Common use of Base Lease Clause in Contracts

Base Lease. The term of this Lease shall be subject to the condition that if Lessor is holding the Grounds under lease from a third party, which lease expires ________ the term of this Lease shall not continue beyond the date of Lessor's tenancy. Lessor's tenancy may terminate by failure to renew or extend the term of its lease at the expiration or cancellation thereof or by a voluntary surrender of Lessor's rights, it being understood that Lessor shall have full and complete freedom to refuse to renew or extend its tenancy without the consent of Lessee, and shall be under no obligation to exercise any option it may have to renew or extend the term of any lease, under which it holds or may hold the Grounds, or to exercise any option of purchase of the Grounds which it may hold.

Base Lease. The term of this Lease shall be subject to the condition that if Lessor is holding the Grounds under lease from a third party, which lease expires __________________ the term of this Lease shall not continue beyond the date of Lessor's tenancy. Lessor's tenancy may terminate by failure to renew or extend the term of its lease at the expiration or of cancellation thereof or by a voluntary surrender of Lessor's rights, it being understood that Lessor shall have full and complete freedom to refuse to renew or extend its tenancy without the consent of Lessee, and shall be under no obligation to exercise any option it may have to renew or extend the term of any lease, under which it holds or may hold the Grounds, or to exercise any option of purchase of the Grounds which it may hold.