Substitute Lease Sample Clauses

A Substitute Lease clause allows for the replacement of an existing lease with a new lease under certain conditions, typically when the original lease is terminated or otherwise becomes invalid. In practice, this clause may be invoked if a property is sold, transferred, or if the landlord-tenant relationship changes, ensuring that the tenant can continue occupying the premises under a new agreement with similar terms. The core function of this clause is to provide continuity and security for tenants, minimizing disruption and uncertainty in the event of changes affecting the original lease.
Substitute Lease. This term shall have the meaning set forth in the Contribution and Sale Agreement.
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Substitute Lease. If the Landlord terminates this Lease because ---------------- of a Default of Tenant, the Landlord will, in addition to providing the notices of default and termination as required by this Leasehold Mortgages paragraph ------------------- of this Lease, provide the Leasehold Mortgagee with (i) a Notice that the Lease has been terminated (ii) a statement of all sums which would at that time be due as provided in this Lease except for the termination, and (iii) a statement of all other defaults, if any, known to the Landlord. The Landlord will enter into a Substitute Lease (the "Substitute Lease") of the Premises with the Leasehold Mortgagee for the remainder of the Term, effective as of the date of termination of this Lease, at the Rent (including the Employment Standard) and the other obligations of the Tenant payable and performable to the Landlord and on the terms of this Lease, if the Landlord approves the acquirer of the Leasehold Estate as provided in this
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Substitute Lease. Buyer and Seller shall obtain reasonable assurances that approval of the Substitute Lease (including the Prepaid Rental Amount and timing thereof and an extension of the lease term to eighty-four (84) years) and the Assignment will be obtained prior to Closing by the Spokespersons, and Secretary and the Community. (b) Expiration of the Due Diligence Period. Unless otherwise stated herein, Buyer shall have the right to terminate this Agreement by written notice to the Title Company and Seller at any time prior to the expiration of the Due Diligence Period and upon such termination, Seller and Buyer shall have no further obligations under this Agreement, except for Buyer's obligations that survive termination of this Agreement, and the Deposit, less all escrow cancellation charges and costs, will be released to Seller (if not previously released to Seller). If Buyer does not terminate the Agreement prior to the expiration of the Due Diligence Period, Buyer shall be deemed to have waived its right to terminate during the Due Diligence Period and prior to the Due Diligence Deadline Date, Buyer shall deposit the Additional Deposit into Escrow. The Additional Deposit shall be non-refundable to Buyer.
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Substitute Lease. An Eligible Lease substituted by Vendor Services for (a) a Liquidated Lease, (b) a Prepaid Lease, (c) a Warranty Lease or (d) an Adjusted Lease, in accordance with Section 9.2.
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Substitute Lease. If Tenant shall consummate a lease with Landlord in the building for vacant space at least fifty percent (50%) larger than the premises demised hereunder, Tenant shall have the right to cancel this lease but such cancellation right shall be effective only upon strict compliance with the following terms and conditions: (a) Tenant shall notify Landlord within five (5) days after consummating such new lease of its intention to cancel this lease. The cancellation date shall be either: (i) within ninety (90) days of the effective date of the new lease for larger space; or (ii) any April 30 or October 31, during the remaining period the term of this lease. (b) It is understood and agreed that the aforesaid cancellation right is conditioned upon Tenant's not being in default under any of the terms, covenants and conditions of this lease, beyond any grace period, at the date of delivery of any such cancellation notice and on the cancellation date. Notwithstanding any such cancellation by Tenant hereunder, Tenant shall remain liable to cure any default under any of the terms, covenants and conditions of this lease existing on the cancellation date. Such liability of Tenant shall survive any such cancellation. (c) Tenant shall vacate the premises demised hereunder and surrender possession thereof to Landlord, in broom clean condition and otherwise in accordance with all terms, conditions and covenants of this lease on or prior to the cancellation date.
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Substitute Lease. In the event Landlord conveys or intends to convey the Development to another entity prior to the expiration of the Lease Term, the Tenant agrees, within thirty (30) days after Landlord’s written request therefor, to simultaneously terminate this Lease and enter into a substitute lease (the “Substitute Lease”) with Landlord’s grantee containing the same terms and conditions as this Lease. Prior to entering into any such Substitute Lease, Landlord shall provide Tenant with a subordination, nondisturbance and attornment agreement from the holder of any mortgage granted by Landlord and constituting a lien on the Leased Premises in form and substance of Exhibit E attached hereto or other form and substance reasonably acceptable to Tenant.
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Substitute Lease. After such contribution and transfer by the Seller to the Trust, all right, title and interest of the Seller in and to each item of Equipment subject to each Lease shall be vested in the Trust.
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Related to Substitute Lease

  • True Lease Landlord and Tenant intend for this Lease to be a true lease and not a transaction creating a financing arrangement. Each party shall take all reasonable steps to reflect the transaction represented hereby in all applicable books, records and reports (including, without limitation, income tax filings) in a manner consistent with "true lease" treatment rather than "financing" treatment.

  • Site Lease Facilities Lease, including Exhibits A-G

  • Ground Lease (a) Each Ground Lease contains the entire agreement of the Borrower or the applicable Subsidiary Guarantor and the applicable owner of the fee interest in such Unencumbered Property (the “Fee Owner”), pertaining to the Unencumbered Property covered thereby. With respect to Unencumbered Property subject to a Ground Lease, the Borrower and the applicable Subsidiary Guarantors have no estate, right, title or interest in or to the Unencumbered Property except under and pursuant to the Ground Lease or except as may be otherwise approved in writing by Agent. The Borrower has delivered a true and correct copy of the Ground Lease to the Agent and the Ground Lease has not been modified, amended or assigned, with the exception of written instruments that have been recorded in the applicable real estate records for such Unencumbered Property. (b) The applicable Fee Owner is the exclusive fee simple owner of the Unencumbered Property, subject only to the Ground Lease and all Liens and other matters disclosed in the applicable title policy for such Unencumbered Property subject to the Ground Lease, and the applicable Fee Owner is the sole owner of the lessor’s interest in the Ground Lease. (c) There are no rights to terminate the Ground Lease other than the applicable Fee Owner’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Ground Lease. (d) Each Ground Lease is in full force and effect and, to Borrower’s knowledge, no breach or default or event that with the giving of notice or passage of time would constitute a breach or default under any Ground Lease (a “Ground Lease Default”) exists or has occurred on the part of a Borrower or a Subsidiary Guarantor or on the part of a Fee Owner under any Ground Lease. All base rent and additional rent, if any, due and payable under each Ground Lease has been paid through the date hereof and neither Borrower nor any Subsidiary Guarantor is required to pay any deferred or accrued rent after the date hereof under any Ground Lease. Neither Borrower nor a Subsidiary Guarantor has received any written notice that a Ground Lease Default has occurred or exists, or that any Fee Owner or any third party alleges the same to have occurred or exist. (e) The Borrower or applicable Subsidiary Guarantor is the exclusive owner of the ground lessee’s interest under and pursuant to each Ground Lease and has not assigned, transferred or encumbered its interest in, to, or under the Ground Lease, except to Agent under the Loan Documents.

  • New Lease In the event that this Lease is rejected in any bankruptcy, insolvency or dissolution proceeding or is terminated by Landlord following a Tenant Event of Default other than due to a default that is subject to cure by a Permitted Leasehold Mortgagee under Section 17.1(d) and Section 17.1(e) above, Landlord shall provide each Permitted Leasehold Mortgagee with written notice that this Lease has been rejected or terminated (“Notice of Termination”), and, for the avoidance of doubt, upon delivery of such Notice of Termination, no Permitted Leasehold Mortgagee shall have the rights as described in Section 17.1(d) and Section 17.1(e) above, but rather such Permitted Leasehold Mortgagee instead shall have the rights described in this Section 17.1(f)). Following any such rejection or termination, Landlord agrees to enter into a new lease (“New Lease”) of the Leased Property with such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee for the remainder of the term of this Lease, effective as of the date of termination, at the rent and additional rent, and upon the terms, covenants and conditions (including all then-remaining options to renew but excluding requirements which have already been fulfilled) of this Lease, provided: (i) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall comply with the applicable terms of Section 22.2; (ii) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall make a binding, written, irrevocable commitment to Landlord for such New Lease within thirty (30) days after the date such Permitted Leasehold Mortgagee receives Landlord’s Notice of Termination of this Lease given pursuant to this Section 17.1(f); (iii) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall pay or cause to be paid to Landlord at the time of the execution and delivery of such New Lease, any and all sums which would at the time of execution and delivery thereof be due pursuant to this Lease but for such rejection or termination (including, for avoidance of doubt, any amounts that become due prior to and remained unpaid as of the date of the Notice of Termination) and, in addition thereto, all reasonable expenses, including reasonable documented attorney’s fees, which Landlord shall have incurred by reason of such rejection or such termination and the execution and delivery of the New Lease and which have not otherwise been received by Landlord from Tenant or other party in interest under Tenant; and (iv) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall agree to remedy any of Tenant’s defaults of which said Permitted Leasehold Mortgagee was notified by Landlord’s Notice of Termination (or in any other written notice of Landlord) and which can be cured through the payment of money or, if such defaults cannot be cured through the payment of money, are reasonably susceptible of being cured by Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee.

  • Lease Lessor agrees to lease to Lessee and Lessee agrees to lease from Lessor the Equipment described in each Schedule on the terms and subject to the conditions specified herein and therein. Each Schedule shall constitute a separate and independent lease and contractual obligation of Lessee incorporating the terms of this Lease. Lessor's obligation to fund Schedules under this Lease shall terminate on the Commitment Termination Date; provided, however, that if the event in either clause (i) or clause (ii) of the definition of Commitment Termination Date shall occur and Lessee shall have ordered additional Equipment prior to such date and identified the specific installation of such Equipment in writing to Lessor, then the Commitment Termination Date shall be extended by three months. Lessor may, in its sole discretion, terminate its commitment herein to fund the Lessor's Commitment or any unfunded portion thereof at any time if: (a) there is any Material Adverse Change, or (b) any Event of Default exists. Lessor shall have no obligation to fund any Schedule if any term or condition in such Schedule is not satisfied by the Delivery Date of such Schedule. This Lease, and Lessee's obligation to pay all rent and other sums hereunder, shall constitute a "finance lease" under the California Uniform Commercial Code ("UCC") and shall be absolute and unconditional, and shall not be subject to, and Lessee hereby waives any right of or to, abatement, reduction, set-off, defense or counterclaim. Lessee waives any and all rights and remedies conferred upon Lessee by UCC Sections 10508 through 10522, including (without limitation) Lessee's rights to (i) cancel or repudiate this Lease, (ii) reject or revoke acceptance of the leased property, (iii) recover damages from Lessor for breach of warranty or for any other reason, (iv) claim a security interest in any rejected property in Lessee's possession or control, (v) deduct from Rental Payments all or any part of any claimed damages resulting from Lessor's default under this Lease, (vi) accept partial delivery of the Equipment, (vii) "cover" by making any purchase or lease of other property in substitution for property due from Lessor, (viii) recover from the Lessor any general, special, incidental or consequential damages, for any reason whatsoever, and (ix) seek specific performance, replevin or the like for any of the Equipment. Lessee acknowledges that it has received and approved the terms of the agreements with the vendors under which Lessor will, subject to the terms and conditions of this Lease, purchase the Units. The Units shall be leased for commercial purposes only, and not for consumer, personal, home or family purposes.