Air Rights Lease Sample Clauses
An Air Rights Lease is a contractual provision that grants a party the right to use or develop the space above a parcel of land, typically for purposes such as constructing buildings or other structures. This clause outlines the specific vertical boundaries, duration, and permitted uses of the airspace, and may require coordination with local zoning laws or existing property owners. Its core function is to enable the separate leasing and utilization of airspace, thereby maximizing property value and clarifying rights over non-ground real estate.
Air Rights Lease. The Borrower hereby covenants and agrees with Lender with respect to the Air Rights Lease as follows:
(a) Borrower shall not, without Lender’s prior written consent, materially amend, modify or supplement the Air Rights Lease except that Lender shall not unreasonably withhold or delay its consent to any amendment or modification which will not be deemed to have a Material Adverse Effect;
(b) Borrower shall not, without the prior written consent of Lender, take (and hereby assigns to Lender any right it may have to take) any action to terminate the Air Rights Lease; and
(c) Borrower shall not, without the prior written consent of Lender, permit or suffer the merger of the fee estate and the leasehold estate under the Air Rights Lease. Notwithstanding the foregoing, Lender agrees that Borrower may terminate the Air Rights Lease at such time, if any, as all Tenants under then existing Leases agree (or have previously agreed) to attorn to Fee Borrower upon a termination of the Air Rights Lease and Borrower has delivered to Lender evidence reasonably satisfactory to Lender of such agreement by all such Tenants. In connection with such termination of the Air Rights Lease, Fee Borrower shall execute and deliver assumption agreements or replacements of the Loan Documents to which Leasehold Borrower (but not Fee Borrower) is a party, in each case in form and substance reasonably acceptable to Lender (it being agreed that replacements of Loan Documents that are substantially similar to the corresponding Loan Documents executed and delivered prior to such termination of the Air Rights Lease shall be reasonably acceptable to Lender).
Air Rights Lease. The leasehold estate created by this Lease for the Plaza Level and floors 3, 5, 6, 7, 8, 9, 11, and 12 of the RiverCenter II Office Building constitutes a sublease of a portion of the premises demised to CPX RiverCenter Two Limited Partnership, as lessee, by the City of Covi▇▇▇▇▇, ▇▇ lessor, by an instrument dated and recorded in the lease records of the Kenton County Clerk at Covington, Kentucky as follows: instrument dated August 1, 1988 and recorded September 8, 1988 at 10:22 a.m. in Lease Book 17, Page 645, Kenton County, Kentucky Clerk's records at Covington, Kentucky as assigned by Assignment and Assumption of Second Office Air Rights Lease Agreement and Grant of Easement by and between Corporex Companies, Inc. and CPX RiverCenter Development Corporation recorded September 8, 1988 in Miscellaneous Book 127, ▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇rk's records at Covington, Kentucky, as amended by First Amendment to Second Office Air Rights Lease Agreement recorded April 20, 1995 in Miscellaneous Book 301, ▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ Clerk's records at Covington, Kentucky, and as Subsequently amended by Second Amendment to Second Office Air Rights Lease Agreement recorded August 23, 1995 in Miscellaneous Book 315, ▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇rk's records at Covington, Kentucky, and as amended by the Third Amendment to Second Office Air Rights Lease Agreement and Grant of Easements dated December 12, 1995 and recorded December 13, 1995 in Miscellaneous Book 329, Page 92, of the Kenton County, Kentucky Clerk's records at Covington, Kentucky, and as subsequently assigned by Second Assignment and Assumption of Second Office Air Rights Lease Agreement and Grant of Easement by and between CPX-RiverCenter Development Corporation and CPX RiverCenter II Limited Partnership, a Kentucky limited partnership, dated September 4, 1996 and recorded September 6, 1996 in Miscellaneous Book 364, ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇rk's records at Covington, Kentucky, demising the "Second Office Air Lot" as further set forth and described on the Plat of Covington RiverCenter recorded in Plat Envelope 1467, 1467A, 1468, and 1468A, and on the Amended Plat of Covington RiverCenter recorded on August 23, 1995 in Plat Envelope 1726, 1727, and 1728, Kenton County, Kentucky Clerk's records at Covington, Kentucky. Such instruments shall be collectively referred to under this Lease as the "Air Rights Lease". This Lease and all of Tenant's rights hereunder are and shal...
Air Rights Lease. OTR shall not be liable to perform its obligations at Closing unless the following condition is satisfied: prior to Closing, 77 WWLP shall deliver to OTR an estoppel certificate addressed to OTR and the LLC, in the form attached as Appendix 3.8 and incorporated herein, or if not in such form, in such form as is otherwise reasonably satisfactory to OTR, from the landlord under the Air Rights Lease.
Air Rights Lease. The Seller shall have delivered to the Purchaser a written statement from the lessor under the Air Rights Lease acknowledging the commencement and termination dates of the Air Rights Lease, that there is no material default except as otherwise noted in such written statement, that the Air Rights Lease is in full force and effect except as otherwise noted in such written statement, and that the Air Rights Lease has not been modified (or if it has, stating such modification). To the extent required under the Air Rights Lease, the lessor under the Air Rights Lease shall have consented to the sale of the Property, and the Seller, the Purchaser and the lessor under the Air Rights Lease shall have arranged, at the Seller’s cost and expense, for the assignment and assumption of the Air Rights Lease.
Air Rights Lease. The Borrower hereby covenants and agrees with Lender with respect to the Air Rights Lease as follows:
(a) Fee Borrower shall, at its sole cost and expense, promptly and timely perform and observe all material terms, covenants and conditions required to be performed and observed by Fee Borrower in its capacity as the lessor under the Air Rights Lease.
(b) Leasehold Borrower shall, at its sole cost and expense, promptly and timely perform and observe all material terms, covenants and conditions required to be performed and observed by Leasehold Borrower in its capacity as the lessee under the Air Rights Lease.
Air Rights Lease. 105 EXHIBIT A Legal Description of Property EXHIBIT B Environmental Reports EXHIBIT C Subordination, Nondisturbance and Attornment Agreement EXHIBIT D Original Mortgage EXHIBIT E Additional Notes EXHIBIT F Additional Mortgages SCHEDULE 1 Allocated Loan Amounts SCHEDULE 2 Operating Agreements SCHEDULE 3 Special Assessments SCHEDULE 4 Capital Expenditures CONSOLIDATED, AMENDED AND RESTATED FEE AND SUBLEASEHOLD MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT, FIXTURE FILING AND ASSIGNMENT OF LEASES, RENTS AND SECURITY DEPOSITS THIS CONSOLIDATED, AMENDED AND RESTATED FEE AND SUBLEASEHOLD MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT, FIXTURE FILING AND ASSIGNMENT OF LEASES, RENTS AND SECURITY DEPOSITS (herein, together with all amendments and supplements thereto, this "Mortgage"), dated as of the 26th day of November, 1997, is made by MAGNOLIA ASSOCIATES, LTD., a Florida limited partnership, 286 MADISON, L.P., 290 MADISON, L.P. and 292 MADISON, L.P., each a New York limited partnership, and each limited partnership having an address c/o Tower Realty Operating Partnership, L.P., 120 ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ (▇▇llectively referred to herein as "Mortgagor"), to MERR▇▇▇ ▇▇▇C▇ ▇▇▇TGAGE CAPITAL INC., a Delaware corporation, having an address at World Financial Center, Nort▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, ▇▇gether with its successors and assigns, "Mortgagee").
Air Rights Lease. The Beacon Office Portfolio Properties are subject to two air rights leases, however, no lease payments are required for the term of the leases. Under the Air Lease, Fee Borrower is the lessor and Leasehold Borrower is the lessee. The Air Lease has a term which extends not less than twenty (20) years beyond the maturity date of the Beacon Office Portfolio Loan. The two leases ------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- LOAN NUMBER LOAN NAME DESCRIPTION OF EXCEPTION -------------------------------------------------------------------------------------------------------------------------------
Air Rights Lease. 26 PURCHASE AND SALE AGREEMENT THIS AGREEMENT (the "Agreement"), dated as of the __________ day of __________ 2003, is made by and between JOHN HANCOCK LIFE INSURANCE COMPANY, a Massachusetts corporation ("Se▇▇▇▇"), ▇▇▇▇ng an office at 200 Clarendon Street, Boston, Massachusetts 02117, and BEACON CAPITAL ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇, ▇ ▇▇▇▇▇▇re limited liability company ("Purchaser"), having an office at One Federal Street, 26th Floor, Boston, Massachusetts 02110.
Air Rights Lease. (a) Mortgagor hereby represents and warrants as follows: (i) the Air Rights Lease is in full force and effect, unmodified by any writing or otherwise except as specifically set forth herein; (ii) all rent, additional rent and/or other charges reserved in or payable under the Air Rights Lease, have been paid to the extent that they are payable to the date hereof; (iii) the Mortgagor enjoys the holding of the air development rights; (iv) the Mortgagor is not in default under any of the material terms of the Air Rights Lease and to the best of its knowledge, is not in default under any other term of the Air Rights Lease; (v) the ground lessor is not in default under any of the material terms or provisions of the Air Rights Lease, and, to the best of the Mortgagor's knowledge, the ground lessor is not in default under any other terms or provisions of the Air Rights Lease, on its part to be observed or performed; and (vi) the Mortgagor has delivered to the Mortgagee a true, accurate and complete copy of the Air Rights Lease.
(b) With respect to the Air Rights Lease, Mortgagor covenants and agrees as follows: (i) to promptly and faithfully observe, perform and comply with all the terms, covenants and provisions of the Air Rights Lease, on its part to be observed, performed and complied with, within the applicable grace periods, if any; (ii) to refrain from doing anything, as a result of which, there could be a material default under or a breach of any of the terms of the Air Rights Lease; (iii) not to do, permit or suffer any event or omission as a result of which there is likely to occur a default or breach under the Air Rights Lease after the passing of the applicable grace periods, if any; (iv) not to cancel, terminate, surrender, modify, amend or in any way alter or permit the alteration of any of the provisions of the Air Rights Lease or grant any consents or waivers thereunder without the prior written consent of Mortgagee; (v) to deliver to Mortgagee, within three (3) Business Days of receipt thereof, a copy of each notice of default and all responses to default notices, similar instruments received or delivered by Mortgagee, in connection with the Air Rights Lease; (vi) to furnish within a reasonable period of time, except in connection with a notice of default which is governed by the previous clause, to Mortgagee copies of such information and evidence as Mortgagee may reasonably request concerning the due observance, performance and compliance by Mort...
Air Rights Lease. Borrower hereby represents and warrants to Lender the following with respect to the Air Rights Lease:
(a) Fee Borrower is the lessor and Leasehold Borrower is the lessee under the Air Rights Lease.
(b) The Air Rights Lease has a term which extends not less than twenty (20) years beyond the Maturity Date.
(c) As of the date hereof, to the best of Borrower’s knowledge, the Air Rights Lease is in full force and effect and no default has occurred under the Air Rights Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of the Air Rights Lease.