Common use of Subleasing Clause in Contracts

Subleasing. Tenant shall not sublease any part of the Premises unless subleasing aeronautical space is an integral part of a Tenant’s permitted commercial aeronautical activity (i.e., an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc). Upon obtaining City’s prior written consent, which City may provide or withhold in City’s sole discretion, Tenant shall have the right to sublease portions of the Premises for the storage of Aircraft or operation of a permitted commercial aeronautical activity in the areas approved by and subject to the terms required by City. Tenant shall impose on all approved subtenants the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases to conform to the requirements of this Agreement, and all such subleases shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases shall include an agreement that the sublessees will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole discretion, and Tenant shall provide to City a copy of every sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use of such space). No sublease shall relieve Tenant of any obligation under this Agreement. Tenant shall be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved by the city. Any action or omission that would constitute a breach of this Agreement if committed by Tenant, will also constitute a breach of this Agreement if committed by Tenant’s subtenant. The city shall be entitled to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreement.

Appears in 3 contracts

Samples: Operating and Lease Agreement, Operating and Lease Agreement, Operating and Lease Agreement

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Subleasing. Tenant shall not sublease any part of the Premises unless subleasing aeronautical space is an integral part of a Tenant’s permitted commercial aeronautical activity (i.e., an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc). Upon obtaining Without limiting City’s prior written consentdiscretion in approving or disapproving a proposed Transfer, if and to the extent City permits Tenant to sublease the Premises, the following shall apply: (a) Prior to negotiating a sublease agreement, Tenant must submit to City a sublease proposal for City’s approval, which City approval may provide be granted or withhold withheld in City’s absolute and sole discretion, Tenant shall have the right to ; (b) Every sublease portions of the Premises for the storage of Aircraft or operation of must be on a permitted commercial aeronautical activity in the areas Standard Sublease Agreement form approved by and subject to the terms required by City. Tenant shall impose on all approved subtenants the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases to conform to the requirements of this AgreementDirector, and all such subleases the actual sublease must be approved by Director; (c) Each and every covenant, condition or obligation imposed upon Tenant by this Lease and each and every right, remedy or benefit afforded City by this Lease will not be impaired or diminished as a result of any sublease agreement; (d) No subtenant shall be consistent with and subordinate obligated to this Agreement as it is amended from time pay to time. Such subleases shall include an agreement that the sublessees will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole discretionTenant, and Tenant shall provide not be permitted to charge any rent, percentage rent, bonus rent, key money, administration fee, or the like, which exceeds, in the aggregate, the total sums that Tenant pays to City under this Lease for the portion of the Premises subleased by the subtenant under its sublease agreement (the “Excess Rent”). If, notwithstanding the foregoing prohibition, Tenant receives any Excess Rent, Tenant shall pay the same to City; (e) Tenant assigns to City all rent and other payments due from all subtenants under any sublease agreements; provided however, Tenant is hereby granted a copy license to collect rents and other payments due from subtenants under their sublease agreements until the occurrence of every sublease executed an Event of Default, regardless of whether a notice of that default has been given by City. At any time, at Director’s option, City may notify a subtenant of this assignment and upon such notice the subtenant will pay its rent other payments directly to City. City will credit Tenant (which shall include with any rent received by City under such assignment, but the make, model, and identification number acceptance of all Aircraft making use any payment on account of rent from any subtenants as a result of an Event of Default will in no manner whatsoever serve to release Tenant from any liability under this Lease. No payment of rent or any other payment by a subtenant directly to City or other acceptance of such space). No sublease shall relieve Tenant payments by City, regardless of the circumstances or reasons therefor, will in any obligation under this Agreement. Tenant shall manner whatsoever be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved deemed an attornment by the city. Any action or omission that would constitute subtenants to City in the absence of either a breach of this Agreement if committed specific written agreement signed by Tenant, will also constitute a breach of this Agreement if committed by Tenant’s subtenant. The city shall be entitled City to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreementsuch an effect.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Subleasing. Tenant shall not sublease any part of the Premises unless subleasing aeronautical space is an integral part of a Tenant’s permitted commercial aeronautical activity (i.e., an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc). Upon obtaining City’s prior written consent, which City may provide or withhold in City’s sole discretion, Tenant shall have the right to sublease portions of the Premises for the storage of Aircraft or operation of a permitted commercial aeronautical activity in the areas approved by and subject to the terms required by City. Tenant shall impose on all approved subtenants the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases to conform to the requirements of this Agreement, and all such subleases shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases shall include an agreement that the sublessees will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole discretion, and Tenant shall provide to City a copy of every sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use of such space). No sublease shall relieve Tenant of any obligation under this Agreement. Tenant shall be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved by the city. Any action or omission that would constitute a breach of this Agreement if committed by Tenant, will also constitute a breach of this Agreement if committed by Tenant’s subtenant. The city shall be entitled to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreement.

Appears in 2 contracts

Samples: Private Hangar Lease Agreement, Private Hangar Lease Agreement

Subleasing. Tenant shall not sublease any part of the Premises unless subleasing aeronautical space is an integral part of a Tenant’s permitted commercial aeronautical activity (i.e., an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc). Upon obtaining City’s prior written consent, which City may provide or withhold in City’s sole discretion, Tenant shall have the right to sublease portions of the Premises for the storage of Aircraft or operation of a permitted commercial aeronautical activity in the areas approved by and subject to the terms required by City. Tenant shall impose on all approved subtenants the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend TenantXxxxxx’s subleases to conform to the requirements of this Agreement, and all such subleases shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases shall include an agreement that the sublessees will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole discretion, and Tenant shall provide to City a copy of every sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use of such space). No sublease shall relieve Tenant of any obligation under this Agreement. Tenant shall be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved by the city. Any action or omission that would constitute a breach of this Agreement if committed by TenantXxxxxx, will also constitute a breach of this Agreement if committed by TenantXxxxxx’s subtenant. The city shall be entitled to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreement.

Appears in 1 contract

Samples: Operating and Lease Agreement

Subleasing. Tenant shall not sublease any part of the Premises unless subleasing aeronautical space is an integral part of a Tenant’s permitted commercial aeronautical activity (i.e., an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc). Upon obtaining City’s prior written consent, which City may provide or withhold in City’s sole discretion, Tenant shall have the right to sublease portions of the Premises for the storage of Aircraft or operation of a permitted commercial aeronautical activity in the areas approved by and subject to the terms required by City. Tenant shall impose on all approved subtenants the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases to conform to the requirements of this Agreement, and all such subleases shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases shall include an agreement that the sublessees will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole discretion, and Tenant shall provide to City a copy of every sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use of such space). No sublease shall relieve Tenant of any obligation under this Agreement. Tenant shall be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved by the city. Any action or omission that would constitute a breach of this Agreement if committed by TenantXxxxxx, will also constitute a breach of this Agreement if committed by TenantXxxxxx’s subtenant. The city shall be entitled to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreement.

Appears in 1 contract

Samples: Private Hangar Lease Agreement

Subleasing. If this concession permits Tenant shall not sublease any part of the Premises unless subleasing aeronautical space is an integral part of to hangar aircraft on a Tenant’s permitted commercial aeronautical activity (i.e.basis, an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc). Upon obtaining subject to City’s prior written consentright to approve any sublease, which City may provide or withhold in City’s sole and absolute discretion, Tenant shall have the right to sublease portions of the Premises for the storage of Aircraft or operation of a permitted commercial aeronautical activity in the areas approved by and subject to the terms required by City. For all other concessions, Tenant may propose a subtenant to sublease the Premises solely for the purposes specified in this Agreement, and upon obtaining City’s prior written consent, which City may provide or withhold in City’s sole and absolute discretion, Tenant shall have the right to enter such a sublease subject to the terms required by City (which may include, but not be limited to, changes in the rent hereunder). Tenant shall impose on all any approved subtenants subtenant the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases any sublease to conform to the requirements of this Agreement, and all such subleases any sublease shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases Any sublease shall include an agreement that the sublessees sublessee will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole and absolute discretion, and Tenant shall provide to City a copy of every any sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use of such space)Tenant. No sublease shall relieve Tenant of any obligation under this Agreement. Tenant shall be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved by the city. Any action or omission that would constitute a breach of this Agreement if committed by Tenant, will also constitute a breach of this Agreement if committed by Tenant’s subtenant. The city shall be entitled to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreement.

Appears in 1 contract

Samples: Saso Operating and Lease Agreement

Subleasing. Tenant shall not sublease any part of During the Premises unless subleasing aeronautical space is an integral part of a Tenant’s permitted commercial aeronautical activity (i.e., an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc). Upon obtaining City’s prior written consent, which City may provide or withhold in City’s sole discretionTerm, Tenant shall have the right right, without Landlord’s consent, to sublease portions enter into subleases (“Subleases”) (a) with any persons or entities providing the Retail Services therein [or may otherwise permit occupancy of all or any portion of the Premises for Retail Services Areas by any such persons or entities], provided the storage terms of Aircraft such Subleases [or operation occupancy arrangements] cannot extend beyond the Term of a permitted commercial aeronautical activity this Lease and may be terminated by Landlord in the areas approved event this Lease is terminated; and (b) with individual subtenant rental households (the “Subtenants”) for actual occupancy of the Units designated as Conventional Units from time to time by Tenant provided (i) the subject Sublease for a Conventional Unit (each, a “Residential Lease”) is on Tenant’s standard lease form and the term is for one (1) year or less; (ii) the Residential Lease shall contain a provision subordinating such Residential Lease to this Lease and any deed of trust or mortgage of any lender of Landlord recorded against the Premises, and an agreement of the Subtenant thereunder to attorn to Landlord and such lender (at the election of Landlord or such lender, as the case may be) if this Lease is terminated due to an Event of Default by Tenant hereunder; and (iii) the Residential Lease form shall not obligate the landlord thereunder following the Termination Date to incur any additional material liabilities or obligations, or provide any additional material services, beyond those contained in ASOT’s standard lease form in effect on the date the Residential Lease is signed (but Tenant shall not be bound by any changes to the current ASOT’s standard lease form unless and until Landlord has provided Tenant with at least thirty (30) days’ prior notice thereof), and (iv) the form of such Residential Leases and the creditworthiness and criminal background of such Subtenants are in accordance with the ASOT Standards. The parties hereby acknowledge that any obligation, liability or service which could jeopardize the qualification of Archstone-Sxxxx Trust to continue to qualify as a real estate investment trust for federal income tax purposes is “material” for purposes of clause (iii) above. Tenant shall also have the right from time to time to enter into any occupancy leases or agreements with respect to the Corporate Unit, and any amendments and terminations thereof, as Tenant shall desire, with any corporate subtenants, for any rent and length of lease terms and upon any other terms and conditions as Tenant shall desire, without any restrictions and without having to obtain Landlord’s consent thereto. Each such sublease shall, however, be subject to the terms required by Cityof this Lease. Tenant shall impose on all approved subtenants the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases to conform to the requirements of this Agreement, and all such subleases shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases shall include an agreement that the sublessees will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall further have the right to approve enter into license agreements with any sublease person or entities Tenant selects with respect to other areas of the Premises (including, for example, roof-top licenses with telecommunication companies) and other contracts and agreements pertaining to the Premises as Tenant shall determine so long as (1) such license, contract or agreement is consistent with, and the Premises continue to comply with, the ASOT Standards, and (2) no such licenses, contracts or agreements shall extend beyond the Termination Date without Landlord’s prior written consent in CityLandlord’s sole discretion, and Tenant . In the event Landlord shall provide have so consented to City a copy the continuation of every sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use term of such space). No sublease shall relieve Tenant of any obligation under this Agreement. Tenant license, contract or agreement beyond the Termination Date, such licenses, agreements and consents shall be responsible assigned to Landlord upon the Termination Date and liable for Landlord shall assume the actions obligations of its subtenant on the airport, whether Tenant arising thereunder after the Termination Date. Landlord shall have no right to determine or not its approve the amount of the sublease has been approved by payments from the city. Any action or omission that would constitute a breach of this Agreement if committed by Tenant, will also constitute a breach of this Agreement if committed by Tenant’s subtenant. The city shall be entitled to Subtenants nor receive any revenue that the tenant/assignor portion of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreementsuch sublease payments.

Appears in 1 contract

Samples: Residential Master Lease (Archstone Smith Trust)

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Subleasing. If this concession permits Tenant shall not sublease any part of the Premises unless subleasing aeronautical space is an integral part of to hangar aircraft on a Tenant’s permitted commercial aeronautical activity (i.e.basis, an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc). Upon obtaining subject to City’s prior written consentright to approve any sublease, which City may provide or withhold in City’s sole and absolute discretion, Tenant shall have the right to sublease portions of the Premises for the storage of Aircraft or operation of a permitted commercial aeronautical activity in the areas approved by and subject to the terms required by City. For all other concessions, Xxxxxx may propose a subtenant to sublease the Premises solely for the purposes specified in this Agreement, and upon obtaining City’s prior written consent, which City may provide or withhold in City’s sole and absolute discretion, Tenant shall have the right to enter such a sublease subject to the terms required by City (which may include, but not be limited to, changes in the rent hereunder). Tenant shall impose on all any approved subtenants subtenant the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases any sublease to conform to the requirements of this Agreement, and all such subleases any sublease shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases Any sublease shall include an agreement that the sublessees sublessee will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole and absolute discretion, and Tenant shall provide to City a copy of every any sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use of such space)Xxxxxx. No sublease shall relieve Tenant of any obligation under this Agreement. Tenant shall be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved by the city. Any action or omission that would constitute a breach of this Agreement if committed by Tenant, will also constitute a breach of this Agreement if committed by Tenant’s subtenant. The city shall be entitled to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreement.

Appears in 1 contract

Samples: Saso Operating and Lease Agreement

Subleasing. Tenant THE LESSOR" authorizes "THE LESSEE" to grant in turn the lease to other persons only and exclusively the SPACES FOR THE PROVISION OF COMMERCIAL SERVICES that are determined within the “LEASED ASSET", which shall not sublease any part be previously authorized by "THE LESSOR", being the corresponding subleasing private agreements executed as a consequence thereof. Arising from the mentioned authorization, "THE LESSEE" shall notify "THE LESSOR" the Policy of the Premises unless subleasing aeronautical space is an integral part of a Tenant’s permitted commercial aeronautical activity (i.e.Prices, an Aircraft Storage SASO; an FBO subleasing space for rates and Contracting Modalities to be applied in the operation of a permitted SASO, etc). Upon obtaining City’s prior written consent, the SPACES FOR THE PROVISION OF COMMERCIAL SERVICES which City may provide or withhold in City’s sole discretion, Tenant shall have the right to sublease portions of the Premises for the storage of Aircraft or operation of a permitted commercial aeronautical activity in the areas approved by and subject to the terms required by City. Tenant shall impose on all approved subtenants the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases to conform to the requirements of this Agreement, and all such subleases shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases shall include an agreement that the sublessees will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole discretion, and Tenant shall provide to City a copy of every sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use of such space). No sublease shall relieve Tenant of any obligation under this Agreement. Tenant shall be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved by the city. Any action or omission that would constitute a breach of this Agreement if committed by Tenant, will also constitute a breach of this Agreement if committed by Tenant’s subtenant. The city shall be entitled to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's market conditions for the subleasing of spaces and in accordance with the authorized lines of business; likewise, it shall notify "THE LESSOR" about any subsequent amendment thereof. Prior to the execution of the subleasing agreement "THE LESSEE" may grant, as appropriate, it shall request the authorization of the same to "THE LESSOR" who shall authorize them within 15 business days, such authorization shall not be unreasonably withheld and shall provide that the line of business to be exploited is according to the Standards and Policies of "AICM". The mentioned approval does not imply that subleases are subrogated to all rights and obligations that by means of this agreement “THE LESSEE” acquires. FOURTH.- SCHEDULE OF THE HOTEL CONDITIONING AND DELIVERY OF THE STRUCTURE AND INFRASTRUCTURE. "THE LESSOR" undertakes to deliver the construction works of structure and infrastructure of the HOTEL and its SPACES FOR THE PROVISION OF COMMERCIAL SERVICES pursuant the provisions in the TERMS AND CONDITIONS, which shall be delivered to "THE LESSEE" within a maximum term of 120 days as from the signing of this contract by means of the “ADMINISTRATIVE RECORD OF THE DELIVERY-RECEIPT OF THE STRUCTURE INFRASTRUCTURE" of AICM. “THE LESSOR" declares and guarantees that the "LEASED ASSET" shall be in conditions so as the construction and equipping be performed thereof pursuant to the EXECUTIVE PROJECT authorized by "THE LESSOR”. Once the expected works are received in the "ADMINISTRATIVE RECORD OF THE DELIVERY-RECEIPT OF THE STRUCTURE INFRASTRUCTURE", "THE LESSEE" shall anticipate the following work schedule for the conditioning of the HOTEL: As from November 27, 2006 "THE LESSEE" has a maximum of 120 calendar day term to submit the EXECUTIVE PROJECT for its revision, adjustments, and authorization by "AICM" within said term. Once the EXECUTIVE PROJECT is approved, "AICM" shall formally deliver to “THE LESSEE" by means of the corresponding "ADMINISTRATIVE RECORD OF THE DELIVERY-RECEIPT OF THE STRUCTURE INFRASTRUCTURE", the structure and infrastructure described in the second paragraph of clause FIRST hereof related to the execution of the works and the conditioning of the HOTEL shall initiate, having "THE LESSEE" a maximum of 240 calendar days term only, as from the execution date of the "ADMINISTRATIVE RECORD OF THE DELIVERY-RECEIPT OF THE STRUCTURE INFRASTRUCTURE", to complete the same. If due to any acts of God or force majeure, fully evidenced "THE LESSEE" can not execute the conditioning works within the agreed term, it shall be extended for a period such event lasts. If for causes attributable to “THE LESSOR” duly evidenced, the construction or equipment works were interrupted or delayed the terms here established shall be extended for a number of days the works were interrupted or delayed. FIFTH - EFFECTIVENESS In accordance with the schedule for the conditioning of the HOTEL and delivery of the structure and infrastructure referred to in the preceding clause, a year from December 18, 2006, and until December 17, 2007 shall elapse for the parties to start up with the exploitation of the property by means of the operation of the HOTEL and shall be effective for 20 (TWENTY) years from December 18, 2007 to December 17, 2027. According to the foregoing, the parties agree that "THE LESSEE" shall vacate the "LEASED ASSET" on the pre established day, that is, December 17, 2027. In the event "THE LESSEE" continues using and enjoying the "LEASED ASSET", it shall be understood that it is without the consent of and in total opposition of the will of "THE LESSOR", so that the tacit renewal shall not be effective. Likewise "THE LESSEE" hereby waives the right of having a tacit renewal for non specified time of this agreement, undertaking to surrender to “THE LESSOR" on the agreed date in the second paragraph of this clause, the "LEASED ASSET", and return it in the conditions agreed in the TWENTY THIRD clause. Therefore, "THE LESSEE" agrees that if the "LEASED ASSET" is not delivered, "THE LESSEE" shall pay to "THE LESSOR", from that date, a conventional penalty for the delay in the performance of its obligation, an amount equal to 1.6 times the monthly "GUARANTEED MINIMUM INCOME" in force proportional to the time the default is proven per each day of delay in surrendering the "LEASED ASSET”.

Appears in 1 contract

Samples: Lease Agreement (Central North Airport Group)

Subleasing. Tenant shall not sublease any part of the Premises unless subleasing aeronautical space is an integral part of a Tenant’s permitted commercial aeronautical activity (i.e., an Aircraft Storage SASO; an FBO subleasing space for the operation of a permitted SASO, etc.). Upon obtaining City’s prior written consent, which City may provide or withhold in City’s sole and absolute discretion, Tenant shall have the right to sublease portions of the Premises for the storage of Aircraft or operation of a permitted commercial aeronautical activity in the areas approved by and subject to the terms required by City. Tenant shall impose on all approved subtenants the same terms set forth in this Agreement to provide for the rights and protections afforded to City hereunder. Tenant shall reserve the right to amend Tenant’s subleases to conform to the requirements of this Agreement, and all such subleases shall be consistent with and subordinate to this Agreement as it is amended from time to time. Such subleases shall include an agreement that the sublessees will attorn to and pay rent to City if Tenant ceases to be a party to this Agreement. City shall have the right to approve any sublease in City’s sole and absolute discretion, and Tenant shall provide to City a copy of every sublease executed by Tenant (which shall include the make, model, and identification number of all Aircraft making use of such space). No sublease shall relieve Tenant of any obligation under this Agreement. Tenant shall be responsible and liable for the actions of its subtenant on the airport, whether or not its sublease has been approved by the city. Any action or omission that would constitute a breach of this Agreement if committed by TenantXxxxxx, will also constitute a breach of this Agreement if committed by TenantXxxxxx’s subtenant. The city shall be entitled to receive any revenue that the tenant/assignor of a city-owned building receives from a subtenant/assignee that exceeds the amount the tenant/assignee is required to pay the city pursuant to the tenant's/assignee's agreement.

Appears in 1 contract

Samples: Saso Operating and Lease Agreement

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