Common use of Leasehold Condominium Clause in Contracts

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. 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 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 hereof 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 this Ground Lease.Lease.‌

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 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.