Concurrent Lease Sample Clauses
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Concurrent Lease. The parties acknowledge and agree that this Lease is a “concurrent lease” insofar as it relates to any portions of the Leased Property that are subject to the Existing Leases. As such, this Lease is a lease of Landlord’s reversionary interest in such portions of the Leased Property.
Concurrent Lease. At common law a lease granted by a lessor in respect of land already under lease is known as a “concurrent lease”. In the period during which the terms of the concurrent lease and pre-existing lease overlap, the concurrent lessee is not granted exclusive possession, but obtains the lessor’s right of “reversion”, ie all of the lessor’s rights such as the right to collect rent. In effect, a concurrent lessee effectively acts as the lessor of the original lease. In the case of Silverton Wind Farm, it was apparent very early on that, although a concurrent lease could be granted under the existing Crown lands legislation, the existing Western Lands lessees would not accept the Developer (Silverton Wind Farm Developments) effectively standing in the shoes of the Crown as their lessor. Therefore the option to pursue a model based on a concurrent lease was considered but not pursued in any detail.