Common use of Modification of Lease Clause in Contracts

Modification of Lease. Lessor and Lender agree that the Lease is hereby modified, as between Lessor and Lender, as of the date hereof as hereinafter provided in this Consent. As between Lessor and Lender, the terms of this Consent shall supersede any inconsistent provisions of the Lease and any rights and remedies granted to Lender under this Consent shall, to the extent inconsistent therewith, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in this Consent, nothing contained herein shall be deemed to alter or modify any of the terms, conditions, or provisions of the Lease, and Lessor shall have the right to insist upon and receive strict performance of all the terms, conditions and provisions of the Lease and of all the obligations of Lessee under the Lease. It is expressly understood that Lessor shall not, by virtue of its execution of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien of the Deed of Trust, any of its right, title or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any ▇▇▇▇ ▇▇▇▇▇▇ may have on the assets of Lessee (including, but not limited to, the landlord's lien under the Lease) to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such that Lessor's liens and/or security interests in Lessee's assets shall be subordinate and inferior to the liens and/or security interests Lessee now or hereafter grants in favor of Lender. Lessor and Lessee hereby represent and warrant that as of the date hereof there is no existing default under the Lease.

Appears in 1 contract

Sources: Consent to Leasehold Deed of Trust and Modification of Lease

Modification of Lease. Lessor and Lender agree (a) The Lease is deemed modified so that the currency of the Lease is hereby modifiedshall be in Yen and shall remain in Yen, in that in lieu of Basic Dollar Rent, Tenant shall be obligated to pay Basic Yen Rent to Landlord and Landlord shall be obligated to accept Basic Yen Rent from Tenant, in each case so long as between Lessor each of the conditions set forth in this Paragraph 2(a) are in full force and Lender, effect. The conditions to such Lease modification and payment in Yen are as follows: (1) as of the date hereof on which Basic Dollar Rent is due, a Qualifying Exchange Agreement shall be in full force and effect (including a Qualifying Exchange Agreement which replaces or extends a Qualifying Exchange Agreement which is scheduled to terminate or has terminated); (ii) no notice of termination shall have been given pursuant to and in accordance with such Qualifying Exchange Agreement by any party thereto, and (iii) the conditions precedent to the payment by the Qualifying Financial Institution of its Dollar payments thereunder have been satisfied or waived. (b) Landlord shall enter into a Qualifying Exchange Agreement (including any replacement or extended Qualifying Exchange Agreement), provided that: (i) other than in the event of Voluntary Termination as hereinafter provided described in this ConsentSection 3 hereof, Landlord shall have no obligation to the Qualifying Financial Institution for the payment of termination or breakage costs or other related costs, if applicable, by reason of nonpayment of Yen under such Qualifying Exchange Agreement so long as Landlord has arranged for, and given an irrevocable letter of direction to, Tenant to pay the Yen constituting the Basic Yen Rent to the Qualifying Financial Institution and the nonpayment of such Yen is not otherwise attributable to the action or inaction of Landlord; (ii) any positive payments from the Qualifying Financial Institution on account of termination of the Qualifying Exchange Agreement will be paid to Tenant; (iii) Landlord will not be obligated to pay the costs associated with arranging such Qualifying Exchange Agreement on Landlord's behalf, but all such costs will be paid by Tenant; (iv) such Qualifying Exchange Agreement shall permit a Voluntary Termination upon notice from Landlord and payment or prepayment by Landlord of any costs of termination, as set forth in Section 3 below; and (v) under the Qualifying Exchange Agreement, Landlord shall be required only to make such representations and assume such obligations (other than payment of termination or breakage costs, which shall be governed by subsections (i) and (iv) above) which are customarily made or assumed by a counterparty to an ISDA multicurrency cross-border currency swap agreement. As between Lessor Any replacement or extended Qualifying Exchange Agreement shall be on substantially the same terms and Lenderconditions as to Landlord as those of the initial Qualifying Exchange Agreement. (c) Immediately as of the date that any of the conditions to payment of Basic Yen Rent set forth in Paragraph 2(a) are no longer satisfied, the terms of this Consent shall supersede any inconsistent provisions modification of the Lease and any rights and remedies granted to Lender under this Consent shall, to the extent inconsistent therewith, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in this Consent, nothing contained herein Paragraph 2(a) shall be deemed automatically rescinded, Tenant's obligation for payment of Basic Rent under the Lease shall convert to alter or modify any of the terms, conditions, or provisions of the Leasean obligation to pay Basic Dollar Rent and not Basic Yen Rent, and Lessor shall have the right to insist upon Paragraphs 2(a) and receive strict performance of all the terms, conditions and provisions of the Lease and of all the obligations of Lessee under the Lease. It is expressly understood that Lessor shall not, by virtue of its execution 2(b) of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien of the Deed of Trust, any of its right, title or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any ▇▇▇▇ ▇▇▇▇▇▇ may have on the assets of Lessee (including, but not limited to, the landlord's lien under the Lease) to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such that Lessor's liens and/or security interests in Lessee's assets Modification Agreement shall be subordinate of no further force and inferior to the liens and/or security interests Lessee now or hereafter grants in favor of Lender. Lessor and Lessee hereby represent and warrant that as of the date hereof there is no existing default under the Leaseeffect.

Appears in 1 contract

Sources: Lease Modification Agreement (Beckman Coulter Inc)

Modification of Lease. Lessor From and Lender agree that after the date hereof the Lease is hereby modified, modified and amended as between Lessor and Lender, as of the date hereof as hereinafter provided in this Consent. As between Lessor and Lender, the terms of this Consent shall supersede any inconsistent provisions follows: (A) Section 1.2(A) of the Lease is hereby deleted in its entirety and any rights replaced with the following: (A) Subject to Section 1.2(B) hereof, the term of this Lease shall commence on the date that Landlord delivers vacant and remedies granted exclusive possession of the Premises to Lender under Tenant in accordance with this Consent shall, Lease and with Landlord’s Pre-Commencement Work Substantially Complete (such date that Landlord delivers vacant and exclusive possession of the Premises to Tenant with Landlord’s Pre-Commencement Work Substantially Complete being referred to herein as the “Commencement Date”). Notwithstanding anything to the extent inconsistent therewithcontrary contained herein, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in the event that the Commencement Date shall not occur (i) on or before December 15, 2013, then, subject to this ConsentSection 1.2(A), nothing contained herein the Rent Commencement Date shall be deemed to alter adjourned by one (1) day for each day from and after December 15, 2013 until the Commencement Date shall occur or modify any (ii) on or before forty-five (45) days following the date of the terms, conditions, or provisions that certain Amendment of the Lease, dated as of December , 2013 between Landlord and Lessor Tenant (which date shall be extended by periods of Unavoidable Delays for up to only thirty (30) days) then Tenant, subject to this Section 1.2(A) shall have the right to insist upon and receive strict performance of all the terms, conditions and provisions terminate this Lease within five (5) Business Days after such date by delivering to Landlord notice (time being of the essence) of such termination provided that the Commencement Date has not then occurred and if the Commencement Date shall not occur by the date that that is two (2) Business Days following Landlord’s receipt of this notice, then this Lease shall be deemed terminated. In the event that Tenant terminates this Lease as aforesaid, this Lease shall be deemed terminated and of all no further force and effect, whereupon any monies previously paid by Tenant to Landlord shall be reimbursed to Tenant, and thereafter neither party shall have any rights or obligations hereunder except those surviving the obligations Expiration Date.” (B) The term “Rent Commencement Date” (as defined in Section 1.3 of Lessee under the Lease. It is expressly understood that Lessor shall not, by virtue of its execution of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien of the Deed of Trust, any of its right, title or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any ▇▇▇▇ ▇▇▇▇▇▇ may have on the assets of Lessee (including, but not limited to, the landlord's lien under the Lease) to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such shall mean the same numerical day as the Commencement Date that Lessor's liens and/or security interests occurs in Lessee's assets shall be subordinate and inferior to the liens and/or security interests Lessee now or hereafter grants in favor of Lender. Lessor and Lessee hereby represent and warrant that as of the date hereof there is no existing default under the Leasefifteenth (15th) month thereafter.

Appears in 1 contract

Sources: Lease (Rocket Fuel Inc.)

Modification of Lease. Lessor 40.1 Should any mortgagee require a modification of this Lease, which modification will not bring about any increased cost or expense to Tenant or in any other way materially and Lender agree adversely change the rights and obligations of Tenant hereunder, or impair Tenant’s use or occupancy of the Premises, then and in such event Tenant agrees that this Lease may be so modified and agrees to execute whatever documents which are reasonably required therefor and are in form and substance reasonably acceptable to Tenant, and to deliver the same to Landlord within ten (10) business days following a request therefor. 40.2 Tenant acknowledges that the Lease is hereby modifiedCompany, an affiliate of Landlord, elects to be taxed as between Lessor and Lender, as of the date hereof as hereinafter provided in this Consent. As between Lessor and Lender, the terms of this Consent shall supersede any inconsistent provisions of the Lease and any rights and remedies granted to Lender under this Consent shall, to the extent inconsistent therewith, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in this Consent, nothing contained herein shall be deemed to alter or modify any of the terms, conditions, or provisions of the Lease, and Lessor shall have the right to insist upon and receive strict performance of all the terms, conditions and provisions of the Lease and of all the obligations of Lessee a real estate investment trust (a “REIT”) under the LeaseCode. It is expressly understood that Lessor shall not, by virtue of its execution of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien of the Deed of Trust, any of its right, title or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor Tenant hereby agrees to subordinate any ▇▇▇▇ ▇▇▇▇▇▇ may have on modifications of this Lease required to retain or clarify the assets of Lessee Company’s status as a REIT, provided such modifications: (includinga) are reasonable, but (b) do not limited to, the landlord's lien under the Lease) to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such that Lessor's liens and/or security interests adversely affect in Lessee's assets shall be subordinate and inferior to the liens and/or security interests Lessee now or hereafter grants in favor of Lender. Lessor and Lessee hereby represent and warrant that as a material manner Tenant’s use of the date hereof there is no existing default Premises or Tenant’s parking rights as herein permitted, and (c) do not increase the Base Rent, Additional Rent and other sums to be paid by Tenant or Tenant’s other obligations pursuant to this Lease, or reduce any rights of Tenant under the this Lease, then Landlord may submit to Tenant an amendment to this Lease incorporating such required modifications, and Tenant shall execute, acknowledge and deliver such amendment to Landlord within ten (10) days after Tenant’s receipt thereof.

Appears in 1 contract

Sources: Lease Agreement (Talis Biomedical Corp)

Modification of Lease. Lessor Landlord and Lender agree that the Lease is hereby modified, as between Lessor and Lender, as of the date hereof as hereinafter provided in this Consent. As between Lessor and Lender, the terms of this Consent shall supersede any inconsistent provisions of the Lease and any rights and remedies granted to Lender under this Consent shall, to the extent inconsistent therewith, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in this Consent, nothing contained herein shall be deemed to alter or modify any of the terms, conditions, or provisions of the Lease, and Lessor shall have the right to insist upon and receive strict performance of all the terms, conditions and provisions of the Lease and of all the obligations of Lessee under the Lease. It is expressly understood that Lessor shall not, by virtue of its execution of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien of the Deed of Trust, any of its right, title or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any ▇▇▇▇ ▇▇▇▇▇▇ may hereby agree as follows: a. The scheduled expiration date of the Base Term of the Lease for the Premises shall be accelerated to the date (as applicable, the “Termination Date”) that is the earlier of (i) 91 days after the date of this Agreement (the “Outside Termination Date”), and (ii) such earlier date that Landlord elects to terminate the Lease after the Early Vacate Date (as defined below), pursuant to the Accelerated Termination Right (as defined below) with respect to all or any portion of the Premises; b. Notwithstanding anything to the contrary contained in this Agreement, Landlord shall have the right (“Accelerated Termination Right”) any time during the Option Period (as defined below), by delivery of not less than 5 business days’ advance written notice to Tenant (“Accelerated Termination Notice”), to further accelerate the Termination Date with respect to all or any portion of the Premises to a date prior to the Outside Termination Date, whereupon the term of the Lease shall automatically terminate with respect to the portion of the Premises identified in the Accelerated Termination Notice on the assets date specified in such Accelerated Termination Notice; and c. From and after the Termination Date, Tenant’s Re-Occupancy Right (as defined below) with respect to the Premises shall automatically lapse. d. Notwithstanding anything to the contrary contained in the Lease or this Agreement, to the extent that Landlord has not exercised the Accelerated Termination Right, Tenant may vacate the Premises any time during the period commencing on March 31, 2023 (the “Option Period Commencement Date”), through the day immediately preceding the Outside Termination Date (the “Option Period”). Landlord and ▇▇▇▇▇▇ acknowledge and agree that ▇▇▇▇▇▇ elected to vacate the Premises as of Lessee April 6, 2023 (includingthe “Early Vacate Date”). e. If Tenant vacates the Premises on the Early Vacate Date (subject to Section 1(e)(ii)) in accordance with the terms of Section 2 below, but then: (i) So long as Tenant does not limited toelect to exercise its Re-Occupancy Right, the landlord's lien Tenant shall, from and after April 1, 2023, not be required to pay any further Base Rent, Operating Expenses, or any other monthly financial obligations arising under the Lease) to Lease or make any lien and/or security interest Lender may now improvements or hereafter have upon Lessee's assets such perform any repairs that Lessor's liens and/or security interests in Lessee's assets would be considered capital expenditures after the Early Vacate Date and shall not be subordinate and inferior liable for any loss, cost, claim, liability or damage due to the liens and/or security interests Lessee now access by Walking Fish or hereafter grants any other party through the Premises after the Early Vacate Date; and (ii) Notwithstanding anything to the contrary contained in favor of Lender. Lessor this Agreement, Tenant’s facilities personnel and Lessee hereby represent invitees may use and warrant that as access the Premises between the Early Vacate Date and May 31, 2023 for administrative purposes and to (x) complete Tenant’s surrender of the date hereof there is no existing default under Premises as provided for in this Agreement and (y) subject to the Lease.provisions of the last sentence of this paragraph, auction and remove

Appears in 1 contract

Sources: Lease Modification Agreement (Applied Molecular Transport Inc.)

Modification of Lease. Lessor Landlord and Lender T▇▇▇▇▇ hereby agree as follows: a. The Scheduled Expiration Date shall be accelerated to the date (as applicable, the “Termination Date”) that is the earlier of (i) April 30, 2024 (the “Outside Termination Date”), and (ii) such earlier date that Landlord elects to terminate the Lease is hereby modifiedafter the Early Vacate Date (as defined below), pursuant to the Accelerated Termination Right (as between Lessor and Lender, as defined below) with respect to all or any portion of the date hereof as hereinafter provided Premises. b. Notwithstanding anything to the contrary contained in this Consent. As between Lessor and LenderAgreement, Landlord shall have the terms right (“Accelerated Termination Right”) any time during the Option Period (as defined below), by delivery of this Consent shall supersede not less than 2 business days’ advance written notice to Tenant (“Accelerated Termination Notice”), to further accelerate the Termination Date with respect to all or any inconsistent provisions portion of the Premises to a date prior to the Outside Termination Date, whereupon the term of the Lease shall automatically terminate on the date specified in such Accelerated Termination Notice (which shall in no event be earlier than the date that is 2 business days after Landlord’s delivery to Tenant of the Accelerated Termination Notice). c. From and any rights and remedies granted after the Termination Date, Tenant’s Re-Occupancy Right (as defined below) with respect to Lender under the Premises shall automatically lapse. d. Notwithstanding anything to the contrary contained in the Lease or this Consent shallAgreement, to the extent inconsistent therewiththat Landlord has not exercised the Accelerated Termination Right, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in this Consent, nothing contained herein shall be deemed to alter or modify any of the terms, conditions, or provisions of the Lease, and Lessor Tenant shall have the right option to insist upon elect to vacate the Premises any time during the period commencing on November 30, 2023 (the “Option Period Commencement Date”), through the day immediately preceding the Outside Termination Date (the “Option Period”). Landlord and receive strict performance of all the terms, conditions and provisions of the Lease and of all the obligations of Lessee under the Lease. It is expressly understood that Lessor shall not, by virtue of its execution of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien of the Deed of Trust, any of its right, title or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any T▇▇▇▇▇ acknowledge and agree that T▇▇▇▇▇ elected to vacate the Premises as of 11:59 PM Pacific time on November 30, 2023 (the “Early Vacate Date”). e. If Tenant vacates the Premises on the Early Vacate Date in accordance with the terms of Section 2 below, then so long as Tenant does not elect to exercise its Re-Occupancy Right, Tenant shall not be required to pay any Base Rent, Operating Expenses, Additional Tenant Improvement Allowance or any other recurring monthly financial obligations arising under the Lease, for the period commencing on the Early Vacate Date through the Termination Date. f. If, notwithstanding T▇▇▇▇▇▇ may have on ’s election above with respect to the assets Early Vacate Date, Tenant does not vacate the Premises by the Early Vacate Date, then from and after the Early Vacate Date through the Termination Date, Tenant shall pay Base Rent, Operating Expenses and all other obligations of Lessee (including, but not limited to, the landlord's lien Tenant under the Lease) to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such that Lessor's liens and/or security interests in Lessee's assets shall be subordinate and inferior Lease with respect to the liens and/or security interests Lessee now or hereafter grants in favor of Lender. Lessor and Lessee hereby represent and warrant that as of the date hereof there is no existing default under the LeasePremises.

Appears in 1 contract

Sources: Agreement for Modification of Lease and Voluntary Surrender of Premises (Atreca, Inc.)

Modification of Lease. Lessor On the later to occur of (i) the ---------------------- date first set forth above as the date upon which this Agreement was executed and Lender agree that (ii) the "Approval Date" (as defined in Paragraph 15 of this Agreement), (such later date being hereinafter referred to as, the "Effective Date") the Lease is hereby modified, shall be deemed modified as between Lessor and Lender, as of the date hereof as hereinafter provided in this Consent. As between Lessor and Lender, the terms of this Consent shall supersede any inconsistent provisions follows: A. The Term of the Lease shall be extended to expire at midnight on the expiration of Lease Year Ten, as defined below (the "Extended Expiration Date"), or on such earlier date upon which the Term of this Lease shall expire or be cancelled or terminated pursuant to any of the conditions or covenants of the Lease or pursuant to law and any rights and remedies granted to Lender under this Consent shallthe Extended Expiration Date shall be substituted for the Expiration Date, as applicable, in the Lease. B. With respect to the extent inconsistent therewithAdditional Premises, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in this Consent, nothing contained herein "Lease Year One" shall be deemed to alter or modify any commence on the first day of the termscalendar month following the Effective Date and shall end on the last day of the successive twelve month period. If the Effective Date shall be on the first day of the month, conditionsLease Year One shall commence on such date and shall end on the day immediately preceding the first anniversary of the Effective Date. The term "Lease Year" shall refer to each year of the Term including Lease Year One. Each succeeding Lease Year after Lease Year One shall run for the successive twelve month period from the expiration of the preceding Lease Year and shall be consecutively numbered (i.e., or the tenth Lease Year shall be known as Lease Year Ten). From and after the Original Expiration Date, the provisions of the Lease, and Lessor this Paragraph B shall have the right to insist upon and receive strict performance of all the terms, conditions and provisions of the Lease and of all the obligations of Lessee under the Lease. It is expressly understood that Lessor shall not, by virtue of its execution of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected also apply to the lien of the Deed of Trust, any of its right, title or interest in and to the said Original Demised Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any ▇▇▇▇ ▇▇▇▇▇▇ may have on the assets of Lessee (including, but not limited to, the landlord's lien under the Lease) to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such that Lessor's liens and/or security interests in Lessee's assets shall be subordinate and inferior to the liens and/or security interests Lessee now or hereafter grants in favor of Lender. Lessor and Lessee hereby represent and warrant that as of the date hereof there is no existing default under the Lease.

Appears in 1 contract

Sources: Purchase and Sale Agreement (Sl Green Realty Corp)

Modification of Lease. Lessor and Lender agree (a) The Lease is deemed modified so that the currency of the Lease is hereby modifiedshall be in Yen and shall remain in Yen, in that in lieu of Basic Dollar Rent, Tenant shall be obligated to pay Basic Yen Rent to Landlord and Landlord shall be obligated to accept Basic Yen Rent from Tenant, in each case so long as between Lessor each of the conditions set forth in this Paragraph 2(a) are in full force and Lender, effect. The conditions to such Lease modification and payment in Yen are as follows: (i) as of the date hereof on which Basic Dollar Rent is due, a Qualifying Exchange Agreement shall be in full force and effect (including a Qualifying Exchange Agreement which replaces or extends a Qualifying Exchange Agreement which is scheduled to terminate or has terminated); (ii) no notice of termination shall have been given pursuant to and in accordance with such Qualifying Exchange Agreement by any party thereto; and (iii) the conditions precedent to the payment by the Qualifying Financial Institution of its Dollar payments thereunder have been satisfied or waived. (b) Landlord shall enter into a Qualifying Exchange Agreement (including any replacement or extended Qualifying Exchange Agreement), provided that: (i) other than in the event of Voluntary Termination as hereinafter provided described in this ConsentSection 3 hereof, Landlord shall have no obligation to the Qualifying Financial Institution for the payment of termination or breakage costs or other related costs, if applicable, by reason of nonpayment of Yen under such Qualifying Exchange Agreement so long as Landlord has arranged for, and given an irrevocable letter of direction to, Tenant to pay the Yen constituting the Basic Yen Rent to the Qualifying Financial Institution and the nonpayment of such Yen is not otherwise attributable to the action or inaction of Landlord; (ii) any positive payments from the Qualifying Financial Institution on account of termination of the Qualifying Exchange Agreement will be paid to Tenant, (iii) Landlord will not be obligated to pay the costs associated with arranging such Qualifying Exchange Agreement on Landlord's behalf, but all such costs will be paid by Tenant; (iv) such Qualifying Exchange Agreement shall permit a Voluntary Termination upon notice from Landlord and payment or prepayment by Landlord of any costs of termination, as set forth in Section 3 below; and (v) under the Qualifying Exchange Agreement, Landlord shall be required only to make such representations and assume such obligations (other than payment of termination or breakage costs, which shall be governed by subsections (i) and (iv) above) which are customarily made or assumed by a counterparty to an ISDA multicurrency cross-border currency swap agreement. As between Lessor Any replacement or extended Qualifying Exchange Agreement shall be on substantially the same terms and Lenderconditions as to Landlord as those of the initial Qualifying Exchange Agreement. (c) Immediately as of the date that any of the conditions to payment of Basic Yen Rent set forth in Paragraph 2(a) are no longer satisfied, the terms of this Consent shall supersede any inconsistent provisions modification of the Lease and any rights and remedies granted to Lender under this Consent shall, to the extent inconsistent therewith, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in this Consent, nothing contained herein Paragraph 2(a) shall be deemed automatically rescinded, Tenant's obligation for payment of Basic Rent under the Lease shall convert to alter or modify any of the terms, conditions, or provisions of the Leasean obligation to pay Basic Dollar Rent and not Basic Yen Rent, and Lessor shall have the right to insist upon Paragraphs 2(a) and receive strict performance of all the terms, conditions and provisions of the Lease and of all the obligations of Lessee under the Lease. It is expressly understood that Lessor shall not, by virtue of its execution 2(b) of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien of the Deed of Trust, any of its right, title or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any ▇▇▇▇ ▇▇▇▇▇▇ may have on the assets of Lessee (including, but not limited to, the landlord's lien under the Lease) to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such that Lessor's liens and/or security interests in Lessee's assets Modification Agreement shall be subordinate of no further force and inferior to the liens and/or security interests Lessee now or hereafter grants in favor of Lender. Lessor and Lessee hereby represent and warrant that as of the date hereof there is no existing default under the Leaseeffect.

Appears in 1 contract

Sources: Lease Modification Agreement (Beckman Coulter Inc)

Modification of Lease. Lessor Landlord and Lender agree that the Lease is Tenant hereby modifiedagree, as between Lessor and Lender, as subject to Tenant’s satisfaction (or Landlord’s waiver) of all of the date hereof as hereinafter provided in this Consent. As between Lessor terms and Lender, the terms of this Consent shall supersede any inconsistent provisions of the Lease and any rights and remedies granted to Lender under this Consent shall, to the extent inconsistent therewith, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically conditions set forth in this ConsentAgreement, nothing contained herein as follows: a. The scheduled expiration date of the Lease Term shall be deemed accelerated to alter or modify any the earlier of (i) June 30, 2021 (the terms, conditions, or provisions of the Lease“Outside Termination Date”), and Lessor (ii) such earlier date that Landlord elects in writing with 30 days notice (such writing, a “Landlord Termination Notice”) to terminate the Lease Term for the Premises pursuant to Landlord’s Termination Right (defined below) (such earlier date, the “Termination Date”); b. Commencing on the Surrender Date and continuing through and until the Outside Termination Date, Landlord shall have the right (“Landlord’s Termination Right”) to insist upon and receive strict performance of all the terms, conditions and provisions of terminate the Lease Term with respect to the Premises by delivering a Landlord Termination Notice to Tenant, whereupon the Lease Term shall automatically terminate on the date specified in such Landlord Termination Notice but Tenant shall nonetheless be required to continue to pay to Landlord Base Rent, Additional Rent and of all the any other obligations of Lessee due under the Lease. It is expressly understood that Lessor Lease through the Outside Termination Date; and c. From and after Termination Date, (i) Tenant shall not, by virtue have no rights of its execution of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien of the Deed of Trust, any of its right, title or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any ▇▇▇▇ ▇▇▇▇▇▇ may have on the assets of Lessee kind (including, but without limitation, any right to enter, use, sublease or otherwise occupy) with respect to the Premises, and (ii) Tenant’s Re-Occupancy Right with respect to the Premises shall automatically lapse. d. Notwithstanding anything to the contrary contained in the Lease, so long as Tenant complies with the provisions of this Agreement and does not limited toelect to exercise its Re-Occupancy Right (defined below), the landlord's lien Tenant shall not be required to pay Base Rent or Additional Rent (and any taxes, insurance, maintenance costs or utilities owed to Landlord) under the Lease) to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such that Lessor's liens and/or security interests in Lessee's assets shall be subordinate and inferior Lease with respect to the liens and/or security interests Lessee now or hereafter grants in favor Premises for the period commencing on July 1, 2020 through the Termination Date (the “Rent Opex Abatement Period”). e. Upon the mutual execution and delivery of Lender. Lessor and Lessee hereby represent and warrant that as of this Agreement, Landlord shall deliver the date hereof there is no existing default L-C currently being held by Landlord under the LeaseLease to the issuing bank along with a cancellation notice executed by Landlord.

Appears in 1 contract

Sources: Agreement for Termination of Lease and Voluntary Surrender of Premises (Tocagen Inc)

Modification of Lease. Lessor and Lender agree that the Lease is hereby modified, as between Lessor and Lender, Effective as of the Partial Surrender Date: --------------------- (a) Anything in Section 1.Ol of the Original Lease or Section 4(a) of the Second Amendment to the contrary notwithstanding, commencing from and after the Partial Surrender Date through and including the Expiration Date, Fixed Rent for the Demised Premises shall be at the following rates: (i) From and after the Partial Surrender date hereof as hereinafter provided $682,400.00 per annum through and including September 30, 2001 ($56,866.67 per month) (ii) From and after October 1,2001 $262,400.00 per annum through and including March 17, 2005 ($21,866.67 per month) (iii) From and after March l8, 2005 $279,800.00 per annum through and including the expiration Date ($23,316.67 per month) Nothing in this Consent. As between Lessor and Lender, the terms of this Consent shall supersede any inconsistent provisions of the Lease and any rights and remedies granted to Lender under this Consent shall, to the extent inconsistent therewith, supersede any rights and remedies of Lessor and Lessee under said Lease. Except as expressly and specifically set forth in this Consent, nothing contained herein Section shall be deemed to alter modify or modify diminish Tenant's obligation to continue to pay any of and all Fixed Rent and additional rent heretofore and/or hereafter provided for in the terms, conditions, or provisions Lease (as unamended by this Amendment) with respect to the Surrender Space through the Partial Surrender Date. (b) Tenant shall pay additional rent for the Demised Premises in accordance with Article 3.01 of the Lease, and Lessor except that Tenant's Tax Share for the Demised Premises shall have the right to insist upon and receive strict performance of all the terms, conditions and provisions of the Lease and of all the obligations of Lessee under the Lease. It is expressly understood that Lessor shall not, by virtue of its execution of this Consent, be deemed to be a grantor under the Deed of Trust or to have subjected to the lien 2.07%. (c) Section 6(a) of the Deed Second Amendment shall no longer be in effect, and in lieu thereof, and in lieu of Trustany other porter-wage, any of its right, title operating expense or interest in and to the said Premises. Lessor and Lessee agree that they will not further modify or amend the Lease without the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned, or delayed. Lessor hereby agrees to subordinate any ▇▇▇▇ similar escalations which would ot▇▇▇▇▇▇ may ▇e be due and payable by Tenant to Landlord in respect of the Demised Premises, the parties have agreed that in addition to increases in Fixed Rent for the Demised Premises under Section 3(a) of this Amendment, the Fixed Rent for the Demised Premises shall be further increased by 2.0% cumulatively on January 1, 2002 and on each January 1 thereafter for the ensuing one-year period of the Term and that, accordingly, Fixed Rent for the Demised Premises shall be payable during the Term in the aggregate as follows: (i) During the period commencing on the assets of Lessee Partial Surrender Date and ending on December 31, 2001, Tenant shall pay Landlord Fixed Rent at the rate then payable pursuant to Section 3(a) hereof. (includingii) During the period commencing on January 1, but not limited to2002 and ending on December 31, the landlord's lien under the Lease) 2002, Tenant shall pay Landlord Fixed Rent at a rate equal to any lien and/or security interest Lender may now or hereafter have upon Lessee's assets such that Lessor's liens and/or security interests in Lessee's assets shall be subordinate and inferior to the liens and/or security interests Lessee now or hereafter grants in favor of Lender. Lessor and Lessee hereby represent and warrant that as 102.0% of the date hereof there is no existing default under Fixed Rent rate then payable pursuant to Section 3(a) hereof. (iii) During the Leaseperiod commencing on January 1, 2003 and ending on December 31, 2003, Tenant shall pay Landlord Fixed Rent at a rate equal to 104.04% of the Fixed Rent rate then payable pursuant to Section 3(a) hereof. (iv) During the period commencing on January 1, 2004 and ending on December 31, 2004, Tenant shall pay Landlord Fixed Rent at a rate equal to 106.12% of the Fixed Rent rate then payable pursuant to Section 3(a) hereof.

Appears in 1 contract

Sources: Assignment and Assumption of Lease and License Agreement (Integrated Information Systems Inc)