Top Lease definition

Top Lease shall have the meaning given that term in Section 10.02.
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Top Lease means a lease granted by a landowner during the existence of a recorded mineral lease which is to become effective if and when the existing lease expires or is terminated. Buyer shall promptly notify Seller of any reimbursement obligation arising under this this Agreement by providing Seller notice of the expiration and a copy of the subject Top Lease. Buyer shall only be entitled to reimbursement from Seller under this Section 10.02 of either (a) the aggregate of Title Defects and Environmental Defects at Closing exceeded the Defect Deductible or (b) the sum of (i) the Title Defects and Environmental Defects at Closing plus (ii) the Allocated Value of the Burdened Leases exceeds the Defect Deductible, and in the case of subparagraph (b), Buyer shall only be entitled to reimbursement to the extent that the sum of clause (i) and (ii) exceeds the Defect Deductible. The amount of reimbursement to which Buyer shall be entitled shall be an amount equal to the Allocated Value of such Lease. Seller may either account for any reimbursement required by this Section in the Final Accounting Statement, or, if the Final Accounting Statement has already been issued and agreed, then Seller shall reimburse to Buyer an amount equal to the Allocated Value (or portion thereof, should any Top Lease cover less than all of the lands subject to a Lease) for any such expired Lease within 15 days following its receipt of notice of an expiration under this Section.
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Top Lease an oil and gas lease covering any interest that is subject to an effective Lease, which is acquired while such Lease is still in effect and is designed to become effective upon the expiration or termination of such existing Lease.
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Examples of Top Lease in a sentence

  • Any Top Lease granted by Lessor in violation of this provision shall be null and void.

  • Any offer must be in writing and must set forth the proposed Lessee's name, bonus consideration and royalty consideration to be paid for such Top Lease, and include a copy of the lease form to be utilized reflecting all pertinent and relevant terms and conditions of the Top Lease.

  • Any Top Lease granted by Lessor inviolation of this provision shall be null and void.

  • A Top Lease, by Definition, Is One that Takes Effect Upon the Termination of an Underlying Lease.

  • If at any time within the primary term of this Lease or any continuation or extension thereof, Lessor receives any bona fide offer, acceptable to Lessor, to grant an additional lease (“Top Lease”) covering all or part of the Leasehold, Lessee shall have the continuing option by meeting any such offer to acquire a Top Lease on equivalent terms and conditions.

  • Top Lease A lease granted on property already subject to an oil and gas lease.

  • H-1 Maritime Office Building Roof Top Lease - AT&T PORT OF PALM BEACH DISTRICT REQUEST FOR DISCUSSION AND COMMISSION ACTION NEW BUSINESS ITEM H-1 SUBJECT: MARITIME OFFICE BUILDING ROOF TOP LEASE – AT&TAuthorization to issue a RFP for a cell tower lease BACKGROUND:At the August 27, 2015 Regular Board Meeting the Commission approved a lease amendment with AT&T for use of the Maritime Office Building rooftop.

  • The Court of Appeals Incorrectly Characterized the Intent that Must Exist to Avoid a Second Lease Being a Top Lease.

  • The Parties acknowledge that Disclosing Party’s damages in the event of a breach of Section 11(a) may not be easily calculable, but vesting title to the Top Lease to Disclosing Party constitutes a reasonable approximation of Disclosing Party’s damages.

  • Any Top Lease granted by Lessor in violation of this provision shall be null and void.IN WITNESS WHEREOF, this instrument is executed on the date first above written.


More Definitions of Top Lease

Top Lease means any top lease, lease option, top term assignment, or any option (or other contractual right) to acquire any of the foregoing on any of Disclosing Party’s oil and gas leases or term assignments.
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Top Lease means the acquisition of a mineral lease (or an option to acquire a mineral lease) covering the Lands under any of the Leases conveyed by Seller to Buyer under this Agreement, to become possessory only upon expiration or termination of such Leases.
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Top Lease means a lease between a third party (as lessor) and Seller (as lessee), which has not become effective as of the date of the applicable Closing, as a result of a pre-existing recorded oil and gas lease pertaining to all or a portion of the same tract of land, and/or the same undivided interest in land, as the Top Lease, and which is to become effective if and when the pre-existing lease expires or is terminated.
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Related to Top Lease

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Lease Agreement means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. Unless the context clearly indicates otherwise, the term includes a sublease agreement.

  • Master Lease Agreement has the meaning set forth in Section 7.2(c)(xiv).

  • Operating Lease of a Person means any lease of Property (other than a Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more.