Examples of Prime Leases in a sentence
The plaintiffs argue that the City’s obligations under section 4.2(a) of the Prime Leases violate the Philadelphia debt restriction provision of the Pennsylvania Constitution.
In its brief, TRO-X maintains that the 2011 Leases “were executed without TRO-X’s knowledge or consent” and “were absent the protections TRO- X had in the 2007 Leases.”On June 22, 2011, Fielder instructed Anadarko employee Carolyn Holden to prepare releases for the original five 2007 Leases, stating that “[w]e are taking new leases from these lessors.” On June 30, 2011, Anadarko executed a release of any interests it held on the 2007 Prime Leases (the Release Agreement).
If Area Developer enters into a Prime Lease, a Sublease, an Assignment or some combination thereof, Area Developer shall be obligated to promptly pay all sums due under such Prime Lease and/or Sublease and/or Assignment, if not paid by the Franchisee, and shall otherwise comply with all terms and conditions of all Prime Leases, Assignments and Subleases executed by Area Developer.
For example, a volume-to-capacity ratio of 1.00 indicates the roadway facility is operating at its capacity.
Hill, and Shirley Cooper (collectively, the Coopers) executed five oil and gas leases in Ward County, Texas, with prime Lessee TRO-X, the Appellee at bar (the 2007 Prime Leases).1 Exhibit A to the 2007 Prime Leases contains a provision requiring TRO-X to protect against the drainage loss of oil, gas, or other hydrocarbons to oil wells completed outside of lease boundaries by drilling off-set wells within lease boundaries when certain conditions are met (the Off-Set Well Provision).
TRO-X disputes Anadarko’s version of events, insisting that Anadarko never actually breached the Off-Set Well Provision and that the 2007 Prime Leases remained in legal effect past the execution of the 2011 Leases until the parties’ release agreement was recorded.We need not answer the question of breach here.
Conrad, 218 A.2d at 911-12; Greenhalgh, 64 A.2d at 662.Because the City’s obligations under the Prime Leases satisfy this test, they are not debt.
Ground Lease § 4.1.Under the Prime Leases, PAID leases the land back to the City for thirty years.
Rent,” which includes “Base Rent” plus any other fixed rent due under the Prime Leases.
In determining whether the Prime Leases impose a debt on the City, however, this court is bound by the evolving meaning of debt set forth in Tranter, Kelley II, Greenhalgh and Conrad.