Condominium Conversion Sample Clauses
Condominium Conversion. A. Tenant hereby acknowledges and agrees that Landlord shall have the right, at any time during the Lease Term (or any extension thereof) in its sole discretion to convert (the “Condominium Conversion”) the Building and the Land to the condominium form of ownership, consisting of two (2) or more condominium units and their respective, undivided interests in the common elements of such condominium (the “Condominium Units”) (as so converted, the Land and the Building are sometimes hereinafter referred to collectively as the “Condominium”). In the event that Landlord proceeds with the Condominium Conversion:
(i) Tenant shall promptly cooperate in all respects with Landlord’s efforts to accomplish such Condominium Conversion, such cooperation to include, without limitation, the execution, to the extent deemed necessary by Landlord, of any documents reasonably necessary to the formation and/or conduct of the Condominium (the “Condominium Documents”). Tenant acknowledges that the Condominium Documents may include without limitation, a Declaration of Condominium, Condominium By-Laws and a subordination of this Lease to such Condominium Documents.
(ii) The Condominium Unit of which the Premises forms a part (the “Tenant Unit”) may consist in whole or in part of the Premises.
(iii) The contents of the Condominium Documents shall be binding upon the Tenant Unit and Tenant.
B. In the event that the Land and Building are converted to condominium ownership, then notwithstanding anything to the contrary contained in Section 4 of the Lease, for purposes of calculating Tenant’s payment of Taxes with respect to the Tenant Unit, the following provisions shall apply:
(i) The terms “Land”, “Building”, and “Project”, as they appear in Section 4 hereof, shall be deemed to collectively refer to the Tenant Unit;
Condominium Conversion. It is an essential and material term of the Agreement that the Project does not involve condominiums. If the Project is converted to condominiums, (i) Client agrees to release, indemnify, defend, and hold harmless Landscape Architect from and against any claims by a condominium association or individual unit owners related to the Services provided by Landscape Architect under this Agreement, and (ii) the Condominium Project Special Requirements, attached hereto as Attachment 1, shall apply.
Condominium Conversion. As of the Closing, the Condominium Conversion and creation of the Unit have been completed in accordance with all applicable laws and no further authorizations or approvals are required for the legal conveyance of the Real Property by Seller to Buyer.
Condominium Conversion. [INTENTIONALLY OMITTED]
Condominium Conversion. Borrower shall not convert the Units to condominium or cooperative ownership or sell condominium or cooperative conversion rights in the Property during the term of this Agreement.
Condominium Conversion. Tenant acknowledges that the Land and the Building may be subjected to a condominium form of ownership prior to the end of the Term of this Lease. Subject to Xxxxxx’s receipt of a commercially reasonable subordination and non-disturbance agreement from the board of managers or unit owner(s) of any such future condominium, providing inter alia that Tenant agrees that if, at any time during the Term of this Lease, the Landlord and the Building shall be subjected to a new condominium form of ownership, then, this Lease and all rights of Tenant hereunder are and shall be subordinate in all respects to any condominium declaration and any other documents (collectively, the “Condominium Documents”) which shall be recorded in order to convert the Land and the Building to a condominium form of ownership in accordance with the applicable Requirements. If any such Declaration is to be recorded, Tenant, upon request of Landlord, shall enter into an amendment of this Lease in such respects as may be reasonably necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to the Base Taxes, the Base Expenses, and Tenant’s Proportionate Share; provided, however, that no such adjustments shall increase Tenant’s payments (including, without limitation, with respect to Additional Rent payable under Article 6) above such payments that Tenant would have incurred had such condominium conversion not occurred, and provided further, that Tenant’s rights and obligations under the Lease shall not be affected (except to a de minimis extent) and the services provided to Tenant shall not be diminished. Nothing in the conversion process or associated documents shall reduce the obligations of Landlord (except to a de minimis extent) (including, without limitation, the obligations of Landlord to provide the services that Landlord is obligated to provide to Tenant under this Lease), and Landlord shall reimburse Tenant for its reasonable and actual out-of-pocket legal fees and disbursements in connection with (i) any amendment of this Lease required in connection with this Section 20.05 and (ii) the Condominium Non-Disturbance Agreement.
Condominium Conversion. (a) At any time from and after Substantial Completion, and provided no monetary Default, Default under ARTICLE XIII hereof; Event of Default or failure of Tenant to comply with the DUO with respect to the installation of the Business/Commercial Signage (as defined in and to the extent then required pursuant to EXHIBIT E-4 attached hereto) shall then be continuing, Tenant may elect to impose a leasehold condominium structure on the Property, in strict compliance with this ARTICLE XXXII, (1) if in accordance with the Condominium Declaration, upon not less than ten (10) days prior written notice to Landlord or (2) otherwise, upon not less than sixty (60) days' prior written notice to Landlord. If Tenant shall so elect, then Tenant may take the following actions (provided, however, that such actions must be taken together if at all):
(i) obtain, at Tenant's sole cost and expense but with the reasonable cooperation of Landlord, tax lot subdivisions in respect of the Property and record the Condominium Declaration in the manner required by the Condominium Act;
(ii) simultaneously with or immediately following the recordation of the Condominium Declaration, assign to Landlord all of Tenant's right, title and interest in the Property, this Lease and each Severance Sublease pursuant to an Assignment and Assumption Agreement in the form attached hereto as EXHIBIT W, which Landlord agrees it shall execute upon delivery of Tenant's counterpart therefor (such agreement, the "LEASE ASSIGNMENT") and, in such event, the parties hereto hereby agree that there shall be no merger of the estates of Landlord and Tenant granted in this Lease; and
(iii) contemporaneously with the delivery of the Lease Assignment pursuant to SECTION 32.1(a)(ii) hereof (such date, the "Lease ASSIGNMENT DATE"), cause to be executed and delivered to Landlord: (A) the construction certificate provided for in SECTION 21.3 hereof; (B) an agreement of the Condominium Association assuming certain obligations of Tenant (the "CONDOMINIUM ASSOCIATION ASSUMPTION AGREEMENT") in the form set forth on EXHIBIT X hereof; (C) an amendment of the previously recorded memorandum of this Lease altering the notice provision thereunder to reflect the assignment of Tenant's interest in this Lease to Landlord and the amendment of this Lease; (D) an amendment to each Severance Sublease executed by Tenant and the tenant under such Severance Sublease setting forth therein (1) the correct description of the demised premises u...
Condominium Conversion. Tenant acknowledges that all or portion(s) of the Land, the Building and/or Complex may be subjected by Landlord to a revised or restructured condominium, PUD and/or common interest ownership structure prior to the end of the Term. Subject to Tenant's receipt of a commercially reasonable subordination, non-disturbance and attornment agreement from the applicable declarant or board of managers of such a future condominium or common interest ownership community recognizing Tenant's tenancy and its rights hereunder, Tenant agrees that if, at any time during the Term, all or portion(s) of the Land, the Building and/or the Complex shall be subjected to such condominium or common interest ownership community structure, then this Lease and all rights of Tenant hereunder are and shall be subordinate in all respects to any condominium or common interest ownership declaration and any other related documents (collectively, the "Condominium Documents") which shall be recorded in order to convert to a condominium or common interest ownership structure in accordance with applicable Requirements. If any such declaration is to be recorded, Tenant, upon request of Landlord, shall enter into an amendment of this Lease in such respects as may be reasonably necessary to conform to such condominiumization or common interest ownership structure, including, without limitation, any appropriate adjustments to the Base Taxes, the Base Expenses, Tenant's Proportionate Share and the Building's Share; provided, however, that no such adjustments shall increase Tenant's payments with respect to Additional Rent payable under Article 6 above such payments that Tenant would have incurred had such conversion not occurred, and provided further, that Tenant's rights and obligations with respect to the Premises shall not be affected (except to a de minimis extent) and the services to be provided by Landlord shall not be diminished. Nothing in the conversion process shall reduce the obligations of Landlord to provide services to the Premises that Landlord is obligated to provide under this Lease.
Condominium Conversion. Tenant shall not, without the prior consent of Landlord, which consent may be withheld in Landlord's sole discretion, submit Xxxxxx's leasehold estate in the Premises, or any part thereof, to the provisions of Article 9-B of the Real Property Law of the State of New York, as it may be amended.
Condominium Conversion. Owner shall not convert