Common use of Effect of Agreement; Interest in Real Property Clause in Contracts

Effect of Agreement; Interest in Real Property. The Parties intend that this Agreement is given by the FCRHA to LAC9-North as an option to lease the Ground Lease Premises. The Parties intend that this Agreement creates a valid and present encumbrance on the Ground Lease Premises in favor of LAC9-North, effective as of the Effective Date, subject to any and all liens or encumbrances disclosed in the Land Records. Therefore, the Option will be deemed an encumbrance upon the Ground Lease Premises during the term of this Agreement effective as of the Effective Date and will be binding upon and inure to the benefit of each of the Parties hereto and their respective successors and assigns (subject to Section 12.7 below).

Effect of Agreement; Interest in Real Property. The Parties intend that this Agreement is given by the FCRHA to LAC9LAC4-North South as an option to lease the Ground Lease Premises. The Parties intend that this Agreement creates a valid and present encumbrance on the Ground Lease Premises in favor of LAC9LAC4-NorthSouth, effective as of the Effective Date, subject to any and all liens or encumbrances disclosed in the Land Records. Therefore, the Option will be deemed an encumbrance upon the Ground Lease Premises during the term of this Agreement effective as of the Effective Date and will be binding upon and inure to the benefit of each of the Parties hereto and their respective successors and assigns (subject to Section 12.7 below).

Effect of Agreement; Interest in Real Property. The Parties intend that this Agreement is given by the FCRHA to LAC9-North South as an option to lease the Ground Lease Premises. The Parties intend that this Agreement creates a valid and present encumbrance on the Ground Lease Premises in favor of LAC9-NorthSouth, effective as of the Effective Date, subject to any and all liens or encumbrances disclosed in the Land Records. Therefore, the Option will be deemed an encumbrance upon the Ground Lease Premises during the term of this Agreement effective as of the Effective Date and will be binding upon and inure to the benefit of each of the Parties hereto and their respective successors and assigns (subject to Section 12.7 below).

Effect of Agreement; Interest in Real Property. The Parties intend that this Agreement is given by the FCRHA to LAC9LAC4-North as an option to lease the Ground Lease Premises. The Parties intend that this Agreement creates a valid and present encumbrance on the Ground Lease Premises in favor of LAC9LAC4-North, effective as of the Effective Date, subject to any and all liens or encumbrances disclosed in the Land Records. Therefore, the Option will be deemed an encumbrance upon the Ground Lease Premises during the term of this Agreement effective as of the Effective Date and will be binding upon and inure to the benefit of each of the Parties hereto and their respective successors and assigns (subject to Section 12.7 below).