CLEC Master Lease definition
Examples of CLEC Master Lease in a sentence
This CLEC Master Lease is not an attempt by Landlord or Tenant to evade the operation of any aspect of the law applicable to any of the Leased Property.
The obligations of Landlord and Tenant hereunder shall be separate and independent covenants and agreements and the Rent and all other sums payable by Tenant hereunder shall continue to be payable in all events unless the obligations to pay the same shall be terminated pursuant to the express provisions of this CLEC Master Lease or by termination of this CLEC Master Lease as to all or any portion of the Leased Property other than by reason of an Event of Default.
Subject to Section 22.2, ILEC Tenant hereby absolutely and unconditionally guarantees to Landlord the full and punctual performance and observance by the Tenant of all the terms, conditions, covenants and obligations to be performed and observed by the Tenant under this CLEC Master Lease.
Consequently, all provisions of this CLEC Master Lease shall be interpreted according to their fair meaning and shall not be strictly construed against any party.
Upon Tenant's request, Landlord and Tenant shall enter into one or more short form memoranda of this CLEC Master Lease, in form suitable for recording in each county or other applicable location in which the Leased Property is located.
The parties agree to promptly sign all documents reasonably requested to give effect to the provisions of this CLEC Master Lease, including, without limitation, signing any documents reasonably requested by Landlord (and in a form reasonably acceptable to Tenant) to memorialize its rights, title and interests in the Reversion Strands or the Unused Conduit in easements, subleases or similar documents.
Nothing in this Section 17.1(e), however, shall be construed to extend this CLEC Master Lease beyond the original term thereof as extended by any options to extend the term of this CLEC Master Lease properly exercised by Tenant or a Permitted Leasehold Mortgagee in accordance with Section 1.4, nor to require a Permitted Leasehold Mortgagee to continue such foreclosure proceeding after the default has been cured.
If more than one Permitted Leasehold Mortgagee shall request a New Lease pursuant to Section 17.1(f)(i), Landlord shall enter into such New Lease with the Permitted Leasehold Mortgagee whose mortgage is senior in lien, or with its Permitted Leasehold Mortgagee Designee acting for the benefit of such Permitted Leasehold Mortgagee prior in lien foreclosing on Tenant's interest in this CLEC Master Lease.
Tenant acknowledges that Landlord is relying upon the expertise of Tenant in the operation of the CLEC Facilities and that Landlord entered into this CLEC Master Lease with the expectation that Tenant (or Tenant's Subsidiaries on behalf of Tenant) would remain in and operate such CLEC Facilities during the entire Term and for that reason, except as set forth herein, Landlord retains reasonable discretion in approving or disapproving any assignment or sublease.
If the Leased Property of a CLEC Facility is totally and permanently taken by Condemnation (a “Taking”), this CLEC Master Lease shall terminate with respect to such CLEC Facility as of the day before the Date of Taking for such CLEC Facility.