NTRS » Topics » OPERATIVE PROVISIONS

This excerpt taken from the NTRS 10-Q filed May 1, 2006.

OPERATIVE PROVISIONS

 

1 Definitions and interpretation

 

1.1 Unless the contrary intention appears, the following definitions apply:

 

Property    the property described in schedule 1 and demised by the Underlease;
Relevant Matters    means the matters contained in the Property and Charges Registers of Title Numbers EGL436332 and EGL430275 so far as the same relate to or affect the Property; and
Underlease    the lease and other documents referred to in schedule 2.

 

1.2 Where any party to this deed is more than one person the expressions “the Landlord”, “the Management Company”, “the Tenant” and “the Superior Landlord” shall include the plural number and obligations in this deed expressed or implied to be made with or by any of them are to be treated as made by or with such individuals jointly and severally.

 

1.3 The clause and schedule headings in this deed are for ease of reference only and are not to be taken into account in the construction or interpretation of any provision to which they refer.

 

1.4 Unless the contrary intention appears, references to numbered clauses or schedules are references to the relevant clause in, or schedule to, this deed.

 

2 Surrender

In consideration of £1 (exclusive of value added tax) paid by the Landlord to the Tenant (the receipt of which is hereby acknowledged) and the releases contained in clause 3.1, the Tenant (with effect from the date of this deed) with full title guarantee but so that the Tenant shall not be liable under any of the covenants set out in section 4 of the Law of Property (Miscellaneous Provisions) Act 1994 for any subsisting breach of covenant or condition relating to the state and condition of the Property surrenders the Property to the Landlord to the intent that the residue of the term of years granted by the Underlease shall merge and be extinguished in the reversion.


3 Releases

 

3.1 The Landlord and the Management Company each release the Tenant absolutely from its liabilities, covenants and obligations past, present and future under the Underlease and in respect of any other claims that the Landlord and/or the Management Company (as the case may be) may have against the Tenant.

 

3.2 The Tenant releases each of the Landlord and the Management Company and the Superior Landlord absolutely from their respective liabilities, covenants and obligations past, present and future under the Underlease.

Delivered as a deed on the date of this document.


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