Substitution of New Premises Sample Clauses

The Substitution of New Premises clause allows one party, typically a tenant or lessee, to relocate their operations to a different property during the term of a lease or agreement. In practice, this clause outlines the conditions under which a new location may be substituted, such as requiring the new premises to meet certain standards or obtain the landlord's approval. Its core function is to provide flexibility for the tenant to adapt to changing business needs while ensuring the landlord's interests are protected, thereby reducing potential disputes over relocation.
Substitution of New Premises. You may substitute new premises of yours for any Location covered by this Agreement not more often than once every twelve (12) months by providing us with a request in writing in which you identify: i. The Location and the Production Capacity attributable to the Location that you want to transfer; ii. The name of your local electric utility customer of record, the account number, and the physical address, including county, associated with the new premises that will be covered under this Agreement after the proposed substitution, and the Production Capacity attributed to each meter for the purpose of applying Bill Credits; and iii. If the proposed transfer meets our eligibility requirements, we will provide you with the following documents which you will need to fully complete, execute, and return to us before we can approve the proposed substitution of Locations: a) Amendment to this Agreement that reflects the requested substitution of Locations; b) An updated Agreement, if required, completed and signed by you;
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Substitution of New Premises. Effective from and after the New Premises Commencement Date (as defined in Section 6 below), the Lease is hereby amended as follows: (a) The Remainder Premises (i.e., the portion of the Existing Premises located on the 5th and 6th floors) shall be substituted and replaced by the New Premises, and all references in the Lease to the term “Premises” shall be deemed to mean the New Premises and the Excluded Premises (provided that from and after the Exclusion Date, all references in the Lease to the term “Premises” shall be deemed to mean only the New Premises), in any case subject to the addition of any first offer space hereafter added to the Premises as provided below. (b) The Rentable Area of the “Premises” under the Lease shall be stipulated to contain: (i) with respect to the New Premises, 58,424 square feet (being 29,212 square feet on floor 13 and 29,212 square feet on floor 14), and (ii) with respect to the Excluded Premises (i.e. for the period through the Exclusion Date), 47,566 square feet of Rentable Area (being 29,852 square feet on floor 9 and 17,714 square feet on floor 12), and all references in the Lease to the phrase “Rentable Area of the Premises” or words of similar import shall be modified accordingly (in any case subject to the addition of any first offer space hereafter added to the Premises as provided below).
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Substitution of New Premises. You may substitute new premises of yours for any Location covered by this Agreement not more often than once every twelve (12) months by providing us with a request in writing in which you identify:
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Related to Substitution of New Premises

  • BUILDER’S RISK FOR NEW CONSTRUCTION PROJECTS If the project is NEW CONSTRUCTION, then the following provisions apply: (1) The State will require Contractor to purchase and maintain Builder's Risk Insurance. The Contractor shall name the Contractor and the State of Vermont as their interest may occur. Other parties shall be insured as the State may reasonably require. (2) Contractor shall effect and maintain insurance on portions of the work stored off-site, on site and in transit. Boiler & Machinery Insurance may be used in conjunction with this coverage if it is required to meet the testing requirement. (3) Any deductible applicable to loss covered by insurance provided hereunder shall be borne by the Contractor. (4) Except as provided for in (1) above the State and Contractor waive all rights against each other and the Subcontractor, Sub-subcontractors, agents and employees of the other.

  • Admission of New Members The Company may admit new Members (or transferees of any interests of existing Members) into the Company by the unanimous vote or consent of the Members. As a condition to the admission of a new Member, such Member shall execute and acknowledge such instruments, in form and substance satisfactory to the Company, as the Company may deem necessary or desirable to effectuate such admission and to confirm the agreement of such Member to be bound by all of the terms, covenants and conditions of this Agreement, as the same may have been amended. Such new Member shall pay all reasonable expenses in connection with such admission, including without limitation, reasonable attorneys’ fees and the cost of the preparation, filing or publication of any amendment to this Agreement or the Articles of Organization, which the Company may deem necessary or desirable in connection with such admission. No new Member shall be entitled to any retroactive allocation of income, losses, or expense deductions of the Company. The Company may make pro rata allocations of income, losses or expense deductions to a new Member for that portion of the tax year in which the Member was admitted in accordance with Section 706(d) of the Internal Revenue Code and regulations thereunder. In no event shall a new Member be admitted to the Company if such admission would be in violation of applicable Federal or State securities laws or would adversely affect the treatment of the Company as a partnership for income tax purposes. (Check if Applicable)

  • Completion of Negotiations This Agreement represents complete collective bargaining and full agreement by the District and the Federation with respect to wages, hours of employment, and all other terms and conditions of employment which shall prevail during the term or terms hereof. This Agreement expresses the entire understanding between the parties and supersedes all previous agreements between them, written or oral. Any matter or subject not herein covered has been satisfactorily adjusted, compromised, or waived by the parties for the life of this Agreement.

  • Maintenance of Net Worth The Parent shall at all times maintain an Adjusted Net Worth of not less than the Minimum Tangible Net Worth.

  • New Construction If this contract is for a Property that is newly constructed and the new construction option is selected, coverage begins on day one (1) of month thirteen