Common use of Severance Rights Clause in Contracts

Severance Rights. Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities (each, a “Severed Property”). If Lessor shall desire to sever this Lease pursuant to this Section 25.2, Lessor shall deliver written notice (each, a “Severance Notice”) to Lessee not less than ten (10) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a “Severance Date”). The Severance Notice shall specify the Severed Property and the Severance Date. Effective upon a Severance Date, the applicable Severed Property shall no longer be part of the Leased Property under this Lease and such Severed Property shall be deemed to be and shall be leased by Lessor to Lessee for the amount of Rent allocable to such Severed Property pursuant to a separate lease (a “Severed Lease”) upon the same terms and conditions as provided in this Lease (except for such provisions as by their terms are not applicable to such Severed Property); it being agreed, however, that the liability of the applicable lessor under the Severed Lease shall be limited to such lessor’s interest in the Severed Property. Effective upon the Severance Date, the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property. Effective on the Severance Date, the parties shall enter into the Severed Lease and an amendment of this Lease to reflect such property severance. For so long as Lessor under this Lease shall be the lessor under a Severed Lease, any Event of Default under such Severed Lease shall constitute an Event of Default under this Lease, and any Event of Default under this Lease shall constitute an Event of Default under such Severed Lease. Lessor will prepare the Severed Lease and an amendment to this Lease with respect to each Severed Property consistent with the provisions of this Section 25.2 and the parties agree to execute and deliver or cause to be executed and delivered. Contemporaneous with the execution of the Severed Lease and amendment to this Lease, the Sublease shall be amended accordingly to reflect any such property severance and to include such Severed Property, subject to the Severed Lease, as a portion of the “Leased Property” under the Sublease.

Appears in 1 contract

Samples: Lease Agreement (Medical Properties Trust Inc)

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Severance Rights. Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time time, cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities of the Properties (each, a “Severed Property”). If Lessor shall desire to sever this Lease pursuant to this Section 25.230.2, Lessor shall deliver written notice (each, a “Severance Notice”) to Lessee not less than ten thirty (1030) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a “Severance Date”). The Severance Notice shall specify the Severed Property and the Severance Date. Effective upon a Severance Date, the applicable Severed Property shall no longer be part of the Leased Property under this Lease and such Severed Property shall be deemed to be and shall be leased by Lessor to Lessee for the amount of Rent allocable to such Severed Property pursuant to a separate lease (a “Severed Lease”) upon the same terms and conditions as provided in this Lease (except for such provisions as by their terms are not applicable to such Severed Property); it being agreed, however, that the liability of the applicable lessor under the Severed Lease shall be limited to such lessor’s interest in the Severed Property. The portion of the Base Rent allocable to the Severed Property shall be the Allocated Base Rent for such Severed Property. Effective upon the Severance Date, (a) the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property. Effective on the Severance Date, and (b) the parties shall enter into the Severed Lease and Lease, an amendment of this Lease, an amendment of the applicable other Obligation Documents that assures that Lessor receives a guaranty of payment and performance and security deposits for both the Severed Lease and this Lease as so amended, comparable to the Guaranty and Allocated Deposit existing for such Severed Property prior to the severance (the “Other Credit Enhancements”), and any reasonably necessary amendment to an Intercreditor Agreement to reflect such property severancethe Severed Lease. For so long as Lessor under this Lease shall be the lessor under a Severed Lease, any such Severed Lease and the related Other Credit Enhancements shall be deemed “Obligation Documents” for all purposes under this Lease, any Event of Default under such Severed Lease or Other Credit Enhancements shall constitute an Event of Default under this Lease, and any Event of Default under this Lease or the other Obligation Documents shall constitute an Event of Default under such Severed Lease. Lessor will prepare the Severed Lease, the Other Credit Enhancements, the Lease and an amendment and, if necessary, the amendments to this Lease the other applicable Obligation Documents with respect to each Severed Property consistent with the provisions of this Section 25.2 30.2 and the parties agree to execute and deliver or cause to be executed and delivered. Contemporaneous with the execution of the Severed Lease and amendment to this Lease, the Sublease shall be amended accordingly to reflect any such property severance and to include such Severed Property, subject to the Severed Lease, as a portion of the “Leased Property” under the Sublease.

Appears in 1 contract

Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)

Severance Rights. Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities (each, a “Severed Property”). If Lessor shall desire to sever this Lease pursuant to this Section 25.229.2, Lessor shall deliver written notice (each, a “Severance Notice”) to Lessee not less than ten fifteen (1015) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a “Severance Date”). The Severance Notice shall specify the Severed Property and the Severance Date. Effective upon a Severance Date, the applicable Severed Property shall no longer be part of the Leased Property under this Lease and such Severed Property shall be deemed to be and shall be leased by such Lessor to Lessee for the amount of Rent allocable to such Severed Property pursuant to a separate lease (a “Severed Lease”) upon the same terms and conditions as provided in this Lease (except for such provisions as by their terms are not applicable to such Severed Property); it being agreed, however, that the liability of the applicable lessor under the Severed Lease shall be limited to such lessorLessor’s interest in the Severed Property. Effective upon the Severance Date, the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property. Effective on the Severance Date, the parties shall enter into the Severed Lease Lease, and an amendment of this Lease, an amendment of the applicable Other Agreements that assures that Lessor receives Credit Enhancements for both the Severed Lease and this Lease as so amended, comparable to reflect such property that existing prior to the severance. For so long as Lessor under this Lease shall be the lessor under a Severed Lease, any such Severed Lease and the related Credit Enhancements shall be deemed “Other Agreements” for all purposes under this Lease, any Event of Default under such Severed Lease or such Credit Enhancements shall constitute an Event of Default under this Lease, and any Event of Default under this Lease or such Other Agreements shall constitute an Event of Default under such Severed Lease. Lessor will prepare the Severed Lease, the Credit Enhancements, the Lease and an amendment and, if necessary, the amendments to this Lease the applicable Other Agreements with respect to each Severed Property consistent with the provisions of this Section 25.2 29.2 and the parties agree to execute and deliver or cause to be executed and delivered. Contemporaneous with the execution of the Severed Lease and amendment to this Lease, the Sublease shall be amended accordingly to reflect any such property severance and to include such Severed Property, subject to the Severed Lease, as a portion of the “Leased Property” under the Sublease.

Appears in 1 contract

Samples: Master Lease Agreement (Adeptus Health Inc.)

Severance Rights. Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time (including, without limitation, in connection with a partial assignment under Section 30.1 hereof) cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities of the Properties (each, a “Severed Property”). If Lessor shall desire to sever this Lease pursuant to this Section 25.230.2, Lessor shall deliver written notice (each, a “Severance Notice”) to Lessee not less than ten thirty (1030) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a “Severance Date”). The Severance Notice shall specify the Severed Property and the Severance Date. Effective upon a Severance Date, the applicable Severed Property shall no longer be part of the Leased Property under this Lease and such Severed Property shall be deemed to be and shall be leased by Lessor (or an assignee of Lessor) to Lessee for the amount of Rent allocable to such Severed Property pursuant to a separate lease (a “Severed Lease”) upon the same terms and conditions as provided in this Lease (except for such provisions as by their terms are not applicable to such Severed Property); it being agreed, however, that the liability of the applicable lessor under the Severed Lease shall be limited to such lessor’s interest in the Severed Property. The portion of the Base Rent allocable to the Severed Property shall be the Allocated Base Rent for such Severed Property. Effective upon the Severance Date, (a) the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property. Effective on the Severance Date, and (b) the parties shall enter into the Severed Lease and Lease, an amendment of this Lease, an amendment of the applicable other Obligation Documents that assures (i) that Lessor continues to receive the benefits currently provided by such Obligations Documents for this Lease as so amended, and (ii) Lessor (or Lessor’s assignee) also receives the benefit of such items (the “Other Credit Enhancements”) under and with respect to reflect such property severancethe Severed Lease. For so long as Lessor under this Lease shall be the lessor under a Severed Lease, any such Severed Lease and the related Other Credit Enhancements shall be deemed “Obligation Documents” for all purposes under this Lease, any Event of Default under such Severed Lease or Other Credit Enhancements shall constitute an Event of Default under this Lease, and any Event of Default under this Lease or the other Obligation Documents shall constitute an Event of Default under such Severed Lease, and the lessee(s) under the Severed Lease shall be deemed a “Subsidiary” of Xxxxxxx Health for purposes of calculating compliance under Section 16.1(j) and (k) and the same or comparable covenant under the Mortgage Loan Agreement. Lessor will prepare the Severed Lease, the Other Credit Enhancements, the Lease and an amendment and, if necessary, the amendments to this Lease the other applicable Obligation Documents with respect to each Severed Property consistent with the provisions of this Section 25.2 30.2 and the parties agree to execute and deliver or cause to be executed and delivered. Contemporaneous with the execution of the Severed Lease and amendment to this Lease, the Sublease shall be amended accordingly to reflect any such property severance and to include such Severed Property, subject to the Severed Lease, as a portion of the “Leased Property” under the Sublease.

Appears in 1 contract

Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)

Severance Rights. Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities (each, a "Severed Property"). If Lessor shall desire to sever this Lease pursuant to this Section 25.229.2, Lessor shall deliver written notice (each, a "Severance Notice") to Lessee not less than ten fifteen (1015) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a "Severance Date"). The Severance Notice shall specify the Severed Property and the Severance Date. Effective upon a Severance Date, 62 the applicable Severed Property shall no longer be part of the Leased Property under this Lease and such Severed Property shall be deemed to be and shall be leased by such Lessor to Lessee for the amount of Rent allocable to such Severed Property pursuant to a separate lease (a "Severed Lease") upon the same terms and conditions as provided in this Lease (except for such provisions as by their terms are not applicable to such Severed Property); it being agreed, however, that the liability of the applicable lessor under the Severed Lease shall be limited to such lessor’s Lessor's interest in the Severed Property. Effective upon the Severance Date, the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property. Effective on the Severance Date, the parties shall enter into the Severed Lease Lease, and an amendment of this Lease, an amendment of the applicable Other Agreements that assures that Lessor receives Credit Enhancements for both the Severed Lease and this Lease as so amended, comparable to reflect such property that existing prior to the severance. For so long as Lessor under this Lease shall be the lessor under a Severed Lease, any such Severed Lease and the related Credit Enhancements shall be deemed "Other Agreements" for all purposes under this Lease, any Event of Default under such Severed Lease or such Credit Enhancements shall constitute an Event of Default under this Lease, and any Event of Default under this Lease or such Other Agreements shall constitute an Event of Default under such Severed Lease. Lessor will prepare the Severed Lease, the Credit Enhancements, the Lease and an amendment and, if necessary, the amendments to this Lease the applicable Other Agreements with respect to each Severed Property consistent with the provisions of this Section 25.2 29.2 and the parties agree to execute and deliver or cause to be executed and delivered. Contemporaneous with the execution of the Severed Lease and amendment to this Lease, the Sublease shall be amended accordingly to reflect any such property severance and to include such Severed Property, subject to the Severed Lease, as a portion of the “Leased Property” under the Sublease.

Appears in 1 contract

Samples: Master Funding and Development Agreement (Adeptus Health Inc.)

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Severance Rights. Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities of the Properties (each, a “Severed Property”). If Lessor shall desire to sever this Lease pursuant to this Section 25.230.2, Lessor shall deliver written notice (each, a “Severance Notice”) to Lessee not less than ten thirty (1030) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a “Severance Date”). The Severance Notice shall specify the Severed Property and the Severance Date. Effective upon a Severance Date, the applicable Severed Property shall no longer be part of the Leased Property under this Lease and such Severed Property shall be deemed to be and shall be leased by Lessor to Lessee for the amount of Rent allocable to such Severed Property pursuant to a separate lease (a “Severed Lease”) upon the same terms and conditions as provided in this Lease (except for such provisions as by their terms are not applicable to such Severed Property); it being agreed, however, that the liability of the applicable lessor under the Severed Lease shall be limited to such lessor’s interest in the Severed Property. The portion of the Base Rent allocable to the Severed Property shall be the Allocated Base Rent for such Severed Property. Effective upon the Severance Date, the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property. Effective on the Severance Date, the parties shall enter into the Severed Lease Lease, and an amendment of this Lease, and an amendment of the applicable other Obligation Documents that assures that Lessor receives security and credit enhancements for both the Severed Lease and this Lease as so amended, comparable to reflect such property severancethat existing prior to the severance (the “Other Credit Enhancements”). For so long as Lessor under this Lease shall be the lessor under a Severed Lease, any such Severed Lease and the related Other Credit Enhancements shall be deemed “Obligation Documents” for all purposes under this Lease, any Event of Default under such Severed Lease or Other Credit Enhancements shall constitute an Event of Default under this Lease, and any Event of Default under this Lease or the other Obligation Documents shall constitute an Event of Default under such Severed Lease. Lessor will prepare the Severed Lease, the Other Credit Enhancements, the Lease and an amendment and, if necessary, the amendments to this Lease the other applicable Obligation Documents with respect to each Severed Property consistent with the provisions of this Section 25.2 30.2 and the parties agree to execute and deliver or cause to be executed and delivered. Contemporaneous with the execution of the Severed Lease and amendment to this Lease, the Sublease shall be amended accordingly to reflect any such property severance and to include such Severed Property, subject to the Severed Lease, as a portion of the “Leased Property” under the Sublease.

Appears in 1 contract

Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)

Severance Rights. Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities (each, a "Severed Property"). If Lessor shall desire to sever this Lease pursuant to this Section 25.229.2, Lessor shall deliver written notice (each, a "Severance Notice") to Lessee not less than ten fifteen (1015) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a "Severance Date"). The Severance Notice shall specify the Severed Property and the Severance Date. Effective upon a Severance Date, the applicable Severed Property shall no longer be part of the Leased Property under this Lease and such Severed Property shall be deemed to be and shall be leased by such Lessor to Lessee for the amount of Rent allocable to such Severed Property pursuant to a separate lease (a "Severed Lease") upon the same terms and conditions as provided in this Lease (except for such provisions as by their terms are not applicable to such Severed Property); it being agreed, however, that the liability of the applicable lessor under the Severed Lease shall be limited to such lessor’s Lessor's interest in the Severed Property. Effective upon the Severance Date, the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property. Effective on the Severance Date, the parties shall enter into the Severed Lease Lease, and an amendment of this Lease, an amendment of the applicable Other Agreements that assures that Lessor receives Credit Enhancements for both the Severed Lease and this Lease as so amended, comparable to reflect such property that existing prior to the severance. For so long as Lessor under this Lease shall be the lessor under a Severed Lease, any such Severed Lease and the related Credit Enhancements shall be deemed "Other Agreements" for all purposes under this Lease, any Event of Default under such Severed Lease or such Credit Enhancements shall constitute an Event of Default under this Lease, and any Event of Default under this Lease or such Other Agreements shall constitute an Event of Default under such Severed Lease. Lessor will prepare the Severed Lease, the Credit Enhancements, the Lease and an amendment and, if necessary, the amendments to this Lease the applicable Other Agreements with respect to each Severed Property consistent with the provisions of this Section 25.2 29.2 and the parties agree to execute and deliver or cause to be executed and delivered. Contemporaneous with the execution of the Severed Lease and amendment to this Lease, the Sublease shall be amended accordingly to reflect any such property severance and to include such Severed Property, subject to the Severed Lease, as a portion of the “Leased Property” under the Sublease.

Appears in 1 contract

Samples: Master Funding and Development Agreement (Adeptus Health Inc.)

Severance Rights. Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities (each, a “Severed Property”). If Lessor shall desire to sever this Lease pursuant to this Section 25.230.2, Lessor shall deliver written notice (each, a “Severance Notice”) to Lessee not less than ten fifteen (1015) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a “Severance Date”). The Severance Notice shall specify the Severed Property and the Severance Date. Effective upon a Severance Date, the applicable Severed Property shall no longer be part of the Leased Property under this Lease and such Severed Property shall be deemed to be and shall be leased by such Lessor to Lessee for the amount of Rent allocable to such Severed Property pursuant to a separate lease (a “Severed Lease”) upon the same terms and conditions as provided in this Lease (except for such provisions as by their terms are not applicable to such Severed Property); it being agreed, however, that the liability of the applicable lessor under the Severed Lease shall be limited to such lessorLessor’s interest in the Severed Property. Effective upon the Severance Date, the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property. Effective on the Severance Date, the parties shall enter into the Severed Lease Lease, and an amendment of this Lease, an amendment of the applicable other Lease Documents and Prime Obligation Documents that assures that Lessor receives security and credit enhancements for both the Severed Lease and this Lease as so amended, comparable to reflect such property severancethat existing prior to the severance (the “Other Credit Enhancements”). For so long as Lessor under this Lease shall be the lessor under a Severed Lease, any such Severed Lease and the related Other Credit Enhancements shall be deemed “Prime Obligation Documents” for all purposes under this Lease, any Event of Default under such Severed Lease or Other Credit Enhancements shall constitute an Event of Default under this Lease, and any Event of Default under this Lease or the other Prime Obligation Documents shall constitute an Event of Default under such Severed Lease. Lessor will prepare the Severed Lease, the Other Credit Enhancements, the Lease amendment and, if necessary, the amendments to the applicable other Lease Documents and an amendment to this Lease Prime Obligation Documents with respect to each Severed Property consistent with the provisions of this Section 25.2 30.2 and the parties agree to execute and deliver or cause to be executed and delivered. Contemporaneous with the execution of the Severed Lease and amendment to this Lease, the Sublease shall be amended accordingly to reflect any such property severance and to include such Severed Property, subject to the Severed Lease, as a portion of the “Leased Property” under the Sublease.

Appears in 1 contract

Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)

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