RESTAURANT LEASES Sample Clauses
The 'Restaurant Leases' clause defines the specific terms and conditions that apply to leasing property for use as a restaurant. It typically addresses requirements unique to restaurant operations, such as compliance with health and safety regulations, installation of kitchen equipment, and permissions for signage or outdoor seating. This clause ensures that both landlord and tenant understand the specialized needs and obligations involved in running a restaurant, thereby reducing misunderstandings and helping to prevent disputes related to the suitability of the premises for food service.
RESTAURANT LEASES. The Borrower has heretofore furnished to the Administrative Agent true, complete and correct copies or abstracts of the Restaurant leases listed on Schedule 5.22 hereto as in effect on the Closing Date. Schedule 5.22 hereto is an accurate and complete list of all Restaurant leases of the Borrower and its Subsidiaries as in effect on the Closing Date.
RESTAURANT LEASES. All parties shall cooperate and pursue obtaining consent to assignment of each Restaurant Lease to Buyer, and an offer by landlord that includes a minimum of a new 5-year term at the prevailing market rent for that mall and the right of Buyer to convert the unit to a Quizno's restaurant. For any Restaurant Lease in which such an assignment cannot be obtained, the Purchase Price will be reduced $75,000 by reducing the principal balance of the Promissory Note and reamortizing the payments thereunder; provided that Buyer must notify Seller of such adjustment within 90 days of Closing or Buyer's right to reduce the Purchase Price under this Section 5 will terminate. If a Restaurant Lease is not assigned to Buyer and Buyer elects to reduce the Purchase Price hereunder, Buyer shall transfer title to that Company-Owned Unit back to Seller.
RESTAURANT LEASES. Schedule 1.1(f) lists the Restaurant Leases. The Restaurant Leases are in full force and effect and Seller is not in default thereunder. The leasehold interest of Seller is subject to no lien or encumbrance and entitles the lessee to the right of quiet possession. There are no modifications or amendments to the Restaurant Leases or any other agreements altering, modifying or supplementing the terms of the Restaurant Leases. Seller has not assigned, mortgaged or otherwise transferred, amended or encumbered, voluntarily or involuntarily, the Restaurant Leases or its interest therein except as specifically stated herein. Seller is current on all rent payments and other sums due to the landlords under each Restaurant Lease through the Closing Date and there is no current default under or, to the best of Seller's knowledge, no conditions exist that would constitute a breach of any Restaurant Lease.
RESTAURANT LEASES. All lease agreements for restaurant facilities operated by Lessee or its Subsidiaries are described on SCHEDULE 12 attached hereto.