Additional Leases Clause Samples
The 'Additional Leases' clause defines the conditions under which a tenant may lease extra space from the landlord beyond the original premises. Typically, this clause outlines the process for requesting additional space, the terms that will apply to such leases (such as rent, duration, and any required approvals), and whether the landlord is obligated to offer or the tenant is obligated to accept additional space. Its core function is to provide a clear framework for expanding the tenant’s occupancy, thereby accommodating future growth while minimizing uncertainty for both parties.
Additional Leases. (a) Grant a first-priority collateral assignment in favor of the Bank encumbering any additional Lease hereafter entered into by any Borrower or spread the lien of the Lease Assignments (for any additional Leases leasing property located in a jurisdiction in which a Lease Assignment has been recorded or filed and remains in effect) to such Lease, in each case pursuant to a form of Lease Assignment or spreader agreement approved by the Bank. The Lease Assignment or spreader shall be in recordable form and shall be recorded in the appropriate public or land records simultaneously with the recording of a short form or memorandum of such additional Lease; and (b) either cause any such additional Lease to include the following provisions or obtain the landlord's specific consent to the Bank containing the following provisions:
(i) that the tenant's interest in the Lease is freely assignable and that the landlord's consent is not required for the collateral assignment or other pledge of the tenant's interest in the lease to tenant's lender (the "Leasehold Mortgagee");
(ii) that the landlord agrees that any and all liens of the landlord against the Collateral for the payment of rent, whether statutory or otherwise, are automatically subject and subordinate to the security interest in the Collateral granted by the tenant in favor of the Leasehold Mortgagee;
(iii) that a short form or memorandum of the Lease in recordable form shall be executed by the parties and promptly recorded in the appropriate public or land records;
(iv) that the Lease shall not be subordinate to any mortgage placed on the landlord's interest in the lease premises unless the landlord's lender enters into a non-disturbance agreement with the tenant in form satisfactory to the tenant;
(v) that the landlord agrees (A) not to amend or modify the Lease or accept a surrender of the Lease without the Leasehold Mortgagee's written consent, which shall not be unreasonably withheld; (B) to notify the Leasehold Mortgagee in writing if the tenant fails to pay the required rent when due or otherwise commits a default under the Lease that would entitle the landlord to terminate the Lease; (C) to accept a cure of the tenant's default of offered by the Leasehold Mortgage within 30 days after the landlord's written notice to the Leasehold Mortgagee; and (D) to accept the Leasehold Mortgagee or its designee as the landlord's new tenant under the Lease if the Leasehold Mortgagee exercises its rights against th...
Additional Leases. In the event that Operator acquires any additional leases ("Additional Lease") other than the Subject Interests in the AMI Areas prior to Operator's satisfaction of Operator's drilling requirements in Section 2.01, Operator and Black Stone shall execute, acknowledge, and deliver an instrument that amends this Development Agreement so that such Additional Lease will be part of the Subject Interests and Subject Development Lands hereunder.
Additional Leases. To the extent that there are any Additional Leases prior to Assignor’s satisfaction of Assignor’s drilling requirements in Section 2.01, such Additional Lease, without any further action hereunder, shall become part of the Subject Interests and Subject Development Lands hereunder at such time.
Additional Leases. Prior to the Closing, Buyer and Seller shall in good faith negotiate the terms of any leases of real property reasonably necessary to accommodate the operation of the Business by Buyer separate from the operations of Seller and its subsidiaries that are not part of MTG ( "Seller's Remaining Operations") and any leases of real property reasonably necessary to accommodate Seller and its subsidiaries in vacating the Real Property, on terms and conditions that are comparable to the terms and conditions of the appropriate analogous leases referred to in Section 6.15. Such leases shall include without limitation the following locations currently being used by the Business: the "Tech Center" in Madison Heights, Michigan, the Offenbach, Germany facility, the Santa Fe Springs facility and the Singapore facility.
Additional Leases. If, at any time after Closing but prior to the first anniversary thereof, Buyer or any Seller (by providing notice to Buyer) identifies any oil and gas lease, mineral interest, royalty interest, overriding royalty interest, payments out of production, reversionary rights, contractual rights to production or other interests in any oil and gas lease located in Tyler County, West Virginia in which one or more Sellers owned an interest prior to the Closing but which was not identified on Exhibit A-1 or Exhibit A-2 or as an Excluded Asset (such interest, an “Additional Lease”), then Buyer shall have the right, by providing written notice to the applicable Seller(s) owning an interest therein, to purchase such Additional Lease for a price equal to the product of (a) the Net Mineral Acres in such Additional Lease multiplied by (b) $7,500; provided, however, if Sellers’ Net Revenue Interest in such Additional Lease is less than 84.375% (on an 8/8ths basis), the purchase price for such Additional Lease shall be reduced by an amount equal to the product of (i) purchase price for such Additional Lease, multiplied by (ii) a fraction, the numerator of which is the Net Revenue Interest decrease and the denominator of which is 84.375%. Within ten (10) days of Sellers’ receipt of Buyer’s notice to acquire an Additional Lease, the applicable Sellers shall deliver to Buyer a duly-executed assignment for such Additional Lease in a form substantially similar to the Assignment and effective as of the date of such assignment, and Buyer shall pay to the applicable Sellers the purchase price therefor.
Additional Leases. In the event that Assignor acquires any additional leases ("Additional Lease") other than the Subject Interests in the AMI Area prior to Assignor's satisfaction of Assignor's drilling requirements in Section 2.01, Assignor and Trustee shall execute, acknowledge, and deliver an instrument that amends this Development Agreement so that such Additional Lease will be part of the Subject Interests and Subject Development Lands hereunder.
Additional Leases. The Company shall not enter into any Lease or ----------------- related documents other than the Initial Leases, the related Operative Agreements and the Subleases without the prior written consent of each Lessor which is then a Beneficiary under this Agreement and unless each of the Rating Agencies, after giving effect to such transaction, shall have confirmed (x) their initial ratings with respect to any Rated Security and (y) that the Company entering into such Lease and related documents will not result in the lowering of their rating on any Rated Security.
Additional Leases. (a) From and after the Effective Time until 5:00 p.m. Central Time on the date that is one (1) Business Day prior to the Closing Date (the “Additional Lease Acquisition Deadline”), any Subject Company may acquire title to any Additional Lease located within the geographic areas identified on Part A of Schedule 8.20 (each such area, an “Acquisition Area”). For purposes hereof, the term “Additional Lease” means a Hydrocarbon lease that satisfies all of the following criteria: (i) is acquired by a member of the Subject Company Groups from a Third Party after the Effective Time (including any such interests acquired under a recordable lease or agreement but not yet filed of record), (ii) burdens one or more Subject Formations located within the Acquisition Area, (iii) is held by production or has a primary term that does not expire prior to December 31, 2023, (iv) entitles the lessee thereunder to a Net Revenue Interest in the applicable Subject Formation(s) equal to or greater than the product of (x) seventy-five percent (75%) multiplied by (y) the lessee’s Working Interest in such lease as to such Subject Formation(s), (v) does not include a prohibition on pooling or allocation ▇▇▇▇▇ and (vi) as of the Closing Date is free and clear of all Liens other than Permitted Encumbrances; provided, however, an “Additional Lease” shall not include any lease (A) described on any Annex to Exhibit A-1 or any renewals or extensions of leases described on Exhibit A-1, or (B) any leases that cure any Title Defects.
Additional Leases. (a) If at any time from and after the Execution Date until 5:00 p.m. Central Time on the date that is five (5) Business Days prior to the Closing Date (the “Additional Lease Acquisition Deadline”), any Seller Entity may acquire title to any Additional Lease located within the geographic areas included in the DSU’s (each such area, an “Acquisition Area”). For purposes hereof, the term “Additional Lease” means a Hydrocarbon lease that satisfies all of the following criteria, unless otherwise agreed by Purchaser: (i) is acquired by any Seller Entity after the Execution Date (including any such interests acquired under a recordable lease or agreement but not yet filed of record), (ii) burdens the Subject Formations located within the Acquisition Area, (iii) is held by production or has a primary term of three (3) years or more, (iv) entitles the lessee thereunder, or the party from whom such Additional Lease is acquired, to a Net Revenue Interest in the Subject Formation equal to or greater than the product of (A) seventy five percent (75%) multiplied by (B) the lessee’s or other party’s Working Interest in such lease as to the Subject Formation, (v) does not include a prohibition on pooling or allocation ▇▇▇▇▇ and (vi) as of the Closing Date is free and clear of all Liens other than Permitted Encumbrances; provided, however, an “Additional Lease” shall not include any leases that cure any Title Defects.
Additional Leases. (a) Each of Purchaser and Seller agree to negotiate in good faith to enter into (or cause their appropriate subsidiaries to enter into) at Closing a lease agreement with respect to the property at Walsroder Str. 9, 11, 13 and 15, Munchner Str. 67, 77 and 79 and He▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ (▇▇▇ "▇▇▇▇▇▇ ▇▇▇lease") containing the following terms (i) a term of 10 years, provided that Purchaser may terminate such lease on the twelve month anniversary of the Closing by delivering written notice of such termination to Seller on or prior to the eleven month anniversary of the Closing and that Purchaser may terminate such lease any time after the fourth anniversary of the Closing Date by delivering written notice of such termination to Seller at least six months prior to the date of termination and (ii) a fair market value rent (to be determined by a mutually agreed independent expert if the parties are unable to agree on such fair market value), provided that the rent for the first year of the lease shall be zero, and such other terms as may be mutually agreed by the parties.
(b) Each of Purchaser and Seller shall agree to negotiate in good faith to enter into (or cause their appropriate subsidiaries to enter into) at Closing a lease agreement with respect to the property at 8411 Hacks Cross Road, Olive Branch, Mississippi, pursuant to which ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇y to a subsidiary of Purchaser for the one-year period commencing on the Closing. There shall be no rent charge for such lease. At the conclusion of such one-year period, at the request of Purchaser, Purchaser and Seller shall negotiate in good faith to enter into a lease with respect to such property on mutually agreed terms.