Submerged Land Lease. Borrower hereby represents and warrants to Lender the following with respect to the Submerged Land Lease relating to the Reach Individual Property: (i) Borrower has heretofore provided Lender with a true and correct copy of the Submerged Land Lease; (ii) there have not been amendments or modifications to the terms of the Submerged Land Lease other than pursuant to written instruments, copies of which have been previously provided to Lender; (iii) except for the Permitted Encumbrances and other encumbrances of record, Mortgage Borrower’s interest in the Submerged Land Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage; (iv) Mortgage Borrower’s interest in the Submerged Land Lease, as a result of a comfort letter delivered to Mortgage Lender by the lessor under the Submerged Land Lease, is assignable without the consent of the lessor thereunder to Mortgage Lender in the event Mortgage Lender acquires title to the riparian upland property adjacent to the submerged land described in the Submerged Land Lease and Mortgage Lender assumes the duties and responsibilities of Mortgage Borrower under the Submerged Land Lease; and (v) as of the date hereof, the Submerged Land Lease is in full force and effect and no default by Mortgage Borrower, or to the best knowledge of Borrower, any other party thereto has occurred under the Submerged Land Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of the Submerged Land Lease.
Submerged Land Lease. Without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, Borrower shall not cause or permit Mortgage Borrower to (a) surrender, terminate or cancel the Submerged Land Lease; (b) reduce or consent to the reduction of the term of the Submerged Land Lease; (c) increase or consent to the increase of the amount of any charges under the Submerged Land Lease; (d) modify, change, supplement, alter or amend in any material respect the Submerged Land Lease or waive or release in any material respect any of Borrower’s rights and remedies under the Submerged Land Lease; or (e) grant its consent or approval as may be requested in connection with the terms and provisions of the Submerged Land Lease except as may be required thereunder.
Submerged Land Lease. Borrower shall not, nor shall it cause or permit Mortgage Borrower or Operating Company to, without Lender’s prior written consent, amend, modify or supplement, or consent to or suffer the amendment, modification or supplementation of the Submerged Land Lease; provided, however, that Mortgage Borrower may renew the Submerged Land Lease at its expiration pursuant to the-then current standard form of lease issued by the landlord thereunder, with such modifications that do not and would not reasonably be expected to have a Material Adverse Effect.
Submerged Land Lease. The Submerged Land Lease or a memorandum of the Submerged Land Lease has been duly recorded. Borrower has heretofore provided, or has caused Mortgage Borrower to provide, Lender with a true, correct and complete copy of the Submerged Land Lease and there have not been any amendments or modifications to the terms of the Submerged Land Lease other than pursuant to written instruments, copies of which have been previously provided to Lender. The Submerged Land Lease is in full force and effect and there are no material defaults thereunder by either party and, to Borrower’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. In reliance on and subject to the terms of that certain letter dated August 6, 2013 from the Florida Department of Environmental Protection, neither (i) the mortgaging of Mortgage Borrower’s interest in the Submerged Land Lease (and the property demised thereunder) pursuant to the Mortgage Loan Documents nor (ii) Pledgor’s pledging its interests in the Collateral pursuant to the Loan Documents violates the terms and provisions of the Submerged Land Lease. There has been no prior sale, transfer or assignment, hypothecation or pledge of the Submerged Land Lease which is outstanding.
Submerged Land Lease. The Submerged Land Lease is currently in effect and is in good standing.
Submerged Land Lease. Without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, Borrower shall not cause or permit Mortgage Borrower to (a) surrender, terminate or cancel the Submerged Land Lease;
Submerged Land Lease. If the slip is in the Visitor’s Marina, Xxxxxx acknowledges that the Slip is on sovereign lands and is subject to a Modified Sovereignty Submerged Lands Lease by and between the Club and the Board of Trustees of the Internal Improvement Trust Fund of the State of Florida, made effective as of June 23, 1997 (the “Submerged Lands Lease”), and which Submerged Lands Lease is available for inspection at the Dockmaster’s Office upon request of the Lessee. Xxxxxx further agrees to be bound by all of the terms and conditions therein, including any and all amendments or addendums thereto or leases executed in replacement thereof. Regardless of where the slip is located, Xxxxxx also agrees to comply with any regulations that may be imposed from time to time by the Miami-Dade County Department of Environmental Resources Management (“DERM”) or the Florida Department of Environmental Regulation (“DER”). The Club has disclosed to the Lessee that the State of Florida is taking the position that the Submerged Lands Lease covering the Visitor’s Marina, obligates all occupants of submerged lands covered by the Submerged Lands Lease to pay to the State as and for rent a sum equal to six percent (6%) of all receipts from the occupancy, sale or transfer of any slip. Although the Club, through its Board of Directors, has not decided to collect this six percent (6%) fee from those Lessees occupying slips in the Guest Marina, the Club nevertheless reserves the right to so collect without further notice thereof.
Submerged Land Lease. That certain Sovereignty Submerged Lands Lease No. 130191176, recorded November 2, 1993 in Official Records Book 16110, Page 3825; as assigned by Assignment of Sovereignty Submerged Lands Lease recorded November 28, 1995 in Official Records Book 17004, Page 612; as modified by Modified Sovereignty Submerged Lands Lease recorded June 20, 2000 in Official Records Book 19160, Page 4292; as renewed by Sovereignty Submerged Lands Lease Renewal recorded November 5, 2003 in Official Records Book 21798, Page 2081; as modified by Sovereignty Submerged Lands Lease Modification to Reflect Change in Ownership recorded March 2, 2005 in Official Records Book 23129, Page 455; and as modified by Sovereignty Submerged Lands Lease Renewal Modification to Reflect Change in Ownership and Change Description of Use recorded November 1, 2010 in Official Records Book 27474, Page 2905. LOAN AGREEMENT - Page 11 667404; Miami-Dade County – Florida
Submerged Land Lease. Borrower agrees to use its best efforts to enter into a renewal/reinstatement of the Submerged Land Lease acceptable to Lender within sixty (60) days from the effective date of this Agreement; provided, however that in the event Borrower is diligently pursuing but has not received a signed renewal/reinstatement of the Submerged Land Lease within such time period, Borrower shall have two additional sixty (60) day periods to obtain such renewal/reinstatement.
Submerged Land Lease. Compliance
