Examples of Substitute Tenant in a sentence
Purchaser shall have the right to assign all of its right, title and interest in, to and under this Agreement to a new tenant (a “Substitute Tenant”) to which Purchaser shall lease the Hotels (pursuant to a lease which imposes no greater risks, obligations, duties or liability on Manager than the Lease (assuming the same had not been terminated) and for a term equal to the unexpired term of this Agreement) which Substitute Tenant shall expressly assume all of the Owner’s obligations under this Agreement.
Upon such assignment to, and assumption by, a Substitute Tenant, Purchaser shall be relieved of all future obligations arising under this Agreement (other than any expressly imposed on Purchaser pursuant to Sections 4.2 through and including 4.7), Manager shall attorn to the Substitute Tenant and recognize the Substitute Tenant as the “Owner” under this Agreement, and the term “Lease” as used in this Agreement shall be deemed to refer to such lease between Purchaser and the Substitute Tenant.
In each case, the party in possession of the Hotels (i.e., Owner, Interim Tenant, or Approved Substitute Tenant) shall as of the Termination Date take assignment of and shall assume in writing on a prospective basis all of the rights and obligations of Lessee under the Management Agreement.
Landlord shall not be obligated to offer the Premises to a Substitute Tenant when other premises in the Building or other buildings owned by Landlord or an affiliate of Landlord suitable for that prospective tenant’s use are (or soon will be) available.
Upon the occurrence of any event described herein for the replacement of Lessee as occupant of any Hotel, Lessee shall surrender its rights and interest in the Management Agreement to Manager and peaceably turn over possession of the Hotels to Owner, an Interim Tenant, an Approved Substitute Tenant, or Manager as Lessee.