Common use of Rent Absolute Clause in Contracts

Rent Absolute. 17.1 The Personal Property and the Demised Premises are let and leased subject to the rights, if any of patients currently residing in the Demised Premises and the state of the title thereof as of the date the Lessor acquires title from its seller, to any state of facts which an accurate survey or physical inspection thereof might show, and to all zoning regulations, restrictions, rules and ordinances, building restrictions and other laws and regulations now in effect or hereafter adopted by any governmental authority having jurisdiction thereover. Lessee has examined the Personal Property and the Demised Premises and has found the same satisfactory. Lessee acknowledges that the Personal Property and the Demised Premises are the property of Lessor and that Lessee has the leasehold rights as set forth in the terms and conditions of this Lease. As a material inducement to Lessor in the making of and entry into this Lease, Lessee hereby expressly agrees as follows: (a) It is the responsibility of the Lessee to be fully acquainted with the nature, in all respects, of the Demised Premises, including (but not by way of limitation); the soil and geology thereof, the waters thereof and thereunder; the drainage thereof; the manner of construction and the condition and state of repair and lack of repair of all improvements of every nature; the nature, provisions and effect of all health, fire, zoning, building, subdivision and all other use and occupancy laws, ordinances, and regulations applicable thereto; and the nature and extent of the rights of others with respect thereto, whether by way of reversion, easement, right of way, prescription, adverse possession, profit, servitude, lease, tenancy, lien, encumbrance, license, contract, reservation, condition, right of re-entry, possibility of reverter, sufferance or otherwise. Lessor makes no representation as to, and has no duty to be informed with respect to, any of the matters set forth in the preceding sentence. Lessee hereby accepts the Demised Premises as suitable and adequate in all respects for the conduct of the business and the uses of the Demised Premises contemplated under the provisions of the Lease. Notwithstanding the foregoing, Lessor represents that it has no actual knowledge of anything related to the foregoing which would cause the Demised Premises to be materially inadequate for its permitted use hereunder. (b) Lessee expressly covenants and agrees that it hereby takes this Lease and the leasehold estate hereby established upon and subject to Lessor's title as it was acquired from its seller, including all rights, rights of way, easements, profits, servitudes, reservations, restrictions, conditions, exceptions, reversions, possibilities of reverter, liens, encumbrances, occupancies, tenancies, licenses, clouds, claims and defects, known and unknown and whether of record or not. In the event of any defect in Lessor's title to the Demised Premises by which a third party's paramount fee ownership of the Demised Premises requires that Lessee vacate the Demised Premises, then in such event this Lease shall be terminated. (c) Lessee hereby expressly waives any and all rights which it might otherwise have against Lessor by reason of any of the foregoing, including (but not limited to) the requirements of any inspection or examination by Lessee of the Demised Premises. Except as otherwise expressly provided in this Lease, this Lease shall continue in full force and effect, and the obligations of Lessee hereunder shall not be released, discharged or otherwise affected, by reason of: (i) any damage to or destruction of the Demised Premises or any part thereof or the taking of the Demised Premises or any part thereof by condemnation, requisition or otherwise for any reason; (ii) any restriction or prevention of or interference with any use of the Demised Premises or any part thereof including any restriction or interference with or circumstance which prevents the use of the Demised Premises as contemplated by Paragraph 8.1; (iii) any frustration of Lessee's purposes hereunder, for any claim which Lessee has or might have against Lessor; or (iv) any other occurrence whatsoever, whether similar or dissimilar to the foregoing. However, nothing shall preclude Lessee from bringing a separate action and Lessee is not waiving other rights and remedies not waived herein.

Appears in 6 contracts

Samples: Lease Agreement (Sun Healthcare Group Inc), Lease Agreement (Sun Healthcare Group Inc), Lease Agreement (Sun Healthcare Group Inc)

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Rent Absolute. 17.1 The Personal Leased Property and the Demised Premises are is let and leased to Lessee in an “AS IS, WHERE IS” condition, subject to the rights, if rights of any of patients currently residing parties in the Demised Premises possession thereof and the state of the title thereof as of the date the Lessor acquires acquired title from its it seller, to any state of facts which an accurate survey or physical inspection thereof might show, and to all zoning regulations, restrictions, rules and ordinances, building restrictions and other laws and regulations now in effect or hereafter adopted by any governmental authority having jurisdiction thereover. Lessee has examined the Personal Leased Property and the Demised Premises and has found the same satisfactory. Lessee acknowledges that the Personal Leased Property and the Demised Premises are is the property of Lessor and that Lessee has the leasehold rights as set forth in the terms and conditions of this Lease. . 17.2 As a material inducement to Lessor in the making of and entry into this Lease, Lessee hereby expressly agrees as follows: (a1) It is the responsibility of the Lessee to be fully acquainted with the nature, in all respects, of the Demised PremisesLeased Property, including (but not by way of limitation); the soil and geology thereof, the waters thereof and thereunder; the drainage thereof; the manner of construction and the condition and state of repair and lack of repair of all improvements of every nature; the nature, provisions and effect of all health, fire, zoning, building, subdivision and all other use and occupancy laws, ordinances, and regulations applicable thereto; and the nature and extent of the rights of others with respect thereto, whether by way of reversion, easement, right of way, prescription, adverse possession, profit, servitude, lease, tenancy, lien, encumbrance, license, contract, reservation, condition, right of re-entry, possibility of reverter, sufferance or otherwise. Lessor makes no representation as to, and has no duty to be informed with respect to, any of the matters set forth in the preceding sentence. Lessee hereby accepts the Demised Premises Leased Property as suitable and adequate in all respects for the conduct of the business and the uses of the Demised Premises Leased Property as contemplated under the provisions of the this Lease. Notwithstanding the foregoing, Lessor represents that it has no actual knowledge of anything related to the foregoing which would cause the Demised Premises to be materially inadequate for its permitted use hereunder. (b2) Lessee expressly covenants and agrees that it hereby takes this Lease and the leasehold estate hereby established upon and subject to Lessor's ’s title as it was acquired from its seller, including all rights, rights of way, easements, profits, servitudes, reservations, restrictions, conditions, exceptions, reversions, possibilities of reverter, liens, encumbrances, occupancies, tenancies, licenses, clouds, claims and defects, known and unknown and whether of record or not. In the event of any defect in Lessor's title to the Demised Premises by which a third party's paramount fee ownership of the Demised Premises requires that Lessee vacate the Demised Premises, then in such event this Lease shall be terminated. (c3) Lessee hereby expressly waives any and all rights which it might otherwise have against Lessor by reason of any of the foregoing, including (but not limited to) the requirements of any inspection or examination by Lessee of the Demised Premises. Leased Property. 17.3 Except as otherwise expressly specifically provided in this Lease, this Lease shall continue in full force and effect, and the obligations of Lessee hereunder shall not be released, discharged or otherwise affected, by reason of: (i) any damage to or destruction of the Demised Premises Leased Property or any part thereof or the taking of the Demised Premises Leased Property or any part thereof by condemnation, requisition or otherwise for any reason; , (ii) any restriction or prevention of or interference with any use of the Demised Premises Leased Property or any part thereof thereof, including any restriction or interference with or circumstance which prevents the use of the Demised Premises Leased Property as contemplated by Paragraph Section 8.1; , (iii) any frustration of Lessee's ’s purposes hereunder, for (iv) any claim which Lessee has or might have against Lessor; , or (ivv) any other occurrence whatsoever, whether similar or dissimilar to the foregoing. However. 17.4 Without limiting the generality of Subsection 17.3 above, nothing shall preclude Lessee from bringing Lessee’s obligation to pay Base Rent and Additional Rent to Lessor under this Lease is a separate action covenant independent of all other covenants made by Lessor and Lessee is not waiving other rights hereunder and remedies not waived hereinLessee shall pay all Base Rent and Additional Rent to Lessor without any setoff or deduction.

Appears in 2 contracts

Samples: Master Lease (Assisted 4 Living, Inc.), Master Lease (Assisted 4 Living, Inc.)

Rent Absolute. 17.1 The Personal Property and the Demised Premises are let and leased subject to the rights, if any of patients currently residing in the Demised Premises and the state of the title thereof as of the date the Lessor acquires title from its seller, to any state of facts which an accurate survey or physical inspection thereof might show, and to all zoning regulations, restrictions, rules and ordinances, building restrictions and other laws and regulations now in effect or hereafter adopted by any governmental authority having jurisdiction thereover. Lessee has examined the Personal Property and the Demised Premises and has found the same satisfactory. Lessee acknowledges that the Personal Property and the Demised Premises are the property of Lessor and that Lessee has the leasehold rights as set forth in the terms and conditions of this Lease. As a material inducement to Lessor in the making of and entry into this Lease, Lessee hereby expressly agrees as follows: (a) It is the responsibility of the Lessee to be fully acquainted with the nature, in all respects, of the Demised Premises, including (but not by way of limitation); the soil and geology thereof, the waters thereof and thereunder; the drainage thereof; the manner of construction and the condition and state of repair and lack of repair of all improvements of every nature; the nature, provisions and effect of all health, fire, zoning, building, subdivision and all other use and occupancy laws, ordinances, and regulations applicable thereto; and the nature and extent of the rights of others with respect thereto, whether by way of reversion, easement, right of way, prescription, adverse possession, profit, servitude, lease, tenancy, lien, encumbrance, license, contract, reservation, condition, right of re-entry, possibility of reverter, sufferance or otherwise. Lessor makes no representation as to, and has no duty to be informed with respect to, any of the matters set forth in the preceding sentence. Lessee hereby accepts the Demised Premises as suitable and adequate in all respects for the conduct of the business and the uses of the Demised Premises contemplated under the provisions of the Lease. Notwithstanding the foregoing, Lessor represents that it has no actual knowledge of anything related to the foregoing which would cause the Demised Premises to be materially inadequate for its permitted use hereunder.the (b) Lessee expressly covenants and agrees that it hereby takes this Lease and the leasehold estate hereby established upon and subject to Lessor's title as it was acquired from its seller, including all rights, rights of way, easements, profits, servitudes, reservations, restrictions, conditions, exceptions, reversions, possibilities of reverter, liens, encumbrances, occupancies, tenancies, licenses, clouds, claims and defects, known and unknown and whether of record or not. In the event of any defect in Lessor's title to the Demised Premises by which a third party's paramount fee ownership of the Demised Premises requires shall require that Lessee vacate the Demised Premises, then in such event this Lease shall be terminated. (c) Lessee hereby expressly waives any and all rights which it might otherwise have against Lessor by reason of any of the foregoing, including (but not limited to) the requirements of any inspection or examination by Lessee of the Demised Premises. Except as otherwise expressly provided in this Lease, this Lease shall continue in full force and effect, and the obligations of Lessee hereunder shall not be released, discharged or otherwise affected, by reason of: (i) any damage to or destruction of the Demised Premises or any part thereof or the taking of the Demised Premises or any part thereof by condemnation, requisition or otherwise for any reason; (ii) any restriction or prevention of or interference with any use of the Demised Premises or any part thereof including any restriction or interference with or circumstance which prevents the use of the Demised Premises as contemplated by Paragraph 8.1; (iii) any frustration of Lessee's purposes hereunder, for any claim which Lessee has or might have against Lessor; or (iv) any other occurrence whatsoever, whether similar or dissimilar to the foregoing. However, nothing shall preclude Lessee from bringing a separate action and Lessee is not waiving other rights and remedies not waived herein.

Appears in 1 contract

Samples: Lease Agreement (Sun Healthcare Group Inc)

Rent Absolute. 17.1 The Personal Property and the Demised Premises are let and leased subject to the rights, if any of patients currently residing in the Demised Premises and the state of the title thereof as of the date the Lessor acquires title from its sellerof this Lease, to any state of facts which an accurate survey or physical inspection thereof might show, and to all zoning regulations, restrictions, rules and ordinances, building restrictions and other laws and regulations now in effect or hereafter adopted by any governmental authority having jurisdiction thereover. Lessee has examined the Personal Property and the Demised Premises and has found the same satisfactory. Lessee acknowledges that the Personal Property and the Demised Premises are the property of Lessor and that Lessee has the leasehold rights as set forth in the terms and conditions of this LeaseSub-Sublease. As a material inducement to Lessor in the making of and entry into this LeaseSub-Sublease, Lessee hereby expressly agrees as follows: (a) It is the responsibility of the Lessee to be fully acquainted with the nature, in all respects, of the Demised Premises, including (but not by way of limitation); the soil and geology thereof, the waters thereof and thereunder; the drainage thereof; the manner of construction and the condition and state of repair and lack of repair of all improvements of every nature; the nature, provisions and effect of all health, fire, zoning, building, subdivision and all other use and occupancy laws, ordinances, and regulations applicable thereto; and the nature and extent of the rights of others with respect thereto, whether by way of reversion, easement, right of way, prescription, adverse possession, profit, servitude, lease, tenancy, lien, encumbrance, license, contract, reservation, condition, right of re-entry, possibility of reverter, sufferance or otherwise. Lessor makes no representation as to, and has no duty to be informed with respect to, any of the matters set forth in the preceding sentence. Lessee hereby accepts the Demised Premises as suitable and adequate in all respects for the conduct of the business and the uses of the Demised Premises contemplated under the provisions of the Lease. Notwithstanding the foregoing, Lessor represents that it has no actual knowledge of anything related to the foregoing which would cause the Demised Premises to be materially inadequate for its permitted use hereunder. (b) Lessee expressly covenants and agrees that it hereby takes this Lease Sub-Sublease and the leasehold estate hereby established upon and subject to Lessor's title as it was acquired from its seller, including all rights, rights of way, easements, profits, servitudes, reservations, restrictions, conditions, exceptions, reversions, possibilities of reverter, liens, encumbrances, occupancies, tenancies, licenses, clouds, claims and defects, known and unknown and whether of record or not. In the event of any defect in Lessor's title to the Demised Premises by which a third party's paramount fee ownership of the Demised Premises requires shall require that Lessee vacate the Demised Premises, then in such event this Lease Sub-Sublease shall be terminated. (c) Lessee hereby expressly waives any and all rights which it might otherwise have against Lessor by reason of any of the foregoing, including (but not limited to) the requirements of any inspection or examination by Lessee of the Demised Premises. Except as otherwise expressly provided in this LeaseSub-Sublease, this Lease Sub-Sublease shall continue in full force and effect, and the obligations of Lessee hereunder shall not be released, discharged or otherwise affected, by reason of: (i) any damage to or destruction of the Demised Premises or any part thereof or the taking of the Demised Premises or any part thereof by condemnation, requisition or otherwise for any reason; (ii) any restriction or prevention of or interference with any use of the Demised Premises or any part thereof including any restriction or interference with or circumstance which prevents the use of the Demised Premises as contemplated by Paragraph 8.1; (iii) any frustration of Lessee's purposes hereunder, for or any claim which Lessee has or might have against Lessor; or (iv) any other occurrence whatsoever, whether similar or dissimilar to the foregoing. However, nothing shall preclude Lessee from bringing a separate action and Lessee is not waiving other rights and remedies not waived herein.

Appears in 1 contract

Samples: Sub Sublease Agreement (Sun Healthcare Group Inc)

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Rent Absolute. 17.1 The Personal Property and the Demised Premises are let and leased subject to the rights, if any of patients currently residing in the Demised Premises and the state of the title thereof as of the date the Lessor acquires title from its seller, to any state of facts which an accurate survey or physical inspection thereof might show, and to all zoning regulations, restrictions, rules and ordinances, building restrictions and other laws and regulations now in effect or hereafter adopted by any governmental authority having jurisdiction thereover. Lessee has examined the Personal Property and the Demised Premises and has found the same satisfactory. Lessee Tenant acknowledges that its obligations under this Lease to pay Rent payable or otherwise accruing during the Personal Property and the Demised Premises are the property of Lessor and that Lessee has the leasehold rights as set forth in the terms and conditions Term of this Lease. As a material inducement , are absolute and unconditional, and shall continue in full force and effect without abatement or offset of any nature whatsoever regardless of any inability of Tenant to Lessor in use the making Premises (or any portion thereof) for any reason whatsoever including, without limitation, war, acts of and entry into this LeaseGod, Lessee hereby expressly agrees as follows: (a) It is the responsibility storms, governmental regulations, strike, other labor troubles, loss, damage, destruction, loss of possession or right of possession, disrepair, obsolescence, failure of the Lessee Premises to be fully acquainted with the natureproperly operate for any cause and at any time, in all respectsimproper installation or condition, suitability or adaptability of the Demised PremisesPremises for Tenant’s cause or purpose, including (but not by way of limitation); the soil and geology thereof, the waters thereof and thereunder; the drainage thereof; the manner of construction and the condition and state of repair and lack of repair of all improvements of every nature; the nature, provisions and effect of all health, fire, zoning, building, subdivision and all or any other use and occupancy laws, ordinances, and regulations applicable thereto; and the nature and extent of the rights of others with respect thereto, whether by way of reversion, easement, right of way, prescription, adverse possession, profit, servitude, lease, tenancy, lien, encumbrance, license, contract, reservation, condition, right of re-entry, possibility of reverter, sufferance or otherwise. Lessor makes no representation as to, and has no duty to be informed with respect to, any of the matters set forth in the preceding sentence. Lessee hereby accepts the Demised Premises as suitable and adequate in all respects for the conduct of the business and the uses of the Demised Premises contemplated under the provisions of the Lease. Notwithstanding the foregoing, Lessor represents that it has no actual knowledge of anything related to the foregoing which would cause the Demised Premises to be materially inadequate for its permitted use hereunder. (b) Lessee expressly covenants and agrees that it hereby takes this Lease and the leasehold estate hereby established upon and subject to Lessor's title as it was acquired from its seller, including all rights, rights of way, easements, profits, servitudes, reservations, restrictions, conditions, exceptions, reversions, possibilities of reverter, liens, encumbrances, occupancies, tenancies, licenses, clouds, claims and defects, known and unknown and whether of record or notwhatsoever. In the event of any defect in Lessor's title alleged claim by Tenant against Landlord under this Lease or otherwise, Tenant shall nevertheless pay and perform its obligations under this Lease to the Demised Premises by which a third party's paramount fee ownership make payment of the Demised Premises requires that Lessee vacate the Demised Premises, then in such event this Lease shall be terminated. (c) Lessee hereby expressly waives any and all rights which it might otherwise have against Lessor by reason Rent without set-off or defense of any kind, including, without limitation, any set-off or defense arising out of any alleged act or omission of Landlord or failure by Landlord in the performance of its duties hereunder. 3.7 W-9 Form. Prior to or simultaneously with the execution of this Lease, Landlord has delivered to Tenant a W-9 from Landlord in the form set forth in Exhibit “H” hereof. Notwithstanding the foregoing, including (but not limited to) in the requirements event that the identity of Landlord changes, then, notwithstanding any inspection or examination by Lessee other provision of the Demised Premises. Except as otherwise expressly provided in this Lease, this Lease Rent shall continue to accrue, but Tenant shall have no obligation to pay the accrued Rent until it receives a W-9 from Landlord in full force and effect, and the obligations of Lessee hereunder shall not be released, discharged or otherwise affected, by reason of: (i) any damage to or destruction of the Demised Premises or any part thereof or the taking of the Demised Premises or any part thereof by condemnation, requisition or otherwise for any reason; (ii) any restriction or prevention of or interference with any use of the Demised Premises or any part thereof including any restriction or interference with or circumstance which prevents the use of the Demised Premises as contemplated by Paragraph 8.1; (iii) any frustration of Lessee's purposes hereunder, for any claim which Lessee has or might have against Lessor; or (iv) any other occurrence whatsoever, whether similar or dissimilar to the foregoingform set forth in Exhibit “H” hereof. However, nothing shall preclude Lessee from bringing a separate action and Lessee is not waiving other rights and remedies not waived herein.4 ARTICLE IV

Appears in 1 contract

Samples: Triple Net Lease Agreement

Rent Absolute. 17.1 16.1 The Personal Leased Property and the Demised Premises are let and is leased to Tenant in an “AS IS, WHERE IS” condition, subject to the rightsrights of any parties in possession thereof, if any of patients currently residing in the Demised Premises and the state of the title thereof as of the date the Lessor acquires Landlord acquired title from its seller, to any state of facts which that an accurate survey or physical inspection thereof might show, and to all zoning regulations, restrictions, rules and ordinances, building restrictions and other laws and regulations now in effect or hereafter adopted by any governmental authority having jurisdiction thereover. Lessee Tenant has examined the Personal Leased Property and the Demised Premises and has found the same satisfactory. Lessee Tenant acknowledges that the Personal Leased Property and the Demised Premises are is the property of Lessor Landlord and that Lessee Tenant has the leasehold rights as set forth in the terms and conditions of this Lease. Pursuant to Section 1938 of the California Civil Code, Landlord hereby advises Tenant that as of the date of this Lease the Demised Premises have not undergone inspection by a Certified Access Specialist. If and to the extent not prohibited by applicable laws, Tenant hereby waives any right Tenant may have to receive information concerning the energy performance of the Facilities pursuant to California Public Resources Code Section 25402.10 and the regulations adopted pursuant thereto (collectively the “Energy Disclosure Requirements”). Tenant further acknowledges that pursuant to the Energy Disclosure Requirements, Landlord may be required in the future to disclose certain information concerning Tenant’s energy usage (the “Tenant Energy Use Disclosures”) to certain third parties, including, without limitation, prospective purchasers, lenders and tenants of the Facilities. Upon Landlord’s written request, Tenant agrees to cooperate with Landlord on a commercially reasonable basis in providing any Tenant Energy Use Disclosures required to be delivered by Landlord under applicable laws. 16.2 As a material inducement to Lessor Landlord in the making of and entry into this Lease, Lessee Tenant hereby expressly agrees as follows: (a) It is the responsibility of the Lessee Tenant to be fully acquainted with the nature, in all respects, of the Demised PremisesLeased Property, including (but not by way of limitation); the soil and geology thereof, the waters thereof and thereunder; the drainage thereof; the manner of construction and the condition and state of repair and lack of repair of all improvements of every nature; the nature, provisions and effect of all health, fire, zoning, building, subdivision and all other use and occupancy laws, ordinances, and regulations applicable thereto; and the nature and extent of the rights of others with respect thereto, whether by way of reversion, easement, right of way, prescription, adverse possession, profit, servitude, lease, tenancy, lien, encumbrance, license, contract, reservation, condition, right of re-entry, possibility of reverter, sufferance or otherwise. Lessor Landlord makes no representation as to, and has no duty to be informed with respect to, any of the matters set forth in the preceding sentence. Lessee Tenant hereby accepts the Demised Premises Leased Property as suitable and adequate in all respects for the conduct of the business and the uses of the Demised Premises Leased Property as contemplated under the provisions of the this Lease. Notwithstanding the foregoing, Lessor represents that it has no actual knowledge of anything related to the foregoing which would cause the Demised Premises to be materially inadequate for its permitted use hereunder. (b) Lessee Tenant expressly covenants and agrees that it hereby takes this Lease and the leasehold estate hereby established upon and subject to Lessor's Landlord’s title as it was acquired from its sellerseller (but subject to Landlord’s covenant of quiet enjoyment in Section 30.1 hereof), including all rights, rights of way, easements, profits, servitudes, reservations, restrictions, conditions, exceptions, reversions, possibilities of reverter, liens, encumbrances, occupancies, tenancies, licenses, clouds, claims and defects, known and unknown and whether of record or not. In the event of any defect in Lessor's title to the Demised Premises by which a third party's paramount fee ownership of the Demised Premises requires that Lessee vacate the Demised Premises, then in such event this Lease shall be terminated. (c) Lessee Tenant hereby expressly waives any and all rights which that it might otherwise have against Lessor Landlord by reason of any of the foregoing, including (but not limited to) the requirements of any inspection or examination by Lessee Tenant of the Demised Premises. Except as otherwise expressly provided Leased Property except to the extent caused by Landlord’s gross negligence or willful misconduct. 16.3 Notwithstanding anything to the contrary contained in this Lease, but subject to the terms and conditions of Article 8 (regarding insurance), Section 10.5 (regarding casualty) and Article 15 (regarding condemnation), provided that an Event of Default with respect to the applicable Facility is not then continuing, Tenant shall have the right to terminate this Lease with respect to any Facility that suffers a Termination Event. For all purposes of this Lease, a “Termination Event” shall continue in full force and effectmean an event (other than a Casualty of the type covered by the insurance required under Section 8 hereof, and the obligations of Lessee hereunder shall not be released, discharged or otherwise affected, by reason of: other than a Taking) that (i) was not caused by the negligence, willful misconduct or violation of any damage applicable law on the part of Tenant or any of Tenant’s employees, agents, contractors or invitees, and (ii) to Tenant’s Knowledge, after reasonable inquiry and inspection by qualified personnel, did not occur or destruction exist with respect to the applicable Facility at any time prior to the date hereof, by which Tenant is unconditionally prevented or precluded from procuring or maintaining all material licenses, permits, provider agreements and certifications required by any governmental authority for the operation of such Facility as a Medicaid and Medicare certified skilled nursing facility or as an RCFE, as applicable and as set forth in the recitals to this Lease. For elimination of doubt, if, as the result of a Termination Event, Tenant’s maintenance, repair or restoration obligations under this Lease with respect to a Facility have become either impossible to perform or could only be performed at a cost that is in excess of an amount equal to (A) ten percent (10%) of the Adjusted Purchase Price (as defined below) of such Facility, or (B) One Million Dollars ($1,000,000.00), whichever is greater, then Tenant’s failure to so perform such maintenance, repair or restoration obligations shall in no event constitute or be deemed an Event of Default. For the purposes hereof, “Adjusted Purchase Price” means, with respect to any Facility, the amount of the Purchase Price allocated to such Facility on Exhibit A of the Purchase Agreement, increased by a percentage equal to the percentage increase in the Consumer Price Index since the Commencement Date. Such termination right, if exercised by Tenant, shall take effect with respect to the applicable affected Facility on the date which is thirty (30) days following delivery of a written termination notice to Landlord. Upon the termination of this Lease with respect to any Facility pursuant to this Section 16.3, the parties shall execute a mutually acceptable amendment to this Lease in order to document the elimination of the applicable Facility from the Demised Premises or any part thereof or and document the taking other modifications to the terms of this Lease which are reasonably necessitated by the elimination of the applicable Facility from the Demised Premises or any part thereof by condemnationPremises, requisition or otherwise for any reason; (ii) any restriction or prevention including the permanent abatement of or interference with any use Base Rent in the manner provided in Section 15.1 of this Lease and of the Demised Premises or any part thereof including any restriction or interference with or circumstance which prevents the use of the Demised Premises as contemplated by Paragraph 8.1; (iii) any frustration of Lessee's purposes hereunder, for any claim which Lessee has or might have against Lessor; or (iv) any other occurrence whatsoever, whether similar or dissimilar amounts payable hereunder allocable to the foregoing. However, nothing shall preclude Lessee from bringing a separate action and Lessee is not waiving other rights and remedies not waived hereinsuch Facility.

Appears in 1 contract

Samples: Master Lease (MedEquities Realty Trust, Inc.)

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