Example ContractsClausesCondition Precedent
Condition Precedent
Condition Precedent contract clause examples

Condition Precedent. Notwithstanding anything to the contrary contained in this First Amendment, Tenant and Landlord acknowledge and agree that the effectiveness of this First Amendment shall be subject to the following condition precedent (“Condition Precedent”) having been satisfied: Landlord shall have entered into a lease agreement with a third party (“New Tenant”), pursuant to which New Tenant agrees to lease the Early Termination Premises, which lease agreement shall be on terms and conditions acceptable to Landlord, in Landlord’s sole and absolute discretion. In the event that the Condition Precedent is not satisfied, Landlord shall have the right to terminate this First Amendment upon delivery of written notice to Tenant. Landlord shall have no liability whatsoever to Tenant relating to or arising from Landlord’s inability or failure to cause the Condition Precedent to be satisfied.

Condition Precedent. This Sublease, and the rights and obligations of Sublessor and Sublessee under this Sublease, are subject to the condition that Lessor consent to the subleasing of the Subleased Premises to the extent required under the Lease, and this Sublease shall be effective only upon the receipt by Sublessor of such consent. Sublessee agrees to join such consent if so requested by Lessor in the form requested by Lessor. In the event such consent is not received by January 31, 2021, Sublessor shall have the right to rescind its execution of this Sublease, and upon exercise of such right, this Sublease shall be void and the installment of Annual Fixed Rent and Security Deposit which have been paid on or about Sublessee’s execution of this Sublease shall be returned to Sublessee.

Condition Precedent. This Sublease and Sublessor’s and Sublessee’s obligations hereunder are conditioned upon having obtained a written consent of the Master Lessor to the execution of this Sublease in form and substance and containing such provisions as Sublessor and Sublessee may mutually require in their respective sole and absolute discretion (the “Master Lessor Consent”). Sublessor shall use commercially reasonable good faith efforts to obtain the Master Lessor Consent, and shall pay any amounts to Master Lessor as may be required under the Master Lease in connection with the Master Lessor’s Consent. If Sublessor has not obtained the Master Lessor Consent within thirty (30) days after the Reference Date, either Sublessor or Sublessee may terminate this Sublease by giving the other party ten (10) business days’ prior written notice, in which case this Sublease shall terminate on the day following the last day of the ten (10) business day notice period (unless the Master Lessor Consent is obtained during such ten (10) business day period, in which case this Sublease shall remain in full force and effect), neither party shall have any further rights or obligations hereunder and Sublessor shall return to Sublessee any sums paid. The return of all sums paid by Sublessee to Sublessor shall be Sublessee’s sole and exclusive remedy in the event of a termination pursuant to this Paragraph 26, including, without limitation, a termination resulting from Sublessor’s determination that any term or condition proposed by Master Lessor in a consent is unacceptable. Notwithstanding any contrary provision of this Paragraph 26, Sublessor and Sublessee agree that a Master Lessor Consent in substantially the form attached as Exhibit B to this Sublease is satisfactory and meets their respective requirements.

Condition Precedent to Amendment. Landlord’s obligations hereunder are subject to the receipt by Landlord, no later than fifteen (15) business days after the Execution Date, of the Lender’s Consent, as hereinafter defined. Landlord hereby agrees to use diligent efforts to obtain the Lender’s Consent by such date; however, if Landlord does not receive the Lender’s Consent by such date, this Amendment shall, at Landlord’s option, thereupon be deemed terminated and of no further force or effect, and neither party shall have any further rights, obligations, or liabilities hereunder. As used herein, the term “Lender’s Consent” means a written consent to this Amendment in form reasonably satisfactory to Landlord, executed by the holder of the promissory note (the “Lender”) secured by any deed of trust encumbering the fee interest in the real property of which the Leased Premises are a part. Landlord hereby represents that it has previously received the consent of the Lender to the Initial Lease, the First Amendment, the Second Amendment and the Third Amendment.

Condition Precedent. This Agreement shall not take effect unless and until the Borrowers and the Lender shall have fully executed this Agreement.

Condition Precedent. Notwithstanding anything herein to the contrary, this Sublease is expressly conditioned on, and shall not become effective unless and until Landlord has consented to this Sublease by providing written notice of its consent to Sublandlord (which Sublandlord then shares with Subtenant) (the “Consent”). Both Sublandlord and Subtenant agree to cooperate and to use reasonable efforts to obtain the Consent from Landlord. Notwithstanding the foregoing, Sublandlord or Subtenant may terminate this Sublease if Landlord has not provided the Consent on or before the date which is forty-five (45) days after the date of the full execution of this Sublease by Sublandlord and Subtenant. Either party may exercise such termination option by providing written notice to the other party by 5:00 p.m. on the tenth (10th) day following the end of such forty-five (45) day period, provided Landlord shall not have provided its Consent prior to the date of such exercise of the termination option. In the event of such termination, Sublandlord and Subtenant shall be released and discharged from any obligation or liability arising hereunder and Sublandlord shall promptly return any Security Deposit and Rent Payment paid by the Subtenant to Subtenant.

Condition Precedent. The amendments contained herein shall only be effective upon the satisfaction of each of the following conditions precedent in a manner satisfactory to Administrative Agent:

Condition Precedent. Notwithstanding anything to the contrary set forth in this Sublease, this Sublease is conditioned upon, and shall not take effect until, receipt of the written consent of the Master Landlord hereto in form reasonably acceptable to Sublandlord and Subtenant, which must include, unless waived by Subtenant, Master Landlord’s # approval of Subtenant’s signage rights hereunder and installation of a security system and the alterations described in Exhibit E, # agreement that such alterations and any existing alterations in the Premises as of the date of this Sublease do not need to be restored, # agreement that Master Landlord’s consent shall not be required for Transfers to Subtenant’s Permitted Transferees, as described in [Section 14.8] of the Master Lease, as incorporated herein, # agreement that the release and waiver of subrogation in Section 10.5 of the Master Lease shall apply as between Master Landlord and Subtenant and # consent to Subtenant’s use of the generator as described in Section 1 and Hazardous Materials as described in Exhibit D. Subtenant hereby agrees for the benefit of Sublandlord and Master Landlord (as an express intended third party beneficiary) that other than as expressly and specifically agreed to in writing by Master Landlord, no act, consent, approval or omission of Master Landlord pursuant to this Sublease shall # constitute any form of recognition of Subtenant as the direct tenant of Master Landlord, # create any form of contractual duty or obligation on the part of Master Landlord in favor of Subtenant or # waive, affect or prejudice in any way Master Landlord’s right to treat this Sublease and Subtenant’s rights to the Premises as being terminated upon any termination of the Master Lease. If Master Landlord’s consent in a form reasonably acceptable to Sublandlord and Subtenant is not obtained within thirty (30) days after execution of this Sublease by Subtenant, then either Sublandlord or Subtenant may terminate this Sublease by giving the other written notice thereof prior to receipt of such consent and Sublandlord shall return any deliveries made by Subtenant.

Condition Precedent. Notwithstanding anything to the contrary set forth in this Sublease, this Sublease is conditioned upon, and shall not take effect until, receipt of the written consent of the Master Landlord hereto in form reasonably acceptable to Sublandlord and Subtenant, which must include, unless waived by Subtenant, Master Landlord’s # approval of Subtenant’s signage rights hereunder and installation of a security system and the alterations described in Exhibit E, # agreement that such alterations and any existing alterations in the Premises as of the date of this Sublease do not need to be restored, # agreement that Master Landlord’s consent shall not be required for Transfers to Subtenant’s Permitted Transferees, as described in Section 14.8 of the Master Lease, as incorporated herein, # agreement that the release and waiver of subrogation in Section 10.5 of the Master Lease shall apply as between Master Landlord and Subtenant and # consent to Subtenant’s use of the generator as described in Section 1 and Hazardous Materials as described in Exhibit D. Subtenant hereby agrees for the benefit of Sublandlord and Master Landlord (as an express intended third party beneficiary) that other than as expressly and specifically agreed to in writing by Master Landlord, no act, consent, approval or omission of Master Landlord pursuant to this Sublease shall # constitute any form of recognition of Subtenant as the direct tenant of Master Landlord, # create any form of contractual duty or obligation on the part of Master Landlord in favor of Subtenant or # waive, affect or prejudice in any way Master Landlord’s right to treat this Sublease and Subtenant’s rights to the Premises as being terminated upon any termination of the Master Lease. If Master Landlord’s consent in a form reasonably acceptable to Sublandlord and Subtenant is not obtained within thirty (30) days after execution of this Sublease by Subtenant, then either Sublandlord or Subtenant may terminate this Sublease by giving the other written notice thereof prior to receipt of such consent and Sublandlord shall return any deliveries made by Subtenant.

Condition Precedent to Effectiveness. This Amendment shall be and become effective upon receipt by the Administrative Agent of executed counterparts of this Amendment, properly executed by a Responsible Officer of each Loan Party and the Required Lenders. The date on which the foregoing condition is satisfied is referred to herein as the “Second Amendment Effective Date”.

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