Is the approval of a building a lease contingent on?

This Lease and the Building A Lease (together, the “Leases”) are each contingent upon the issuance of an “ approval letter ” by the Federal Drug Administration (the “FDA”) of Tenant’s new drug application for telaprevir as a so- called “ listed drug”, as such terms are defined in 21 C.F.R 314.3 (the “Telaprevir Approval”).

What are the contingencies in a purchase agreement?

As discussed previously, purchase agreement contingencies are all about a buyer carving out “escape clauses” in the event some key component of the transaction or future use of the property falls through. This should be readily apparent in our discussion of some of the commonly-used contingencies discussed above.

What does contingent upon mean in free trade agreement?

Contingent upon the closing of the refinancing, MacAndrews & Forbes Holdings Inc. officials have granted exemptions from the tariffs of up to 30%, Brazilian authorities say the country’s involvement in the Free Trade Agreement of the Americas (FTAA) is contingent upon a loosening of U.

Which is the best definition of the word contingent?

contingent upon – determined by conditions or circumstances that follow; “arms sales contingent on the approval of congress” contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent

How are financing contingencies used in real estate transactions?

As one might expect, a financing contingency dictates that the purchaser’s obligation to close on the transaction is contingent on their ability to acquire appropriate (and/or desirable) financing of the purchase price. Both residential and commercial transactions routinely include a financing contingency for the Buyer.

Who is the assignor of a commercial lease?

After the new owner, or assignee-buyer, buys the property subject to existing leases, the assignor-landlord assigns the leases to the new owner, who can then collect rent.

When does the lease approval period start and end?

Lessee shall have a period commencing from the date of execution this Lease and continuing through May 31, 2004 (the ” Approval Period “) within which to pursue obtaining all Approvals.

Can a landlord withhold consent to assign a lease?

As with a residential lease, a landlord cannot unreasonably withhold consent for you to assign the lease. However, it’s up to you as the assignor, or original tenant, to ensure that your assignee is reliable, responsible, and can pay the rent—or you may end up being held financially liable.

Do you need consent to assign a commercial lease?

Almost all assignments of commercial leases by the tenant need the landlord’s consent, so check your original lease for any such language. As with a residential lease, a landlord cannot unreasonably withhold consent for you to assign the lease.

When is a leaseholder not obliged to give consent?

Examples include the external and structural walls of the building and the roof. If the alterations that a leaseholder proposes include an alteration to part of the freehold, the landlord is not obliged to grant consent; and the implied term not to unreasonably withhold consent does not apply.

Can a shared ownership lease be sold in the open market?

If the landlord does not exercise their pre-emption rights within 8 weeks the leaseholder can sell in the open market, subject to conditions . In buying a proportion of the equity in a property the owner of a shared ownership lease must pay rent on that share of the property retained by the landlord.

Can a shared ownership flat be extended by the landlord?

A shared ownership leaseholder of a flat only qualifies for the statutory right to extend their lease as the holder of a “long lease” if they have “staircased” up to 100% ownership. However, the landlord may have their own policy of allowing lease extension where there is less than 100% ownership.