CALCULATION OF GROUND LEASE FEE Sample Clauses

CALCULATION OF GROUND LEASE FEE. The Ground Lease Fee specified in Section 5.1 above has been calculated as follows. First, an amount approximating the monthly fair market rental value of the Leased Premises has been established, current as of the commencement of the lease term, recognizing that the use of the Leased Premises is restricted by some of the provisions of this Lease. Then the affordability of this monthly amount for Homeowner has been analyzed and, if necessary, the amount has been reduced to yield the amount stated in Section 5.1 above, which has been determined to be affordable for Homeowner.
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CALCULATION OF GROUND LEASE FEE. The Ground Lease Fee specified in Section 5.1 above has been calculated as the greater of 1) the fair rental value of the Homeowner’s leased land, recognizing that the fair rental value is reduced by certain restrictions imposed by the Lease, and 2) the Homeowner’s share of the VCLT's total administration costs, including but not limited to general liability insurance, directors and officers insurance, administrative consulting fees, legal fees, mediation fees, and leasehold transfer costs including but not limited to recording fees, property taxes and maintenance costs for vacant leaseholds. The Homeowner’s share of the administrative costs is based on the assessed value of their leased land as a percentage of the total assessed value of all leaseholds..
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