Continuing Co-Tenancy Clause Samples

The Continuing Co-Tenancy clause defines the conditions under which a tenant’s lease obligations are affected if certain other tenants, often key or anchor tenants, cease operating in a shared commercial property. Typically, this clause allows the tenant to receive rent reductions, modify lease terms, or even terminate the lease if a specified number or type of co-tenants vacate or stop doing business in the premises. Its core practical function is to protect tenants from diminished foot traffic and business opportunities that can result when neighboring tenants leave, thereby allocating risk between landlord and tenant in multi-tenant properties.
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Continuing Co-Tenancy. Landlord guarantees that at all times during the Term of this Lease following the satisfaction of both Opening Co-Tenancy Requirements, (1) Books A Million or it “Comparable Replacement” (as defined below) in the proposed location shown on Exhibit “B” and (2) Publix in the proposed location shown on Exhibit “B” shall be open and operating in a fully stocked and staffed condition and as a full-price retailer (as opposed to a “discount” or “outlet” version of such retailer) during the designated days and hours for the Center (each the “Continuing Co-Tenancy Requirement”). Further, as used in this Paragraph 27, a tenant’s “proposed location” shall mean both the actual space or suite in which it is located in the Center as shown on Exhibit “B” and the amount of square footage in which it is to occupy in the Center as shown on Exhibit “B”. In the event any Continuing Co-Tenancy Requirement is not satisfied, then Tenant may elect to pay the Alternative Rent in lieu of all Minimum Rent and all other rents and charges due hereunder. If any Continuing Co-Tenancy Requirement is unsatisfied, Tenant may, at any time thereafter until five (5) business days following its receipt of notice from Landlord that the condition resulting in the violated Continuing Co-Tenancy Requirement has been satisfied, elect to (i) terminate this Lease upon thirty (30) days written notice to Landlord or (ii) continue to pay Alternative Rent. For purposes of this Lease, a Comparable Replacement shall be defined as a national tenant with more than fifty (50) stores in at least fifteen (15) states with similar customer profiles and customer demographics and which occupies the same square footage as previously occupied by Books A Million (15,000 square feet).
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Related to Continuing Co-Tenancy

  • CONTINUING COVENANTS The Competitive Supplier agrees and covenants to perform each of the following obligations during the term of this ESA.

  • Continuing Rights The rights and powers of Lender hereunder shall continue and remain in full force effect until the Loan is paid in full.

  • Continuing Agreement (a) This Pledge Agreement shall be a continuing agreement in every respect and shall remain in full force and effect so long as any of the Secured Obligations remain outstanding (other than any such obligations which by the terms thereof are stated to survive termination of the Loan Documents and any contingent indemnity obligations that are not yet due and payable) and until all of the commitments relating thereto have been terminated. Upon such payment and termination, this Pledge Agreement shall be automatically terminated and the Administrative Agent and the holders of the Secured Obligations shall, upon the request and at the expense of the Pledgors, (i) return all certificates representing the Pledged Capital Stock, all other certificates and instruments constituting Pledged Collateral and all instruments of transfer or assignment which have been delivered to the Administrative Agent pursuant to this Pledge Agreement and (ii) forthwith release all of its liens and security interests hereunder and shall execute and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing such termination. Notwithstanding the foregoing, all releases and indemnities provided hereunder shall survive termination of this Pledge Agreement. (b) This Pledge Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any holder of the Secured Obligations as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs and expenses (including without limitation any reasonable legal fees and disbursements) incurred by the Administrative Agent or any holder of the Secured Obligations in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations.

  • Continuing Coverage If a letter of assurance is obtained from any insurer under a Hazard Insurance policy or a Flood Insurance policy that the insurance coverage shall continue in full force and effect, the Servicer shall deposit such letter in the appropriate Servicer Mortgage Loan File.

  • Continuing Cooperation Following the Termination Date, Executive agrees to cooperate with all reasonable requests for information made by or on behalf of Company with respect to the operations, practices and policies of the Company. In connection with any such requests, the Company shall reimburse Executive for all out-of-pocket expenses reasonably and necessarily incurred in responding to such request(s).