Assignment of Proprietary Lease Sample Clauses

The Assignment of Proprietary Lease clause governs the transfer of a tenant's rights and obligations under a proprietary lease to another party. In practice, this clause outlines the conditions under which such an assignment is permitted, often requiring the landlord's or cooperative board's consent and compliance with specific procedures, such as providing notice or meeting financial qualifications. Its core function is to regulate changes in tenancy, ensuring that any new occupant is properly vetted and that the interests of the property owner or cooperative are protected.
Assignment of Proprietary Lease. With respect to a Cooperative Loan, the assignment or mortgage of the related Proprietary Lease from the Mortgagor to the originator of the Cooperative Loan.
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Assignment of Proprietary Lease. With respect to a Cooperative Loan, an assignment of the Proprietary Lease sufficient under the laws of the jurisdiction wherein the related Cooperative Unit is located to reflect the assignment of such Proprietary Lease.
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Assignment of Proprietary Lease. The specific agreement creating a first lien on and pledge of the Cooperative Shares and the appurtenant Proprietary Lease securing a Cooperative Loan.
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Assignment of Proprietary Lease. An assignment of the Proprietary Lease.
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Assignment of Proprietary Lease. The Shareholder shall not assign this lease or transfer the shares to which it is appurtenant until: (a) an assignment in form approved by Corporation executed by the assignor is delivered to the Corporation; and (b) an assumption agreement by the assignee in form approved by Corporation is delivered to the Corporation, or, at the request of the Corporation, a new lease in the same form for the remainder of the term is entered into; and (c) All shares of the Corporation to which this lease is appurtenant are transferred to the assignee, with proper transfer taxes paid; and (d) All sums due from the Shareholder are paid to the Corporation, together with a sum to be fixed by the Directors to cover reasonable legal and other expenses of the Corporation and its managing agent in connection with such assignment and transfer of shares; and (e) Except in the case of an assignment, transfer, or bequest to the Shareholder’s spouse, and except as provided in paragraph 23 of this lease, consent to such assignment shall have been authorized by resolution of the Board of Directors, or given in writing by a majority of the Directors, or, if the Directors shall have failed or refused to give such consent within thirty (30) days after request therefore made in writing by the Shareholder, then by Shareholders owning at least two-thirds of the issued shares of the Corporation, evidenced by written consent or by affirmative vote taken at a meeting called for such purpose.
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Assignment of Proprietary Lease. The Lessee shall not assign this lease or transfer the shares to which it is appurtenant until: (a) an assignment in form approved by Lessor executed by the assignor is delivered to the Lessor; and (b) an assumption agreement by the assignee in form approved by Lessor is delivered to the Lessor, or, at the request of the Lessor, a new lease in the same form for the remainder of the term is entered into; and (c) All shares of the Lessor to which this lease is appurtenant is transferred to the assignee, with proper transfer taxes paid; and (d) All sums due from the Lessee is paid to the Lessor, together with a sum to be fixed by the Directors to cover reasonable legal and other expenses of the Lessor and its managing agent in connection with such assignment and transfer of shares; and (e) Except in the case of an assignment, transfer or bequest to the Lessee’s spouse, and except as provided in paragraph 23 of this lease, consent within 30 days after request therefore made in writing by Lessee, then by lessees owning at least 65 % of the issued shares of the Lessor, evidenced by written consent or by affirmative vote taken at a meeting called for such purpose.
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Assignment of Proprietary Lease. The specific agreement creating a first lien on and pledge of the Co-op Shares and the appurtenant Proprietary Lease securing a Co-op Loan.
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Related to Assignment of Proprietary Lease

  • Assignment of Agreements Each applicable Borrower shall have executed and delivered to Lender the Assignments of Agreements, and the Assignments of Agreements shall, to the extent prudent pursuant to local practice, have been irrevocably delivered to an authorized title agent for the Title Insurer for such recordation in the appropriate filing offices in the jurisdiction in which the applicable Individual Property is located.

  • Assignment of Leases The Assignment of Leases creates a valid assignment of, or a valid security interest in, certain rights under the Leases, subject only to a license granted to Borrower to exercise certain rights and to perform certain obligations of the lessor under the Leases, including the right to operate the Property. No Person other than Lender has any interest in or assignment of the Leases or any portion of the Rents due and payable or to become due and payable thereunder.

  • Assignment of Leases and Rents There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

  • Assignment of Lease The Tenant may not assign the Lease or sublet all or any part of the Premises or otherwise grant possession of the Premises or any portion thereof to any other person without first obtaining the prior written consent of the Landlord, such consent not to be unreasonably withheld. In no event shall the Tenant be released or discharged from the full performance of this Lease and the payment of all rents and monies and the observance of all covenants, agreements, terms and conditions herein contained and any such consent granted by the Landlord shall not be deemed or implied as consent to any further or subsequent assignment or subletting. In the event this Lease is assigned or all or a portion of the Premises sublet, the Tenant shall pay all reasonable out-of-pocket expenses incurred by the Landlord in any such assignment or subletting, including the Landlord’s legal costs in connection therewith and a non-refundable amount of Five Hundred Dollars ($500.00) in advance to the Landlord, representing a reasonable cost to the Landlord for reviewing such application. Any transferee shall enter into an agreement directly with the Landlord covenanting to be bound by all of the Tenant’s obligations hereunder to the extent applicable to it. Notwithstanding the foregoing provisions of this Section 10.01 or anything else contained herein, so long as Tenant is not then in default under this Lease beyond any applicable curative period provided for in this Lease, Tenant shall have the right, without the consent of Landlord, but otherwise in accordance with the requirements of this Lease, including without limitation, the obligation of any transferee to enter into an agreement directly with the Landlord covenanting to be bound by all of the Tenant’s obligations hereunder to the extent applicable, to assign this Lease and/or sublease the whole or part of the Premises to:

  • Assignment Agreements Each Bank may, from time to time, with the consent of the Borrower and Agent (which will not in any instance be unreasonably withheld), sell or assign to other banking institutions rated "B" or better by Thom▇▇▇▇ ▇▇▇k Watch Service a pro rata part of all of the indebtedness evidenced by the Notes then owed by it together with an equivalent proportion of its obligation to make Loans hereunder and the credit risk incidental to the Letters of Credit pursuant to an Assignment Agreement substantially in the form of Exhibit J attached hereto, executed by the assignor, the assignee and the Borrower, which agreements shall specify in each instance the portion of the indebtedness evidenced by the Notes which is to be assigned to each such assignor and the portion of the Commitments of the assignor and the credit risk incidental to the Letters of Credit (which portions shall be equivalent) to be assumed by it (the "Assignment Agreements"), provided that the Borrower may in its sole discretion withhold its consent to any assignment by a Bank to any assignee which has total capital and surplus of less than $200,000,000.00 or to any assignment by a Bank of less than all of its Commitments if as a result thereof the assignor will have Commitments hereunder of less than one half of its assigned Commitments or the assignee will have Commitments hereunder of less than $3,500,000.00 or, after giving effect thereto, there would be more than 10 Banks, further provided that nothing herein contained shall restrict, or be deemed to require any consent as a condition to, or require payment of any fee in connection with, any sale, discount or pledge by any Bank of any Note or other obligation hereunder to a Federal reserve bank. Upon the execution of each Assignment Agreement by the assignor, the assignee and the Borrower and consent thereto by the Agent (i) such assignee shall thereupon become a "Bank" for all purposes of this Agreement with a Commitment in the amount set forth in such Assignment Agreement and with all the rights, powers and obligations afforded a Bank hereunder, (ii) the assignor shall have no further liability for funding the portion of its Commitments assumed by such other Bank and (iii) the address for notices to such Bank shall be as specified in the Assignment Agreement, and the Borrower shall execute and deliver Notes to the assignee Bank in the amount of its Commitments and new Notes to the assignor Bank in the amount of its Commitments after giving effect to the reduction occasioned by such assignment, all such Notes to constitute "Notes" for all purposes of this Agreement, and there shall be paid to the Agent, as a condition to such assignment, an administration fee of $2,500 plus any out-of-pocket costs and expenses incurred by it in effecting such assignment, such fee to be paid by the assignor or the assignee as they may mutually agree, but under no circumstances shall any portion of such fee be payable by or charged to the Borrower.