Subletting. The Lessee shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 2 contracts
Sources: License Agreement, License Agreement
Subletting. (a) The Lessee shall not rent, license, or sublet the whole Property or any portion part thereof, unless (i) at the time of any such sublease, no Default, Environmental Event, Unwind Event or Event of Default shall have occurred and be continuing and no Termination Notice has been delivered or has been deemed to have been delivered; (ii) any such sublease shall by its terms be expressly made subject and subordinate to the terms of this Lease and shall expire on or before the last day of the premisesLease Term; (iii) the Lessee shall provide the Lessor sixty (60) days prior to the effective date of such sublease with notice of such sublease; (iv) the Lessee shall provide the Lessor ten (10) Business Days prior to the effective date of such sublease with a conformed copy of the instrument creating such sublease; (v) the Lessor has consented to such sublease such consent not to be unreasonably withheld; and (vi) the Final Completion Date shall have occurred.
(b) No sublease pursuant to this paragraph 17 shall modify or limit any right or power of the Lessor hereunder or affect or reduce any obligation of the Lessee hereunder, and all such obligations of the Lessee shall continue in full force and effect as obligations of a principal and not of a guarantor or surety, as though no subletting had been made or occupancy permitted.
(c) If the Lessee shall request, in connection with any sublease, that the Lessor execute an attornment and non-disturbance agreement with respect to such sublease, the Lessor shall consider each such sublease on a case-by-case basis and may give its consent to its execution and delivery of an attornment and non-disturbance agreement. The Lessee shall not mortgage, pledge or otherwise encumber its interest in and to this Lease or in and to any sublease or the rentals payable thereunder without the prior written approval consent of the Board; providedLessor. Any sublease made, howeverand any mortgage, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee pledge or any subsequent sublessees and licensees shall be included as part assignment of the Lessee’s gross receipts's interest hereunder or under any such sublease granted, otherwise than as expressly permitted by this paragraph 17, shall be null and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee void and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, of no force or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenseseffect.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 2 contracts
Sources: Participation Agreement (Ferro Corp), Lease Agreement (Ferro Corp)
Subletting. The Notwithstanding anything in Section 9.1 above to the contrary, in the event at any time during the term of this Lease, Lessee desires to sublet the Premises, Lessee shall notify Lessor in writing not rentless than sixty (60) days in advance of the proposed sublease date, licensedesignating the identity of the prospective sublessee and the terms of the proposed sublease. Lessor shall be allowed thirty (30) LEASE – Instructure, or Inc. OLD MILL BUILDING IV, LLC days after receipt of Lessee’s notice within which to approve the proposed sublease. Lessor reserves the prior right and option to require the Lessee to sublet the whole or any portion of Premises to a sublessee approved by Lessor at the premises, without the prior written approval of the Boardsame rent as Lessee is required to pay to Lessor under this Lease; provided, however, that prior should Lessee choose to sublease the Premises at a reduced rate, Lessee shall continue to pay to Lessor the full amount due. In the event Lessor approves the sublease identified in Lessee’s notice, all of the provisions of Section 9.1 above respecting subletting shall continue to be in full force and effect; and nothing contained in this approvalSection 9.3 shall be construed as a waiver by Lessor of any of its rights under Section 9.1 above. In the event Lessor approves a sublease, the Board shall have sublessee may not subsequently sublease the right Premises or any part thereof or assign its rights under the sublease to review and approve any other party. Lessee agrees to reimburse Lessor for any reasonable direct costs incurred by Lessor in connection with Lessee’s request to sublease the Premises, including but not limited to reasonable attorney’s fees. To the extent Lessor approves a sublease, any rent to be charged to paid by the proposed sublessee and licensee and that is in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts excess of the sublessee amount that would otherwise be due and licensee or any subsequent sublessees and licensees owing from Lessee for such sublease space under the terms of this Lease, such excess amount shall be included as part of the Lessee’s gross receipts, and the Board shall have the right paid by Lessee to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesLessor.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 2 contracts
Sources: Lease Agreement (Instructure Inc), Lease Agreement (Instructure Inc)
Subletting. The Lessee Tenant may from time to time during the Term enter into subleases, licenses, concessions and occupancy agreements or agreements for subleases, licenses, concessions and occupancy agreements with respect to the Stadium Component (collectively, “Subleases” and individually, a “Sublease”) in the prudent course of the Tenant’s business in respect of the Stadium Component, at rents or other compensation (collectively in this Section 13.2, “rent”) and on such terms and conditions and with such Subtenant as the Tenant, acting reasonably, considers appropriate having regard to all circumstances at the time of entering into a Sublease, provided that:
(a) the Tenant shall not rententer into a Sublease the purpose or result of which is to circumvent the limitations on Disposition set out in Section 13.1 or the restriction on Encumbrances set out in Section 13.9;
(b) except for the Subleases to the CFL Partnership and the Ottawa 67’s Partnership or as otherwise permitted under the terms of the Project Agreement, licenseeach Sublease shall be made with a Subtenant that is at Arm’s Length to the Tenant on Arm’s Length terms and conditions which are commercially reasonable and reflective of prevailing market conditions at the time the Sublease is entered into or, if applicable, renewed by the Tenant and the Subtenant, or sublet which Subtenant and terms and conditions have been Approved by the whole or any portion Landlord;
(c) the Subleases to the CFL Partnership and the Ottawa 67’s Partnership shall be on terms and conditions that have been Approved by the Landlord;
(d) every Sublease entered into by the Tenant prior to the expiry of the premisesInitial Term shall expire on or before the expiry of the Initial Term;
(e) the Subtenant’s permitted uses of the sublet premises shall comply with the provisions of Section 9.1 and otherwise with the provisions of this Lease and the remaining terms of the Sublease shall be in compliance with this Lease;
(f) the Tenant covenants and agrees that each Sublease shall provide that:
(i) it is subject to this Lease;
(ii) subject to Section 13.2(f)(iii), the Subtenant will not pay rent or other sums under its Sublease with the Tenant for more than three (3) months in advance (in addition to the final month’s rent of the Sublease term as a security deposit), except as Approved by the Landlord;
(iii) any rent or other sums payable by a Subtenant pursuant to its Sublease may be paid more than three (3) months in advance on the condition that such payments are held in a trust account. The Tenant shall not be permitted to withdraw funds from such trust account more than (3) months in advance of the date upon which such funds are due to the Tenant under the Sublease; and
(iv) the Subtenant shall attorn to the Landlord and, at the request of the Subtenant, the Landlord shall execute and deliver a non-disturbance agreement in consideration thereof in form satisfactory to the Landlord, acting reasonably;
(g) the Tenant shall provide the Landlord with copies of all Subleases entered into during each Lease Year, within a period of fifteen (15) days following such Lease Year. In addition, the Landlord shall be entitled to inspect copies of all existing Subleases at the offices of the Tenant during regular business hours upon reasonable prior written Notice to the Tenant at any time prior to the expiry of the Term. Copies of each Sublease provided by the Tenant to the Landlord shall, at the Tenant’s option, be either a signed original copy or a notarially certified true copy of such Sublease. The Landlord acknowledges that any and all financial information contained in the Subleases which the Tenant delivers to the Landlord in accordance with its obligations set out in this subparagraph, and any and all financial information contained in the Subleases which the Landlord may inspect, are designated by the Tenant as “strictly confidential”;
(h) no Sublease shall release or impair the continuing obligations of the Tenant hereunder or purport to extend beyond the Term hereof, without the prior written approval consent of the BoardLandlord; provided, however, that prior to this approvaland
(i) the Tenant shall not enter into any Sublease, the Board shall have the right to review terms and approve the rent to be charged conditions of which are contrary to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage requirements of its gross receipts, the receipts of the sublessee and licensee this Section 13.2 or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned otherwise in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Lease.
Appears in 2 contracts
Sources: Stadium Lease, Stadium Lease
Subletting. The Lessee Subject to all of the provisions of this Lease Agreement, Tenant shall not rentsublet, license, or sublet permit the whole use or any portion of the premisesoccupancy of, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premisesPremises without the prior written consent of the Landlord, which consent, shall not be unreasonably withheld, conditioned or delayed. The Lessor will share in Tenant shall have no right to assign this Lease Agreement nor any of its rights hereunder, nor may same be assigned or pass to another by operation of law, and any attempt to so assign, without the gross revenues from subleases express prior consent of Landlord, shall be utterly void. If Tenant desires to effectuate a sublease, Tenant shall deliver a notice to Landlord, which shall include (i) the commencement date and licenses at the rate termination date of thirty percent (30%) for the first such sublease and licensethe rent per square foot, forty percent (40%ii) for a true and complete statement reasonably detailing the second sublease identity of the proposed sublessee, the nature of its business and licenseits proposed use of the Premises, (iii) current financial information with respect to the sublessee, including its most recent financial statements, and (iv) the form of agreement by which the sublease will be effected. Landlord shall be entitled to fifty percent (50%) of any consideration payable under the sublease which exceeds the Base Rental (pro rated on a per square foot basis for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations portion of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options Premises subject to extend past such sublease) accruing hereunder during the term of the master lease GL 4588. Staff recommends that sublease after first deducting the consents granted monthly amortized costs incurred by Tenant to prepare the Board be applicable up to June 5, 2038, i.e., subleased premises for occupancy by such subtenant and the expiration amount of the master leasereasonable out-of-pocket brokerage and attorneys' fees incurred by Tenant in connection with such sublease. The Lessee intends sums payable under this Section shall be paid by Tenant to seek Landlord monthly as and when paid from the subtenant to Tenant. The obligation to obtain Landlord's prior consent and Landlord's right to share in profit shall not apply to (i) transactions with a new lease business entity, into or with which Tenant is merged or consolidated, or to continue use which all or substantially all of Tenant's assets are transferred, so long as (A) such transfer was made for a legitimate independent business purpose and not primarily for the leased premises upon purpose of transferring this Lease; (B) the expiration successor to Tenant has a net worth computed in accordance with generally accepted accounting principles at least equal to the net worth of GL 4588Tenant immediately prior to such merger, consolidation or transfer; and (C) proof satisfactory to Landlord of such net worth is delivered to Landlord at least ten (10) days prior to the effective date of any such transaction. Furthermore, ▇▇▇▇▇▇ understands that Landlord's consent to any sublease will be subordinate shall not relieve Tenant from the obligation to the master lease and in the event they do not obtain a new leaseLandlord's consent to any further sublease. Notwithstanding any sublease or assignment, the Lessee will be responsible Tenant shall remain fully liable for the removal payment of all improvements upon Rental and for the expiration performance of GL 4588. The license agreements between all the Licensor terms, covenants and Licensees contain the following provision:conditions contained in this Lease on Tenant's part to be observed and performed, and any default under any term, covenant or condition of this Lease by any sublessee or assignee shall be deemed to be a default under this Lease by Tenant.
Appears in 2 contracts
Sources: Lease Agreement (Spire Corp), Lease Agreement (Spire Corp)
Subletting. The (a) Except as provided in clause 3.2, the Lessee shall must not rent, licensesublease, or sublet grant a licence in respect of, its interest in the whole Extension Infrastructure or any portion part of it.
(b) Subject to clauses 15.3(c) and 15.3(d), the Sublessee may sublease, or grant a licence in respect of, its interest in the Extension Infrastructure or any part of it to a person (the Sub-sublessee) if:
(i) the use of the premisesExtension Infrastructure or that part of it (as the case may be) which is permitted under the sublease or licence is consistent with the Permitted Use;
(ii) the Sub-sublessee has, or will obtain immediately following the granting of such sublease or licence, all Authorisations necessary for the Sub-sublessee to use the Extension Infrastructure or that part of it for the use which is permitted under the sublease or licence or otherwise has, or will have immediately following the granting of such sublease or licence, the benefit of such Authorisations where they are held by another person;
(iii) the sublease or licence prohibits the Sub-sublessee from creating or allowing to subsist a Security Interest (other than a Permitted Lien) over any of the Sub-sublessee's rights under the sublease or licence or over any of the Sub-sublessee's right, title or interest in the Extension Infrastructure or any part of it without the prior written approval consent of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent Lessor (such consent not to be charged unreasonably withheld or delayed or given subject to unreasonable conditions);
(iv) the sublease or licence is granted in accordance with all applicable Laws;
(v) the sublease or licence expressly acknowledges the rights of the Lessor under this Agreement and that the rights of the Sub- sublessee under the sublease or licence are subject to and subordinate to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts rights of the Lessor under this Agreement; and
(vi) under the sublease or licence the Sub-sublessee and licensee or any subsequent sublessees and licensees shall be included as covenants not to do anything which would cause a breach of this Agreement on the part of the Lessee’s gross receiptsLessee or Sublessee.
(c) Despite any sublease or licence permitted or consented to by the Lessor under clause 15.3(b), as between the Lessor and the Board shall have Sublessee, the right Sublessee continues to revise be bound to comply with all its obligations under this Agreement.
(d) The Sublessee must not, except with the rent for Lessor's prior written consent, sublease, or grant a licence in respect of, its interest in any part of the premises based upon the rental rate charged Extension Infrastructure to the sublessee and licensee including the percentage renta person where that person is or, if applicable, and provided, furtherthe sublease or licence is granted, that the rent may not be revised downward. For good causeperson will become, the Board may waive the requirement holder of a Major Authorisation in respect of that the Lessee obtain prior written approval to rent, license, or sublet all or any portion part of the premises. The Lessor will share Extension Infrastructure in the gross revenues from subleases and licenses circumstances where another person holds at the rate same time a Major Authorisation in respect of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations that part of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Extension Infrastructure.
Appears in 2 contracts
Sources: User Funding – Extension Infrastructure Agreement, User Funding – Extension Infrastructure Agreement
Subletting. The Lessee shall Tenant may not rent, license, or sublet the whole Leased Premises or any portion of the premises, part thereof without the prior written approval consent of Landlord, which shall not be unreasonably withheld. In any event, Tenant shall not advertise or publicize the Board; providedLeased Premises for subletting whether through a broker, howeveragent, representative or otherwise at a rental rate less than that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that for which space in the case where the Lessee Europa Center is required being offered for rent by Landlord. If Tenant seeks to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any part of the Leased Premises, then the following shall apply:
(1) Prior to entering into any sublease, Tenant shall notify Landlord in writing of its intent to sublet all or a portion of the premisesLeased Premises, such notice to include a copy of the proposed sublease. The Lessor will share At any time within fifteen (15) business days afer service of said notice, Landlord shall notify Tenant that: (i) it consents to the sublease; or (ii) it refuses to consent to the sublease; or (iii) with respect to a proposed sublease of the entire Rented Space, that it terminates this Lease effective as of the beginning of the proposed sublease term, which Landlord shall be fully empowered to do, at Landlord's option, if Tenant seeks to sublet the entire Rented Space; or (iv) with respect to a proposed sublease of part of the Rented Space, that, effective as of the beginning of the sublease term, it amends the Lease to reduce the Rented Space by the portion of the Rented Space proposed to be sublet and further amends the Lease because of the reduction of the Rented Space so that all calculated items are reduced proportionately to the reduction in the gross revenues from subleases and licenses at Rentable Square Feet of the rate of thirty percent Rented Space.
(30%2) for If the first Landlord refuses to consent to the proposed sublease, it shall state the reason(s) why the proposed sublease and licenseis unacceptable; however, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. ▇▇'s refusal shall be final and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant controlling. If Landlord consents to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually proposed sublease, then the following shall apply: ($500.00 per monthi) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to if Tenant shall sublet the State. This will be an additional sublease to Blow Up, LLC as they are seeking Leased Premises at a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations rental or other economic benefit in excess of the subleases is attached then current Base Rent, Fifty percent (50%) of such excess shall be for benefit of Landlord and shall be paid to Landlord in cash promptly when due under any such sublease as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:additional rent due under this Lease
Appears in 2 contracts
Sources: Office Lease (Molichem Medicines Inc), Office Lease (Molichem Medicines Inc)
Subletting. The After the Closing Date for any Property, the Lessee shall not rent, license, or sublet the whole may sublease such Property or any portion of the premises, without the prior written approval of the Boardthereof to any Person; provided, however, that that: (a) no such sublease or other relinquishment of possession of any Property shall in any way discharge or diminish any of the obligations of the Lessee to the Lessor and the other Participants under this Lease and the other Operative Documents and the Lessee shall remain directly and primarily liable under this Lease and the other Operative Documents to which it is a party; (b) each sublease of any Property shall expressly be made subject to and subordinated to this Lease and to the rights of the Lessor hereunder; (c) such sublease shall expressly provide for the immediate surrender of the applicable Property to the Lessor after notice from the Lessor to such sublessee of the occurrence of a Lease Event of Default and a request for such surrender; and (d) such sublease shall expressly provide for automatic termination at or prior to the earlier of (i) the Expiration Date and (ii) the termination of this approval, Lease pursuant to a Lease Event of Default unless the Board Lessee shall have exercised its Purchase Option and purchased the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State Property pursuant to Section 18.1. On the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) Closing Date for Blow Upcertain Properties, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. such Properties may be subject to existing subleases the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from terms of which may extend beyond the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master leaseExpiration Date. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermoreshall, ▇▇▇▇▇▇ understands that any sublease will be subordinate prior to the master lease Closing Date for any such Property, fully disclose the existence of such subleases to each Participant, provide true and in correct copies of such subleases to the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588Lessor and Administrative Agent and represent that such subleases are on reasonable commercial terms. The license Lessee shall collaterally assign all such subleases to the Lessor and shall use reasonable commercial efforts to obtain from each such sublessee agreements between the Licensor and Licensees contain the following provision:to subordinate such sublease to this Lease.
Appears in 2 contracts
Sources: Master Lease (Citrix Systems Inc), Master Lease (Citrix Systems Inc)
Subletting. The Lessee Tenant shall not rent, license, sublet any or sublet the whole or any portion all of the premises, Property without the prior written approval consent of the BoardLandlord, which may be withheld by Landlord in its sole discretion and any such purported subletting shall be void; provided, however, that prior Tenant may, without Landlord’s consent, sublet to an Affiliate of Tenant (a “Sublease” and each subtenant thereunder, a “Subtenant”) so long as each Sublease contains the following provisions: (i) the Sublease is subject and subordinate to this approvalLease; (ii) the Sublease shall not contain any terms inconsistent with this Lease (or if so, the Board terms of this Lease shall have the right to review and approve control); (iii) the rent to due under any Sublease shall be charged to fixed rent and shall not be based on the proposed sublessee net profits of any Subtenant; (iv) the Sublease shall terminate upon the expiration or sooner termination of this Lease (including any renewals hereof); (v) Tenant shall at all times remain liable under this Lease irrespective of any Sublease; (vi) the related Property shall be used and licensee occupied only as a Permitted Facility; and that in the case where the Lessee (vii) shall not (A) be for a term of more than one year, provided it may auto-renew on a year-to-year (or shorter) basis, so long as not more than 90 days’ prior written notice is required to pay rent based on terminate the such Sublease prior to the applicable auto-renewal, or (B) be for a percentage term of more than three years but shall be terminable by Tenant upon 90 days' notice with or without cause. Tenant covenants and agrees that: (A) Tenant shall observe and timely perform all of its gross receipts, obligations as the receipts landlord or sublandlord under each Sublease in compliance with the terms thereof; (B) Tenant shall promptly provide Landlord with any notice of default received from Tenant by any Subtenant or any notice of default sent by Tenant to any Subtenant; (C) Tenant shall furnish Landlord with any and all information requested by Landlord reasonably necessary for a determination of the sublessee status of any Sublease; (D) Tenant shall provide Landlord with copies of each Sublease and licensee or any subsequent sublessees amendments thereto within five (5) Business Days of execution thereof; and licensees (E) Tenant shall be included as part of the Lessee’s gross receiptsindemnify, defend and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee hold harmless all Indemnified Parties from and licensee including the percentage rent, if applicable, against any and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or Losses incurred in connection with any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensessuch Sublease.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 2 contracts
Sources: Lease Agreement (Nortech Systems Inc), Lease Agreement (Nortech Systems Inc)
Subletting. The Lessee (a) Tenant shall not rent, licensesublease all or any part of the Premises, or sublet suffer or permit the whole Premises or any portion of the premisespart thereof to be subleased to or used by others, without the prior written approval consent of Landlord in each instance. If the Premises or any part thereof be sublet to or occupied by anybody other than Tenant, Landlord may, at Landlord's option, collect rent from the subtenant or occupant, and apply the net amount collected to the rent herein reserved, but no such subletting, occupancy or collection shall be deemed a waiver of this covenant, or the acceptance of the Board; providedsubtenant or occupants, howeveror a release of Tenant from the further performance by Tenant of covenants on the part of Tenant herein contained. The consent by Landlord to sublet shall not be construed to relieve Tenant from obtaining the express consent in writing of Landlord to any further subletting.
(b) If Tenant desires to sublease all or substantially all of the Premises, that prior Tenant shall first give notice to Landlord of the proposed transaction and the term thereof, and Landlord shall have the right, by notice to Tenant within 30 days after receipt of Tenant's notice, to terminate this approvalLease. If Tenant desires to sublease less than substantially all of the Premises, the Board Tenant shall first give notice to Landlord as aforesaid, and Landlord shall have the right to review and approve terminate this Lease with respect to the rent portion of the Premises proposed to be charged subleased, as of the intended effective date of the proposed sublease; provided however that upon receipt of a termination notice under this sentence, Tenant may, by notice to Landlord within ten days thereafter, withdraw its partial subleasing request, in which event the termination notice shall be deemed rescinded. If Landlord exercises its right to terminate this Lease with respect to such portion of the Premises, then (i) the Base Rent and Tenant's Proportionate Share shall be proportionally reduced, and an adjustment shall be made for amounts, if any, paid in advance and applicable to the portion of the Premises no longer leased by Tenant, and (ii) the number of parking spaces available for Tenant's use pursuant to Section 11 hereof shall be proportionally reduced. If Landlord elects not to so terminate this Lease, then Landlord shall not unreasonably withhold its consent to the proposed sublessee and licensee and that in subletting.
(c) Anything herein to the case where the Lessee is required contrary notwithstanding, without Landlord's prior consent but upon at least ten days' prior notice to pay rent based on a percentage of its gross receiptsLandlord, the receipts Tenant may sublease part or all of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right Premises to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublesseesan entity, which trigger a sandwich rent of 50% to be collected controls, is controlled by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Upor under common control with Tenant, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of "control" is construed under the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Federal securities laws.
Appears in 2 contracts
Sources: Gross Lease (Open Solutions Inc), Gross Lease (Open Solutions Inc)
Subletting. The Lessee (a) Except as otherwise expressly provided in this Lease, Tenant shall not rent, license, sublet any or sublet the whole or any portion all of the premises, Properties without the prior written approval consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed and any such purported subletting without consent shall be void, and any Sublease shall be included in the definition of a “Transfer.”
(b) As security for performance of its obligations under this Lease, Tenant hereby grants, conveys and assigns to Landlord all right, title and interest of Tenant in and to all subleases now or hereafter in effect (the “Subleases”) entered into for any part or all of a Property and any and all extensions, modifications and renewals thereof and all rents, issues and profits therefrom. Nothing in this Section 15.04 shall constitute an agreement by Landlord to permit Tenant to enter into Subleases without Landlord’s written consent.
(c) Each Sublease of any of the BoardProperties which is consented to by Landlord or otherwise permitted pursuant to the terms of this Lease shall be subject and subordinate to the provisions of this Lease (and all future amendments to this Lease). No Sublease shall affect or reduce any of the obligations of Tenant hereunder, and all such obligations shall continue in full force and effect as obligations of a principal and not as obligations of a guarantor, as if no Sublease had been made. No Sublease shall impose any additional obligations on Landlord under this Lease.
(d) Tenant shall, within ten (10) days after the execution and delivery of any sublease consented to by Landlord or otherwise permitted under the terms of this Lease, deliver a duplicate original copy thereof to Landlord.
(e) Landlord shall have no obligation to recognize any or to agree to not disturb any subtenant of Tenant upon any Event of Default of Tenant under this Lease, unless Landlord shall agree to do so in writing by separate instrument, but Landlord shall have no obligation to do so. Landlord’s consent to any Sublease shall not be construed as or imply any agreement on Landlord’s part to recognize any Subtenant. In the event of Tenant’s surrender of this Lease or the termination of this Lease for any reason or by any circumstance, Landlord may, at its option, either terminate any or all subtenancies or succeed to the interest of Tenant as sublandlord thereunder (except to the extent that Landlord has entered into a nondisturbance agreement with a Subtenant). During the time that any uncured Event of Default exists hereunder, Landlord may collect from each Subtenant all rent payable by such Subtenant pursuant to its Sublease and apply it toward Tenant’s obligations under this Lease, and any Subtenant is hereby provided with notice that Subtenant shall be required to pay all sublease rent directly to Landlord upon receipt of notice from Landlord that an uncured Event of Default exists under this Lease.
(f) Notwithstanding any provision to the contrary in this Article XV, Tenant may sublease up to fifteen (15%) of any Property without Landlord’s consent (a “Permitted Sublease”); provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees such Permitted Sublease shall be included as part subject to all other terms and conditions of the Lesseethis Section 15.04 with respect to a Sublease (other than obtaining Landlord’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesconsent).” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Subletting. The Lessee Provided Tenant is not then in default of any of the terms or conditions of the Lease, then notwithstanding anything to the contrary in Section 4.1 of the Lease Tenant shall not renthave the continuing right for the first three (3) years only of the Extended Term (i.e., licenseonly until May 31, or 2004) to sublet the whole or any a portion of the premises, Demised Premises of up to approximately 5,000 square feet without obtaining the prior written approval consent of the BoardLandlord; expressly provided, however, that prior any such sublease must not extend beyond May 31, 2004. Further, for the first three (3) years only of the Extended Term (i.e., only until May 31, 2004), Landlord shall waive Landlord's rights to this approvalrecapture the subleased space, assess processing fees, and collect excess rents from such sublease(s) only. Any such subletting shall be subject to the Board remaining provisions of Section 4 and after the first three (3) Lease Years Landlord shall have the right to review assess a subleasing fee. Tenant shall immediately furnish Landlord with written notice and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage fully-executed copy of its gross receiptsany such sublease agreement, the receipts together with a floor plan of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part sublet area. Provided Tenant first obtains the written consent of the Lessee’s gross receipts, Landlord to such sublease or assignment as required by Section 4 and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, further provided that the rent may Tenant is not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or in default of any portion of the premises. The Lessor will share in terms or conditions of the gross revenues from subleases and licenses at Lease on the rate date each rent payment is due pursuant to such sublease or assignment, then notwithstanding Section 4.3 of thirty percent (30%) for the first sublease and licenseLease, forty percent (40%) for the second sublease and license, and fifty percent only Fifty Percent (50%) of any rent and other consideration accruing to Tenant as a result of each such sublease or assignment which is in excess of the pro rated portion of Base Annual Rent and Additional Rent then being paid by Tenant for the third Demised Premises or portion thereof being sublet pursuant to said sublease or assignment shall be paid by Tenant to Landlord monthly as Additional Rent. Tenant shall be permitted to deduct the reasonable advertising costs, reasonable brokerage commissions and subsequent sublease reasonable remodeling costs per square foot, in calculating Landlord's share of the net excess rent and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% other consideration to be collected by paid to Landlord pursuant hereto. Tenant shall provide documentation of such expenses to Landlord at the State pursuant time Tenant requests Landlord's giving consent to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:subletting or assignment.
Appears in 1 contract
Subletting. The Lessee LESSEE shall not, without the express written consent of LESSOR which shall not rentbe unreasonably withheld subject to the satisfaction of all other requirements in this Section, license, or sublet the whole Leased Premises or any portion thereof, or permit the use of the premisesLeased Premises by any party other than LESSEE (or, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where of use, by its affiliated companies). Any consent which LESSOR may give for a sublease shall not destroy this provision, and later subleases shall be made likewise only on the Lessee is required to pay rent based on a percentage prior consent of its gross receipts▇▇▇▇▇▇ expressed in writing. In the case of such permitted sublease, the receipts SUBLESSEE shall become directly liable to LESSOR for all obligations of LESSEE hereunder, but no sublease by LESSEE shall relieve LESSEE of any liability hereunder. If this Lease is designated as a Non-Commercial lease in Section 4 above, subleasing is not permitted. Any sublease shall be in writing, and LESSEE shall provide a copy thereof to LESSOR at least thirty (30) days in advance of the sublessee and licensee proposed inception date. ▇▇▇▇▇▇ shall respond in writing, either consenting or any subsequent sublessees and licensees shall be included as part refusing to consent to said sublease, at least fifteen (15) days in advance of the Lessee’s gross receiptsproposed inception date and, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate event of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three’s refusal to consent, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding sublettingshall provide written reasons for such refusal. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any will act reasonably when considering the proposal, however, LESSOR may refuse to approve the proposed sublease will be subordinate to the master lease and in the event they do that such sublease is in conflict with the needs of the airport or in conflict with the SAA’s planning strategy, as set forth in the Airport Planning Documents and the SAA Airport Leasing Policy. LESSOR’s reasonable denial may include, but is not obtain a new leaselimited to, failure to meet financial obligations, or proposed sublessee’s inability or unwillingness to adhere to the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor Airport Rules and Licensees contain the following provision:Regulations.
Appears in 1 contract
Sources: Airport Lease Agreement
Subletting. The Lessee 18.1 Tenant shall not rentdirectly or indirectly, license, permit the Premises to be occupied by anyone other than Tenant or sublet the whole Premises (collectively, "Sublease") or any portion thereof without Landlord's prior written consent in each instance.
18.2 If Tenant desires at any time to enter into a Sublease of the premisesPremises or any portion thereof, without it shall first give written notice to Landlord of its desire to do so, which notice shall contain (a) the prior written approval name of the Board; providedproposed subtenant or occupant, however(b) the nature of the proposed subtenant's or occupant's business to be carried on in the Premises, (c) the portion(s) of the Premises to be subject to Sublease and the square feet thereof and the other terms and provisions of the proposed Sublease including any sum(s) payable to Tenant an consideration for entering into the Sublease, and (d) such financial and other information as Landlord may reasonably request concerning the proposed subtenant or occupant.
18.3 At any time within sixty (60) days after Landlord's receipt of the notice specified in Section 18.2 hereof, Landlord may by written notice to Tenant elect to (a) Sublease itself the portion of the Premises specified in Tenant's notice or any portion thereof, (b) terminate this Lease as to the portion of the Premises that prior is specified in Tenant's notice or any portion thereof, with a proportionate abatement in the Annual Base Rental, (c) consent to this approvalthe Sublease, or (d) withhold consent to the Sublease. In the event Landlord elects to sublease from Tenant as described in subsection (a) above, the Board subrent payable by Landlord to Tenant shall be the lower of that set forth in Tenant's notice or the Annual Base Rental payable by Tenant under this Lease at the time of the Sublease (or a proportionate amount thereof representing the portion of the Premises subject to the Sublease if less than the entire Premises is subject to the Sublease). In the event Landlord elects the option set forth in subsection (a) above with respect to a portion of the Premises, then (i) Tenant shall at all times provide reasonable and appropriate access to such portion of the Premises and use of any common facilities, and (ii) Landlord shall have the right to review use such portion of the Premises for any legal purpose in its sole discretion and approve the rent right to further sublease the portion of the Premises subject to Landlord's election without the consent of Tenant. If Landlord consents to the Sublease within said sixty (60) day period, Tenant may thereafter within ninety (90) days, enter into such Sublease of the Premises or portion thereof, upon the terms and conditions set forth in the notice furnished by Tenant to Landlord pursuant to Section 18.2 hereof; provided, that if any sum is payable to Tenant in consideration of Tenant's entering into such sublease, then Tenant shall pay such sum to Landlord prior to the execution of the Sublease. In addition, if any amounts are payable to Tenant as subrent under the Sublease, Tenant shall pay to Landlord monthly during the term of such Sublease on account as Additional Rent the amount by which such monthly subrent exceeds the product of (i) the monthly Annual Base Rental then payable by Tenant under the Lease, and (ii) the fraction derived by dividing the square feet of the portion of the Premises subject to the Sublease by the Total Rentable Area of the Premises.
18.4 No consent by Landlord to any Sublease by Tenant shall relieve Tenant of any obligation to be charged performed by Tenant under this Lease, whether arising before or after the Sublease. The consent by Landlord to any Sublease shall not relieve Tenant from the obligation to obtain Landlord's express written consent to any other or subsequent Sublease. Any Sublease that is not in compliance with this Article 18 shall be void and, at the option of Landlord, shall constitute a material default by Tenant under this Lease. The acceptance of Annual Base Rental or Additional Rent by Landlord from a proposed sublessee shall not constitute the consent to such Sublease by Landlord.
18.5 Each sublessee shall assume, as provided in this Section 18.5, all obligations of Tenant under this Lease and licensee shall be and remain liable jointly and severally with Tenant for the payment of Annual Base Rental and Additional Rent, and for the performance of all the terms, covenants, conditions and agreements herein contained on Tenant's part to be performed for the Term. No Sublease otherwise permitted hereunder shall be binding on Landlord unless the sublessee or Tenant shall deliver to Landlord within ten (10) days of execution a counterpart of the Sublease and an instrument in recordable form that contains a covenant of assumption by the sublessee satisfactory in substance and form to Landlord, consistent with the case where requirements of this Section 18.5, but the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts failure or refusal of the sublessee to execute such instrument of assumption shall not release or discharge the sublessee from its liability as set forth above.
18.6 Anything contained in the foregoing provisions of this section to the contrary notwithstanding, neither Tenant nor any other person having an interest in the possession, use, occupancy or utilization of space in the Premises shall enter into any lease, sublease, license, concession or other agreement for use, occupancy or utilization of space on the Premises which provides for rental or other payment for such use, occupancy or utilization based, in whole or in part, on the net income or profits derived by any person from the premises leased, used, occupied or utilized and licensee any such purported lease, sublease, license, concession or any subsequent sublessees and licensees other agreement shall be included as absolutely void and ineffective an a conveyance of any right or interest in the possession, use, occupancy or utilization of any part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesPremises.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Office Lease (Mastech Corp)
Subletting. The Lessee (a) Tenant may at any time and from time to time enter into Subleases of Rentable Space without Landlord’s consent; provided that the use of leased space is not a Prohibited Use.
(b) Tenant agrees for the benefit of Landlord that each Sublease shall stipulate that:
(i) it is subject and subordinate to the terms and provisions of this Lease; (ii) in the event of termination of this Lease for any reason, including, without limitation, a voluntary surrender by Tenant, or in the event of any reentry or repossession of the Property by Landlord, Landlord may, at its option but with no obligation, take over all the right, title, and interest of Tenant, as sublessor, under such Sublease; (iii) when the Landlord opts to take over the Sublease as sublessor, the Subtenant shall attorn to Landlord; and (iv) Landlord shall not rent(1) be liable for any previous act or omission of Tenant under such Sublease, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned be subject to any counterclaim, defense, or offset previously accrued in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations favor of the subleases Subtenant against Tenant, (3) be bound by any security or advance rental deposit made by such Subtenant that is attached as Exhibit B. As noted previouslynot delivered or paid over to Landlord and with respect to which such Subtenant shall look solely to Tenant for refund or reimbursement, both licensee agreements provide options or (4) be obligated to extend past perform any work in the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up subleased space or to June 5prepare it for occupancy, 2038, i.e.and in connection with such attornment, the expiration of the master lease. The Lessee intends Subtenant shall execute and deliver to seek a new lease Landlord any instruments Landlord may request to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands evidence and confirm such attornment.
(c) Tenant agrees that any sublease will be each UT Sublease shall stipulate that: (i) it is subject and subordinate to the master lease terms and provisions of this Lease; (ii) when the Landlord opts to take over a UT Sublease as sublessor, U.T. shall attorn to Landlord; and (iii) Landlord shall not (1) be liable for any previous act or omission of Tenant under such UT Sublease, (2) be subject to any counterclaim, defense, or offset previously accrued in favor of U.T. against Tenant, (3) be bound by any security or advance rental deposit made by U.T. that is not delivered or paid over to Landlord and with respect to which U.T. shall look solely to Tenant for refund or reimbursement, or (4) be obligated to perform any work in the subleased space or to prepare it for occupancy, and in connection with such attornment, U.T. shall execute and deliver to Landlord any instruments Landlord may request to evidence and confirm such attornment, subject to the event they do requirements and limitations of applicable laws and regulations.
(d) Tenant shall provide a copy to Landlord of any direct Sublease from Tenant to a Subtenant (but expressly excluding any Subleases, whether direct or indirect, to End Users who are not obtain the named Subtenant) to Landlord.
(e) If Tenant is not in default of this Lease beyond any applicable notice and cure period, Landlord shall, within thirty (30) days of receipt of written request, provide a new lease, non-disturbance and attornment agreement (a “Recognition Agreement”) to Subtenants and End Users in the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:form attached hereto as Exhibit G or such other mutually agreeable form.
Appears in 1 contract
Sources: Ground Lease
Subletting. The Lessee Tenant shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to assign this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, licenseLease, or sublet all or any portion part of the premisesunit, without Owners prior written consent. The Lessor will share ◻ INSURANCE. Tenant assumes ALL RESPONSIBILITY for any loss or damage to property stored by Tenant in the gross revenues from subleases unit and licenses at the rate of thirty percent (30%) may or may not elect to provide insurance coverage for the first sublease same. OWNER DOES NOT MAINTAIN INSURANCE FOR THE BENEFIT OF TENANT WHICH IN ANY WAY COVERS ANY LOSS WHATSOEVER THAT TENANT MAY HAVE OR CLAIM BY TENANT AND EXPRESSLY RELEASES OWNER FROM ANY LOSSES, CLAIMS, SUITS AND/OR DAMAGES OR RIGHT OF SUBROGATION FOR LOSSES TO SAID PROPERTY CAUSED BY FIRE, THEFT, WATER, RAIN STORMS, TROPICAL STORM, HURRICANE, TORNADO, EXPLOSION, RIOT; RODENTS, CIVIL DISTURBANCES, INSECTS, SONIC BOOM, LAND VEHICLES, UNLAWFUL ENTRY OR ANY OTHER CAUSE WHATSOEVER, NOR SHALL OWNER BE LIABLE TO TENANT AND/OR TENANT’S GUEST OR INVITEES FOR ANY PERSONAL INJURIES SUSTAINED BY TENANT AND/OR TENANT’S GUEST OR INVITEES WHILE ON OR ABOUT OWNER’S PREMISES. ◻ FIRE; CONDEMNATION. If fire or other casualty causes damage to the self-storage facility or the self- storage facility is totally or partially taken by way of eminent domain, Owner may terminate this Lease on written notice to Tenant and, upon such termination, all rent and license, forty percent (40%) for other sums owing hereunder shall be paid up to the second sublease date of the damage or taking. ◻ SUBORDINATION. This Lease is subject and licensesubordinate to any and all present or future ground leases and mortgages affecting the unit or the self-storage facility. ◻ WAIVER. Owner’s acceptance of any total or partial payment or rent or other sum due hereunder shall not be a waiver of any of Owner’s rights or remedies. ◻ INSPECTION. Owner reserves the right to inspect all property left on space, and fifty percent (50%) for may inspect the third contents of items left on the space based on reasonable notice to Tenant, except in cases of emergency, when Owner may enter and subsequent sublease and licensesinspect the space at any time without notice to Tenant.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Lease Agreement
Subletting. The (a) Lessee shall may not rentsublease, licensein whole or in ---------- part, any of its right, title or sublet the whole interest in, to or under this Lease or any portion of the premisesSite to any Person at any time, without the prior written approval and any such sublease shall be void and of the Boardno force or effect; provided, however, that without the consent of -------- ------- Lessor, Lessee may sublease the Site to Sublessee pursuant to the Sublease. Regardless of Lessor's consent, no subletting shall release Lessee of Lessee's obligation or alter the primary liability of Lessee to pay Rent hereunder (including, without limitation, Basic Rent and Supplemental Rent) and to perform all other obligations to be performed by Lessee hereunder. The acceptance of Rent by Lessor or Agent from any other Person shall not be deemed to be a waiver by Lessor of any provision hereof. Consent to one subletting of the Site shall not be deemed consent to any subsequent or further subletting of the Site or any other Site. Lessor may proceed directly against Lessee without the necessity of exhausting remedies against said successor.
(b) Lessee hereby assigns to Lessor all of Lessee's right, title and interest in and to the Sublease, now or hereafter in effect, including, but not limited to, all rents and other sums payable to Lessee under such Sublease. Lessor shall have no obligation to perform, and Lessee shall not by reason of such assignment be relieved of its obligation to perform, any of Lessee's covenants or agreements under this Lease or covenants or agreements of Lessee, as sublessor, under the Sublease; provided that, upon the termination of this -------- Lease or upon termination of Lessee's right to possess the Site following a Lease Event of Default (the date of such termination shall be referred to herein as the "Turnover Date") the following shall apply:
(a) if Lessee acquires ------------- ownership of the Site in accordance with the terms of this Lease or if Lessee's right to possess the Site has been terminated following a Lease Event of Default then, subject to the provisions of Article XVIII, Lessee shall continue to be ------------- liable for all obligations under the Sublease; or (b) if Lessee does not acquire ownership of the Site, (i) Lessee shall continue to be liable for any obligations under the Sublease accruing or arising prior to this approvalthe Turnover Date and for any tenant improvement obligations arising or accruing prior to the later of (x) the Turnover Date and (y) the scheduled termination date of the Lease Term and (ii) if the A-21 Sublease is not terminated in accordance with Section 12.2(b), Lessor (or any ------- ------- successor owner of the Board Site (the "Designated Owner")) shall assume and be liable ---------------- for, subject to the limitations on the liability of the Designated Owner set forth in Section 12.2 and subject to the limitations on the liability of Lessee set forth in Article XVIII, Lessee's obligations under the Sublease other than ------------- those referred to in clause (i) above. Prior to the Turnover Date, Lessee shall have the right to review collect and approve the rent to be charged to the proposed sublessee enjoy all rents and licensee other sums of money payable under any Sublease and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rentmodify, if applicableextend, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, amend or sublet terminate any or all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and licenseSublease, forty percent (40%) for the second sublease and licenseso long as such modification, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currentlyextension, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger amendment or termination could not have a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations Material Adverse Effect or conflict with or violate any of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Operative Documents.
Appears in 1 contract
Subletting. The Lessee shall may not rentassign, licensemortgage or pledge to any Person, including an Affiliate of Lessee, at any time, in whole or sublet the whole in part, any of its right, title or interest in, to or under this Lease or any portion of the premisesLeased Property and any such assignment, without the prior written approval of the Board; providedmortgage or pledge shall be void. Lessee may from time to time, howeversublease, that prior to this approvalin whole or in part, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage any of its gross receiptsright, the receipts of the sublessee and licensee title or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsinterest in, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all under this Lease or any portion of the premises. The Leased Property (including the Existing Lease) to any Person and extend, modify or renew any sublease without the approval of Lessor will share or Agent; PROVIDED, HOWEVER, that: (a) no sublease or other relinquishment of possession of the Leased Property shall in any way discharge or diminish any of Lessee's obligations to Lessor hereunder, nor release or discharge, in whole or in part, Lessee from any such obligations, and Lessee shall remain directly and primarily liable under this Lease as to the gross revenues from subleases Leased Property, or portion thereof, so sublet; (b) each sublease shall expressly be made subject to and licenses subordinate to this Lease and to the rights of Lessor hereunder; (c) each sublease shall expressly provide for the surrender of the applicable Leased Property or portion thereof by the applicable sublessee at the election of the Required Participants or Lessor (as applicable) after the occurrence of a Lease Event of Default or upon the expiration or termination of this Lease; (d) each sublease provides for a fair market lease term and a fair market rental rate as of thirty the date such sublease was executed, and (e) Lessee pledges its entire interest in any such Sublease, including the right to receive rent or other payments thereunder, to lessor pursuant to SECTION 15.1.. With respect to any sublease permitted under this ARTICLE XII, Lessee shall not sublease any portion of the Leased Property to, or permit the sublease of any portion of the Leased Property to, or permit the sublease of any portion of the Leased Property by, any Person (a) who, to the knowledge of any Responsible Officer of Lessee with operational responsibility, after reasonable inquiry, shall then be in default with respect to the payments of money under any instrument evidencing indebtedness or with respect to any liability for borrowed money or for the deferred purchase price of property if the aggregate amount of all such indebtedness, liabilities and purchase prices under or with respect to which such Person is then in default exceeds one-half of one percent (300.50%) of such Person's net worth or capital and surplus, or (b) who shall then be engaged in any proceedings for relief under any bankruptcy or insolvency law or laws relating to the first relief of debtors. All of Lessee's right, title and interest in, to and under each sublease is hereby pledged by Lessee to Lessor, as collateral for Lessee's obligations under this Lease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 shall be further assigned to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State Agent pursuant to the above-mentioned amendment regarding sublettingAssignment of Lease and the Assignment of Subleases, and Lessee shall, at its expense, do any further act and execute, acknowledge, deliver, file, register and record any further documents which Agent or any Participant may reasonably request in order to create, perfect, preserve and protect Lessor's and Agent's security interest in such sublease. The Sublessor should remit $6,000.00 annually Lessee shall, within fifteen ($500.00 per month15) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional days after execution of any sublease to Blow Upa Person which is not a wholly-owned Subsidiary of Lessee, LLC as they are seeking deliver to Agent a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations fully executed copy of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:such sublease.
Appears in 1 contract
Sources: Master Lease (Remec Inc)
Subletting. The Lessee Developer shall not rent, license, or sublet promptly provide to the whole or any CRA a copy of all Subleases for the Project. Developer shall incorporate in all Subleases provisions concerning rental and expenses that are compatible with this Lease. After the Developer Improvements have been completed on the portion of the premisesLeased Property which the Developer desires to Sublease, Developer shall have the right, to enter into Subleases of any part of the Leased Property or Developer Improvements with such Subtenants approved by the CRA and upon such commercially reasonable terms and conditions as Developer shall approve, in its sole discretion. Notwithstanding anything contained herein to the contrary, the Developer shall not enter into any Sublease with any Subtenant which does not deal with Developer at arm’s length without the prior written first obtaining Executive Director’s approval, which approval of the Board; providedExecutive Director may be withheld, however, that prior in its sole discretion. If Developer shall contemplate making any Sublease with respect to this approval, which the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee Executive Director’s approval is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Upforegoing sentence, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. Developer shall submit to the StateExecutive Director a copy of such proposed Sublease together with any information concerning the identity of the Subtenant as the Executive Director may reasonably request. This will be an additional sublease to Blow UpWithin fifteen (15) days after submission of such proposed Sublease and requested information, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing Executive Director shall notify Developer whether the proposed locations sublease is approved. In the event the Executive Director shall fail to so respond within fifteen (15) days after submission of such Sublease and information, the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options same shall be conclusively deemed to extend past the term of the master lease GL 4588. Staff recommends that the consents granted have been approved by the Board Executive Director. No sublease shall be applicable up permitted with respect to June 5, 2038, i.e., a Phase which has not been completely developed as evidenced by certificates of occupancy for all units comprising the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Phase.
Appears in 1 contract
Sources: Settlement Agreement
Subletting. The Lessee shall not rent, license, or sublet In the whole event the Tenant desires the Landlord's consent to the subletting of all or any portion part of the premises for any part of the term of this Lease with respect thereto, the Tenant shall notify the Landlord of the name of the proposed subtenant, such information as to the proposed subtenant's business, financial responsibility and standing as the Landlord may require, and of the covenants, agreements, terms, provisions and conditions of the proposed subletting, which notice shall (except in the case of a proposed subletting to a subsidiary or affiliate of the Tenant) contain an offer to vacate and surrender, as of the Special Surrender Date (as hereinafter defined), either (i) if the Tenant proposes to sublet only a part of the premises, without the prior written approval of space to be demised by the Boardproposed sublease, together with such other space, if any, as is demised to the Tenant by this Lease as may be reasonably required for public corridors, toilets and core facilities serving the space so proposed to be sublet (said spaces(s) being herein collectively called a "Partial Space"), or (ii) if the Tenant proposes to sublet the entire premises, the entire premises. The term "Special Surrender Date" as used in this Article, shall mean a date to be specified in such notice from the Tenant; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees said specified date shall be included as part (a) the last day of a calendar month during the Lessee’s gross receiptsterm hereof with respect thereto, and (b) not earlier than a date occurring 120 days after the Board shall have giving of such notice and not later than the right to revise the rent date for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion commencement of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588proposed subletting. Staff recommends The Landlord may accept such offer by a notice given to the Tenant within 30 days after the receipt of such notice from the Tenant. If the Landlord accepts such offer and such offer pertains to a Partial Space, then effective as of the Special Surrender Date, this Lease shall be deemed modified so that the consents term and estate granted by this Lease with respect to such Partial Space (unless the Board be applicable up same shall have expired sooner pursuant to June 5, 2038, i.e., any of the other conditions of limitation or provisions of this Lease or pursuant to law) shall expire on the Special Surrender Date with the same effect as if the Special Surrender Date were the date specified in this Lease for the expiration of the master lease. The Lessee intends term of this Lease with respect to seek a new lease such Partial Space and the annual fixed rent payable hereunder, to continue use the extent that such fixed rent relates to such Partial Space and such abatement is in excess of the leased premises upon annual rate of any other existing abatement of fixed rent relating thereto under any other covenant, agreement, term, provision or condition of this Lease, shall be abated at the Applicable Rental Rate (as hereinafter defined) for each square foot of the rentable area of the Partial Space from and after the Special Surrender Date. If the Landlord accepts such offer pertaining to a Partial space, the Landlord agrees that any tenant of the Partial Space shall have a separate entrance to the Partial Space and shall not have to pass through the Tenant's premises. If the Landlord accepts such offer and such offer pertains to the entire premises, then this Lease shall be deemed modified so that the term and estate granted by this Lease (unless the same shall have expired sooner pursuant to any of the conditions of limitation or other provisions of this Lease or pursuant to law) shall expire on the Special Surrender Date with the same effect as if the Special Surrender Date were the date specified in this Lease for the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will the term hereof and the fixed rent payable hereunder shall be subordinate to apportioned as of the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588Special Surrender Date. The license agreements between Tenant shall terminate its occupancy of such Partial Space or the Licensor and Licensees contain premises, as the following provision:case may be, not later than the Special Surrender Date.
Appears in 1 contract
Sources: Sublease (Abacus Direct Corp)
Subletting. The Lessee ASSIGNMENTS . Tenant shall not renttransfer, licenseassign or encumber this Agreement, or sublet the whole Leased Premises or any portion of the premisespart thereof, without in each case obtaining the prior written approval consent of the Board; provided, however, that prior Landlord. In the event Landlord consents to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts subletting of the sublessee Leased Premises, any and licensee all rents or other consideration for any subsequent sublessees and licensees reason received by Tenant in excess of the rents required under this Agreement shall be included construed as part of the LesseeBase Rent payable to Landlord. Any attempt by Tenant to assign, transfer, encumber or sublet this Premises without Landlord’s gross receipts, written consent shall be void and the Board shall have give Landlord the right and option to revise terminate this Agreement by written notice to Tenant. The consent by Landlord to any assignment, transfer, subletting to any party other than Landlord shall not be construed as a waiver or release of Tenant from the terms of any covenant or obligation under this Lease nor shall the collection or acceptance of Rent from any such assignee, transferee, subtenant or occupant constitute a waiver or release of Tenant from any covenant or obligation contained in this Lease, nor shall such assignment or subletting be construed to relieve Tenant from giving Landlord reasonable notice, nor from obtaining the consent in writing of Landlord to any further assignment or subletting. In the event that Tenant defaults hereunder Tenant hereby assigns to Landlord any and all rent for due from any subtenant of Tenant and hereby authorizes each such subtenant to pay said rent directly to Landlord. Without limiting the premises based generality of the foregoing, if Landlord consents to an assignment or sublease pursuant to this Section 11, Landlord may condition its consent upon the rental rate charged entry by such transferee into an agreement (in form and substances satisfactory to Landlord) with Landlord, by which such transferee assumes all of Tenant’s obligations hereunder. Any assignment of this Lease to a wholly owned subsidiary shall be permitted provided at all times the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensessubsidiary remains wholly owned by Tenant.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Commercial Lease Agreement (Home Treasure Finders, Inc.)
Subletting. (a) The Lessee shall not rentmay from time to time, license, or sublet sublease the whole Property or any portion of the premisesthereof to any Person and extend, modify or renew any sublease without the prior written approval of the BoardLessor; provided, however, that prior that: (i) no sublease or other relinquishment of possession of the Property shall in any way discharge or diminish any of the Lessee's obligations to the Lessor hereunder, and the Lessee shall remain directly and primarily liable under this Master Lease as to the Property, or portion thereof, so sublet and (ii) each sublease to an Affiliate of the Lessee shall be made subject and subordinate to this approval, the Board shall have the right to review Master Lease and approve the rent to be charged to the proposed sublessee and licensee and that rights of the Lessor hereunder.
(b) Lessor hereby agrees, that, in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts event of the sublessee early termination of this Master Lease from any cause whatsoever, and licensee while any sublease is in full force and effect, such termination of this Master Lease shall not act as a merger or any subsequent sublessees other termination of such sublease, and licensees Lessee's interest as sublessor in such sublease shall be included as deemed automatically assigned, transferred, and conveyed to Lessor; and, from and after such termination, Lessor shall be bound by the provisions of the sublease then in full force and effect on the part of the Lessee’s gross receipts, as sublessor; and that the sublessee shall be deemed thereupon and without further act to have attorned to Lessor. It is the intention hereof to provide that the termination of this Lease while such sublease is in full force and effect shall not, in any way, by reason thereof, terminate such sublease or affect the rights of such sublessee. The foregoing is subject to the right of Lessee (or Lessor, if this Master Lease has terminated) to terminate any sublease which is in default (notice thereof, if any required, having been given and the time for curing such default having expired) and any other rights and remedies reserved to Lessee in such sublease, and the Board shall have the right any other rights and remedies afforded to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion a lessor of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesreal property against a defaulting lessee.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Subletting. The Lessee shall not rent, license, or sublet the whole or any portion of the premises, Properties without the prior written approval consent of the Board; providedLessor, however, that prior to this approval, the Board shall have the right to review which may be withheld by Lessor in its sole discretion and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees such purported subletting shall be included as part of void. Notwithstanding the Lesseeforegoing, without Lessor’s gross receiptsconsent, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent Lessee may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any a portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent Properties (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc.collectively, the United States Secret Service“Permitted Subleases”), Salem Media provided that: (a) Lessee shall provide written notice thereof to Lessor (accompanied by a copy of Hawaii, Inc. the Permitted Sublease) at least ten (10) days prior to the date of such Permitted Sublease; (b) each Permitted Sublease shall be subject and Blow Up, LLC.2 Thereforesubordinate to this Lease; (c) each Permitted Sublease shall not contain any terms inconsistent with this Lease (or if so, the two terms of this Lease shall control); (2d) sublessees mentioned in this requestunless otherwise mutually agreed upon by Lessor and the subtenant, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises each Permitted Sublease shall terminate upon the expiration or sooner termination of GL 4588. Furthermore, ▇▇▇▇▇▇ understands this Lease (and such shall be clearly set forth in all Permitted Subleases); (e) Lessee at all times remains liable hereunder irrespective of any Permitted Sublease; and (f) the use of any related Property shall not violate any applicable zoning codes and shall not be used for any of the purposes set forth on Schedule 14.05 even if such uses are otherwise permitted under the applicable zoning codes.Lessee covenants and agrees that Lessee: (i) shall observe and timely perform all of its obligations as the landlord under the Permitted Subleases in compliance with the terms thereof; (ii) shall not assign all or part of any sublease will be subordinate Sublease without the prior written consent of Lessor; (iii) shall promptly provide Lessor with any notice of default received from Lessee by any subtenant or any notice of default sent by Lessee to any subtenant; (iv) shall furnish Lessor with any and all information requested by Lessor reasonably necessary for a determination of the master lease status of any Sublease; and in the event they do not obtain a new lease, the (v) Lessee will be responsible for the removal shall provide Lessor with copies of any and all improvements upon the expiration Permitted Subleases and/or amendments to Permitted Subleases within five (5) days of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:execution thereof.
Appears in 1 contract
Subletting. (a) The Lessee Tenant shall not rent, license, or sublet part (as distinct from the whole) of the Premises.
(b) The Tenant may sublet the whole or any portion of the premises, without Premises with the prior written approval of the Board; provided, however, that prior to this approval, the Board Landlord's Consent (which shall have the right to review not be unreasonably withheld or delayed and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included contained in a formal licence) if:
(i) the Subtenant has covenanted by deed with the Landlord in such form as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, Landlord requires acting reasonably that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past during the term of the master lease GL 4588. Staff recommends sublease the Subtenant and its successors in title will comply with the lessee's obligations in the sublease and the Tenant's Covenants except the covenant to pay the Rent; and
(ii) (if the Subtenant is a corporate body and the Landlord so requires acting reasonably) the Subtenant has procured a covenant by deed with the Landlord, by two individuals or a company acceptable to the Landlord (acting reasonably), to act as surety for the Subtenant as set out in Schedule 7.
(c) The Tenant shall not sublet the whole of the Premises except by way of a sublease which:
(i) is granted without any fine or premium;
(ii) reserves a yearly rent, payable in advance on the usual quarter days, at least as high as the best rent which the Tenant ought reasonably to obtain in the open market or the Rent then payable under this Lease whichever is higher on the grant of such sublease and provides for the review of the yearly rent at the same times and on the same basis as in this Lease;
(iii) requires the Subtenant to obtain the Landlord's Consent (which shall not be unreasonably withheld or delayed) to an assignment of the premises comprised in the sublease and requires the assignee on any such assignment to enter into direct covenants with the Landlord to the same effect as those in Clause 3.14.5(b)(i); and
(iv) is in the same form as this Lease (except as to Rent and any amendments approved by the Landlord, such approval not to be unreasonably withheld or delayed, but including provisions enabling the Tenant to obtain vacant possession on or before the date of any determination of this Lease) except that further subletting shall be prohibited; and
(v) contains an agreement validly excluding in relation to the tenancy created by such sublease the provisions of sections 24-28 of the 1954 Act;
(d) The Tenant shall:
(i) enforce and shall not waive or vary the provisions of a sublease (including the dates on which the rent installments are payable or paid) and in particular shall not enter into any collateral deed or side letter varying, or relieving the Subtenant from, any obligation in the sublease, or reduce, waive, commute, set-off or otherwise vary, whether directly or indirectly, the rents reserved by the sublease (except in accordance with the sublease's rent review provisions);
(ii) operate at the relevant times the rent review provisions contained in every sublease, but shall not agree a reviewed rent without the Landlord's Consent (and, if the rent review is determined by a surveyor pursuant to the review provisions of the sublease, to procure that the consents granted by Landlord's representations as to the Board be applicable up rent payable are made to June 5, 2038, i.e., such surveyor); and
(iii) (if the expiration Tenant exercises its option to determine this Lease in accordance with Clause 8.16) forthwith exercise its option to determine each sublease and obtain vacant possession of the master lease. The Lessee intends Premises on or before the date of determination of this Lease; and
(iv) upon the termination of any sublease (however it occurs) not accept any rent from any subtenant or permit it to seek a new lease hold over or acknowledge any tenancy but forthwith take all necessary steps at the Tenant's expense to continue use secure possession of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:sublet premises.
Appears in 1 contract
Sources: Lease Agreement (Corvu Corp)
Subletting. The Lessee Club shall not rentsublease portions of the Leased Premises, licensenor permit other Persons to occupy or conduct business in portions of the Leased Premises, except as expressly permitted by this Agreement or with the prior written consent of the PFD. The Club shall not sublease the entire Leased Premises, or sublet the whole or any such material portion thereof as would transfer substantial control and possession of the premisesBallpark, without the prior written approval consent of the BoardPFD, which consent may be withheld at the sole discretion of the PFD. In addition to other provisions of this Agreement which allow the Club to sublease or permit other Persons to occupy or conduct business in the Ballpark, the Club may, without the consent of the PFD, (a) sublet or permit other Persons to occupy or conduct business in the Ballpark for the purposes of operating retail outlets and restaurants, (b) sell or grant licenses, subleases or similar interests in the ordinary course of business to concessionaires, vendors, advertisers, users and others, and (c) sell licenses and similar interests in reserved seats, club seats and suites; provided, however, that prior the term of any such subleases, licenses and other interests shall, except as otherwise provided in a Sublessee Nondisturbance Agreement delivered pursuant to the following paragraph, automatically terminate upon termination of this approvalAgreement. The Club specifically agrees that any such sublease, license or other interest which could reasonably give rise to an expectancy of long-term rights (generally, but not necessarily limited to interests with a term of longer than one year), shall include explicit provision for such automatic termination. Within thirty (30) days after written request from the Club, the Board PFD shall have enter into an agreement (each, a "Sublessee Nondisturbance Agreement") with any Direct Access Retailer to whom the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or Club subleases any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and licenseLeased Premises, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past provided that the term of such sublease does not extend beyond the master lease GL 4588Term. Staff recommends that the consents granted The Sublessee Nondisturbance Agreement shall include any reasonable provisions required by the Board be applicable up sublessee, subject to June 5the reasonable approval of the PFD, 2038but in any event a Sublessee Nondisturbance Agreement shall (i) reaffirm the PFD's ownership of the Leased Premises, i.e.(ii) confirm that this Agreement is in full force and effect, without any defaults (or, if one or more defaults exist, specifying such defaults), and (iii) provide that so long as the sublessee complies with all of the terms and conditions of its sublease, and the sublessee attorns to the PFD, the expiration of PFD shall not join the master lease. The Lessee intends sublessee as a party in any action or proceeding to seek a new lease to continue use of enforce or terminate this Agreement or otherwise interfere with the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:sublessee's rights under its sublease
Appears in 1 contract
Subletting. The (a) Lessee shall not rent, license, or sublet the whole or sublease any portion of the premisesPremises without Lessor's prior consent, without the prior written approval of the Boardwhich consent may be withheld by Lessor in its sole discretion; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premisespremises to an Affiliate of Lessee. The term of any such sublease (including any renewal or extension options contained in such sublease) must end no later than one day prior to the expiration of the Term. Lessee shall deliver a conformed copy of any proposed sublease to the Lessor will share and Agent within thirty (30) days after the effective date of such sublease.
(b) Each sublease entered into by Lessee shall provide that, from and after the termination of this Lease or re-entry by Lessor or other succession by Lessor to Lessee's estate in the gross revenues from subleases and licenses Premises, subtenant shall waive any right to surrender possession or to terminate the sublease and, at the rate of thirty percent (30%) Lessor's election, shall be bound to Lessor for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media balance of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588sublease and shall attorn to and recognize Lessor, as its landlord, under all of the then executory terms of the sublease, except that Lessor shall not (i) be liable for any previous act, omission or negligence of Lessee under the sublease, (ii) be subject to any counterclaim, defense or offset not expressly provided for in the sublease theretofore accruing to subtenant against Lessee, or (iii) be obligated to perform any repairs or work in any Property. Staff recommends Subtenant shall execute and deliver such instruments as Lessor may reasonably request to evidence and confirm such attornment.
(c) Each sublease (i) shall provide that it is, and at all times shall remain, subject and subordinate to this Lease, to all of the provisions, covenants, agreements, terms and conditions hereof and to any matters to which this Lease is subject and subordinate and (ii) shall include an agreement by the subtenant, enforceable directly by Lessor, to confirm such subordination in writing at the request of Lessor. At Lessee's request, Lessor shall execute and deliver a non-disturbance agreement in form and substance reasonably acceptable to Lessor, provided that Lessor and the Requisite Holders, in their sole discretion, each determine that the consents granted by terms of such sublease and the Board be applicable up to June 5nature, 2038, i.e., the expiration creditworthiness and character of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermoreproposed subtenant are such that Lessor would, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain absence of this Lease, enter into a new lease, the Lessee will be responsible direct lease with such subtenant for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor such premises and Licensees contain the following provision:on such terms.
Appears in 1 contract
Sources: Lease (O Charleys Inc)
Subletting. The (a) Lessee shall not rent, license, sublet any or sublet the whole or any portion all of the premises, Property without the prior written approval consent of the BoardLessor, which may not be un reasonably withheld, conditioned or delayed, withheld, and any such purported subletting without such consent shall be void; provided, however, that prior Lessee may, without Lessor's consent, sublet up to 20% of the Property for mechanical or manufacturing related purposes or other uses in furtherance of the Permitted Facility (each such sublease described in this Section 14.04, individually, a "Sublease" and collectively, "Subleases", and each subtenant thereunder, individually a "Subtenant" and collectively, "Subtenants") so long as each Sublease contains the following provisions: (i) the Sublease is subject and subordinate to this approvalLease; (ii) the Sublease shall not contain any terms inconsistent with this Lease (or if so, the Board terms of this Lease shall control); (iii) the rent due under any Sublease shall be fixed rent and shall not be based on the net profits of any Subtenant; (iv) unless otherwise mutually agreed upon by Lessor and the related Subtenant, the Sublease shall terminate upon the expiration or sooner termination of this Lease (including any renewals hereof), provided that the related Subtenant agrees to attorn to Lessor if Lessor elects to assume the Sublease following a termination of this Lease; and (v) Lessee shall at all times remain liable under this Lease irrespective of any Sublease.
(b) Lessee covenants and agrees that (i) Lessee shall observe and timely perform all of its obligations as the landlord or sublandlord under each Sublease in compliance with the terms thereof; (ii) Lessee shall not assign all or part of any Sublease without the prior written consent of Lessor; (iii) Lessee shall promptly provide Lessor with any notice of default received from Lessee by any Subtenant or any notice of default sent by Lessee to any Subtenant; (iv) Lessee shall furnish Lessor with any and all information requested by Lessor reasonably necessary for a determination of the status of any Sublease; and (v) Lessee shall provide Lessor with copies of any and all Subleases and/or amendments to Subleases within five (5) Business Days of execution thereof.
(c) As security for the payment and performance by Lessee of its obligations under this Lease, Lessee hereby assigns, transfers, sets over and grants to Lessor, a security interest in any and all of Lessee's right, title and interest, powers, privileges and other benefits as landlord under each Sublease, including, without limitation: (a) rent and proceeds thereof; (b) the right to enter upon, take possession of and use any and all property subleased or granted by Lessee under the applicable Sublease; (c) the right to make all waivers and agreements, to give all notices, consents and releases, to take all action upon the happening of any default giving rise to a right in favor of Lessee under the applicable Sublease; and (d) the right to do any and all other things whatsoever which Lessee is or may become entitled to do under the applicable Sublease. Upon the occurrence of and during the continuance of an Event of Default hereunder, Lessee agrees that, at the option of Lessor and in addition to such other rights and remedies as may be afforded to Lessor under this Lease, Lessor shall have the right right, without giving notice to review and approve or obtaining the rent consent of Lessee, to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage exercise, enforce or avail itself of its gross receipts, the receipts any of the sublessee rights, powers, privileges, authorizations or benefits assigned and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptstransferred to Lessor pursuant to this Section 14.04(c), and the Board shall have including, without limitation, the right to revise collect all amounts due under any Sublease. From and after the rent occurrence of an Event of Default, Lessee does hereby irrevocably appoint Lessor as Lessee's true and lawful attorney, with full power (in the name of Lessee or otherwise) to ask, require, demand, receive and give acquittance for every payment under or arising out of any Sublease to which Lessee is or may become entitled. Lessee declares that this appointment is coupled with an interest and shall be irrevocable by Lessee. Lessee further agrees to execute any and all other instruments deemed reasonably necessary by Lessor to further the premises based upon intent of the rental rate charged foregoing assignment and to vest Lessor in each Sublease. Notwithstanding any provision contained in this Section 14.04(c), (i) Lessor shall not be obligated to perform or discharge any obligation, duty or liability under any Sublease by reason of the sublessee foregoing assignment; and licensee including the percentage rent, if applicable(ii) Lessor shall not be liable or responsible for, and providedLessee agrees to indemnify and hold Lessor harmless from and against any liability, furtherloss, that the rent may not be revised downward. For good causecost or damage, the Board may waive the requirement that the Lessee obtain prior written approval claim or demand against Lessor arising, directly or indirectly, from or related to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesSublease.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Lease Agreement (Salona Global Medical Device Corp)
Subletting. The Lessee shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board Tenant shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate Premises, or allow occupancy of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations all or any portion of the subleases is attached as Exhibit B. As noted previouslyPremises, both licensee agreements upon written notice to Landlord with a copy of such sublease, subject to Landlord’s prior written consent which consent shall not be unreasonably withheld or delayed; provided that (i) no sublease shall provide options such sub-tenant or occupant with use or occupancy rights extending beyond the Term without the prior written consent and approval of Landlord and (ii) each such sublease shall contain a provision stating that any claim to extend past or lien upon the term subleased premises arising from any act or omission of the master lease GL 4588. Staff recommends that subtenant shall accrue only against the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration subleasehold estate of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will subtenant and shall in all respects be subject and subordinate to the master lease paramount interests and rights of Landlord and Tenant in and to the subleased premises. Tenant shall prohibit each subtenant from making any improvements or alterations to its subleased premises the hard cost of which exceeds $50,000 (which shall escalate at the greater of 2% or CPI on each anniversary of the Effective Date), without Landlord’s approval, which approval shall require, among other things, that any such improvements or alterations be performed in accordance with all Legal Requirements. Notwithstanding the foregoing, and except to the extent set forth in Section 12.4 or in the event they do not obtain a new leaseSNDA, no subletting of all or any portion of the Lessee will be responsible Premises shall relieve Tenant from liability hereunder, it being the understanding and agreement of the parties that Tenant shall remain primarily liable hereunder for the removal Term of all improvements upon the expiration of GL 4588. The license agreements between the Licensor Lease, as a principal and Licensees contain the following provision:not as a surety or guarantor.
Appears in 1 contract
Subletting. The Lessee Tenant shall not renthave the right, license, or sublet the whole or any portion of the premises, without the prior written subject to approval of the Board; provided, however, that prior to this approval, the Board Landlord which consent shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good causeunreasonably withheld, the Board may waive the requirement that the Lessee obtain prior written approval conditioned or delayed, to rent, license, or sublet all or any portion of the premisesPremises or grant a license therein provided: (i) Tenant is not in default of the Lease beyond any applicable cure period (ii) Tenant provides Landlord with prior written notice of the Sublease or license, at least thirty (30) days prior to the commencement date of the sublease or license (iii) Tenant delivers to Landlord an executed copy of the sublease or license by the commencement date of the sublease or license (iv) Tenant remains liable under the Lease (v) if the Basic Rent and Additional Rent charged by the Tenant to the Subtenant under the Sublease should exceed the amount of Basic Rent and Additional Rent the Tenant is required to pay the Landlord under the Lease, the Tenant agrees to share any excess proceeds equally with the Landlord, 50%-50%, after deducting Tenant's reasonable costs (subject to approval by the Landlord, such approval not be unreasonably withheld) for attorney's fees, brokerage commissions and Tenant's improvements associated with the Sublease of the Premises (vi) Tenant reimburses Landlord for all reasonable legal fees incurred in reviewing all documents related to the Sublease. The Lessor will share in Notwithstanding the gross revenues from subleases and licenses provisions of (S)26 hereafter, Landlord shall, at Tenant's Request, provide Tenant with (i) an Estoppel Certificate stating whether Landlord knows of any Default under the Lease at the rate time of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached subletting (or assignment as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:hereinafter provided).
Appears in 1 contract
Sources: Lease (Avici Systems Inc)
Subletting. The Lessee shall not rentIf, licensehowever, or Tenant desires to sublet the whole or any portion part of the premisesDemised Premises to any other party, without Tenant shall first: (a) pay Landlord, in advance, a nonrefundable sublet fee in the prior amount of Seven Thousand Five Hundred Dollars ($7,500.00) and (b) provide Landlord with written approval data pertaining to the proposed subtenant, including but not limited to the name of the Boardproposed subtenant and its principle address and key officers, trustees or other persons holding control; financial statements for the proposed subtenant; a statement of the business activities of the proposed subtenant and its proposed use of the Demised Premises; proposed floor plans for the Demised Premises (if changes are requested); the proposed terms and form of the sublease agreement; the number of persons who will occupy the Demised Premises pursuant to the proposed sublease; and such other items as Landlord may reasonably request. After receipt of the above information and nonrefundable processing fee, Landlord shall have within five (5) business days the option of (i) consenting to the proposed sublease in writing, (ii) rejecting such proposed sublease and providing Tenant with reasonable grounds therefor, or (iii) canceling this Lease in writing as it applies to the area proposed to be subleased and relieving Tenant of any further liability hereunder as to such area. Except for a written cancellation pursuant to item (iii) above, Tenant shall in all events remain fully liable under this Lease. Any subtenants shall also become directly liable to Landlord for all obligations of Tenant under this Lease without relieving Tenant of any liability; provided, however, that prior to this approval, the Board Landlord shall have the right to review and approve the rent require that all payments made under this Lease continue to be charged made by Tenant. In no event shall Tenant have any right to assign, directly or indirectly, its rights or obligations under this lease except as provided in Paragraph A (Assignment) above. Reasonable grounds for Landlord's rejection of a proposed sublease include, without implied limitations, the following: (a) the proposed subtenant's financial responsibility does not meet the same criteria Landlord used to select tenants for the Building, (b) the proposed subtenant's business is not suitable for the Building considering the businesses of other tenants in the Building and the Building's prestige or image, or (c) the proposed use is inconsistent with the permitted uses described in Article III hereof. Consent to one sublease pursuant to the proposed sublessee terms hereof shall not waive the requirements of this provision with respect to subsequent subleases, and licensee all subsequent subleases shall be subject to all terms and that in provisions contained herein. Notwithstanding anything to the case where contrary, Tenant will not have any rights to sublease the Lessee office suite if there is required to pay rent based less than one (1) year remaining on a percentage of its gross receipts, the receipts term of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsLease. Also, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent Tenant may not be revised downward. For good cause, sublease to any tenant that is leasing another office suite in an office building managed by Haynes Management Inc. and any proposed subtenant must sublease the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., for the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the full remaining term of the master lease GL 4588Lease. Staff recommends If Landlord consents to the proposed sublease in writing and if the terms of the sublease are such that the consents granted by subtenant is paying Tenant MORE RENT than the Board be applicable up to June 5, 2038, i.e., the expiration rent detailed in Article II of the master lease. The Lessee intends primary Lease between Landlord and Tenant, then Tenant will be required to seek a new lease pay to continue use Landlord as additional rent sixty five percent (65%) of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements difference between the Licensor rent the subtenant is paying to Tenant and Licensees contain the following provision:rent that Tenant is obligated to pay to Landlord under the terms of this Lease.
Appears in 1 contract
Sources: Sublease (Macrochem Corp)
Subletting. The Lessee (a) Tenant shall not rententer into any Sublease except in accordance with this Section 6.1. Subject to the other terms and conditions of this Lease, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board Tenant shall have the right to review enter into Subleases at any time and approve from time-to-time during the Lease Term with such Eligible Subtenants and upon such commercially reasonable terms and conditions consistent with Building Standards, as Tenant shall deem fit and proper. Any proposed Sublease to an Affiliate of Tenant must be at fair market rent and consistent with the terms, conditions, covenants and limitations of this Lease. Tenant shall notify Landlord if it desires to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or enter into any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past Sublease the term of which would potentially extend beyond the master lease GL 4588. Staff recommends Expiration Date (whether due to the length of the initial term or as such term may be renewed or extended by Subtenant in accordance with the express terms of the Sublease) or earlier termination date, and Tenant shall refrain from entering into any such Sublease unless and until Landlord provides written approval thereof in its sole discretion or the Parties mutually agree to an arrangement and terms and conditions for Subleases having terms which extend beyond the Expiration Date or sooner termination of this Lease.
(b) Tenant covenants that the consents granted by the Board be applicable up it will perform, observe, and use commercially reasonable efforts to June 5, 2038, i.e.cause Subtenants to perform and observe, the expiration respective covenants, conditions and agreements required to be performed and observed under each Sublease. Landlord agrees that, at the request of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. FurthermoreTenant, ▇▇▇▇▇▇ understands that Landlord and any sublease will Fee Mortgagee shall enter into an attornment and non- disturbance agreement with any Subtenants (“Attornment Agreement”), which shall be subordinate in form and substance reasonably acceptable to the master lease parties thereto, and shall provide, among other things, that if this Lease terminates, the Subtenant shall attorn to Landlord, and Landlord shall attorn to Subtenant, and Subtenant shall agree to pay the previously agreed upon rents and all other charges provided for in the event they do not obtain a new leaseSublease directly to Landlord and perform the obligations, covenants and conditions specified in the Lessee will Sublease and Attornment Agreement during the remaining Sublease term notwithstanding termination of this Lease, and, except as may otherwise be responsible provided in the Attornment Agreements, Subtenant shall expressly release, discharge and acquit Landlord of any Liabilities of Tenant to Subtenant and waive any defense, affirmative defense, cause of action or right of Subtenant against Tenant relating to the period prior to the date of termination of this Lease. All Subleases for space at any Residential Building shall be on forms consistent with those made by other landlords of buildings meeting the removal of all improvements Building Standards (e.g., rental abatements and concessions, other tenant inducements, etc.), which forms shall be provided to Landlord upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:request.
Appears in 1 contract
Sources: Ground Lease Agreement
Subletting. The Lessee shall not rent, license, or In the event Tenant desires to sublet the whole all or any portion part of the premisesDemised Premises, without Tenant shall give to Landlord written notice of Tenant's desire to do so, which notice shall be accompanied by the prior written approval Required Information. Within thirty (30) days of the Board; providedreceipt of said notice and Required Information, however, that prior to this approval, the Board Landlord shall have the right (i) with Tenant's consent, to review terminate this Lease and approve to enter into a new lease with Tenant for that portion of the rent Demised Premises Tenant desires to retain, upon terms to be charged mutually agreed upon; or (ii) to sublease from Tenant at the same rental rate then being paid by Tenant and subsequently to relet that portion of the Demised Premises that Tenant desires to relinquish. If Landlord exercises its right to terminate this Lease or to sublet a portion of the Demised Premises, Tenant agrees that Landlord shall have access to the proposed sublessee and licensee and that in Demised Premises thirty (30) days prior to the case where effective termination or sublease commencement date to show the Lessee is required same to pay rent based on a percentage of its gross receiptsprospective tenants. Despite the foregoing, the receipts of the sublessee and licensee or any subsequent sublessees and licensees Landlord shall be included as part of the Lessee’s gross receipts, and the Board shall not have the right to revise recapture any proposed space which Tenant desires to sublease unless the rent for rentable square footage of such space, when aggregated with the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, rentable square footage that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share Tenant is then subleasing in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and licenseBuilding, forty percent (40%) for the second sublease and license, and would equal or exceed fifty percent (50%) for of the third and subsequent rentable square footage that Tenant is then leasing in the Building. Despite the foregoing, Landlord shall have no right to recapture from Tenant, or to sublease and licenses.” Currentlyfrom Tenant, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., any portion of the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected Demised Premises that is either being subleased by the State Tenant pursuant to the above-mentioned amendment regarding sublettingexpress provisions of Section 9(b) of this Lease, or is being subleased by Tenant for a term that (when aggregated with all renewal or extension options) does not exceed three (3) years. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow UpIn the event of any subsequent subletting of any portion of the Demised Premises, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. such subletting shall be subject to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations provisions of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Section 9(d) hereof.
Appears in 1 contract
Sources: Office Building Lease (Pe Corp)
Subletting. The Lessee shall not rent, license, or sublet In the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior event Tenant desires to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion part of the premisesDemised Premises, Tenant shall give to Landlord written notice of Tenant’s desire to do so, which notice shall be accompanied by the Required Information. The Lessor will share In the event that the rentable square footage of the space that Tenant desires to sublease, when aggregated with the space that Tenant is then subleasing in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and licenseBuilding, forty percent (40%) for the second sublease and license, and exceeds fifty percent (50%) for of the third rentable area of the Demised Premises, then within sixty (60) days of receipt of said notice and subsequent sublease and licenses.” CurrentlyRequired Information, there are four active subleases under GL S-4588;1 Landlord shall have the right (i) to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in terminate this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger Lease on a sandwich rent of 50% date to be collected agreed upon by the State pursuant Landlord and Tenant; or (ii) with Tenant’s consent, to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC terminate this Lease and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek enter into a new lease to continue use with Tenant for that portion of the leased premises Demised Premises Tenant desires to retain, upon terms to be mutually agreed upon; or (iii) to sublease from Tenant at the expiration same rental rate then being paid by Tenant and subsequently to relet that portion of GL 4588the Demised Premises that Tenant desires to relinquish. FurthermoreIf Landlord exercises its right to terminate this Lease or to sublet a portion of the Demised Premises, ▇▇▇▇▇▇ understands Tenant agrees that any sublease will be subordinate Landlord shall have access to all or such portion of the Demised Premises thirty (30) days prior to the master lease and in effective termination or sublease commencement date or to show the same to prospective tenants. In the event they do Landlord exercises its right to sublease the applicable portion of the Leased Premises or to terminate this Lease, then Tenant shall have the right, exercisable upon written notice to Landlord within ten (10) days after receiving Landlord’s notice, to withdraw its request to sublease the applicable portion of the Leased Premises. In the event Tenant timely withdraws its request to sublease the Leased Premises, Landlord shall not obtain a new lease, have the Lessee will be responsible for right to terminate the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Lease in connection with such withdrawn request to sublease.
Appears in 1 contract
Sources: Lease Agreement (Opgen Inc)
Subletting. The Lessee Tenant may, without the Authority’s consent, enter into short-term subleases of portions of its Occupied Space within the Leased Premises from time to time, as long as (a) the portions of the Occupied Leased Premises that are being subleased by Tenant, at any particular time, do not exceed in the aggregate more than fifty percent (50%) of Tenant’s Occupied space as of that time, (b) any such sublease shall not rentbe for a term of more than twelve (12) consecutive months, licenseand (c) Tenant shall promptly provide the Authority with written notice of such subletting (and such other information as the Authority shall reasonably request in connection therewith) upon Tenant’s entering into any such sublease. Except as provided in the preceding sentence, Tenant shall not sublease or sublet permit any part of the whole Leased Premises to be occupied by others without the prior written consent of Authority, which consent may be withheld or any granted in the Authority’s sole and absolute discretion. In the event of a sublease, Tenant shall remain liable to the Authority to perform all of the obligations of Tenant hereunder upon failure of the subtenant to perform the same. To the extent the Authority’s consent to a subletting is required as described above, the Authority will not unreasonably withhold its consent to a sublease if: (i) Tenant and the proposed subtenant can demonstrate to the reasonable satisfaction of the Authority that the subtenant can and shall perform each and every obligation and condition of Tenant under the terms of this Lease Agreement; (ii) the proposed subtenant’s use of and the business that the proposed subtenant proposes to conduct at that portion of the premisesLeased Premises that the subtenant shall be subleasing from Tenant shall be only as provided in Section 206(A) above; (iii) the proposed subtenant demonstrates to the reasonable satisfaction of the Authority that the proposed subtenant will be able to obtain, in a timely manner, all certificates, licenses and permits from all Governmental Entities, required or appropriate to enable the proposed subtenant to carry on the proposed subtenant’s proposed business at the Leased Premises and to enable the proposed subtenant to sublease that portion of the Leased Premises from Tenant, including without limitation a “repair station certificate” as required under 14 CFR Part 145 (the “145 Certificate”) and an air quality permit from the applicable Governmental Entities; (iv) no Event of Default by Tenant under this Lease has then occurred and is then continuing; and (v) the form and substance of the proposed subtenant’s sublease shall be reasonably satisfactory to the Authority. The subtenant shall not assign or sublease its sublease except with the prior written approval of the BoardAuthority, which may be withheld or granted in the Authority’s sole and absolute discretion; provided, however, that prior and any sublease shall contain a clause to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on effect. If a percentage subletting of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any a portion of the premises. The Lessor will share Leased Premises is permitted as described in the gross revenues from subleases and licenses at the rate first sentence of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected Section or is otherwise permitted by the State pursuant to Authority, Tenant shall be obligated for any breach by the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Upsubtenant or the subtenant’s Employees, LLC and $6000.00 annually for Polynesian Broadcastingagents, Inc. to the State. This will be an additional sublease to Blow Upcontractors or Invitees, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease Tenant’s obligations and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:covenants under this Lease.
Appears in 1 contract
Sources: Lease Agreement (Aar Corp)
Subletting. The Lessee shall not rentmay not, licensewithout the consent of the Lessor, or sublet the whole sublease any Leased Asset or any portion of thereof to any Person, except on the premisesterms expressly provided below, without the prior written approval of the Board; provided, however, and any such sublease that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees does not comply with such terms shall be included as part null and void. No sublease or other relinquishment of possession of such Leased Asset shall in any way affect, amend, reduce, discharge or diminish any of the Lessee’s gross receipts's obligations to the Lessor hereunder and the Lessee shall remain directly and primarily liable (and not as a guarantor or a surety) under this Lease as to such Leased Asset, or portion thereof, so sublet. Any sublease of such Leased Asset shall expressly be made subject to and subordinated to this Lease and to the rights of the Lessor hereunder and shall expressly provide for the surrender of the Leased Asset by the sublessee thereof at the election of Lessor upon the earlier to occur of (i) the termination of this Lease as to such Leased Asset, including any termination caused by or resulting from the exercise by the Lessor of its rights or remedies hereunder or (ii) the Expiration Date for such Leased Asset. No such sublease may provide for use of such Leased Asset by the sublessee in a manner other than as permitted under this Lease or provide for a term which extends beyond the last day of the Base Term for such Leased Asset. Lessee shall give Lessor prompt written notice of any sublease permitted under this Article X, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged Lessee shall, within thirty (30) days after execution of any sublease, deliver to the sublessee Lessor and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion Collateral Agent a fully executed copy of the premisessuch sublease. The Lessor will share in acknowledges that it has received a copy of the gross revenues from subleases sublease dated April 30, 2001, as amended to the date hereof, between the Lessee and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected Lumenis Ltd.; provided that such acknowledgment does not constitute an acknowledgment by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional Lessor that such sublease to Blow Up, LLC as they are seeking complies with this Section 10.1 or a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted waiver by the Board be applicable up to June 5, 2038, i.e., the expiration Lessor of the master leaseany rights it may have. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:ARTICLE XI
Appears in 1 contract
Subletting. (a) The Lessee shall may not rentassign this Lease hereunder ---------- in whole or in part. The Lessee from time to time, license, or sublet may sublease the whole Property or any portion of the premisesthereof to any Person and extend, modify or renew any sublease without the prior written approval of Lessor, the BoardAgent or the Lenders; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage (i) no sublease or other relinquishment of its gross receipts, the receipts possession of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Property shall in any way discharge or diminish any of the Lessee's obligations to the Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and licensehereunder, and fifty percent (50%) for the third Lessee shall remain directly and subsequent sublease and licenses.” Currently, there are four active subleases primarily liable under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant Lease as to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually Property, or portion thereof, so sublet and ($500.00 per monthii) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional each sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations an Affiliate of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options Lessee shall be made subject and subordinate to extend past this Lease and the term rights of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5Lessor hereunder.
(b) Lessor hereby agrees, 2038that, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do of the early termination of this Lease from any cause whatsoever, and while any sublease is in full force and effect, such termination of this Lease shall not obtain act as a new leasemerger or other termination of such sublease, and Lessee's interest as sublessor in such sublease shall be deemed automatically assigned, transferred, and conveyed to Lessor; and, from and after such termination, Lessor shall be bound by the provisions of the sublease then in full force and effect on the part of the Lessee, as sublessor; and that the sublessee shall be deemed thereupon and without further act to have attorned to Lessor. It is the intention hereof to provide that the termination of this Lease while such sublease is in full force and effect shall not, in any way, by reason thereof, terminate such sublease or affect the rights of such sublessee. The foregoing is subject to the right of Lessee (or Lessor, if the Lease has terminated) to terminate any sublease which is in default (notice thereof, if any required, having been given and the time for curing such default having expired) and any other rights and remedies reserved to Lessee in such sublease, the Lessee will be responsible right of Lessor to terminate any sublease made (i) with an Affiliate of Lessee, (ii) on terms less than fair market value for similar properties in the removal San Jose, California metropolitan area at the inception of all improvements upon the expiration such sublease or (iii) having an area of GL 4588. The license agreements between the Licensor 7,500 square feet or less, and Licensees contain the following provision:any other rights and remedies afforded to a lessor of real property against a defaulting lessee.
Appears in 1 contract
Sources: Lease (Ebay Inc)
Subletting. The Lessee With respect to each and every sublease or subletting under the provisions of this Lease, it is further agreed that:
(i) No sublease shall not rentbe for a term (including any renewal rights contained in the sublease) extending beyond the expiration date of the initial term of this Lease;
(ii) No sublease shall grant to the subtenant any greater rights or impose on the subtenant any lesser obligations (other than the payment of rent and other than modifications made solely to limit the subtenant’s obligations so as to cover only the subleased premises) than the rights granted to and obligations imposed on Tenant pursuant to the Lease;
(iii) No sublease shall be valid, license, or sublet and no subtenant shall take possession of the whole Premises or any portion part thereof, until an executed counterpart of the premises, without the prior written approval Sublease (and all ancillary documents executed in connection with such subtenant’s occupancy of the Board; providedPremises or with respect to or modifying such sublease) has been delivered to Landlord;
(iv) Each sublease shall provide that, howeversubject to the provisions of any Landlord’s Nondisturbance Agreement (as hereinafter defined) between Landlord and the subtenant thereunder, that prior such sublease shall be subject and subordinate to this approvalLease and to any matters to which this Lease is or shall be subordinate, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on event of termination, reentry or dispossession by Landlord under this Lease Landlord may, at its option (unless Landlord shall have delivered a percentage of its gross receiptsLandlord Non-Disturbance Agreement, the receipts as hereinafter defined), take over all of the sublessee right, title and licensee interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Landlord’s option (unless Landlord shall have delivered a Landlord Non-Disturbance Agreement), attorn to Landlord pursuant to the then executory provisions of such sublease, except that Landlord shall not be (i) liable for any previous act or omission of Tenant under such sublease, (ii) subject to any subsequent sublessees credit, offset, claim, counterclaim, demand or defense which such subtenant may have against Tenant, (iii) subject to any free or abated rent provided or to be provided to the subtenant thereunder; (iv) bound by any previous modification of such sublease which does not comply with the terms of this Lease and licensees shall be included as part which has not been provided to Landlord, or by any previous payment of any amount due under this Lease more than one (1) month in advance of the Lessee’s gross receiptsdue date thereof, and (v) bound by any covenant of Tenant to undertake or complete any construction of the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all Premises or any portion thereof, (vi) required to account for any security deposit of the premisessubtenant other than any security deposit actually delivered to Landlord by Tenant, (vii) responsible for any monies (including without limitation any work allowance) owing by Tenant to the credit of subtenant, (viii) bound by any obligation to make any payment to such subtenant or grant any credits, except for services, repairs, maintenance and restoration provided for under the sublease to be performed after the date of such attornment, or (ix) required to remove any person occupying the Premises or any part thereof (the matters described in the foregoing clauses (i) through (ix) being herein collectively called the “Excluded Obligations”);
(v) Each sublease shall provide that the subtenant may not assign its rights thereunder or further sublet the space demised under the sublease, in whole or in part, except with Landlord’s prior written consent (it being agreed that a change of control, as defined herein, of any subtenant shall be deemed to be an assignment of such sublease); and
(vi) Each subletting shall be subject to all of the covenants, agreements, terms, provisions and conditions contained in this Lease. The Lessor Named Tenant shall and will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) remain fully liable for the first sublease payment of the Minimum Rent and license, forty percent (40%) Additional Rent due and to become due hereunder and for the second sublease performance of all the covenants, agreements, terms, provisions and licenseconditions contained in this Lease on the part of Tenant to be performed and all acts and omissions of any licensee or subtenant or anyone claiming under or through any subtenant which shall be in violation of any of the obligations of this Lease, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% any such violation shall be deemed to be collected a violation by Tenant. Tenant further agrees that notwithstanding any such subletting, no other and further subletting of the State pursuant Premises by Tenant or any person claiming through or under Tenant shall or will be made except upon compliance with and subject to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations provisions of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:this Article.
Appears in 1 contract
Subletting. The Lessee ASSIGNMENTS. Tenant shall not renttransfer, licenseassign or encumber this Agreement, or sublet the whole Leased Premises or any portion of the premisespart thereof, without in each case obtaining the prior written approval consent of the Board; provided, however, that prior Landlord. In the event Landlord consents to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts subletting of the sublessee Leased Premises, any and licensee all rents or other consideration for any subsequent sublessees and licensees reason received by Tenant in excess of the rents required under this Agreement shall be included construed as part of the LesseeBase Rent payable to Landlord. Any attempt by Tenant to assign, transfer, encumber or sublet this Premises without Landlord’s gross receipts, written consent shall be void and the Board shall have give Landlord the right and option to revise terminate this Agreement by written notice to Tenant. The consent by Landlord to any assignment, transfer, subletting to any party other than Landlord shall not be construed as a waiver or release of Tenant from the terms of any covenant or obligation under this Lease nor shall the collection or acceptance of Rent from any such assignee, transferee, subtenant or occupant constitute a waiver or release of Tenant from any covenant or obligation contained in this Lease, nor shall such assignment or subletting be construed to relieve Tenant from giving Landlord reasonable notice, nor from obtaining the consent in writing of Landlord to any further assignment or subletting. In the event that Tenant defaults hereunder Tenant hereby assigns to Landlord any and all rent for due from any subtenant of Tenant and hereby authorizes each such subtenant to pay said rent directly to Landlord. Without limiting the premises based generality of the foregoing, if Landlord consents to an assignment or sublease pursuant to this Section 11, Landlord may condition its consent upon the rental rate charged entry by such transferee into an agreement (in form and substances satisfactory to Landlord) with Landlord, by which such transferee assumes all of Tenant’s obligations hereunder. Any assignment of this Lease to a wholly owned subsidiary shall be permitted provided at all times the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensessubsidiary remains wholly owned by Tenant.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Lease Agreement
Subletting. The Lessee Developer shall not rentbe entitled, licensewith the prior written ---------- consent of Landlord, or to sublet the whole or any portion of the premisesPremises or the improvements constructed thereon by or under Developer and, without limiting the prior written approval foregoing, may establish a leasehold condominium regime on the Premises, or portions thereof, in accordance with the provisions of California law, including California Civil Code Sections 783 and 1350-1360. Developer shall, at all times, remain liable for the performance of all of the Board; providedcovenants on its part to be so performed, however, that prior notwithstanding any subletting. Each sublease shall be subject and subordinate not only to this approvalLease, but also to any New Lease made by Landlord as provided in Section 4.8 above. If the Board term of this Lease shall have end while any such sublease is in effect, Landlord may, at its option, for a period of ninety (90) days thereafter, either terminate the right said sublease or succeed to review and approve all of the rent to be charged rights of Developer thereunder. Where any sublease which is consistent with this Lease is approved, Landlord may grant to the proposed sublessee subtenant, under such an approved sublease entered into in good faith and licensee and that for reasonable consideration, a right of quiet enjoyment in the case where the Lessee is required to pay rent based on recordable from (a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%"nondisturbance agreement") for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past during the term of the master lease GL 4588. Staff recommends sublease, notwithstanding the expiration, termination or cancellation of this Lease; provided that (i) the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration term of the master lease. The Lessee intends to seek a new lease to continue use sublease, plus extension or renewal options, does not extend beyond the term of the leased premises upon the expiration of GL 4588. Furthermorethis Lease, ▇▇▇▇▇▇ understands plus extension options; (ii) such subtenant agrees that any sublease will be subordinate to the master lease and in the event they do not obtain a new leasethis Lease expires, terminates or is cancelled during the term of the sublease, the Lessee will sublease shall be deemed a direct lease between Landlord and such subtenant and the subtenant shall attorn to Landlord. In the event that Landlord objects to any proposed nondisturbance agreement or sublease, Landlord agrees to notify Developer in writing of such objection and of its reasons for such objection within twenty (20) days of its receipt of the proposed nondisturbance agreement and sublease. Subject to the foregoing provisions of this subsection 5.7, Landlord hereby approves generally of the form of nondisturbance agreement attached hereto as Exhibit "E". Any approvals or grants of quiet enjoyment given or made by Landlord pursuant to this subsection 5.7 shall be binding upon Landlord, its successors or assigns, including without limitation any person or entity succeeding to the interest of Landlord by way of judicial foreclosure or trustee sale proceedings pursuant to any mortgage or deed of trust, the lien or charge of which is subject and subordinate to this Lease. Any sublease, with respect to which Landlord agrees to execute a nondisturbance agreement pursuant to this subsection 5.7, may be a sublease pursuant to which the subtenant is responsible for the removal construction of all the building improvements upon the expiration subleased premises (a "Ground Sublease" herein). Any Ground Sublease may contain a hypothecation provision similar to Section 4 of GL 4588this Lease for the benefit of the holder of any mortgage or deed of trust constituting a lien on the subleasehold estate created by virtue of the Ground Sublease. The license agreements between Any nondisturbance agreement executed and delivered by Landlord for the Licensor benefit of the sublessee under a Ground Sublease shall specifically recite that it is for the benefit of any such holder of a deed of trust or mortgage constituting a lien on the subleasehold estate created by such Ground Sublease; that the term "sublease" as used in 45 the nondisturbance agreement shall be deemed to include any new sublease executed and Licensees contain delivered to any such holder of a first deed of trust or first mortgage following a termination of the following provision:sublease pursuant to a provision in the sublease similar to subsection 4.8 of this Lease, and that the term "sublessee" under the nondisturbance agreement shall be deemed to include any encumbrancer or other party succeeding to the sublessee under the Ground Sublease by virtue of judicial or private power of sale foreclosure proceedings or by delivery of an assignment in lieu of foreclosure, or otherwise. Where Landlord agrees to execute a nondisturbance agreement for the benefit of the sublessee under any Ground Sublease, such agreement shall be subject to the obligations of the sublessee thereunder being no less than the obligations of the Developer hereunder with respect to the subleased premises.
Appears in 1 contract
Sources: Lease Agreement (Kilroy Realty Corp)
Subletting. The Lessee shall 7. Tenant agrees that it will not rent, licensesublet the demised Premises, or sublet the whole any part thereof, nor assign this lease, or any portion interest therein, without first obtaining the written consent of the premisesLandlord. If a sublet occurs above the existing rate, without one-half (1/2) of the difference shall be paid to the Landlord, at the time it is due to Tenant.
A. Assignment/Sublet—(Limitations on transfers) Without limiting the other instances in which it may be reasonable for Landlord to withhold its consent to an assignment or subletting, Landlord and Tenant acknowledge that Landlord is reasonable to withhold its consent in any of these instances:
1. The proposed assignee or sublessee is a governmental agency;
2. In Landlord's reasonable judgment, the financial worth of the proposed assignee or sublessee does not meet the credit standards applied by Landlord for other tenants under leases with comparable terms;
3. In Landlord's reasonable judgment, the character, reputation or business of the proposed assignee or subtenant is inconsistent with the desired tenant-mix or the quality of other tenancies in the Building;
4. Landlord has experienced previous defaults by or is in litigation with the proposed assignee or subtenant;
5. The proposed assignment or sublease will create a vacancy elsewhere in the Building;
6. The proposed assignee or subtenant is a person with whom Landlord is negotiating to lease space in the Building;
7. Tenant is in default of any obligation of Tenant under this Lease, or Tenant had defaulted under this Lease on three (3) or more occasions during the twelve (12) months preceding the date that Tenant requests consent;
8. The assignment or sublease is prohibited by Landlord's lender;
9. The proposed assignee or subtenant is a competitor of one of the tenants of the Building;
B. Assignment/Sublet Other—Transactions Requiring Landlord's Consent These transactions will also require Landlord's prior written approval consent which may be withheld in the absolute discretion of the BoardLandlord:
1. An assignment by operation of law;
2. An imposition (whether or not consensual) of a lien; providedmortgage, howeveror encumbrance upon Tenant's interest in this Lease;
3. An assignment, that prior to this approval, the Board shall have the or right to review and approve compel an assignment, to a lender or creditor, or a nominee of a creditor or lender, by the rent to be charged to Tenant for purpose of assisting the proposed sublessee and licensee and that lender or creditor in securing collateral, asset value or diminishing loss when the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts assignee does not assume all of the sublessee duties and licensee obligations of the Tenant under the Lease;
4. An arrangement (including without limitation management agreements, concessions, and licensees) that allows the use and occupancy of all or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsPremises by anyone other than the Tenant;
5. A transfer of voting control of Tenant, if Tenant is a corporation; a transfer of more than 50% of the interest in the capital or beneficial ownership of Tenant, if Tenant is a partnership or limited liability company or trust; and conversion of Tenant from a genera partnership to a limited liability partnership. INSOLVENCY
8. Any assignment for the benefit of creditors or by operation of law shall not be effective to transfer any rights here under to the said assignee without the written consent of the Landlord first have been obtained. It is further agreed between the parties hereto that if Tenant shall be declared insolvent, or if any assignment of Tenant's property shall be made for the benefit of creditors or otherwise, or if Tenant's leasehold interest herein shall be levied upon under execution, or seized by virtue of any writ of any court of law, or a Receiver be appointed for the property of Tenant, whether under the operation of State or Federal statutes, then and in any such case, Landlord may, at its option, terminate this lease and retake possession of said Premises, without being guilty of any manner of trespass or forcible entry or detainer, and without the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or same working any portion forfeiture of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate obligations of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesTenant hereunder.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Subletting. The Lessee shall not rent, license, or sublet the whole or If Tenant subleases any portion of the premises, without Premises to any party (the prior written approval of the Board; provided, however, that prior to this approval"Subtenant"), the Board parties agree that, as a condition to Landlord's consent to any such sublease, the Subtenant shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay directly to Landlord all rent based on a percentage payments due from Subtenant under the sublease. Such sums received by Landlord from the Subtenant, less any sums to which Landlord is directly entitled because they are in excess of the rents otherwise payable by Tenant for the sublet Premises, as described in Section XII.C of the Lease, if any (the "Tenant Sublease Profits") shall be applied by Landlord to the payments owed by Tenant under the Lease, as amended hereby, in the following order (i) to Tenant's obligation to pay Repayment Payments until the total amount of Deferred Base Rent is paid in full to Landlord (even if the Tenant Sublease Profits are received by Landlord prior to July 1, 2005), and then (ii) to Tenant's obligation to pay the Monthly Repayment Amount until the Letter of Credit has been fully restored (even if the Tenant Sublease Profits are received by Landlord prior to July 1, 2005), and then (iii) to increase the Security Deposit held by Landlord pursuant to Article VI of the Lease to an amount not to exceed $2,531,476.80 (the "Increased Deposit Amount"), and then (iv) to Tenant. Notwithstanding the foregoing, nothing contained herein or in the sublease shall release or relieve Tenant from its gross receiptsobligations under the Lease, as amended hereby, including, without limitation, the receipts of obligation to timely make all Rent payments due under the sublessee and licensee or any subsequent sublessees and licensees Lease. Notwithstanding the foregoing, unless otherwise agreed to in writing, Tenant shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, obligated to increase the Board may waive Security Deposit except as provided above with the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion application of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State Tenant's Sublease Profits pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC terms and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations conditions of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:this Section I.F.
Appears in 1 contract
Sources: Lease Agreement (Aerogen Inc)
Subletting. The Lessee Tenant shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain Premises without Landlord's prior written approval consent, Ln the event Tenant intends to rent, license, or sublet sublease all or any portion of the premisesPremises, Tenant shall take the following actions:
A. Tenant shall first notify Landlord in writing of its intention prior to any advertising of same, hiring of brokers or contacting of potential subtenants. Such notice shall identify the space proposed to be sublet, which space must be a legally leaseable unit in compliance with all applicable ordinances and codes, and shall state the date on which Tenant requests that the sublet commence, which date shall be no less than one hundred eighty (180) after the date of Tenant's notice.
B. Landlord shall have thirty (30) days following the receipt of such notice to notify Tenant whether it elects to recapture the space Tenant has proposed to sublet. Landlord's failure to send such notice within such thirty (30) day PERIOD shall be deemed to mean Landlord has not elected to recapture the space.
C. In the event the Landlord elects to recapture the space, it shall notify Tenant of its intent by service of a written notice of cancellation terminating that portion of the Lease covering the space Landlord has chosen to recapture, which may include all or any lesser portion of the space Tenant has proposed to sublet. In such event Landlord agrees that the space not recaptured by Landlord shall be a legally leaseable unit. Tenant shall pay all costs or any construction necessary to accomplish the division of the space. The Lessor will share termination of the Lease as to the recaptured space shall be effective on the oat. specified by Landlord in its notice which shall be no later than the date on which Tenant requests that the sublet commence in accordance with paragraph 9.02A hereof.
D. In the event that Landlord elects to recapture any proposed sublet space under these provisions, the Adjusted Monthly Base Rent shall be adjusted as of the termination date designated in the gross revenues from subleases and licenses at cancellation notice on the rate basis or the number of thirty percent (30%) for square feet of rentable area retained by Tenant in proportion to the first sublease and licensenumber of square feet or rentable area contained in the Premises, forty percent (40%) for the second sublease and licenseas described in this Lease, and fifty percent (50%) for this Lease as so amended shall continue thereafter in full force and effect.
E. In the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 event that Landlord elects not to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media recapture part or all of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations sublet space, Landlord shall so notify Tenant as set forth in Subsection 9.02B above. Provided Tenant is not in default under the Lease and not fully complied with all of the subleases is attached as Exhibit B. As noted previouslyterms of this Section 9.02, both licensee agreements provide options Tenant may then proceed to extend past contact potential subtenants and shall have the term of option to sublet the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and non-recaptured space in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain accordance with the following provisionprovisions:
(I) Tenant shall bear all costs and expenses associated with the subletting, including, without limitation, any and all costs and expenses incurred by Landlord (if any).
Appears in 1 contract
Sources: Office Lease (Ismie Holdings Inc)
Subletting. The Lessee Developer shall not rentbe entitled, licensewith the prior written ---------- consent of Landlord, or to sublet the whole wits hole or any portion of the premisesPremises or the improvements constructed thereon by or under Developer and, without limiting the prior written approval foregoing, may establish a leasehold condominium regime on the Premises, or portions thereof, in accordance with the provisions of California law, including California Civil Code Sections 783 and 1350-1360. Developer shall, at all times, remain liable for the performance of all of the Board; providedcovenants on its part to be so performed, however, that prior notwith- standing any subletting. Each sublease shall be subject and subordinate not only to this approvalLease, but also to any New Lease made by Landlord as provided in Section 4.8 above. If the Board term of this Lease shall have end while any such sublease is in effect, Landlord may, at its option, for a period of ninety (90) days thereafter, either terminate the right said sublease or succeed to review and approve all of the rent to be charged rights of Developer thereunder. Where any sublease which is consistent with this Lease is approved, Landlord may grant to the proposed sublessee subtenant, under such an approved sublease entered into in good faith and licensee and that for reasonable consideration, a right of quiet enjoyment in the case where the Lessee is required to pay rent based on recordable from (a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%"nondisturbance agreement") for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past during the term of the master lease GL 4588. Staff recommends sublease, notwithstanding the expiration, termination or cancellation of this Lease; provided that (i)) the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration term of the master lease. The Lessee intends to seek a new lease to continue use sublease, plus extension or renewal options, does not extend beyond the term of the leased premises upon the expiration of GL 4588. Furthermorethis Lease, ▇▇▇▇▇▇ understands plus extension options; (ii) such subtenant agrees that any sublease will be subordinate to the master lease and in the event they do not obtain a new leasethis Lease expires, terminates or is cancelled during the term of the sublease, the Lessee will sublease shall be deemed a direct lease between Landlord and such subtenant and the subtenant shall attorn to Landlord. In the event that Landlord objects to any proposed nondisturbance agreement or sublease, Landlord agrees to notify Developer in writing of such objection and of its reasons for such objection within twenty (20) days of its receipt of the proposed nondisturbance agreement and sublease. Subject to the foregoing provisions of this subsection 5.7, Landlord hereby approves generally of the form of nondisturbance agreement attached hereto as Exhibit "C". Any approvals or grants of quiet enjoyment given or made by Landlord pursuant to this subsection 5.7 shall be binding upon Land- lord, its successors or assigns, including without limitation any person or entity succeeding to the interest of Landlord by way of judicial foreclosure or trustee sale proceedings pursuant to any mortgage or deed of trust, the lien or charge of which is subject and subordinate to this Lease. Any sublease, with respect to which Landlord agrees to execute a nondisturbance agreement pursuant to this subsection 5.7, may be a sublease pursuant to which the subtenant is responsible for the removal construction of all the building improvements upon the expiration subleased premises (a "Ground Sublease" herein). Any Ground Sublease may contain a hypothecation provision similar to Section 4 of GL 4588this Lease for the benefit of the holder of any mortgage or deed of trust constituting a lien on the subleasehold estate created by virtue of the Ground Sublease. The license agreements between Any nondisturbance agreement executed and delivered by Landlord for the Licensor benefit of the sublessee under a Ground Sublease shall specifically recite that it is for the benefit of any such holder of a deed of trust or mortgage constituting a lien on the subleasehold estate created by such Ground Sublease; that the term "sublease" as used in the nondisturbance agreement shall be deemed to include any new sublease executed and Licensees contain delivered to any such holder of a first deed of trust or first mortgage following a termination of the following provision:sublease pursuant to a provision in the sublease similar to subsection 4.8 of this Lease, and that the term " sublessee" under the nondisturbance agreement shall be deemed to include any encumbrancer or other party succeeding to the sublessee under the Ground Sublease by virtue of judicial or private power of sale foreclosure proceedings or by delivery of an assignment in lieu of foreclosure, or otherwise. Where Landlord agrees to execute a nondisturbance agreement for the benefit of the sublessee under any Ground Sublease, such agreement shall be subject to the obligations of the sublessee thereunder being no less than the obligations of the Developer hereunder with respect to the subleased premises.
Appears in 1 contract
Sources: Lease Agreement (Kilroy Realty Corp)
Subletting. The Lessee (a) Tenant may at any time and from time to time enter into Subleases of Rentable Space without Landlord’s consent; provided that the use of leased space is not a Prohibited Use.
(b) ▇▇▇▇▇▇ agrees for the benefit of Landlord that each Sublease shall not rentstipulate that:
(i) it is subject and subordinate to the terms and provisions of this Lease; (ii) in the event of termination of this Lease for any reason, license, or sublet the whole or any portion of the premisesincluding, without the prior written approval of the Board; providedlimitation, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to voluntary surrender by ▇▇▇▇▇▇▇ Hawaii-Three, Inc.or in the event of any reentry or repossession of the Property by Landlord, Landlord may, at its option but with no obligation, take over all the right, title, and interest of Tenant, as sublessor, under such Sublease; (iii) when the Landlord opts to take over the Sublease as sublessor, the United States Secret ServiceSubtenant shall attorn to Landlord; and (iv) Landlord shall not (1) be liable for any previous act or omission of Tenant under such Sublease, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned be subject to any counterclaim, defense, or offset previously accrued in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations favor of the subleases Subtenant against Tenant, (3) be bound by any security or advance rental deposit made by such Subtenant that is attached as Exhibit B. As noted previouslynot delivered or paid over to Landlord and with respect to which such Subtenant shall look solely to Tenant for refund or reimbursement, both licensee agreements provide options or (4) be obligated to extend past perform any work in the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up subleased space or to June 5prepare it for occupancy, 2038, i.e.and in connection with such attornment, the expiration of the master lease. The Lessee intends Subtenant shall execute and deliver to seek a new lease Landlord any instruments Landlord may request to continue use of the leased premises upon the expiration of GL 4588. Furthermore, evidence and confirm such attornment.
(c) ▇▇▇▇▇▇ understands agrees that any sublease will be each UT Sublease shall stipulate that: (i) it is subject and subordinate to the master lease terms and provisions of this Lease; (ii) when the Landlord opts to take over a UT Sublease as sublessor, U.T. shall attorn to Landlord; and (iii) Landlord shall not (1) be liable for any previous act or omission of Tenant under such UT Sublease, (2) be subject to any counterclaim, defense, or offset previously accrued in favor of U.T. against Tenant, (3) be bound by any security or advance rental deposit made by U.T. that is not delivered or paid over to Landlord and with respect to which U.T. shall look solely to Tenant for refund or reimbursement, or (4) be obligated to perform any work in the subleased space or to prepare it for occupancy, and in connection with such attornment, U.T. shall execute and deliver to Landlord any instruments Landlord may request to evidence and confirm such attornment, subject to the event they do requirements and limitations of applicable laws and regulations.
(d) Tenant shall provide a copy to Landlord of any direct Sublease from Tenant to a Subtenant (but expressly excluding any Subleases, whether direct or indirect, to End Users who are not obtain the named Subtenant) to Landlord.
(e) If Tenant is not in default of this Lease beyond any applicable notice and cure period, Landlord shall, within thirty (30) days of receipt of written request, provide a new lease, non-disturbance and attornment agreement (a “Recognition Agreement”) to Subtenants and End Users in the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:form attached hereto as Exhibit G or such other mutually agreeable form.
Appears in 1 contract
Sources: Ground Lease
Subletting. The Lessee shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board (a) Tenant shall have the right to review and approve sublet the rent to be charged to the proposed sublessee and licensee and that Premises only in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board accordance with this Section 25. Tenant shall have the right to revise sublet the Premises, provided that (i) Tenant may not sublet to a governmental or quasi-governmental bureau, department or agency, foreign or domestic, including an autonomous governmental corporation or diplomatic or trade mission, or any other person or entity entitled to diplomatic or sovereign immunity, (ii) a sublease of all or substantially all of the Premises shall be for actual occupancy by the subtenant and (iii) if such sublease occurs during a time when the Basic Term Loan or any substitute Basic Term Loan is outstanding, the Qualified Fee Mortgagee (acting in accordance with the Basic Term Loan Documents) shall have consented to such subletting. In no event shall Landlord be required to give its consent to any subletting unless and until the Qualified Fee Mortgagee shall have consented thereto.
(b) Tenant shall cause each sublease to provide that:
(i) such sublease shall be subject to this Lease, the rights of Landlord under this Lease, and any modifications and extensions of this Lease that are not inconsistent with subtenant's rights as set out hereunder;
(ii) the term of such sublease shall expire no later than October 3, 2041, unless the continuation of the term beyond that date is conditioned on Tenant's having exercised the Purchase Option pursuant to this Lease;
(iii) if this Lease is terminated for any reason whatsoever (including an uncured Event of Default by Tenant) other than a Total Taking followed by Tenant's election to terminate, then, and immediately prior to such termination such sublease shall be in effect, such sublease shall, if the sublease is a one recognized or required to be recognized as a Qualified Sublease or shall at Landlord's election if not so recognized or required to be recognized, become a lease of the space covered thereby between Landlord and the subtenant upon the terms and conditions set forth in such sublease, provided that Landlord's liability and that of its partners, directors, officers and shareholders, if any, under such lease shall be subject to the limitations in Section 35 and Landlord shall not be (A) liable for any act or omission of the sublessor prior to such termination, (B) subject to offsets, defenses or counterclaims which such subtenant may have had against the sublessor, (C) bound by any covenant to undertake or complete any construction on the premises demised by such sublease, (D) bound by any obligation to make any payment to such subtenant or (E) bound by payments by such subtenant of rent for more than one month in advance of the premises based upon due date provided in such sublease, security deposits or amounts in the rental rate charged nature of additional rent, such as payments of taxes and operating expenses, unless Tenant delivers such amounts to Landlord; and
(iv) the parties to such sublease shall not enter into a modification of such sublease that does not comply with this Section 25.
(c) Not later than 30 days after the end of each calendar year, Tenant shall deliver to Landlord (i) a rent roll with respect to the sublessee Premises, setting forth at least the name of each subtenant, the date of its sublease, the space sublet, the term of its sublease, the fixed and licensee including the any percentage rentrent payable under such sublease, if applicableany options of such subtenant to extend, expand, contract or buy, and providedany unpaid obligations of Tenant to any broker, furtheragent or finder in respect of such sublease, and (ii) a certificate of Tenant, signed by an authorized partner or officer, to the effect that all subleases then in effect comply with the provisions of this Section 25 relating thereto. Upon request of Landlord from time to time, Tenant shall deliver to Landlord a correct and complete copy of each sublease of the Premises not theretofore delivered to Landlord
(d) If this Lease is terminated for any reason whatsoever (including an uncured Event of Default by Tenant) other than by Tenant's exercise of the Option to Purchase or by a Total Taking followed by Tenant's election to terminate, then, notwithstanding anything to the contrary contained in Section 29, Landlord shall recognize and give effect to each sublease then in effect which is not in default beyond any applicable notice or grace period thereunder, provided that (i) such sublease complies with Section 25, (ii) such subtenant shall have received a written agreement to recognize it from the Qualified Fee Mortgagee, (iii) each applicable Leasehold Mortgagee is an Institutional Lender and shall have entered into a written non-disturbance agreement with the subtenant under such sublease, providing in substance that such Leasehold Mortgagee shall not join such subtenant as a party defendant in any foreclosure action or proceeding instituted by such Leasehold Mortgagee and shall not evict such subtenant (except in the case of default under such sublease) in the event of foreclosure or the exercise of a power of sale by such Leasehold Mortgagee, which agreement shall then be in effect and an executed copy of which shall have been delivered to Landlord, (iv) such sublease was on market terms as of the date of its execution, (v) the subtenant has a net worth of at least $50,000,000 in Current Dollars or subtenant's guarantor is creditworthy in relation to the sublease obligations and (vi) such sublease is for at least 50,000 square feet.
(e) As further security for Tenant's performance of its obligations hereunder, Tenant hereby assigns to Landlord, subject to any prior rights therein of the Qualified Fee Mortgagee and the First Leasehold Mortgagee, all of Tenant's right, title and interest in and to all subleases of the Premises, all rent may not be revised downward. For good causeand other sums payable thereunder and all cash or instruments deposited with Tenant pursuant to such subleases, the Board may waive the requirement provided that the Lessee obtain prior written approval to rent, licensesuch assignment shall become operative and effective only if (i) an Event of Default shall occur (ii) this Lease shall terminate, or sublet all or any portion (iii) Landlord shall re-enter the Premises after an Event of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State Default pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Upterms of this Lease by legal proceedings or otherwise, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. but in each case only as to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations such of the subleases as Landlord is attached obligated to recognize or elects to recognize under this Section 25. Such assignment shall be subject to any assignment of subleases and rents given as Exhibit B. As noted previouslycollateral security to (i) a Qualified Fee Mortgagee and (ii) the First Leasehold Mortgagee so long as such Leasehold Mortgagee shall have given Landlord notice that such Leasehold Mortgagee intends to exercise its rights under Section 24(d), both licensee agreements provide options shall be exercising such rights with diligence and continuity and shall apply any rents so assigned to extend past the term payment of any sums due to Landlord under this Lease prior to applying the same to payments of debt service due on the obligations secured by its Leasehold Mortgage. Tenant shall not make any assignment of subleases or the rents thereunder to any person other than a Leasehold Mortgagee or a permitted assignee of this Lease. No collection of rent by Landlord from a subtenant shall constitute a waiver of any default hereunder or any Event of Default or an acceptance of the master lease GL 4588subtenant as a tenant or a release of Tenant from any of its obligations hereunder. Staff recommends that For so long as Svenska Handelsbanken AB (publ) is the consents granted by Qualified Fee Mortgagee, Tenant shall not assign to the Board be applicable up First Leasehold Mortgagee Tenant's right, title and interest in and to June 5, 2038, i.e., the expiration any sublease of the master lease. The Lessee intends Premises or the rents thereunder.
(f) Landlord's action and review consistent with this Section 25, and of any request by Tenant to seek a new lease recognize any Sublease shall be at No Cost to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Landlord.
Appears in 1 contract
Sources: Lease (Alexanders Inc)
Subletting. The Lessee shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board Tenant shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premisesProperty at any time without Landlord’s consent (a) to any sublessee that is owned by or under common control of Tenant, or (b) to any sublessee of the Tenant Retained Parcel. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and licenseOtherwise, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., ▇▇’s consent shall be required for any subletting of the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublesseesProperty, which trigger a sandwich rent consent shall not be unreasonably withheld, conditioned or delayed, provided that such sublease (i) prohibits any Noxious Use, (ii) does not release Tenant from any of 50% to be collected by its obligations under the State pursuant to Lease, (iii) does not extend beyond the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the primary term of the master lease GL 4588Lease, and (iv) Landlord is named as notice party and receives copies of all sublease documentation reasonably requested by Landlord. Staff recommends Upon any sublease, Landlord may require the Tenant and subtenant to execute a subordination, non-disturbance and attornment agreement in form reasonably acceptable to Landlord, Tenant and subtenant; provided that the consents granted by terms of such sublease shall not be modified thereby. In addition, if the Board be applicable up subtenant or Landlord requests the other to June 5execute a subordination, 2038non-disturbance and attornment agreement in connection with such sublease, i.e.subtenant or Landlord will not unreasonably withhold or delay its consent to such agreement, the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands provided that any sublease will be subordinate to the master lease and in the event they do not obtain of the cancellation or termination of this Lease for any reason whatsoever or of the surrender of this Lease by operation of law prior to the expiration date of the sublease, subtenant shall make full and complete attornment to Landlord under either the terms of this Lease or the terms of the sublease, in Landlord’s sole and absolute discretion. In the event that this Lease is terminated or cancelled, and Landlord, following request by a new leasesubtenant, elects to apply the Lessee will be responsible terms of this Lease to a subtenant, Base Rent for the removal Properties subleased to such subtenant shall be determined by fair market value appraisal obtained by Landlord at the time of all improvements upon termination of this Lease, but not less than any allocation of Base Rent to the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Property in this Lease.
Appears in 1 contract
Subletting. The Lessee shall not rentA. Lessee, license, or sublet the whole or any portion of the premises, without with the prior written approval consent of Lessor, the consent of which may be granted or denied in Lessor’s sole and absolute discretion, may sublet a portion of, or the entire Leased Premises space in the structures on the Leased Premises to a Subtenant or Subtenants pursuant to a written sublease, which shall contain among other provisions the following:
(1) The sublease must be subject to and governed by all of the Board; providedcovenants and provisions of this Lease. Subtenant must abide by all of the terms and conditions thereof applicable to the Leased Premises and use thereof. The sublease may only be for a lesser term than specified in Section 2 and for a rental greater than that specified in Section 3.
(2) The Subtenant shall maintain and keep in force commercial liability insurance as described in Section 13.A. with a combined single limit not less than one million dollars ($1,000,000). Such insurance requirement may be complied with by Subtenant’s coverage under Lessee’s master liability insurance policy.
(3) The sublease must contain an Indemnification provision, howeversubstantially the same as set forth in Section 12 hereof.
(4) The sublease shall not become effective until an executed copy thereof is delivered to Lessor’s Department of Aviation.
B. In its absolute and sole discretion, that Lessor may deny its consent to any sublease if Lessor in its sole discretion determines based upon written information supplied to Lessor by Lessee at least sixty (60) days prior to this approvalthe effective date of such sublease that the proposed subtenant has failed to demonstrate the ability to perform the proposed sublease in a competent and financially responsible manner. Failure of Lessee to provide adequate written information concerning the subtenant sufficient for Lessor to make such determination shall be, in and of itself, a sufficient basis for the Board Lessor to deny its consent to any proposed sublease. Lessor shall have the right to review and approve the rent to be charged inform Lessee in writing whether it grants or denies its consent to the proposed sublessee and licensee and that in the case where the Lessee is required sublease. Consent to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or subletting for use by any other person shall not be deemed consent to any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensessubletting.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Ground Lease and Operating Agreement
Subletting. The Lessee (a) Tenant shall not rent, license, have the right to assign this Sublease Agreement or to sublet the whole or any a portion of the premisesLeased Space, whether voluntarily or by operation of law, or permit the use or occupancy of any of the Leased Space by anyone other than the Tenant or the Lessor's Landlord, without the prior written approval consents of Lessor and of Lessor's Landlord (which consent shall not be unreasonably withheld) and such restrictions shall be binding upon any assignee or subtenant to which Lessor and Lessor's Landlord have consented. In determining whether to grant such consents to Tenant, Lessor and Lessor's Landlord shall require that no such subtenant of Tenant shall be a direct or indirect competitor of Lessor or of Lessor's Landlord or otherwise be of an unsuitable or objectionable nature. Tenant shall be entitled to retain any premium over the Rental hereunder which it receives under any such sublease. In the event Tenant desires to sublet the Leased Space, or any portion thereof, or assign this Sublease Agreement, Tenant shall give notice thereof to Lessor and Lessor's Landlord within sixty (60) days prior to the proposed commencement date of such subletting or assignment, which notice shall set forth the name of the Board; providedproposed subtenant or assignee, howevera detailed statement of the terms of any such sublease and copies of financial reports and other relevant financial information as to the proposed subtenant or assignee. Notwithstanding any permitted assignment or subletting, Tenant shall at all times remain directly, primarily and fully responsible for the payment of the rent herein specified and for compliance with all of its other obligations under the terms, provisions and covenants of this Sublease Agreement. Upon the occurrence of an "event of default" (as hereinafter defined), if the Leased Space or any part thereof is then assigned or sublet, Lessor, in addition to any other remedies herein provided by law, may, at its option, collect directly from such assignee or subtenant all rents due and becoming due to Tenant under such assignment or sublease and apply such rent against any sums due to Lessor from Tenant hereunder, and no such collection shall be construed to constitute a novation or a release of Tenant from the further performance of Tenant's obligations hereunder.
(b) In addition to, but not in limitation of, Lessor's Landlord's and Lessor's right to approve any subtenant or assignee, in the event that Tenant desires to sublet the Leased Space, or any portion thereof, or assign this Sublease Agreement, Tenant shall give written notice thereof to Lessor and Lessor's Landlord, and Lessor's Landlord and Lessor shall have the right and option, in its sole discretion, to terminate this Sublease Agreement, or in the case of an actual or proposed subletting or assignment of less than the entire Leased Space, to recapture the portion of the Leased Space sublet, as of the date the proposed subletting or assignment is to be effective. The option shall be exercised, if at all, by Lessor or Lessor's Landlord giving Tenant written notice thereof within sixty (60) days following Lessor's receipt of Tenant's written notice as provided above. If this Sublease Agreement shall be terminated with respect to the entire Leased Space pursuant to this paragraph, the term of this Sublease Agreement shall end on the date stated in Tenant's notice as the effective date of the proposed sublease or assignment, as if that date had been originally fixed in this Sublease Agreement for the expiration of the term hereof. If Lessor recaptures under this paragraph only a portion of the Leased Space, the Rental during the unexpired term shall ▇▇▇▇▇ proportionately based on the rent contained in this Sublease Agreement as of the date immediately prior to such recapture. Tenant shall, at Tenant's own cost and expense, discharge and pay in full all expenses of such proposed or actual sublease or assignment (including legal and brokerage fees and the cost of preparing the Leased Space therefor). If Lessor or Lessor's Landlord does not exercise its option to recapture the Leased Space under this approvalparagraph, the Board then Tenant shall have the right to review and approve sublet the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receiptsLeased Space, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%thereof, or assign this Sublease Agreement, subject to Section 9(a) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesabove.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Sublease Agreement (Spire Corp)
Subletting. The Lessee shall not rentFor the purposes of this Paragraph, licensea lease (other than the Lease) that is from time to time in effect for space in the Building (as such other lease * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. may have been, or sublet may hereafter be, amended) is herein referred to as an “Other Lease.” If under an Other Lease it would be reasonable for Landlord to withhold its consent to a proposed subletting or sub-subletting to Tenant of the whole space (or any portion thereof) covered by the Other Lease based on the fact that Tenant is a tenant in the Building, then, subject to all of the terms, covenants and conditions of the Other Lease, and subject to all of Landlord’s rights under the Other Lease, Landlord agrees not to withhold its consent to one (1) or more proposed sublettings (or sub-sublettings) to Tenant, as subtenant (or sub-subtenant), of a portion of space in the premisesBuilding covered by the Other Lease based solely on the fact that Tenant is a tenant in the Building, without the prior written approval provided that, and only if (i) if there is more than one (1) proposed sublettings (or sub-sublettings) all of the Board; providedproposed sublettings (or sub-sublettings) are from the same tenant (or subtenant) and all of the proposed sublettings (or sub-sublettings) are for portions of the Building covered by the same Other Lease (and, howeverin the case of a sub-sublease to Tenant as sub-subtenant, are covered by the same sublease), (ii) the portions of the Building in question do not exceed 25,000 Rentable Square Feet, in the aggregate, inclusive of all portions of the Building in respect of which Tenant may sublease (or sub-sublease) pursuant to any expansion rights or options set forth in the sublease (or sub-sublease) or otherwise (including rights of first offer and rights of first refusal), regardless of whether or not such rights or options are exercised, and (iii) on the date that prior to this approval, Landlord receives the Board shall have the right to review and approve the rent to be charged request for its consent to the proposed sublessee sublease (or sub-sublease) in full compliance with the provisions of the Other Lease in question (A) the Lease is in full force and licensee and that effect, (B) the Tenant under the Lease is Switch & Data/NY Facilities Company LLC, (C) Tenant is not in default of any of the terms, covenants or conditions in the case where Lease on Tenant’s part to observe, perform or comply with, (D) Tenant occupies the Lessee entire Premises for its own behalf and is required to pay rent based on a percentage of conducting its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsbusiness therein, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%E) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two at least five (25) sublessees mentioned years remaining in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588Lease. Staff recommends that Notwithstanding the consents granted foregoing, and notwithstanding any provision contained in the Other Lease in question which may be to the contrary, (1) Landlord shall have no obligation under any circumstances to enter into a non-disturbance agreement with Tenant as subtenant (or sub-subtenant) or otherwise to recognize Tenant as a direct tenant of the space covered by the Board be applicable up to June 5, 2038, i.e., sublease (or sub-sublease) upon the expiration of the master lease. The Lessee intends to seek a new lease to continue use term of the leased premises Other Lease or otherwise, and the granting of any consent to the sublease (or sub-subtenant) in question may, in Landlord’s sole discretion, be conditioned upon the expiration tenant under the Other Lease and Tenant waiving any such obligation, and (2) under no circumstances shall Tenant assign its sublease (or sub-sublease) or further sublet the space covered by the sublease (or sub-sublease), and the granting of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate consent to the master lease sublease (or sub-sublease) in question may, in Landlord’s sole discretion, be conditioned upon Tenant waiving any right to, and agreeing not to, assign its sublease (or sub-sublease) or further sublet the space covered by the sublease (or sub-sublease). All of Landlord’s obligations and Tenant’s rights under this Paragraph shall be of no further force or effect from and after the date that Landlord consents to the subletting or sub-subletting of any space in the event they do not obtain a new leaseBuilding by Tenant as the subtenant or sub-subtenant, or Tenant first sublets (or sub-sublets) any space in the Lessee will be responsible for Building from another tenant or subtenant in the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Building.
Appears in 1 contract
Subletting. The Lessee Developer shall not rentbe entitled, licensewith the prior written ---------- consent of Landlord, or to sublet the whole or any portion of the premisesPremises or the improvements constructed thereon by or under Developer and, without limiting the prior written approval foregoing, may establish a leasehold condominium regime on the Premises, or portions thereof, in accordance with the provisions of California law, including California Civil Code Sections 783 and 1350-1360. Developer shall, at all times, remain liable for the performance of all of the Board; providedcovenants on its part to be so performed, however, that prior notwithstanding any subletting. Each sublease shall be subject and subordinate not only to this approvalLease, but also to any New Lease made by Landlord as provided in Section 4.8 above. If the Board term of this Lease shall have end while any such sublease is in effect, Landlord may, at its option, for a period of ninety (90) days thereafter, either terminate the right said sublease or succeed to review and approve all of the rent to be charged rights of Developer thereunder. Where any sublease which is consistent with this Lease is approved, Landlord may grant to the proposed sublessee subtenant, under such an approved sublease entered into in good faith and licensee and that for reasonable consideration, a right of quiet enjoyment in the case where the Lessee is required to pay rent based on recordable from (a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%"nondisturbance agreement") for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past during the term of the master lease GL 4588. Staff recommends sublease, notwithstanding the expiration, termination or cancellation of this Lease; provided that (i) the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration term of the master lease. The Lessee intends to seek a new lease to continue use sublease, plus extension or renewal options, does not extend beyond the term of the leased premises upon the expiration of GL 4588. Furthermorethis Lease, ▇▇▇▇▇▇ understands plus extension options; (ii) such subtenant agrees that any sublease will be subordinate to the master lease and in the event they do not obtain a new leasethis Lease expires, terminates or is cancelled during the term of the sublease, the Lessee will sublease shall be deemed a direct lease between Landlord and such subtenant and the subtenant shall attorn to Landlord. In the event that Landlord objects to any proposed nondisturbance agreement or sublease, Landlord agrees to notify Developer in writing of such objection and of its reasons for such objection within twenty (20) days of its receipt of the proposed nondisturbance agreement and sublease. Subject to the foregoing provisions of this subsection 5.7, Landlord hereby approves generally of the form of nondisturbance agreement attached hereto as Exhibit "E". Any approvals or grants of quiet enjoyment given or made by Landlord pursuant to this subsection 5.7 shall be binding upon Landlord, its successors or assigns, including without limitation any person or entity succeeding to the interest of Landlord by way of judicial foreclosure or trustee sale proceedings pursuant to any mortgage or deed of trust, the lien or charge of which is subject and subordinate to this Lease. Any sublease, with respect to which Landlord agrees to execute a nondisturbance agreement pursuant to this subsection 5.7, may be a sublease pursuant to which the subtenant is responsible for the removal construction of all the building improvements upon the expiration subleased premises (a "Ground Sublease" herein). Any Ground Sub-lease may contain a hypothecation provision similar to Section 4 of GL 4588this Lease for the benefit of the holder of any mortgage or deed of trust constituting a lien on the subleasehold estate created by virtue of the Ground Sublease. The license agreements between Any nondisturbance agreement executed and delivered by Landlord for the Licensor benefit of the sublessee under a Ground Sublease shall specifically recite that it is for the benefit of any such holder of a deed of trust or mortgage constituting a lien on the subleasehold estate created by such Ground Sublease; that the term "sublease" as used in 49 the nondisturbance agreement shall be deemed to include any new sublease executed and Licensees contain delivered to any such holder of a first deed of trust or first mortgage following a termination of the following provision:sublease pursuant to a provision in the sublease similar to subsection 4.8 of this Lease, and that the term "sublessee" under the nondisturbance agreement shall be deemed to include any encumbrances or other party succeeding to the sublessee under the Ground Sublease by virtue of judicial or private power of sale foreclosure proceedings or by delivery of an assignment in lieu of foreclosure, or otherwise. Where Landlord agrees to execute a nondisturbance agreement for the benefit of the sublessee under any Ground Sublease, such agreement shall be subject to the obligations of the sublessee thereunder being no less than the obligations of the Developer hereunder with respect to the subleased premises.
Appears in 1 contract
Sources: Lease Agreement (Kilroy Realty Corp)
Subletting. The Lessee shall not rentFor the purposes of this Paragraph, licensea lease (other than the Lease) that is from time to time in effect for space in the Building (as such other lease may have been, or sublet may hereafter be, amended) is herein referred to as an “Other Lease.” If under an Other Lease it would be reasonable for Landlord to withhold its consent to a proposed subletting or sub-subletting to Tenant of the whole space (or any portion thereof) covered by the Other Lease based on the fact that Tenant is a tenant in the Building, then, subject to all of the terms, covenants and conditions of the Other Lease, and subject to all of Landlord’s rights under the Other Lease, Landlord agrees not to withhold its consent to one (1) or more proposed sublettings (or sub-sublettings) to Tenant, as subtenant (or sub-subtenant), of a portion of space in the premisesBuilding covered by the Other Lease based solely on the fact that Tenant is a tenant in the Building, without the prior written approval provided that, and only if (i) if there is more than one (1) proposed sublettings (or sub-sublettings) all of the Board; providedproposed sublettings (or sub-sublettings) are from the same tenant (or subtenant) and all of the proposed sublettings (or sub-sublettings) are for portions of the Building covered by the same Other Lease (and, howeverin the case of a sub-sublease to Tenant as sub-subtenant, are covered by the same sublease), (ii) the portions of the Building in question do not exceed 25,000 Rentable Square Feet, in the aggregate, inclusive of all portions of the Building in respect of which Tenant may sublease (or sub-sublease) pursuant to any expansion rights or options set forth in the sublease (or sub-sublease) or otherwise (including rights of first offer and rights of first refusal), regardless of whether or not such rights or options are exercised, and (iii) on the date that prior to this approval, Landlord receives the Board shall have the right to review and approve the rent to be charged request for its consent to the proposed sublessee sublease (or sub-sublease) in full compliance with the provisions of the Other Lease in question (A) the Lease is in full force and licensee and that effect, (B) the Tenant under the Lease is Switch & Data/NY Facilities Company LLC, (C) Tenant is not in default of any of the terms, covenants or conditions in the case where Lease on Tenant’s part to observe, perform or comply with, (D) Tenant occupies the Lessee entire Premises for its own behalf and is required to pay rent based on a percentage of conducting its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsbusiness therein, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%E) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two at least five (25) sublessees mentioned years remaining in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588Lease. Staff recommends that Notwithstanding the consents granted foregoing, and notwithstanding any provision contained in the Other Lease in question which may be to the contrary, (1) Landlord shall have no obligation under any circumstances to enter into a non-disturbance agreement with Tenant as subtenant (or sub-subtenant) or otherwise to recognize Tenant as a direct tenant of the space covered by the Board be applicable up to June 5, 2038, i.e., sublease (or sub-sublease) upon the expiration of the master lease. The Lessee intends to seek a new lease to continue use term of the leased premises Other Lease or otherwise, and the granting of any consent to the sublease (or sub-subtenant) in question may, in Landlord’s sole discretion, be conditioned upon the expiration tenant under the Other Lease and Tenant waiving any such obligation, and (2) under no circumstances shall Tenant assign its sublease (or sub-sublease) or further sublet the space covered by the sublease (or sub-sublease), and the granting of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate consent to the master lease sublease (or sub-sublease) in question may, in Landlord’s sole discretion, be conditioned upon Tenant waiving any right to, and agreeing not to, assign its sublease (or sub-sublease) or further sublet the space covered by the sublease (or sub-sublease). All of Landlord’s obligations and Tenant’s rights under this Paragraph shall be of no further force or effect from and after the date that Landlord consents to the subletting or sub-subletting of any space in the event they do not obtain a new leaseBuilding by Tenant as the subtenant or sub-subtenant, or Tenant first sublets (or sub-sublets) any space in the Lessee will be responsible for Building from another tenant or subtenant in the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Building.
Appears in 1 contract
Subletting. The Lessee Etc. Sublessee shall not rentsell, licenseassign, mortgage, pledge, or, in any manner, transfer or encumber this Sublease or any estate or interest hereunder, or sublet the whole Demised Premises or any portion part thereof (any of the premises, foregoing shall be referred to herein as "Assignment") without the prior previous written approval consent of the BoardSublessor which consent shall not be unreasonably withheld provided that (i) Sublessee is not in material default hereunder and no event has occurred which with notice or passage of time, or both, would constitute a material default hereunder (without regard to whether a notice of default has been served pursuant to Article XI); provided(ii) Sublessee shall provide Sublessor with access to the Demised Premises for inspection and testing thereof; (iii) the use by the proposed assignee or sublessee does not, howeverin Sublessor's reasonable judgment, (a) adversely affect the Demised Premises by virtue of environmentally related factors or (b) lessen the value of the Premises; or (c) increase risk or endanger the Building or the occupants thereof; and (iv) Sublessee shall provide Sublessor with financial statements and information demonstrating to Sublessor's reasonable satisfaction that the prospective assignee or sublessee has the financial capacity to perform the obligations of the Sublessee hereunder. Any sale of stock or assets of the Sublessee or any merger, consolidation or liquidation of the Sublessee shall be deemed to be an Assignment for purposes of this Section 13.1 (other than an initial public offering of not more than 19 % of the outstanding common stock of Sublessee in an underwritten public offering under the Securities Act of l933). Notwithstanding the foregoing, in the case of any Assignment to a wholly owned subsidiary or affiliate of Sublessee or J. Crew Group, Inc. (so long as Sublessee or J. Crew Group, Inc. retains the controlling interest in such affiliate) or to Sublessee's parent, such previous written consent by Sublessor shall not be necessary, provided that Sublessee shall provide thirty (30) days advance written notice of any such Assignment to such a subsidiary or affiliate and will provide Sublessor with any information reasonably requested regarding the Assignee. In any of the events aforesaid whether or not consent is required, Sublessee, nevertheless, shall remain directly and primarily liable for the payment of the Basic Rent, Additional Rent and Expansion Rent, and the performance of Sublessee's other covenants and obligations hereunder. Any amount received by Sublessee in connection with an Assignment or to the extent such amount exceeds the amount required to be paid by Sublessee to Sublessor under this Lease (net of Sublessee's brokers fees, reasonable legal fees for preparation of Assignment documents and reasonable cost of alterations for the prospective assignee or sublessee) shall belong to and be promptly remitted by Sublessee to Sublessor. No consent to any Assignment of this Sublease shall be deemed or construed to be a consent by Sublessor to any further or additional Assignment. In the event of an Assignment , the assignee or sublessee, as the case may be, shall (as condition to Sublessor's consent thereto where consent is required, and in the case of any assignment in which consent is not required) assume, by written recordable instrument reasonably satisfactory to Sublessor, the due performance of all of Sublessee's obligations under this Lease. No Assignment shall be valid or effective in the absence of such assumption. In connection with any Assignment, the prospective Assignee shall not more than thirty (30) days prior to this approvalthe effective date of such Assignment, furnish to the Sublessor in each case, its then current consolidated and consolidating balance sheets as of the end of its most recent fiscal year and the related statements of income, shareholders' equity and changes in cash flow for such fiscal year, setting forth in each, in comparative form the figures for the previous fiscal year. All such consolidated statements reported on, shall be without qualification, and by independent certified public accountants satisfactory to the Sublessor. Each year thereafter, within ninety (90) days of the end of each fiscal year, the Board Assignee shall provide their respective financial statements in the aforementioned form with the aforementioned required certification of the respective independent certified public accountants, to the Sublessor. A true copy of such Assignment and the original assumption agreement or the sublease, as the case may be, shall be delivered to Sublessor within ten (10) days of the effective date thereof. Notwithstanding anything to the contrary, Sublessor shall have the right right, but not the obligation, to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of notify Sublessee within thirty percent (30%) days of receipt of Sublessee's request for consent to an Assignment or subletting that Sublessor has elected to terminate the first sublease and license, forty percent Sublease which termination shall become effective ninety (40%90) for days after the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesdate Sublessee receives said notice of election from Sublessor.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Subletting. The Lessee shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent Tenant may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premisesLand without the prior written consent of the Landlord which consent shall not be unreasonably withheld, conditioned or delayed. If consent to a subletting is granted, such subletting conditions would include at a minimum, the proviso that (i) such subletting complies with all of the provisions of this Article 10; (ii) the sublease with the permitted subtenant is in all respects consistent with, and in accordance with, this Lease, including without limitation Section 2.1 hereof and (iii) the following information and documentation is provided to the Landlord at least thirty (30) days prior to the effective date of such subletting:
A. The Lessor will share name of the proposed subtenant and a copy of the proposed form of sublease (with a duly executed copy of such sublease to promptly follow upon execution thereof);
B. Evidence that the proposed subtenant’s business is in compliance with the Permitted Uses of the Land;
C. Certificates of Good Standing (or certificates of qualification to do business in the gross revenues from subleases and licenses at Commonwealth of Massachusetts if such subtenant is a foreign entity) of the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected proposed subtenant issued by the State pursuant Secretary of the Commonwealth of Massachusetts; In the event of any subletting of all or any portion of the Premises, it shall be a condition of any such sublease that the subtenant agree in writing with the Landlord that the subtenant will not breach, nor cause the Tenant to breach, any of the provisions of this Lease. Furthermore, any such subletting shall not relieve the Tenant of its obligations under this Lease. Finally, it shall be a condition of any such subletting that: (i) each sublease shall be subject and subordinate to this Lease and the rights of the Landlord hereunder; (ii) any violation of any provision of this Lease, whether by act or omission by any subtenant shall be deemed a violation of such provision by the Tenant, it being the intention and meaning of the parties that the Tenant shall assume and be liable to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually Landlord for any and all acts and omissions of any and all subtenants with respect to this Lease, provided, that this Lease shall not be terminated due to default of any subtenant so long as such default does not constitute or result in an Event of Default under this Lease; ($500.00 per monthiii) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. each such sublease shall provide that in the event this Lease is terminated prior to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of such sublease, then at Landlord’s option, the master lease. The Lessee intends subtenant thereunder will either attorn to seek the Landlord and waive any right the subtenant may have to terminate the sublease, or surrender possession thereunder as a new lease to continue use result of the leased premises upon termination of this Lease, and the sublease shall terminate simultaneously with the termination or expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate the Lease; and (iv) subject to the master lease and rights of any Leasehold Mortgagee hereunder, each sublease shall provide that in the event they do not obtain the subtenant receives a new leasewritten notice from the Landlord stating that an Event of Default has occurred under this Lease, the Lessee will subtenant shall thereafter be responsible obligated to pay all rentals accruing under such sublease directly to the Landlord or as the Landlord may direct. No sublease shall affect the Permitted Uses. Any attempted sublease in violation of the terms of this Article 10 shall be void. Tenant shall not directly or indirectly collect or accept any payment of rent under any sublease for the removal any period in excess of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:thirty (30) days in advance.
Appears in 1 contract
Sources: Ground Lease (Evergreen Solar Inc)
Subletting. The Lessee Except as hereinafter expressly permitted (including as permitted under Section 16.3), Tenant shall not rent, license, or sublet the whole or any portion of the premisesPremises, and shall not enter into any arrangement that is the functional (if not legal) equivalent of a sublease, without the Landlord’s prior written approval of the Boardconsent in each instance, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however(a) Tenant may sublet up to an aggregate amount of 25,000 square feet of space at the Premises to or by any person(s) or entity(ies) (each, that prior a “Permitted Sublease”) and (b) Tenant may sublet the Premises, or any portion thereof, to this approvalany (i) corporation or other entity which controls, is controlled by, or is under common control with Tenant; or (ii) a “satellite company” of Tenant (as described in Tenant’s Annual Report on Form 10-K for the Board shall have year ended December 31, 2009) (a “Tenant Affiliate”) (any such sublease, an “Exempt Sublease”). Upon the effectuation of a Permitted Sublease or an Exempt Sublease, Tenant will promptly notify Landlord regarding such sublet or other occupancy right to review and approve the rent to be charged granted by Tenant with regard to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsPremises, and the Board size and location of the space relating thereto. No Permitted Sublease or Exempt Sublease shall have specify a term which extends beyond the right Lease Term, and all Permitted Subleases and Exempt Subleases shall explicitly state that they are subject and subordinate to revise this Lease. Any purported subletting of the rent for Premises or other occupancy agreement that is contrary to the premises provisions of this Section 16.1.2 shall be void. Landlord’s consent shall be based upon a determination that the rental rate charged to the sublessee same (or better) type, class, nature and licensee including the percentage rentquality of business, if applicableservice, management, and providedfinancial soundness of ownership shall exist after such subletting or other occupancy agreement (taking into account that Tenant shall remain liable for all obligations of Tenant under the Lease as set forth in Section 16.4) and, provided further, that the rent may each and every covenant, condition or obligation imposed upon Tenant by this Lease is assumed by such subtenant and each and every right, remedy or benefit afforded Landlord by this Lease is not be revised downwardthereby impaired or diminished. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval Consent by Landlord to rent, license, one or sublet all or any portion more sublettings of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesPremises shall not operate to exhaust Landlord’s rights under this Section.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Subletting. The Lessee shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or sublet any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsPremises not used for gaming or gambling operations without Lessor's consent and not subject to Lessors' right of first refusal. Lessee may extend, and the Board shall have the right renew or modify any such subLease, consent to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rentany sub-subleasing (or further levels of subleasing), if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, licenseterminate any subLease, or sublet all or evict any portion of the premisessublessee. The Lessor will share in the gross revenues from subleases and licenses at the rate term of thirty percent any subLease (30%including renewal options) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to shall not extend past beyond the term of the master lease GL 4588. Staff recommends that the consents granted this Lease (including only any renewal options previously exercised by the Board be applicable up Lessee or that Lessee agrees, in the subLease, to June 5exercise). If Lessee enters into any SubLease, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will then each SubLease shall be subordinate to this Lease and shall contain provisions in form and substance substantially as follows, and each Sublessee by executing its SubLease shall be deemed to have agreed to the master lease following (the term "Sublessor" to be defined in the SubLease to refer to Lessee as Sublessor under the SubLease): Sublessee agrees that if, by reason of a default under any underlying Lease (including an underlying Lease through which Sublessor derives its Leasehold estate in the demised subpremises), such underlying Lease and the Leasehold Estate of Sublessor in the demised subpremises is terminated, then Sublessee, at the option and request of the then fee owner of the demised subpremises (the "Fee Lessor"), shall attorn to such Fee Lessor and shall recognize such Fee Lessor as Sublessee's direct lessor under this SubLease. Sublessee agrees to execute and deliver, at any time and from time to time, upon the request of Sublessor or of the Fee Lessor or any mortgagee of either, any instrument that may be necessary or appropriate to evidence such attornment. Sublessee hereby appoints Sublessor or such Fee Lessor or such mortgagee the attorney-in-fact, irrevocably, with full power of substitution, of Sublessee to execute and deliver any such instrument for and on behalf of the Sublessee. This appointment is coupled with an interest and is irrevocable. Sublessee waives any statute or rule of law now or subsequently in effect that may give or purport to give Sublessee any right to elect to terminate this SubLease or to surrender possession of the demised subpremises in the event they do that any proceeding is brought by a Fee Lessor to terminate any such underlying Lease. Sublessee agrees that this SubLease shall not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:affected in any way whatsoever by any such proceeding.
Appears in 1 contract
Sources: Lease (Isle of Capri Casinos Inc)
Subletting. (A) The Lessee shall not rent, license, or Tenant may sublet the whole or any portion part of the premises, without Demised Premises subject to the prior written approval following:
(B) In the event that the Tenant desires to sublease the whole or any part of the Board; providedDemised Premises to any other party, howeverthen Tenant shall first offer to terminate the Lease and surrender the Demised Premises to the Landlord, that by a written offer to Landlord to terminate the Lease and surrender the Demised Premises, on a specified date which shall be not less than ninety (90) days from the date of the giving of such notice nor more than one hundred twenty (120) days after such date. Landlord shall give written notice to Tenant of its acceptance or rejection of such offer, within sixty (60) days of the receipt of such written offer from the Tenant, and if the Landlord accepts said offer, this Lease shall terminate on the date set forth in the aforesaid offer to Landlord to terminate the Lease and the Tenant shall surrender the Demised Premises to the Landlord on said specified date, and each party shall be released from all obligations under the Lease except those which have accrued or shall accrue prior to the date of termination and surrender. In the event of such termination of the Lease, rent and other charges due and owing hereunder shall be apportioned as of the date of such termination and any part of the Lease deposit made under this approvalLease which shall not have been returned or applied under the terms thereof, or which may not be required to bring about performance of Tenant's obligations under the Board terms of this Lease, shall be returned to the Tenant.
(C) If Landlord rejects Tenant's offer of termination and surrender, or fails to give notice of its intention to accept or reject same, within the sixty (60) day period provided for above, Tenant shall have the right to review underlet the whole or any part of the Demised Premises for a use permitted hereunder, but only with the written consent of the Landlord first had and approve obtained, on the basis of the following terms and conditions
(1) A copy of the sublease shall be furnished to the Landlord which shall provide that said sublease assumes all of the obligations of this Lease.
(2) The Tenant shall be and remain liable for the observance of all of the covenants and provisions of this Lease, including but not limited to the payment of the Term Basic Rent reserved herein, through the entire Term of this Lease, as the same may be renewed, extended or otherwise modified
(3) The Tenant shall promptly pay to the Landlord one-half (1A) of the rent, as and when received, in excess of the rent (Basic and Additional) required to be charged paid by the Tenant for the area sublet, computed on the basis of an average square foot rent for the entire demised Building.
(D) In any event, the acceptance by the Landlord of any rent from any of the subtenants, or the failure of the Landlord to insist upon a strict performance of any of the terms, conditions and covenants herein shall not release the Tenant herein from any and all of the obligations herein during and for the entire Term of this Lease
(E) The Landlord shall require a Five Hundred and 00/100 ($500.00) Dollar payment to cover its handling charges for each request for consent to any sublet prior to its consideration of the same. The Tenant acknowledges that its sole remedy with respect to any assertion that the Landlord's failure to consent to any sublet is unreasonable shall be the remedy of specific performance, and the Tenant shall have no other claim or cause of action against the Landlord as a result of the Landlord's actions in refusing to consent thereto.
(F) In the event that any or all of Tenant's interest in the Demised Premises and/or this Lease is transferred by operation of law to any trustee, receiver, or other representative or agent of Tenant, or to Tenant as a debtor in possession, and subsequently any or all of Tenant's interest in the Demised Premises and/or this Lease is offered or to be offered by Tenant or any trustee, receiver, or other representative or agent of Tenant as to its estate or property (such person, firm or entity being hereinafter referred to as the "Grantor"), for assignment, conveyance, lease, or other disposition to a person, firm or entity other than Landlord (each such transaction) being hereinafter referred to as a "Disposition"), it is agreed that Landlord has and shall have a right of first refusal to purchase, take, or otherwise acquire, the same upon the same terms and conditions as the Grantor thereof shall accept upon such Disposition to such other person, firm, or entity; and as to each such Disposition the Grantor shall give written notice to Landlord in reasonable detail of all of the terms and conditions of such Disposition within twenty (20) days next following its determination to accept the same but prior to accepting the same, and Grantor shall not make the Disposition until and unless Landlord has failed or refused to accept such right of first refusal as to the proposed sublessee Disposition, as set forth herein. Landlord shall have sixty (60) days next following its receipt of the written notice as to such Disposition in which to exercise the option to acquire Tenant's interest by such Disposition, and licensee the exercise of the option by Landlord shall be effected by notice to that effect sent to the Grantor; but nothing herein shall require Landlord to accept a particular Disposition or any Disposition, nor does the rejection of any oi~e such offer of first refusal constitute a waiver or release of the obligation of the Grantor to submit other offers hereunder to Landlord In the event Landlord accepts such offer of first refusal, the transaction shall be consummated pursuant to the terms aud conditions of the Disposition described in the notice to Landlord. In the event Landlord rejects such offer of first refusal, Grantor may consummate the Disposition with such other person, firm, or entity; but any decrease in price of more than two (2%) percent of the price sought from Landlord or any change in the terms of payment for such Disposition shall constitute a new transaction requiring a further option of first refusal to be given to Landlord hereunder.
(G) Without limiting any of the provisions of Article XIV, if pursuant to the Federal Bankruptcy Code (or any similar law hereafter enacted having the same general purpose), Tenant is permitted to assign this Lease, notwithstanding the restrictions contained iii this Lease, adequate assurance of future performance by an assignee expressly permitted under such Code shall be deemed to mean the deposit of cash security in an amount equal to the sum of one (1) year's Annual Basic Rent and Additional Rent for the next succeeding twelve (12) months (which Additional Rent shall be reasonably estimated by Landlord) , which deposit shall be held by Landlord for the balance of the Term, without interest, as security for the full performance of all of Tenant's obligations under this Lease, to be held and applied in the manner specified for security in Section 22.02.
(H) Without limiting any of the provisions of Article XIV, if pursuant to the Federal Bankruptcy Code (or any similar law hereafter enacted having the same general purpose) * Tenant is permitted to assign this Lease, the Tenant aud any assignee shall promptly pay to Landlord one-halt (1/2) of any consideration received for any assignment.
(I) Except as specifically set forth above, no portion of the Demised Premises or of Tenant's interest in this Lease may be acquired by any other person or entity, whether by assignment, mortgage, sublease, transfer, operation of law or act of the Tenant, nor shall Tenant pledge its interest in this Lease or in any security deposit required hereunder.
(J) If Tenant is a corporation other than a corporation whose stock is listed and traded on a nationally recognized stock exchange, the provisions of this subsection 15.01(J) shall apply to a transfer (however accomplished, whether in a single transaction or in a series of related or unrelated transactions) of stock (or any other mechanism such as, by way of example, the issuance of additional stock, a stock voting agreement or change in class(es) of stock] which results in a change of control of Tenant as if such transfer of stock (or other mechanism) which results in a change of control of Tenant were an assignment of this Lease, and if Tenant is a partnership or joint venture, said provisions shall apply with respect to a transfer (by one or more transfers) of an interest in the distributions of profits and losses of such partnership or joint venture (or other mechanism, such as, by way of example, the creation of additional general partnership or limited partnership interests) which results in a change of control of such a partnership or joint venture as if such transfer of an interest in the distributions of profits and losses of such partnership or joint venture which results in a change of control of such partnership or joint venture were an assignment of this Lease; but said provisions shall not apply to transactions with a corporation into or with which Tenant is merged or consolidated or to which all or substantially all of Tenant's assets are transferred or to any corporation which controls or is controlled by Tenant or is under common control with Tenant, provided that in the case where event of such merger, consolidation or transfer of all or substantially all of Tenant's assets, (i) the Lessee is required successor to pay rent based Tenant has a net worth computed in accordance with generally accepted accounting principles at least equal to the greater of (a) the net worth of Tenant immediately prior to such merger, consolidation or transfer or (b) the net worth of Tenant herein named on a percentage the date of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsthis Lease, and the Board (ii) proof satisfactory to Landlord of such net worth shall have the right been delivered to revise the rent for the premises based upon the rental rate charged Landlord at least ten (10) days prior to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or effective date of any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensessuch transaction.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Subletting. The Lessee Tenant shall not rent, license, or sublet the whole or any portion part of the premises, Premises without the prior written approval consent of the Board; providedLandlord first being obtained, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that which consent Landlord may grant or withhold in Landlord's sole discretion in the case where the Lessee is required to pay rent based on of a percentage subletting of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for or more of the third Premises, but which consent as to any subletting of less than fifty percent (50%) of the Premises will not be unreasonably withheld. Tenant agrees that the factors enumerated in subsections (i) through (v) and subsequent sublease (vii) of Section 13.1 above are among the factors upon which Landlord may reasonably decide to withhold consent to a subletting. If the Premises or any part thereof is sublet or occupied by anybody other than Tenant (other than an assignee), Landlord may, after a default by Tenant, collect the rent from the subtenant or occupant and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., apply the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be net amount collected by the State pursuant to the above-mentioned amendment regarding Rent herein reserved. No such subletting, occupancy, or collection shall be deemed an acceptance of the subtenant or occupant as the tenant hereof or a release of Tenant from further performance by Tenant of covenants on the part of Tenant herein contained. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow UpNotwithstanding the consent of Landlord to any sublease, LLC Tenant shall not be relieved from its primary obligations hereunder to Landlord, including, but not limited to those provided in Section 8.1 and $6000.00 annually for Polynesian Broadcasting, Inc. to the Statepayment of all Base Rent and Tenant's Share of Operating Expenses. This will be an additional sublease to Blow Up, LLC as they are seeking If Landlord or Tenant collects any rental or other amounts from any subtenant or occupant (on a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations per-square-foot-basis) in excess of the subleases is attached Base Rent and the Tenant's Share of Operating Expenses for any monthly period, Landlord shall be entitled to fifty percent (50%) of such excess after deducting actual payments by Tenant for brokerage commissions and tenant improvement costs on account of such subletting or occupancy, and Tenant shall pay to Landlord on a monthly basis, as Exhibit B. As noted previouslyand when Tenant receives the same, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted all such excess amounts received by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Tenant.
Appears in 1 contract
Subletting. (a) The Lessee shall not rent, license, or sublet the whole Property or any portion part thereof, unless (i) at the time of any such sublease, no Default, Environmental Event, Unwind Event or Event of Default shall have occurred and be continuing and no Termination Notice has been delivered or has been deemed to have been delivered; (ii) any such sublease shall by its terms be expressly made subject and subordinate to the terms of this Lease (and the Ground Lease and the VCMI Mortgage); (iii) the Lessee shall provide the Lessor sixty
(b) No sublease pursuant to this paragraph 17 shall modify or limit any right or power of the premisesLessor hereunder or affect or reduce any obligation of the Lessee hereunder, and all such obligations of the Lessee shall continue in full force and effect as obligations of a principal and not of a guarantor or surety, as though no subletting had been made or occupancy permitted.
(c) If the Lessee shall request, in connection with any sublease, that the Lessor execute an attornment and non-disturbance agreement with respect to such sublease, the Lessor shall consider each such sublease on a case-by-case basis and may give its consent to its execution and delivery of an attornment and non-disturbance agreement. The Lessee shall not mortgage, pledge or otherwise encumber its interest in and to this Lease or in and to any sublease or the rentals payable thereunder without the prior written approval consent of the Board; providedLessor. Any sublease made, howeverand any mortgage, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee pledge or any subsequent sublessees and licensees shall be included as part assignment of the Lessee’s gross receipts's interest hereunder or under any such sublease granted, otherwise than as expressly permitted by this paragraph 17, shall be null and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee void and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, of no force or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenseseffect.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Lease Agreement (Geon Co)
Subletting. The Section 8.01 Sublease or Transfer -------------------- Lessee shall not rentassign this lease in whole or in part nor any interest therein, nor sublet the Leased Premises or any part thereof or grant any license, concession or other right of occupancy of any portion for the Leased Premises without the prior written consent of Authority, except for those licenses or concessions necessary for Lessee to operate its cruise ship service on the Leased Premises. Lessee will at all times keep Authority informed in writing of the licenses or concessions it grants relative to operation of its cruise ship service and will provide Authority all information relative to such licenses or concessions including but not limited to the names of licensees and concessionaires and the term of such licenses and concessions. Consent of Authority to one or more assignments and subletting shall not operate as a waiver of Authority's rights as to any subsequent assignments and sublettings. If this Lease is assigned, or if any of the Leased Premises, or any part thereof, is sublet, or occupied by anyone other than the Lessee, the Authority may, after default by the Lessee, collect rent from the assignee, subtenant, or occupant and apply the net amount collected, exclusive of costs of collection, attorneys' fees or other costs incurred by Authority, to the rent herein reserved. No such assignment, subletting, occupancy, or collection shall be deemed a waiver of this covenant or shall the acceptance by Authority of such assignee, subtenant or occupant, as tenant, release Lessee from the further performance of the covenants of this Lease. Lessee shall not assign this lease in whole or in part nor any interest therein, nor sublet the whole Leased Premises or any part thereof nor grant any license, concession or other right of occupancy of any portion of the premises, Leased Premises nor permit the transfer of this lease by operation of law or otherwise without the prior written approval consent of Authority except as provided for in the preceding paragraph of this Section 8.01. Consent of Authority to one or more assignments and subletting shall not operate as a waiver of Authority's rights as to any subsequent assignments and sublettings. If this lease is assigned, or if any of the Board; providedLeased Premises, howeveror any part thereof, that prior to this approvalis sublet or occupied by anyone other than the Lessee, the Board shall have Authority may, after default by the right Lessee, collect rent from the assignee, subtenant or occupant and apply the net amount collected, exclusive of costs of collection, attorneys' fees or other costs incurred by Authority, to review and approve the rent to herein reserved. No such assignment, subletting, occupancy or collection shall be charged to deemed a waiver of this covenant nor shall the proposed sublessee and licensee and that in acceptance by Authority of such assignee, subtenant or occupant, as tenant release Lessee from the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts further performance of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned covenants in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:.
Appears in 1 contract
Subletting. The Lessee Developer shall not rentbe entitled, licensewith the prior written ---------- consent of Landlord, or to sublet the whole or any portion of the premisesPremises or the improvements constructed thereon by or under Developer and, without limiting the prior written approval foregoing, may establish a leasehold condominium regime on the Premises, or portions thereof, in accordance with the provisions of California law, including California Civil Code Sections 783 and 1350-1360. Developer shall, at all times, remain liable for the performance of all of the Board; providedcovenants on its part to be so performed, however, that prior notwithstanding any subletting. Each sublease shall be subject and subordinate not only to this approvalLease, but also to any New Lease made by Landlord as provided in Section 4.8 above. If the Board term of this Lease shall have end while any such sublease is in effect, Landlord may, at its option, for a period of ninety (90) days thereafter, either terminate the right said sublease or succeed to review and approve all of the rent to be charged rights of Developer thereunder. Where any sublease which is consistent with this Lease is approved, Landlord may grant to the proposed sublessee subtenant, under such an approved sublease entered into in good faith and licensee and that for reasonable consideration, a right of quiet enjoyment in the case where the Lessee is required to pay rent based on recordable from (a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%"nondisturbance agreement") for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past during the term of the master lease GL 4588. Staff recommends sublease, notwithstanding the expiration, termination or cancellation of this Lease; provided that (i) the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration term of the master lease. The Lessee intends to seek a new lease to continue use sublease, plus extension or renewal options, does not extend beyond the term of the leased premises upon the expiration of GL 4588. Furthermorethis Lease, ▇▇▇▇▇▇ understands plus extension options; (ii) such subtenant agrees that any sublease will be subordinate to the master lease and in the event they do not obtain a new leasethis Lease expires, terminates or is canceled during the term of the sublease, the Lessee will sublease shall be deemed a direct lease between Landlord and such subtenant and the subtenant shall attorn to Landlord. In the event that Landlord objects to any proposed nondisturbance agreement or sublease, Landlord agrees to notify Developer in writing of such objection and of its reasons for such objection within twenty (20) days of its receipt of the proposed nondisturbance agreement and sublease. Subject to the foregoing provisions of this subsection 5.7, Landlord hereby approves generally of the form of nondisturbance agreement attached hereto as Exhibit "E". Any approvals or grants of quiet enjoyment given or made by Landlord pursuant to this subsection 5.7 shall be binding upon Landlord, its successors or assigns, including without limitation any person or entity succeeding to the interest of Landlord by way of judicial foreclosure or trustee sale proceedings pursuant to any mortgage or deed of trust, the lien or charge of which is subject and subordinate to this Lease. Any sublease, with respect to which Landlord agrees to execute a nondisturbance agreement pursuant to this subsection 5.7, may be a sublease pursuant to which the subtenant is responsible for the removal construction of all the building improvements upon the expiration subleased premises (a "Ground Sublease" herein). Any Ground Sublease may contain a hypothecation provision similar to Section 4 of GL 4588this Lease for the benefit of the holder of any mortgage or deed of trust constituting a lien on the subleasehold estate created by virtue of the Ground Sublease. The license agreements between Any nondisturbance agreement executed and delivered by Landlord for the Licensor benefit of the sublessee under a Ground Sublease shall specifically recite that it is for the benefit of any such holder of a deed of trust or mortgage constituting a lien on the subleasehold estate created by such Ground Sublease; that the term "sublease" as used in the nondisturbance agreement shall be deemed to include any new sublease executed and Licensees contain delivered to any such holder of a first deed of trust or first mortgage following a termination of the following provision:sublease pursuant to a provision in the sublease similar to subsection 4.8 of this Lease, and that the term "sublessee" under the nondisturbance agreement shall be deemed to include any encumbrance or other party succeeding to the sublessee under the Ground Sublease by virtue of judicial or private power of sale foreclosure proceedings or by delivery of an assignment in lieu of foreclosure, or otherwise. Where Landlord agrees to execute
Appears in 1 contract
Sources: Lease Agreement (Kilroy Realty Corp)
Subletting. (a) The Lessee shall not rentmay from time to time, license, or sublet sublease the whole Property or any portion of the premisesthereof to any Person and extend, modify or renew any sublease without the prior written approval of the BoardLessor; provided, however, that prior that: (i) no sublease or other relinquishment of possession of the Property shall in any way discharge or diminish any of the Lessee’s obligations to the Lessor hereunder, and the Lessee shall remain directly and primarily liable under this Amended and Restated Master Lease as to the Property, or portion thereof, so sublet and (ii) each sublease to an Affiliate of the Lessee shall be made subject and subordinate to this approval, the Board shall have the right to review Amended and approve the rent to be charged Restated Master Lease and to the proposed sublessee and licensee and that rights of the Lessor hereunder.
(b) Lessor hereby agrees, that, in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts event of the sublessee early termination of this Amended and licensee Restated Master Lease from any cause whatsoever, and while any sublease is in full force and effect, such termination of this Amended and Restated Master Lease shall not act as a merger or any subsequent sublessees other termination of such sublease, and licensees Lessee’s interest as sublessor in such sublease shall be included as deemed automatically assigned, transferred, and conveyed to Lessor; and, from and after such termination, Lessor shall be bound by the provisions of the sublease then in full force and effect on the part of the Lessee’s gross receipts, as sublessor; and that the sublessee shall be deemed thereupon and without further act to have attorned to Lessor. It is the intention hereof to provide that the termination of this Lease while such sublease is in full force and effect shall not, in any way, by reason thereof, terminate such sublease or affect the rights of such sublessee. The foregoing is subject to the right of Lessee (or Lessor, if this Amended and Restated Master Lease has terminated) to terminate any sublease which is in default (notice thereof, if any required, having been given and the time for curing such default having expired) and any other rights and remedies reserved to Lessee in such sublease, and the Board shall have the right any other rights and remedies afforded to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion a lessor of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensesreal property against a defaulting lessee.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Subletting. (a) The Lessee shall Cooperative is a shareholder-occupied complex. Shares are sold with the understanding that the buyer and/or his or her family will occupy the apartment. Accordingly, Shareholder hereby agrees not rent, license, to sublet his or sublet the whole or any portion of the premises, her Apartment without the prior written consent of the Cooperative, which consent may be withheld in the Cooperative's sole discretion. In addition to approving any sublease, the Cooperative must approve of the Shareholder’s tenant (“Sublessee”). In no event shall Shareholder be permitted to sublet the Apartment within the first four years of membership in the Cooperative. Consent to any one subletting shall not be deemed a consent by the Cooperative to any subsequent subletting. The liability of Shareholder under this Occupancy Agreement shall continue, notwithstanding the fact that he or she may have sublet the Apartment with the approval of the Board; providedCooperative, however, that prior to this approval, the Board and Shareholder shall have the right to review and approve the rent to be charged responsible to the proposed sublessee Cooperative for the conduct of his or her Sublessee and licensee and that in for all obligations hereunder. Violation of this provision shall, at the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts option of the sublessee Cooperative, result in termination and licensee or any subsequent sublessees and licensees forfeiture of the Shareholder's rights under this Occupancy Agreement.
(b) The sublease shall be included as part in a form acceptable to the Cooperative, shall require the Sublessee to abide by the terms of the LesseeCooperative’s gross receiptsGoverning Instruments during his or her subtenancy by signing an Occupancy Agreement and rules and regulations, and shall give to the Board shall have the right Cooperative an irrevocable power to revise the rent dispossess or otherwise act for the premises based upon Shareholder in case of default under the rental rate charged sublease.
(c) In addition to subsection (b), Shareholder hereby assigns to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet Cooperative all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC such Shareholder’s rights as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038lessor, i.e., the expiration right, power and authority to: (i) collect the rents, issues and profits (collectively, “Rent”) of said Shareholder’s Apartment, including Rent due and unpaid, (ii) initiate an Unlawful Detainer action against the Sublessee, (iii) enter upon and take possession of the master leaseApartment, (iv) re-rent the Apartment in the Cooperative’s name and collect Rent therefrom without liability to the Shareholder except for any Rent which may be collected over and above the Carrying Charge and other amounts owed to the Cooperative by the Shareholder, and (v) avail itself of any other remedies permitted by law. The Lessee intends Notwithstanding the foregoing, each Shareholder retains the right to seek collect Rent from such Shareholder’s Apartment for so long as the Shareholder shall be current in the payment of such Shareholder’s Carrying Charges and other amounts owed to the Cooperative. Once a new lease to continue use Shareholder becomes delinquent in payment of such Shareholder’s Assessments, said Shareholder’s rights as lessor are extinguished in favor of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:Cooperative.
Appears in 1 contract
Sources: Occupancy Agreement
Subletting. The Lessee (a) Tenant shall not rententer into any Sublease except in accordance with this Section. Subject to the other terms and conditions of this Lease, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board Tenant shall have the right to review enter into Subleases at any time and approve from time-to-time during the Lease Term with such Eligible Subtenants and upon such commercially reasonable terms and conditions consistent with Building Standards, as Tenant shall deem fit and proper. Any proposed Sublease to an Affiliate of Tenant must be at fair market rent and consistent with the terms, conditions, covenants and limitations of this Lease. Tenant shall notify Landlord if it desires to enter into any Sublease the term of which would potentially extend beyond the Expiration Date (whether due to the length of the initial term or as such term may be renewed or extended by Subtenant in accordance with the express terms of the Sublease) or earlier termination date, and Tenant shall refrain from entering into any such Sublease unless and until Landlord provides written approval thereof in its sole discretion or the Parties mutually agree to an arrangement and terms and conditions for Subleases having terms which extend beyond the Expiration Date or sooner termination of this Lease. Tenant shall not have any right to enter into a Sublease for the Public Facilities or the Public Facilities Parcel.
(b) Tenant covenants that it will perform, observe, and use commercially reasonable efforts to cause Subtenants to perform and observe, the respective covenants, conditions and agreements required to be charged to the proposed sublessee performed and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downwardobserved under each Sublease. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇▇ Hawaii-Threeagrees that, Inc.at the request of Tenant, Landlord and any Fee Mortgagee shall enter into an attornment and non- disturbance agreement with any Subtenants (“Attornment Agreement”), which shall be in form and substance reasonably acceptable to the parties thereto, and shall provide, among other things, that if this Lease terminates, the United States Secret ServiceSubtenant shall attorn to Landlord, Salem Media and Landlord shall attorn to Subtenant, and Subtenant shall agree to pay the previously agreed upon rents and all other charges provided for in the Sublease directly to Landlord and perform the obligations, covenants and conditions specified in the Sublease and Attornment Agreement during the remaining Sublease term notwithstanding termination of Hawaiithis Lease, Inc. and, except as may otherwise be provided in the Attornment Agreements, Subtenant shall expressly release, discharge and Blow Upacquit Landlord of any Liabilities of Tenant to Subtenant and waive any defense, LLC.2 Thereforeaffirmative defense, cause of action or right of Subtenant against Tenant relating to the two period prior to the date of termination of this Lease. All Subleases for space at any Residential Building shall be on forms consistent with those made by other landlords of buildings meeting the Building Standards (2) sublessees mentioned in this requeste.g., Blow Uprental abatements and concessions, LLC and Polynesian Broadcastingother tenant inducements, Inc. are the fifth and sixth sublesseesetc.), which trigger a sandwich rent of 50% forms shall be provided to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises Landlord upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:request.
Appears in 1 contract
Sources: Ground Lease Agreement
Subletting. The Lessee Tenant may, without the Authority’s consent, enter into short term subleases of portions of its Occupied Space within the Leased Premises from time to time, as long as (a) the portions of the Occupied Leased Premises that are being subleased by Tenant, at any particular time, do not exceed in the aggregate more than fifty percent (50%) of Tenant’s Occupied space as of that time, (b) any such sublease shall not rentbe for a term of more than twelve (12) consecutive months, licenseand (c) Tenant shall promptly provide the Authority with written notice of such subletting (and such other information as the Authority shall reasonably request in connection therewith) upon Tenant’s entering into any such sublease. Except as provided in the preceding sentence, Tenant shall not sublease or sublet permit any part of the whole Leased Premises to be occupied by others without the prior written consent of Authority, which consent may be withheld or any granted in the Authority’s sole and absolute discretion. In the event of a sublease, Tenant shall remain liable to the Authority to perform all of the obligations of Tenant hereunder upon failure of the subtenant to perform the same. To the extent the Authority’s consent to a subletting is required as described above, the Authority will not unreasonably withhold its consent to a sublease if: (i) Tenant and the proposed subtenant can demonstrate to the reasonable satisfaction of the Authority that the subtenant can and shall perform each and every obligation and condition of Tenant under the terms of this Lease Agreement; (ii) the proposed subtenant’s use of and the business that the proposed subtenant proposes to conduct at that portion of the premisesLeased Premises that the subtenant shall be subleasing from Tenant shall be only as provided in Section 206(A) above; (iii) the proposed subtenant demonstrates to the reasonable satisfaction of the Authority that the proposed subtenant will be able to obtain, in a timely manner, all certificates, licenses and permits from all Governmental Entities, required or appropriate to enable the proposed subtenant to carry on the proposed subtenant’s proposed business at the Leased Premises and to enable the proposed subtenant to sublease that portion of the Leased Premises from Tenant, including without limitation a “repair station certificate” as required under 14 CFR Part 145 (the “145 Certificate”) and an air quality permit from the applicable Governmental Entities; (iv) no Event of Default by Tenant under this Lease has then occurred and is then continuing; and (v) the form and substance of the proposed subtenant’s sublease shall be reasonably satisfactory to the Authority. The subtenant shall not assign or sublease its sublease except with the prior written approval of the BoardAuthority, which may be withheld or granted in the Authority’s sole and absolute discretion; provided, however, that prior and any sublease shall contain a clause to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on effect. If a percentage subletting of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any a portion of the premises. The Lessor will share Leased Premises is permitted as described in the gross revenues from subleases and licenses at the rate first sentence of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected Section or is otherwise permitted by the State pursuant to Authority, Tenant shall be obligated for any breach by the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Upsubtenant or the subtenant’s Employees, LLC and $6000.00 annually for Polynesian Broadcastingagents, Inc. to the State. This will be an additional sublease to Blow Upcontractors or Invitees, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease Tenant’s obligations and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:covenants under this Lease.
Appears in 1 contract
Sources: Lease Agreement (Aar Corp)
Subletting. The Lessee identity and financial position of the Tenant is a material consideration of Landlord entering into this Lease. Tenant shall not rentnot, licensedirectly or indirectly, assign or sublet the whole under this Lease or any portion of the premisespart thereof, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee nor permit all or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receiptsPremises to be used or occupied by another, without first obtaining the written consent of Landlord, which consent shall be at the sole discretion of Landlord. Any mortgage, pledge or assignment of this Lease, or if Tenant is a corporation, any transfer of this Lease from Tenant, or through any change in the ownership of or power to vote the majority of the outstanding voting stock of Tenant, shall constitute an assignment for the purposes of this Section. Any assignment or subletting made without such Landlord's consent, shall be voidable by Landlord. Any consent by Landlord, unless specifically stated therein, shall not relieve Tenant from its obligations under this Lease. To be effective, any assignment or sublease must be in writing and signed by the Landlord, Tenant and assignee/subtenant, and shall set forth the Board entire consideration being given and received. The acceptance of Rent from any other person shall have neither be deemed to be a waiver of any of the right provisions of this Lease nor be deemed to revise the rent for the premises based upon the rental rate charged be a consent to the sublessee assignment of this Lease or subletting of the Premises. If Landlord shall consent to any assignment or subletting, the assignee/subtenant shall assume all obligations of Tenant hereunder and licensee including neither Tenant nor any assignee/subtenant shall be relieved of any liability hereunder if there should be an Event of Default by assignee/subtenant in the percentage rentperformance of any of the terms, if applicablecovenants and conditions hereof. In the event Tenant shall request the consent of Landlord to any assignment or subletting of this Lease, Tenant shall pay, as Additional Rent, all of Landlord's reasonable attorneys' fees, administrative costs, and provided, further, that the rent may processing costs incurred by Landlord in connection therewith irregardless of whether or not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval Landlord consents to rent, license, any such assignment or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licensessubletting.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordinate to the master lease and in the event they do not obtain a new lease, the Lessee will be responsible for the removal of all improvements upon the expiration of GL 4588. The license agreements between the Licensor and Licensees contain the following provision:
Appears in 1 contract
Sources: Lease (DHB Capital Group Inc /De/)