Ground Leased Facility Clause Samples
The Ground Leased Facility clause defines the terms and conditions under which a facility is leased on land owned by a different party, typically through a long-term ground lease. This clause outlines the rights and responsibilities of the facility operator or tenant, such as maintenance obligations, permitted uses, and any restrictions imposed by the ground lease. It ensures that both the landowner and the facility operator understand their respective interests and obligations, thereby preventing disputes and clarifying the legal framework for operating a facility on leased land.
Ground Leased Facility. The Facility located in Newport, Oregon is not owned by Lessor, but rather is the subject of a ground lease dated January 11, 1996, as modified by The First Addendum to Ground Lease (as modified, the "GROUND LEASE") between Lessor, as tenant (as successor in interest to Lessee), and Fred A. Yeck and Ernest Yeck, together as landlord ("GROUND LESSOR"). ▇▇▇▇▇▇▇▇▇▇y, ra▇▇▇▇ ▇▇▇▇ ▇he fee owner of such Facility, Lessor is instead the tenant under the Ground Lease, and therefore it is Lessor's leasehold interest in such Facility that is being leased (in effect, subleased) to Lessee hereunder. Lessee acknowledges the foregoing and acknowledges that its occupancy of the facility located in Newport, Oregon shall be subject to, and Lessee shall comply with, all provisions under the Ground Lease, and shall not take any action or omit to take any action that would result in an event of default under the Ground Lease. If requested, Lessee shall enter into such other instruments, agreements, certificates, and provide such documents and information as may be required by the Ground Lessor (or Lessor). WHEREFORE, each of the parties has accepted and agreed by affixing their respective authorized signatures below as of the date first above written.
Ground Leased Facility