Effective Date of this Lease; Duration of Lease Term. (a) This Lease shall be effective when delivered on the date of issuance of the Bond. The initial term hereof (the “Initial Term”), shall expire at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on September 1, 2017. (b) Provided that this Lease is in full force and effect and the Company is not in default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on June 1, 2018 (the “First Renewal Term”). (c) Provided that this Lease is in full force and effect and the Company is not in material default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further to extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a second renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on March 1, 2019 (the “Second Renewal Term”). (d) Provided that this Lease is in full force and effect and the Company is not in default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a third renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on December 1, 2019 (the “Third Renewal Term”). (e) Provided that this Lease is in full force and effect and the Company is not in material default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further to extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a fourth renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on September 1, 2020 (the “Fourth Renewal Term”). (f) Provided that this Lease is in full force and effect and the Company is not in default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a fifth renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on June 1, 2021 (the “Fifth Renewal Term”). (g) Provided that this Lease is in full force and effect and the Company is not in material default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further to extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a sixth renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on December 1, 2021 (the “Sixth Renewal Term”). (h) Each extension option shall be deemed to be exercised automatically unless the Company, at least one hundred eighty (180) days prior to the expiration of the then-current Initial Term or Renewal Term, as applicable, delivers a Non-Renewal Notice to the Issuer and the Holder of the Bond. (i) Notwithstanding any expiration or termination of this Lease, those covenants and obligations that by the provisions hereof are stated to survive the expiration or termination of this Lease shall survive the expiration or earlier termination of this Lease. (j) The “Term” of this Lease shall be the Initial Term; if extended for a Renewal Term, the “Lease Term” shall then be the Initial Term and each Renewal Term for which this Lease is, in fact, extended.
Appears in 2 contracts
Sources: Lease Agreement (Legacy Housing, LTD.), Lease Agreement (Legacy Housing, LTD.)
Effective Date of this Lease; Duration of Lease Term. (a) This Lease shall be effective when delivered on the date of issuance of the Bond. The initial term hereof (the “Initial Term”), shall expire at 11:59 p.m., ▇▇▇▇▇▇ Countyp.m. Dunwoody, Georgia time, on September April 1, 20172016.
(b) Provided that this Lease is in full force and effect and the Company is not in default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ Countyp.m. Dunwoody, Georgia time, on June April 1, 2018 2020 (the “First Renewal Term”).
(c) Provided that this Lease is in full force and effect and the Company is not in material default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further to extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a second renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ Countyp.m. Dunwoody, Georgia time, on March April 1, 2019 2024 (the “Second Renewal Term”).
(d) Provided that this Lease is in full force and effect and the Company is not in default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a third renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ Countyp.m. Dunwoody, Georgia time, on December April 1, 2019 2027 (the “Third Renewal Term”).
(e) Provided that this Lease is in full force and effect and the Company is not in material default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further to extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a fourth renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on September 1, 2020 (the “Fourth Renewal Term”).
(f) Provided that this Lease is in full force and effect and the Company is not in default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a fifth renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on June 1, 2021 (the “Fifth Renewal Term”).
(g) Provided that this Lease is in full force and effect and the Company is not in material default under the terms hereof beyond any applicable notice and cure period provided for herein, the Issuer hereby grants to the Company the option to further to extend the Term of this Lease on the terms stated herein, except as otherwise provided herein, for a sixth renewal period expiring at 11:59 p.m., ▇▇▇▇▇▇ County, Georgia time, on December 1, 2021 (the “Sixth Renewal Term”).
(h) Each extension option shall be deemed to be exercised automatically unless the Company, at least one hundred eighty ninety (18090) days prior to the expiration of the then-current Initial Term or Renewal Term, as applicable, delivers a Non-Renewal Notice to the Issuer and the Holder of the Bond.
(if) Notwithstanding any expiration or termination of this Lease, those covenants and obligations that by the provisions hereof are stated to survive the expiration or termination of this Lease shall survive the expiration or earlier termination of this Lease.
(jg) The “Term” of this Lease shall be the Initial Term; if extended for a Renewal Term, the “Lease Term” shall then be the Initial Term and each Renewal Term for which this Lease is, in fact, extended.
Appears in 1 contract
Sources: Lease Agreement (Wells Core Office Income Reit Inc)