Zoning Contingency definition
Zoning Contingency means that (i) Tenant reasonably determines that it will be required to obtain Use Approvals, (ii) Tenant has complied with the terms of Section 2.3.2, and, (iii) despite Tenant’s compliance with those terms, Tenant’s application or request for any such Use Approval has not been granted or approved as of the Contingency Deadline, or any such application or request has been rejected by the entity with authority to approve or grant same. “Use Approvals” means, collectively, additional approvals under local zoning laws (such as a special use permit) and/or the Protective Covenants in order for Tenant to perform the minor product assembly activities that Tenant desires to perform at the Premises. “Contingency Deadline” means November 1, 2022. In the event of a dispute between Landlord and Tenant over whether or not the Zoning Contingency has occurred, Tenant shall have the burden of proving that the Zoning Contingency has occurred.
Zoning Contingency has the meaning set forth in Section 8.1 hereof.
Examples of Zoning Contingency in a sentence
If the Zoning Contingency (defined below) occurs and no Event of Default then exists, then Tenant shall have the right to terminate this Lease by (i) delivering written notice of termination to Landlord within two business days after the Contingency Deadline (defined below) and (ii) paying to Landlord, with ▇▇▇▇▇▇’s termination notice, an amount equal to the sum of (A) $750,000 and (B) all Rent and other sums then due and owing under this Lease as of the termination date.