Common use of Recognition Agreement Clause in Contracts

Recognition Agreement. Landlord and Tenant acknowledge and agree that Tenant’s leasehold interest in and to the Demised Properties under this Lease, in each case, is subject to a right of first refusal in favor of Xxxxxxxx 66 Company (“PSX”) granted pursuant to one or more Master Branded Reseller Agreements and/or Branded Marketer Agreements between PSX and Tenant. In recognition of the rights of first refusal in favor of PSX, Landlord, Tenant and PSX have entered into that certain ROFR Recognition Agreement of even date herewith (“Recognition Agreement”) whereby, among other things, Landlord has agreed to recognize the rights of first refusal of PSX as and when PSX exercises a right of first refusal of Tenant’s leasehold interest as to a particular Demised Property in accordance with the terms of the Recognition Agreement. The Recognition Agreement is intended to run with the Demised Properties the same as if the terms of the Recognition Agreement were set forth in full in this Lease (until the Recognition Agreement is terminated in accordance with its terms), and any successor, assignee or transferee of Landlord’s interest in this Lease, including any partial assignment of this Lease effected under Section 30.01 of this Lease, shall be deemed to have knowledge of and to assume and take subject, as applicable, to the respective rights, duties and obligations of Landlord and PSX under the Recognition Agreement. This Article may not be amended without the express consent of PSX, and any attempted amendment without such consent shall be void. PSX shall be an express third party beneficiary of this Article and entitled to enforce the terms hereof.

Appears in 1 contract

Samples: Land and Building Lease (Getty Realty Corp /Md/)

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Recognition Agreement. Landlord and Tenant acknowledge and agree that Tenant’s leasehold interest in and to the Demised Properties under this Lease, in each case, is subject to a right of first refusal in favor of Xxxxxxxx 66 Company (“PSX”) granted pursuant to one or more Master Branded Reseller Agreements and/or Branded Marketer Agreements between PSX and Tenant. In recognition of the rights of first refusal in favor of PSX, Landlord, Tenant and PSX have entered into that certain ROFR Recognition Agreement of even date herewith (“Recognition Agreement”) whereby, among other things, Landlord has agreed to recognize the rights of first refusal of PSX as and when PSX exercises a right of first refusal of Tenant’s leasehold interest as to a particular Demised Property in accordance with the terms of the Recognition Agreement. The Recognition Agreement is intended to run with the Demised Properties the same as if the terms of the Recognition Agreement were set forth in full in this Lease (until the Recognition Agreement is terminated in accordance with its terms), and any successor, assignee or transferee of Landlord’s interest in this Lease, including any partial assignment of this Lease effected under Section 30.01 of this Lease, shall be deemed to have knowledge of and to assume and take subject, as applicable, to the respective rights, duties and obligations of Landlord and PSX under the Recognition Agreement. This Article may not be amended without the express consent of PSX, and any attempted amendment without such consent shall be void. PSX shall be an express third party beneficiary of this Article and entitled to enforce the terms hereof.. MASTER LAND AND BUILDING LEASE (Pool 2)

Appears in 1 contract

Samples: Land and Building Lease (Getty Realty Corp /Md/)

Recognition Agreement. Landlord and Tenant acknowledge and agree that Tenant’s leasehold interest in and to the Premises and other Demised Properties under this the Lease, in each case, is subject to a right of first refusal in favor of Xxxxxxxx 66 Company (“PSX”) granted pursuant to one or more Master Branded Reseller Agreements and/or Branded Marketer Agreements between PSX and Tenant. In recognition of the rights of first refusal in favor of PSX, Landlord, Tenant and PSX have entered into that certain ROFR Recognition Agreement of even MASTER LAND AND BUILDING LEASE (Pool 1) EXHIBIT D date herewith (“Recognition Agreement”) whereby, among other things, Landlord has agreed to recognize the rights of first refusal of PSX as and when PSX exercises a right of first refusal of in Tenant’s leasehold interest as to a particular Demised Property in accordance with the terms of the Recognition Agreement. The Recognition Agreement is intended to run with the Demised Properties the same as if the terms of the Recognition Agreement were set forth in full in this the Lease (until the Recognition Agreement is terminated in accordance with its terms), and any successor, assignee or transferee of Landlord’s interest in this the Lease, including any partial assignment of this the Lease effected under Section 30.01 of this the Lease, shall be deemed to have knowledge of and to assume and take subjectsubject to, as applicable, to the respective rights, duties and obligations of Landlord and PSX under the Recognition Agreement. This Article may not be amended without the express consent of PSX, and any attempted amendment without such consent shall be void. PSX shall be an express third party beneficiary of this Article and entitled to enforce the terms hereof.

Appears in 1 contract

Samples: Land and Building Lease (Getty Realty Corp /Md/)

Recognition Agreement. Landlord and Tenant acknowledge and agree that Tenant’s leasehold interest in and to the Demised Properties under this Lease, in each case, is subject to a right of first refusal in favor of Xxxxxxxx 66 Company (“PSX”) granted pursuant to one or more Master Branded Reseller Agreements and/or Branded Marketer Agreements between PSX and Tenant. In recognition of the rights of first refusal in favor of PSX, Landlord, Tenant and PSX have entered into that certain ROFR Recognition Agreement of even date herewith (“Recognition Agreement”) whereby, among other things, Landlord has agreed to recognize the rights of first refusal of PSX as and when PSX exercises a right of first refusal of Tenant’s leasehold interest as to a particular Demised Property in accordance with the terms of the Recognition Agreement. The Recognition Agreement is intended to run with the Demised Properties the same as if the terms of the Recognition Agreement were set forth in full in this Lease (until the Recognition Agreement is terminated in accordance with its terms), and any successor, assignee or transferee of Landlord’s interest in this Lease, including any partial assignment of this Lease effected under Section 30.01 of this Lease, shall be deemed to have knowledge of and to assume and take subject, as applicable, to the respective rights, duties and obligations of Landlord and PSX under the Recognition Agreement. This Article may not be amended without the express consent of PSX, and any attempted amendment without such consent shall be void. PSX shall be an express third party beneficiary of this Article and entitled to enforce the terms hereof.. MASTER LAND AND BUILDING LEASE (Pool 1)

Appears in 1 contract

Samples: Land and Building Lease (Getty Realty Corp /Md/)

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Recognition Agreement. Landlord and Tenant acknowledge and agree that Tenant’s leasehold interest in and to the Premises and other Demised Properties under this the Lease, in each case, is subject to a right of first refusal in favor of Xxxxxxxx 66 Company (“PSX”) granted pursuant to one or more Master Branded Reseller Agreements and/or Branded Marketer Agreements between PSX and Tenant. In recognition of the rights of first refusal in favor of PSX, Landlord, Tenant and PSX have entered into that certain ROFR Recognition Agreement of even EXHIBIT D MASTER LAND AND BUILDING LEASE (Pool 3) date herewith (“Recognition Agreement”) whereby, among other things, Landlord has agreed to recognize the rights of first refusal of PSX as and when PSX exercises a right of first refusal of in Tenant’s leasehold interest as to a particular Demised Property in accordance with the terms of the Recognition Agreement. The Recognition Agreement is intended to run with the Demised Properties the same as if the terms of the Recognition Agreement were set forth in full in this the Lease (until the Recognition Agreement is terminated in accordance with its terms), and any successor, assignee or transferee of Landlord’s interest in this the Lease, including any partial assignment of this the Lease effected under Section 30.01 of this the Lease, shall be deemed to have knowledge of and to assume and take subjectsubject to, as applicable, to the respective rights, duties and obligations of Landlord and PSX under the Recognition Agreement. This Article may not be amended without the express consent of PSX, and any attempted amendment without such consent shall be void. PSX shall be an express third party beneficiary of this Article and entitled to enforce the terms hereof.

Appears in 1 contract

Samples: Land and Building Lease (Getty Realty Corp /Md/)

Recognition Agreement. Landlord and Tenant acknowledge and agree that Tenant’s leasehold interest in and to the Premises and other Demised Properties under this the Lease, in each case, is subject to a right of first refusal in favor of Xxxxxxxx 66 Company (“PSX”) granted pursuant to one or more Master Branded Reseller Agreements and/or Branded Marketer Agreements between PSX and Tenant. In recognition of the rights of first refusal in favor of PSX, Landlord, Tenant and PSX have entered into that certain ROFR Recognition Agreement of even MASTER LAND AND BUILDING LEASE (Pool 2) EXHIBIT D date herewith (“Recognition Agreement”) whereby, among other things, Landlord has agreed to recognize the rights of first refusal of PSX as and when PSX exercises a right of first refusal of in Tenant’s leasehold interest as to a particular Demised Property in accordance with the terms of the Recognition Agreement. The Recognition Agreement is intended to run with the Demised Properties the same as if the terms of the Recognition Agreement were set forth in full in this the Lease (until the Recognition Agreement is terminated in accordance with its terms), and any successor, assignee or transferee of Landlord’s interest in this the Lease, including any partial assignment of this the Lease effected under Section 30.01 of this the Lease, shall be deemed to have knowledge of and to assume and take subjectsubject to, as applicable, to the respective rights, duties and obligations of Landlord and PSX under the Recognition Agreement. This Article may not be amended without the express consent of PSX, and any attempted amendment without such consent shall be void. PSX shall be an express third party beneficiary of this Article and entitled to enforce the terms hereof.

Appears in 1 contract

Samples: Land and Building Lease (Getty Realty Corp /Md/)

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