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. (a) A Severance shall not become effective until a lease for a Severable Premises (the "Severance Lease") has been executed. Should Severance occur prior to Substantial Completion of the Tenant Work, Tenant shall remain as tenant under both the Severance Lease and this Lease until such time as Substantial Completion of the Tenant Work occurs, whereupon Tenant may Transfer the Severance Lease in accordance with this Article 10. (b) The Severance Lease shall apportion Rental (including the Esplanade Payment) and maintenance obligations between the Severance Lease and this Lease on the basis of the fair market rental value of the premises under the Severance Lease in relation to the fair market rental value of the Premises, as such values are set forth in an appraisal to be conducted no more than six (6) months prior to Severance. The scope of said appraisal shall be prepared by Lease Administrator in accordance with its policies and reviewed and approved by Tenant, in its reasonable discretion. Such appraisal shall be conducted in the manner provided in Article 356 hereof. (c) If this Lease shall expire or otherwise terminate, the same shall not result in the expiration or termination of, or otherwise affect the Severance Lease. The expiration or other termination of the Severance Lease shall not result in the expiration or termination of, or otherwise affect, this Lease. (d) In the event that Tenant elects to create a Severance Lease, Landlord will reasonably cooperate with Tenant to implement such Severance Lease including, without limitation, by executing any necessary reciprocal easement and operating agreements and a recognition and subordination agreement in favor of the Person subleasing the space pursuant to such Severance Lease.
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Severance Leases. This 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 modified at Tenant's request at any time after Substantial Completion executed and delivered simultaneously with the closing of a construction loan or other financing for the construction of the Initial Renovation Work by subtracting from Project located on the Premises a Severable Premises, in each case without Landlord’s prior consent, subject to premises demised under the provisions Parcel Lease. The Parcel Lease shall be on all of the terms and conditions of this Section 10.8 (a "Severance")Lease, 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 tomutatis mutandis, and on a parallel schedule with, Xxxxxx’s efforts to achieve Substantial Completion of the Initial Renovation Work.shall also provide as follows:
(a) A Severance Rental shall not become effective until be divided between the Parcel Lease and the Balance Lease in a lease for a Severable Premises (proportion as requested by Tenant, provided, however, in no event shall the "Severance Lease") has been executed. Should Severance occur prior Rental under the Parcel Lease be lesser in proportion to Substantial Completion the entire Rental hereunder than the proportion that the Floor Area of the Tenant Work, Tenant shall remain as tenant under both Project to be located on the Severance Parcel Lease and this Lease until such time as Substantial Completion of bears to the Tenant Work occurs, whereupon Tenant may Transfer Floor Area appurtenant to the Severance Lease in accordance with this Article 10entire Premises.
(b) The Severance Parcel Lease and the Balance Lease shall apportion Rental (including the Esplanade Payment) and maintenance obligations between the Severance Lease and this Lease on the basis of the fair market rental value of the premises under the Severance Lease in relation to the fair market rental value of the Premises, as such values are set forth in an appraisal to not be conducted no more than six (6) months prior to Severance. The scope of said appraisal shall be prepared by Lease Administrator in accordance with its policies and reviewed and approved by Tenant, in its reasonable discretion. Such appraisal shall be conducted in the manner provided in Article 356 hereofcross-defaulted.
(c) If this Lease The Completion Guaranty (Affordable Housing – Senior) shall expire or otherwise terminateremain in effect upon the terms described therein, the same shall not result in the expiration or termination ofexcept that such guaranty may, or otherwise affect the Severance Lease. The expiration or other termination of the Severance Lease shall not result in the expiration or termination ofat Tenant’s request, or otherwise affect, this be severed into separate guaranties with respect to each Lease.
(d) In Tenant shall pay to Landlord within ten (10) Business Days following demand all of Landlord’s costs and expenses incurred in connection with the event that Tenant elects to create a Severance Lease, Landlord will reasonably cooperate with Tenant to implement such Severance severance of this Lease including, without limitation, by executing any necessary reciprocal easement and operating agreements and a recognition and subordination agreement in favor of the Person subleasing the space pursuant to such Severance LeaseLandlord’s other actions incident thereto.
Appears in 1 contract
Samples: Ground Lease
Severance Leases. This 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 modified at Tenant's request at any time after Substantial Completion executed and delivered simultaneously with the closing of a construction loan or other financing for the construction of the Initial Renovation Work by subtracting from Project located on the Premises a Severable Premises, in each case without Landlord’s prior consent, subject to premises demised under the provisions Parcel Lease. The Parcel Lease shall be on all of the terms and conditions of this Section 10.8 (a "Severance")Lease, 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 tomutatis mutandis, and on a parallel schedule with, Xxxxxx’s efforts to achieve Substantial Completion of the Initial Renovation Work.shall also provide as follows:
(a) A Severance Rental shall not become effective until be divided between the Parcel Lease and the Balance Lease in a lease for a Severable Premises (proportion as requested by Tenant, provided, however, in no event shall the "Severance Lease") has been executed. Should Severance occur prior Rental under the Parcel Lease be lesser in proportion to Substantial Completion the entire Rental hereunder than the proportion that the Floor Area of the Tenant Work, Tenant shall remain as tenant under both Project to be located on the Severance Parcel Lease and this Lease until such time as Substantial Completion of bears to the Tenant Work occurs, whereupon Tenant may Transfer Floor Area appurtenant to the Severance Lease in accordance with this Article 10entire Premises.
(b) The Severance Parcel Lease and the Balance Lease shall apportion Rental (including the Esplanade Payment) and maintenance obligations between the Severance Lease and this Lease on the basis of the fair market rental value of the premises under the Severance Lease in relation to the fair market rental value of the Premises, as such values are set forth in an appraisal to not be conducted no more than six (6) months prior to Severance. The scope of said appraisal shall be prepared by Lease Administrator in accordance with its policies and reviewed and approved by Tenant, in its reasonable discretion. Such appraisal shall be conducted in the manner provided in Article 356 hereofcross-defaulted.
(c) If this Lease The Completion Guaranty (Affordable Housing – Senior) shall expire or otherwise terminateremain in effect upon the terms described therein, the same shall not result in the expiration or termination ofexcept that such guaranty may, or otherwise affect the Severance Lease. The expiration or other termination of the Severance Lease shall not result in the expiration or termination ofat Tenant’s request, or otherwise affect, this be severed into separate guaranties with respect to each Lease.
(d) In Tenant shall pay to Landlord within ten (10) Business Days following demand all of Landlord’s costs and expenses incurred in connection with the event that Tenant elects to create a Severance Lease, Landlord will reasonably cooperate with Tenant to implement such Severance severance of this Lease including, without limitation, by executing any necessary reciprocal easement and operating agreements and a recognition and subordination agreement in favor of the Person subleasing the space pursuant to such Severance LeaseXxxxxxxx’s other actions incident thereto.
Appears in 1 contract
Samples: Ground Lease
Severance Leases. This 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 modified at Tenant's request at any time after Substantial Completion executed and delivered simultaneously with the closing of a construction loan or other financing for the construction of the Initial Renovation Work by subtracting from Project located on the Premises a Severable Premises, in each case without Landlord’s prior consent, subject to premises demised under the provisions Parcel Lease. The Parcel Lease shall be on all of the terms and conditions of this Section 10.8 (a "Severance")Lease, 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 tomutatis mutandis, and on a parallel schedule with, Xxxxxx’s efforts to achieve Substantial Completion of the Initial Renovation Work.shall also provide as follows:
(a) A Severance Rental shall not become effective until be divided between the Parcel Lease and the Balance Lease in a lease for a Severable Premises (proportion as requested by Xxxxxx, provided, however, in no event shall the "Severance Lease") has been executed. Should Severance occur prior Rental under the Parcel Lease be lesser in proportion to Substantial Completion the entire Rental hereunder than the proportion that the Floor Area of the Tenant Work, Tenant shall remain as tenant under both Project to be located on the Severance Parcel Lease and this Lease until such time as Substantial Completion of bears to the Tenant Work occurs, whereupon Tenant may Transfer Floor Area appurtenant to the Severance Lease in accordance with this Article 10entire Premises.
(b) The Severance Parcel Lease and the Balance Lease shall apportion Rental (including the Esplanade Payment) and maintenance obligations between the Severance Lease and this Lease on the basis of the fair market rental value of the premises under the Severance Lease in relation to the fair market rental value of the Premises, as such values are set forth in an appraisal to not be conducted no more than six (6) months prior to Severance. The scope of said appraisal shall be prepared by Lease Administrator in accordance with its policies and reviewed and approved by Tenant, in its reasonable discretion. Such appraisal shall be conducted in the manner provided in Article 356 hereofcross-defaulted.
(c) If this Lease The Completion Guaranty (Affordable Housing – Family) shall expire or otherwise terminateremain in effect upon the terms described therein, the same shall not result in the expiration or termination ofexcept that such guaranty may, or otherwise affect the Severance Lease. The expiration or other termination of the Severance Lease shall not result in the expiration or termination ofat Tenant’s request, or otherwise affect, this be severed into separate guaranties with respect to each Lease.
(d) In Tenant shall pay to Landlord within ten (10) Business Days following demand all of Landlord’s costs and expenses incurred in connection with the event that Tenant elects to create a Severance Lease, Landlord will reasonably cooperate with Tenant to implement such Severance severance of this Lease including, without limitation, by executing any necessary reciprocal easement and operating agreements and a recognition and subordination agreement in favor of the Person subleasing the space pursuant to such Severance LeaseXxxxxxxx’s other actions incident thereto.
Appears in 1 contract
Samples: Ground Lease
