Xxx Lease. This Lease shall constitute a net lease, and Xxxxxx’s obligations hereunder, including the obligation to pay Rent, shall be absolute and unconditional under any and all circumstances. Any present or future law to the contrary notwithstanding, this Lease shall not terminate, nor shall Lessee be entitled to any abatement, suspension, deferment, reduction, setoff, counterclaim, or defense with respect to the Rent, nor shall the obligations of Lessee hereunder be affected (except as expressly herein permitted and by performance of the obligations in connection herewith) by reason of: (i) any defect in the condition, merchantability, design, construction, quality or fitness for use of the Leased Property or any part thereof, or the failure of the Leased Property or any part thereof to comply with all Applicable Laws, including any inability to use the Leased Property or any part thereof by reason of such non-compliance; (ii) any damage to, removal, abandonment, salvage, loss, contamination of, Release from, or other environmental condition with respect to, scrapping or destruction of or any requisition or taking of the Leased Property or any part thereof; (iii) any restriction, prevention or curtailment of or interference with any use of the Leased Property or any part thereof; (iv) any defect in title to or rights to the Leased Property or any part thereof or any Lien on such title or rights or on the Leased Property or any part thereof (provided, that the foregoing shall not relieve any Person from its responsibility to remove Lessor Liens attributable to it); (v) any change, waiver, extension, indulgence or other action or omission or breach in respect of any obligation or liability of or by Lessor, Administrative Agent or any Participant; (vi) to the fullest extent permitted by Applicable Laws, any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceedings relating to any Guarantor, Lessee, Lessor, the Administrative Agent, any Participant or any other Person, or any action taken with respect to this Lease by any trustee or receiver of any Guarantor, Lessee, Lessor, the Administrative Agent, any Participant or any other Person, or by any court, in any such proceeding; (vii) any claim that Lessee has or might have against any Person, including any Participant, vendor, manufacturer, contractor of or for the Leased Property or any part thereof, including the General Contractor; (viii) any failure on the ...
Xxx Lease. A. Landlord and Tenant acknowledge and agree that (i) this Lease is, and is intended to be, what is commonly referred to as a “net, net, net” or “triple net” lease, and (ii) the Rent shall be paid absolutely net to Landlord, so that this Lease shall yield to Landlord the full amount or benefit of the installments of Base Rent, Real Estate Taxes and all other Rent throughout the Term with respect to the entire Premises, all as more fully set forth in Section 5. All of the costs, expenses, responsibilities and obligations of every kind and nature whatsoever foreseen and unforeseen relating to the condition, use, operation, management, maintenance, repair, restoration and replacement of the Premises and all improvements and appurtenances related thereto or any part thereof shall be performed and paid by Tenant, and Landlord shall have no responsibility or liability therefor. Tenant covenants to pay Base Rent, Additional Rent and all other Rent hereunder are independent covenants, and Tenant shall have no right to hold back, offset, deduct, credit against or fail to pay in full any such amounts for claimed or actual default or breach by Landlord of whatsoever nature, for force majeure or for any other reason whatsoever. For the avoidance of doubt, Tenant shall not have, and hereby expressly and absolutely waives, relinquishes, and covenants not to assert, accept or take advantage of, any right to deposit or pay with or into any court or other third-party escrow, depository account or tenant account with respect to any disputed Rent, or any Rent pending resolution of any other dispute or controversy with Landlord. Tenant hereby expressly waives any and all defenses it may have at law or in equity to payment of Rent, including, without limitation, based on any theories of frustration of purpose, impossibility, or otherwise.
B. Landlord and Xxxxxx acknowledge and agree that this Lease is intended to be a “true lease” and an “operating lease” and not a financing lease, capital lease, mortgage, equitable mortgage, deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of this Lease are those of a true lease. The business relationship created by this Lease and any related documents is solely that of a long term commercial lease between Landlord and Tenant, this Lease has been entered into by both parties in reliance upon the economic and legal bargains contained herein, and none of the agreements contai...
Xxx Lease. Lessee is unconditionally obligated to pay all Rent and other amounts due for the entire Term of this Agreement even if the System is damaged or destroyed, if it is defective or if Lessee no longer can use it. Lessee is not entitled to reduce or set-off against Rent or other amounts due to Lessor or to anyone to whom Lessor assigns this Agreement whether Lessee's claim arises out of this Agreement, any statement by Lessor, Lessor's liability or any third party's liability, strict liability, negligence or otherwise.
Xxx Lease. In the event Agent furnishes Owner written authorization to represent Prospect and negotiates and consummates a new Lease Agreement between Owner and Prospect covering an expansion or relocation facility, Owner shall pay Agent a commission based on the above provisions for the expansion or relocation premises, but Agent’s commission under the original Lease Agreement shall be terminated as of the commencement date of the new Lease Agreement and any unearned commission paid to the Agent with respect to the original Lease Agreement shall be netted out of commission payable for the new Lease Agreement.
Xxx Lease. If (i) the Ground Lease is cancelled or terminated for any reason before the natural expiration of its term, and (ii) Lender (or its designee) obtains from Ground Lessor a new lease in accordance with the term of the Ground Lease, neither LF3 nor TRS shall have the right, title or interest in and to the new lease or the leasehold estate created by the new lease.
Xxx Lease. It is the Parties’ intention that the rent herein specified shall be net to the Landlord. The Tenant agrees to pay, indemnify, defend, and hold the Landlord harmless from all expenses and obligation of every kind, including leasehold excise tax, personal property tax, and all other taxes and fees which may be imposed by the state of Washington or other taxing authorities, insurance, maintenance and repair costs, and all other costs of any kind or nature incurred with respect to Tenant’s use or occupancy of the Premises.
Xxx Lease. This Lease Agreement is a net lease and Lessee's obligations to pay all Lease Charges and other amounts payable hereunder shall be absolute and unconditional and, except as expressly provided herein, shall not be subject to any: (i) delay, abatement, reduction, defense, counterclaim, set-off, or recoupment; (ii) discontinuance or termination of any license; (iii) Equipment failure, defect or deficiency; (iv) damage to or destruction of the Equipment; or (v) dissatisfaction with the Equipment or otherwise, including any present or future claim against Lessor or the manufacturer, supplier, reseller or vendor of the Equipment. To the extent that the Equipment includes intangible (or intellectual) property, Lessee understands and agrees that: (i) Lessor is not a party to and does not have any responsibility under any software license and/or other agreement with respect to any software; and (ii) Lessee will be responsible to pay all of the Lease Charges and perform all its other obligations under this Lease Agreement despite any defect, deficiency, failure, termination, dissatisfaction, damage or destruction of any software or software license. Except as expressly provided herein, this Lease Agreement shall not terminate for any reason, including any defect in the Equipment or Lessor's title thereto or any destruction or loss of use of any item of Equipment.
Xxx Lease. It is a type of lease in which the lessor is not concerned with the repairs and maintenance of the asset and his only function is to provide the service. • It is a variant of operating lease.
Xxx Lease. Except as otherwise specifically provided in this Lease, it is understood and agreed that this is a net lease, and that, as between Lessor and Lessee, Lessee shall be responsible for all costs and expenses of every nature whatsoever arising out of or in connection with or related to this Lease or the Equipment (including, but not limited to, transportation in and out, transportation insurance, rigging, drayage, packing, installation and disconnect charges). Lessee hereby agrees that in the event that Lessee fails to pay or perform any obligation under this Lease, Lessor may, at its option, pay or perform said obligation and any payment made or expense incurred by Lessor in connection therewith shall become additional rent, which shall be due and payable by Lessee upon demand. Lessee's agreement to pay all obligations under the Lease, including but not limited to the Rental Payments is absolute and unconditional and such obligations shall not be subject to any abatement, deferment, reduction, defense, counterclaim, setoff or recoupment for any reason whatsoever. It is the express intention of Lessor and Lessee that all rent and all other sums payable by Lessee under the Lease shall be and continue to be, payable in all events throughout the term of the Lease.
Xxx Lease. Each of the following is true with respect to the XXX Lease:
(i) the XXX Estoppel and a true and complete copy of the XXX Lease (including all amendments and modifications thereto) have been delivered to Lender, and the XXX Lease or a memorandum thereof has been duly recorded;
(ii) the XXX Lease is part of a standard payment-in-lieu-of-taxes structure;
(iii) XXX Rent payable under the XXX Lease is fully offset by payments made to Borrower as holder of the XXX Xxxxx;
(iv) the XXX Lease is in full force and effect and no default has occurred thereunder nor, to Borrower’s knowledge, is there any existing condition that, but for the passage of time or the giving of notice or both, would result in a default under the terms of the XXX Lease;
(v) Borrower is the current tenant under the XXX Lease, and the XXX Lease permits Borrower to be the tenant thereunder and permits Borrower’s interest thereunder to be encumbered by the Mortgage;
(vi) the XXX Lease is assignable by a holder of a mortgage encumbering the lessee’s interest therein upon a foreclosure of mortgage without the consent of the lessor thereunder;
(vii) the XXX Lease does not restrict the use of the Property by Borrower, its successors or assigns in a manner that would adversely affect in a material respect the security provided to Lender by the Mortgage;
(viii) upon the expiration or other termination of the XXX Lease and payments of any amounts owed under the XXX Lease, Borrower shall receive a deed conveying fee title in the applicable premises covered thereby; and
(ix) the fee interest in the real property leased to Borrower pursuant to the XXX Lease is encumbered by the Mortgage.
