Reappraisal for Contractor’s Assignment Sample Clauses

Reappraisal for Contractor’s Assignment. Notwithstanding the cap on the adjustment of the Annual Ground Rent for each five-year (“5-year”) reappraisal interval provided for by paragraph f. above, the Authority shall have the right to reappraise Expansion Premises should the Contractor assign its leasehold interest therein, in whole or in part, and to increase the Annual Ground Rent for the portion of the Expansion Premises subject to an assignment, without regard to the cap. The appraisal process provided for by paragraph g. above shall be used for such reappraisal and the Annual Ground Rent shall be adjusted on the effective date of the assignment of the Contractor’s leasehold interest. The adjusted rent shall only apply to the portion of the Expansion Premises subject to assignment by the Contractor. After the initial adjustment of the Annual Ground Rent as described herein, the forty-five percent (45%) cap shall be applicable when calculating the assignee Contractor’s rent for each of the subsequent five-year (5-year) adjustment periods when and as the 5- year adjustment periods occur as scheduled herein; as well, the dates for the 5-year adjustment periods will not change, only the recalculated initial Annual Ground Rent for that portion of the Expansion Premises subject to the assignment. The Airports Authority shall have the right to reappraise and adjust the Annual Ground Rent, as above, for any subsequent assignment by an assignee Contractor of its leasehold interest in the Expansion Premises. Any such reappraisal shall be at the Contractor’s expense.]
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Related to Reappraisal for Contractor’s Assignment

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  • Selection of Subcontractors, Procurement of Materials and Leasing of Equipment The contractor shall not discriminate on the grounds of race, color, religion, sex, national origin, age or disability in the selection and retention of subcontractors, including procurement of materials and leases of equipment. The contractor shall take all necessary and reasonable steps to ensure nondiscrimination in the administration of this contract.

  • CONTRACTOR’S PRE-EXISTING WORKS A. To the extent that Contractor incorporates into the Work Product any works of Contractor that were created by Contractor or that Contractor acquired rights in prior to the Effective Date of this Contract (“Incorporated Pre-existing Works”), Contractor retains ownership of such Incorporated Pre-existing Works.

  • Environmental Inspection at End of Agreement Term A. At Authority’s discretion, at least one hundred and twenty (120) days before the expiration or early termination of the Term as provided herein, Company will conduct an environmental inspection and examination of the Company Premises. At its discretion, Authority may complete environmental reviews to determine if recognized environmental conditions exist that could warrant soil and groundwater sampling. If warranted by the findings of Company or Authority’s inspection or if requested by Authority, a compliance audit or site assessment will be performed within the aforementioned time period by a qualified professional acceptable to Authority who will report the findings to Authority. The cost for professional consulting or engineering services required for such audit will be at the expense of Company. If a site assessment is conducted, Company agrees to pay all associated laboratory and testing fees incurred to test and analyze samples collected during the site assessment process. The Authority may also choose to conduct the compliance audit or site assessment. If the results of the assessment indicate that the Company Premises have been impacted by the release of Hazardous Substances, Company will immediately take such action as is necessary and will provide a substantial guaranty in a form and content acceptable to Authority that Company will clean up the contamination at its own expense, at no expense to Authority, and in accordance with Applicable Laws to the extent that it is obligated to do so by virtue of the foregoing provisions of this Article.

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