Eligible Ground Lease Sample Clauses

An Eligible Ground Lease clause defines the specific requirements and conditions that a ground lease must meet to be considered acceptable under the terms of an agreement, often in the context of real estate financing or investment. Typically, this clause outlines criteria such as minimum lease term, permitted uses, rent payment structure, and the rights of the lender or investor in the event of default. For example, it may require that the lease be long-term (e.g., at least 30 years), prohibit early termination without lender consent, and ensure that the leasehold interest can be transferred or mortgaged. The core function of this clause is to ensure that the ground lease provides sufficient security and stability for lenders or investors, thereby mitigating risks associated with the underlying property interest.
Eligible Ground Lease. A ground lease that (a) has a minimum remaining term of thirty (30) years, including tenant controlled options, as of any date of determination, (b) has customary notice rights, default cure rights, bankruptcy new lease rights and other customary provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee interest, and (c) is otherwise acceptable for Without Recourse leasehold mortgage financing under customary prudent lending requirements. The Eligible Ground Leases as of the date of this Agreement are listed on Schedule EG.
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Eligible Ground Lease. A ground lease with respect to a Pool Property executed or assumed by a Pool Property Owner as lessee, which must provide customary protections for a potential leasehold mortgagee (“mortgagee”) such as (i) a remaining term, including any optional extension terms exercisable unilaterally by the tenant, of no less than 35 years as of the date the applicable Real Property is admitted as a Pool Property, (ii) a provision that the ground lease will not be terminated until the mortgagee has received notice of a default, has had a reasonable opportunity to cure and has failed to do so, (iii) provision for a new lease to the mortgagee as tenant on the same terms if the ground lease is terminated for any reason, (iv) transferability of the tenant’s interest under the ground lease by the mortgagee without any requirement for consent of the ground lessor unless based on delivery of customary assignment and assumption agreements from the transferor and transferee and other reasonably restrictions, (v) the ability of the tenant to mortgage tenant’s interest under the ground lease without any requirement for consent of the ground lessor and (vi) provisions that the tenant under the ground lease (or the mortgagee) has customary protections with respect to the application of insurance proceeds or condemnation awards attributable to the tenant’s interest under the ground lease and related improvements. It is acknowledged and agreed that, as of the Closing Date, the Agent has approved the ground lease for the Pima Property, in the form delivered to the Agent prior to the execution of this Agreement, as an Eligible Ground Lease. Eligible Real Estate. Real Estate:
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Eligible Ground Lease. A ground lease that (a) has a minimum remaining term of thirty (30) years, including tenant controlled options, as of any date of determination, (b) has customary notice rights, default cure rights, bankruptcy new lease rights and other customary provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee interest, and (c) is otherwise acceptable for Without Recourse leasehold mortgage financing (with the exception permitted under clause (b) above) under customary prudent lending requirements. The Eligible Ground Leases as of the date of this Agreement are listed on Schedule EG. Employee Benefit Plan. Any employee benefit plan within the meaning of §3(3) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate, other than a Multiemployer Plan. Environmental Laws. See §6.18(a).
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Eligible Ground Lease. A ground lease that (a) has a minimum remaining term of twenty-five (25) years, including tenant controlled renewal options or acceptable purchase options containing nominal or market based purchase prices, as of any date of determination, and (b) has customary notice rights, default cure rights, bankruptcy new lease rights and other customary provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee interest, and (c) is otherwise eligible for non-recourse leasehold mortgage financing under customary prudent lending requirements. The Eligible Ground Leases as of the date of this Agreement are listed on Schedule 1.1(b).
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Eligible Ground Lease. Any lease (a) which is a ground lease granted by the fee owner of Real Estate (whether directly or by assignment) to the Borrower, REA or a Guarantor, (b) which may be encumbered, transferred and/or assigned without the consent of the lessor, (c) which has a remaining term (including any renewal terms exercisable at the sole option of the lessee) of at least 40 years or if less than 40 years, includes a provision acceptable to the Agent pursuant to which the lessee has the right to obtain title to the fee interest in the Real Estate from the lessor upon the payment of a nominal purchase price, (d) under which no default has occurred and is continuing, and (e) which contains terms and conditions satisfactory to the Agent including, without limitation, mortgagee protection provisions to the effect that (i) the lessor shall notify any holder of a security interest in such lease of the occurrence of any default by the lessee under such lease and shall afford such holder a reasonable period of time to cure such default, (ii) the lessor shall not terminate the lease because of a default by the lessee thereunder during any period in which any holder of a security interest in such lease is in the process of prosecuting remedies to obtain possession of the leasehold estate in the Real Estate, and (iii) in the event that such lease is terminated, any holder of a security interest in such lease shall have the option to enter into a new lease with the lessor for the remainder of the term thereof and having terms substantially identical to those contained in the terminated lease. Eligible Real Estate. Real Estate:
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Eligible Ground Lease. A ground lease with respect to Eligible Real Estate executed or assumed by Borrower or a Subsidiary Guarantor as lessee, that has a remaining lease term (including extension or renewal rights) of at least thirty (30) years, calculated as of the date such Eligible Real Estate is accepted as a Pool Property, and that Agent determines, in its sole discretion, is a financeable ground lease and is otherwise acceptable. Eligible Real Estate. Real Estate:
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Eligible Ground Lease. A ground lease that (a) has a minimum remaining term of thirty (30) years, including tenant controlled options, as of any date of determination, (b) has customary notice rights, default cure rights, bankruptcy new lease rights and other customary provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee interest, and (c) is otherwise acceptable for Without Recourse leasehold mortgage financing (with the exception permitted under clause (b) above) under customary prudent lending requirements. The Eligible Ground Leases as of the date of this Agreement are listed on Schedule EG.
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Eligible Ground Lease. A ground lease that (a) has a minimum remaining term of twenty-five (25) years, including tenant (i.e., the Borrower or the applicable Subsidiary of the Borrower) controlled renewal options or acceptable purchase options containing nominal or market based purchase prices, as of any date of determination, and (b) has customary notice rights, default cure rights, bankruptcy new lease rights and other customary provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee interest, and (c) is otherwise eligible for non-recourse leasehold mortgage financing under customary prudent lending requirements. The Eligible Ground Leases as of the date of this Agreement are listed on Schedule 1.1(b).
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Eligible Ground Lease. A Ground Lease with respect to Eligible Real Estate executed or assumed by a Guarantor as lessee. Eligible Real Estate. Each parcel of Real Estate which is or will be upon its acquisition wholly-owned by a Guarantor (provided that no Equity Interests in such Guarantor will be owned by any Excluded Subsidiary) and as to which all of the representations set forth in §6 of this Agreement concerning a Pool Property are true and correct in all material respects and otherwise meets the following requirements:
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Related to Eligible Ground Lease

  • Ground Leases For purposes of this Exhibit C, a “Ground Lease” shall mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Ground Lease (a) Each Ground Lease contains the entire agreement of the Borrower or the applicable Subsidiary Guarantor and the applicable owner of the fee interest in such Unencumbered Property (the “Fee Owner”), pertaining to the Unencumbered Property covered thereby. With respect to Unencumbered Property subject to a Ground Lease, the Borrower and the applicable Subsidiary Guarantors have no estate, right, title or interest in or to the Unencumbered Property except under and pursuant to the Ground Lease or except as may be otherwise approved in writing by Agent. The Borrower has delivered a true and correct copy of the Ground Lease to the Agent and the Ground Lease has not been modified, amended or assigned, with the exception of written instruments that have been recorded in the applicable real estate records for such Unencumbered Property. (b) The applicable Fee Owner is the exclusive fee simple owner of the Unencumbered Property, subject only to the Ground Lease and all Liens and other matters disclosed in the applicable title policy for such Unencumbered Property subject to the Ground Lease, and the applicable Fee Owner is the sole owner of the lessor’s interest in the Ground Lease. (c) There are no rights to terminate the Ground Lease other than the applicable Fee Owner’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Ground Lease. (d) Each Ground Lease is in full force and effect and, to Borrower’s knowledge, no breach or default or event that with the giving of notice or passage of time would constitute a breach or default under any Ground Lease (a “Ground Lease Default”) exists or has occurred on the part of a Borrower or a Subsidiary Guarantor or on the part of a Fee Owner under any Ground Lease. All base rent and additional rent, if any, due and payable under each Ground Lease has been paid through the date hereof and neither Borrower nor any Subsidiary Guarantor is required to pay any deferred or accrued rent after the date hereof under any Ground Lease. Neither Borrower nor a Subsidiary Guarantor has received any written notice that a Ground Lease Default has occurred or exists, or that any Fee Owner or any third party alleges the same to have occurred or exist. (e) The Borrower or applicable Subsidiary Guarantor is the exclusive owner of the ground lessee’s interest under and pursuant to each Ground Lease and has not assigned, transferred or encumbered its interest in, to, or under the Ground Lease, except to Agent under the Loan Documents.