Fillable Standard Commercial Lease Template (Page 13 of 15) in pdf

Standard Commercial Lease Template Page 13

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incurred in responding to federal, state, or local laws, strict liability, or common law.

27.

WAIVER OF SUBROGATION: LESSOR and LESSEE each respectively

waive all rights of recovery against the other and the other's agents, employees, permitted

licensees and assignees, for any loss or damage to property or injury to or death of persons, to the

extent the same is covered or indemnified by proceeds of any insurance, or for which

reimbursement is otherwise received. This agreement, however, shall apply only so long as the

parties' respective insurance companies expressly concur in this agreement and waive all

subrogation rights. Each party shall have a continuing obligation to notify the other party if

these waivers are not granted. Nothing in this section shall impose any greater liability upon the

LESSOR than would have existed in the absence of this section.

28.

ATTORNMENT: LESSEE agrees to and does attorn to any successor to

LESSOR'S interest in all or any part of the Premises, including without limitation any purchaser

at any foreclosure sale of all or any part of the Premises.

29.

BANKRUPTCY: The following covenants are a part of this agreement:

29.1. The parties agree that this Lease has been entered into partly because of

LESSOR'S judgment that LESSEE will be particularly able to perform the Lease covenants.

LESSEE has substantial duties of performance under this Lease, apart from its mere financial

obligations. This Lease is a personal contract between the parties which cannot be assumed by

any trustee or other party in bankruptcy.

29.2. In the event any proceedings in bankruptcy are brought against LESSEE or

affect LESSEE, and should an assumption of this Lease be attempted by the trustee or other

party in violation of the above agreement, LESSOR will not have adequate assurance of

performance, within the meaning of Section 365 of the Bankruptcy Code of 1978, as amended,

unless the trustee or other party can demonstrate that itself or a substitute lessee will have the

particular capacity to fulfill the nonmonetary covenants of this Lease. LESSOR will not have

adequate assurance of performance unless and until (a) LESSOR is allowed access to adequate

financial and other information about the proposed lessee, including without limitation

references from prior lessors, to satisfy itself that the trustee, other party or proposed lessee is

fully able to assume the financial and personal covenants of LESSEE in this Lease, in full

accordance with its terms, and (b) sufficient bonds or letters of credit are posted by the trustee,

Standard Commercial Lease Template Page 13

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