SALE OF LEASED PREMISES. In the event of a sale or pending sale of the Residential Community or in the event Owner, new owner, lender, or lender's receiver must obtain possession of the Leased Premises in order to redevelop, renovate, or demolish the Leased Premises or any portion of the Residential Community, Residents agree that Owner, new owner, lender, or lender's receiver shall have the right to terminate this Agreement upon sixty (60) days written notice.
SALE OF LEASED PREMISES. In the event of any sale of the Leased Premises, Landlord shall be and is hereby entirely freed and relieved of, all liability under any and all of its covenants and obligations contained in or derived from this Lease arising out of any act, occurrence or omission occurring after the consummation of such sale; and the purchaser, at such sale or any subsequent sale of the Leased Premises shall be deemed, without any further agreement between the parties or their successors in interest or between the parties and any such purchaser, to have assumed and agreed to carry out any and all of the covenants and obligations of the Landlord under this Lease.
SALE OF LEASED PREMISES. Lessor shall have the right to sell the Leased Premises and the lease shall continue in full force and effect.
SALE OF LEASED PREMISES. (a) If (i) no Event of Default shall have occurred and be continuing and (ii) this Lease Agreement shall not have been earlier terminated, the Lessee may, by irrevocable written notice to the Lessor and the Agent not more than 390 days and not less than 360 prior to the end of the Lease Term, elect to cause all, but not less than all, of the Lease Premises then owned by the Lessor hereunder to be sold as follows:
(i) on the last day of the Lease Term the Lessee shall pay the Lessor the Basic Rent then due and any Supplemental Rent and all other amounts then due and owning hereunder plus the Residual Guaranty Payment as of such date; and
(ii) at, or prior to, the end of the Lease Term, the Lessee shall vacate the Leased Premises and arrange for the sale of the Leased Premises to one or more buyers unrelated to the Lessee or its Affiliates prior to the end of the Lease Term, as the agent of the Lessor, and receipt by the Lessor of the sale proceeds thereof (the Lessee shall pay all expenses of sale) on or before the last day of the Lease Term; provided that the Lessor may designate itself or a third party as sales agent to sell the Leased Premises instead of or in addition to the Lessee. Lessee will use its best efforts to sell the Leased Property for its Fair Market Sales Value. All above payments shall be made on the date the sale proceeds are due and payable to the Lessor. Each of the Leased Premises shall be in substantially the same physical and operating condition as when such Leased Premises were Substantially Complete, capable of being occupied by a third party and otherwise in full compliance with the terms and conditions hereof. Prior to the sale of the Leased Premises pursuant to this Section, at the request of the Lessor, the Lessee will provide (at its own cost and expense) a current "Phase I" environmental assessment of each Leased Premise performed by the Environmental Consultant, the results of which must be satisfactory to the Lessor and each of the Lenders.
(b) Upon receipt by the Lessor of such sale proceeds, the Basic Rent due on the last day of the Lease Term, any Supplemental Rent and all other amounts then due and owing hereunder, the Lessor shall transfer title to the Leased Premises to the purchasers designated by the Lessee on an as-is basis, without any warranty of any kind (other than the absence of Lessor Liens) by, or any recourse of any kind to, the Lessor; and, provided no Event of Default or Default shall exist and be continu...
SALE OF LEASED PREMISES. A sale of the Leased Premises shall relieve Landlord of responsibility for return of its security deposit and the last month's rent deposited with Landlord, and Lessee shall look solely to the purchaser for the return thereof.
SALE OF LEASED PREMISES. A. If the Complex, Building and/or Unit is sold, Tenant agrees that Landlord may transfer Tenant's money and advance rent to the new landlord.
B. Tenant agrees that Landlord will have no duties regarding this Lease after the Complex, Building and/or Unit has been sold.
SALE OF LEASED PREMISES. If the Landlord sells the leased premises or the Building, the Landlord or the purchaser may terminate this Lease upon giving the Tenant ninety days notice.
SALE OF LEASED PREMISES. In the event of a sale or transfer of the Premises and/or substitution of the managing agent thereof, Tenant hereby gives his/her consent to the assignment of this Lease and agrees that the Security Deposit may be transferred to the succeeding owner and/or managing agent whereupon the within-named Landlord and managing agent shall be released from any and all liability for said Security Deposit. Alternatively, Landlord may, in its sole discretion, terminate this Lease by providing Tenant sixty (60) days written notice of such termination; after such sixty
SALE OF LEASED PREMISES. In the event that Landlord desires to sell Leased Premises, Landlord may, in its sole discretion, terminate this Lease by providing Tenant sixty (60) days written notice of such termination; after such sixty (60) day notification period, this Lease shall terminate and both parties shall be released of any ongoing obligations hereunder.
SALE OF LEASED PREMISES. In the event that Landlord sells or conveys leased premises, the rights of Tenant and terms of this lease agreement shall remain in full force and effect during the term of this lease, including rights contained in Exhibit “A” Renewal Option, so long as Tenant shall continue to perform all of the covenants and conditions of this lease. Exhibit “A” – Renewal Option Exhibit “B” – Landlord Improvements Executed this 4th day of August, 2008 TGC Industries, Inc X.X. Xxx Incorporated 000 X. Xxxx Xxxx., Xxxxx 000 0000 Xxxxxxx Xxxxx Plano, Texas 75074 Xxxxxxx, Xxxxx 00000 /s/ Xxxxx X. Xxxxxxxx /s/ Xxxxx X. Xxx Xxxxx X. Xxxxxxxx Xxxxx X. Xxx, President President and CEO Landlord Provided that at the end of the primary term of this lease Tenant is not in default of any term or condition contained in this lease, Tenant shall have the right and option to renew this lease by written notice delivered to Landlord no later than 90 days prior to the expiration of the primary term, for the additional term of five years under the same terms and conditions contained herein, except:
A. The rental for the renewal term shall be based on the base rent of $9,500.00 per month and adjusted annually using the Consumer Price Index (CPI-U US City Average, All Items) published by the U.S. Department of Labor, Bureau of Labor Statistics.
B. Upon notification from Tenant of the exercise of this renewal option. Landlord shall within 15 days thereafter notify Tenant is writing of the proposed rental, as computed in preceding paragraph A, for the renewal term; Tenant shall within 15 days following receipt of same notify Landlord in writing of the acceptance or rejection of the proposed rent. Landlord agrees to build out and install, at Landlord’s expense, and in good and workmanlike manner:
A. Certain walls, doors, flooring, ceilings, offices, storage rooms, and related improvements including applicable electrical wiring, three phase wiring in building 2, air conditioning and related ductwork, lighting including outside lighting for the above mentioned storage yard, as shown on architectural plans previously delivered to Landlord, having the approximate cost of $270,742.40 and included in the monthly rent amount as stated in section 4 above, and,
B. Reinforced concrete driveways capable of withstanding the weight of large trucks, and trailers, including vibroseis trucks.
