Kennestone Physician Center Clause Samples

Kennestone Physician Center. (a) The Ground Lease for the Mortgaged Property identified on the Mortgage Loan Schedule as Kennestone Physician Center provides that the leasehold interest may not be assigned without the ground lessor's consent except to a permitted assignee satisfying the criteria set forth in the Ground Lease. (b) The mortgagee has the same cure period (plus 30 days) as lessee under the Ground Lease for the Mortgaged Property identified on the Mortgage Loan Schedule as Kennestone Physician Center. (c) The Ground Lease for the Mortgaged Property identified on the Mortgage Loan Schedule as Kennestone Physician Center prohibits ground lessee to sublet without the prior approval of the owner of the adjacent hospital, which approval shall not be unreasonably withheld. (d) The Ground Lease for the Mortgaged Property identified on the Mortgage Loan Schedule as Kennestone Physician Center provides that, after the occurrence of an event of default, lessor may initiate a buy-out procedure under which the leased land and the Ground Lease improvements are to be appraised and then the lessor may elect to either purchase the Ground Lease improvements from the lessee or to sell the leased land to the lessee. (e) The Ground Lease for the Mortgaged Property identified on the Mortgage Loan Schedule as Kennestone Physician Center provides that, if the ground lessee elects to sell the improvements, then the ground lessor has a right of first refusal to purchase those improvements at either the bid offer or fair market value.