use (operate each Facility and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done Business conducted thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute in a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied manner consistent with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Useapplicable laws.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereofcontinuously and uninterruptedly use, which Notice shall set forth in reasonable detail operate and occupy each Facility throughout the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related mattersTerm; provided, however, that (i) Tenant may close down the operations of a Facility in connection with Tenant’s refurbishing, upgrading, or changing the permitted use of such Facility for a commercially reasonable amount of time required to complete such refurbishment, upgrades, or change in use; but in no event shall such period of time exceed two hundred seventy (270) days, and (ii) subject to the Minimum Rent Tenant’s restoration obligations contained in this Master Lease, Sections 17 and 18, a Facility may be reduced temporarily closed down to the extent and for the period of time such Facility is untenantable by reason of fire or abated as other casualty or condemnation; and (iii) notwithstanding the vacancy of a result thereof. If Landlord Facility, the Facility will be deemed actively occupied and operated in a calendar month if (A) Tenant fail has delivered to agree on an alternative use for such Property within sixty Landlord, at least ninety (6090) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant prior to such Offercalendar month a written notice stating the time period in which the Facility will be vacant, thenconfirming that the Facility will be operating and open for business at least one (1) business day during such calendar month and including a plan for re-leasing the Facility such that it will be, effective as of within a commercially reasonable time, continuously and uninterruptedly used, operated and occupied; (B) the date of Facility is actually operating and open for business for at least one (1) business day in such sale, calendar month; and (C) the Tenant has timely paid all rent and other amounts due under this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateLease.
Appears in 1 contract
Samples: Master Lease (21st Century Oncology Holdings, Inc.)
Permitted Use. 4.1.1. Tenant agrees that the Premises shall be used and occupied by Tenant only for the Permitted Use, as provided in Section 1.2 of this Lease, and for no other purpose or purposes.
4.1.2. Tenant further covenants and agrees to conform to the following provisions during the entire Lease Term:
(a) Tenant shallshall cause all freight (including furniture, at all times during fixtures and equipment used by Tenant in the Term, and at any other time that Tenant shall be in possession occupancy of any Property, continuously use and operate, or cause the Premises) to be used delivered to or removed from the Building and operated, the Premises in accordance with reasonable rules and regulations established by Landlord therefor and Landlord may require that such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. deliveries or removals be undertaken during periods other than Normal Building Operating Hours.
(b) Tenant shall not use place on the exterior of exterior walls (including both interior and exterior surfaces of windows and doors) or on any part of the Building outside the Premises, any sign, symbol, advertisement or the like visible to public view outside of the Premises except as provided in the next paragraph. Notwithstanding the foregoing, Tenant may, at Tenant's sole expense, locate a sign at the entrance door to the Premises of the type commonly and customarily found in first-class office buildings for the purpose of identifying and locating the Premises, which sign and location shall not permit any Person be subject to use) any Property, or any portion thereof, for any other use without the prior written consent approval of Landlord, which approval shall not be unreasonably withheld, delayed conditioned or conditioneddelayed. No use shall be made or permitted Where Landlord establishes reasonable standards for such signs, Tenant agrees to conform to the same and to submit for Landlord's prior approval, such approval not unreasonably to be made withheld, conditioned or delayed, a plan or sketch of the sign to be placed on or about such entry door and location thereof. Without limitation, lettering on windows and window displays are expressly prohibited. Landlord shall also provide Tenant, and any Property and no acts permitted successor or assign, with a listing on the Building's main tenant directory.
(c) Tenant shall be done thereon which will cause the cancellation of not perform any insurance policy covering such Property act or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article practice which may be prohibited by law or by injure the standard form of fire insurance policiesPremises, or any other insurance policies required to be carried hereunderpart of the Building or the Property, or fire underwriter’s cause any offensive odors or loud noise, or constitute a nuisance or a menace to any other tenant or tenants or other persons in the Building, or be detrimental to the reputation or appearance of the Building, and Tenant shall permit no waste with respect to the Premises or the Property.
(d) Tenant shall conduct Tenant's business in the Premises in such a manner that Tenant's invitees shall not collect, line up or linger in the lobby or corridors of the Building, but shall be entirely accommodated within the Premises.
(e) Tenant shall comply and shall cause all employees to comply with all rules and regulations from time to time established by Landlord by suitable notice, including without limitation the current rules and regulations. , a copy of which are attached hereto as Exhibit B. Landlord shall not, however, be responsible for the noncompliance of any such rules and regulations by any other tenant or occupant.
(f) Tenant shall, at its Tenant's sole cost (except as expressly provided in Section 5.1.2(b))expense, promptly comply or cause to be complied with all Insurance Requirements. Tenant shall not take applicable laws, ordinances, rules, regulations, orders, certificates of occupancy, conditional use or omit to takeother permits, or permit to be taken or omitted to be takenvariances, any actioncovenants and restrictions of record, the taking reasonable recommendations of Landlord's engineers or omission other consultants, and requirements of any fire insurance underwriters, rating bureaus or government agencies, now in effect or which materially impairs may hereafter come into effect during the value Lease Term relating in any manner to the Premises or the usefulness particular occupation or particular use (as opposed to office use generally, the cost for which shall be part of any Property or any part thereof for its Permitted Use.
(b) In Operating Expenses to the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall extent set forth in reasonable detail the reasons therefor. ThereafterSection 8.2) by Tenant (or any of its employees, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced visitors or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60invitees) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty Premises (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, "Laws and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateRestrictions").
Appears in 1 contract
Samples: Lease (Soundbite Communications Inc)
Permitted Use. (a) Tenant covenants and agrees that it shall, at all times during throughout the Term, and at any other time that Tenant shall be in possession Term of any Propertythis Lease, continuously use and operateoccupy the Leased Property solely and exclusively as a Golf Course Facility in a manner consistent with Comparable Golf Course Facilities in the County in which the Leased Property is located, and for such other uses as may be necessary or incidental to such use and to the operation thereof, with appropriate amenities for the same and for no other purpose without interruption except for (a) Force Majeure Events, (b) closures reasonably required due to repairs or maintenance by third parties having a right to do so pursuant to any Permitted Encumbrance, or cause (c) other minimum necessary interruptions in respect to portions of the Leased Property for periods provided herein for repairs, renovations, replacements and rebuilding all of which shall be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedcarried out pursuant to, and any uses incidental theretoin accordance with the applicable provisions of this Lease (the foregoing being referred to as the “Permitted Use”). Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without Without the prior written consent of the Landlord, which approval no Affiliated Person of Tenant may be a subtenant or concessionaire in the Leased Property, provided that, notwithstanding the foregoing, Tenant shall not be unreasonably withheldentitled to enter into a sublease, delayed concession agreement or conditionedother similar agreement with an Affiliated Person of Tenant for the purpose of procuring, holding and utilizing a license to serve alcoholic beverages on the Leased Property (the “Beverage Affiliate”). No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In , or causes the event that, in the reasonable determination of Tenant, it shall Leased Property to no longer be economically practical to operate any Property considered or generally recognized as currently operateda Comparable Golf Course Facility. In addition, Tenant shall give Landlord Notice thereofnot take or omit to take any action, the taking or omission of which Notice shall set forth in reasonable detail will cause the reasons therefor. ThereafterMembership Documents to terminate or which will entitle the members thereof to terminate their memberships, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated except as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateotherwise permitted thereunder.
Appears in 1 contract
Permitted Use. (a) Tenant shallA. Landlord acknowledges that as part of Tenant's operations in the Premises, at all times during the Term, and at any other time that Tenant shall be in possession perform certain medical research work on the following types of any Propertyanimals: mice, continuously use rats, rabbits, guinea pigs and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretohamsters (the "Permitted Animals"). Tenant shall not use perform any research work on any animals (or parts thereof) other than the Permitted Animals, and Tenant shall not permit any Person animals in the Premises other than the Permitted Animals. Tenant shall at all times keep and maintain the Permitted Animals utilized by Tenant in accordance with the Lab Standards (as defined in Article IX.A. of the Lease). All animals brought into the Project shall be transported in accordance with such rules and regulations as Landlord shall reasonably designate. All animals kept in the Premises shall be caged or restrained at all times. In no event shall Tenant use or occupy the Premises in a manner that would be inconsistent with the character and dignity of the Building or the Project and Landlord may require Tenant to use) immediately cease any Propertybusiness, procedures, activities or other use which is causing disturbance of, or interference with Landlord's operation and management of the Project or the use and occupancy thereof by any portion thereoftenant therein.
B. Without limiting the limitations imposed by the Permitted Use clause, Tenant shall not use or permit the Premises to be used for any other use without purpose that would allow animal, medical or medicinal odors, fumes or noises to emanate from the prior written consent of LandlordPremises. In the event such odors, which approval shall not be unreasonably withheldfumes or noises do emanate from the Premises, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallTenant, at its sole cost (except as expressly provided and expense, shall be responsible for taking whatever steps are necessary in Section 5.1.2(b)), comply or cause to be complied accordance with all Insurance Requirementsapplicable Laws and the terms of this Lease in order to either eliminate such odors, fumes or noises or to keep such odors, fumes or noises from emanating from the Buildings in a manner approved by Landlord. Tenant shall not take Such steps may include the installation of an exhaust system or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, sound proofing in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord accordance with plans and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereofspecifications approved by Landlord. If Landlord and Tenant fail are unable to agree reach an agreement on an alternative use for such Property the course of action Tenant will take to correct the odor or noise problem, as the case may be, within sixty (60) 10 days after commencing negotiations the date Landlord first contacts Tenant to inform Tenant of the odor or noise problem, Landlord (in its sole discretion) shall determine the course of action Tenant shall take to correct the odor or noise problem. Such work to correct the odor or noise problem shall be completed by Tenant within 30 days of the date a determination is made by either Landlord or Landlord and Tenant (as aforesaidapplicable) as to the scope of work Tenant shall perform.
C. Tenant agrees to be solely responsible for the disposal of all medical, Tenant infectious and hazardous waste (including without limitation, all needles, syringes, bloodbags, bandages and vials) and all animal bodies or parts that are generated in the Tenant's Premises and to indemnify and hold Landlord harmless from and against all liabilities, obligations, damages, penalties, claims, costs, charges and expenses which may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having be imposed upon, incurred by, or asserted against Landlord in connection with the financial capacity to implement the terms generation and existence of such Offermedical, infectious and/or hazardous waste (including without limitation, all needles, syringes, bloodbags, bandages and vials) and all animal bodies or parts and the removal thereof from the Premises. Tenant shall give agrees to comply with all Laws, ordinances, orders, rules, and regulations of any governmental or regulatory agency with respect to the generation, existence, removal, storage and disposal of any such medical, infectious and/or hazardous waste (including without limitation, all needles, syringes, bloodbags, bandages and vials) and all animal bodies and parts.
D. Tenant agrees to contract with a licensed and insured medical waste disposal vendor acceptable to Landlord Notice thereoffor the lawful disposal of all medical, which Notice shall include infectious and hazardous waste (including without limitation, all needles, syringes, blood bags, bandages and vials) and all animal bodies and parts that are generated in Tenant's Premises, and to provide a copy of such contract to Landlord. If vendors are changed, Tenant agrees to notify Landlord of such change prior to the Offer executed effective date thereof and to provide the appropriate documentation to Landlord. In no event shall any medical, infectious and/or hazardous waste be placed or stored outside of the Premises, it being agreed that all such materials shall be kept in the Premises until picked up by such third party. the approved medical waste disposal vendor.
E. Tenant, at Tenant's sole cost and expense, shall obtain and maintain throughout the Term any licenses, permits or zoning approvals required by any governmental body for the conduct of Tenant's business and medical uses with the Premises.
F. In the event that Landlord shall fail to accept Tenant's activities in the Project results in any disturbance, disruption of or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell interference with the Property pursuant to such Offer, then, effective as business of the date of such saleProject, this Agreement including, but not limited to, demonstrations, pickets, boycotts and/or confrontations or disputes on or about the Project opposing or supporting Tenant's activities (a "Use Dispute"), then Tenant shall terminate with respect take all actions necessary to such Propertyresolve the Use Dispute and to have the demonstrators, and picketers or other individuals engaged in the Minimum Rent Use Dispute removed from the Project in an expeditious manner. Tenant shall be reduced by an amount equal to the product have no claim for damages against Landlord or any of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such OfferRelated Parties, then, effective as a result of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateabove actions.
Appears in 1 contract
Samples: Office Lease Agreement (Intrabiotics Pharmaceuticals Inc /De)
Permitted Use. (a) Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility [Residence Inn] [TownePlace Suites] hotel (or as currently operated, a hotel under any successor brand name) and any uses incidental theretothereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use (and shall not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.4(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In Notwithstanding the foregoing, in the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operateda [Residence Inn] [TownePlace Suites] hotel or if the Franchisor shall terminate the Franchise Agreement, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereofabated. If Upon agreement by Landlord and Tenant fail to agree on an alternative use, Landlord shall use for such Property within sixty (60) days after commencing negotiations as aforesaidcommercially reasonable efforts, Tenant may market such Property for sale at Tenant's cost and expense, to a third party. If Tenant receives a bona fide offer (an “Offer”) obtain any approvals or waivers needed pursuant to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third partyLegal Requirements. In the event that Landlord shall fail to accept or reject operating the Leased Property for such Offer within thirty (30) days after receipt of such Notice, such Offer alternative use shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective outside of Tenant's expertise as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds reasonably determined by reference Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such Offer multiplied by the Interest Ratepurpose.
Appears in 1 contract
Permitted Use. (a) Tenant 8.1 The Premises shall be used only for the Permitted Use and for no other purpose. The Tenant, shall, at its own cost and expense, obtain any and all times during licenses and permits necessary for such use. The Tenant shall comply with all governmental laws, ordinances and regulations applicable from time to time to its use of the TermPremises, and shall promptly comply with all governmental orders and directives for the correction, prevention and abatement of nuisances in or upon, or connected with the Premises, all at any other time that the Tenant's sole expense.
8.2 The Tenant shall not do, suffer or permit anything to be in possession of any done in, on or about the Premises or the Property, continuously nor bring, nor keep anything therein which will in any way affect fire or other insurance upon the Building or any of its contents or which will in any way conflict with any law, ordinance, rule or regulation now or hereafter in force or effect relating to the occupancy and use of the Premises and operatesaid Property, or cause in any way obstruct or interfere with the rights of other lessees or users of the Property, or injure or annoy them, nor use, nor allow the Premises or the Building to be used and operatedfor any improper, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedimmoral, unlawful or objectionable purpose, cooking therein, and nothing shall be prepared, manufactured, or used in the Premises which might emit an odor into the corridors of the building.
8.3 The Tenant will not, without the written consent of the Landlord, use any uses incidental thereto. apparatus, machinery, or equipment or device in, on or about the Premises which may cause any excessive noise or may set up any excessive vibration or excessive floor loads or which in any way would increase the normal amount of electricity agreed to be furnished or supplied under this Lease, or as specified in the Building Standards Manual, and, further, the Tenant shall not use (and shall not permit connect with water any Person to use) any Propertyapparatus, machinery, equipment or any portion thereof, for any other use device without the prior written consent of the Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. The Tenant shall, at its the Tenant's sole cost (except as expressly provided in Section 5.1.2(b))and expense, comply or cause to be complied with all Insurance Requirements. Tenant of the requirements of all 5 8 municipal, state and federal authorities now or hereafter in force, pertaining to said Premises, and shall faithfully observe in the use of said Premises and Property all municipal ordinances and regulations and state and federal statutes and regulations now or hereafter in force and effect.
8.4 Any change in law or otherwise which may make Tenant's use of the Premises impracticable or impossible shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Useaffect Tenant's obligations under this Lease.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 1 contract
Samples: Lease Agreement (Insurance Management Solutions Group Inc)
Permitted Use. Tenant will not use the Premises for any purpose other than for general office purposes, operations of its data center, maintenance and operation of its generators and rooftop equipment as contemplated by Section 7.6 and Article 21 hereof and for all lawful uses incidental and related to the foregoing uses. Tenant will not use the Property or knowingly permit the Premises to be used in violation of any Laws or in any manner that would (a) Tenant shall, at all times during violate any certificate of occupancy affecting the Term, and at Property; (b) make void or voidable any insurance now or after the Effective Date in force with respect to the Property; (c) cause injury or damage to the Property or to the person or property of any other time that Tenant shall be tenant on the Property; (d) cause substantial diminution in possession the value or usefulness of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property all or any part thereof of the Property (unless another adequate policy is availablereasonable wear and tear excepted); or (e) or which would constitute a default nuisance or waste. Tenant will obtain and maintain, at Tenant’s sole cost and expense, all permits and approvals required under the Laws for Tenant’s use of the Premises. If Tenant intends to cease operating at the Premises, Tenant shall first give Landlord at least ninety (90) days prior written notice of such intent to cease operating at the Premises. At any ground lease affecting time following receipt of such Propertynotice (i) Landlord shall have the right to terminate this Lease upon written notice to Tenant and/or (ii) enter the Premises and exhibit the same to a prospective tenant, nor purchaser or lender without being liable to Tenant for any trespass or breach of any covenant contained in this Lease. In the event Tenant ceases operating at the Premises and Landlord has not terminated this Lease, Tenant shall Tenant sell or otherwise provide continue to residents or patients thereinbe responsible for keeping, or permit performing and observing all of the terms, covenants, conditions, agreements, indemnities and other promises to be kept, used or sold in or about any Property any article which may be prohibited performed and observed by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Propertythe Premises, including, without limitation, payment of all Basic Rent and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateall other charges reserved hereunder.
Appears in 1 contract
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such each Property as a skilled nursing/ nursing/intermediate care/independent living/assisted living/ living/special care/group home care facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such any of the Leased Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any of the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, (i) Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord , and Tenant fail to agree on an alternative use for such Property within sixty (60ii) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “"Offer”") to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall either sell the Property pursuant to such Offer, thenor reject such Offer, effective as of the date or proposed date of such sale, as the case may be, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product ten percent (10%) of the net proceeds of sale received by Landlord multiplied by or, in the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offercase of rejection, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateOffer.
Appears in 1 contract
Samples: Master Lease Agreement (Senior Housing Properties Trust)
Permitted Use. (a) Tenant shall, at all times during the TermTowerCo shall use, and at any other time that Tenant shall be in possession of any Property, continuously permit the use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any actionof, the taking or omission Subleased Property of which materially impairs each Site only for the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In TowerCo shall not use, or permit to be used, the event thatSubleased Property of any Site, in the reasonable determination of Tenant, it shall no longer be economically practical to operate or any Property as currently operated, Tenant shall give Landlord Notice portion thereof, which Notice shall set forth by TowerCo, any Person (other than SBC or the SBC Affiliates) or the public in reasonable detail such manner as might reasonably tend to impair Sublessor's title to or interest in such Site, or any portion thereof, or in such manner as might reasonably make possible a Claim or Claims of adverse usage or adverse possession by the reasons therefor. Thereafterpublic, Landlord and Tenant shall negotiate in good faith to agree on as such, or any Person (other than SBC or an alternative use for SBC Affiliate), or of implied dedication of such Subleased Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result any portion thereof. If Landlord Nothing contained in this Sublease and Tenant fail to agree on no action or inaction by SBC or an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer SBC Affiliate shall be deemed or construed to mean that Sublessor has granted to TowerCo any right, power or permission to do any act or make any agreement that may create, or give rise to or be the foundation for any such right, title, interest, lien, charge or other encumbrance upon the estate of Sublessor in any Site.
(c) SBC shall not use, or permit to be rejected used, the Reserved Space of any Site, or any portion thereof, by Landlord. If Landlord shall sell SBC, any SBC Affiliate, any other Person (other than TowerCo and Space Subtenants) or the Property pursuant public in such manner as might reasonably tend to such Offer, then, effective impair TowerCo's right as of the date of such sale, this Agreement shall terminate a sublessor with respect to such PropertySite, or any portion thereof, or in such manner as might reasonably make possible a Claim or Claims of adverse usage or adverse possession by the public, as such, or any Person (other than TowerCo and the Minimum Rent Space Subtenants), or of implied dedication of such Reserved Space, or any portion thereof. Nothing contained in this Sublease and no action or inaction by TowerCo shall be reduced by an amount equal deemed or construed to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (mean that TowerCo has granted to SBC or any SBC Affiliate thereof any right, power or permission to do any act or make any agreement that may create, or give rise to or be deemed to have rejected) the foundation for any such Offerright, thentitle, effective as interest, lien, charge or other encumbrance upon the leasehold estate of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateTowerCo in any Site.
Appears in 1 contract
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession subject to temporary periods for the repair of any Propertydamage caused by casualty or Condemnation, continuously use and operate, or cause to be used and operated, such operate each Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, an all suites hotel and any uses incidental thereto. Tenant shall not use (and shall not or permit to be used any Person to use) any Property, Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. Tenant shall not change the brand of the Hotels without Landlord's prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned, it being agreed that, on the Commencement 36 Date, the Hotels shall be operated under the "Sumnxx Xxxtes" brand. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operatedan all suites hotel, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Propertythe Property or a replacement property therefor (in which event the affected Leased Property shall be transferred to Tenant or Tenant's designee), appropriate adjustments to the Additional Rent and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateabated.
Appears in 1 contract
Permitted Use. The Premises shall be continuously used for the sole purpose of general business offices and/or for receiving, storing, shipping and selling (aother than the at retail) products, materials and merchandise made and/or distributed by Tenant and for no other use or purpose. Tenant shall at its own cost and expense obtain any and all licenses and permits necessary for any such use. The overnight parking of automobiles, trucks or other vehicles, and the outside storage of any property including trash or garbage are prohibited. Tenant agrees that it shall, at all times during its own cost and expenses keep its employees, agents, customers, invitees, and/or licensees from parking on any streets running through or contiguous to the Term, and at any other time buildings or development of which the premises are part thereof. Tenant agrees that Tenant shall be in possession no washing of any Property, continuously use type will take place in the premises including the truck apron and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoparking areas. Tenant shall not permit any objectionable or unpleasant odors, smoke, dust, gas, noise or vibrations to emanate from the Premises, nor take any other action which would constitute a nuisance or would disturb or endanger any other tenants of Development or unreasonably interfere with such tenants' use (and of their respective premises or permit any use which would adversely affect the reputation of the Development. Tenant shall not receive, store or otherwise handle any product, material or merchandise which is explosive, highly flammable or constitutes a hazardous substance or waste. Tenant shall not permit the Premises to be used for any Person purpose (including, without limitation, the storage of merchandise) in any manner which would render the insurance thereon void or increase the insurance rate thereof. Tenant agrees to indemnify and hold Landlord harmless against any and all loss, costs and claims, including attorney's fees relating to the improper storage, handling, transportation or disposal of explosive, highly flammable or hazardous materials or resulting from any other improper use) . Tenants shall comply with all governmental laws, ordinances and regulations applicable to the Premises, and shall promptly comply with all governmental orders and directives for the correction, prevention and abatement of any Propertyviolations or nuisances in or upon, or connected with, the Premises, all at Tenant's sole expense. If, as a result of any portion change in the governmental laws, ordinances and regulations, the Premises, all at Tenant's sole expense. If, as a result of any change in the governmental laws, ordinances and regulations, the Premises must be altered to accommodate lawfully the use and occupancy thereof, for any other use without such alterations shall be made only with the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use but the entire cost thereof shall be made or permitted borne by Tenant; provided that the necessity of Landlord's consent shall in no way create any liability against Landlord for failure of Tenant to be made of any Property comply with such laws, ordinances and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallshall take whatever other actions are necessary so that the Premises and Tenant's use thereof complies with the Fire Prevention Code of the National Fire Protection Association and any other fire prevention laws, at its sole cost (except as expressly provided in Section 5.1.2(b))ordinances, comply rules or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments regulations applicable to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RatePremises.
Appears in 1 contract
Permitted Use. Tenant may use the Premises only for the Permitted Use stated in Section 1.07 and in accordance with the Rules and Regulations set forth in Addendum J. Tenant shall (ai) Tenant shalluse and maintain the Premises and conduct its business thereon in a safe, at all times during the Termcareful, reputable, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedlawful manner, and any uses incidental thereto(ii) comply with all covenants that encumber the Premises. Tenant shall not use do or permit to occur within the Premises any act which will increase premiums for any casualty, fire, liability, or other insurance maintained by Landlord on the Premises, or which shall render such insurance void or voidable, excepting however any activities which are usually and customarily anticipated in connection with the uses of the Premises permitted hereunder. Landlord to its current actual knowledge, represents and warrants to Tenant that on the date of delivery of possession of the Premises to Tenant, the Premises shall be in good condition and all building systems serving the Premises shall be in good working order, the Premises will be in compliance with all statutes, laws, ordinances, orders, rules, regulations and other governmental requirements relating to the use, condition and occupancy of the Premises including but not limited to the Americans with Disabilities Act (the “ADA”), and shall not permit any Person to use) any Propertyall rules, orders, regulations and requirements of the board of fire underwriters of insurance service office, or any portion thereofsimilar body having jurisdiction over the Premises. Landlord, to its current actual knowledge, warrants and represents that no environmental risk or health hazard exists in the Building or on the Premises. Landlord, to its current actual knowledge, warrants and represents that, as of the Commencement Date, the Premises may be legally used under all applicable laws including without limitation applicable building, zoning, and land use ordinances for the uses permitted under this Lease. Tenant shall have access to the Premises twenty-four (24) hours per day, seven (7) days per week beginning on the Commencement Date.
A. Tenant acknowledges that no representations as to the condition or repair of the Premises, or promises to alter, remodel, or improve the Premises have been made by Landlord, unless such are expressly set forth in this Lease. Tenant agrees to take possession of and occupy the Premises on the Commencement Date and to continue to occupy the Premises during the remainder of the Term. In addition, Tenant agrees not to commit waste or to suffer or permit waste to be committed in, on or about the Premises, and Tenant agrees to conduct its practice and control its employees, agents, and invitees in such a manner as not to create any nuisance or interfere with, damage the property of, annoy or disturb any third-party or Landlord. Without limiting the foregoing, no loudspeakers or similar device which can be heard outside of the Premises shall, without the prior approval of Landlord, be used in or about the Premises. Furthermore, Tenant shall not use or occupy the Premises for any unlawful purpose, and Tenant shall comply with all present and future laws, ordinances (including zoning), regulations, and orders of the United States of America, the State in which the Building is located, and any other public or quasi-public authority having jurisdiction over the Premises. Tenant agrees not to use or permit the use of the Premises for the generation, storage, treatment, use, transportation or disposal of any chemical, material or substance that could pose a hazard to the health or safety of other tenants, occupants and employees in the Building other than the storage and utilization of products and supplies incidental to medical office purposes, provided such storage and utilization is limited directly to medical use and in compliance with applicable laws, ordinances, rules and regulations.
B. Tenant shall at its own cost and expense promptly obtain any and all licenses and permits necessary for its medical use and occupancy of the Building. If, as a result of any change in the governmental laws, ordinances, rules and regulations, the Premises must be altered to lawfully accommodate Tenant’s use and occupancy, such alterations shall be made only with the consent of Landlord, but the entire cost shall be borne by Tenant; provided, that, the necessity of Landlord’s consent shall in no way create any liability against Landlord for failure of Tenant to comply with such laws, ordinances, rules and regulations.
C. Tenant shall not install equipment of any kind or nature whatsoever that are not compatible with the Building’s utility systems or that will or may necessitate any changes, replacements or additions to the systems of the Premises or the Building or that will exceed maximum floor loads without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by conditioned upon, among other things, Tenant’s paying for all such work and performing the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided same in Section 5.1.2(b)), comply or cause to be complied accordance with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected plans approved by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 1 contract
Permitted Use. (a) A. Uses Tenant shallshall have an exclusive right to develop, operate and manage the Leased Premises in accordance with the Permitted Uses set forth in Exhibit B. The concession rights granted herein shall be exclusive within the Leased Premises but non-exclusive at all times during the Term, and at Airport. Tenant agrees not to use the Leased Premises for any other time that purpose nor to engage in or permit any other activity by Tenant’s employees, agents, or contractors, within or from the Leased Premises. Tenant agrees not to conduct or permit its employees, agents, or contractors to conduct any public or private nuisance in, on or from the Airport, or to commit or permit its employees, agents or contractors to commit any waste in, on or from the Airport. The Use is attached hereto and entitled, “Exhibit B.”
B. Optional Services and Uses Subject to the prior written approval of the Airport Director, Tenant may be granted the option to provide those additional services and uses which are ancillary to and compatible with the required services and uses herein; subject to negotiation and approval of Airport Director. The above listed services and uses, are required and shall be the only services and uses permitted. Xxxxxx agrees not to use the Leased Premises for any other purpose nor to engage in or permit any other activity within or from the Leased Premises. This prohibition includes, but is not limited to, sale or use of tobacco products, CBD products, cannabis products and any products prohibited by federal, state, or local agencies, insurance policies, or as decided by the Airport Director. Airport Director has the right to use Xxxxxx’s inventory of goods in an emergency situation to assist in maintaining the welfare of persons at or near the Airport. Tenant shall be in possession reimbursed by County for the cost of any Propertygoods as soon as practicable at a rate not to exceed prices immediately prior to the emergency. Exhibit B, continuously use Permitted Uses, which is attached hereto and operatemade a part hereof, or cause sets forth the trade name for each Concession within the Leased Premises and a listing, by general category, of goods and services that Tenant is allowed to sell from the Leased Premises. Such list of the Permitted Uses shall constitute a limitation of the goods and services which may be sold from the Leased Premises.
C. Permitted Products, Services, and Prices No later than thirty (30) days prior to the opening of a Concession within the Leased Premises Tenant must submit to County, for its written approval, a listing, substantially consistent with Exhibit B and as requested by County, of the goods and services to be used sold from the Leased Premises. Such listing (hereinafter referred to as the “Product Price List”) must include the prices to be charged to the public for the goods and operatedservices. Once approved by County, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretothe Product Price List for each Concession within the Leased Premises shall remain in effect through the remainder of the Term. Tenant shall not use (and shall not permit any Person to use) any Propertyadd, delete, or sell any portion thereofgoods or services not included on the Product Price List, for nor change the price of any other use good or service, without the prior first receiving written consent of Landlordapproval from County, which approval shall not be unreasonably withheld, delayed withheld or conditioneddelayed. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shallCounty may, at its sole cost discretion, require Tenant to add goods or services that are in public demand to the Product Price List for any Concession within the Leased Premises. Within ten (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission 10) business days of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operateda written request by County, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as provide a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratecurrent Product Price List.
Appears in 1 contract
Samples: Retail Concession Lease
Permitted Use. (a) Tenant shall, at all times during agrees that the Term, and at any other time that Tenant Premises shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property occupied by Tenant only for the Permitted Use as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedspecified in Section 1.2, and for no other business, use or purpose.
(b) Tenant further agrees to conform to the following provisions during the entire Lease Term:
(i) No auction, fire, distress, bankruptcy or other type sales may be conducted within or without the Premises;
(ii) Tenant shall cause all freight to be delivered or removed, and all garbage or refuse to be removed from the Building and the Premises in accordance with reasonable rules and regulations therefore established by Landlord; and until removal is effected, Tenant shall keep all garbage or refuse in the Premises suitably covered and deodorized;
(iii) Tenant shall take any uses incidental thereto. and all steps required reasonably to prevent insect and vermin infestation of the Premises, and shall maintain such practices as Landlord may require reasonably to that end;
(iv) Except for signs or lettering on the entry doors to the Premises (or the glass adjacent to the main entry to the Premises on the fourth (4 ) floor), which may be consistent with Tenant’s logo and branding, Tenant shall not use (and shall not permit any Person to use) any Propertyplace on the exterior, or any portion thereofexterior walls (including both interior and exterior surfaces of windows and doors), for or on the roof of the Building, or in any other use without part of the Building, or the Premises, any signs or any symbol, advertisement, neon light, other light or other object or thing visible to public view outside of the Premises. Where Landlord establishes reasonable standards for such signs, Tenant agrees to conform to the same and to submit for Landlord’s prior written consent of Landlordapproval, which approval shall not be unreasonably withheld, delayed a plan or conditioned. No use shall be made or permitted sketch of the sign(s) to be made of placed on such entry doors. Without limitation, lettering on exterior windows (and explicitly not glass at the entry to the Premises) is expressly prohibited;
(v) Tenant shall not perform any Property and no acts shall be done thereon act or carry on any practice which will cause may injure the cancellation of any insurance policy covering such Property Premises or any part thereof (unless another adequate policy is available) of the Building, or which would overload the floors or walls beyond design loads, or cause any offensive odors or loud noise, or constitute a default under nuisance or menace to any ground lease affecting such Propertyother tenant or tenants or other persons in the Building, nor shall Tenant sell permit or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about commit any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. waste;
(vi) Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply shall not make or cause to be complied made any alterations, additions or improvements or install or cause to be installed any trade fixture, signs, floor covering, lighting, plumbing fixtures, shades or awnings, or make any changes to the entrances and exits, without first obtaining Landlord’s prior written approval and consent, which approval and consent shall not be unreasonably withheld or delayed, or unreasonably conditioned, and without first obtaining all governmental permits and approvals required for such work, all at Tenant’s sole cost and expense (“Permits”). Tenant shall present to the Landlord detailed plans and specifications for such work at the time approval is sought and deliver a copy of all Permits to Landlord prior to commencing any alteration, addition, improvement or installation. All approved alterations, additions, improvements and installations shall comply with all Insurance Requirementsgovernmental laws, rules, regulations and codes. All allowed alterations or additions shall be at the Tenant’s expense and shall be new or completely reconditioned, and in quality at least equal to the present construction and made in accordance with all applicable laws. Notwithstanding anything in this Lease to the contrary, subject to the immediately following sentence, Tenant may make non-structural alterations and improvements to the interior of the Premises, in an amount not to exceed $50,000 in the aggregate in any calendar year, without the Landlord’s prior written consent, but upon prior written notice to Landlord, which notice shall contain a description in reasonable detail of the proposed work, but shall not require detailed plans and specifications (“Tenant Alterations Without Approval”). Tenant’s right to make Tenant Alterations Without Approval, is conditioned upon Tenant agreeing that, at the expiration of the Term, in Landlord’s discretion. Tenant shall be required to remove all such Tenant Alterations Without Approval, and restore the Premises to its original condition, and repair all damage as a result of such removal. Tenant shall not take make any alterations, repairs or omit to takeinstallations, or permit perform any work to or on the Premises unless prior to the commencement of such work Tenant shall obtain (and during the performance of such work keep in force) builders risk, public liability and workmen’s compensation insurance to cover every contractor to be taken or omitted employed, and any other insurance reasonably required by Landlord. Tenant shall endeavor to require that such policies shall be takennon-cancelable without ten (10) days notice to Landlord. The policies shall have amounts of coverage reasonably required by Landlord, any action, and shall be issued by companies reasonably satisfactory to Landlord. Prior to the taking or omission commencement of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operatedsuch work, Tenant shall give deliver certificates of such insurance policies, Xxxxx Form 27, to Landlord, evidencing Tenant’s insurance coverage. All permanent leasehold alterations or improvements made by the Tenant, and consented to by Landlord, shall become the property of the Landlord Notice thereofat the termination of occupancy as provided herein unless Landlord, which Notice at the time that Tenant requests Landlord’s consent to the same, notifies Tenant in writing that such alterations or improvements are to be removed by Tenant at the expiration of the Lease Term. Further, all moveable trade fixtures, equipment, machinery, personal property, appliances, environmental fans, electrical equipment, and other equipment required for the Permitted Use, exclusive of any permanent leasehold improvements, and the Building and Premises’ mechanical equipment and systems, shall set forth in reasonable detail remain the reasons thereforproperty of Tenant. ThereafterAt least thirty (30) days prior to the end or expiration of the Term, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Propertyconduct a walk through of the Premises, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If (A) Landlord and Tenant fail shall identify which of Tenant’s alterations, decorations, additions, installations and improvements, including interior partitions installed by Tenant, are to agree be removed by Tenant, and which are to remain in the Premises; and (B) Tenant shall schedule the following work: all holes or scrapes on an alternative use for wall surfaces are to be repaired. The cost of such Property within sixty (60) days after commencing negotiations cleaning and repairs, normal wear and tear excluded, will be at the sole expense of the Tenant. Notwithstanding the foregoing, under no circumstances shall Tenant be obligated to remove any portion of Landlord’s Work. Upon the expiration or earlier termination of the Term, Tenant will remove all of Tenant’s property from the Premises, which, pursuant to the Lease, are to be removed by Tenant, including without limitation, moveable trade fixtures, equipment, machinery, appliances, effects and personal property as are in the Premises; as well as such of the alterations and additions made by Tenant, if any, as Landlord has designated as aforesaid; and the Tenant shall repair any and all damage caused by such removal, Tenant may market such Property for sale and restore the Premises to a third partythe condition they were on the Lease Commencement Date, or as thereafter consented to by Landlord, reasonable wear and tear, and casualty and condemnation excepted. If Tenant receives a bona fide offer (an “Offer”) to purchase shall not have removed such Property from a Person having property by expiration of the financial capacity to implement the terms of such OfferTerm, Tenant Landlord shall give Landlord Notice thereofnotice to Tenant, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer and said property shall be deemed to be rejected by Landlordabandoned if Tenant has not removed same within five (5) business days of receipt of said notice. If Landlord shall sell elect to remove and store Tenant’s property, Tenant shall pay to Landlord upon request for same, the Property pursuant costs and expenses incurred by Landlord in removing and storing such property. Tenant shall also pay the reasonable cost of repairing damage caused to the Premises by the removal of such Offerproperty.
(vii) Tenant will always conduct its business in the Premises, thenand make any permitted alterations or improvements in compliance with the reasonable requirements of Landlord’s insurance companies, effective and in compliance with all applicable laws, rules, regulations and ordinances affecting the Premises, or the specific conduct of its business in the Premises; and if any governmental license or permit shall be required for the proper and lawful conduct of Tenant’s business in the Premises, Tenant, at Tenant’s expense, shall duly procure and thereafter maintain such license or permit, and submit the same to inspection by Landlord. Tenant shall at all times comply with the terms and conditions of each such license or permit. Tenant shall make all non-structural repairs, alterations, additions or replacements to the Premises required by any order, ordinance, law, rule or regulation of any public authority required solely because of Tenant’s particular use of the Premises; the parties hereby agreeing that Tenant’s obligations in this sentence shall not be triggered if Tenant uses the Premises for the Permitted Use in compliance with the terms of this Lease. Landlord represents and warrants to Tenant that as of the date Lease Commencement Date, to the best of such saleLandlord’s knowledge, this Agreement the Premises and the common areas and facilities of the Building shall terminate comply with all applicable laws, rules, regulations and ordinances, including without limitation, the Americans with Disabilities Act, and all applicable state and local accessibility laws.
(viii) With respect to such Propertyany alterations or improvements to the Premises undertaken by Tenant, it is understood and agreed that all of the companies bidding on any construction by Tenant within the Premises, will hold a valid Massachusetts Builder’s License, will have been in business a minimum of five (5) years, and will have an office and clerical staff It is further understood and agreed that the Minimum Rent shall be reduced by an amount equal to successful bidder of any construction, if the product scope of the net proceeds Project exceeds $200,000, will have, at all times a licensed job superintendent who is under direction of sale received by Landlord multiplied by a project manager, other than the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offercompany owner, then, effective as of on site during the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateconstruction.
Appears in 1 contract
Samples: Lease Agreement (Social Capital Suvretta Holdings Corp. I)
Permitted Use. (a) The Premises shall be occupied and used by Tenant shallsolely for the purpose of conducting therein the business of the display and resell at retail of all major sneaker brands with the exception of designer brands along with the retail sale of streetwear apparel brands to include, but not limited be to, Adidas, Amiri, Anti-Social Club, Bape, Chrome Hearts, CIY, Dior, Xxxx Xxxxxxxx, Essential, Gallery Dept., Impossible Kicks, Jordan, New Balance, Nike, Off White, Xxxxx, Supreme, Xxxxxx Xxxxx, V Lone Palm Angels, Vone, and Xxxxx and Tenant shall not use or permit or suffer the use of the Premises for any other business or purpose. Tenant shall not sell any items that are manufactured by or for any other tenant or occupant of the Center, or which may violate the exclusive rights of any other Tenant in the Center. Notwithstanding anything contained herein to the contrary, in no event shall Tenant’s use of the Premises violate the exclusive rights of other occupants in the Center, and Xxxxxx agrees to promptly remove or reduce the square footage or display of any given item if requested to do so by Landlord. Notwithstanding anything herein, the Permitted Use is expressly for the sale and resale of multiple brands, and Tenant is not permitted to convert its use of the Premises to the sale of a single brand. Tenant agrees that at all times during the TermTerm it shall operate a true ‘Manufacturer’s Outlet’ retail store, and selling generally such brand name merchandise at any other time that Tenant such prices as shall be in possession typical of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any all other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default factory stores operated under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriterTenant’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord Trade Name and Tenant shall negotiate in good faith to agree discount one hundred percent (100%) of its merchandise offered for sale at the Premises by at least thirty-five percent (35%) from the regular suggested retail price thereof and shall display two (2) prices (the regular suggested retail price and the discounted selling price) on an alternative use each item of merchandise offered for such Property, appropriate adjustments sale. Notwithstanding anything to the Additional Rent and other related matters; provided, however, contrary contained in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaidthis Lease, Tenant may market such Property for sale hereby represents, warrants and covenants to a third party. If Landlord that Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective is as of the date hereof, and will remain throughout the Term of the Lease, a ‘manufacturer’, with the products in the Premises being goods manufactured by or exclusively for Tenant, or produced under its label. Tenant understands and agrees that, notwithstanding any other provision of this Lease, any breach of the representations, warranties and/or covenants contained in this Section shall be a material default under this Lease which shall entitle Landlord to exercise the following remedies at Landlord’s election and in Landlord’s sole and absolute discretion in the event that Tenant shall fail to cure such breach within ten (10) days after the giving of notice of such salebreach from Landlord to Tenant. Landlord may elect, at any time during which such breach remains uncured by Tenant, to immediately terminate this Agreement shall terminate with respect Lease or, alternatively, to such Property, and increase the Minimum Annual Rent shall be reduced set forth in Article I as may have been increased pursuant to other provisions of this Lease, by an amount equal to the product Two and 00/100 Dollars ($2.00) per square foot of the net proceeds Store Floor Area of sale received the Premises. The election by Landlord multiplied to increase Tenant’s Minimum Annual Rent hereunder shall not preclude Landlord from exercising its termination right hereunder for so long as such breach is uncured by Xxxxxx. Tenant represents, warrants and covenants that such all merchandise offered for sale in the Interest RatePremises will be offered for sale in compliance with all applicable laws and regulations, including any federal or state consumer fraud act or similar act or statute. If Xxxxxx agrees to defend (at Xxxxxxxx’s option), indemnify and hold Landlord harmless from and against any claims, damages (including punitive or other exemplary damages), costs and attorneys’ fees brought by third parties against Landlord and which relate to Xxxxxx’s discounting practices in the Premises. The foregoing indemnification shall reject (include, without limitation, any alleged violation of any federal or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratestate consumer fraud act or similar act or statute.
Appears in 1 contract
Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.)
Permitted Use. (a) Tenant shall, at all times during the Term, term and at ----- ------------- any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or and cause the Manager to be used use and operatedoperate, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, commercial hotel which meets or exceeds the Hotel Standard and any uses incidental thereto. Subject to Section 16.3, Tenant ------------ shall not use (and shall cause the Manager not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord which may be withheld or granted in Landlord, which approval shall not be unreasonably withheld, delayed or conditioned's sole and absolute discretion. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s underwriters' regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply (or cause the Manager to be complied comply) with all Insurance RequirementsRequirements for which Tenant is responsible pursuant to Articles 9 and 10 hereof. Tenant shall not take or omit to ----------------- take (and Tenant shall cause the Manager not to take or omit to take, or permit to be taken or omitted to be taken, ) any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In Use in accordance with the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Franchise Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateHotel Standard.
Appears in 1 contract
Permitted Use. (a) Tenant covenants and agrees that it shall, at all times during throughout the Term, and at any other time that Tenant shall be in possession Term of any Propertythis Agreement, continuously use and operateoccupy the Leased Property solely and exclusively as a senior living facility providing for assisted living, independent living and skilled nursing, and for such other uses as may be necessary or incidental to such use (such as services provided directly to residents by Tenant or under Service Licenses, as such term is defined below), with appropriate amenities for the same, and for no other purpose without interruption except as provided in Section 4.4 or in Articles 10 or 11 below, or cause caused by a Force Majeure Event, or for minimum necessary interruptions in respect to portions of the Leased Property for periods provided herein for repairs, renovations, replacements and rebuilding all of which shall be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedcarried out pursuant to, and any uses incidental theretoin accordance with the applicable provisions of this Agreement (the foregoing being referred to as the “Permitted Use”). Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without Without the prior written consent of the Landlord, Tenant shall not increase the current number of total beds within the facility of 264 by more than five percent (5%) in total. Without the prior written consent of the Landlord, no Affiliated Person of Tenant may be a subtenant or concessionaire in the Leased Property which approval consent shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
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Permitted Use. (a) Except as otherwise provided in the Management Agreement, Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or and cause the Manager to be used use and operatedoperate, such the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, Marriott Courtyard hotel and any uses incidental thereto. Subject to Section 16.3, ------------ Tenant shall not use (and shall direct the Manager not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply (or cause direct the Manager to be complied comply) with all ---------------- Insurance Requirements. Except as otherwise provided in the Management Agreement, Tenant shall not take or omit to take (and Tenant shall direct the Manager not to take or omit to take, or permit to be taken or omitted to be taken, ) any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operateda Marriott Courtyard hotel, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no such -------- ------- event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rateabated.
Appears in 1 contract
Permitted Use. The use of the Premises by Tenant and Tenant’s assignees and subtenants and their respective agents, advisors, employees, partners, shareholders, directors, customers, clients, invitees and independent contractors (acollectively, “Tenant’s Agents”) shall be solely for the Permitted Use specified in the Basic Lease Information and for no other use. Tenant shallshall not permit any waste or any objectionable or unpleasant odor, at all times during smoke, dust, gas, noise or vibration to emanate from or near the TermPremises. The Premises shall not be used to create any nuisance or trespass, and at for any illegal purpose, for any purpose not permitted by Laws (as hereinafter defined), for any purpose that would invalidate the insurance or increase the premiums for Landlord’s insurance on the Premises, the Building or the Project or for any purpose or in any manner that would interfere with other tenants’ use or occupancy of the Project. Tenant shall pay to Landlord, as Additional Rent, any increases in premiums on Landlord’s insurance policies resulting from Tenant’s Permitted Use or any other time that use or action by Tenant shall be in possession or Tenant’s Agents which increases Landlord’s premiums or requires additional coverage by Landlord to insure the Premises. Tenant agrees not to overload the floor(s) of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretothe Building. Tenant shall not use (and shall not permit the Premises in any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which manner that will cause the cancellation of any insurance policy covering such Property Building or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide not to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by conform with the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriterBuilding’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value Sustainability Practices or the usefulness certification of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments Building issued pursuant to the Additional Rent and other related mattersapplicable Green Building Standards, if any; provided, however, that in no event shall such practices or certification requirements have the Minimum Rent be reduced or abated as effect of preventing Tenant from conducting its business at the Premises in a result thereofmanner consistent with the Permitted Use. If Landlord and Tenant fail hereby acknowledges that to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaidLandlord’s knowledge, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, Lease Date the use and the Minimum Rent shall be reduced by an amount equal to the product occupancy of the net proceeds Premises by Safeway and Tenant do not violate the terms or requirements of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateParagraph 9(a).
Appears in 1 contract
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously will use and operateoccupy the Premises only for the purpose set forth in Paragraph 1.5 and no other, using and maintaining the Premises in a careful, sanitary and proper manner. Subject to the waiver set forth in Paragraph 15, Tenant will pay for any damage to any part of the Premises or Building or Project caused by any negligence or willful act by Tenant or Tenant’s employees, agents, contractors or invitees. Tenant will comply with the Project’s Rules and Regulations and the CC&Rs and will not cause anywhere in the Building or Project, or cause permit in the Premises, (i) any activity or thing contrary to be used applicable law, ordinance, regulation, restrictive covenant, or insurance regulation whether now in force or hereafter in force; or which is in any way extra-hazardous or could jeopardize the coverage of normal insurance policies or increase their cost; (ii) waste or nuisance, or any activity causing odors, noise or vibration perceptible outside the Premises; (iii) cooking or heating food, except for incidental use, solely for Tenant’s employees, of microwave ovens and operatedbeverage-brewing devices, such Property as provided that the foregoing do not use a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, flame and any uses incidental theretoare approved by Underwriters Laboratories for residential use; (iv) overloading the floors or the structural or mechanical systems of the Building; or (v) obstruct or interfere with the rights of other tenants or users of the Building or the Project. Tenant shall not use (and erect or place any item in or upon the Common Areas. Tenant shall store its waste either inside the Premises or in its own dumpsters located within outside trash enclosures. Except as expressly permitted in the Addendum, Tenant shall not permit store, place or maintain any Person to use) garbage, trash, rubbish, other refuse or Tenant’s personal property in any Propertyarea of the Common Area or exterior of the Premises at any time, or any portion thereof, for any other use without the Landlord’s prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulationsconsent. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer expense shall be deemed responsible to be rejected by Landlord. If Landlord shall sell maintain and keep the Property pursuant to such Offerdesignated trash enclosures free of garbage, thentrash, effective as of the date of such salerubbish, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (other refuse or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratepersonal property.
Appears in 1 contract
Samples: Lease Agreement (Calix Networks Inc)
Permitted Use. Tenant covenants that the Premises will be used only for the Permitted Use and for no other use or purpose. Tenant further covenants that the Premises will not be used or occupied for any unlawful purposes and will not create or continue a nuisance. Tenant further acknowledges that it has received no written or oral inducements from Landlord or any of Landlord’s representatives concerning this Lease or that Tenant will be granted any exclusive rights except as set forth in this Lease. If by reason of the particular manner of use of the Premises by any of the Tenant Parties or the failure of any Tenant Party to comply with the provisions of this Lease beyond all applicable notice and cure periods, the insurance rate applicable to any policy of insurance which Landlord maintains in connection with the Lease and landlords in Comparable Buildings (adefined below) Tenant shallcustomarily maintain, at all times during the Term, and shall at any other time that thereafter be higher than it otherwise would be, as a result of such particular manner of use or failure by Tenant, Tenant shall be in possession of any Property, continuously use reimburse Landlord upon written demand (which demand shall include such reasonable detail and operate, or cause to be used and operated, such Property documentation as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to usemay reasonably request) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation that part of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or premiums which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms have been charged because of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept use or reject such Offer failure within thirty (30) days after Tenant’s receipt of an invoice therefor. Notwithstanding anything in this Lease to the contrary, under no circumstances may any portion of the Premises be used for any of the following purposes: governmental agencies; consulates, foreign government agencies, foreign government entities, or foreign consultants; healthcare or medical care providers; call centers; collection agencies; or high employee density uses (in excess of 1 person per 150 rentable square feet of space); or any uses prohibited by the protective covenants or any declarations, easements and/or protective covenants encumbering and recorded against the Land or the Project in effect as of the Effective Date (each a “Prohibited Use”). Landlord represents and warrants to Tenant that it has provided to Tenant all protective covenants and declarations, easements and/or protective covenants encumbering and recorded against the Land or the Project in effect as of the Effective Date, to the extent any such Noticeprotective covenants exist. Landlord represents to Tenant that no declarations of covenants, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell conditions or restrictions or restrictive covenants encumber or are recorded against the Property pursuant to such Offer, then, effective Land or the Project as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Ratehereof.
Appears in 1 contract
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operatedrehabilitation hospital, clinic or professional level health or medical services facility, and any uses necessary or incidental thereto, subject to and in accordance with all applicable Legal Requirements. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product nine percent (9%) of the net proceeds of sale received by Landlord multiplied by in the Interest Ratecase of an Additional Property. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product nine percent (9%) of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateOffer.
Appears in 1 contract
Samples: Master Lease Agreement (Five Star Quality Care Inc)
Permitted Use. The Premises is leased to Tenant solely for the purpose of conducting thereon on a non-exclusive basis a food court consisting of four (a4) quick service restaurants, one (1) full service restaurant of approximately 3,400 square feet, and an agreed upon number of food carts, food stands and kiosks serving, at a minimum, hamburgers, pizza, chicken and ribs, deli foods, mexican foods, coffee, ice cream, pretzels, non-alcoholic beverages and retail items which are approved by Landlord (such approval not to be unreasonably withheld). Tenant may offer alcoholic beverages only in its mexican food court restaurant and only if (i) Tenant shall, at provides table service in such restaurant; and (ii) such beverages are served for consumption only in the Food Court; and (iii) Tenant maintains all times during licenses and permits which are required under applicable law with respect to the Term, service of such beverages. Food items to be offered from the Premises and at any other time that Tenant the pricing thereof shall be in possession subject to the prior written approval of any PropertyLandlord, continuously use and operatewhich approval shall not be unreasonably withheld or delayed. Except for Tenant's initial pricing, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoLandlord agrees that prices which do not exceed four (4) times Tenant's actual costs shall not require further approval. Tenant shall not use (and shall not permit any Person or suffer to use) any Propertybe used the Premises, or any portion thereof, for any other use purpose or purposes whatsoever, without the prior Landlord's written consent therefor first had and obtained, and such consent may be withheld in Landlord's sole and absolute discretion. Without limiting the generality of Landlordthe foregoing, Tenant shall not conduct gaming activities at the Premises. Landlord hereby reserves to itself the right to conduct keno gaming on the Premises, the location and type of which shall be subject to Tenants' approval, which approval shall not be unreasonably withheld, withheld or delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article but which may be prohibited by law or by take into account the standard form preservation of fire insurance policiesTenant's theme, or any other insurance policies required to be carried hereunderconsidering location, or fire underwriter’s regulationsdesign, sound sensitivity and ambience. Tenant shall, at its sole cost (except as expressly As provided in Section 5.1.2(b))4.4 above, comply or cause to be complied with all Insurance Requirements. Tenant shall not take operate a restaurant or omit to takesimilar operation under the tradename used by Tenant at the Premises at any other Las Vegas Strip location, or permit to be taken or omitted to be takenincluding any location within a hotel and/or casino property, any action, during the taking or omission Term of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Usethis Lease.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 1 contract
Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, Travel Center and any uses incidental thereto, and any truck servicing or repair, retail convenience, mobility or energy generation or management facility and any other ancillary lawful uses related or complimentary thereto; provided, however, Tenant may from time to time suspend use or operations at any Property as in Tenant’s reasonable determination is necessary or desirable in connection with construction or development thereat, casualty or condemnation with respect thereto, in order to comply with Applicable Law or, if, in Tenant’s reasonable determination, it is no longer economically practical to operate such Property as currently operated. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease Ground Lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients thereinprovide, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b))cost, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operateda Travel Center, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives Tenaxx xxxeives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an annual amount equal to the product of (x) the Percentage Reduction multiplied by (y) the net proceeds of sale received by Landlord multiplied by the Interest RateLandlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an annual amount equal to the product of (a) the Percentage Reduction multiplied by (b) the projected net proceeds determined by reference to such Offer multiplied by Offer; provided, however, in no event shall the Interest Rateaggregate reduction of Minimum Rent during the Term pursuant to this Section 4.1.1(b) exceed the Minimum Rent Reduction Limit.
Appears in 1 contract
Samples: Consent and Amendment Agreement (Service Properties Trust)
Permitted Use. (a) Tenant shall, at all times during the Term, Term and at any other time that Tenant shall be in possession of any the Leased Property, continuously use and operate, or cause to be used and operated, such operate the Leased Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility SpringHill Suites hotel (or as currently operated, a hotel under any successor brand name) and any uses incidental theretothereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use (and shall not permit any Person to use) any Property, the Leased Property or any portion thereof, thereof for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such the Leased Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property), nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b5.1.4(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, take any action, the taking or omission of which materially impairs the value or the usefulness of any the Leased Property or any part thereof for its Permitted Use.
(b) In Notwithstanding the foregoing, in the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any the Leased Property as currently operateda SpringHill Suites hotel or if the Franchisor shall terminate the Franchise Agreement, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such the Leased Property, appropriate adjustments to the Additional Rent Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated as a result thereofabated. If Upon agreement by Landlord and Tenant fail to agree on an alternative use, Landlord shall use for such Property within sixty (60) days after commencing negotiations as aforesaidcommercially reasonable efforts, Tenant may market such Property for sale at Tenant's cost and expense, to a third party. If Tenant receives a bona fide offer (an “Offer”) obtain any approvals or waivers needed pursuant to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third partyLegal Requirements. In the event that Landlord shall fail to accept or reject operating the Leased Property for such Offer within thirty (30) days after receipt of such Notice, such Offer alternative use shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective outside of Tenant's expertise as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds reasonably determined by reference Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such Offer multiplied by the Interest Ratepurpose.
Appears in 1 contract
Permitted Use. (a) Tenant shallshall use the Premises only for the Permitted ------------- Use. Tenant will not occupy or use the Premises, at all times during or permit any portion of the TermPremises to be occupied or use, for any business or purpose other than the Permitted Use or for any use or purpose which is unlawful in part or in whole or deemed to be disreputable in any manner or extra hazardous on account of fire, nor shall Tenant use, store, or discharge any "Hazardous Material" as defined in Section 46 hereof, nor permit anything to be done which will in any way increase the rate of insurance on the Building or contents; and at in the event that, by reasons of acts of the Tenant, there shall be any other time that increase in the rate of insurance on the Building or contents created by Tenant's acts or conduct of business, then such acts of Tenant shall be in possession deemed to be an event of default hereunder and Tenant hereby agrees to pay to Landlord the amount of such increase on demand, and acceptance of such payment shall not constitute a waiver of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretoof Landlord's other rights provided herein. Tenant shall will conduct its business and control its agents, employees and invitees in such a manner as not use to create any nuisance, nor interfere with, annoy or disturb other tenants or Landlord in the management of the Building. Tenant will maintain the Premises in a clean, healthful and safe condition and will comply with all laws, ordinances, orders, rules and regulations (state, federal, municipal and shall not permit any Person other agencies of bodies having jurisdiction thereof) with reference to Tenant's specific use) any Property, specific condition or any portion thereofspecific occupancy of the Premises. Tenant will not, for any other use without the prior written consent of the Landlord, which approval consent shall not be unreasonably withheldwithheld or delayed, delayed paint, install lighting or conditioned. No use shall be made decorations, or permitted to be made install any signs, window or door lettering or advertising media of any Property and no acts shall be done thereon which will cause type on or about the cancellation of any insurance policy covering such Property premises or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Usethereof.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
Appears in 1 contract
Samples: Sublease Agreement (View Tech Inc)
Permitted Use. (a) Tenant shallshall use and occupy the Leased Premises only in conformity with law and in compliance with a certain Declaration of Covenants, at all times during the TermConditions and Restrictions dated February 28, 1983 and recorded on March 1, 1983 in Xxxxxxxxxx County Deed Book 4702, page 1770, and at any for the purposes permitted under Section 1(m) hereof and for no other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental theretopurposes. Tenant shall not use (and shall not or permit any Person to use) use of the Leased Premises which creates any Property, or any portion thereof, for any other use without the prior written consent of Landlordsafety hazard, which approval shall not would be unreasonably withhelddangerous to the Leased Premises, delayed the Building or conditioned. No use shall be made or permitted to be made the occupants of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) same, or which would constitute be disturbing to any adjacent tenants in the Building or tenants of any adjacent building, or which would cause any increase in premium for any insurance which the Landlord may then have in effect with respect to the Leased Premises and/or the Building generally. Tenant shall not do any of the following in connection with the Leased Premises:
(a) install, use or operate any machinery or equipment that is harmful to the Leased Premises or the Building;
(b) place any weights in any portion of the Leased Premises beyond the safe carrying capacity of the floors thereof;
(c) commit waste or permit waste to be committed or allow any nuisance on or in the Leased Premises or the Building;
(d) vacate or desert the Leased Premises during the Lease Term except in the event of a default permitted sublease or assignment of this Lease in accordance with Section 23, unless Tenant shall first have requested and obtained Landlord's consent, which consent, inter alia, shall depend and be conditioned on Landlord's being furnished with such assurances as Landlord may require of the continuing performance by Tenant of its obligations under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, this Lease;
(e) do or permit to be keptdone any act in violation of(i)the laws, used statutes, ordinances, regulations, orders or sold in requirements of any governmental authority having jurisdiction over the Leased Premises, (ii) the provisions of the fire or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereundercovering the Leased Premises and/or the Building now or thereafter obtained by Landlord or Tenant, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, iii) the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give rules and regulations promulgated by Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateSection 11.
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Permitted Use. (a) Tenant agrees that the Premises shall be used and occupied by Tenant only for Permitted Uses specifically excluding, without limitation, use for medical, dental, governmental, utility company or employment agency offices.
(b) Tenant agrees to conform to the following provisions during the Term of this Lease:
(i) Tenant shall cause all freight to be delivered to or removed from the Building and the Premises in accordance with reasonable rules and regulations established by Landlord therefor;
(ii) Tenant will not place on the exterior of the Premises (including both interior and exterior surfaces of doors and interior surfaces of windows) or on any part of the Building outside the Premises, any signs, symbol, advertisement or the like visible to public view outside of the Premises. Landlord agrees, however, to maintain a tenant directory in the lobby of the Building in which will be placed Tenant’s name and the location of the Premises in the Building. The initial cost of placing Tenant’s name in the directory shall be paid by Landlord. The cost of any subsequent modifications thereto shall be paid by Tenant, at Tenant’s sole expense. Tenant shall be solely responsible for maintaining, repairing and removing any signage not provided by Landlord;
(iii) Tenant shall not perform any act or carry on any practice which may injure the Premises, or any other part of the Building, or cause any offensive odors or loud noise or constitute a nuisance or a menace to any other tenant or tenants or other persons in the Building;
(iv) Tenant shall, at Tenant’s sole expense, promptly comply with all times applicable laws and ordinances, governmental rules, regulations, and orders, certificates of occupancy, conditional use or other permits, variances, covenants and restrictions of record, the recommendations of Landlord’s engineers or other consultants, and requirements of any fire insurance underwriters, rating bureaus or government agencies, now in effect or which may hereafter come into effect, whether or not they reflect a change in policy from that now existing, during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property Term or any part thereof (unless another adequate policy is available) or which would constitute a default under of the Term hereof, relating in any ground lease affecting such Property, nor shall manner to the Premises and the occupation and use by Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by of the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulationsPremises. Tenant shall, at its Tenant’s sole cost (except as expressly provided in Section 5.1.2(b))expense, comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit requirements of the Americans With Disabilities Act that relate to takethe Premises, or permit to be taken or omitted to be takenand all federal, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.state and local laws and regulations governing occupational safety and health;
(bv) In Throughout the event that, in the reasonable determination Term of Tenant, it shall no longer be economically practical to operate any Property as currently operatedthis Lease, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail occupy the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use Premises only for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RatePermitted Uses.
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Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be in possession of any Property, continuously use and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility Travel Center, as currently operated, and any uses incidental thereto. Tenant shall operate the Travel Centers under the name Travel Centers of America or Goasis, or such other name as TCA shall use for all or substantially all of the travel center locations operated by it and its Affiliated Persons as of the Commencement Date. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients thereinprovide, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s 's regulations. Tenant shall, at its sole cost (except as expressly provided in Section SECTION 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; providedPROVIDED, howeverHOWEVER, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”"OFFER") to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product to, at Landlord's option, (x) eight and one half percent (8.5%) of the net proceeds of sale received by Landlord multiplied or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the Interest Rateparties or, absent agreement, by an appraiser designated by Landlord. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product to, at Landlord's option, (x) eight and one half percent (8.5%) of the projected net proceeds determined by reference to such Offer multiplied (and, at Landlord's request, Tenant shall cause TCA (or its Affiliated Persons) to enter into a franchise agreement on 29 market terms with Landlord or Landlord's designee providing for the operation of such Property by Landlord or such designee as a Travel Center under the Interest RateTCA brand) or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the parties or, absent agreement, by an appraiser designated by Landlord. Notwithstanding the foregoing, Tenant shall not have the right to invoke the provisions of this SECTION 4.1.1(b) with respect to more than 15 Properties during the Term.
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Permitted Use. (a) Tenant shallSubject to the terms and conditions of this Sublease, at Subtenant shall use and occupy the Premises for the installation, operation and maintenance of telecommunications systems and related equipment and signal reception and transmission facilities, including, but not limited to, a local and long distance switch and customer co-location facilities subject to the terms of Section 19.3, together with general administrative and executive office purposes, all times during the Termas permitted by applicable laws, rules and at any other time that Tenant regulations. Such permitted uses shall be collectively referred to in possession this Sublease as the "Permitted Use". Subtenant shall obtain, maintain and comply with the terms and conditions of any Property, continuously use all licenses and operate, or cause to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, or any portion thereof, for any other use without the prior written consent of Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. No use shall be made or permitted to be made of any Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering such Property or any part thereof (unless another adequate policy is available) or which would constitute a default under any ground lease affecting such Property, nor shall Tenant sell or otherwise provide to residents or patients therein, or permit to be kept, used or sold in or about any Property any article which may be prohibited permits required by law or by for the standard form of fire insurance policies, or any other insurance policies required to be carried uses permitted hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied with all Insurance Requirements. Tenant shall not take or omit to take, or permit to be taken or omitted to be taken, any action, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Use.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical Subject to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement Subtenant's compliance with the terms of such Offerthis Sublease, Tenant Subtenant shall give Landlord Notice thereofhave access to the Building and the Parking Garage 24 hours per day, 7 days per week, 365 days per year, subject to temporary, full or partial closures which Notice shall include a copy may be required from time to time for construction, maintenance, repairs, actual or threatened emergency or other events or circumstances which make it reasonably necessary to temporarily restrict or limit access.
(c) The parties acknowledge that Subtenant wishes to market its telecommunications services to tenants of the Offer executed by such third partyBuilding. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer Subtenant shall be deemed permitted to contact tenants of the Building for such purposes, but shall neither use Sublandlord's name in doing so, nor otherwise state or imply any endorsement of Subtenant's services by Sublandlord or by any of Sublandlord's Affiliates, and Sublandlord reserves the right to approve (not to be rejected unreasonably withheld) any promotional material used by Landlord. If Landlord shall sell Subtenant in such marketing to the Property pursuant to such Offer, then, effective as tenants of the date Building in order to ensure compliance with the terms of this Sublease. Notwithstanding anything in the foregoing to the contrary, Subtenant shall not utilize any Common Areas of the Building for marketing without the express written consent of Sublandlord (which Sublandlord may withhold in its sole and absolute discretion), and may not conduct unsolicited door-to-door marketing, or any telemarketing activities in the Building. It is also expressly understood that any connecting cabling, wiring, or other equipment that Subtenant or any tenant wishes to install connecting to a tenant's premises in the Building shall be subject to Sublandlord's approval in accordance with the terms and conditions of the particular tenant's lease to whom such saleservice is intended to be provided, this Agreement shall terminate and no rights, express or implied, with respect to such Property, and the Minimum Rent shall be reduced thereto are granted by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest RateAgreement.
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Permitted Use. (a) Tenant shall, at all times during the Term, and at any other time that Tenant shall be use the Premises only for the Permitted Use (as defined in possession of any Property, continuously paragraph l[g] hereof). Tenant hereby expressly acknowledges and agrees that the Premises as designed is acceptable for Tenant’s intended commercial purpose. Tenant will not occupy or use and operatethe Premises, or cause permit any portion of the Premises to be used and operated, such Property as a skilled nursing/ intermediate care/independent living/assisted living/ special care/group home facility as currently operated, and any uses incidental thereto. Tenant shall not use (and shall not permit any Person to use) any Property, occupied or any portion thereofused, for any business or purpose other than the Permitted Use or for any use or purpose which is unlawful in part or in whole or deemed to be disreputable in any manner or extrahazardous on account of fire, nor permit anything to be done which will in any way increase the rate of fire insurance on the Building or contents unless Tenant pays to Landlord the amount of such increase upon demand. Tenant will conduct its business and control its agents, employees and invitees in such a manner as not to create any nuisance, nor interfere with, annoy or disturb other tenants or Landlord in management of the project of which the Premises form a part. Tenant will maintain the Premises in a clean, healthful and safe condition and will comply with all laws, ordinances, orders, rules and regulations (state, federal, municipal and other agencies or bodies having any jurisdiction thereof) with reference to use, condition or occupancy of the Premises. Tenant will not, without the prior written consent of Landlord, Landlord (which approval consent shall not be unreasonably withheldwithheld or delayed), delayed paint, install lighting or conditioned. No use shall be made decoration, or permitted to be made install any signs, window or door lettering or advertising media of any Property and no acts shall be done thereon which will cause type on or about the cancellation of any insurance policy covering such Property Premises or any part thereof thereof. Should Landlord agree in writing to any of the items in the preceding sentence, Tenant will maintain such permitted item in good condition and repair at all times. Outside storage, except for trucks or other vehicles and other short-term (unless another adequate policy meaning less than two (2) weeks) storage, is available) or which would constitute a default under any ground lease affecting such Propertyalso prohibited without Landlord’s prior written consent and must, nor shall Tenant sell or otherwise provide to residents or patients thereinin all cases, or permit to be kept, used or sold in or about any Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.2(b)), comply or cause to be complied full compliance with all Insurance Requirements. Tenant shall not take or omit to takeapplicable laws, or permit to be taken or omitted to be takenrules, any actionordinances, the taking or omission of which materially impairs the value or the usefulness of any Property or any part thereof for its Permitted Useregulations and restrictions.
(b) In the event that, in the reasonable determination of Tenant, it shall no longer be economically practical to operate any Property as currently operated, Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the reasons therefor. Thereafter, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for such Property, appropriate adjustments to the Additional Rent and other related matters; provided, however, in no event shall the Minimum Rent be reduced or abated as a result thereof. If Landlord and Tenant fail to agree on an alternative use for such Property within sixty (60) days after commencing negotiations as aforesaid, Tenant may market such Property for sale to a third party. If Tenant receives a bona fide offer (an “Offer”) to purchase such Property from a Person having the financial capacity to implement the terms of such Offer, Tenant shall give Landlord Notice thereof, which Notice shall include a copy of the Offer executed by such third party. In the event that Landlord shall fail to accept or reject such Offer within thirty (30) days after receipt of such Notice, such Offer shall be deemed to be rejected by Landlord. If Landlord shall sell the Property pursuant to such Offer, then, effective as of the date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the net proceeds of sale received by Landlord multiplied by the Interest Rate. If Landlord shall reject (or be deemed to have rejected) such Offer, then, effective as of the proposed date of such sale, this Agreement shall terminate with respect to such Property, and the Minimum Rent shall be reduced by an amount equal to the product of the projected net proceeds determined by reference to such Offer multiplied by the Interest Rate.
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Samples: Industrial Lease Agreement (Collegiate Pacific Inc)