Common use of Single, Unitary, Indivisible Lease Clause in Contracts

Single, Unitary, Indivisible Lease. This Master Lease constitutes one single, unitary, indivisible lease of the entirety of the Demised Premises and not separate or severable leases governed by similar terms. The Demised Premises constitutes one indivisible economic unit, and the Base Rent and all other economic and other material lease provisions have been extensively negotiated and agreed to, based on the understanding and agreement of the parties (and each of the parties has entered into this Master Lease in reliance thereon, and it is a material inducement to each of them), that the demise of all of the Demised Premises to Tenant herein is a single, unitary, indivisible, composite, and inseparable transaction. Except as expressly provided in this Master Lease for specific purposes (and then only to the extent so expressly provided), all provisions of this Master Lease apply equally and uniformly to all of the Demised Premises as one indivisible unit. An Event of Default with respect to any portion of the Demised Premises is an Event of Default as to all of the Demised Premises. The parties intend that this Master Lease shall be, and the provisions of this Master Lease shall at all times be construed, interpreted and applied so as to carry out their mutual objective to create, a single, unitary, indivisible lease of all of the Demised Premises and, in particular but without limitation, that, for purposes of 11 U.S.C. Section 365, or any successor or replacement thereof or any analogous state law, or any attempt thereunder to assume, reject or assign this Master Lease in whole or in part, this Master Lease is a single, unitary, indivisible and nonseverable lease and executory contract dealing with one legal and economic unit and that this Master Lease must be assumed, rejected or assigned as a whole with respect to all (and only as to all) of the Demised Premises. The parties may amend this Master Lease from time to time or terminate this Master Lease as to one or more Demised Premises, or separate and include one or more Demised Premises in a separate lease for technical and/or administrative reasons; but no such termination or separation shall in any way change the single, unitary, indivisible and nonseverable nature of this Master Lease and all of the foregoing provisions of this Section 1.2 shall continue to apply in full force. This Master Lease is separate and distinct from any and all other master leases or leases now or hereafter entered into between Landlord and Tenant or any of their respective Affiliates, and (except with respect to the New Leases, as hereinafter provided) no breach or default under this Master Lease, on the one hand, or any such other master leases or leases, on the other hand, shall constitute a breach or default under such other master lease or leases or this Master Lease, as the case may be.

Appears in 4 contracts

Samples: Master Lease (Seritage Growth Properties), Master Lease (Sears Holdings Corp), Master Lease (Seritage Growth Properties)

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Single, Unitary, Indivisible Lease. This Master Lease constitutes one single, unitary, indivisible lease of the entirety of the Demised Premises and not separate or severable leases governed by similar terms. The Demised Premises constitutes one indivisible economic unit, and the Base Rent and all other economic and other material lease provisions have been extensively negotiated and agreed to, based on the understanding and agreement of the parties Parties (and each of the parties Parties has entered into this Master Lease in reliance thereon, and it is a material inducement to each of them), that the demise of all of the Demised Premises by Landlord to Tenant herein is a single, unitary, indivisible, composite, and inseparable transaction. Except as otherwise expressly provided in this Master Lease for specific purposes (and then only to the extent so expressly provided), all provisions of this Master Lease apply equally and uniformly to all of the entire Demised Premises as one indivisible unit. An Except as otherwise expressly set forth in this Lease, an Event of Default with respect to all or any portion of the any Demised Premises is shall be an Event of Default as to all of the entire Demised Premises. The parties Except to the extent otherwise expressly provided in this Lease for specific purposes (including, without limitation, with respect to Landlord’s right to separate this Lease into one or more Severed Leases in its sole and absolute discretion pursuant to the terms of Section 1.9), the Parties intend that this Master Lease shall be, and the provisions of this Master Lease shall at all times be construed, interpreted and applied so as to carry out their mutual objective to create, a single, unitary, indivisible lease of all of the entire Demised Premises and, in particular but without limitation, that, for purposes of 11 U.S.C. Section 365, or any successor or replacement thereof or any analogous state law, or any attempt thereunder to assume, reject or assign this Master Lease in whole or in part, this Master Lease is a single, unitary, indivisible and nonseverable non-severable lease and executory contract dealing with one legal and economic unit and that this Master Lease must be assumed, rejected or assigned as a whole with respect to all the entirety (and only as to allthe entirety) of the Demised Premises. The parties may amend this Master Lease Notwithstanding anything to the contrary in the foregoing, the Parties may, from time to time time, exercise their respective rights hereunder to remove one or terminate more Properties (or a portion of the Demised Premises within one or more Properties) from this Master Lease as Lease, substitute one or more Replacement Properties for one or more Replaced Properties and/or sell Severed Properties subject to one or more Demised PremisesSevered Leases, or separate in each case, pursuant to the express terms and include one or more Demised Premises in a separate lease for technical and/or administrative reasonsprovisions of this Lease, including, without limitation, Section 1.3, Section 1.4, Section 1.5, Section 1.6, Section 1.7 and Section 1.9; but provided, however, that no such termination amendment or separation removal shall in any way change the single, unitary, indivisible and nonseverable non-severable nature of this Master Lease with respect to the Properties remaining subject hereto following any such amendment or removal and all of the foregoing provisions of this Section 1.2 shall thereafter continue to apply in full forceforce with respect thereto. This Master Lease is separate and distinct from any and all other master leases or other leases now or hereafter entered into between Landlord and Tenant or any of their respective Affiliates, and (except with respect to the New Leases, as hereinafter provided) no breach or default under this Master Lease, on the one hand, or any such other master leases or leases, on the other hand, shall constitute a breach or default under such other master lease or leases or this Master Lease, as the case may be.

Appears in 2 contracts

Samples: Retail Master Lease (Copper Property CTL Pass Through Trust), Retail Master Lease (J C Penney Co Inc)

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Single, Unitary, Indivisible Lease. This Master Lease constitutes one single, unitary, indivisible lease of the entirety of the Demised Premises and not separate or severable leases governed by similar terms. The Demised Premises constitutes one indivisible economic unit, and the Base Rent and all other economic and other material lease provisions have been extensively negotiated and agreed to, based on the understanding and agreement of the parties Parties (and each of the parties Parties has entered into this Master Lease in reliance thereon, and it is a material inducement to each of them), that the demise of all of the Demised Premises by Landlord to Tenant herein is a single, unitary, indivisible, composite, and inseparable transaction. Except as otherwise expressly provided in this Master Lease for specific purposes (and then only to the extent so expressly provided), all provisions of this Master Lease apply equally and uniformly to all of the entire Demised Premises as one indivisible unit. An Except as otherwise expressly set forth in this Lease, an Event of Default with respect to all or any portion of the any Demised Premises is shall be an Event of Default as to all of the entire Demised Premises. The parties Except to the extent otherwise expressly provided in this Lease for specific purposes (including, without limitation, with respect to Landlord’s right to separate this Lease into one or more Severed Leases in its sole and absolute discretion pursuant to the terms of Section 1.9), the Parties intend that this Master Lease shall be, and the provisions of this Master Lease shall at all times be construed, interpreted and applied so as to carry out their mutual objective to create, a single, unitary, indivisible lease of all of the entire Demised Premises and, in particular but without limitation, that, for purposes of 11 U.S.C. Section 365, or any successor or replacement thereof or any analogous state law, or any attempt thereunder to assume, reject or assign this Master Lease in whole or in part, this Master Lease is a single, unitary, indivisible and nonseverable non-severable lease and executory contract dealing with one legal and economic unit and that this Master Lease must be assumed, rejected or assigned as a whole with respect to all the entirety (and only as to allthe entirety) of the Demised Premises. The parties may amend this Master Lease Notwithstanding anything to the contrary in the foregoing: (a) Landlord may, from time to time or time, exercise its rights hereunder to terminate this Master Lease as with respect to any Property that becomes a Landlord Option Property; and (b) Landlord may, from time to time, exercise its rights hereunder to sell Severed Properties subject to one or more Demised PremisesSevered Leases, or separate in each case, pursuant to the express terms and include one or more Demised Premises in a separate lease for technical and/or administrative reasonsprovisions of this Lease, including, without limitation, Section 1.5 and Section 1.9; but provided, however, that no such termination amendment or separation removal shall in any way change the single, unitary, indivisible and nonseverable non-severable nature of this Master Lease with respect to the Properties remaining subject hereto following any such amendment or removal and all of the foregoing provisions of this Section 1.2 shall thereafter continue to apply in full forceforce with respect thereto. This Master Lease is separate and distinct from any and all other master leases or other leases now or hereafter entered into between Landlord and Tenant or any of their respective Affiliates, and (except with respect to the New Leases, as hereinafter provided) no breach or default under this Master Lease, on the one hand, or any such other master leases or leases, on the other hand, shall constitute a breach or default under such other master lease or leases or this Master Lease, as the case may be.

Appears in 2 contracts

Samples: Distribution Center Master Lease (Copper Property CTL Pass Through Trust), Distribution Center Master Lease (J C Penney Co Inc)

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