Upon Lessee definition

Upon Lessee s receipt of notice from Lessor as to Lessor's determination of market rent, Lessee shall have thirty (30) days to notify Lessor in writing that it accepts such determination or that Lessee rejects such determination (in which latter case, Lessee shall simultaneously notify Lessor of Lessee's determination of the market rent). Lessee's failure to respond within such thirty (30) day period shall be deemed an acceptance of Lessor's determination of market rent and the Lease shall thereupon be extended for an additional five (5) year period, the monthly rent for the first year of the extended term shall be the Lessor's determination of market rent and the rent increase provisions of this Section 19 shall apply to the balance of the extended term. If Lessee rejects the market rent, as provided above, Lessor and Lessee shall forthwith attempt in good faith to agree upon the market rent. If Lessor and Lessee fail to reach agreement on such market rent within thirty (30) days after the date of rejection (such date, the "Outside Agreement Date"), then each party's determination shall be submitted to appraisal in accordance with the appraisal provisions set forth in Section 20 below. The rent for the Premises after the expiration of the initial term of the Lease and during any period that the market rent for the Premises is being determined pursuant to Section 20 shall be the market rent determined by Lessor, and the parties shall make a retroactive adjustment, if necessary, to the rent payable for such period upon the determination of the market rent under said Section 20.
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Upon Lessee s reasonable request, the Agent shall execute and deliver instruments confirming that any Lessee Equipment or proposed Lessee Equipment is not subject to any lien or other encumbrance in favor of the Financing Parties.
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Upon Lessee s approval of Lessor's plans, Lessor shall promptly enter into a construction contract with a licensed bonded contractor. The construction of all improvements to be made on the Premises shall be performed in a first-class, workmanlike manner and in conformity with all applicable governmental laws, ordinances, rules, orders, regulations, and other requirements. The Fifty Six Thousand Two Hundred Five and no/100 Dollars ($56,205.00) for tenant improvements shall include but not be limited to contractor's profit which shall not exceed 7%, construction costs, construction management fees, permit fees, architectural fees, and Washington State Sales Tax. Any additional tenant improvements that exceed the scope of work described above, for which the Lessee is responsible or has requested, shall be at the sole expense of the Lessee. Lessor shall invoice Lessee for any costs associated with additional tenant improvements required above and beyond Fifty Six Thousand Two Hundred Five and no/100 Dollars ($56,205.00). Prior to Lessor commencing work on any additional improvements, Lessee shall pay Lessor 75% of the Lessor's good faith estimate with the balance due within ten (10) days of receipt by Lessee or Lessor's request following the completion of additional improvements. In the event Lessee does not pay Lessor when such invoice is due, Lessee shall, upon demand, reimburse Lessor for any such amount so paid together with interest thereon at 18% per annum until paid.
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Examples of Upon Lessee in a sentence

  • Upon Lessee paying the rent for the Premises and observing and performing all of the covenants, conditions and provisions on Lessee's part to be observed and performed hereunder, Lessee shall have quiet possession of the Premises for the entire term hereof subject to all of the provisions of this Lease.

  • Upon Lessee paying the rent for the Premises and observing and performing all of the covenants, conditions and provisions on Lessee’s part to be observed and performed hereunder, Lessee shall have quiet possession of the Premises for the entire term hereof subject to all of the provisions of this Lease.

  • Upon Lessee timely paying the rent for the Premises and timely observing and performing all of the covenants, conditions and provisions on Lessee’s part to be observed and performed hereunder, Lessee shall have quiet possession of the Premises for the entire Lease Term, subject to all of the provisions of this Lease.

  • Upon Lessee paying the fixed rent reserved hereunder and observing and performing all of the covenants, conditions and provisions on Lessee's part to be observed and performed hereunder, Lessee shall have quiet possession of the Premises for the entire term hereof subject to all of the provisions of this Lease.

  • Upon Lessee timely paying the rent for the Premises and timely observing and performing all of the covenants, conditions and provisions on Lessee's part to be observed and performed hereunder, Lessee shall have quiet possession of the Premises for the entire Lease Term, subject to all of the provisions of this Lease.

  • Upon Lessee paying the rent reserved hereunder and observing and performing all of the covenants, conditions and provisions on Lessee's part to be observed and performed hereunder, Lessee shall have quiet possession of the Premises for the entire term hereof, subject to all the provisions of this Lease.

  • Upon Lessee paying the rent for the Premises and observing and performing all of the covenants, conditions and provisions on Lessee's part to be observed and performed hereunder.

  • Upon Lessee paying the Rentals reserved hereunder and observing and performing all of the covenants, conditions and provisions on Lessee’s part to be observed and performed hereunder, Lessee shall have quiet possession of the Premises for the entire Term, subject to all the provisions of this Lease and subject to any ground or underlying leases, mortgages or deeds of trust now or hereafter affecting the Premises or the Building and the rights reserved by Lessor hereunder.

  • Upon Lessee paying the fixed rent reserved hereunder and observing and performing all of the covenants, conditions and provisions on Lessee's part to be observed and performed hereunder, Lessee shall have quiet possession of the Premises for the entire term hereof subject to all of the provisions of this Lease, including without limitation the provisions of Paragraph 16.15.

  • Upon Lessee execution and at least thirty (30) days prior to any renewal, Lessee shall submit to the Town an annual budget, prepared in accordance with standard accounting principles.


More Definitions of Upon Lessee

Upon Lessee. S default, LESSOR shall have the right to exercise any one or more of the following remedies; (a) without affecting LESSOR'S title or right to possession of the EQUIPMENT, declare due, sue for and recover all rents and other amounts then accrued or thereafter accruing for the entire lease term, discounted to present value at 8% per annum or the sum calculated per paragraph 27 below, whichever is greater, (b) require LESSEE to promptly redeliver the EQUIPMENT in the manner specified in Section 9 hereof; or (c) repossess the EQUIPMENT without notice, legal process, prior judicial hearing or liability for trespass (which rights LESSEE hereby voluntarily, intelligently and knowingly waives). Such return or repossession of EQUIPMENT shall not terminate this LEASE unless LESSOR so notifies LESSEE in writing. LESSOR, at its option may sell or re-lease the EQUIPMENT upon such terms as it reasonably determines and apply the proceeds to LESSEE's obligations hereunder, after deducting from such proceeds all costs and expenses of repossession and disposition, reasonable attorney's fees, plus any amounts due LESSOR pursuant to Section 18 hereof. LESSXX xxxll promptly pay any resulting deficiency, together with interest at the lesser of sixteen (16%) percent and LESSXX'x xeasonable attorneys' fees if legal action is required to collect such deficiency. If LESSOR is unable to repossess the EQUIPMENT for any reason, the EQUIPMENT shall be deemed a total loss and LESSEE shall pay to LESSOR the amount due pursuant to Section 13 (c). All such remedies are cumulative and may be enforced separately or concurrently and are in addition to any other rights or remedies available to LESSOR at law or in equity. The foregoing provisions of this Section 16 are subject to any mandatory requirement of applicable law then in effect.
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Upon Lessee s execution of this Schedule, Lessee will pay the additional Advance specified in the Schedule, not to exceed one month's rent. The Advance will be credited towards the final rent payment if Lessee is not then in default. No interest will be paid on the Advance."
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Upon Lessee s written request prior to the required exercise date of the Option to Extend, Lessor shall promptly deliver written notice to Lessee of Lessor's estimation of the fair market rental rate and shall negotiate in good faith with Lessee in an attempt to agree upon such fair market rental rate. The Annual Base Rental under this Lease shall be an amount equal to the then "fair market rental rate," as hereinafter defined, as agreed upon by Lessor and Lessee not later than the date that is thirty (30) days after Lessee's written request of Lessor's estimation of the fair market rental rate. In the event Lessor and Lessee are unable to agree upon the fair market rental rate prior to such date, then the Annual Base Rental for the Extended Term shall be an amount equal to the then "fair market rental rate," as hereinafter defined and established. The phrase "fair market rental rate" shall mean the annual rental rate (projected to the date of the commencement of the Extended Term) which Lessee would expect to pay and Lessor would expect receive under leases for space of comparable size and quality to the Premises for comparable buildings in the north suburban Atlanta, Georgia area and as provided for in, and upon terms and conditions comparable to, this Lease covering premises similar to the Premises and taking into account concessions offered by landlords for comparable space to the Premises. If Lessor and Lessee have not reached agreement on a fair market rental rate and executed an amendment to this Lease setting forth such agreement on or before the date that is thirty (30) days after Lessee's written request of Lessor's estimation of the fair market rental rate, and Lessee desires to extend the term of this Lease, then, within ten (10) days after that date, Lessor shall submit to Lessee a list of five (5) independent real estate appraisers (who shall be a member of the American Institute of Real Estate Appraisers (MAI) with at least ten (10) years of full- time commercial real estate appraisal experience, with substantial experience relative to comparable xxxxxx xxxxxxxxx xx xxx xxxxx xxxxxxxx Xxxxxxx, Xxxxxxx xxxx), and Lessee shall choose two (2) appraisers from such list to appraise and establish the "fair market rental rate." The two (2) appraisers, thus appointed, shall each appraise the fair market rental rate of the Premises independent of one another and the average of the fair market rental rates of the two (2) appraisers shall be deemed to be the fair ...
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Related to Upon Lessee

  • Master Tenant means any entity approved by HUD now or hereafter leasing the Healthcare Facility pursuant to a Master Lease.

  • Sub-Lessee means a lease/license by a Lessee of part or all of leased space to another person.

  • THE LESSEE or any other Person includes without prejudice to the provisions of this Agreement any successor in title to it and any permitted assignee;

  • Lessee means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessee.

  • Ground Lessee means the Owner Lessor as lessee of the Ground Interest under the Facility Site Lease.

  • Trustor means a borrower under a deed of trust, who deeds property to a trustee as security for the payment of a debt.

  • Permitted Lessee means any Person to whom the Company is permitted to lease the Airframe or any Engine pursuant to Section 7.02(a) of the Indenture.

  • New Owner means, collectively, the HDFC and the Company.

  • Operating Lessee means, with respect to a Hotel Property, the Subsidiary of the Parent Guarantor that leases such Hotel Property from a Subsidiary of the Parent Guarantor that is the owner or ground lessee of such Hotel Property.

  • Lot Owner means a declarant or other person who owns a lot, or a lessee of a lot in a leasehold planned community whose lease expires simultaneously with any lease the expiration or termination of which will remove the lot from the planned community, but does not include a person having an interest in a lot solely as security for an obligation.

  • Mortgage Borrower shall have the meaning set forth in the Recitals to this Agreement.

  • Anchor Tenant means the primary customer occupying a site.

  • Mortgagor The obligor on a Mortgage Note.

  • The Lessor Agent" for "the Lessee", "Unit Premises, Unit Improvements, Unit FF&E and Unit" for "Parcel of Property" and "Section 13" for "Section 28".

  • and Lessor s agents shall have the right to enter the Premises at any time, in the case of an emergency, and otherwise at reasonable times for the purpose of showing the same to prospective purchasers, lenders, or lessees, and making such alterations, repairs, improvements or additions to the Premises or to the Building, as Lessor may reasonably deem necessary. Lessor may at any time place on or about the Premises or Building any ordinary "For Sale" signs and Lessor may at any time during the last one hundred eighty (180) days of the term hereof place on or about the Premises any ordinary "For Lease" signs. All such activities of Lessor shall be without abatement of rent or liability to Lessee.

  • Owner or operator means any person who owns, leases, operates, controls, or supervises a stationary source.

  • Leasehold Mortgagee means the holder of a Leasehold Mortgage.

  • Sublessee means any Person for so long, but only so long, as such Person is in possession of the Airframe and/or any Engine pursuant to the terms of a Sublease which is then in effect pursuant to Section 7(b)(x) of the Lease.

  • The Owner means the NATIONAL FERTILIZERS LTD., incorporated in India, having its registered office at SCOPE COMPLEX, Core No-III, 7, Institutional Area, Lodhi Road, New Delhi-110003.

  • Lessor means a person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor.

  • Franchisee means a person to whom a franchise is granted.

  • Net Worth of Lessee means the net worth of Lessee (excluding any guarantors) established under generally accepted accounting principles.

  • Owner/Operator means a requirement applies to the owner and/or operator of a TRU or TRU gen set, as determined by agreement or contract between the parties if the two are separate business entities.

  • Mortgagee The mortgagee or beneficiary named in the Mortgage and the successors and assigns of such mortgagee or beneficiary.

  • the Tenant means the party(ies) named on the tenancy agreement as the tenant of The Property.

  • Permitted Sublessee means the sublessee under a Permitted Sublease.