Common use of Initial Transactions Clause in Contracts

Initial Transactions. ‌ The Parties agree that, subject to the terms and conditions set out in this Agreement, on the Initial Closing Date: (a) the City and the HUPEG Arena Tenant shall enter into the Arena Lease, pursuant to which the HUPEG Arena Tenant will lease the Arena Property from the City for nominal rent for a term of 49 years commencing on the Initial Closing Date, and pursuant to which the HUPEG Arena Tenant will: (i) assume and be responsible for the management and operation of the Arena Property (including the ongoing maintenance to maintain the facilities to an appropriate state of good repair) during the term of the Arena Lease; (ii) undertake the Arena Work, all on and subject to the terms and conditions set out in the Arena Lease, all as referenced in Schedule A; and (iii) have a right to terminate on not less than five (5) years’ prior notice effective no earlier than the 30th anniversary of the commencement date, provided that, except with the consent of the City (acting in its sole and unfettered discretion), such right of termination may only be exercised concurrently with the concurrent termination of the other Leases; (b) the City and the HUPEG Concert Hall Tenant shall enter into the Concert Hall Lease, pursuant to which the HUPEG Concert Hall Tenant will lease the Concert Hall Property from the City for nominal rent for a term of 49 years commencing on the Initial Closing Date, and pursuant to which the HUPEG Concert Hall Tenant will: (i) assume and be responsible for the management and operation of the Concert Hall Property (including the ongoing maintenance to maintain the facilities to an appropriate state of good repair) during the term of the Concert Hall Lease;