Assignments and Subleases. Section 1: Tenant shall not assign this Lease or any of Tenant’s rights or obligations hereunder, or sublet or permit anyone to occupy the Premises or any part thereof, without the prior written consent of Landlord. Any assignment, subletting or occupancy, Landlord’s consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to this Lease on Tenant or the use and occupancy of the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage. Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then at the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Lease. Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected on forms supplied or approved by Landlord.
Appears in 1 contract
Sources: Lease Agreement (Lucid Inc)
Assignments and Subleases. Section 1: Tenant Notwithstanding any provision of the Sublease to the contrary, Sublessee shall not assign this Lease or any of Tenant’s rights or obligations hereunder, Sub-Sublease or sublet or permit anyone to occupy any portion of the Demised Premises or any part thereof, without the prior written consent of Landlord. Any assignment, subletting or occupancy, Landlord’s Sublessor (whose consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal unreasonably withheld), Sybase and not as a guarantor or a surety) Owner, subject to Owner's recapture and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from other rights under the obligation of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancyMaster Lease and Owner's and Sybase's rights under the Sublease. All restrictions and obligations imposed pursuant to this Lease on Tenant or the use and occupancy of the Premises The following transactions shall be deemed to extend to any subtenant, assignee or occupant assignments of Tenant, and Tenant shall cause this Sub- Sublease requiring such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses prior written consent: (including attorneys’ fees and hourly fees for Landlord’s employees and agentsi) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt pledge or other transfer of reimbursement for such expenses from Tenant shall be a condition this Sub-Sublease; (ii) any sublease, license or occupancy agreement with respect to Landlord providing any portion of the Demised Premises; (iii) if Sublessee or any of its consent to such assignment, subletting, occupancy successors or mortgage.
Section 2: If Tenant assigns is a partnershipcorporation, then any dissolution sale, pledge or other transfer of Tenant all or a withdrawal majority of the capital stock of Sublessee or change of partners owning any such successor or assign (unless such stock is publicly traded on a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation recognized security exchange or a partnership with a corporate general partnerover-the-counter market), then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), into Sublessee or any sale such successor or transfer of a controlling interest of its capital stockassign, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or and any other type of entity, then at the option of Landlord, a sale of all or substantially all of the assets of Sublessee or such successor or assign; (iv) if Sublessee or any of its assets shall also be deemed successors or assigns is a voluntary partnership, limited liability partnership or limited liability company, any change in its partners or members; and (v) if Sublessee is a trust, any change in the identity of its trustees or any transfer of a beneficial interest in such trust. If Sublessor, Sybase and Owner consent to any such assignment of this Lease.
Section 3: If any or sublease, such assignment or sublease shall comply with the requirements of Section 5 of the Sublease, except that Sublessee shall reimburse Sublessor up to a maximum of $5,000 for legal fees and expenses in any instance and Sublessee shall pay Sublessor 100% of the consideration or excess rent (net of amounts excludable under Section 5.2(b) of the Sublease) as described under Section 5.2(b) of the Sublease and any rights to assign or sublet hereunder shall be for the benefit of SilverStream Software, Inc. and no other transfer entity, successor or assign. Any attempt by Sublessee to assign or sublet the Demised Premises without the prior written consent of Sublessor, Sybase and Owner shall be void. Notwithstanding the foregoing,-in no event shall any: (whether by operation i) sale of law or otherwise) provided that the subtenant, assignee stock or other transferee interests in the Sublessee solely in connection with any equity financing by Sublessee, (ii) assignment or sublease of the Demised Premises to any entity controlling, controlled by or under common control with Sublessee or any affiliate thereof) is to pay any amount in excess successor by merger, consolidation or sale of all or substantially all of the assets of Sublessee (each an "Affiliate of Sublessee"), or (iii) financing of furniture, fixtures, or equipment of Sublessee in connection with the Demised Premises, require prior consent of If Sublessee requests Sublessor's consent to an assignment or sublease of the whole or a portion of Demised Premises, Sublessor shall have the option to terminate this Sub-Sublease for the balance of the term (in the case of any proposed assignment) or recapture the applicable portion of the Demised Premises (in the case of any proposed sublease of a portion of the Demised Premises) for the balance of the term by notice to Sublessee as of the date specified for the balance of the term in such notice, which shall be not less than thirty (30) nor more than sixty (60) days after the date of Sublessor's notice. In such event, the Demised Premises, or portion thereof shall be delivered to Sublessor on the date specified in good order and condition in the manner provided in this Sub-Sublease at the end of the Lease Term and Sublessor shall have, at its own cost and expense, the right to make modifications to such portion so as to make it either a self-contained unit or accessible to, or part of, the balance of the second floor premises occupied by Sublessor. The Base Rent, any additional rent and other charges due under this Lease, then, whether such excess be in payable by Sublessee hereunder and the form Rentable Floor Area of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess Demised Premises shall be determined on a pro rata basis), Tenant shall pay adjusted according to Landlord fifty percent (50%) the extent of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected on forms supplied or approved by LandlordDemised Premises for which this Sub-Sublease is terminated.
Appears in 1 contract
Sources: Sublease (Silverstream Software Inc)
Assignments and Subleases. Section 1: Tenant shall not assign (a) WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR, LESSEE SHALL NOT ASSIGN, PLEDGE, GRANT A SECURITY INTEREST IN, OTHERWISE ENCUMBER, SUBLEASE OR TRANSFER, OR IN ANY WAY DISPOSE OF OR OTHERWISE RELINQUISH POSSESSION OR CONTROL OVER (COLLECTIVELY, A "TRANSFER") ITS RIGHTS WITH RESPECT TO ANY UNIT OF EQUIPMENT OR ALL OR ANY PART OF ITS RIGHTS AND OBLIGATIONS UNDER THIS LEASE. If notwithstanding the foregoing, a Transfer by Lessee takes place, the rights of the sublessee or other transferee will be subject and subordinate to all of the terms of this Lease or any Lease, including Lessor's right of Tenant’s rights or obligations hereunder, or sublet or permit anyone to occupy repossession on the Premises or any part thereof, without the prior written consent occurrence of Landlordan Event of Default. Any assignment, subletting or occupancy, Landlord’s consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times Lessee will remain primarily liable as a principal and not as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from for the obligation performance of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to all of the terms of this Lease on Tenant or to the use and occupancy of same extent as if the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale sublease or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Leasepossession had not occurred. Whether Tenant is a partnership, corporation or Lessor and Lessee agree that any other type of entity, then at the option of Landlord, a sale purchase of all or substantially all of its assets Lessee's assets, any merger or consolidation into or with Lessee regardless of whether Lessee is the surviving entity or any entity acquiring more than twenty percent (20%) of Lessee's voting securities shall also be deemed to be a voluntary assignment of Transfer under this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwiseb) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord Lessor shall have the right right, in its sole discretion, to inspect and audit Tenant’s books and records relating assign, sell, pledge, grant a security interest in or otherwise encumber its rights under this Lease or one or more Schedules and/or with respect to the Equipment subject to this Lease or such Schedule(s) to one or more persons or entities (each, an "Assignee"). Lessee acknowledges that an assignment, sale or other encumbrance by Lessor would not materially change Lessee's duties under the Lease or materially increase its burdens or risks. Even if such an assignment, sale or other encumbrance could be deemed to have that effect, Lessee agrees that the assignment, sale or other encumbrance will nevertheless be permitted. Without prejudice to any subleaserights that Lessee may have against Lessor, Lessee agrees that it will not assert against an Assignee any claim or defense that it may have against Lessor.
(c) Lessee acknowledges that it is Lessor's intention to assign this Lease and/or one or more Schedules and the related Equipment to one or more limited partnerships with which Lessor is affiliated (each, a "Lessor Affiliate") and agrees that upon any such assignment or other transfer. Any sublease, assignment or other transfer the sole liability for performance of Lessor's obligations hereunder shall fall upon such Lessor Affiliate which shall assume such obligations and Lessor shall be effected on forms supplied fully released from such liabilities and that the limited partners of such Lessor Affiliate shall have no personal liability for the performance or approved observance of this Lease. A Lessor Affiliate which succeeds to the rights and interests of Lessor under this Paragraph 11(c) shall be bound by Landlordthe terms of this Lease without alteration and any claim or defense which Lessee may have had against Lessor prior to such assignment may only be asserted against the assignee Lessor Affiliate.
(d) Subject to the foregoing, this Lease inures to the benefit of, and is binding upon, the heirs, legatees, representatives, successors and assigns of Lessee and Lessor.
Appears in 1 contract
Assignments and Subleases. Subject to the requirements of Section 1: Tenant 4.7, Lessee shall not assign this Lease or any of Tenant’s rights or obligations hereunder, or have the right to sublet or permit anyone to occupy the Premises or any part thereof, thereof from time to time without the prior written consent of LandlordLessor. Any assignmentNotwithstanding the foregoing, subletting Lessee shall not assign this Lease in whole or occupancyin part without the consent of Lessor, Landlord’s which consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver unreasonably withheld; provided that, without the consent of Lessor, Lessee may assign this Lease to (i) any subsidiary corporation or release of Tenant from liability hereunder other entity owned at least 51%, directly or indirectly, by Lessee; or (it being understood that Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a suretyii) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written consent to any subsequent assignmentperson, subletting firm or occupancy. All restrictions and obligations imposed pursuant to this Lease on Tenant or corporation who is the use and occupancy of the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then at the option of Landlord, a sale purchaser of all or substantially all the assets and business of its Lessee or is the successor to substantially all the assets shall also be deemed and business of Lessee by virtue of a voluntary assignment of this Lease.
Section 3: If any subleasecorporate merger or consolidation of, assignment with or other transfer (whether by operation of law or otherwise) into Lessee, provided that the subtenantsuch purchaser, successor or assignee or other transferee (the owner or any affiliate thereof) ultimate parent of such purchaser, successor or assignee has operational expertise and reputation similar to Lessee and, in the reasonable best judgment of Lessee, sufficient cash flow to perform its obligations hereunder. No such assignment as to which the consent of Lessor is not required shall be effective unless each such assignee by written instrument of law, shall assume and become bound to pay any amount in excess perform and observe all of the rent covenants and other charges due agreements of Lessee under this Lease, then, whether such excess but Lessee shall not be in the form of an increased rental, lump sum payment, payment released from liability for the sale payment of rent and for the performance and observance of any of the other covenants and agreements of Lessee under the Lease after the effective time of such assignment. Nothing contained in this Section 10 shall be construed to prohibit or lease restrict Lessee's right to permit patients of fixtures the hospital which is a part of the Premises to occupy residential health care facilities therein or to permit the physicians or other leasehold improvements professionals to use or any other form (and if otherwise occupy office space within the applicable space does not constitute the entire Premises, the amount and existence of . Each such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any subleasesublease permitted hereunder shall expressly be made subject and subordinate to the provisions of this Lease, and no assignment or other transfer sublease permitted hereunder shall be effected on forms supplied modify or approved by Landlordlimit any rights or powers of Lessor hereunder or affect or reduce any obligation of Lessee hereunder, and all such obligations shall continue in full effect as obligations of a principal and not of a guarantor or surety, as though no assignment or subletting had been made.
Appears in 1 contract
Assignments and Subleases. Section 1: Tenant shall be permitted to assign and sublet all or any portion of the Premises with Landlord’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. In no event shall Tenant assign this Lease or any if the proposed subtenant is a party who would detract from the character of Tenant’s rights or obligations hereunderthe building as a first-class office building, an agency that enjoys diplomatic immunity, or sublet or permit anyone to occupy if the Premises or use would contravene any part thereof, without restrictive covenant affecting the prior written consent of Landlordbuilding. Any assignment, subletting or occupancy, Landlord’s consent thereto to one assignment, sublease, or Landlord’s collection transfer shall not be deemed as consent to any other further assignment or sublease. No acceptance by Landlord of any rent or any other sum of money from any assignee, subtenant sublessee or occupant, other category of transferee shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that any of its obligations. Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a surety) on this Lease for the entire Term and shall not be construed as relieving Tenant or any assignee, subtenant or occupant released from the obligation full and complete performance of obtaining the terms, conditions, covenants and agreements. Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to this Lease on Tenant or the use and occupancy of the Premises shall not be deemed to extend to any subtenant, assignee or occupant of Tenantrequired with respect to, and Tenant shall cause such persons be permitted to comply with all such restrictions assign the Lease or sublease any portion of the premises during the initial term and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent any extensions term(s), to any assignmentrelated entity, sublettingparent company, occupancy subsidiary or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization affiliate of Tenant (or such corporate general partnercollectively, “Affliate”), or any sale assignment resulting from a consolidation, merger, stock transfer or transfer purchase of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then at the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis)Tenant’s assets. However, Tenant shall pay must inform Landlord in writing, of it’s intent to Landlord fifty percent (50%) sublease or assign any portion of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord shall have the right its interest to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected on forms supplied or approved by Landlorda related entity.
Appears in 1 contract
Assignments and Subleases. Section 1: Tenant 13.1. Lessee shall not assign this Lease or any of Tenant’s rights or obligations hereunderits interest in the Premises, or sublet make or permit anyone to occupy effect any sublease respecting the Premises or any part thereofPremises, without the prior written consent of Landlord. Any assignmentLessor, subletting or occupancy, Landlord’s which consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a surety) and unreasonably withheld. Lessee shall not be construed as relieving Tenant allow or permit any transfer of this Lease or any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to interest under this Lease on Tenant or the use and occupancy of the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then at the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenantconvey, assignee mortgage, pledge or other transferee (encumber this Lease or any affiliate thereof) is to pay any amount in excess of the rent and other charges due interest under this Lease. Any attempted action by Lessee in violation of the provisions of this Section 13.1 shall be void.
Section 13.2. No assignment or transfer of this Lease by Lessee consented to by Lessor shall be effective, thenunless the assignee or transferee shall, whether at the time of such excess assignment or transfer, assume all the terms, covenants and conditions of this Lease thereafter to be in performed by Lessee and shall agree to be bound thereby. Notwithstanding such assignment or transfer or the form acceptance by Lessor from such assignee of an increased rental, lump sum payment, payment for the sale or lease of fixtures any rent or other leasehold improvements monies or any other form performance of the obligations of Lessee hereunder, Lessee shall remain liable and obligated as a principal (and if not as a surety or guarantor) to perform all the applicable space does not constitute terms, conditions and covenants, including the entire Premisespayment of rental and other monies, herein provided to be performed by Lessee.
Section 13.3. Notwithstanding any provisions of Section 13.1 hereof to the amount and existence contrary, Lessee may, without Lessor's prior written consent, assign this Lease to any corporation resulting from the merger, reorganization or consolidation of Lessee, provided that (a) the net worth of such excess assignee after such merger, reorganization or consolidation shall be determined on a pro rata basis)no less than that of Lessee immediately prior to such merger, Tenant reorganization or consolidation, (b) Lessee is not at such time in Default hereunder, and (c) such successor shall pay execute an instrument in writing fully assuming all of the obligations and liabilities imposed upon Lessee hereunder and deliver the same to Landlord fifty percent (50%) of any such excess upon such terms as Lessor; whereupon Lessee shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by discharged from any subtenant, assignee or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected on forms supplied or approved by Landlordfurther liability hereunder.
Appears in 1 contract
Sources: Lease Agreement (Blue Rhino Corp)
Assignments and Subleases. Section 1: The public and community benefits provided by Tenant in its operation of the Premises, Tenant’s non-profit status and its particular mission, are an essential part of the consideration and the reduced rate of Rent for this Lease. Accordingly, Tenant shall not assign this Lease directly or indirectly (including, without limitation, by merger, acquisition or other transfer of any controlling interest in Tenant), voluntarily or by operation of Tenant’s law, sell, assign, encumber, pledge or otherwise transfer any part of its interest in or rights with respect to the Premises or obligations hereunderits leasehold estate hereunder (collectively, an “Assignment”), or permit or license any portion of the Premises to be used or occupied by anyone other than itself, or sublet or permit anyone to occupy any portion of the Premises or any part thereof(collectively, “Sublease”), without the prior written consent of Landlord. Any assignment, subletting or occupancy, Landlord’s consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written consent in each instance, which consent may be given or withheld in its sole discretion. Notwithstanding anything to any subsequent assignmentthe contrary set forth in this Lease, subletting or occupancy. All restrictions and obligations imposed pursuant the Premises shall remain subject to this Lease on Tenant regardless of any Assignment or the use Sublease made at any time or from time to time. Landlord’s consent to one Assignment or Sublease shall not be deemed a consent to subsequent Assignments or Subleases. Any Assignment or Sublease made without Landlord’s consent shall constitute an Event of Default hereunder and occupancy of the Premises shall be voidable at Landlord’s election. In no event will Landlord’s consent to an Assignment or Sublease be deemed to extend to any subtenant, assignee or occupant be a release of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred as primary obligor hereunder unless expressly evidenced by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and writing. Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution release of Tenant as primary obligor may be given or a withdrawal or change of partners owning a controlling interest withheld in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then at the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Lease’s sole discretion.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected on forms supplied or approved by Landlord.
Appears in 1 contract
Sources: Lease Agreement
Assignments and Subleases. Section 1: The Tenant will not directly or indirectly assign or encumber its interest in this Lease or in the Leased Premises, or sublease all or any part of the Leased Premises, or allow any other person, firm or corporation to occupy or use all or any part of the Leased Premises, without first obtaining the Landlord's written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Any assignment, encumbrance or sublease without the Landlord's consent will be voidable and, at the Landlord's election, will constitute a default under this Lease. Each assignee or sublessee shall execute an agreement in favor of the Landlord by which such party agrees to comply with all the terms of this Lease except, in the case of a subtenant only, the payment of rent to the Landlord. No permitted assignment or subleasing will in any way affect or reduce any of the liabilities or obligations of the Tenant under this Lease, which liability shall be joint and several with any assignee or sublessee, as applicable. The parties agree that with respect to any approved assignment or sublease, the Landlord and Tenant pay to the Landlord fifty (50%) percent of the net profit paid or payable to the Tenant as a result of same, which net profit shall equal the assignment consideration or sublease rent minus the Tenant's brokerage commission, reasonable legal costs, leasehold improvements and other applicable costs associated with the assignment or sublease. If, at any time during the Term of this Lease, Tenant is:
(a) a corporation or a trust (whether or not having shares of beneficial interest) and there shall occur, as a result of any single transaction or as a result of any series of related or unrelated transactions over time, any change in the identity of any person then having a ten percent (10%) or greater voting interest with respect to the election or appointment of the directors, trustees or other persons exercising like functions and managing the affairs of Tenant (the foregoing shall not be applicable if Tenant is a publicly traded corporation); or
(b) a partnership, limited liability company, or association or otherwise not a natural person (and is not a corporation or a trust) and there shall occur any change in the identity of any of the persons who then are members of such partnership or association and who holds at least a ten percent (10%) interest in the profits and/or losses of such partnership; then, and in either event, Tenant shall not be deemed to have assigned this Lease in violation of the terms herein contained, and shall be in default hereof, and Landlord shall be entitled to the remedies set forth in this Lease. Notwithstanding anything contained herein to the contrary, the Tenant may assign this Lease or any of Tenant’s rights or obligations hereunder, or sublet or permit anyone to occupy sublease the Leased Premises or any part thereof, without the prior written consent of Landlord. Any assignment, subletting or occupancy, Landlord’s consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written 's consent to any subsequent assignmentparent, subletting subsidiary or occupancy. All restrictions and obligations imposed pursuant to this Lease on affiliate of the Tenant or in connection with the consolidation, merger or reorganization of Tenant or the use and occupancy of the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and sale by Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then at the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Leasestock or assets.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected on forms supplied or approved by Landlord.
Appears in 1 contract
Sources: Lease (Inso Corp)
Assignments and Subleases. Section 1: Tenant shall not (a) Lessee may, upon written notice to Lessor, mortgage or grant a security interest in the Lease and Tower Facilities, and may assign this Lease and Tower Facilities to any such mortgagees or any holders of Tenant’s rights or obligations hereundersecurity interests, or sublet or permit anyone to occupy the Premises or any part thereof, without the prior written consent of Landlordincluding their successors and assigns (collectively “Secured Parties”). Any assignment, subletting or occupancy, Landlord’s consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written Lessor will execute such consent to any subsequent assignmentleasehold financing as may reasonably be required by Secured Parties, subletting or occupancy. All restrictions and obligations imposed pursuant to this Lease on Tenant or provided the use and occupancy terms of the Premises shall be deemed to extend to any subtenant, assignee or occupant financing:
(i) Do not exceed the Term (including all Renewal Terms) of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay ; and
(ii) The Secured Parties are subjected to the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment terms of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then at the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is Lessor agrees to pay any amount in excess of the rent notify Lessee and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) Lessee’s Secured Parties simultaneously of any such excess upon such terms default by Lessee, and to give Secured Parties the same right to cure the default as shall Lessee. The cure period for any Secured Party must be specified by Landlord and in no event later than at least ten (10) days after Tenant’s the receipt thereofof the default notice.
(b) Lessee shall not sell, assign, or transfer this Agreement without the express written consent of Lessor, which shall not be unreasonably withheld, conditioned or delayed or made the subject of a demand for additional fees or compensation; provided, however, this Agreement may be sold, assigned, licensed, or transferred at any time by Lessee to any business entity which (a) is a parent, subsidiary or affiliate of Lessee, (b) controls or is controlled by or under common control of Lessee, (c) is merged or consolidated with Lessee, or (d) purchases more than 50% ownership interest in or to the assets of Lessee to which this applies. Tenant Upon assignment, Lessee shall in all events diligently pursue the collection be relieved of all amounts owed by any subtenantliabilities and obligations hereunder and Lessor shall look solely to the assignee for performance under this Agreement and all obligations hereunder. Notwithstanding anything contained in this Agreement to the contrary, assignee if Lessee or a corporation or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment entity which directly or indirectly (through one or more subsidiaries) controls Lessee is a corporation or other entity whose equity interests are listed and traded on a nationally recognized securities exchange or over-the-counter market, the transfer, sale or other disposition (including issuance) of stock or other equity interests in such corporation or other entity shall not be deemed an assignment of this Agreement. Any assignments will be subject to the terms of this Lease. Lessee will provide to Lessor a copy of the assignee’s executed copy of Exhibit E within thirty (30) days of the assignment.
(c) Any sublease will be subject to terms of this Lease. Lessee will provide to Lessor a copy of the sublessee’s executed copy of Exhibit E within thirty (30) days of commencement of the sublease, assignment or other transfer shall be effected on forms supplied or approved by Landlord.
Appears in 1 contract
Sources: Option and Ground Lease Agreement
Assignments and Subleases. Section 1: Tenant shall not assign (a) WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR, LESSEE SHALL NOT ASSIGN, PLEDGE, GRANT A SECURITY INTEREST IN, OTHERWISE ENCUMBER, SUBLEASE OR TRANSFER, OR IN ANY WAY DISPOSE OF OR OTHERWISE RELINQUISH POSSESSION OR CONTROL OVER (COLLECTIVELY, A "TRANSFER") ITS RIGHTS WITH RESPECT TO ANY UNIT OF EQUIPMENT OR ALL OR ANY PART OF ITS RIGHTS AND OBLIGATIONS UNDER THIS LEASE. If notwithstanding the foregoing, a Transfer by Lessee takes place, the rights of the sublessee or other transferee will be subject and subordinate to all of the terms of this Lease or any Lease, including Lessor's right of Tenant’s rights or obligations hereunder, or sublet or permit anyone to occupy repossession on the Premises or any part thereof, without the prior written consent occurrence of Landlordan Event of Default. Any assignment, subletting or occupancy, Landlord’s consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times Lessee will remain primarily liable as a principal and not as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from for the obligation performance of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to all of the terms of this Lease on Tenant or to the use and occupancy of same extent as if the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale sublease or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Leasepossession had not occurred. Whether Tenant is a partnership, corporation or Lessor and Lessee agree that any other type of entity, then at the option of Landlord, a sale purchase of all or substantially all of its assets Lessee's assets, any merger or consolidation into or with Lessee regardless of whether Lessee is the surviving entity or any entity acquiring more than forty percent (40%) of Lessee's voting securities shall also be deemed to be a voluntary assignment of Transfer under this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwiseb) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord Lessor shall have the right right, in its sole discretion, to inspect and audit Tenant’s books and records relating assign, sell, pledge, grant a security interest in or otherwise encumber its rights under this Lease or one or more Schedules and/or with respect to the Equipment subject to this Lease or such Schedule(s) to one or more persons or entities (each, an "Assignee"), provided that Lessor shall promptly provide Lessee with written notice of any assignment of the lease or any Schedule. Lessee acknowledges that an assignment, sale or other encumbrance by Lessor would not materially change Lessee's duties under the Lease or materially increase its burdens or risks. Even if such an assignment, sale or other encumbrance could be deemed to have that effect, Lessee agrees that the assignment, sale or other encumbrance will nevertheless be permitted. Without prejudice to any subleaserights that Lessee may have against Lessor, assignment Lessee agrees that it will not assert against an Assignee any claim or other transfer. Any subleasedefense that it may have against Lessor.
(c) Subject to the foregoing, assignment or other transfer shall be effected on forms supplied or approved by Landlordthis Lease inures to the benefit of, and is binding upon, the heirs, legatees, representatives, successors and assigns of Lessee and Lessor.
Appears in 1 contract
Sources: Master Lease Agreement (Quality Care Solutions Inc)
Assignments and Subleases. Section 1: Tenant shall not assign (a) WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR, LESSEE SHALL NOT ASSIGN, PLEDGE, GRANT A SECURITY INTEREST IN, OTHERWISE ENCUMBER, SUBLEASE OR TRANSFER, OR IN ANY WAY DISPOSE OF OR OTHERWISE RELINQUISH POSSESSION OR CONTROL OVER (COLLECTIVELY, A "TRANSFER") ITS RIGHTS WITH RESPECT TO ANY UNIT OF EQUIPMENT OR ALL OR ANY PART OF ITS RIGHTS AND OBLIGATIONS UNDER THIS LEASE. If notwithstanding the foregoing, a Transfer by Lessee takes place, the rights of the sublessee or other transferee will be subject and subordinate to all of the terms of this Lease or any Lease, including Lessor's right of Tenant’s rights or obligations hereunder, or sublet or permit anyone to occupy repossession on the Premises or any part thereof, without the prior written consent occurrence of Landlordan Event of Default. Any assignment, subletting or occupancy, Landlord’s consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times Lessee will remain primarily liable as a principal and not as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from for the obligation performance of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to all of the terms of this Lease on Tenant or to the use and occupancy of same extent as if the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale sublease or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Leasepossession had not occurred. Whether Tenant is a partnership, corporation or Lessor and Lessee agree that any other type of entity, then at the option of Landlord, a sale purchase of all or substantially all of its assets Lessee's assets, any merger or consolidation into or with Lessee regardless of whether Lessee is the surviving entity or any entity acquiring more than forty percent (40%) of Lessee's voting securities shall also be deemed to be a voluntary assignment of Transfer under this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwiseb) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) of any such excess upon such terms as shall be specified by Landlord and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord Lessor shall have the right right, in its sole discretion, to inspect and audit Tenant’s books and records relating assign, sell, pledge, grant a security interest in or otherwise encumber its rights under this Lease or one or more Schedules and/or with respect to the Equipment subject to this Lease or such Schedule(s) to one or more persons or entities (each, an "Assignee"). Lessee acknowledges that an assignment, sale or other encumbrance by Lessor would not materially change Lessee's duties under the Lease or materially increase its burdens or risks. Even if such an assignment, sale or other encumbrance could be deemed to have that effect, Lessee agrees that the assignment, sale or other encumbrance will nevertheless be permitted. Without prejudice to any subleaserights that Lessee may have against Lessor, assignment Lessee agrees that it will not assert against an Assignee any claim or other transfer. Any subleasedefense that it may have against Lessor.
(c) Subject to the foregoing, assignment or other transfer shall be effected on forms supplied or approved by Landlordthis Lease inures to the benefit of, and is binding upon, the heirs, legatees, representatives, successors and assigns of Lessee and Lessor.
Appears in 1 contract
Sources: Master Lease Agreement (Skydesk Inc)
Assignments and Subleases. Section 1: (a) The Tenant shall not be entitled to assign this Lease or any of Tenant’s rights or obligations hereunder, or sublet or permit anyone to occupy the Premises whole or any part thereofof the Leased Premises except with the prior written consent of the Landlord. If, in the Landlord's reasonable opinion, the proposed assignee or subtenant meets the requirements of the Landlord as to:
(i) financial condition and stability;
(ii) general reputation; and
(iii) no material change in the use, then the consent of the Landlord shall not be unreasonably or arbitrarily withheld or delayed.
(b) In no event shall any assignment or subletting to which the Landlord may have consented release or relieve the Tenant from its obligations fully to perform all the terms, covenants and conditions of this Lease on its part to be performed. The Tenant shall be responsible for any act or omission (including negligence) or any defaults hereunder of any assignee or subtenant and the Tenant covenants to indemnify the Landlord against and from all loss, costs, claims, actions or damages in respect of any such act, omission or default.
(c) If the Tenant intends to assign the Lease or to sublet the Leased Premises, the Tenant shall first give to the Landlord written notice of the proposed transaction setting out in detail the terms and conditions thereof and provide all other information relating thereto requested by the Landlord.
(d) The Tenant shall not enter into a transaction of assignment or subleasing except upon terms:
(i) consistent with any request for consent and in accordance with this Lease to accord with this Article 11 and the terms of the consent;
(ii) to allow the Landlord to prevent any assignment or subleasing by the other party or parties to the transaction except on the same terms as are contained herein;
(iii) whereby the proposed assignee to the transaction shall enter into an agreement with the Landlord containing a covenant to be bound to the Landlord to keep, observe and perform all the covenants and agreements of the Tenant under this Lease and whereby the proposed subtenant shall enter into an agreement with the Landlord to keep, observe and perform such covenants and agreements of the Tenant under the Lease as the Landlord may consider applicable to a subtenancy as well as such provisions as the Landlord may consider satisfactory as to use of the portion of the Leased Premises which is the subject of the subtenancy;
(iv) whereby the Landlord shall have the right to enforce any of the provisions of the transaction directly against the other party, the enforcement of which is necessary for the fulfilment of the covenants and agreements of the Tenant to the Landlord under this Lease or any conditions on which its consent was given;
(v) whereby, without the prior written consent of the Landlord. Any assignment, subletting the Tenant shall not amend or occupancypermit any amendment of any of the terms of such transaction or waive any obligation of any party; and
(vi) if such transaction is not concluded within sixty (60) days after consent is given, such consent shall expire and be of no effect and the Tenant shall not again enter into any such transaction without complying again with this Article 11.
(e) The Landlord shall not in any event be responsible to the Tenant for any consequential loss, monetary or otherwise, of the Tenant or any other party resulting from the withholding of consent by the Landlord unless such withholding is contrary to the obligations of the Landlord under this Article relating to such consent.
(f) The Tenant shall, on demand of the Landlord’s consent thereto , reimburse to the Landlord all costs (including legal fees and disbursements in connection with advice or Landlord’s collection documentation) incurred by the Landlord in connection with the assignment or subletting.
(g) The Tenant undertakes and agrees, for itself and for any person claiming to be a subtenant or assignee, that the acceptance by the Landlord of rent any Rent from any assignee, subtenant or occupant, person other than the Tenant shall not be construed as a waiver recognition of any rights not herein expressly granted, or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal and not waiver of any of the Landlord's rights, or as an admission that such person is, or as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to this Lease on Tenant or the use and occupancy of the Premises that such person shall be deemed to extend to any subtenantbe, a subtenant or assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligations. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay , irrespective of whether the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for said person claims that such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant person is a partnership, then any dissolution of Tenant subtenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment assignee of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then The Landlord may accept Rent from any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or person occupying the Leased Premises at any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or time without in any other type of entity, then at the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of way waiving any right under this Lease.
Section 3: If (h) The Tenant shall not print, publish, post, mail, display, broadcast or otherwise advertise or offer to the public the whole or any sublease, part of the Leased Premises or any of the rights under this Lease for the purposes of an assignment or other transfer (whether by operation of law or otherwise) provided that the subtenantsubleasing, assignee and shall not permit any broker or other transferee (or party to do any affiliate thereof) is to pay any amount in excess of the rent foregoing unless the complete text and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis), Tenant shall pay to Landlord fifty percent (50%) format of any such excess upon such terms notice, advertisement or offer to the public shall have first been approved in writing by the Landlord, which approval may be unreasonably withheld.
(i) The word "assignment", as shall be specified by Landlord referred to in this Article 11 includes without limitation the transfer of any or all of the rights of the Tenant under this Lease whether immediately, contingently or conditionally and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant shall in all events diligently pursue includes the collection grant of all amounts owed by any subtenant, assignee a mortgage or other transfereespecific charge or floating charge except as provided in Article 11.3 and also includes a Change of Control. Landlord shall have "Change of Control" includes any transfer, voluntary or involuntary, direct or indirect, which results in a change in the right identity of the person or persons exercising or who might exercise effective control or management of the Tenant or the business required to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected carried on forms supplied or approved by Landlordin the Leased Premises.
Appears in 1 contract
Assignments and Subleases. Section 1: Provided Landlord has consented to such assignment or subletting, Tenant shall not be free to assign this Lease or sublet the Space to any third party subject to the following conditions:
(a) At the time of Tenant’s rights or obligations hereunderthe transfer, no Event of Default under this Lease, or sublet under any other lease between Tenant and Landlord or permit anyone any affiliate of Landlord, shall have occurred and be continuing;
(b) The assignment or sublease shall be on the same terms set forth in the Notice given to occupy Landlord;
(c) No assignment or sublease shall be valid and no assignee or sublessee shall take possession of the Premises or any part thereofthe Space, as applicable, until an executed counterpart of the assignment or sublease has been delivered to Landlord;
(d) No assignee or sublessee shall have a right further to assign or sublet without the prior written consent of Landlord. Any assignment, subletting or occupancy, Landlord’s consent thereto or Landlord’s collection or acceptance of rent from any assigneein each instance, subtenant or occupant, which consent shall not be construed as a waiver or release unreasonably withheld;
(e) Any assignee shall have assumed in writing the obligations of Tenant from liability hereunder under the Lease;
(it being understood that Tenant f) Any subtenant shall at all times remain primarily liable as a principal and not as a guarantor or a surety) and shall not be construed as relieving Tenant or any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to this Lease on Tenant or the use and occupancy of the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons have agreed in writing to comply with all applicable terms and conditions of this Lease;
(g) If Landlord consents to a proposed assignment or sublease and Tenant fails to execute and deliver to Landlord such restrictions assignment or sublease within ninety (90) days after the giving of such consent, then Tenant shall again comply with all of the provisions and obligationsconditions of Section 10.4 before assigning this Lease or subletting all or part of the Premises; and
(h) If Tenant enters into any assignment or sublease permitted hereunder or consented to by Landlord, Tenant shall, within sixty (60) days of such assignment or sublease, deliver to Landlord a list of Tenant’s reasonable third-party brokerage fees, legal fees and architectural fees paid or to be paid in connection with such transaction and any actual costs incurred by Tenant in separately demising the subleased Space (collectively, “Transaction Costs”), together with a list of all of Tenant’s property to be transferred to such Transferee. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including attorneys’ fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing Tenant’s request for Landlord to give its consent to any assignment, subletting, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition deliver to Landlord providing its consent to evidence of the payment of such assignment, subletting, occupancy or mortgage.
Section 2: If Tenant is a partnership, then any dissolution Transaction Costs promptly after the same are paid. In consideration of Tenant or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then at the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis)subletting, Tenant shall pay to Landlord Landlord:
(i) In the case of an assignment, fifty percent (50%) of all sums and other consideration paid to Tenant by the Transferee for or by reason of such assignment after first deducting the Transaction Costs; or
(ii) In the case of a sublease, fifty percent (50%) of any such excess upon such terms as consideration payable under the sublease to Tenant by the Transferee which exceeds on a per square foot basis the Annual Base Rent accruing during the term of the sublease in respect of the subleased space after first deducting the monthly amortized amount of Transaction Costs. The sums payable under this clause shall be specified paid by Tenant to Landlord monthly as and when paid by the subtenant to Tenant.
(i) Each sublease shall be subject and subordinate to this Lease and to the matters to which this Lease is or shall be subordinate; and Tenant and each Transferee shall be deemed to have agreed that upon the occurrence and during the continuation of an Event of Default hereunder, Tenant has hereby assigned to Landlord, and Landlord may, at its option, accept such assignment of, all right, title and interest of Tenant as sublandlord under such sublease, together with all modifications, extensions and renewals thereof then in effect and such Transferee shall, at Landlord’s option, attorn to Landlord pursuant to the then executory provisions of such sublease, except that Landlord shall not be (A) liable for any previous act or omission of Tenant under such sublease, (B) subject to any counterclaim, offset or defense not expressly provided in such sublease, which theretofore accrued to such Transferee against Tenant, (C) bound by any previous modification of such sublease not consented to by Landlord or by any prepayment of more than 1 month’s rent, or (D) bound to return such Transferee’s security deposit, if any, except to the extent Landlord shall receive actual possession of such deposit and in no event later than ten (10) days after Tenant’s receipt thereof. Tenant such Transferee shall in all events diligently pursue be entitled to the collection return of all amounts owed by or any subtenant, assignee or other transfereeportion of such deposit under the terms of its sublease. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer The provisions of this Section shall be effected on forms supplied or approved by Landlordself-operative, and no further instrument shall be required to give effect to this provision, provided that the Transferee shall execute and deliver to Landlord any instruments Landlord may reasonably request to evidence and confirm such subordination and attornment.
Appears in 1 contract
Sources: Lease Agreement (Durect Corp)
Assignments and Subleases. Section 1: a. Tenant shall not assign this Lease or do any of Tenant’s rights the following (collectively referred to herein as a "TRANSFER"). whether voluntarily, involuntarily or obligations hereunder, or sublet or permit anyone to occupy the Premises or any part thereofby operation of law, without the prior written consent of Landlord. Any assignment, subletting or occupancy, Landlord’s which consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed unreasonably withheld or delayed:
i. sublet all or any part of the Leased Premises or allow it to be sublet, occupied or used by any person or entity other than Tenant; or
ii. assign its interest in this Lease In no event shall Tenant mortgage or encumber the Lease (or otherwise use the Lease as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a suretysecurity device) and shall not be construed as relieving Tenant or in any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to this Lease on Tenant or the use and occupancy of the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligationsmanner. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including reimburse Landlord for all reasonable costs and attorneys’ ' and consultants' fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing the evaluation, processing and/or documentation of any requested Transfer whether or not Landlord's consent is granted. Any Transfer so approved by Landlord shall not be effective until Tenant has delivered to Landlord an executed counterpart of the document evidencing the Transfer which: (x) is in a form reasonably approved by Landlord; (y) contains the same terms and conditions as stated in Tenant’s request 's notice given to Landlord pursuant to Section 23 (b); and (z) in the case of an assignment of the Lease, contains the agreement of the proposed transferee to assume all obligations of Tenant under this Lease arising after the effective date of such Transfer and to remain jointly and severally liable therefor with Tenant. Any Transfer without Landlord's consent, where such consent is required, shall, at Landlord's election in its sole and absolute discretion, constitute a Default by Tenant and shall be voidable at Landlord's option. Landlord's consent to any one Transfer shall not constitute a waiver of the provisions of this Section 23(a) as to any subsequent Transfer or a consent to any subsequent Transfer. No Transfer, even with the consent of Landlord, shall relieve Tenant of its personal and primary obligation to pay the Rent and Additional Charges and to perform all of the other obligations to be performed by Tenant hereunder. The acceptance of Rent by Landlord from any person shall not be deemed to be a waiver by Landlord of any provision of this Lease nor to be a consent to any Transfer. Subject to the following, any Transfer shall be upon then fair market value. Tenant shall provide Landlord with a certified appraisal performed by a Qualified Appraiser (as defined hereinafter) justifying the proposed rent and terms of the proposed Transfer ("TRANSFER APPRAISAL"). Tenant hereby agrees that it shall not be unreasonable for the Landlord to give withhold its consent to any assignmenta proposed Transfer if it is not on such terms and conditions at least as beneficial to the Landlord as set forth in the Transfer Appraisal; provided, sublettinghowever, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If that if Tenant is unable to consummate a partnership, then any dissolution sublease or assignment after two hundred seventy (270) days of Tenant marketing the property or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then negotiating the sublease at fair market value as determined by the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis)Transfer Appraisal, Tenant shall pay to Landlord fifty percent (50%) of any such excess enter into a Transfer upon such terms as shall be specified by Landlord and in no event later than ten reasonably become available from potential subtenants and/or assignees.
b. At least thirty (1030) days after Tenant’s receipt thereof. before a proposed Transfer is to become effective, Tenant shall give Landlord written notice of the proposed terms of such Transfer and request Landlord's approval, which notice shall include the following:
i. the name and legal composition of the proposed transferee;
ii. a current financial statement of the transferee, financial statements of the transferee covering the preceding three (3) years if the same exist, and (if available) an audited financial statement of the transferee for a period ending not more than one year prior to the proposed effective date of the Transfer, all of which statements are prepared in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected on forms supplied or approved by Landlord.accordance with generally accepted accounting principles;
Appears in 1 contract
Assignments and Subleases. Section 1: a. Tenant shall not assign this Lease or do any of Tenant’s rights the following (collectively referred to herein as a "TRANSFER"), whether voluntarily, involuntarily or obligations hereunder, or sublet or permit anyone to occupy the Premises or any part thereofby operation of law, without the prior written consent of Landlord. Any assignment, subletting or occupancy, Landlord’s which consent thereto or Landlord’s collection or acceptance of rent from any assignee, subtenant or occupant, shall not be construed unreasonably withheld or delayed:
i. sublet all or any part of the Leased Premises or allow it to be sublet, occupied or used by any person or entity other than Tenant; or
ii. assign its interest in this Lease. In no event shall Tenant mortgage or encumber the Lease (or otherwise use the Lease as a waiver or release of Tenant from liability hereunder (it being understood that Tenant shall at all times remain primarily liable as a principal and not as a guarantor or a suretysecurity device) and shall not be construed as relieving Tenant or in any assignee, subtenant or occupant from the obligation of obtaining Landlord’s prior written consent to any subsequent assignment, subletting or occupancy. All restrictions and obligations imposed pursuant to this Lease on Tenant or the use and occupancy of the Premises shall be deemed to extend to any subtenant, assignee or occupant of Tenant, and Tenant shall cause such persons to comply with all such restrictions and obligationsmanner. Tenant shall not mortgage or hypothecate this Lease. Tenant shall pay the expenses (including reimburse Landlord for all reasonable costs and attorneys’ ' and consultants' fees and hourly fees for Landlord’s employees and agents) incurred by Landlord in connection with reviewing the evaluation, processing and/or documentation of any requested Transfer whether or not Landlord's consent is granted. Any Transfer so approved by Landlord shall not be effective until Tenant has delivered to Landlord an executed counterpart of the document evidencing the Transfer which: (x) is in a form reasonably approved by Landlord; (y) contains the same terms and conditions as stated in Tenant’s request 's notice given to Landlord pursuant to Section 23(b); and (z) in the case of an assignment of the Lease, contains the agreement of the proposed transferee to assume all obligations of Tenant under this Lease arising after the effective date of such Transfer and to remain jointly and severally liable therefor with Tenant. Any Transfer without Landlord's consent, where such consent is required, shall, at Landlord's election in its sole and absolute discretion, constitute a Default by Tenant and shall be voidable at Landlord's option. Landlord's consent to any one Transfer shall not constitute a waiver of the provisions of this Section 23(a) as to any subsequent Transfer or a consent to any subsequent Transfer. No Transfer, even with the consent of Landlord, shall relieve Tenant of its personal and primary obligation to pay the Rent and Additional Charges and to perform all of the other obligations to be performed by Tenant hereunder. The acceptance of Rent by Landlord from any person shall not be deemed to be a waiver by Landlord of any provision of this Lease nor to be a consent to any Transfer. Subject to the following, any Transfer shall be upon then fair market value. Tenant shall provide Landlord with a certified appraisal performed by a Qualified Appraiser (as defined hereinafter) justifying the proposed rent and terms of the proposed Transfer ("TRANSFER APPRAISAL"). Tenant hereby agrees that it shall not be unreasonable for the Landlord to give withhold its consent to any assignmenta proposed Transfer if it is not on such terms and conditions at least as beneficial to the Landlord as set forth in the Transfer Appraisal; provided, sublettinghowever, occupancy or mortgage, and Landlord’s receipt of reimbursement for such expenses from Tenant shall be a condition to Landlord providing its consent to such assignment, subletting, occupancy or mortgage.
Section 2: If that if Tenant is unable to consummate a partnership, then any dissolution sublease or assignment after two hundred seventy (270) days of Tenant marketing the property or a withdrawal or change of partners owning a controlling interest in Tenant shall be deemed a voluntary assignment of this Lease. If Tenant is a corporation or a partnership with a corporate general partner, then any dissolution, merger, consolidation or other reorganization of Tenant (or such corporate general partner), or any sale or transfer of a controlling interest of its capital stock, shall be deemed a voluntary assignment of this Lease. Whether Tenant is a partnership, corporation or any other type of entity, then negotiating the sublease at fair market value as determined by the option of Landlord, a sale of all or substantially all of its assets shall also be deemed a voluntary assignment of this Lease.
Section 3: If any sublease, assignment or other transfer (whether by operation of law or otherwise) provided that the subtenant, assignee or other transferee (or any affiliate thereof) is to pay any amount in excess of the rent and other charges due under this Lease, then, whether such excess be in the form of an increased rental, lump sum payment, payment for the sale or lease of fixtures or other leasehold improvements or any other form (and if the applicable space does not constitute the entire Premises, the amount and existence of such excess shall be determined on a pro rata basis)Transfer Appraisal, Tenant shall pay to Landlord fifty percent (50%) of any such excess enter into a Transfer upon such terms as shall be specified by Landlord and in no event later than ten reasonably become available from potential subtenants and/or assignees.
b. At least thirty (1030) days after Tenant’s receipt thereof. before a proposed Transfer is to become effective, Tenant shall give Landlord written notice of the proposed terms of such Transfer and request Landlord's approval, which notice shall include the following:
i. the name and legal composition of the proposed transferee;
ii. a current financial statement of the transferee, financial statements of the transferee covering the preceding three (3) years if the same exist, and (if available) an audited financial statement of the transferee for a period ending not more than one year prior to the proposed effective date of the Transfer, all of which statements are prepared in all events diligently pursue the collection of all amounts owed by any subtenant, assignee or other transferee. Landlord shall have the right to inspect and audit Tenant’s books and records relating to any sublease, assignment or other transfer. Any sublease, assignment or other transfer shall be effected on forms supplied or approved by Landlord.accordance with generally accepted accounting principles;
Appears in 1 contract
Sources: Lease (Speedfam Ipec Inc)