Phase II Lease Sample Clauses

Phase II Lease. Landlord and Tenant intend to enter into a separate lease (the "Phase II Lease") of four (4) buildings (the "Phase II Buildings") to be constructed on land adjacent to Phase I (the "Phase II Land"), including the right of Tenant to use certain improvements and facilities on such adjacent land (such buildings, improvements, facilities and land collectively, "Phase II"); provided, however, that failure to enter into the Phase II Lease shall not affect the respective rights and obligations of the parties hereunder except as expressly and specifically provided herein. Landlord currently has the contractual right to acquire title to the Phase II Land from Seller.
Sample 1
AutoNDA by SimpleDocs
Phase II Lease. Phase II Lease" shall refer to the lease into which Phase II Landlord and Tenant shall enter for the Phase II Premises pursuant to Section 20.4 if Tenant exercises the Phase II Expansion Option, and shall have the specific meaning set forth in said Section.
Sample 1
Phase II Lease. If Tenant timely exercises the Phase II Expansion Option, Phase II Landlord and Tenant shall enter into a lease for the Phase II Premises (the "Phase II Lease") providing for Base Rent as set forth in Schedule B2, but otherwise on substantially the same provisions, terms and conditions as contained in this Lease, mutatis mutandis given the specific design and cost of the Phase II Project, and provided further that (a) Tenant shall not be obligated to provide either first or second mortgage financing for the Phase II Project, but rather Phase II Landlord shall make reasonable and diligent efforts to obtain such financing from conventional lending sources (i) on a 75% loan-to-value basis, (ii) with a term of not less than ten years, (iii) with an amortization schedule based on level payments of principal and interest for 25 years and (iv) at then applicable market interest rates for such loans, given Tenant's financial condition and creditworthiness, (b) the terms of any such financing must be approved by Tenant (since the base rent to be paid by Tenant shall be calculated based on the terms of such financing), which consent shall not be unreasonable withheld or delayed, (c) if Tenant disapproves the financing obtained by Phase II Landlord, or if Phase II Landlord is unable, despite such reasonable and diligent efforts, to obtain financing because of the financial condition of Tenant, then, at Tenant's option, either (i) Tenant may finance the Phase II Project on a substantially similar basis to its first mortgage financing of the original Project or (ii) the Phase II Expansion Option shall terminate, (d) unless Tenant elects to provide financing pursuant to the aforesaid clause, the only funding Tenant shall provide for the project shall be a Tenant's Contribution for Tenant's Specialized Improvements/Base Building Upgrades and a Tenant's Contribution for Installation of Tenant's Fixtures and Equipment comparable to those under this Lease, equal to the cost of such improvements and work as they may be under the Phase II Project and (e) Tenant shall pay Phase II Landlord a security deposit with respect to the Phase II Lease in such amount as is then generally required under prevailing market conditions in the MetroWest/Route 495 area of Middlesex and Worcester Counties, Massachusetts for leases similar to the Phase II Lease and tenants whose financial condition is comparable to that of Tenant.
Sample 1
Phase II Lease. Borrower and Venetian shall have entered into the Phase II Lease, which Phase II Lease shall be in form and substance satisfactory to Administrative Agent.
Sample 1
Phase II Lease. Renewal Options. Paragraph 33 of the Phase II Lease' entitled "RENEWAL OPTIONS" is hereby deleted from the Phase II Lease, and in its stead is inserted the following:
Sample 1
Phase II Lease. Condemnation. The entire Paragraph 23 of the Phase II Lease, said section being entitled "CONDEMNATION", is hereby deleted from the Phase II Lease, and in its stead is inserted the following:
Sample 1

Related to Phase II Lease

  • Ground Lease Reserved.

  • New Lease The Ground Lease requires the ground lessor to enter into a new lease with Lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.

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

  • Initial Lease Term The terms and provisions of this Lease shall be effective as of the date of this Lease except for the provisions of this Lease relating to the payment of Rent. The term of this Lease (the “Lease Term”) shall be as set forth in Section 3.1 of the Summary, shall commence on the date (the “Lease Commencement Date”) that is the earlier to occur of (i) the date Tenant commences to conduct business in any portion of the Premises, and (ii) the of “Substantial Completion”, as that term is defined in this Article 2, of the Premises by Landlord, and shall terminate on the date determined in accordance with Section 3.3 of the Summary (the “Lease Expiration Date”) unless this Lease is sooner terminated as hereinafter provided. For purposes of this Lease, “Substantial Completion” of the Premises shall occur upon the completion of construction, as reasonably determined by Landlord, of the “Tenant Improvements,” as that term is defined in the Tenant Work Letter, in the Premises pursuant to the plans and drawings which are prepared and approved pursuant to the terms of the Tenant Work Letter and the issuance of a temporary certificate of occupancy or legal equivalent, with the exception of any Punchlist Items (as defined below) and any Tenant fixtures, work-stations, built-in furniture, or equipment to be installed by Tenant or under the supervision of Contractor (as defined in Section 3 of the Tenant Work Letter). “Punchlist Items” shall mean only commercially reasonable punchlist items, the non-completion of which does not prevent the issuance of a temporary certificate of occupancy or legal equivalent or unreasonably interfere with Tenant’s use or occupancy of the Premises, and which punchlist items shall be corrected promptly by Landlord (within thirty (30) days following Landlord’s receipt of written notice thereof from Tenant) without unreasonable interference with Tenant’s use of or access to or from the Premises. It is anticipated that the Lease Commencement Date will occur within sixteen (16) weeks after mutual execution of this Lease (such date, the “Target Commencement Date”), but this Lease shall not be void, voidable or subject to termination, nor shall Landlord be liable to Tenant for any loss or damage, resulting from Landlord’s inability to deliver the Premises to Tenant by any particular date, except as hereinafter provided. Notwithstanding anything to the contrary in this Lease, if the Lease Commencement Date does not occur within 60 days after the Target Commencement Date, other than due to Tenant Delay (as defined in the Tenant Work Letter) or Force Majeure, then Tenant, at its option, may terminate this Lease by written notice to Landlord given at any time after the expiration of such 60-day period but before the Lease Commencement Date actually occurs. In the event of such termination by Tenant, the first month’s Base Rent, Tenant’s Share of Direct Expenses paid by Tenant and the Security Deposit shall be fully refunded to Tenant (subject to Landlord’s right to draw upon such Security Deposit as provided in Article 21 below) and neither party shall have any further obligations hereunder. At any time during the Lease Term, Landlord may deliver to Tenant a notice in the form as set forth in Exhibit “C”, attached hereto, as a confirmation only of the information set forth therein, which Tenant shall (absent manifest error) execute and return to Landlord within five (5) business days of receipt thereof.

  • The Lease The Lease shall not be amended or modified in any way which would materially increase Manager’s obligations hereunder or materially reduce its rights hereunder. In the event of a conflict between the terms hereof and the terms of the Lease, the terms hereof shall govern.

  • Lease Modification Tenant agrees to modify this Lease in any way requested by a mortgagee which does not cause increased expense to Tenant or otherwise materially adversely affect Tenant's interests under this Lease.

  • Amended Lease If: (i) Tenant fails to timely deliver a Space Acceptance Notice, or (ii) after the expiration of a period of 10 days after Landlord’s delivery to Tenant of a lease amendment or lease agreement for Tenant’s lease of the Available Space, no lease amendment or lease agreement for the Available Space acceptable to both parties each in their sole and absolute discretion, has been executed, Tenant shall be deemed to have waived its right to lease such Available Space.

  • Master Lease A. All the obligations contained in the Master Lease conferred and imposed upon Sublessor (as Tenant therein) shall be borne by Sublessor and Sublessee in accordance with the Sublessor's Percentage and the Sublessee's Percentage, respectively, except as modified and amended by this Sublease, and all rights and privileges contained in the Master Lease conferred upon Sublessor (as Tenant therein), are hereby conferred and imposed upon Sublessee, to the extent of Sublessee's Percentage. Sublessor covenants and agrees it will make payment of the rentals reserved under the Master Lease as and when due, will perform Sublessor's insurance obligations under the Master Lease, and will otherwise fully and faithfully perform the terms and conditions of the Master Lease with respect to the Sublessor's Percentage. Sublessee covenants and agrees to otherwise fully and faithfully perform the terms and conditions of the Master Lease and the Sublease on its part to be performed. Neither the Sublessor nor Sublessee shall do or cause to be done any act which would or might cause the Master Lease, or the rights of Sublessor as tenant under the Master Lease to be endangered, cancelled, terminated, forfeited or surrendered, or which would or might cause Sublessor to be in default thereunder or liable for any damage, claim or penalty. Sublessee agrees, as an express inducement for Sublessor executing this Sublease, that if there is any conflict between the provisions of the Master Lease and this Sublease which would permit Sublessee to do or cause to be done any act which is prohibited by the Master Lease then the provisions of the Master Lease shall prevail.

  • Lease Agreement On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on the Termination Date unless extended or sooner terminated pursuant to this Lease.

  • Sublease Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases from Sublandlord for the term, at the rental, and upon all of the conditions set forth herein, the Subleased Premises.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!