Tenant’s Rights. In the event that Tenant reasonably determines that any Hazardous Materials are present on the Premises (other than any Hazardous Materials that may have been introduced upon the Premises by Tenant, its Representatives or Visitors and other than any Hazardous Materials that are allowed by MPCA to remain in the soil and groundwater of the Premises pursuant to the RAPs and the Declaration, including any such allowable Hazardous Materials which have been exacerbated by the actions of Tenant, its Representative or Visitors and vapors other than those contemplated in the RAPs that entered the Premises subsequent to Landlord's completion of the actions required by the RAPs) and represent a material danger to persons or property on the Premises, Tenant shall notify Landlord of the same, and Landlord shall immediately take such steps as are required by MPCA with respect to such Hazardous Materials. If Landlord fails to do so within one hundred twenty (120) days after receipt of written notice from Tenant, Tenant, at its sole option, shall have the right to elect either of the following remedies by written notice to Landlord: (i) Tenant may take over such steps required by MPCA of Landlord, in which case Tenant shall have the right to recover from Landlord the reasonable costs incurred by Tenant to perform such steps required by MPCA, together with interest thereon at the Interest Rate, or (ii) Tenant may terminate this Lease, provided, however, to be effective, Tenant's written notice to Landlord stating Tenant's election either of said remedies in subparagraph (i) or (ii) above must be delivered to Landlord prior to Landlord's completion of the MPCA required work. Notwithstanding the foregoing provisions to the contrary, Tenant shall not have the option to terminate this Lease unless the MPCA (or, if the MPCA fails to provide a timely response to inquiry of Landlord or Tenant, an environmental consultant reasonably acceptable to both Landlord or Tenant) shall determine that occupancy of the Premises creates material risk of illness or injury from such Hazardous Materials. Notwithstanding the foregoing provisions to the contrary, provided that Landlord promptly commences and diligently proceeds with the steps required by MPCA, Landlord shall have such additional time as may be reasonably necessary to complete such steps so long as in the reasonable judgment of Tenant the occupants of the Premises are reasonably able to continue to occupy the Premises without material risk of illness or injury from such Hazardous Materials. Landlord shall use reasonable efforts to minimize any interference with Tenant's business caused by Landlord's entry into the Premises. The obligations of Landlord and Tenant under subsections (e) and (f), respectively, shall survive the expiration or termination of this Lease.
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Tenant’s Rights. In the event that Tenant reasonably determines that any Hazardous Materials are present on the Premises (other than any Hazardous Materials that may have been introduced upon the Premises by Tenant, its Representatives or Visitors and other than any Hazardous Materials that are allowed by MPCA to remain This Lease shall be recorded in the soil Registry of Property of Puerto Rico, Second Section of San Jxxx as set forth in Section 21.3, and groundwater of the Premises pursuant to the RAPs and the Declaration, including any such allowable Hazardous Materials which have been exacerbated by the actions of Tenant, its Representative or Visitors and vapors other than those contemplated in the RAPs that entered the Premises subsequent to Landlord's completion of the actions required by the RAPs) and represent shall constitute a material danger to persons or property first priority lien on the Premises, Tenant shall notify Landlord of the same, and Landlord shall immediately take such steps as are required by MPCA with respect to such Hazardous Materials. If Landlord fails to do so within one hundred twenty (120) days after receipt of written notice from Tenant, Tenant, at its sole option, shall have the right to elect either of the following remedies by written notice to Landlord: (i) Tenant may take over such steps required by MPCA of Landlord, in which case Tenant shall have the right to recover from Landlord the reasonable costs incurred by Tenant to perform such steps required by MPCA, together with interest thereon at the Interest Rate, or (ii) Tenant may terminate this Lease, ; provided, however, that this Lease shall become subject and subordinate to be effectiveany existing or future mortgage (hereinafter, Tenant's written notice to Landlord stating Tenant's election either of said remedies in subparagraph (ithe “Mortgage”) or (ii) above must be delivered to Landlord prior to Landlord's completion of the MPCA required work. Notwithstanding Premises or all or any portion thereof, and any renewals, modifications, replacements or extensions thereof, only if and when a non-disturbance and attornment agreement is entered into in respect of such Mortgage by the foregoing provisions to holder thereof (hereinafter, the contrary“Mortgagee”) acknowledging Tenant’s possession and providing that: (a) so long as Tenant is not in default after the expiration of any applicable notice and grace period, Tenant the Term shall not have be terminated or modified in any respect whatsoever nor shall the option to terminate this Lease unless the MPCA (orrights or remedies of Tenant hereunder or its use, if the MPCA fails to provide a timely response to inquiry of Landlord quiet enjoyment or Tenant, an environmental consultant reasonably acceptable to both Landlord or Tenant) shall determine that occupancy of the Premises creates material risk be disturbed or interfered with or otherwise affected in any manner as a result of illness any act or injury from such Hazardous Materials. Notwithstanding omission of Landlord, including any breach of or default under the foregoing provisions to the contraryMortgage, provided that Landlord promptly commences or otherwise; (b) all condemnation awards and diligently proceeds with the steps required by MPCA, Landlord of insurance shall have such additional time as may be reasonably necessary to complete such steps so long as applied in the reasonable judgment of manner provided in this Lease; (c) no such Mortgagee shall name or join Tenant as a party defendant or otherwise in any suit, action or proceeding to enforce, nor will this Lease or the occupants of Term hereof be terminated (except as permitted by the Premises are reasonably able to continue to occupy the Premises without material risk of illness or injury from such Hazardous Materials. Landlord shall use reasonable efforts to minimize any interference with Tenant's business caused by Landlord's entry into the Premises. The obligations of Landlord and Tenant under subsections (e) and (f), respectively, shall survive the expiration or termination provisions of this Lease.) or otherwise affected by foreclosure or enforcement of, any rights given to any such Mortgagee pursuant to the terms, covenants or conditions contained therein or in any other documents held by any such Mortgagee or otherwise given to any such Mortgagee as a matter of law or equity; and (d) such Mortgagee will give Tenant notice of any default by Landlord under such Mortgage concurrently with any notice given to Landlord thereunder. Such non-disturbance and attornment agreement shall be set forth in the subordination agreement referred to in Section 14.2 and shall be binding upon such Mortgagee and any successor in interest thereto, including any purchaser at any trustee’s or foreclosure sale, or other party claiming by, through or under such Mortgagee
Appears in 1 contract
Samples: Lease Agreement (Santander Bancorp)
Tenant’s Rights. In If (i) the event Damage Notice reflects that Tenant reasonably determines that any Hazardous Materials are present on the Premises (other than any Hazardous Materials that may have been introduced upon the Premises by Tenanta Material Casualty Event has occurred and states that, its Representatives or Visitors and other than any Hazardous Materials that are allowed by MPCA to remain in the soil and groundwater professional opinion of such third party engineer or architect, such Material Casualty Event will take longer than three hundred sixty-five (365) days after the date of the Premises pursuant Casualty to repair (the RAPs and the Declaration“Repair Period”), including any such allowable Hazardous Materials which have been exacerbated by the actions of Tenant, its Representative or Visitors and vapors other than those contemplated in the RAPs that entered the Premises subsequent to Landlord's completion of the actions required by the RAPs(ii) and represent a material danger to persons or property on the Premises, Tenant shall notify Landlord of the same, and Landlord shall immediately take such steps as are required by MPCA with respect to such Hazardous Materials. If Landlord fails to do so deliver the Damage Notice by the date that is ninety (90) days after such Casualty and thereafter fails to remedy such failure within one hundred twenty ten (12010) days after receipt of written notice from Tenant, Tenant, at its sole option, shall have the right to elect either of the following remedies by written notice to Landlord: (i) Tenant may take over such steps required by MPCA of Landlord, in which case Tenant shall have the right to recover from Landlord the reasonable costs incurred by Tenant to perform such steps required by MPCA, together with interest thereon at the Interest Rate, or (ii) then Tenant may terminate this Lease, provided, however, to be effective, Tenant's Lease by delivering written notice to Landlord stating Tenant's of its election either of said remedies in subparagraph to terminate within thirty (i30) or (ii) above must be days after the Damage Notice has been delivered to Landlord prior to Landlord's completion of the MPCA required work. Notwithstanding the foregoing provisions to the contrary, Tenant shall not have the option to terminate this Lease unless the MPCA (or, if no Damage Notice is delivered, within thirty (30) days after the MPCA fails to provide a timely response to inquiry of Landlord or Tenant, an environmental consultant reasonably acceptable to both Landlord or Tenant) shall determine that occupancy expiration of the ten (10)-day period), with such termination effective as of the date of termination specified in such termination notice which shall in no event be earlier than thirty (30) days after the date of such termination notice, and no later than ninety (90) days after the date of such termination notice, to allow the parties sufficient time to comply with the provisions of this Lease regarding surrender of the Premises. Alternately, Tenant may, by delivery of written notice to Landlord with thirty (30) days after Txxxxx’s receipt of a Damage Notice reflecting a Material Casualty Event and Repair Period longer than three hundred sixty-five (365) days, elect to undertake the repair of such Casualty damage and restore the Premises creates material risk of illness or injury from such Hazardous Materials. Notwithstanding the foregoing provisions to the contrary, at Tenant’s cost and expense; provided that Landlord promptly commences and diligently shall reimburse Tenant an amount equal to the insurance proceeds with actually received by Landlord in respect of such Casualty damage (or would have received if Landlord maintained the steps insurance required by MPCA, Landlord shall have such additional time as may be reasonably necessary pursuant to complete such steps so long as in the reasonable judgment of Tenant the occupants of the Premises are reasonably able to continue to occupy the Premises without material risk of illness or injury from such Hazardous Materials. Landlord shall use reasonable efforts to minimize any interference with Tenant's business caused by Landlord's entry into the Premises. The obligations of Landlord and Tenant under subsections (e) and (f), respectively, shall survive the expiration or termination terms of this Lease, all as the same may have been reduced by amounts required to be paid towards deductibles and to Landlord’s current Mortgagee without the ability to use such proceeds towards the repair or restoration of the Premises). If Tenant elects to restore the Premises pursuant to the preceding sentence, such election shall be non-revocable, and such restoration shall become and be a Tenant obligation under this Lease.
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Tenant’s Rights. In the event that Tenant reasonably determines that any Hazardous Materials are present on the Premises (other than any Hazardous Materials that may have been introduced upon the Premises by Tenant, its Representatives or Visitors and other than any Hazardous Materials that are allowed by MPCA to remain in the soil and groundwater performance of the Premises pursuant to the RAPs and the DeclarationTenant Work, including any such allowable Hazardous Materials which have been exacerbated by the actions of Tenant, its Representative or Visitors and vapors other than those contemplated in the RAPs that entered the Premises subsequent to Landlord's completion of the actions required by the RAPs) and represent a material danger to persons or property on the Premises, Tenant shall notify Landlord of the same, and Landlord shall immediately take such steps as are required by MPCA with respect to such Hazardous Materials. If Landlord fails to do so within one hundred twenty (120) days after receipt of written notice from Tenant, Tenant, at its sole option, shall have the right to elect either of the following remedies by written notice to Landlord: (i) Tenant may take over such steps required by MPCA of Landlord, in which case Tenant shall have the right to recover from take such actions and utilize such facilities as are customarily and reasonably taken and utilized in the construction of comparable space, subject to such customary and reasonable restrictions as Landlord may adopt in the reasonable costs incurred prudent management of the Buildings. Tenant shall not be charged for the use of utilities, elevators, loading docks, and similar Building facilities in the construction of the Tenant Work. No fees of any manner shall be charged by Landlord for its review of plans and drawings or any supervision or inspection of the Tenant Work. Landlord shall cause any of its contractors working in the Buildings to perform such steps required by MPCAwork in harmony with Tenant and the General Contractor, together and Landlord shall not knowingly permit any other contractors to interfere with interest thereon at the Interest Rateperformance of the Tenant Work. EXHIBIT "C-1" INSURANCE ADDENDUM This Insurance Addendum is a part of the Agreement between Owner and Contractor dated ____ July 1992. Notwithstanding anything to the contrary in the Agreement to which this Addendum is attached, or in any other agreement between Contractor, Owner and/or Architect, Landlord or their respective subcontractors, agents, employees or representatives, the parties hereto agree as follows: All general liability and umbrella liability insurance coverage required herein or in any other agreement between the parties shall be written on an "Occurrence Basis". Contractor shall at all times during the period in which this Contract is in force, provide, maintain and require all subcontractors to provide and maintain the following types of insurance protecting the interest of Landlord and Owner and Contractor with limits not less than those as set forth below: WORKER'S COMPENSATION INSURANCE (WC) to cover statutory limits of the Worker's Compensation Law of the State of Virginia, with Coverage B Employer's Liability coverage in limits not less than $500,000 COMMERCIAL GENERAL LIABILITY (GGL) insurance for hazards of (i) Premises Operations, (ii) Tenant may terminate this LeaseElevators and Escalators, provided(iii) Independent Contractors, however(iv) Coverage for explosion, collapse, and underground (X, C, U), (v) Products and Completed Operations coverage, (vi) Contractual Liability on a "Blanket" basis designating all written and oral contracts related to the work, (vii) Personal Injury Liability for groups of offenses A, B, and C (with exclusions pertaining to liability assumed by the insured under contract, and to personal injury sustained by any person as a result of an offense directly or indirectly related to the employment of each person by the named insured deleted), and (viii) Incidental Medical Malpractice coverage. Such Commercial General Liability Insurance must be effectiveendorsed with a Broad Form Property Damage Endorsement (including Complete Operations). The Contractual Liability coverage must be endorsed so that all exclusions relating to explosion, Tenant's written notice collapse and underground hazards are deleted. The CGL insurance shall have primary coverage limits not less than following: 66 Insurance Addendum Page 2 BODILY INJURY LIABILITY/PROPERTY DAMAGE LIABILITY - $1,000,000 each occurrence, combined single limit. PERSONAL INJURY LIABILITY - $1,000,000 each person; AUTOMOBILE LIABILITY INSURANCE (Auto) covering all owned, leased, non-owned and hired automobiles used in connection with the Work with coverage limits not less than the following: BODILY INJURY LIABILITY/PROPERTY DAMAGE LIABILITY - $1,000,000 each person and each occurrence, combined single limit. COMPREHENSIVE CATASTROPHE LIABILITY INSURANCE (Umbrella) indemnifying for ultimate net loss sustained by reason of any liability whether imposed by law, assumed under contract, or otherwise incurred arising out of: BODILY INJURY, including personal injury, because of bodily injury, including death at any time resulting therefrom, sustained by any person or persons. PROPERTY DAMAGE, for losses due to damages to or destruction of tangible property, including loss of use of such property resulting therefrom. The Umbrella insurance shall set forth coverage limits with respect to each occurrence, except for the products hazard coverage which shall contain aggregate limits for each annual period. With regard to Contractor, the Umbrella insurance shall have coverage limits not less than FIVE MILLION DOLLARS AND 00/100 ($5,000,000) for each occurrence and in the aggregate as applicable in excess of the amount set forth in subparagraphs (WC), (CGL) & (AUTO) above. For each subcontractor employed in conjunction with the Work, the Umbrella insurance shall have coverage limits not less than TWO MILLION DOLLARS AND 00/100 ($2,000,000) for each occurrence and in the aggregate as applicable in excess of the amount set forth in subparagraphs (WC), (CGL) & (AUTO) above. In the event that Contractor or any subcontractors have or obtain insurance coverage in amounts in excess of those listed above, such additional insurance coverage shall also insure to the benefit of the Landlord and Owner. Contractor shall be liable to Landlord stating Tenant's election either and Owner for the actions of said remedies Contractor, its subcontractors and their respective agents, servants and employees for any losses suffered by Landlord and Owner which would otherwise have been covered by any insurance required hereunder in subparagraph (i) or (ii) above must be delivered to Landlord prior to Landlord's completion of the MPCA required work. Notwithstanding the foregoing provisions to the contrary, Tenant shall not have the option to terminate this Lease unless the MPCA (or, if the MPCA event Contractor fails to provide obtain any such addendum. (Any subcontractor working directly for Owner shall be deemed a timely response to inquiry of Landlord or Tenant, an environmental consultant reasonably acceptable to both Landlord or Tenant) shall determine that occupancy of the Premises creates material risk of illness or injury from such Hazardous Materials. Notwithstanding the foregoing provisions to the contrary, provided that Landlord promptly commences and diligently proceeds with the steps required by MPCA, Landlord shall have such additional time as may be reasonably necessary to complete such steps so long as in the reasonable judgment of Tenant the occupants of the Premises are reasonably able to continue to occupy the Premises without material risk of illness or injury from such Hazardous Materials. Landlord shall use reasonable efforts to minimize any interference with Tenant's business caused by Landlord's entry into the Premises. The obligations of Landlord and Tenant under subsections (e) and (f), respectively, shall survive the expiration or termination General Contractor for purposes of this Leaseaddendum and shall comply with all obligations herein required of Contractor).
Appears in 1 contract
Samples: Termination Agreement (American Management Systems Inc)
Tenant’s Rights. In Notwithstanding anything contained in this Lease to the event that Tenant reasonably determines that any Hazardous Materials are present on the Premises (other than any Hazardous Materials that may have been introduced upon the Premises by Tenantcontrary, its Representatives or Visitors and other than any Hazardous Materials that are allowed by MPCA to remain in the soil and groundwater delivery of possession of the Initial Expansion Space, Additional Expansion Space, Lower Level Premises pursuant Expansion Space and Upper Level Premises Expansion Space (collectively, the "Expansion Space") to the RAPs Tenant and the Declaration, including any such allowable Hazardous Materials which have been exacerbated by the actions commencement of Tenant, its Representative or Visitors 's leasing thereof is and vapors other than those contemplated in the RAPs that entered the Premises subsequent shall be subject to Landlord's completion obtaining possession from any prior tenant or occupant of the actions required by Building who holds over in the RAPsExpansion Space beyond the applicable lease expiration date. Landlord shall deliver possession of the Expansion Space to Tenant on or prior to the commencement date set forth in subsections (A), (B), (C) and represent a material danger (D) above, with respect to persons or property the particular Expansion Space in question (collectively, the "Expansion Space Commencement Date"); provided, however, that if Landlord is unable to deliver any portion of the Expansion Space to Tenant on the Premisesapplicable Expansion Space Commencement Date, (i) Tenant shall notify Landlord of the same, and Landlord shall immediately take such steps as are required by MPCA not be obligated to pay any Rent with respect to such Hazardous Materials. If Landlord fails to do so within one hundred twenty (120) days after receipt of written notice from Tenant, Tenant, at its sole option, shall have the right to elect either portion of the following remedies Expansion Space until the date such portion of the Expansion Space is actually delivered by written notice to Landlord: (i) Tenant may take over such steps required by MPCA of Landlord, in which case Tenant shall have the right to recover from Landlord the reasonable costs incurred by Tenant to perform such steps required by MPCA, together with interest thereon at the Interest Rate, or ; (ii) the Expiration Date of this Lease shall not be affected thereby; and (iii) Landlord shall pay to Tenant may terminate this Lease, provided, however, to be effective, Tenant's written notice to Landlord stating Tenant's election either of said remedies in subparagraph (i) or (ii) above must be delivered to Landlord prior to Landlord's completion the amount of the MPCA required workholdover rent actually received by Landlord for the tenant’s holdover in the applicable Expansion Space which exceeds the actual monthly base rent and additional rent payable by the holdover tenant during the last month of the tenant’s lease term, after Landlord deducts any reasonable, out-of-pocket expenses incurred by Landlord in conjunction with such holdover, including, but not limited to, reasonable attorneys’ fees and court costs, if any. Notwithstanding the foregoing provisions Except as otherwise expressly set forth in this Article 33 to the contrary, Tenant shall not have the option to terminate this Lease unless the MPCA (or, if the MPCA fails to provide a timely response to inquiry of Landlord or Tenant, an environmental consultant reasonably acceptable to both Landlord or Tenant) shall determine that occupancy accept possession of the Premises creates material risk Expansion Space and commence paying Rent therefor on the date of illness or injury from such Hazardous Materials. Notwithstanding the foregoing provisions to the contrary, provided that Landlord promptly commences and diligently proceeds with the steps required by MPCA, Landlord shall have such additional time as may be reasonably necessary to complete such steps so long as in the reasonable judgment delivery of Tenant the occupants of the Premises are reasonably able to continue to occupy the Premises without material risk of illness or injury from such Hazardous Materials. Landlord shall use reasonable efforts to minimize any interference with Tenant's business caused possession thereof by Landlord's entry into the Premises. The obligations of Landlord and Tenant under subsections (e) and (f), respectively, shall survive the expiration or termination of this Lease.
Appears in 1 contract
Samples: Lease (Privatebancorp, Inc)
Tenant’s Rights. In the event that Tenant reasonably determines that any Hazardous Materials are present on the Premises (other than any Hazardous Materials that may have been introduced upon the Premises by Tenant, its Representatives or Visitors and other than any Hazardous Materials that are allowed by MPCA to remain in the soil and groundwater of the Premises pursuant to the RAPs and the Declaration, including any such allowable Hazardous Materials which have been exacerbated by the actions of Tenant, its Representative or Visitors and vapors other than those contemplated in the RAPs that entered the Premises subsequent to Landlord's ’s completion of the actions required by the RAPs) and represent a material danger to persons or property on the Premises, Tenant shall notify Landlord of the same, and Landlord shall immediately take such steps as are required by MPCA with respect to such Hazardous Materials. If Landlord fails to do so within one hundred twenty (120) days after receipt of written notice from Tenant, Tenant, at its sole option, shall have the right to elect either of the following remedies by written notice to Landlord: (i) Tenant may take over such steps required by MPCA of Landlord, in which case Tenant shall have the right to recover from Landlord the reasonable costs incurred by Tenant to perform such steps required by MPCA, together with interest thereon at the Interest Rate, or (ii) Tenant may terminate this Lease, provided, however, to be effective, Tenant's ’s written notice to Landlord stating Tenant's ’s election either of said remedies in subparagraph (i) or (ii) above must be delivered to Landlord prior to Landlord's ’s completion of the MPCA required work. Notwithstanding the foregoing provisions to the contrary, Tenant shall not have the option to terminate this Lease unless the MPCA (or, if the MPCA fails to provide a timely response to inquiry of Landlord or Tenant, an environmental consultant reasonably acceptable to both Landlord or Tenant) shall determine that occupancy of the Premises creates material risk of illness or injury from such Hazardous Materials. Notwithstanding the foregoing provisions to the contrary, provided that Landlord promptly commences and diligently proceeds with the steps required by MPCA, Landlord shall have such additional time as may be reasonably necessary to complete such steps so long as in the reasonable judgment of Tenant the occupants of the Premises are reasonably able to continue to occupy the Premises without material risk of illness or injury from such Hazardous Materials. Landlord shall use reasonable efforts to minimize any interference with Tenant's ’s business caused by Landlord's ’s entry into the Premises. The obligations of Landlord and Tenant under subsections (e) and (f), respectively, shall survive the expiration or termination of this Lease.
Appears in 1 contract
Tenant’s Rights. In Notwithstanding anything to the event that contrary contained herein or the Mortgage, Tenant reasonably determines that may assert any Hazardous Materials are present on claims for rental abatement, offsets and rent credits permitted under the Premises (other than any Hazardous Materials that may have been introduced upon the Premises by Tenant, its Representatives or Visitors and other than any Hazardous Materials that are allowed by MPCA to remain in the soil and groundwater terms of the Premises pursuant to Tenant's Rights Sections (as hereinafter defined) whether arising on, before or after the RAPs and the Declaration, including any such allowable Hazardous Materials which have been exacerbated by the actions of Tenant, its Representative or Visitors and vapors other than those contemplated in the RAPs that entered the Premises subsequent to Landlord's completion of the actions required by the RAPs) and represent a material danger to persons or property on the Premises, Tenant shall notify Landlord of the same, and Landlord shall immediately take such steps as are required by MPCA with respect to such Hazardous Materials. If Landlord fails to do so within one hundred twenty (120) days after receipt of written notice from Tenant, Tenant, at its sole option, shall have the right to elect either of the following remedies by written notice to Landlord: Succession Date (i) Tenant may take over such steps required by MPCA of Landlord, in which case Tenant shall have the right to recover from against Former Landlord the reasonable costs incurred by Tenant to perform such steps required by MPCA, together with interest thereon at the Interest Rate, or and (ii) Tenant may terminate to the extent such rent credits, offsets or abatements have not been fully exhausted as of the Succession Date or continue to accrue after the Succession Date, against Mortgagee or any Successor Landlord; and the foregoing shall not be construed to relieve Successor Landlord of liability under the Lease first arising and accruing after the Succession Date; and provided further for purposes of clarity, it is hereby acknowledged and agreed that as of the Succession Date, subject to the terms of this Agreement, Mortgagee and any Successor Landlord shall be bound by all of the terms, covenants and conditions of the Lease for the balance of the term thereof remaining, including but not limited to the following obligations, each to the extent expressly required under the Lease, ; provided, however, in no event shall Mortgagee or Successor Landlord incur any liability beyond Mortgagee or Successor Landlord's then equity interest, if any, in the Property, and Tenant shall look exclusively to be effectivesuch equity interest of Lender, if any, in the Property for the payment and discharge of any obligations or liability imposed upon Mortgagee hereunder or under the Lease: (w) the balance of Tenant's written notice to Landlord stating Contribution or Tenant's election either of said remedies in subparagraph (i) Expansion Premises Contribution to the extent delivered by Tenant to Former Landlord and not applied, as applicable toLandlord's Work or (ii) above must be delivered to Landlord prior to Landlord's completion Expansion Premises' Work but only to the extent Mortgagee or Successor Landlord actually receives Tenant's Contribution or Tenant's Expansion Premises Contribution; (x) any rent credits, offsets, abatements or reductions of Rent to which Tenant may be entitled as set forth in is expressly set forth in the Lease, including, without limitation, the abatement of Rent through the Rent Commencement Date (andany extension of the MPCA required workRent Commencement Date pursuant to Section 4.2), rent credits, offsets, refunds, abatements of or reduction of Rent set forth in Section 4.2(e), Section 4.2(f), Section 5.1(d)(iii), Section S.l(d)(iv), , Section 7.2(b), Section 7.4(a), Section 8.1(e), Section 10.1 J(b), Section 11.3, Section 12.l(b), Section 12.3, Section 26.18(c), Section 26.19(b), Section 26.22(a), Section 3 I .2, Section 32.4, Section 32.8, and Section 33.8 which, in any case, have not yet been fully applied, credited, offset or exhausted against amounts payable by Tenant under the Lease as of the Succession Date (collectively referred to as the "Tenant's ights Sections"); and (y) any options or rights ofTenant under the Lease to the Expansion Premises and any Renewal Terms. 6. Exculpation o[Successor Landlord. Notwithstanding the foregoing provisions anything to the contrarycontrary in this Agreement or the Lease, upon any attornment pursuant to this Agreement, the Lease shall be deemed to have been automatically amended to provide that Successor Landlord's obligations and liability under the Lease shall never extend beyond Successor Landlord's (or its successors' or assigns') interest, if any, in the ·Leased Premises from time to time, including insurance and condemnation proceeds, security deposits, escrows, Successor Landlord's interest in the Lease, and the proceeds from any sale, lease or other disposition of the Property (or any portion thereof) by Successor Landlord (collectively, the "Successor Landlord's Interest"). Tenant shall look exclusively to Successor Landlord's Interest (or that of its successors and assigns) for payment or discharge of any obligations of Successor Landlord under the Lease as affected by this Agreement. If Tenant obtains any money judgment against Successor Landlord with . respect to the Lease or the relationship between Successor Landlord and Tenant, then Tenant shall look solely to Successor Landlord's Interest (or that of its successors and assigns) to collect such judgment. Tenant shall not have the option collect or attempt to terminate this Lease unless the MPCA (or, if the MPCA fails to provide a timely response to inquiry collect any such judgment out of Landlord or Tenant, an environmental consultant reasonably acceptable to both Landlord or Tenant) shall determine that occupancy any other assets of the Premises creates material risk of illness or injury from such Hazardous MaterialsSuccessor Landlord. Notwithstanding the foregoing provisions to the contrary, provided that Landlord promptly commences and diligently proceeds with the steps required by MPCA, Landlord shall have such additional time as may be reasonably necessary to complete such steps so long as in the reasonable judgment of Tenant the occupants of the Premises are reasonably able to continue to occupy the Premises without material risk of illness or injury from such Hazardous Materials. Landlord shall use reasonable efforts to minimize any interference with Tenant's business caused by Landlord's entry into the Premises. The obligations of Landlord and Tenant under subsections (e) and (f), respectively, shall survive the expiration or termination of this Lease.16100912_3
Appears in 1 contract
Samples: Agreement (2U, Inc.)
