Severance Subleases definition
Examples of Severance Subleases in a sentence
Borrower shall not commence any action, suit, proceeding or case, or file any application or make any motion (unless such motion is for the purpose of protecting the Ground Lease or the Severance Subleases and its value as security for the Indebtedness and the Obligations).
This Lease may not be (a) changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge is sought or (b) amended in respect of the Common Elements without the consent of the other tenants under the Severance Subleases, as provided for in Article XXIII, Section 4 of the Condominium Declaration.
Agent shall be liable for the obligations of Borrower arising under the Ground Lease and the Members arising under the Severance Subleases for only that period of time which Agent is in possession of the Mortgaged Property or has acquired, by foreclosure or otherwise, the Mortgaged Property and is holding all of the Borrower’s (or such Member’s) right, title and interest therein.
In the event Tenant does (and all of the other tenants under the Severance Subleases do) so exercise the Purchase Option, neither Tenant nor the Condominium Association shall be required to Restore hereunder and Landlord shall be deemed to have waived any of Landlord’s interest in any Casualty insurance proceeds as set forth in Section 5.2 hereof (and Landlord shall confirm such waiver in writing to Tenant within ten (10) days of Tenant’s request for such waiver).
Borrower has good and marketable title to a ground leasehold estate in the premises demised under the Ground Lease and the Members collectively have good marketable title to the premises demised under the Severance Subleases, in each case subject to no Liens other than the Permitted Exceptions.
It is expressly agreed that a default by Landlord in its obligations relating to the conveyance of title to any portion of the Property pursuant to the exercise of the Purchase Option under any Severance Sublease shall be deemed a default by Landlord with respect to such obligations under all of the Severance Subleases.
Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement, maintenance and management of the Demised Premises, the Equipment and, jointly with the tenants under the other Severance Subleases, the Common Elements.
If this Lease terminates as a result of one or more Events of Default and all of the other Severance Subleases also have been terminated, any funds held by Depositary in respect solely of this Lease or the Common Elements shall, subject to the rights of any Subtenants with respect to which Landlord has entered into a Nondisturbance Agreement, be paid to Landlord, which it may keep as liquidated damages free of any claim by Tenant, or any Person claiming by, under or through Tenant.
That certain Ground Leasehold Building Loan Mortgage, Assignment of Leases, Security Agreement and Subordination Agreement (the “Building Loan Mortgage”), securing the maximum principal amount of the Building Loan Amount, from Borrower in favor of Initial Agent, for the benefit of Initial Agent and Lenders, and Agent, for the benefit of Agent and Lenders and subordinating the Severance Subleases to the Building Loan Mortgage and the Ground Lease, dated as of even date herewith.
That certain Ground Leasehold Project Loan Mortgage, Assignment of Leases, Security Agreement and Subordination Agreement (the “Project Loan Mortgage”), securing the maximum principal amount of the Project Loan Amount, from Borrower in favor of Initial Agent, for the benefit of Initial Agent and Lenders, and Agent, for the benefit of Agent and Lenders and subordinating the Severance Subleases to the Project Loan Mortgage and the Ground Lease, dated as of even date herewith.