Leasehold Condominium. Lessee shall have the right to create a leasehold condominium for the Project, if such condominium structure is deemed necessary to secure or preserve any exemption from ad valorem taxes, provided that at the time of creation of said leasehold condominium, the declaration of condominium (the “Declaration”) is in compliance with Chapter 718, Florida Statutes, as amended, and the provisions of this Ground Lease; and further subject to the City Manager’s approval of the form and substance of the Declaration. Lessee shall reimburse Lessor, as part of the Expenses, for all reasonable costs of Xxxxxx’s review of the proposed Declaration, including, but not limited to reasonable fees and costs of Lessor’s outside counsel. The leasehold condominium shall be limited to three (3) units, consisting of the Ground Floor condominium unit, the Dormitory Housing condominium unit, and one (1) condominium unit comprising all of the Workforce Housing Units. The Rent shall be based upon the Revenues derived from the operations of each of the three units. The provisions of this Ground Lease related to transfers or assignments of the Ground Lease shall apply to any transfer or assignment of each of the three (3) units, respectively, in the same manner as applicable to a transfer or assignment of the Ground Lease.
Leasehold Condominium. (a) As used in this Section 54, the following capitalized terms shall have the indicted meanings:
Leasehold Condominium. If Xxxxxx creates a leasehold condominium, at the time of creation of said leasehold condominium, the declaration of condominium for said leasehold condominium (the “Declaration”) shall be in compliance with Chapter 718, Florida Statutes, as amended, and this Article 23. The form and substance of the Declaration shall be subject to the prior written approval of Owner, in its sole judgment and discretion. Tenant shall pay all reasonable costs of Owner’s review of the proposed Declaration, including, but not limited to reasonable fees and costs of Owner’s outside counsel.
Leasehold Condominium. In the event the Debtor shall subject the premises leased under the Ground Lease to a condominium regime of ownership pursuant to the provisions of Article 9-B of the New York Real Property Law, the Ground Lease and the Loan Agreement, the lien of this Mortgage shall automatically extend to the condominium declaration and by-laws effecting such condominium regime, and to each condominium unit created thereunder.
Leasehold Condominium. Pursuant to the General Lease, the Company has reserved for itself the right to subject the Facility to a condominium regime of ownership pursuant to the provisions of Article 9-B of the New York Real Property Law and, in connection therewith, request the landlord under the Ground Lease to enter into a separate lease with the owners of each condominium unit created thereunder. However, the Company agrees that it shall not effect any sale, transfer or other disposition of any such separate lease or condominium unit so created without the prior written consent of the Trustee, and the delivery to the Issuer and the Trustee of an opinion of Nationally Recognized Bond Counsel to the effect that such action will not affect the exclusion of the interest on any Bonds then Outstanding from gross income for federal income tax purposes. lxxvii
Leasehold Condominium. The Condominium is a leasehold Condominium subject to the Sublease. The Sublease is due to expire January 8, 2032, with the right of the Sublessee to renew the lease for five additional 5 year periods. No Unit Owner will own any unit or land in fee simple and no Unit Owner shall have the right to remove any improvements after the expiration of the term of the Sublease, and no Unit Owner shall have a right to redeem the reversionary interest in the land.
