Thursday, February 9, 2012

Acciona has the right sell the leases to an assignee. Without consent of the landowner.

Reportedly, Bp has bought out Acciona’s interests in the St. Lawrence Wind project. what does this mean for the St. Lawrence wind lease holders?
Below is a clause from an Acciona (New York Wind)(NYW) Lease that explains what it means. Acciona has the right sell the leases to an assignee. Without consent of the landowner. And without additional monetary compensation.

10.1
Assignment; cure.
Assignments and some leases. NYW shall have the right, without obtaining the consent of the owner, to do any of the following, conditionally or unconditionally, with respect to all or any portion of the property: finance wind power facilities; grant co- leases, separate leases, subleases, licenses, or similar rights (however denominated) to one or more persons (an "Assignee"); or sell, convey, lease, assign, mortgage, encumber, or transfer to one or more assignees. The lease, or any or all right of interest in the lease or in this agreement or any or all right or interest of NYW in the property grade any or all of wind power facilities that NYW or any assignee party may now or hereafter install on the property. Within 120 days of completing any of the aforementioned changes, NYW will notify Owner and record the change with the County office where the deed of the property is recorded. For purposes of this lease agreement, a “Sublease"). Yes, any person with whom NYW has entered into a sublease for all or a portion of the property (a “sublease"). To the extent provided for in each conveyance document or sublease, and assignee or a sub lessee shall have all of the rights and benefits of NYW under and pursuant to this lease.
Link here to read a wind lease for Acciona's St. Lawrence wind complex

2 comments:

Anonymous said...

This clause seems to give Acciona all powers to do as they please, including having a tryst with the leasee's mother.

Meri-Ann Jason said...

Martha Stewart went to jail because she had inside knowledge on deals to come. Marty did something similar so did Edsall and Abertine.