Deed or Ground Lease. The Agent Certificate Holder shall have received either (i) in the case of Land being acquired from a third-party Seller, at least one (1) Business Day prior to the Acquisition Date a copy of the proposed Deed(s) with respect to such Property (and/or all Improvements located thereon) being purchased on the Acquisition Date, and on or prior to the Acquisition Date, such Deed(s) duly executed conveying fee simple title to the Property (and/or all Improvements located thereon) to the Lessor Trust and containing all customary seller's warranties and subject only to Permitted Property Liens or (ii) in the case of Land to be leased, at least ten (10) days prior to the Acquisition Date, a copy of the proposed ground lease, in form and substance satisfactory to the Agent Certificate Holder, and, on or prior to the Acquisition Date, such ground lease duly executed by such ground lessor thereunder, conveying to the Lessor Trust a leasehold interest in the Land. The legal description, tax lot designation and zoning of the Land shall be reasonably acceptable to the Administration Agent.
Deed or Ground Lease. The Agent Lessor shall have received either (A) in the case of Land being acquired from a third-party Seller, at least one (1) Business Day prior to such Acquisition Date a Deed with respect to such Property (and/or all Improvements located thereon) being purchased on such Acquisition Date, conveying fee simple title to such Property (and/or all Improvements located thereon) to the Agent Lessor and containing all customary seller's warranties and subject only to Permitted Property Liens or (B) in the case of Land owned in fee simple by the applicable Lessee or an Affiliate of any Guarantor, at least ten (10) days prior to such Acquisition Date, a ground lease, in form and substance satisfactory to the Agent Lessor, duly executed by such Lessee or such Affiliate as the case may be, as ground Lessor thereunder, conveying to the Agent Lessor a leasehold interest in such Land, which Land shall be a separate tax lot and a legal subdivision under all applicable zoning laws. Notwithstanding any other provision of this Participation Agreement or the other Operative Documents, the Agent Lessor shall receive a Deed for each Improved Property and in no event shall Improved Property be subject to a ground lease as provided in clause (B) of this Section.
Deed or Ground Lease. The Lessor and the Administrative Agent shall have received a Deed or Ground Lease with respect to the Land constituting a part of such Property.
Deed or Ground Lease. The Agent Lessor shall have received either (A) in the case of Land being acquired from a third-party Seller, at least one (1) Business Day prior to such Acquisition Date a Deed with respect to such Property (and/or all Improvements located thereon) being purchased on such Acquisition Date, conveying fee simple title to such Property (and/or all Improvements located thereon) to the Agent Lessor and containing all customary seller's warranties and subject only to Permitted Property Liens or (B) in the case of Land owned in fee simple by the applicable Lessee or an Affiliate of any Guarantor, at least ten (10) days prior to such Acquisition Date, a ground lease, in form and substance satisfactory to the Agent Lessor, duly executed by such Lessee or such Affiliate as the case may be, as ground Lessor thereunder, conveying to the Agent Lessor a leasehold interest in such Land, which Land shall be a separate tax lot and a legal subdivision under all applicable zoning laws.
Deed or Ground Lease. The Lessor shall have received a Deed or Ground Lease with respect to the Land constituting a part of such Property.
