Termination; New Lease Sample Clauses
The 'Termination; New Lease' clause defines the conditions under which an existing lease agreement can be ended and replaced with a new lease. Typically, this clause outlines the procedures for terminating the current lease, such as required notice periods or specific events that trigger termination, and details the process for negotiating or entering into a new lease agreement between the parties. Its core practical function is to provide a clear framework for transitioning from an old lease to a new one, thereby reducing uncertainty and potential disputes during the changeover.
Termination; New Lease. In the event that this Agreement is terminated by the Port for any reason under the terms of this Agreement or on account of a bankruptcy by or against Tenant, the Port shall serve notice to the Leasehold Mortgagee that the Agreement has been terminated. The notice shall include a statement of any and all sums which would at the time be due under this Agreement but for such termination and of all other defaults under this Agreement then known to the Port. Every Leasehold Mortgagee shall thereupon have an option, which must be exercised within forty-five (45) days after the notice, to obtain a new lease (“New Lease”) in accordance with and upon the following terms and conditions:
(a) The New Lease shall be effective as of the date of termination of this Agreement, and shall be, for the remainder of the Term of this Agreement, at a rent and fee and upon all of the original agreements, terms, covenants and conditions. Such New Lease shall require the lessee to perform any unfulfilled obligation of the Tenant under this Agreement.
(b) Upon the execution of the New Lease, the lessee therein named shall pay any and all sums which would at the time of the execution thereof be due under this Agreement but for termination and shall pay all expenses, including reasonable attorneys’ fees, court costs and disbursements, incurred by the Port in connection with any default and termination, the recovery of possession of the Premises, and the preparation, execution and delivery of the New Lease.
(c) Nothing herein, however, shall be deemed to obligate the Port to deliver possession of the Premises to the lessee under any New Lease. Upon the execution and delivery of such New Lease, the lessee, in its own name or in the name of the Port, may take all appropriate steps as shall be necessary to remove Tenant from the Premises. The provisions of this Section 20.3.5 shall survive the termination of this Agreement.
Termination; New Lease. If the Sublease has not been terminated because of Subtenant’s Event of Default, then, effective upon and from and after any ▇▇▇▇▇▇▇▇▇ Termination, Overlandlord shall not terminate or disturb Subtenant’s possession of Subtenant’s Premises. Instead, as of the ▇▇▇▇▇▇▇▇▇ Termination Overlandlord and Sublandlord shall take the following actions (and shall automatically be deemed to have taken such actions, which they shall promptly confirm in writing). As of ▇▇▇▇▇▇▇▇▇ Termination, the Sublease shall automatically terminate, and Subtenant hereby surrenders and releases any rights to occupy Subtenant’s Premises under the Sublease after ▇▇▇▇▇▇▇▇▇ Termination. The ▇▇▇▇▇▇▇▇▇ shall simultaneously be replaced with a new lease directly between Overlandlord and Subtenant (a “New Lease”), on these terms:
(a) The demised premises shall consist of Subtenant’s Premises;
(b) The terms and conditions shall be identical to those of the ▇▇▇▇▇▇▇▇▇, to the extent applicable (and as allocated in Overlandlord’s reasonable judgment taking into account the terms of the ▇▇▇▇▇▇▇▇▇) to Subtenant’s Premises (including any extension or renewal rights), except that Subtenant shall have none of the following rights: (a) options relating to expansion, first refusal, or first offer; (b) any rights relating to real property outside Subtenant’s Premises in excess of such rights as Overlandlord is then granting to other full-floor tenants within the Project (for example, reserved parking rights if new full-floor tenants are not receiving reserved parking rights at such time); and (c) any rights of offset or self-help;
(c) Subtenant shall have no rights or interests in the Security Deposit under the ▇▇▇▇▇▇▇▇▇ (if any) and instead shall provide Overlandlord with a new security deposit in accordance with the formula under the New Lease (any security actually received by Overlandlord from Sublandlord with respect to the Sublease will be credited towards the security deposit under the New Lease);
(d) Subtenant’s existing occupancy of Subtenant’s Premises shall be deemed to constitute delivery of possession under the New Lease (subject to any other occupancies or rights of possession created directly or indirectly by or through Sublandlord or Subtenant);
(e) Overlandlord shall have no obligation to perform any Construction-Related Obligations under the New Lease;
(f) Subtenant and Overlandlord shall have no obligations or liability under the New Lease for any period(s) before ▇▇▇▇▇▇▇▇▇ Termination; a...
Termination; New Lease. Lessee and Authority acknowledge that the Lease is scheduled to expire on December 31, 2022 and that neither the Establishment Work nor the Planting and Cultural Work will be complete by that date; however, the parties intend on entering into new lease (“New Lease”) for the Mitigation Land commencing immediately following the termination of the Lease. Pursuant to said New Lease, this Orchard Development Agreement, and all rights and obligations hereunder, shall be assumed by the parties thereto and incorporated into the New Lease. If the New Lease is not entered into by and between said parties, all rights and obligations under this Orchard Development Agreement shall terminate with the Lease on December 31, 2022.