Laserfiche WebLink
11 <br />Lessee shall theretofore have complied with the provisions of this <br />Section 15 with respect to such Properties) shall, at least to the <br />extent of such excess, (i) purchase one or more of such Properties <br />pursuant to Section 13 or (ii) convey to Lessor and, by instrument <br />supplemental hereto, subject to the terms of this Lease other fee <br />properties having, with improvements, a fair market value at least <br />equal to such excess. For the purposes of this Lease, such substitute <br />properties shall, on any date, be deemed to have the same projected <br />depreciated net book value as the Property or respective Properties <br />for which they were substituted had- or, but for such substitution, would <br />have had on such date. Thereupon such substitute properties shall be <br />deemed, a Property or, as the case may be, Properties for the purposes <br />hereof. Any Property for which substitution is made pursuant to the <br />provisions of this Section 15 shall, at the request of Lessee, be <br />conveyed by Lessor to Lessee free and clear of any liens or encum- <br />brances created or permitted to be created thereagainst by Lessor; <br />provided, however, that the rentals shall not be abated, deferred, <br />or diminished on account , of failure by Lessor so to convey such <br />.Property,. , <br />16, *Signment and Subletting. Lessee shall have an estate for <br />years in the Properties. Neither this Lease nor the term hereby demised <br />shall be assigned, transferred, mortgaged or otherwise encumbered by <br />Lessee,, proviftd,,however, that the same may be assigned or trans- <br />ferred to a ',corppration into which or with which Lessee is merged or <br />consolidated or to a corporation acquiring all or substantially all of <br />the property'and` assets of Lessee, if immediately upon giving effect <br />to any such merger, consolidation or sale the corporation surviving or <br />created by such merger or consolidation or acquiring such property and <br />assets shall expressly assume the duties and obligations of Lessee here- <br />under and under the agreement dated as of July 1, 1962 among Lessor, <br />Lessee 'and Bankers Trust Company, as Trustee under the Trust Agree- <br />ment. Lessee shall have the right to sublet any Property. No such <br />assignment, transfer or sublease of any Property shall release Lessee <br />from any of its duties and obligations hereunder. <br />WIM <br />