Common use of TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE Clause in Contracts

TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE. 36.1 The date on which (i) this Lease either terminates or expires pursuant to its terms or is terminated by either party whether pursuant to a right granted to it hereunder or otherwise, (ii) the date on which Lessee’s right to possession of the Demised Premises is terminated pursuant to a right granted to it hereunder or otherwise, or (iii) the date on which Lessee otherwise abandons the Demised Premises shall be referred to as the “Closing Date” in this Article. On the Closing Date, this Lease shall be deemed and construed as an absolute assignment for purposes of vesting in Lessor (or Lessor’s designee – for purposes of this Article 36 the term Lessor shall be deemed to mean Lessor’s designee, if applicable)) all of Lessee’s right, title and interest in and to the following intangible property which is now or hereafter used in connection with the operation of the Demised Premises (the “Intangibles”) and an assumption by Lessor of Lessee’s obligations under the Intangibles from and after the Closing Date; provided that, from and after the Closing Date, Lessee shall indemnify, defend and hold harmless Lessor and the other Lessor Parties from and against any claims, losses, costs or damages, including reasonable attorneys’ fees incurred or arising by reason of Lessee’s obligations under the Intangibles prior to the Closing Date:

Appears in 2 contracts

Samples: Master Lease (Assisted 4 Living, Inc.), Master Lease (Assisted 4 Living, Inc.)

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TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE. 36.1 33.1 The date on which (i) this Lease either terminates or expires pursuant to its terms Terms or is terminated by either party whether pursuant to a right granted to it hereunder or otherwise, (ii) the date on which Lessee’s right to possession of the Demised Premises is terminated pursuant to a right granted to it hereunder or otherwise, or (iii) the date on which Lessee otherwise abandons the Demised Premises shall be referred to as the "Closing Date" in this Article. On the Closing Date, this Lease shall be deemed and construed as an absolute assignment for purposes of vesting in Lessor (or Lessor’s 's designee – for purposes of this Article 36 the term Lessor shall be deemed to mean Lessor’s designee, if applicable)) all of Lessee’s 's right, title and interest in and to the following intangible property which is now or hereafter used in connection with the operation of the Demised Premises (the "Intangibles") and an assumption by Lessor of Lessee’s 's obligations under the Intangibles other Intangibles from and after the Closing Date; provided that, that from and after the Closing Date, Lessee shall indemnify, defend and hold harmless Lessor and the other Lessor Parties from and against any claims, losses, costs or damages, including reasonable attorneys' fees incurred or arising by reason of Lessee’s 's obligations under the Intangibles prior to the Closing Date:: (a) service contracts for the benefit of the Demised Premises to which Lessee is a party, and which can be terminated without penalty within sixty (60) or fewer days' notice or which Lessor requests be assigned to Lessor or its designee pursuant to this Article 33; (b) any provider agreements with Medicare, Medicaid or any other third-party payor programs (excluding the right to any reimbursement for periods on or prior to the Closing Date) entered in connection with the Demised Premises to the extent assignable by Lessee; 21

Appears in 1 contract

Samples: 3 Lease Agreement (Sun Healthcare Group Inc)

TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE. 36.1 (a) The date on which (i) this Lease either terminates or expires pursuant to its terms or is terminated by either party party, whether pursuant to a right granted to it hereunder or otherwise, (ii) the date on which LesseeTenant’s right to possession of the Demised Premises Property is terminated pursuant to a right granted to it hereunder or otherwise, or (iii) the date on which Lessee Tenant otherwise abandons the Demised Premises Property shall be referred to as the “Closing Termination Date” in this ArticleSection. Notwithstanding the foregoing provision, the Landlord and Tenant acknowledge and agree that the provisions of this Section 9.06 are not intended to be triggered or be applicable to a termination of this Lease pursuant to subsection A of Exhibit F-1, Special Stipulations Concerning Seismic Compliance concerning a Substitution Transaction or to subsection B of Exhibit F-1, Special Stipulations Concerning Seismic Compliance concerning Construction of a Replacement Hospital. On the Closing Termination Date, this Lease shall be deemed and construed as an absolute assignment for purposes of vesting in Lessor Landlord (or LessorLandlord’s designee – designee, it being acknowledged and agreed that for purposes of this Article 36 Section 9.06, the term Lessor Landlord shall be deemed to mean LessorLandlord’s designee, if applicable)) all of LesseeTenant’s right, title and interest in and to the following intangible property which is now or hereafter used in connection with the operation of the Demised Premises Property (the “Intangibles”) and an assumption by Lessor Landlord or its designee of LesseeTenant’s obligations under the Intangibles from and after the Closing Termination Date; provided that, from and after the Closing Termination Date, Lessee Tenant and each Lease Guarantor shall indemnify, defend and hold harmless Lessor Landlord and the other Lessor Indemnified Parties from and against any claims, losses, costs or damages, including reasonable attorneys’ fees incurred or arising by reason of LesseeTenant’s obligations under the Intangibles prior to the Closing Termination Date for a period of two (2) years after the Termination Date:

Appears in 1 contract

Samples: Facility Lease Agreement (MedEquities Realty Trust, Inc.)

TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE. 36.1 34.1 The date on which (i) this Lease either terminates or expires pursuant to its terms or is terminated by either party whether pursuant to a right granted to it hereunder or otherwise, (ii) the date on which LesseeTenant’s right to possession of the Demised Premises is terminated pursuant to a right granted to it hereunder or otherwise, or (iii) the date on which Lessee Tenant otherwise abandons the Demised Premises shall be referred to as the “Transition Closing Date” in this Article. On the Transition Closing Date, this Lease shall be deemed and construed as an absolute assignment for purposes of vesting in Lessor Landlord (or LessorLandlord’s designee – for purposes of this Article 36 ARTICLE 34 the term Lessor Landlord shall be deemed to mean LessorLandlord’s designee, if applicable)) all of LesseeTenant’s right, title and interest in and to the following intangible property which that is now or hereafter used in connection with the operation of the Demised Premises (the “Intangibles”) and an assumption by Lessor Landlord of LesseeTenant’s obligations under the Intangibles from and after the Transition Closing Date; provided that, from and after the Transition Closing Date, Lessee Tenant shall indemnify, defend and hold harmless Lessor Landlord and the other Lessor Indemnified Parties from and against any claims, losses, costs or damages, including reasonable attorneys’ fees incurred or arising by reason of LesseeTenant’s obligations under the Intangibles prior to the Transition Closing Date:

Appears in 1 contract

Samples: Master Lease (MedEquities Realty Trust, Inc.)

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TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE. 36.1 (a) The date on which (i) this Lease either terminates or expires pursuant to its terms or is terminated by either party whether pursuant to a right granted to it hereunder or otherwise, (ii) the date on which LesseeTenant’s right to possession of the Demised Premises Property is terminated pursuant to a right granted to it hereunder or otherwise, or (iii) the date on which Lessee Tenant otherwise abandons the Demised Premises Property shall be referred to as the “Closing Termination Date” in this ArticleSection. On the Closing Termination Date, upon Landlord’s affirmative election, this Lease shall be deemed and construed as an absolute assignment for purposes of vesting in Lessor Landlord (or LessorLandlord’s designee for purposes of this Article 36 Section 9.06 the term Lessor Landlord shall be deemed to mean LessorLandlord’s designee, if applicable)) all of LesseeTenant’s right, title and interest in and to the following intangible property which is now or hereafter used in connection with the operation of the Demised Premises Property (the “Intangibles”) and an assumption by Lessor Landlord of LesseeTenant’s obligations under the Intangibles from and after the Closing Termination Date; provided that, from and after the Closing Termination Date, Lessee Tenant shall indemnify, defend and hold harmless Lessor Landlord and the other Lessor Indemnified Parties from and against any claims, losses, costs or damages, including reasonable attorneys’ fees incurred or arising by reason of LesseeTenant’s obligations under the Intangibles prior to the Closing Termination Date:

Appears in 1 contract

Samples: Master Lease Agreement (MedEquities Realty Trust, Inc.)

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