Acceptable Ground Leases Clause Samples
The Acceptable Ground Leases clause defines the standards and requirements that a ground lease must meet to be considered satisfactory under an agreement. Typically, this clause outlines specific criteria such as minimum lease term, permitted uses, rent escalation provisions, and the rights of the lessee and lessor, ensuring that the lease does not contain terms that could jeopardize the interests of the parties involved. By establishing clear parameters for what constitutes an acceptable ground lease, this clause helps prevent disputes and protects the parties from entering into unfavorable or risky lease arrangements.
Acceptable Ground Leases. Each of Parent and Borrower shall, and shall cause each other member of the Consolidated Group to:
(a) pay or cause to be paid all rents, additional rents, and other sums required to be paid by the applicable member of the Consolidated Group, as tenant under and pursuant to the provisions of each Acceptable Ground Lease;
(b) diligently perform and observe all of the material terms, covenants, and conditions of each Acceptable Ground Lease as tenant under such Acceptable Ground Lease; and
(c) promptly notify Administrative Agent of (i) the giving to any member of the Consolidated Group of any notice of any default by such member of the Consolidated Group under any Acceptable Ground Lease and deliver to Administrative Agent a true copy of each such notice, and (ii) any bankruptcy, reorganization, or insolvency of the landlord under any Acceptable Ground Lease or of any notice thereof, and deliver to Administrative Agent a true copy of such notice.
Acceptable Ground Leases. Each of Parent and Borrower shall not, and shall not permit any other member of the Consolidated Group to:
(a) without the prior written consent of Administrative Agent, surrender the leasehold estate created by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease or materially modify, change, supplement, alter, or amend any Acceptable Ground Lease, either orally or in writing; or
(b) without the prior written consent of Administrative Agent, sublet (other than space leases in the ordinary course of business) any portion of any Unencumbered Property held pursuant to an Acceptable Ground Lease.
Acceptable Ground Leases. Each of Parent and Borrower shall, and shall cause each other Loan Party to:
(a) pay or cause to be paid all rents, additional rents, and other sums required to be paid by such Loan Party, as tenant under and pursuant to the provisions of each Acceptable Ground Lease;
(b) diligently perform and observe all of the terms, covenants, and conditions of each Acceptable Ground Lease as tenant under such Acceptable Ground Lease; and
(c) promptly notify Administrative Agent of (i) the giving to any Loan Party of any notice of any default by such Loan Party under any Acceptable Ground Lease and deliver to Administrative Agent a true copy of each such notice, and (ii) any bankruptcy, reorganization, or insolvency of the landlord under any Acceptable Ground Lease or of any notice thereof, and deliver to Administrative Agent a true copy of such notice;
Acceptable Ground Leases. Each of Parent and Borrower shall not, and shall not permit any other Loan Party to, without the prior written consent of Administrative Agent, surrender the leasehold estate created by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease.
Acceptable Ground Leases. Borrower and each other Loan Party shall not, and shall not permit any other Loan Party to:
(a) without the prior written consent of Administrative Agent, surrender the leasehold estate created by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease or modify, change, supplement, alter, or amend any Acceptable Ground Lease, either orally or in writing; or
(b) without the prior written consent of Administrative Agent, sublet any portion of any Unencumbered Property (other than pursuant to space leases entered into in the ordinary course of business) held pursuant to an Acceptable Ground Lease.
Acceptable Ground Leases. CIM Urban REIT and Borrower shall, and shall cause each other Loan Party to:
(a) pay or cause to be paid all rents, additional rents, and other sums required to be paid by the applicable Loan Party, as tenant under and pursuant to the provisions of each Acceptable Ground Lease;
(b) diligently perform and observe in all material respects all of the terms, covenants, and conditions each Acceptable Ground Lease as tenant under such Acceptable Ground Lease; and
(c) promptly notify Administrative Agent of (i) the giving to any Loan Party of any notice of any default by such Loan Party under any Acceptable Ground Lease and deliver to Administrative Agent a true copy of each such notice, and (ii) any bankruptcy, reorganization, or insolvency of the landlord under any Acceptable Ground Lease or of any notice thereof, and deliver to Administrative Agent a true copy of such notice;
Acceptable Ground Leases. CIM Urban REIT and Borrower shall not, and shall not permit any other Loan Party to, without the prior written consent of Administrative Agent, assign or surrender the leasehold estate created by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease or modify, change, supplement, alter, or amend in any material respect any Acceptable Ground Lease, either orally or in writing.
Acceptable Ground Leases. (a) Pay or cause to be paid all rents, additional rents, and other sums required to be paid by the applicable Loan Party, as tenant under and pursuant to the provisions of any Acceptable Ground Leases;
(b) Diligently perform and observe all of the terms, covenants, and conditions of any Acceptable Ground Lease as tenant under such Acceptable Ground Lease;
Acceptable Ground Leases. Borrower and each other Loan Party shall, and shall cause each other member of the Consolidated Group to: (a) pay or cause to be paid all rents, additional rents, and other sums required to be paid by the applicable member of the Consolidated Group, as tenant under and pursuant to the provisions of each Acceptable Ground Lease;
Acceptable Ground Leases. Each of the Obligors shall, and shall cause each of its Subsidiaries to: (a) pay or cause to be paid all rents, additional rents, and other sums required to be paid by the applicable member of the Consolidated Group, as tenant under and pursuant to the provisions of each Acceptable Ground Lease; (b) diligently perform and observe all of the material terms, covenants, and conditions of each Acceptable Ground Lease as tenant under such Acceptable Ground Lease; and (