Common use of Metro Ground Lease Clause in Contracts

Metro Ground Lease. (a) The Metro Ground Lease contains the entire agreement of the Authority and QIPM pertaining to the Metro Property covered thereby. QIPM has no estate, right, title or interest in or to the Metro Property except under and pursuant to the Metro Ground Lease. The Loan Parties have delivered a true and correct copy of the Metro Ground Lease to the Agent and the Metro Ground Lease has not been modified, amended or assigned, with the exception of written instruments that have been recorded in the real estate records of Xxxxxx County, Georgia. (b) The Authority is the exclusive fee simple owner of the Metro Property, subject only to the Metro Ground Lease and all Liens and other matters disclosed in the applicable title report for the Metro Property subject to the Metro Ground Lease, and the Authority is the sole owner of the lessor’s interest in the Metro Ground Lease. (c) There are no rights to terminate the Metro Ground Lease other than the Authority’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Metro Ground Lease. (d) The Metro Ground Lease is in full force and effect and, to QIPM’s knowledge, no material breach or default or event that with the giving of notice or passage of time would constitute a breach or default under the Metro Ground Lease (a “Metro Ground Lease Default”) exists or has occurred on the part of the QIPM or on the part of the Authority under the Metro Ground Lease. All base rent and additional rent, if any, due and payable under the Metro Ground Lease has been paid through the date hereof and QIPM is not required to pay any deferred or accrued rent after the date hereof under the Metro Ground Lease. QIPM has not received any written notice that a Metro Ground Lease Default has occurred or exists, or that the Authority or any third party alleges the same to have occurred or exist. (e) QIPM is the exclusive owner of the ground lessee’s interest under and pursuant to the Metro Ground Lease and has not assigned, transferred or encumbered its interest in, to, or under the Metro Ground Lease, except as permitted in §8.2(i)(A), (iv) and (v). (f) No rent payments are due under the Metro Ground Lease so long as the ground lessee is also the holder of that certain Taxable Industrial Development Revenue Bond (Quality Investment Properties Atlanta Tech Centre South, L.L.C. Project), Series 2006 (the “Bond”). There are no defaults under the Bond. The principal amount outstanding under the Bond as of the date hereof is $27,000,000. QIPM is and shall remain the sole owner of the Bond.

Metro Ground Lease. 116 (a) The Metro Ground Lease contains the entire agreement of the Authority and QIPM pertaining to the Metro Property covered thereby. QIPM has no estate, right, title or interest in or to the Metro Property except under and pursuant to the Metro Ground Lease. The Loan Parties have delivered a true and correct copy of the Metro Ground Lease to the Agent and the Metro Ground Lease has not been modified, amended or assigned, with the exception of written instruments that have been recorded in the real estate records of Xxxxxx Fxxxxx County, Georgia. (b) The Authority is the exclusive fee simple owner of the Metro Property, subject only to the Metro Ground Lease and all Liens and other matters disclosed in the applicable title report for the Metro Property subject to the Metro Ground Lease, and the Authority is the sole owner of the lessor’s interest in the Metro Ground Lease. (c) There are no rights to terminate the Metro Ground Lease other than the Authority’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Metro Ground Lease. (d) The Metro Ground Lease is in full force and effect and, to QIPM’s knowledge, no material breach or default or event that with the giving of notice or passage of time would constitute a breach or default under the Metro Ground Lease (a “Metro Ground Lease Default”) exists or has occurred on the part of the QIPM or on the part of the Authority under the Metro Ground Lease. All base rent and additional rent, if any, due and payable under the Metro Ground Lease has been paid through the date hereof and QIPM is not required to pay any deferred or accrued rent after the date hereof under the Metro Ground Lease. QIPM has not received any written notice that a Metro Ground Lease Default has occurred or exists, or that the Authority or any third party alleges the same to have occurred or exist. (e) QIPM is the exclusive owner of the ground lessee’s interest under and pursuant to the Metro Ground Lease and has not assigned, transferred or encumbered its interest in, to, or under the Metro Ground Lease, except as permitted in §8.2(i)(A), (iv) and (v). (f) No rent payments are due under the Metro Ground Lease so long as the ground lessee is also the holder of that certain Taxable Industrial Development Revenue Bond (Quality Investment Properties Atlanta Tech Centre South, L.L.C. Project), Series 2006 (the “Bond”). There are no defaults under the Bond. The principal amount outstanding under the Bond as of the date hereof is $27,000,000. QIPM is and shall remain the sole owner of the Bond.

Metro Ground Lease. (a) The Metro Ground Lease contains the entire agreement of the Authority and QIPM pertaining to the Metro Property covered thereby. QIPM has no estate, right, title or interest in or to the Metro Property except under and pursuant to the Metro Ground Lease. The Loan Parties have delivered a true and correct copy of the Metro Ground Lease to the Agent and the Metro Ground Lease has not been modified, amended or assigned, with the exception of written instruments that have been recorded in the real estate records of Xxxxxx Fxxxxx County, Georgia. (b) The Authority is the exclusive fee simple owner of the Metro Property, subject only to the Metro Ground Lease and all Liens and other matters disclosed in the applicable title report for the Metro Property subject to the Metro Ground Lease, and the Authority is the sole owner of the lessor’s interest in the Metro Ground Lease. (c) There are no rights to terminate the Metro Ground Lease other than the Authority’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Metro Ground Lease. (d) The Metro Ground Lease is in full force and effect and, to QIPM’s knowledge, no material breach or default or event that with the giving of notice or passage of time would constitute a breach or default under the Metro Ground Lease (a “Metro Ground Lease Default”) exists or has occurred on the part of the QIPM or on the part of the Authority under the Metro Ground Lease. All base rent and additional rent, if any, due and payable under the Metro Ground Lease has been paid through the date hereof and QIPM is not required to pay any deferred or accrued rent after the date hereof under the Metro Ground Lease. QIPM has not received any written notice that a Metro Ground Lease Default has occurred or exists, or that the Authority or any third party alleges the same to have occurred or exist. (e) QIPM is the exclusive owner of the ground lessee’s interest under and pursuant to the Metro Ground Lease and has not assigned, transferred or encumbered its interest in, to, or under the Metro Ground Lease, except as permitted in §8.2(i)(A), (iv) and (v). (f) No rent payments are due under the Metro Ground Lease so long as the ground lessee is also the holder of that certain Taxable Industrial Development Revenue Bond (Quality Investment Properties Atlanta Tech Centre South, L.L.C. Project), Series 2006 (the “Bond”). There are no defaults under the Bond. The principal amount outstanding under the Bond as of the date hereof is $27,000,000. QIPM is and shall remain the sole owner of the Bond.