Lease Contingency definition

Lease Contingency means that Landlord shall have obtained (i) fee title to the Land (or such other beneficial rights to the Land as Landlord may determine, subject to Tenant’s reasonable approval), (ii) all development rights from Liberty Property Trust and/or the Philadelphia Authority for Industrial Development necessary for the development of the Building on the Property, (iii) a zoning and use permit allowing for the Building (as described in the Base Building Schematic Documents listed in Exhibit “E”) and Tenant’s permitted Use described in Section 1(p) above, and (iv) a fully executed and binding commitment, from a lender and on terms and conditions reasonably acceptable to Landlord, for construction financing sufficient, in Landlord’s reasonable opinion, for the design, construction and development of the Building on the Property.
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Lease Contingency is amended to read as follows: “This Lease is contingent on the Master Tenant submitting the necessary applications and documents to the Town for approval of the improvements and use of the property, such as, but not limited to, general plan amendment, a proposed site plan, concept drawings for the site plan, massing diagrams, and renderings identifying the location, general configuration, and proposed design characteristics of the buildings, parking spaces, landscaping, property subdivision, and other aspects of the improvement and uses. The Master Tenant acknowledges that the Project Proposal requires approvals and entitlements from the Town and shall submit a formal application for the Planning Approvals. Costs and fees associated with the Planning Approvals review shall be borne by the Master tenant. Nothing in this Agreement shall be construed to compel the Town to approve or make any findings with respect to Planning Approvals. If Master ▇▇▇▇▇▇ is unable to obtain Planning Approvals, either Landlord or Master ▇▇▇▇▇▇ may terminate this Lease by giving written notice of termination to the other party. Upon the giving of such notice of termination, this Lease shall terminate without liability of either party to the other. This Lease is also contingent on Master Tenant and a Subtenant having executed a binding initial Sublease for any portion of the Premises and occupancy by Subtenants (the “Contingency”). If the Contingency has not been satisfied or waived by Landlord on or before September 5, 2024, either Landlord or Master Tenant may terminate this Lease by giving written notice of termination to the other party.”
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Examples of Lease Contingency in a sentence

  • The rights and obligations of the parties under this Lease shall be contingent upon the next listed Lease Contingency.

  • In the event Tenant does not provide the notice on or before January 15, 2001 it shall have no further right to terminate this Lease for reason of the Lease Contingency not being met.

  • Tenant shall deposit with Landlord the Letter of Credit in the Letter of Credit Amount, as set forth in and as adjusted pursuant to Section 1(n), upon the effectiveness of this Lease following the satisfaction or waiver of the Lease Contingency set forth in Section 1(s).

  • Upon the earlier of the Contingency Expiration Date or upon the placement of the VHA Lease in escrow with the Escrow Agent, Purchaser shall no longer have the right to terminate this Agreement with respect to the VHA Lease Contingency.

  • Landlord's performance under this Lease is expressly made subject to and conditioned upon Landlord's ability to consummate the purchase of the Project from The Prudential Insurance Company of America ("Prudential") no later than May I, 1997 (the "Lease Contingency Date").

  • In addition, the Monthly Rent for the first full month shall be paid within five (5) days after the satisfaction or waiver by Landlord of the Lease Contingency set forth in Section 37 below.

  • This Lease is contingent and conditioned upon the securing by Landlord of financing for the Retail Development on terms and conditions, and at a rate of interest and in a loan amount, satisfactory to Landlord in its sole and absolute discretion (herein referred to as the "Lease Contingency").

  • For each Lease Contingency, if a valid, written Termination Notice is timely received on or before 4:00 p.m. on the Contingency Date, then this Lease shall terminate without further recourse in the parties hereto.

  • This Sublease shall be contingent ----------------------------- upon Subtenant entering into a conterminous lease with the Prime Landlord for approximately 16,785 square feet by May 23, 1997 (the "Lease Contingency Date").

  • If the Lease Contingency shall be satisfied prior to the expiration of the aforesaid thirty (30) day notice period, then the notice to terminate and cancel shall be voided and this Lease shall remain in full force and effect.