Condominium. This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert the Land and the improvements erected thereon to a condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law, or any successor thereto, provided the Declaration does not include other terms which increase Tenant’s obligations (in any material respect) or decrease Tenant’s rights (in any material respect). If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Tax Share and Tenant’s Operating Share and appropriate reductions in the Operating Expenses for the Base Operating Year and the Base Tax Amount; provided, that, such amendment shall not reduce Tenant’s rights or increase Tenant’s obligations under this Lease (in either case in any material respect) or increase Tenant’s monetary obligations under the Lease.
Condominium. To the extent that a Public Garage is located on the same Project Parcel as one or more of the Buildings comprising the Private Improvements, and either such Project Parcel is not capable of being subdivided to locate such Project Garage on a separate legal lot or the Redeveloper determines not to pursue subdivision of the Project Parcel, the Redeveloper shall create a Condominium on such Project Parcel in accordance with CIOA, pursuant to which the Public Garage shall constitute a separate condominium unit. Redeveloper shall prepare a draft of the Condominium Documents for any such Project Parcel for submission to and approval by the City’s Finance Director (after consultation with the City’s Corporation Counsel or outside counsel) within six (6) months following the date on which the Redeveloper is issued a building permit for the Parking Garage to be constructed on such Project Parcel, such approval not to be unreasonably withheld, conditioned or delayed. The Condominium Documents for the applicable Condominium shall be consistent with the terms set forth on Exhibit EE with respect thereto or such other terms as are agreed to by the Redeveloper and the City’s Finance Director, after consultation with the City’s Corporation Counsel or outside counsel. The Parties shall cooperate with one another to make such changes to any such draft Condominium Documents as may be necessary or desirable based on the final design and construction of the Improvements located or to be located on such Project Parcel, the reasonable requirements of lenders making loans on individual units within the Condominium (including any secondary mortgage market requirements). Finalization and recording of the Condominium Declaration (and finalization of the remaining Condominium Documents) shall be a condition precedent to the Redeveloper’s obligation to complete and convey the applicable Public Garage to the City and the City’s obligation to deliver payment for such Public Garage. Nothing herein shall restrict the Redeveloper’s ability to create more than one common interest community (as defined in CIOA) on any Project Parcel (including the use of one or more sub-common interest communities with respect to one or more units located in any underlying master common interest community).
Condominium. Borrower covenants and agrees as follows:
Condominium. The Property is a unit of a condominium that is primarily run by a unit owners’ association. Section 3407 of the Uniform Condominium Act of Pennsylvania requires Seller to furnish Buyer with a Certificate of Resale and copies of the condominium declaration (other than plats and plans), the bylaws and the rules and regulations of the association. PLANNED COMMUNITY (HOMEOWNER ASSOCIATION). The Property is part of a planned community as defined by the Uniform Planned Community Act. Section 5407(a) of the Act requires Seller to furnish Buyer with a copy of the declaration (other than plats and plans), the bylaws, the rules and regulations of the association, and a Certificate containing the provisions set forth in Section 5407(a) of the Act.
Condominium. This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert the Land and the improvements erected thereon to a condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law, or any successor thereto, provided the Declaration does not include any terms which increase Tenant’s monetary or non-monetary obligations (other than to a de minimis extent) or decrease Tenant’s rights (other than to a de minimis extent) or materially interfere with Tenant’s use of the Premises for executive, administrative and general office purposes. If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease (at no out-of-pocket costs to Tenant other than any legal fees incurred by Tenant in connection with same) reasonably acceptable to Tenant confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Share and appropriate reductions in the Base Operating Amount, the Base PILOT Amount and the Base Impositions Amount; provided, that, Landlord provides to Tenant a subordination, non-disturbance and attornment agreement duly executed by the board of such condominium in a form reasonably acceptable to Tenant.
Condominium. (a) All of the Condominium Documents are in full force and effect, unmodified by any writing or otherwise.
Condominium. Mortgaged property is part of condominium regime where units are wholly-owned by the borrower; however, the borrower is permitted to obtain partial release of up to 4 of the 6 units comprising the regime in connection with partial defeasance of the loan; the borrower maintains affirmative control of owners’ association so long as no more than 4 units are released.
Condominium. (i) In the event that either Brown properly exercises its option to purchase or right of first offer under the Brown Lease, or the Tenant properly exercises its option to purchase or right of first offer under this Lease, and either of such parties enter into a binding purchase and sale agreement, the Project will be subjected to a two-unit (each a “Unit”) condominium regime having the premises then leased by Xxxxx as one Unit (the “Brown Unit”) and the Premises then leased by the Tenant (including, any Additional Space, if any, leased in connection with the Additional Space ROFR) as a second Unit (collectively, the “Tenant Unit”). Within forty-five (45) days after the exercise by Tenant or Brown of the Tenant Unit Purchase Option, Landlord will submit to Brown and Tenant (i) a proposed set of condominium documents with the aforesaid two-unit condominium and with each unit having equal voting rights in the condominium association, including a Declaration of Condominium, Plats and Plans and such other documents as are required to subject the Project to the “Rhode Island Condominium Act”, R.I. Gen. Laws Chapter 34-36.1 (collectively the “Condominium Documents”), (ii) a proposed long term parking lease between the Parking Garage Operator and the “Condominium Association” under the Condominium Documents (the “Condo Parking Lease”) and (iii) a Notice of the Condo Parking Lease in recordable form. Such Condominium Documents, Condo Parking Lease and Notice of the Condo Parking Lease shall be subject to the approval of the Tenant and Brown, each of which approvals will not be unreasonably withheld or delayed.
Condominium. 43.01 The Building in which the Demised Premises are located is subject to that certain (i) Declaration (“Declaration”) establishing condominium ownership of the Land and the Building erected thereon, comprising the Maison Pierre Condominium, made pursuant to Article 9B of the Real Property Law of the State of New York, and (ii) the By-Laws (“By-Laws”) of such Condominium appended to said Declaration. The Demised Premises constitute a portion of the Commercial Unit which is part of the Condominium. All terms and provisions of this lease shall be subject and subordinate to the Declaration and By-Laws and all amendments thereto made in accordance with the Declaration and By-Laws. The Declaration and By-Laws and all amendments thereto, are hereafter collectively called the “Condominium Documents.” Notwithstanding anything to the contrary, Tenant agrees to faithfully observe and comply with the Condominium Documents, other than those provisions pertaining to the payment of Common Charges and special assessments or other sums provided such sums are not payable as the result of an act or omission by Tenant. Tenant shall not perform or suffer any action or other matter which if performed or suffered by Landlord would constitute a violation, breach or default under the Condominium Documents; provided, however, it is understood and agreed that Tenant may use the Demised Premises for the express uses set forth in this Lease. Landlord represents and warrants to Tenant that (i) Landlord has full authority to enter into and consummate this Lease, and has obtained all consents, if any, required by the Condominium Documents; and (ii) Landlord has not received any written notice of a default by Landlord under the Condominium Documents which has not been cured. Landlord will neither make nor agree to any termination of, modifications of or amendments to the Condominium Documents which materially adversely affect Tenant’s rights under this Lease or Tenant’s use or occupancy of the Demised Premises. [Signatures are on the following page.]
Condominium. A. Landlord intends that the Premises will be converted into a condominium governed by a homeowners’ association (“HOA”). Landlord shall provide Tenant copies of the HOA rules and regulations, if any.
