Existing Leases Sample Clauses
The 'Existing Leases' clause defines how current lease agreements affecting a property are handled during a transaction, such as a sale or transfer. It typically outlines the obligations of the parties regarding disclosure of any ongoing leases, the transfer of lease rights and responsibilities to the new owner, and the treatment of tenant deposits or rent payments. This clause ensures that all parties are aware of and agree to the status and terms of any leases in place, thereby preventing disputes and clarifying the rights of tenants and the new property owner.
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Existing Leases. (a) Seller represents to Buyer that all existing apartment leases at the Property (the "Leases") and any other rights to the use or occupancy of the apartments at the Property (the "Tenancies") are identified on Exhibit E attached hereto.
(b) Between the Contract Date and the Closing Date, Seller shall perform or cause to be performed all obligations of Seller or the landlord under the terms of the Leases.
(c) To the best of Seller's knowledge, Seller warrants to Buyer that all the Leases are in full force and effect and that no tenant under any of the Leases has any pending claim or basis for any claim for any reduction, deduction or set off against the landlord or the rent due thereunder. Seller further warrants that to the best of Seller's knowledge, except as respects the First Mortgage, Seller has the sole right to collect the rents due under the Leases and that neither the Leases nor the right to collect the rents due thereunder has been assigned, pledged, hypothecated or otherwise encumbered by Seller. During the Inspection Period, Buyer shall have the right to review and inspect copies of all documents comprising the Leases and to make necessary copies thereof. Buyer shall also have the right to review and inspect all Tenants' files and documents therein including, but not limited to, applications and credit histories. Seller warrants that to the best of Seller's knowledge, there are no amendments, modifications, extensions or renewals of such Leases that are not reflected by such documents and Exhibit E. Exhibit E shall set forth the following information with respect to each Lease: (i) the name of each tenant residing in each unit number designation; (ii) the apartment number(s) occupied by such tenant; (iii) the commencement and termination dates of the Lease; and (iv) all allowances, concessions, free rent or reduced rent payable thereunder; and (v) the amounts of security deposits for each unit and tenancy.
Existing Leases. Other than the Leases listed on Exhibit “E” attached hereto, Seller has not entered into any contract or agreement with respect to the occupancy of the Property or any portion or portions thereof which will be binding on Purchaser or the Property after the Closing. The copies of the Leases heretofore delivered or made available by Seller to Purchaser are true, correct and complete copies thereof, and the Leases have not been amended, modified or extended except as evidenced by amendments similarly delivered and listed on Exhibit “E” attached hereto and constitute the entire agreement between Seller and the tenant thereunder. Except as set forth in Exhibit “F” attached hereto, Seller has not given or received any written notice of any party’s default or failure to comply with the terms and provisions of any Lease which remains uncured.
Existing Leases. Landlord hereby assigns and transfers to Tenant, as of the Commencement Date and for as long as this Lease is in effect, all of its right, title and interest (if any) in and to the existing leases on the Properties which were assigned to Landlord pursuant to the Sale Agreement (the "Existing Leases"), including (without limitation) all rights under the Existing Leases to collect and retain rent due under the Existing Leases and other charges payable by the tenants thereunder with respect to period commencing on or after the Commencement Date. Tenant will continue to have all rights and obligations under such Existing Leases, and such Existing Leases will, for purposes of this Lease, be considered subleases of portions of the respective Property. In the event Landlord's first trust deed beneficiary or mortgagee requires that Landlord attempt to get a subordination and non-disturbance agreement (the "SNDA") from tenants under any of the Existing Leases, Tenant will forward the proposed form of SNDA as Landlord may provide to Tenant to such tenants and request that they execute the same. However, Tenant will be under no obligation to obtain execution of the SNDA by such tenants or to pay any amounts or take other action to obtain the same, other than the forwarding of the required form of SNDA with such request. Tenant agrees to indemnify, defend and hold harmless Landlord and Landlord's Mortgagee from any liabilities, costs, damages, losses and expenses arising from the Existing Leases or any assignment of this Lease or any new sublease entered into by Tenant to the extent such liabilities, costs, damages and expenses have arisen or accrued before, or arise or accrue during, the Term of this Lease.
Existing Leases. To Seller’s knowledge, (i) other than the Leases listed in the Rent Roll, Seller has not entered into any contract or agreement with respect to the occupancy of the Property or any portion or portions thereof which will be binding on Purchaser after the Closing; (ii) the copies of the Leases heretofore delivered by Seller to Purchaser are true, correct and complete copies thereof; and (iii) the Leases have not been amended except as evidenced by amendments similarly delivered and constitute the entire agreement between Seller and the tenants thereunder.
Existing Leases. Landlord shall not be liable for failure to give possession of the premises upon the commencement date of the lease by reason of the fact that the premises are not ready for occupancy or because a prior tenant or any other person is wrongfully holding over or is in wrongful possession, or for any other reason. Rent shall not commence until possession is given or is available, but the term herein shall not be extended.
Existing Leases. (i) Other than the Lease, Seller has not entered into any contract or agreement with respect to the occupancy or sale of the Property or any portion or portions thereof which will be binding on Purchaser after the Closing; (ii) the Lease has not been amended except as evidenced by amendments similarly delivered and constitute the entire agreement between Seller and the Tenant thereunder; and (iii) to Seller’s knowledge, there are no existing defaults by Seller or Tenant under the Lease.
Existing Leases. (i) Other than the Leases, Contributor has not entered into any contract or agreement with respect to the occupancy or sale of the Property or any portion or portions thereof which will be binding on GIPLP after the Closing; (ii) the Leases have not been amended except as evidenced by amendments similarly delivered and constitute the entire agreement between Contributor and the Tenants thereunder; and (iii) to Contributor’s knowledge, there are no existing defaults for which written notice has been given by either Contributor or any of the Tenants under the Leases.
Existing Leases. There are no leases, licenses, or other occupancy agreements affecting any portion of the Property other than the Leases identified on Exhibit F. There are no lease term letters or leases delivered for execution to prospective tenants of the Property except for prospective lease transactions that, although at one time actively pursued, are not currently being pursued by Seller. The information contained in Exhibit F is true and correct. The copies of the Leases furnished by the Seller to the Purchaser are true and complete copies. Other than items included in Seller’s lease files which Seller has made available to Purchaser, Seller has executed no side letters or other understandings concerning the Leases. The Leases are in full force and effect, without any material default by the Seller or, to Seller’s knowledge, by any tenant thereunder. Except as set forth in Exhibit F All tenants required to pay rent or additional rent as of the Effective Date have paid such sums in full without set-off or counterclaim. Seller has not given or received any notice of default which remains uncured or unsatisfied with respect to any of the Leases. Seller has not granted to any tenant under a Lease or any other person or entity an option, right of first refusal, or right to purchase the Property or any part thereof or interest therein which is not contained in a recorded document listed as a Permitted Exception or in a Lease. All Security Deposits are set forth on Exhibit F. There are no Tenant Inducement Costs other than as set forth in Exhibit K.
Existing Leases. Subject to subsections (c)(iii) and (c)(iv)below, and except as set forth in Schedule 7, Seller shall be responsible for the cost of all tenant improvement work and leasing commissions for all Leases (and amendments thereto) entered into prior to the Effective Date, and Seller’s obligations with respect thereto shall survive the Closing. The tenant improvement credits shown on Schedule 7 shall be reduced by any amounts paid by Seller prior to the Closing.
Existing Leases. 8.1.1 The following provisions apply to a sale of leasehold land.
8.1.2 The seller having provided the buyer with copies of the documents embodying the lease terms, the buyer is treated as entering into the contract knowing and fully accepting those terms.