Common use of Condominium Clause in Contracts

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. (i) In the event that either Brown properly exercises its option This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects 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, any condominium declaration 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 other documents (collectively, the “Tenant UnitDeclaration”). Within forty) 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-five (45) days after the exercise by Tenant or Brown B of the Tenant Unit Purchase OptionReal Property Law, Landlord will submit to Brown and Tenant or any successor thereto, provided the Declaration does not include any terms which (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”)increase Tenant’s monetary obligations, (ii) increase Tenant's non-monetary obligations (other than to a proposed long term parking lease between de minimis extent), (iii) decrease Tenant’s rights (other than to a de minimis extent) or (iv) interfere (other than to a de minimis extent) with Tenant’s use of the Parking Garage Operator Premises for the Permitted Use, and provided further that (x) Tenant’s portion of floor 2 and the “Condominium Association” under Mechanical Areas and the Condominium Documents entirety of floors 3, 4, 5 and 7-18 of the Building shall comprise one (1) independent unit (or a unit together with appurtenant limited common elements, exclusive easement areas or similar rights) of which no portions of the Building other than such floors shall form a part (the “Condo Parking LeaseSale Unit”), and (y) there shall be one single owner (or group of owners acting as one, e.g. tenants in common) of the Sale Unit. If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease reasonably acceptable to Tenant confirming such subordination and modifying this Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Share and Tenant’s Operating Share; provided, that such amendments do not include any terms which (i) increase Tenant’s monetary obligations, (ii) increase Tenant’s non-monetary obligations (other than to a de minimis extent), (iii) decrease Tenant’s rights (other than to a Notice de minimis extent) or (iv) interfere with Tenant’s use of the Condo Parking Premises for the Permitted Use. Concurrently with the recordation of the Declaration, and as a condition to the subordination of this Lease thereto, Landlord shall obtain for Tenant in recordable form. Such Condominium Documentsform a subordination, Condo Parking Lease non-disturbance and Notice of attornment agreement in 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 delayedform attached hereto as Exhibit WW.

Condominium. 39.01. On or about December 19, 2000, the Land and the Building were subjected to the provisions of Article 9-B of the New York Real Property Law (herein called the “Condominium Act”), thereby creating The One Liberty Plaza Condominium (herein called the “Condominium”) in accordance with that certain Declaration Establishing a Plan for Condominium Ownership of Premises Located at Xxx Xxxxxxx Xxxxx, Xxx Xxxx, Xxx Xxxx Pursuant to Article 9-B of the Real Property Law of the State of New York (herein called the “Condominium Declaration”). The units of the Condominium are sometimes referred to herein individually as a “Unit” and collectively as “Units.” The Condominium was formed for the sole purpose of facilitating the receipt by a tenant of the Building (herein called the “Tax-Benefit Tenant”) of certain tax benefits, which was accomplished by: (i) In creating the event Condominium, (ii) conveying the Units containing the premises theretofore demised to the Tax-Benefit Tenant (herein called the “XXX Units”) to the New York City Industrial Development Agency (herein called the “XXX”), a tax-exempt entity, with Landlord retaining a reversionary interest and (iii) requiring the XXX to immediately lease back the XXX Units to Landlord pursuant to a lease demising to Landlord all of benefits and burdens of ownership of the XXX Units (herein called, together with any additional such leases that either Brown properly exercises its option to purchase or right of first offer under may be entered into as set forth in 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 agreementimmediately following sentence hereof, the Project will be subjected “XXX Leaseback”). Pursuant to a twoLandlord’s lease with the Tax-unit Benefit Tenant (each a “Unit”) condominium regime having the premises then leased by Xxxxx as one Unit (herein called the “Brown UnitTax-Benefit Lease”) and ), Landlord may from time to time convey additional Units to the Premises then leased by XXX in the Tenant (including, any Additional Space, if any, leased same manner as set forth in the immediately preceding sentence 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 leasing 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 additional premises in the condominium association, including a Declaration of Condominium, Plats and Plans and such other documents as are required to subject the Project Building to the “Rhode Island Condominium Act”, R.I. Gen. Laws Chapter 34Tax-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 delayedBenefit Tenant.

Condominium. (i) In the event that either Brown Xxxxx properly exercises its option to purchase or right of first offer under the Brown Xxxxx 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 Xxxxx 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 Xxxxx of the Tenant Unit Purchase Option, Landlord will submit to Brown Xxxxx 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 BrownXxxxx, each of which approvals will not be unreasonably withheld or delayed.