Fillable Standard Commercial Lease Template (Page 14 of 15) in pdf

Standard Commercial Lease Template Page 14

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other party or proposed lessee to guarantee performance of the Lease obligations. The parties

further agree that the definition of the term "adequate assurance" as set forth in Section 365(b)

(3) of the Bankruptcy Code of 1978, as amended, shall apply to any determination of adequate

assurance in connection with this Lease.

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

affect LESSEE, the trustee or other party shall not be permitted to use, sell or lease any of the

Premises, whether or not in the ordinary course of business, without providing adequate

protection to LESSOR. The parties agree that the language in Section 361 of the Bankruptcy

Code of 1978, as amended, shall be the exclusive definition of the term "adequate protection" in

connection with any use, sale or lease of the Premises. The cash payment referred to in that

section shall mean the full payments required under this Lease, plus payment representing the

value of LESSOR'S lost ability to use or lease the Premises; and the then "indubitable

equivalent" as used in that section shall mean protection afforded by either grants of

administrative expense priority, grants to LESSOR of ownership interests in a continuing

business surviving the bankruptcy, or grants to LESSOR of protected securities issued by a

continuing business surviving the bankruptcy, which completely compensate LESSOR for the

loss of the present value (computed at the then market rate of interest for commercial loans) of

LESSOR'S ability to use or lease the Premises.

29.4. The parties agree that because of the extreme financial importance to

LESSOR of this transaction, LESSOR will be irreparably harmed by any stay of its collection

efforts or the exercise of its remedies under this Lease.

30.

SUCCESSORS AND ASSIGNS: This Lease shall inure to the benefit of and be

binding upon the heirs, estates, executors, administrators, receivers, custodians, successors and

(in the case of LESSEE, permitted) assigns of the respective parties.

31.

LIGHT: This Lease does not grant any rights to light, view or air over adjacent

properties. Any diminution of elimination of light, view or air by any structure which may be

erected on property adjacent to the Premises shall not be a breach of, and shall not affect the

rights and obligations of, the parties under this Lease.

32. RIGHT OF FIRST REFUSAL: [Terms to be negotiated in each instance.]

Standard Commercial Lease Template Page 14

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