Common use of Release of Lessee Clause in Contracts

Release of Lessee. If Lessee completes the sale of the Assets to Assignee, Lessor hereby releases Lessee from all duties, obligations and liabilities under the Lease which arise from and after the effective date of the Assignment and agrees to recognize Assignee as the lessee under the Lease for all purposes with respect to the performance of all duties, obligations and liabilities of the lessee which arise under the Lease from and after the effective date of the Assignment. By executing this Consent, Lessor hereby acknowledges, agrees to and reaffirms its continuing rights, powers, duties, obligations and liabilities under the Lease. Lessor agrees that it will provide Lessee with written notice of any default by Assignee under the Lease at the time that any such notice is provided to Assignee in accordance with the notice provisions of the Lease. Lessor agrees to reserve to Lessee the right, concurrent with Assignee, to cure any such within the cure period provided under the default provisions of the Lease. For purposes of Lessee's cure right, the cure period under the default provisions shall commence on the date notice is received by Lessee. Such right, if exercised, shall act as a reassignment of the Lease from Assignee to Lessee and Lessor hereby consents to a reassignment of the Lease from Assignee to Lessee. Assignee agrees to reassign the Lease from Assignee to Lessee, effective immediately upon expiration of the cure period as provided for in the default provisions of the Lease if the Lessee has cured, and the Assignee has not cured, in accordance with the default provisions of the Lease. In the event of such reassignment Lessee shall perform all duties and assume all obligations and liabilities arising under the Lease.

Release of Lessee. If Lessee completes the sale of the Assets to Assignee, Lessor hereby releases Lessee from all duties, obligations and liabilities under the Lease which arise from and after the effective date of the Assignment and agrees to recognize Assignee as the lessee under the Lease for all purposes with respect to the performance of all duties, obligations and liabilities of the lessee which arise under the Lease from and after the effective date of the Assignment. By executing this Consent, Lessor hereby acknowledges, agrees to and reaffirms its continuing rights, powers, duties, obligations and liabilities under the Lease. Lessor agrees that it will provide Lessee with written notice of any default by Assignee under the Lease at the same time that any such notice is provided to Assignee in accordance with the notice provisions of the Lease. Lessor agrees to reserve to Lessee the right, concurrent with Assignee, to cure any such within the cure period provided under the default provisions of the Lease. For purposes of Lessee's cure right, the cure period under the default provisions shall commence on the date notice is received by Lessee. Such right, if exercised, shall act as a reassignment of the Lease from Assignee to Lessee and Lessor hereby consents to a reassignment of the Lease from Assignee to Lessee. Assignee agrees to reassign the Lease from Assignee to Lessee, effective immediately upon expiration of the cure period as provided for in the default provisions of the Lease if the Lessee has cured, and the Assignee has not cured, in accordance with the default provisions of the Lease. In the event of such reassignment Lessee shall perform all duties and assume all obligations and liabilities arising under the Lease.