Examples of Garage Leased Premises in a sentence
Except as contemplated by the Project Agreement or the Management Agreement, the Lessee shall not assign this Garage Lease or sublet the Garage Leased Premises without the written consent of the Lessor.
During the Lease Term, Lessee shall have the right to exclusive possession, control and quiet enjoyment of the Garage Leased Premises subject, at all times however, to the terms and provisions hereof.
The Lessee shall cause the Garage Leased Premises to be operated, maintained, and repaired during the Lease Term in good repair, working order and condition at its expense.
During the Lease Term, the Lessee shall carry, or cause to be carried, insurance on the Garage Leased Premises against physical loss or damage, however caused, with such exceptions as are ordinarily required by insurers of buildings or improvements of a similar type, with good and responsible insurance companies approved by the Lessor.
During the full term of this Garage Lease, the Lessee will also, at its own expense, carry combined bodily injury insurance, including accidental death, and property damage with reference to the Garage Leased Premises in the amount of Five Million Dollars ($5,000,000) combined single limit on account of each occurrence with one or more good and responsible insurance companies.
The Lessor hereby grants to the Lessee the right and option to renew this Garage Lease for a further like or lesser term upon the same or like conditions as herein contained, and applicable to the portion of the Garage Leased Premises for which the renewal applies, and the Lessee shall exercise this option by written notice to the Lessor given upon any rental payment date prior to the expiration of this Garage Lease.
Such insurance shall be in an amount at least equal to the greater of (i) the option to purchase price as set forth in Section 11 hereof, and (ii) one hundred percent (100%) of the full replacement cost of the Garage Leased Premises.
Such policies shall be for the benefit of all persons having an insurable interest in the Garage Leased Premises, and shall be made payable to the Lessor or to such other person or persons as the Lessor may designate.
During the term of this Garage Lease, the Lessee shall also, at its own expense, maintain rent or rental value insurance in an amount equal to the full rental value of the Garage Leased Premises for a period of two (2) years against physical loss or damage of the type insured against pursuant to the preceding requirements of this Section 8.
The Lessor hereby represents that it is possessed of, or will acquire, the Garage Leased Premises and the Lessor warrants and will defend the Garage Leased Premises against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee or its assigns.