JL Properties definition
Examples of JL Properties in a sentence
Tenant shall undertake all reasonably required or requested actions to enforce its rights and Landlord’s obligations under Article IV of the Lease, including without limitation those provisions of such Section 4.03 regarding the return of the LOC to JL Properties, and shall fully cooperate and coordinate with JL Properties in connection therewith.
JL Properties acknowledges receipt of a fully executed copy of the Lease.
Tenant shall not amend or modify, or permit any amendment or modification of, Section 4.03 of the Lease without first obtaining the written consent of JL Properties, such consent not to be unreasonably withheld or delayed.
This Agreement shall inure to the benefit of, and shall be binding upon, the respective successors and assigns of Tenant and JL Properties; provided, however, that no party may assign this Agreement in whole or in part without the prior written consent of each other party (such consent not to be unreasonably withheld or delayed).
After the Expiration Date, Tenant shall use its best efforts to have the Landlord or the Landlord's mortgagee return the LOC to JL Properties or surrender it to the LOC Issuer.
Tenant has requested that JL Properties cause an unconditional, irrevocable, transferable, and negotiable commercial letter of credit in the amount of $1,000,000 to be issued in favor of Landlord or NXT Capital Funding, LLC, Landlord’s mortgagee (“Landlord’s Mortgagee”), as directed by Landlord, from ▇▇▇▇▇ Fargo Bank, National Bank (the “Bank”) to satisfy Tenant’s obligation to provide the Security Deposit under the Lease.
Tenant agrees to provide JL Properties copies of all notices of default given by Landlord to Tenant under the Lease promptly (but in any event within 2 business days) of receipt.
Subject to Section 6 below, Tenant agrees to provide JL Properties with copies of each amendment or modification to the Lease promptly (but in any event within 10 business days) of the effective date of such amendment or modification.
Notwithstanding the foregoing, other than providing copies of default notices to JL Properties, Landlord shall have no obligation to JL Properties under this Lease nor shall JL Properties have any rights or claims of interest under this Lease to the Premises of any kind and Landlord shall only be required to deal directly with Tenant as to the obligations of Tenant to provide the Letter of Credit hereunder.
At the request of and as an accommodation to Borrowers and subject to the strict compliance with the terms, conditions and requirements set forth herein (including, without limitation, satisfaction of each of the conditions set forth in Section 7 below), Agent and Lenders hereby consent to the JL Properties Reimbursement Agreement (as defined below) and the First Tower Central Letter of Credit (as defined below).