Rights of Ground Lessor. If Landlord’s interest in property (whether land only or land and buildings) which includes the Premises is acquired by another party and simultaneously leased back to Landlord herein (or the interest of the owner of the Garage or the Office Tower Parcel is acquired by another party and simultaneously leased back to such owner), then unless such ground lease provides by its terms that it is subordinate to this Lease, Landlord (or the owner of the Garage or Office Tower Parcel, as applicable) shall cause the holder of the ground lessor’s interest in such lease to enter into a recognition agreement, in the customary form of such holder, with such commercially reasonable changes as Tenant may request, with Tenant simultaneously with the sale and leaseback, wherein the ground lessor will agree to recognize the right of Tenant to use and occupy the Premises (or, in the case of the ground lessor of the Office Tower Parcel or the Garage, Tenant’s rights under Section 3.6 or Article 10, respectively) upon the payment of Annual Fixed Rent, Additional Rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant’s obligations hereunder, and wherein Tenant shall agree to attorn to such ground lessor as its “Landlord” and to perform and observe all of the tenant obligations hereunder, in the event such ground lessor succeeds to the interest of Landlord hereunder (or, in the case of the Office Tower Parcel or the Garage, the owner thereof) under such ground lease. No such ground lease shall materially adversely affect Tenant’s rights under this Lease or have a material adverse effect on Tenant (including by increasing the Operating Expenses or Landlord’s Tax Expenses or other charges for which Tenant may become liable or responsible hereunder).
Appears in 1 contract
Samples: Lease Agreement (Rapid7, Inc.)
Rights of Ground Lessor. If Landlord’s interest in property the Property (whether land only or land and buildings) which includes the Premises is acquired by another party and simultaneously leased back to Landlord herein (or the interest of the owner of the Garage or the Office Tower Parcel is acquired by another party and simultaneously leased back to such owner)herein, then unless such ground lease provides by its terms that it is subordinate to this Lease, Landlord (or the owner of the Garage or Office Tower Parcel, as applicable) shall cause the holder of the ground lessor’s interest in such lease to shall enter into a recognition agreement, in the customary form of such holder, with such commercially reasonable changes as Tenant may request, recognition and non-disturbance agreement with Tenant simultaneously with the sale and leaseback, wherein the ground lessor will agree to recognize this Lease and the right of Tenant to use and occupy the Premises (orfor the Permitted Uses, in the case Common Areas of Parcel 2 of the Development Area and the parking privileges provided to Tenant under Article X above, without interruption or disturbance from such ground lessor of the Office Tower Parcel or the Garagepersons claiming by, Tenant’s rights through or under Section 3.6 or Article 10such ground lessor, respectively) upon the payment of Annual Fixed Rent, Additional Rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant’s obligations hereunder, and wherein Tenant shall agree to attorn to such ground lessor as its “Landlord” Landlord and to perform and observe all of the tenant obligations hereunder, in the event such ground lessor succeeds to the interest of Landlord hereunder (or, in the case of the Office Tower Parcel or the Garage, the owner thereof) under such ground lease. No such ground lease shall materially adversely affect Tenant’s rights under this Lease or have a material adverse effect on Tenant (including by increasing the Operating Expenses or and assumes all of Landlord’s Tax Expenses or other charges for which Tenant may become liable or responsible hereunder)obligations hereunder from and after the date of such succession.
Appears in 1 contract
Rights of Ground Lessor. If Landlord’s interest in property the Property (whether land only or land and buildings) which includes the Premises is acquired by another party and simultaneously leased back to Landlord herein (or the interest of the owner of the Garage or the Office Tower Parcel is acquired by another party and simultaneously leased back to such owner)herein, then unless such ground lease provides by its terms that it is subordinate to this Lease, Landlord (or the owner of the Garage or Office Tower Parcel, as applicable) shall cause the holder of the ground lessor’s interest in such lease to shall enter into a recognition agreement, in the customary form of such holder, with such commercially reasonable changes as Tenant may request, recognition and non-disturbance agreement with Tenant simultaneously with the sale and leaseback, wherein the ground lessor will agree to recognize this Lease and the right of Tenant to use and occupy the Premises (orfor the Permitted Uses, in the case Common Areas of Parcel 3 of the Development Area and the parking privileges provided to Tenant under Article X above, without interruption or disturbance from such ground lessor of the Office Tower Parcel or the Garagepersons claiming by, Tenant’s rights through or under Section 3.6 or Article 10such ground lessor, respectively) upon the payment of Annual Fixed Rent, Additional Rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant’s obligations hereunder, and wherein Tenant shall agree to attorn to such ground lessor as its “Landlord” Landlord and to perform and observe all of the tenant obligations hereunder, in the event such ground lessor xxxxxx succeeds to the interest of Landlord hereunder (or, in the case of the Office Tower Parcel or the Garage, the owner thereof) under such ground lease. No such ground lease shall materially adversely affect Tenant’s rights under this Lease or have a material adverse effect on Tenant (including by increasing the Operating Expenses or and assumes all of Landlord’s Tax Expenses or other charges for which Tenant may become liable or responsible hereunder)obligations hereunder from and after the date of such succession.
Appears in 1 contract
Rights of Ground Lessor. This Lease is subject and subordinate to the Xxxxxxxxx and to all renewals, modifications, consolidations, replacements and extensions thereof, provided, however, such subordination shall be subject to the terms and conditions set forth in the subordination, non-disturbance and attornment agreement (the “Xxxxxxxxx SNDA”) in the form of Exhibit O attached hereto and Landlord, Tenant and Overlandlord shall, simultaneously with the execution and delivery of this Lease, execute and deliver the Xxxxxxxxx SNDA. If Landlord’s 's interest in property (whether land only or land and buildings) which includes the Premises is acquired by another party and simultaneously leased back to Landlord herein (or the interest of the owner of the Garage or the Office Tower Parcel is acquired by another party and simultaneously leased back to such owner)herein, then unless such ground lease provides by its terms that it is subordinate to this Lease, Landlord (or the owner of the Garage or Office Tower Parcel, as applicable) shall cause the holder of the ground lessor’s 's interest in such lease to shall enter into a mutually agreeable recognition agreement, in the customary form of such holder, with such commercially reasonable changes as Tenant may request, agreement with Tenant simultaneously with the sale and leaseback, wherein the ground lessor will agree to recognize this Lease and the rights granted to Tenant under this Lease, including, without limitation, Tenant's right of Tenant to use and occupy the Premises (or, in and the case appurtenant rights granted under this Lease so long as there is no Event of the ground lessor Default of the Office Tower Parcel or the Garage, Tenant’s rights under Section 3.6 or Article 10, respectively) upon the payment of Annual Fixed Rent, Additional Rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant’s obligations hereunderLease, and wherein Tenant shall agree to attorn to such ground lessor as its “Landlord” Landlord and to perform and observe all of the tenant obligations hereunder, in the event such ground lessor succeeds to the interest of Landlord hereunder (or, in the case of the Office Tower Parcel or the Garage, the owner thereof) under such ground lease. No such ground lease shall materially adversely affect Tenant’s rights and assumes the obligations of Landlord under this Lease or have a material adverse effect on Tenant (including by increasing Lease. Notwithstanding the Operating Expenses or Landlord’s Tax Expenses or other charges for which Tenant may become liable or responsible hereunder)foregoing, the Xxxxxxxxx SNDA shall govern with respect to the Xxxxxxxxx.
Appears in 1 contract
Rights of Ground Lessor. Landlord and Tenant hereby acknowledge that the Building is subject to that certain Second Amended and Restated Construction, Development and Lease Agreement dated May 29, 2020, by and between ARE-MA Region NO. 87 Owner Limited Partnership (“Ground Lessor”), as landlord, and Landlord, as tenant (the “Existing Ground Lease”), notice of which is recorded in the Suffolk County Registry of Deeds in Book 63127, Page 306 (the “Notice of Ground Lease”). On or about the date hereof, Landlord, Ground Lessor and Tenant shall enter into a Recognition Agreement in the form attached hereto as Exhibit 16.13. If (a) Landlord enters into a new ground lease or extends the term of the Existing Ground Lease, or (b) Landlord’s interest in property (whether land only or land and buildings) which includes the Premises is acquired by another party and simultaneously leased back to Landlord herein (or the interest of the owner of the Garage or the Office Tower Parcel is acquired by another party and simultaneously leased back to such owner)herein, then unless such ground lease provides by its terms that it is subordinate to this Lease, Landlord (or the owner of the Garage or Office Tower Parcel, as applicable) shall cause the holder of the ground lessor’s interest in such ground lease to shall enter into a recognition agreement, in the customary form of such holder, with such commercially reasonable changes as Tenant may request, agreement with Tenant simultaneously with (x) the amendment to the Existing Ground Lease or the new ground lease, as the case may be, or (y) the sale and leaseback, wherein the ground lessor will agree to recognize the right of Tenant to use and occupy the Premises (or, in the case of the ground lessor of the Office Tower Parcel or the Garage, Tenant’s rights under Section 3.6 or Article 10, respectively) upon the payment of Annual Fixed Rent, Additional Rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant’s obligations hereunder, and wherein Tenant shall agree to attorn to such ground lessor as its “Landlord” Landlord and to perform and observe all of the tenant obligations hereunder, in the event such ground lessor succeeds to the interest of Landlord hereunder (or, in the case of the Office Tower Parcel or the Garage, the owner thereof) under such ground lease. No such ground lease shall materially adversely affect Tenant’s rights under Notwithstanding any provision of this Lease to the contrary, Landlord hereby represents and warrants to Tenant that the Permitted Use of the Premises as contemplated in this Lease is, and at all times during the Term, shall be, permitted and that the Permitted Use does not violate any of the terms, provisions or have a material adverse effect conditions of the Existing Ground Lease or the limitations on Tenant the permitted uses set forth in the 121A Designation (including by increasing as defined in the Operating Expenses or Landlord’s Tax Expenses or other charges for which Tenant may become liable or responsible hereunder)Existing Ground Lease) affecting the Land.
Appears in 1 contract