Severance Leases. If Tenant has assigned a portion of the Project to a Permitted Transferee upon satisfaction of the terms and conditions set forth in Article 10 of this Lease, then at Tenant’s request, and at Tenant’s sole cost and expense, Landlord shall sever this Lease into (x) a lease demising separately the portion of the Premises on which a Building is to be constructed (the “Parcel Lease”), and (y) a lease for the balance of the Premises (the “Balance Lease”). The Severance Lease and the Balance Lease shall be executed and delivered simultaneously with the closing of a construction loan or other financing for the construction of the Project located on the premises demised under the Parcel Lease. The Parcel Lease shall be on all of the terms and conditions of this Lease, mutatis mutandis, and shall also provide as follows:
Severance Leases. In the event Landlord (or the applicable fee owning Landlord entity with respect to any individual Facility) desires to sell or otherwise transfer the Leased Property with respect to a Facility (in whole, but not in part, and subject to exclusions for assets not capable of being transferred which in the aggregate are de minimis) to a third party (other than in connection with HLV Landlord’s sale of the Leased Property (HLV) to Affiliates of Tenant as a result of such Affiliates’ exercise of their repurchase right in accordance with the terms and conditions of Section 4 of the Convention Center Put-Call Agreement) or to an Affiliate(s) of Landlord (or in connection with a sale, assignment, transfer or conveyance of the Leased Property with respect to an individual Facility as described in Section 18.1(i)(b) above), the applicable operating Tenant entity(ies) with respect to such Facility and the new owner of such Facility shall (subject to Section 18.1) enter into a Severance Lease with respect to such Facility, in accordance with the following provisions:
Severance Leases. This Lease shall be modified at Tenant's request at any time after Substantial Completion of the Initial Renovation Work by subtracting from the Premises a Severable Premises, in each case without Landlord’s prior consent, subject to the provisions of this Section 10.8 (a "Severance"), provided that a Severance that subtracts only the entire Upland Premises from the Premises may be undertaken prior to Substantial Completion of the Initial Renovation Work. Landlord shall not unreasonably withhold its consent to a Severance prior to Substantial Completion of the Initial Renovation Work in connection with a lease to an Anchor Tenant where the proposed Anchor Tenant desires to commence the build-out of its premises prior to, and on a parallel schedule with, Xxxxxx’s efforts to achieve Substantial Completion of the Initial Renovation Work.
Severance Leases. At any time after (i) Substantial Completion of both the Initial Renovation Work and the Tin Building Work and (ii) repayment and delivery of reasonable evidence of satisfaction of any EB-5 Financing (unless otherwise approved by Landlord in its sole discretion), this Lease shall be modified at Tenant's request by subtracting from the Premises a Severable Premises, in each case upon Landlord’s reasonable consent and subject to the provisions of this Section 10.8 (a "Severance").
Severance Leases. (a) Notwithstanding anything to the contrary contained in this Agreement or in any First Mortgage SNDA, without any further action by First Lien Agent, each of First Lien Agent, each Tenant and each Landlord consents to any Severance Lease entered into in accordance with Article XVIII of the Lease (and pursuant to Section 5(b) of each Second Mortgage SNDA) which results from a foreclosure under a Second Mortgage and acknowledges that each such Severance Lease shall constitute a Severance Lease for all purposes of the Lease (including Section 18.2 of the Lease).
Severance Leases. Subject to Section 63.2 below, Landlord shall from time to time, after request by Xxxxxx, enter into no more than five (5) severance leases for portions of the Premises (each, a "Severance Lease") that, along with this Lease (which shall remain in full force and effect (although with a reduced premises) despite such severance(s)), collectively cover the entire Premises demised hereunder. Any such Severance Lease shall be with Tenant or one (1) or more designees of Tenant and shall be on terms substantially similar to those hereof, with it being recognized, however, that each Severance Lease shall (i) reflect the premises demised thereunder,
Severance Leases. The Parties expressly agree that no severance of this Lease and/or the Premises shall at any time interrupt, cancel, terminate or otherwise affect the leasehold created by this Lease, the Parties hereby covenanting that it is their mutual desire and intent with respect to the Severance Leases to separate the leasehold created hereby into separate leaseholds and to allocate various portions of the Premises demised hereunder to such separate leaseholds.
