JFK Lease Sample Clauses

JFK Lease. Borrower acknowledges that it occupies and operates parking operations located at (i) 129th and 52nd Avenue, New York, New York (the "129 LOCATION") and (ii) 000-00 000xx Xxxxxx, Xxx Xxxx, Xxx Xxxx (the "131 LOCATION" together with the 129 Location, the "JFK LOCATION"), adjacent to JFK Airport. Borrower agrees to notify Lender within ten (10) days following any termination of either Parking Lease at the JFK Location by the applicable landlord and covenants not to terminate either Parking Lease at the JFK Location without Lender's prior written consent. Any notice delivered by Borrower to Lender pursuant to the preceding sentence shall include evidence, reasonably satisfactory to Lender, regarding the impact which the loss of Borrower's right to use and occupy the applicable portion of the JFK Location is expected to have on Borrower's Operating Income. If Lender is satisfied, in its reasonable discretion, based on evidence submitted by Borrower, that the loss of the applicable porition of the JFK Location will have no Material Adverse Effect on Borrower's Operating Income, Borrower shall not be required to take any further action as a result of the loss of the JFK Location. If, however, Lender concludes that the loss of the applicable portion of the JFK Location can reasonably be expected to have a Material Adverse Effect on Borrower's Operating Income, Lender shall so notify Borrower, at which time (i) Borrower may elect to lease additional overflow lots in order to increase Borrower's parking capacity at such properties in a manner reasonably satisfactory to Lender to recoup the loss in Operating Income or (ii) in the event Borrower fails to so elect, or fails to lease such additional overflow lots within a reasonable period following its election, the termination shall be deemed a Partial Release pursuant to Section 10.03(a) hereof, and the Allocated Loan Amount shall, solely for the purposes of this Section 9.21, be (a) $3,462,000.00 with regard to the 129 Location, and (b) $1,154,000.00 with regard to the 131 Location. If Borrower leases additional overflow lots in a manner which Lender reasonably believes will recoup any loss in Operating Income resulting from the termination of the applicable Parking Lease at the JFK Location, Borrower shall not be treated as having experienced a Parking Lease termination pursuant to Section 10.03(a), and shall not be required to repay any portion of the Loan.
Sample 1
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Related to JFK Lease

  • New Lease The Ground Lease requires the ground lessor to enter into a new lease with Lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.

  • Ground Lease Reserved.

  • Operating Lease The parties hereto intend that this Lease shall be deemed for all purposes to be an operating lease and not a capital lease.

  • Master Lease A. All the obligations contained in the Master Lease conferred and imposed upon Sublessor (as Tenant therein) shall be borne by Sublessor and Sublessee in accordance with the Sublessor's Percentage and the Sublessee's Percentage, respectively, except as modified and amended by this Sublease, and all rights and privileges contained in the Master Lease conferred upon Sublessor (as Tenant therein), are hereby conferred and imposed upon Sublessee, to the extent of Sublessee's Percentage. Sublessor covenants and agrees it will make payment of the rentals reserved under the Master Lease as and when due, will perform Sublessor's insurance obligations under the Master Lease, and will otherwise fully and faithfully perform the terms and conditions of the Master Lease with respect to the Sublessor's Percentage. Sublessee covenants and agrees to otherwise fully and faithfully perform the terms and conditions of the Master Lease and the Sublease on its part to be performed. Neither the Sublessor nor Sublessee shall do or cause to be done any act which would or might cause the Master Lease, or the rights of Sublessor as tenant under the Master Lease to be endangered, cancelled, terminated, forfeited or surrendered, or which would or might cause Sublessor to be in default thereunder or liable for any damage, claim or penalty. Sublessee agrees, as an express inducement for Sublessor executing this Sublease, that if there is any conflict between the provisions of the Master Lease and this Sublease which would permit Sublessee to do or cause to be done any act which is prohibited by the Master Lease then the provisions of the Master Lease shall prevail.

  • The Lease The Lease shall not be amended or modified in any way which would materially increase Manager’s obligations hereunder or materially reduce its rights hereunder. In the event of a conflict between the terms hereof and the terms of the Lease, the terms hereof shall govern.

  • Sublease Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases from Sublandlord for the term, at the rental, and upon all of the conditions set forth herein, the Subleased Premises.

  • Sublease Agreement Sublandlord and Subtenant hereby represent that a true and complete copy of the Sublease Agreement is attached hereto and made a part hereof as Exhibit A.

  • Lease Agreement On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on the Termination Date unless extended or sooner terminated pursuant to this Lease.

  • Lease The Lease Agreement (Federal Express Corporation Trust No. N676FE) dated as of June 15, 1998, as amended and restated as of July 15, 1998, entered into by the Lessor and the Lessee concurrently with the execution and delivery of the Indenture, including, without limitation, supplementation by one or more Lease Supplements entered into pursuant to the applicable provisions of the Lease.

  • Existing Lease Except to the extent specifically amended hereby, all terms and conditions of the Lease remain in full force and effect. [SIGNATURE PAGE TO FIRST AMENDMENT TO LEASE]

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