Common use of Release of Certain Land Clause in Contracts

Release of Certain Land. Notwithstanding any other ----------------------- provision hereof, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement for the purpose of effecting the release of and removal of: (a) any unimproved part of the Project Land (on which none of the components comprising the Project is located but on which parking, transportation or utility facilities may be located) on which the Issuer proposes to construct improvements for lease or sale under another and different agreement, or (b) any part of the Project Land with respect to which the Issuer proposes to grant an easement or convey a fee, interest or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, there shall be deposited with the Trustee the following: (i) a copy of such amendment as executed; (ii) a resolution of the Issuer (A) stating that the Issuer is not in default under any of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer in default under any of the provisions hereof, (B) giving an adequate legal description of that portion of the Project Land to be released, (C) stating the purpose for which the Issuer desires the release, (D) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer and (E) requesting such release; (iii) a certificate of an officer of the Company approving such amendment together with an officer's certificate stating that the Company is not in default under any of the provisions hereof; (iv) a copy of the agreement between the Issuer and such person wherein the Issuer agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such person, and wherein such person agrees to lease or purchase the same from the Issuer, or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility or public body; and (v) a certificate of an Authorized Company Representative dated more than sixty (60) days prior to the date of such amendment and stating that, in the opinion of the person signing such certificate, (A) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project for the purposes hereinabove stated, and (B) the release so proposed to be made will not impair the usefulness of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section shall entitle the Company to any diminution in or postponement or abatement of the rents payable under Section 5.3.

Appears in 2 contracts

Samples: Lease Agreement (Meadwestvaco Corp), Lease Agreement (Mead Corp)

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Release of Certain Land. Notwithstanding any other ----------------------- provision hereof, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement for the purpose of effecting the release of and removal of: of (ai) any unimproved part of the Project Land (on which none no component of the components comprising the Project Facilities is located but on which parking, transportation or utility facilities may be located) on which the Issuer Board proposes to construct improvements for lease or sale to another person or persons under another and different agreement, or or (bii) any part of the Project Land with respect to which the Issuer Board proposes to grant an easement or convey a fee, fee interest or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, there shall be deposited with the Trustee the following: (ia) a copy of such amendment as executed; (iib) a resolution of the Issuer Board (Ai) stating that the Issuer Board is not in default under any of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer Board in default under any of the provisions hereof, (Bii) giving an adequate legal description of that portion of the Project Land to be released, (Ciii) stating the purpose for which the Issuer Board desires the release, (Div) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer Board, and (Ev) requesting such release; (iiic) a certificate of an officer the president or any vice president of the Company approving indicating approval of such amendment together with an officer's certificate and stating that the Company is not in default under any of the provisions hereof; (ivd) a copy of the agreement between the Issuer Board and such other person wherein the Issuer Board agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such other person, and wherein such other person agrees to lease or purchase the same from the IssuerBoard, or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility or public body; and (ve) a certificate of an the Authorized Company Representative Representative, dated not more than sixty (60) 60 days prior to the date of such amendment and stating that, in the opinion of the person signing such certificate, that (Ai) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project Facilities for the purposes hereinabove stated, and (Bii) the release so proposed to be made will not impair the usefulness of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, Facilities and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section shall entitle the Company to any diminution in or postponement or abatement of the rents payable under Section 5.3.

Appears in 2 contracts

Samples: Lease Agreement (Mead Corp), Lease Agreement (Meadwestvaco Corp)

Release of Certain Land. (a) Notwithstanding any other ----------------------- provision hereofof this Sublease, and provided that the provisions of Section 7.4(d) hereof are met, the parties hereto reserve Sublessee reserves the right to amend this Agreement right, at any time and from time to time by mutual agreement time, to amend this Sublease, and the Sublessor agrees to cause the Lease to be correspondingly amended in accordance with the provisions of Section 8.5 hereof, for the purpose of effecting releasing from this Sublease and the release leasehold estate created hereby and from the Lease and the leasehold estate created thereby one or more of and removal ofthe following portions of the Leased Land: (ai) any unimproved part of the Project Leased Land (on which none of the components comprising the Project neither any Buildings nor Leased Machinery is located but on which parkingroads or transportation, transportation utility or utility parking facilities may be located) on which (1) the Issuer Municipality proposes to construct improvements for lease to the Sublessor which in turn shall be leased by the Sublessor to the Sublessee or sale any subsidiary or affiliated corporation thereof under another and a different agreement, lease or (2) the Sublessee proposes to construct improvements for use in connection with the Project but which are or may be separated from the Project; or (bii) any Any part of the Project Leased Land with respect to which the Issuer proposes it is proposed to grant an easement or convey a fee, interest fee or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved; provided, that if . (b) If at the time any such amendment is made any of the Bonds are outstanding, Outstanding there shall be deposited with the Trustee by the followingSublessor and/or the Sublessee, as the case may be: (i) a A copy of such amendment to each of the Lease and the Sublease as executed;; and (ii) a A certified resolution of the Issuer (A) Authority stating that the Issuer Municipality is not in default under any of the provisions hereof or of the Indenture and that the Company Sublessor is not not, to the knowledge of the Issuer Municipality, in default under any of the provisions hereof, (B) of the Lease; giving an adequate legal description of that portion of the Project Leased Land to be released, (C) ; stating the purpose for which the Issuer Municipality desires the release, (D) ; stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one the continued use of the public purposes of Project as an Industrial Development Facility within the Issuer Municipality and (E) requesting such release; (iii) a certificate of an officer A certified resolution of the Company Sublessor approving such amendment together with an officer's certificate stating amendments to the Lease and the Sublease and a statement by the president or any vice president of Sublessor that the Company Sublessor is not in default under any of the provisions hereofof the Lease; (iv) a A statement by the president or any vice president of Sublessee that the Sublessee is not in default under any of the provisions of this Sublease; (v) A copy of the any agreement between the Issuer and such person wherein the Issuer Sublessor or Sublessee (as the case may be) agrees to construct improvements on the portion of the Project Leased Land so requested to be released and agrees Sublessor and Sublessee agree to lease or sell and sublease, respectively, the same to such person, and wherein such person agrees to lease or purchase the same from the Issuer, or a copy of the instrument granting by which the easement or conveying the necessary parties convey title or other interest to a railroad, public utility or public body; and (v) a certificate of an Authorized Company Representative dated more than sixty (60) days prior to the date of such amendment and stating that, in the opinion of the person signing such certificate, (A) the portion of the Project Leased Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project for the purposes hereinabove stated, and (B) the release so proposed to be made will not impair the usefulness of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section shall entitle the Company to any diminution in or postponement or abatement of the rents payable under Section 5.3.released;

Appears in 1 contract

Samples: Sublease (Friendly Ice Cream Corp)

Release of Certain Land. Notwithstanding any other ----------------------- provision hereof, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement for the purpose of effecting the release of and removal of: (a) any unimproved part of the Project Land (on which none of the components comprising the Project is located but on which parking, transportation or utility facilities may be located) on which the Issuer proposes to construct improvements for lease or sale under another and different agreement, or (b) any part of the Project Land with respect to which the Issuer proposes to grant an easement or convey a fee, interest or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved; provided, provided that if at the time any such amendment is made any of the Bonds are outstanding, there shall be deposited with the Trustee Trustees the following: (i) a copy of such amendment as executed; (ii) a resolution of the Issuer (A) stating that the Issuer is not in default under any of the provisions hereof or any of the Indenture Indentures and that the Company is not to the knowledge of the Issuer in default under any of the provisions hereof, (B) giving an adequate legal description of that portion of the Project Land to be released, (C) stating the purpose for which the Issuer desires the release, (D) stating that the improvements which will be constructed or the facilities and services service which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer and (E) requesting such release; (iii) a certificate of an any officer of the Company approving such amendment together with an officer's certificate stating that the Company is not in default under any of the provisions hereof; (iv) a copy of the agreement between the Issuer and such person wherein the Issuer agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such person, and wherein such person agrees to lease or purchase the same from the Issuer, or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility or public body; and (v) a certificate of an Authorized Company Representative dated not more than sixty (60) 60 days prior to the date of such amendment and stating that, in the opinion of the person signing such certificate, (A) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project for the purposes hereinabove stated, and (B) the release so proposed to be made will not impair the usefulness of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section 6.17 shall entitle the Company to any diminution in or postponement or abatement of the rents payable under Section 5.3.

Appears in 1 contract

Samples: Lease Agreement (Meadwestvaco Corp)

Release of Certain Land. Notwithstanding any other ----------------------- provision hereofof this Lease Agreement, the parties hereto hereto, with the prior written consent of Trustee, which consent shall not be unreasonably withheld, reserve the right to amend this Agreement at any time and from time to time by mutual agreement to amend this Lease Agreement for the purpose of effecting the release of and removal of: from this Lease Agreement and the leasehold estate created hereby (ai) of any unimproved part of the Project Leased Land (on which none of neither the components comprising the Project Buildings nor any Leased Equipment is located but on which parking, transportation or utility facilities may be located) on which the Issuer proposes to construct improvements for lease or sale to Company under another and different agreement, or lease agreement or (bii) any part of the Project Leased Land with respect to which the Issuer proposes to grant an easement or convey a fee, interest fee or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road road, or other means or utility services for the Project Mortgaged Property may be provided, increased increased, or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, outstanding and unpaid there shall be deposited with the Trustee the following: (ia) a A copy of such the said amendment as executed;. (iib) a A resolution of the Issuer (Ai) stating that the Issuer is not in default under any of the provisions hereof or of the Indenture and that the Company is not not, to the knowledge of the Issuer Issuer, in default under any of the provisions hereofof this Lease Agreement or the Guaranty, (Bii) giving an adequate legal description of that portion of the Project Leased Land to be released, (Ciii) stating the purpose for which the Issuer desires the release, (Div) stating that the said improvements which will be constructed or on the facilities said Leased Land and the services which will be provided, increased increased, or improved will be such as will promote at least one the continued industrial development of the public purposes of the Issuer Issuer, and (Ev) requesting such release;. (iiic) a certificate of an officer A resolution of the board of directors of Company approving or executive committee of said board (if permitted under Company’s by-laws) authorizing the execution of such amendment together with an officer's ’s certificate stating that the Company is not in default under any of the provisions hereof;of this Lease Agreement. (ivd) a A copy of the agreement between the Issuer and such person Company wherein the Issuer agrees to construct improvements on the portion of the Project Leased Land so requested to be released and agrees to lease or sell the same to such personCompany, and wherein such person Company agrees to lease or purchase the same from the Issuer, or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility utility, or public body; and. (ve) a A certificate of an Authorized Company Representative Independent Engineer who is acceptable to Trustee, dated not more than sixty (60) 60 days prior to the date of such amendment the release and stating that, in the opinion of the person signing such certificate, (Ai) the portion of the Project Leased Land so proposed to be released is necessary or desirable for railroad, utility services service, or roads to benefit the Project Mortgaged Property or is not otherwise needed for the operation of the Project Mortgaged Property for the purposes hereinabove stated, and (Bii) the release so proposed to be made will not impair the usefulness of the Project Buildings as a facility manufacturing facility, and (iii) the remaining portion of Leased Land after the release will be a type legal parcel. (f) Company and Issuer agree that all walls presently standing or hereafter erected on or contiguous to the boundary line of the Leased Land so proposed to be released shall be party walls-for the purpose of tying-in of new construction. If any party wall is utilized for the purpose of tying-in new construction with the building to be utilized under common control with the Mortgaged Property, utility facilities on the Leased Land, including those within the Buildings, may be interconnected for the purpose of serving the new construction to be placed on Leased Land so released and any non-loadbearing panels in any party wall may be removed; provided, however, that if the Leased Land so released and construction thereon ceases to be operated under common control with the Buildings, non-loadbearing wall panels similar in quality to those which have been removed will be installed and separate utility services will be provided for the new construction. In the event that the conditions described in Section 8.4(a), (b), (c), (d), (e) and (f) have been fulfilled, the Issuer is authorized agrees to acquire under execute and deliver to the laws pursuant Company, all documents reasonably requested by the Company to which evidence the Issuer then existsrelease of the portion of the Leased Land so proposed to be released, including, but not limited to, a release of lien in recordable form, from the lien of the Indenture, an amendment to this Lease Agreement in recordable form, evidencing the release of the Leased Land sought to be released from this demise and from the definition of Mortgaged Property, and will any UCC-3 termination statement required to evidence the release of the Leased Land and any Leased Equipment situated thereon sought to be released from any UCC-1 financing statement and security agreement held by the Issuer, being, however, a partial release, which does not destroy release the means security interest in the balance of ingress thereto and egress therefromthe Mortgaged Property covered by the corresponding UCC-1 financing statement. No release effected under this Section the provisions hereof shall entitle the Company to any abatement or diminution in or postponement or abatement of the rents payable under Section 5.35.3 hereof.

Appears in 1 contract

Samples: Lease Agreement (American Railcar Industries, Inc.)

Release of Certain Land. Notwithstanding any other ----------------------- provision hereof, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement for the purpose of effecting the release of and removal of: of (ai) any unimproved part of the Project Land (on which none no component of the components comprising the Project Facilities is located but on which parking, transportation or utility facilities may be located) on which the Issuer Board proposes to construct improvements for lease or sale to another person or persons under another and different agreement, or or (bii) any part of the Project Land with respect to which the Issuer Board proposes to grant an easement or convey a fee, fee interest or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, there shall be deposited with the Trustee the following: (ia) a copy of such amendment as executed; (iib) a resolution of the Issuer Board (Ai) stating that the Issuer Board is not in default under any of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer Board in default under any of the provisions hereof, (Bii) giving an adequate legal description of that portion of the Project Land to be released, (Ciii) stating the purpose for which the Issuer Board desires the release, (Div) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer Board, and (Ev) requesting such release; ; (iiic) a certificate of an officer the president or any vice president of the Company approving indicating approval of such amendment together with an officer's certificate and stating that the Company is not in default under any of the provisions hereof; (iv) a copy of the agreement between the Issuer and such person wherein the Issuer agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such person, and wherein such person agrees to lease or purchase the same from the Issuer, or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility or public body; and (v) a certificate of an Authorized Company Representative dated more than sixty (60) days prior to the date of such amendment and stating that, in the opinion of the person signing such certificate, (A) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project for the purposes hereinabove stated, and (B) the release so proposed to be made will not impair the usefulness of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section shall entitle the Company to any diminution in or postponement or abatement of the rents payable under Section 5.3.

Appears in 1 contract

Samples: Lease Agreement (Mead Corp)

Release of Certain Land. Notwithstanding any other ----------------------- provision hereof, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement for the purpose of effecting the release of and removal of: (a) any unimproved part of the Project Land (on which none of the components comprising the Project is located but on which parking, transportation or utility facilities may be located) on which the Issuer proposes to construct improvements for lease or sale to another person or persons under another and different agreement, or (b) any part of the Project Land land with respect to which the Issuer proposes to grant an easement or convey a fee, interest or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, there shall be deposited with the Trustee the following: (i) a copy of such amendment as executed; (ii) a resolution of the Issuer (A) stating that the Issuer is not in default under any of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer in default under any of the provisions hereof, (B) giving an adequate legal description of that portion of the Project Land to be released, (C) stating the purpose for which the Issuer desires the release, (D) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer and (E) requesting such release; (iii) a certificate of an officer of the Company approving such amendment together with an officer's certificate stating that the Company is not in default under any of the provisions hereof; (iv) a copy of the agreement between the Issuer and such other person wherein the Issuer agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such other person, and wherein such other person agrees to lease or purchase the same from the Issuer, or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility or public body; and (v) a certificate of an Authorized Company Representative dated more than sixty (60) days prior to the date of such amendment and stating that, in the opinion of the person signing such certificate, (A) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project for the purposes hereinabove stated, and (B) the release so proposed to be made will not impair the usefulness of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section shall entitle the Company to any diminution in or postponement or abatement of the rents payable under Section 5.3.

Appears in 1 contract

Samples: Lease Agreement (Mead Corp)

Release of Certain Land. Notwithstanding any other ----------------------- provision hereof, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement for the purpose of effecting the release of and removal of: of (ai) any unimproved part of the Project Land (on which none no component of the components comprising the Project Facilities is located but on which parking, transportation or utility facilities may be located) on which the Issuer Board proposes to construct improvements for lease or sale to another person or persons under another and different agreement, or or (bii) any part of the Project Land with respect to which the Issuer Board proposes to grant an easement or convey a fee, fee interest or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, there shall be deposited with the Trustee the following: (ia) a copy of such amendment as executed; (iib) a resolution of the Issuer Board (Ai) stating that the Issuer Board is not in default under any of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer Board in default under any of the provisions hereof, (Bii) giving an adequate legal description of that portion of the Project Land to be released, (Ciii) stating the purpose for which the Issuer Board desires the release, (Div) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer Board, and (Ev) requesting such release; (iiic) a certificate of an officer the president or any vice president of the Company approving indicating approval of such amendment together with an officer's certificate and stating that the Company is not in default under any of the provisions hereof; (ivd) a copy of the agreement between the Issuer Board and such other person wherein the Issuer Board agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such other person, and wherein such other person agrees to lease or purchase the same from the IssuerBoard, or a copy of the instrument Instrument granting the easement or conveying the title or other interest to a railroad, public utility or public body; and (ve) a certificate of an the Authorized Company Representative Representative, dated not more than sixty (60) 60 days prior to the date of such amendment and stating that, in the opinion of the person signing such certificate, that (Ai) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project Facilities for the purposes hereinabove stated, and (Bii) the release so proposed to be made will not impair the usefulness of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, Facilities and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section shall entitle the Company to any diminution in or postponement or abatement of the rents payable under Section 5.3.

Appears in 1 contract

Samples: Lease Agreement (Meadwestvaco Corp)

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Release of Certain Land. Notwithstanding any other ----------------------- provision hereofof this Lease, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement and as and to the extent permitted by any Superior Security Document or any Leasehold Security Deed, at any time any Superior Security Document or any Leasehold Security Deed is outstanding, to amend this Lease for the purpose of effecting the release of and removal of: from this Lease (ai) of any unimproved part of the Project Land (on which none of the components comprising the Project is Improvements are not located but on which parking, transportation transportation, utility facilities or utility other support facilities may be located) on which the Issuer proposes to construct improvements for lease or sale under another and different agreement, or lease agreement or (bii) of any part of the Project Land with respect to which the Issuer proposes to grant an easement or convey a fee, interest fee or other title to a railroad or other public body or private carrier quasi-public body or to any a public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project Project, for the benefit of the Lessee, may be provided, increased or improved; provided, that if at the time any such amendment is made any of the Bonds are outstandingOutstanding and unpaid, there shall be deposited with the Trustee the following: (ia) a A copy of the amendment in substantially the form attached as Exhibit “E”, as executed or such amendment other form as executed;may be mutually satisfactory to the Issuer and Lessee. (iib) a resolution A certificate of the Issuer Lessee (Ai) stating that the Issuer Lessee is not in default under any of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer in default under any of the provisions hereofthis Lease, (Bii) giving an adequate legal description of that portion of the Project Land to be released, (Ciii) stating the purpose for which the Issuer Lessee desires the release, (Div) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of for which the Issuer was created, and (Ev) requesting such release;. (iiic) a certificate An opinion of an officer of Counsel to the Company approving Lessee that all necessary action required under its organizational documents has been taken to authorize and approve such amendment together with an officer's certificate stating that the Company is not in default under any of the provisions hereof;amendment. (ivd) a copy of the agreement between the Issuer and such person wherein the Issuer agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such person, and wherein such person agrees to lease or purchase the same from the Issuer, or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility or public body; and (v) a A certificate of an Authorized Company Representative Lessee Representative, dated not more than sixty (60) days prior to the date of such amendment the release and stating that, in the opinion of the person signing such certificate, (A) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project for the purposes hereinabove stated, and (B) the release so proposed to be made will not materially impair the usefulness utility of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section the provisions hereof shall entitle the Company Lessee to any abatement or diminution in or postponement or abatement of the rents payable under Section 5.35.3 hereof.

Appears in 1 contract

Samples: Lease Agreement (Bluerock Residential Growth REIT, Inc.)

Release of Certain Land. Notwithstanding any other ----------------------- provision hereofof this Loan Agreement, the parties hereto hereto, with the prior written consent of Trustee, which consent shall not be unreasonably withheld, reserve the right to amend this Agreement at any time and from time to time by mutual agreement to amend the Deed of Trust for the purpose of effecting the release of and removal of: from this Loan Agreement, the Deed of Trust, and the Indenture (ai) of any unimproved part of the Project Land (on which none of neither the components comprising the Project Buildings nor any Mortgaged Equipment is located but on which parking, transportation or utility facilities may be located) on which the Issuer Company proposes to construct improvements for lease or sale under another and different agreement, or loan agreement or (bii) any part of the Project Land with respect to which the Issuer Company proposes to grant an easement or convey a fee, interest fee or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road road, or other means or utility services for the Project Mortgaged Property may be provided, increased increased, or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, Outstanding and unpaid there shall be deposited with the Trustee the following: (ia) a A copy of such the said amendment as executed;. (iib) a A resolution of the Issuer board of directors of Company or executive committee of said board (Aif permitted under Company’s by-laws) stating that authorizing the Issuer is not in default under any execution of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer in default under any of the provisions hereof, (B) giving an adequate legal description of that portion of the Project Land to be released, (C) stating the purpose for which the Issuer desires the release, (D) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer and (E) requesting such release; (iii) a certificate of an officer of the Company approving such amendment together with an officer's Authorized Company Representative’s certificate stating that the Company is not in default under any of the provisions hereof;of this Loan Agreement, the Deed of Trust, the Guaranty or the Hazardous Substance Certification and Indemnification. (ivc) a copy of the agreement between the Issuer and such person wherein the Issuer agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such person, and wherein such person agrees to lease or purchase the same from the Issuer, or a A copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility utility, or public body; and. (vd) a A certificate of an Authorized Company Representative Independent Engineer who is reasonably acceptable to Trustee, dated not more than sixty (60) 60 days prior to the date of such amendment the release and stating that, in the opinion of the person signing such certificate, (Ai) the portion of the Project Land so proposed to be released is necessary or desirable desirable, for railroad, utility services service, or roads to benefit the Project Mortgaged Property or is not otherwise needed for the operation of the Project Mortgaged Property for the purposes hereinabove stated, and (Bii) the release so proposed to be made will not impair the usefulness of the Project Buildings as a facility manufacturing facility, and (iii) the remaining portion of Land after the release will be a type legal parcel. (e) Company and Issuer agree that all walls presently standing or hereafter erected on or contiguous to the boundary line of the Land so proposed to be released shall be party walls for the purpose of tying-in of new construction. If any party wall is utilized for the purpose of tying-in new construction with the building to be utilized under common control with the Mortgaged Property, utility facilities on the Land, including those within the Buildings, may be interconnected for the purpose of serving the new construction to be placed on Land so released and any non-loadbearing panels in any party wall may be removed; provided, however, that if the Land so released and construction thereon ceases to be operated under common control with the Buildings, non-loadbearing wall panels similar in quality to those which have been removed will be installed and separate utility services will be provided for the new construction. In the event that the conditions described in Section 9.4 (a), (b), (c), and (d) have been fulfilled, the Issuer is authorized agrees to acquire under execute and deliver to the laws pursuant Company, all documents reasonably requested by the Company to which evidence the Issuer then existsrelease of the portion of the Land so proposed to be released, including, but not limited to, a deed of release in recordable form, with respect to the Deed of Trust, evidencing the release of the Land sought to be released from the definition of Mortgaged Property, and will any UCC-3 termination statement required to evidence the release of the Land, any fixtures and any Mortgaged Equipment situated thereon sought to be released from any UCC-I financing statement and security agreement held by the Issuer, being, however, a partial release, which does not destroy release the means security interest in the balance of ingress thereto and egress therefromthe Mortgaged Property covered by the corresponding UCC-1 financing statement. No release effected under this Section the provisions hereof shall entitle the Company to any abatement or diminution in or postponement or abatement of the rents Loan Payments and Additional Payments payable under Section 5.34.1 or 4.2 hereof.

Appears in 1 contract

Samples: Loan Agreement (American Railcar Industries, Inc./De)

Release of Certain Land. Notwithstanding any other ----------------------- provision hereofof this Lease, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement to amend this Lease for the purpose of effecting the release of and removal of: (a) from this Lease of any unimproved part of the Project Leased Land (on which none of neither the components comprising the Project Building nor any Leased Equipment is located but on which parking, transportation transportation, utility facilities or utility other support facilities may be located) on which the Issuer proposes to construct improvements for lease or sale under another and different agreement, or (b) any part of the Project Land with respect to which the Issuer proposes to grant an easement or convey a fee, interest or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved); provided, that if at the time any such amendment is made any of the Series 2000A Bonds are outstandingoutstanding and unpaid, there shall be deposited with the Trustee the following: (ia) a A copy of such said amendment in the form attached as Exhibit “E”, as executed;. (iib) a A resolution of the Issuer (Ai) stating that the Issuer is not in default under any of the provisions hereof of this Lease or of the Indenture and that the Company Lessee is not to the knowledge of the Issuer in default under any of the provisions hereofof this Lease, (Bii) giving an adequate legal description of that portion of the Project Leased Land to be released, (Ciii) stating the purpose for which the Issuer desires the release, (Div) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of for which the Issuer was created, and (Ev) requesting such release;. (iiic) a certificate An opinion of an officer Counsel to the Lessee that all necessary corporate action required under the Certificate of the Company approving Incorporation and By­–laws has been taken to authorize and approve such amendment together with an officer's ’s certificate stating that the Company Lessee is not in default under any of the provisions hereof;of this Lease. (ivd) a A copy of the agreement between the Issuer and such person wherein the Issuer agrees to construct or install improvements on the portion of the Project Leased Land so requested to be released and agrees to lease or sell the same to such personthe lessee under said lease agreement, and wherein such person lessee agrees to lease or purchase the same from the Issuer, Issuer or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility or public or quasi–public body; and. (ve) a A certificate of an Authorized Company Representative Lessee Representative, dated not more than sixty (60) days prior to the date of such amendment the release and stating that, in the opinion of the person signing such certificate, (A) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project for the purposes hereinabove stated, and (B) the release so proposed to be made will not materially impair the usefulness utility of the Series 2000A Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section the provisions hereof shall entitle the Company Lessee to any abatement or diminution in or postponement or abatement of the rents payable under Section 5.35.3 hereof.

Appears in 1 contract

Samples: Ground Lease Agreement (Wells Real Estate Investment Trust Inc)

Release of Certain Land. Notwithstanding any other ----------------------- provision hereofof this Loan Agreement, the parties hereto hereto, with the prior written consent of Trustee, which consent shall not be unreasonably withheld, reserve the right to amend this Agreement at any time and from time to time by mutual agreement to amend the Deed of Trust for the purpose of effecting the release of and removal of: from this Loan Agreement, the Deed of Trust, and the Indenture (ai) of any unimproved part of the Project Land (on which none of neither the components comprising the Project Buildings nor any Mortgaged Equipment is located but on which parking, transportation or utility facilities may be located) on which the Issuer Company proposes to construct improvements for lease or sale under another and different agreement, or loan agreement or (bii) any part of the Project Land with respect to which the Issuer Company proposes to grant an easement or convey a fee, interest fee or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road road, or other means or utility services for the Project Mortgaged Property may be provided, increased increased, or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, Outstanding and unpaid there shall be deposited with the Trustee the following: (ia) a A copy of such the said amendment as executed;. (iib) a A resolution of the Issuer board of directors of Company or executive committee of said board (Aif permitted under Company’s by-laws) stating that authorizing the Issuer is not in default under any execution of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer in default under any of the provisions hereof, (B) giving an adequate legal description of that portion of the Project Land to be released, (C) stating the purpose for which the Issuer desires the release, (D) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer and (E) requesting such release; (iii) a certificate of an officer of the Company approving such amendment together with an officer's Authorized Company Representative’s certificate stating that the Company is not in default under any of the provisions hereof;of this Loan Agreement, the Deed of Trust, the Guaranty or the Hazardous Substance Certification and Indemnification. (ivc) a copy of the agreement between the Issuer and such person wherein the Issuer agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such person, and wherein such person agrees to lease or purchase the same from the Issuer, or a A copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility utility, or public body; and. (vd) a A certificate of an Authorized Company Representative Independent Engineer who is reasonably acceptable to Trustee, dated not more than sixty (60) 60 days prior to the date of such amendment the release and stating that, in the opinion of the person signing such certificate, (Ai) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services service, or roads to benefit the Project Mortgaged Property or is not otherwise needed for the operation of the Project Mortgaged Property for the purposes hereinabove stated, and (Bii) the release so proposed to be made will not impair the usefulness of the Project Buildings as a facility manufacturing facility, and (iii) the remaining portion of Land after the release will be a type legal parcel. (e) Company and Issuer agree that all walls presently standing or hereafter erected on or contiguous to the boundary line of the Land so proposed to be released shall be party walls for the purpose of tying-in of new construction. If any party wall is utilized for the purpose of tying-in new construction with the building to be utilized under common control with the Mortgaged Property, utility facilities on the Land, including those within the Buildings, may be interconnected for the purpose of serving the new construction to be placed on Land so released and any non-loadbearing panels in any party wall may be removed; provided, however, that if the Land so released and construction thereon ceases to be operated under common control with the Buildings, non-loadbearing wall panels similar in quality to those which have been removed will be installed and separate utility services will be provided for the new construction. In the event that the conditions described in Section 9.4 (a), (b), (c), and (d) have been fulfilled, the Issuer is authorized agrees to acquire under execute and deliver to the laws pursuant Company, all documents reasonably requested by the Company to which evidence the Issuer then existsrelease of the portion of the Land so proposed to be released, including, but not limited to, a deed of release in recordable form, with respect to the Deed of Trust, evidencing the release of the Land sought to be released from the definition of Mortgaged Property, and will any UCC-3 termination statement required to evidence the release of the Land, any fixtures and any Mortgaged Equipment situated thereon sought to be released from any UCC-I financing statement and security agreement held by the Issuer, being, however, a partial release, which does not destroy release the means security interest in the balance of ingress thereto and egress therefromthe Mortgaged Property covered by the corresponding UCC-1 financing statement. No release effected under this Section the provisions hereof shall entitle the Company to any abatement or diminution in or postponement or abatement of the rents Loan Payments and Additional Payments payable under Section 5.34.1 or 4.2 hereof.

Appears in 1 contract

Samples: Loan Agreement (American Railcar Industries, Inc./De)

Release of Certain Land. Notwithstanding any other ----------------------- ------------------------ provision hereof, the parties hereto reserve the right to amend this Agreement at any time and from time to time by mutual agreement for the purpose of effecting the release of and removal of: of (ai) any unimproved part of the Project Land (on which none no component of the components comprising the Project Facilities is located but on which parking, transportation or utility facilities may be located) on which the Issuer Board proposes to construct improvements for lease or sale to another person or persons under another and different agreement, or or (bii) any part of the Project Land with respect to which the Issuer Board proposes to grant an easement or convey a fee, fee interest or other title to a railroad or other public or private carrier or to any public utility or public body in order that transportation facilities or services by rail, water, road or other means or utility services for the Project may be provided, increased or improved; provided, that if at the time any such amendment is made any of the Bonds are outstanding, there shall be deposited with the Trustee the following: (ia) a copy of such amendment as executed; (iib) a resolution of the Issuer Board (Ai) stating that the Issuer Board is not in default under any of the provisions hereof or of the Indenture and that the Company is not to the knowledge of the Issuer Board in default under any of the provisions hereof, (Bii) giving an adequate legal description of that portion of the Project Land to be released, (Ciii) stating the purpose for which the Issuer Board desires the release, (Div) stating that the improvements which will be constructed or the facilities and services which will be provided, increased or improved will be such as will promote at least one of the public purposes of the Issuer Board, and (Ev) requesting such release; (iiic) a certificate of an officer the president or any vice president of the Company approving indicating approval of such amendment together with an officer's certificate and stating that the Company is not in default under any of the provisions hereof; (ivd) a copy of the agreement between the Issuer Board and such other person wherein the Issuer Board agrees to construct improvements on the portion of the Project Land so requested to be released and agrees to lease or sell the same to such other person, and wherein such other person agrees to lease or purchase the same from the IssuerBoard, or a copy of the instrument granting the easement or conveying the title or other interest to a railroad, public utility or public body; and (ve) a certificate of an the Authorized Company Representative Representative, dated not more than sixty (60) 60 days prior to the date of such amendment and stating that, in the opinion of the person signing such certificate, that (Ai) the portion of the Project Land so proposed to be released is necessary or desirable for railroad, utility services or roads to benefit the Project or is not otherwise needed for the operation of the Project Facilities for the purposes hereinabove stated, and (Bii) the release so proposed to be made will not impair the usefulness of the Project as a facility of a type which the Issuer is authorized to acquire under the laws pursuant to which the Issuer then exists, Facilities and will not destroy the means of ingress thereto and egress therefrom. No release effected under this Section shall entitle the Company to any diminution in or postponement or abatement of the rents payable under Section 5.3.. -26- ARTICLE IX ---------- ASSIGNMENT, SUBLEASING, PLEDGING AND SELLING; --------------------------------------------- REDEMPTION; RENT PREPAYMENT AND ABATEMENT -----------------------------------------

Appears in 1 contract

Samples: Lease Agreement (Mead Corp)

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