Seller Lease. A lease in the form of Exhibit F attached hereto and incorporated herein by this reference (the “Seller Lease”) duly executed by Seller;
Seller Lease. The Seller Lease duly executed by Purchaser.
Seller Lease. Seller and Purchaser agree to act in good faith to agree upon the terms and conditions of a triple net lease between Seller, as tenant, and Purchaser, as landlord, for approximately 101,000 square feet of space on the Property (the “Seller Lease”), which terms and conditions will include, but shall not be limited to (i) a lease term of three (3) years beginning with the date of Closing, (ii) base rent equal to $8.00 per leasable square foot of space on a triple net basis, with Seller being responsible for all its proportionate share of operating costs, including, without limitation, utilities, real estate taxes and insurance and all maintenance and repair costs (including elevators) except that Purchaser shall be responsible for roof repair and maintenance and all other capital repairs or replacements (including floors, slabs, foundations and structural elements of the Property), and (iii) an agreement by Purchaser that it will not intentionally take any action that would materially adversely impact Seller’s business during the lease term (with the understanding that Seller, as tenant, is solely responsible for compliance with all laws, rules and regulations applicable to its business). In order to secure Seller’s obligations under the Lease, Seller shall deliver to Purchaser at Closing an irrevocable letter of credit in the face amount of Two Million Eight Hundred Thousand Dollars ($2,800,000) issued by a financial institution and in form and substance acceptable to Purchaser (the “Letter of Credit”). The Letter of Credit shall remain in place for the term of the Seller Lease and may be drawn by Purchaser in the event of Seller’s failure to comply with its obligations under the Seller Lease or in the event that the Letter of Credit is not renewed within thirty (30) days of any expiration thereof. Provided no default has occurred under the Seller Lease, the face amount of the Letter of Credit may be reduced to Two Million Dollars ($2,000.000) on the first anniversary of the date of the Seller Lease and to One Million Dollars ($1,000,000) on the second anniversary of the date of the Seller Lease.
Seller Lease. Seller desires to continue to lease a portion of the Property, as shown on Exhibit C attached hereto and incorporated herein by reference (the “Lease Property”), to continue the storage and maintenance of Winston-Salem Forsyth County School System’s school buses and vehicles and related office space on the Lease Property after Closing for a period not to exceed two (2) years from issuance of Buyer’s certificate of occupancy for the first phase of its development of the Property. Buyer agrees to lease the Lease Property back to the Seller pursuant to a lease for the purpose set forth above, the form of which is attached hereto as Exhibit D (the “Lease”).
Seller Lease. Purchaser agrees to lease a portion of the Project to Seller to be use as a Senior Center and a portion of the parking lot for use by the public for access to the Town Parcel and the Senior Center, upon such terms and conditions set forth in that certain Lease Letter of Intent dated as of September _, 2024, a copy of which is attached hereto as Exhibit B and incorporated herein (the “LOI”). At Closing, Purchaser and Seller shall execute and deliver a lease agreement which incorporates the terms and conditions set forth in the LOI and such other terms and conditions as are reasonably agreed upon by the parties and approved by the governing body of the Seller in accordance with Section 18(a) (the “Seller Lease”). If the parties cannot agree upon the Seller Lease by December 31, 2025, then either party to this Agreement shall have the right to terminate this Agreement by written notice to the other party, and thereupon this Agreement shall be void with no recourse to the parties except those provisions which expressly survive termination of this Agreement and the Deposit shall be returned to Purchaser.
Seller Lease. As a material inducement for Seller and Purchaser to enter into this Agreement, the parties agree to execute and deliver at Closing a lease in the form annexed hereto as Exhibit H between Purchaser, as landlord, and Seller, as tenant (the “Seller Lease”), pursuant to which Purchaser shall lease back to Seller the portion of the Property described in the Seller Lease (the “Leaseback Premises”) for a five (5) year term commencing on the date of Closing, subject to and in accordance with the terms and provisions set forth in the Seller Lease. Seller shall use commercially reasonable efforts to obtain necessary permits for, and construct prior to Closing, an interior demising wall for Leaseback Premises and cause the Leaseback Premises to be separately metered for electricity at Seller’s expense (collectively, the Demising Work”). If after reasonable efforts, Seller is unable to complete the Demising Work prior to Closing, the Seller Lease shall contain a provision (i) requiring Seller to complete the Demising Work within 60 days after the commencement date of the Seller Lease, and (ii) if Seller fails to do so, Purchaser shall have the right to complete the Demising Work and Seller shall reimburse Purchaser for the actual, reasonable cost thereof as “Additional Rent.” [signatures on next page]
Seller Lease. Buyer agrees and acknowledges that Seller shall lease back the entire property for one (1) year following the Closing to complete a relocation from the Property to a new operating facility on the terms and conditions of the lease attached hereto as Exhibit F (“Seller Lease”). As set forth in the Seller Lease, Seller shall have two (2) options to extend the Seller Lease for six (6) months each (each a “Seller Lease Extensions”). To exercise a Seller Lease Extension per the terms of the Seller Lease, Seller must deliver written notice of its desire to exercise its option no later than ninety (90) days prior to the then existing expiration date of the Seller Lease. In addition, the Seller Lease includes an option for Seller to extend the term of the Seller Lease on Building 2 only for five (5) years following either the expiration of the initial one (1) year term of the Seller Lease or the end of the last exercised Seller Lease Extension, whichever is later, in accordance with the terms of the Seller Lease (the “Building 2 Lease Option”) which must be exercised by Seller by written notice delivered to Buyer no later than ninety (90) days prior to the time such option would take effect. For the purposes of this Agreement, the end of the term of the Seller Lease shall be referred to herein as the “Seller Relocation Date” (provided that with respect to Building 2, the Seller Relocation Date with respect to Building 2 only shall be the end of the term of the Building 2 Lease Option, if such option is exercised by Seller).
Seller Lease. Exhibit B-3 attached to the Original Agreement is hereby replaced with Exhibit B-3 attached to this Amendment.
Seller Lease. Prior to the Closing, the Company shall assign and transfer to Seller, by a recordable deed in appropriate form, the real property presently owned by the Company in Indianapolis, Indiana on which the Woodview Trace building is situated, whereupon the Seller shall receive all right, title and interest to such real property. At the Closing, Seller and the Company shall enter into a mutually acceptable lease agree- ment (the "Seller Lease") relating to the lease by the Company from Seller of the Woodview Trace property and building, with substantially the terms set forth on Exhibit B hereto.
Seller Lease. Purchaser and Seller shall have agreed upon all of the terms and conditions of a lease for approximately 38,000 to 43,000 square feet at 10260 and 10220 Xxxxxxxx Xxxxxx Xxxx xx the Property ("Seller Lease"). Purchaser and Seller hereby covenant and agree to use diligent efforts and to negotiate in good faith to agree upon the final form of the Seller Lease as soon as possible after the Agreement Date.
