Seller Leaseback. Xxxxx has entered escrow on the Property based upon Seller's representations of a sale/leaseback under the following terms and conditions:
Seller Leaseback. At Closing, Seller and Buyer shall enter into a lease of the Property (including the right to use the Personal Property during the term of the lease) in the form attached hereto as Exhibit “G” and incorporated by reference herein.
Seller Leaseback. Prior to the expiration of the Due Diligence Period, Buyer, as landlord, and Seller, as tenant, shall execute and deposit with Escrow Holder the Seller Leaseback, which shall be in substantially the form attached hereto as Exhibit “I”; provided, however, such Seller Leaseback shall be effective only if and when escrow closes with regard to the transaction contemplated herein. If this Agreement is terminated, then such Seller Leaseback shall be of no further force or effect.
Seller Leaseback. Prior to the expiration of the Due Diligence Period, the Parties shall negotiate a lease document (including a commercially reasonable subordination, nondisturbance and attornment agreement form which shall be an exhibit to such lease document (the “SNDA”) and a copy of which shall be executed at Closing if required by Buyer’s lender, if any) under which Seller (or its Affiliate) will lease from Buyer floors one (1) through five (5) (approximately 100,000 rentable square feet) in the office building located on the Real Property in an “as-is” condition for a period of three (3) years at an annual rental rate of twenty dollars ($20) per rentable square foot (the “Seller Lease”). The Seller Lease shall contain standard office building provisions including (i) operating expense recovery provisions with a base year expense stop, which shall be the calendar year ending December 31, 2021; (ii) brokerage commission representations stating that there are no brokers involved and indemnifications therefore; (iii) early termination provision allowing Seller, as tenant, to terminate the Seller Lease after the twenty- fourth (24th) month so long as no default is continuing, and Buyer, as landlord, is given six (6) months prior written notice of such early termination; and (iv) building signage provisions, which shall include (A) Seller’s right, as tenant, to enjoy sole signage atop the office building (but not the OTech facility) on the Property so long as Seller is in occupancy under the Seller Lease and is not in default thereof beyond any applicable notice and cure period, and (B) Seller, as tenant, may place their monument signage at the top of the office building monument sign with all other monument signage being placed below Seller’s monument signage. If, for any reason, the Parties have not agreed upon the form of the Seller Lease prior to the end of the Due Diligence Period, then this Agreement shall automatically terminate as of the end of the Due Diligence Period, whereupon Escrow Agent shall refund to Buyer the Deposit without any requirement that Escrow Agent first notify or obtain any approval or consent of Seller (and Escrow Agent agrees that it shall not be permitted to, and shall not, follow any conflicting instructions given by Seller or any third party with regard thereto).
Seller Leaseback. Buyer and Seller shall enter into a lease (the "Seller's Lease") providing for Seller's lease from Buyer, commencing on the Close of Escrow, of space within the real property (the "Leaseback Premises") upon the terms and conditions set forth on Exhibit "C" attached hereto, and such additional terms and conditions as Buyer and Seller may agree upon. Buyer and Seller shall expeditiously and in good faith negotiate and document the Seller's Lease and use reasonable efforts to execute the Seller's Lease prior to the Contingency Deadline. Each party shall, within one (1) business day following execution of the Seller's Lease, deposit its executed counterpart of the Seller's Lease into Escrow. If the parties shall fail to execute the Seller's Lease prior to the Contingency Deadline, then this Agreement shall automatically terminate (except with respect to rights and obligations that expressly survive termination of this Agreement) and Escrow Holder shall immediately return to Buyer its Initial Deposit (plus interest accrued thereon)].
