LANDLORD'S ELECTION definition

LANDLORD'S ELECTION. Tenant's request for consent to any transfer, described in Section 17.1 above must be accompanied by a written statement setting forth the details of the proposed transfer, including the name, type of business and financial condition (supported by financial statements) of the prospective transferee, financial details of the proposed transfer (e.g. the terms of the transaction, the rent and security deposit payable under any assignment or sublease), copies of all agreements and other writings pertaining in any way to the proposed transfer. Tenant, in addition to the foregoing information which must be delivered to Landlord at the time Tenant requests Landlord's consent to the proposed transfer, shall deliver to Landlord any additional information concerning the proposed transfer or prospective transferee as Landlord may reasonably request. Landlord will have the right (i) to reasonably withhold consent; (ii) to grant written consent to the transfer; or (iii) to terminate this Lease as of the date of the proposed transfer as to that portion of the Premises affected by the proposed transfer provided the third party transfer term is greater than thirty-nine (39) months long. Within fifteen (15) business days after submission of all required information for the request for consent of proposed transfer, Landlord shall give notice to Tenant of its election under this Section. If Landlord does waive in writing its right to terminate this Lease, such waiver shall be effective only for the transfer specifically covered in Tenant's notice for a period of sixty (60) days after the date of the waiver. If Landlord elects to terminate this Lease under Section 1 7.2(iii) above, Tenant shall have the right to withdraw its request to the proposed transfer within fifteen (15) days after Landlord's election to terminate this Lease, in which case Landlord shall have no right to terminate this Lease or any portion thereof. If Landlord does duly exercise its rights under Section 1 7.2(iii) above to terminate this Lease or any portion thereof, Landlord shall have the right to enter into a lease or other occupancy agreement directly with the prospective transferee, and Tenant shall have no right to any of the rents or other consideration payable by such prospective transferee under such other lease, even if such rents and other consideration exceed the rent payable under this Lease by Tenant. If Landlord elects to exercise its rights under Section 17.2(iii), then Landlord shall ha...
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Examples of LANDLORD'S ELECTION in a sentence

  • Notwithstanding the foregoing, Tenant may include the following notice (in bold, all capitalized twelve point type) in its request for consent to an Alteration: "LANDLORD'S RESPONSE TO THIS REQUEST FOR CONSENT MUST INCLUDE LANDLORD'S ELECTION TO REQUIRE TENANT TO REMOVE THE SUBJECT ALTERATION AT THE EXPIRATION OF THE LEASE TERM OR LANDLORD WILL BE DEEMED TO HAVE WAIVED ITS RIGHT TO REQUIRE TENANT TO REMOVE SAID ALTERATION".

  • LANDLORD MAY, AT LANDLORD'S ELECTION, GIVE TENANT WRITTEN NOTICE OF LANDLORD'S ELECTION TO TERMINATE TENANCY NOT LESS THAN SIXTY (60) DAYS PRIOR TO THE END OF ANY TERM, OR ELECT EARLY TERMINATION PURSUANT TO THE PROVISIONS OF SECTION 3.1. NOTHING HEREIN SHALL BE DEEMED TO PROVIDE TENANT WITH AN IRREVOCABLE OPTION TO RENEW TENANT'S TENANCY.

  • IN THE EVENT THAT THIS LEASE IS TERMINATED, TENANT IS IN DEFAULT HEREUNDER, OR ANY OR ALL CHARGES ARE NOT KEPT CURRENT PURSUANT TO THIS LEASE, LANDLORD MAY TERMINATE TENANT'S RIGHT TO USE THE PREMISES ADDRESS AND AT LANDLORD'S ELECTION AND UPON NOTICE TO TENANT, MAY RETURN ALL MAIL TO SENDERS.

  • IF LANDLORD GIVES NOTICE TO TENANT OF LANDLORD'S ELECTION TO THAT EFFECT, SUCH HOLDING OVER SHALL CONSTITUTE RENEWAL OF THIS LEASE FOR A PERIOD FROM MONTH TO MONTH AT THE HOLDOVER RATE, BUT IF THE LANDLORD DOES NOT SO ELECT, NO SUCH RENEWAL SHALL RESULT NOTWITHSTANDING ACCEPTANCE BY LANDLORD OF ANY SUMS DUE HEREUNDER AFTER SUCH TERMINATION; AND INSTEAD, A TENANCY AT SUFFERANCE AT THE HOLDOVER RATE SHALL BE DEEMED TO HAVE BEEN CREATED.

  • TENANT SHALL PAY IN ADDITION TO ANY SUMS DUE PURSUANT TO ARTICLE 4, ANY INCREASE IN REAL ESTATE TAXES ATTRIBUTABLE TO ANY SUCH ALTERATION, ADDITION OR IMPROVEMENT FOR SO LONG, DURING THE TERM, AS SUCH INCREASE IS ASCERTAINABLE; AT LANDLORD'S ELECTION SAID SUMS SHALL BE PAID IN THE SAME WAY AS SUMS DUE UNDER ARTICLE 4.

Related to LANDLORD'S ELECTION

  • Landlord’s Statement means an instrument or instruments containing a comparison of any increase or decrease in the Rent for the preceding Comparison Year pursuant to the provisions of this Article 28.

  • Expansion Space means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Landlord means the owner, lessor or sublessor of the dwelling unit or the building of which such

  • Tenant means a person entitled under a rental agreement to occupy a dwelling unit to the exclusion of others.

  • Subleased Premises means all that portion of the Leased Premises referred to as airport lot as outlined on the site diagram attached as Schedule "A" to this Sublease; and