Ground Lease Condition Sample Clauses
A Ground Lease Condition clause sets specific requirements that must be met before a ground lease agreement becomes effective or continues in force. Typically, these conditions might include obtaining necessary permits, securing financing, or ensuring that the property is suitable for the intended development. By establishing clear prerequisites, this clause protects both parties by ensuring that the lease only proceeds when essential criteria are satisfied, thereby reducing the risk of disputes or failed projects.
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Ground Lease Condition. Ground Lessor shall have consented in writing to the assumption of or entered into a novation agreement with respect to the Ground Lease, and provided a lease status report with respect to the Ground Lease, which shall meet all requirements set forth for the same in Section 4.1(k) (the “Ground Lease Condition”).
Ground Lease Condition. (1) Seller shall have obtained and delivered to Purchaser at least one (1) business day prior to the expiration of the Closing Date, the Ground Lessor’s Consent, and (2) as of the Closing Date, the Ground Lease shall be in full force and effect; and
Ground Lease Condition. Promptly following the date of this Agreement, Seller shall use diligent, good faith efforts to expeditiously obtain, with Purchaser’s cooperation, (i) either (A) the written consent of the Ground Lessor to Purchaser’s assumption of the Ground Lease or (B) a novation agreement from the Ground Lessor with respect to the Ground Lease, and (ii) a lease status report from the Ground Lessor indicating that the Ground Lease is in full force and effect and neither party is in default thereunder.