Master Lease definition
Examples of Master Lease in a sentence
If any such termination of this Master Lease occurs (whether or not Landlord terminates Tenant’s right to possession of the Property), Tenant shall forthwith pay to Landlord all Rent due and payable under this Master Lease, to and including the date of such termination.
Except for any Base Rent adjustment described in Section 12.3, such termination shall not otherwise affect any other terms or conditions of this Master Lease with respect to the remainder of the Property, all of which shall remain in full force and effect, subject to all obligations of Tenant which survive termination of the Master Lease.
In the event of a 12-Month Destruction in which Tenant does not elect to rebuild as provided herein, the Master Lease will terminate solely with respect to such Property, and Tenant shall tender all of the insurance proceeds payable in connection with the casualty (other than Tenant’s business interruption insurance proceeds), and Tenant shall pay the amount of any applicable deductible with respect to such casualty insurance, to Landlord.
During any such Renewal Term, except as otherwise specifically provided for herein, all of the terms and conditions of this Master Lease shall remain in full force and effect.
For the avoidance of doubt, no Renewal Notice shall be effective and no Renewal Term shall commence in the event Landlord exercises any right to terminate this Master Lease by reason of any Event of Default which has occurred and is continuing after the Renewal Exercise Date.