Common use of TERM AND CONDITIONS PRECEDENT Clause in Contracts

TERM AND CONDITIONS PRECEDENT. 1.2.1 The term of this Agreement shall commence on a date selected by the Lessor and Company following approval by the First District Consolidated Oversight Board and the California Department of Finance, if, and/or, as required by law. 1.2.2 The term of this Agreement will expire on October 9, 2087. 1.2.3 Lessor and Company agree to execute a memorandum of this Agreement evidencing the existence of this Agreement, the ownership of the Facilities by Company, the rights of Company in the Premises, the fact that this Agreement contains a right of first refusal to purchase the Premises and setting forth the Commencement Date and Termination Date of this Agreement. 1.2.4 Company will be entitled to receive, as a Project Cost, an ALTA leasehold policy of title insurance issued by a title company selected by Company, with liability in an amount reasonably determined by Company and insuring Company’s interests hereunder. Such leasehold policy will be subject only to exceptions permitted by Company. By September 1, 2019, Lessor shall deliver a preliminary title reports covering the Premises, as well as copies of the underlying document listed as exceptions to title is such report, to Company. If Company objects to any exceptions, it will give written notice of such objections (the “Notice of Objections”) to Lessor within such one hundred twenty (120) days after receipt of the preliminary report and the underlying documents. Company’s failure to give a Notice of Objections within such One Hundred Twenty (120) day period shall be conclusively deemed to be Company’s acceptance of all exceptions. Within thirty (30) days following receipt of a Notice of Objections, Lessor, at its option, may cure, or agree to cure prior to the commencement of the term, some or all of the exceptions that are the subject of the Notice of Objections. If at the end of such thirty (30) day period, Lessor has not cured, or agreed to cure prior to the commencement of the term, any or all of such exceptions, Company may elect by written notice given within fifteen (15) days thereafter to terminate this Lease (the “Termination Notice”). Company’s failure to give the Termination Notice within such fifteen (15) day period shall be conclusively deemed to be Company’s election to accept such leasehold policy subject to all then uncured exceptions. Upon any termination of this Agreement pursuant to the provisions of this Section, the parties shall be released from all further liabilities and obligations under this Agreement, except for such as have accrued prior to the date of such termination. Notwithstanding the foregoing, Xxxxxx agrees to remove, prior to the commencement of the term of this Lease, all loans secured by deeds of trust or mortgages encumbering the Premises as well as any leases or rental agreements encumbering all or any portion of the Premises. Xxxxxx agrees not to create or permit the creation of any additional exceptions to title, after the date of the preliminary title report, without the written consent of Company. As Facilities are constructed on the Premises, Company shall be entitled to obtain, as a Project Cost, additional ALTA leasehold title insurance with liability in an amount reasonably determined by Company and insuring Company’s interests and the interest of any Leasehold Mortgagee hereunder. 1.2.5 Any amendments to this Agreement will not be effective as against any Leasehold Mortgagee unless Company has obtained the written consent of such Leasehold Mortgagee.

TERM AND CONDITIONS PRECEDENT. 1.2.1 The term of this Agreement shall commence on a date selected by the Lessor and Company following approval by the First District Consolidated Oversight Board and the California Department of FinanceDecember 1, if, and/or, as required by law2021. 1.2.2 The term of this Agreement will expire on October 9, 2087. 1.2.3 Lessor and Company agree to execute a memorandum of this Agreement evidencing the existence of this Agreement, the ownership of the Facilities by Company, the rights of Company in the Premises, the fact that this Agreement contains a right of first refusal to purchase the Premises and setting forth the Commencement Date and Termination Date of this Agreement. 1.2.4 Company will be entitled to receive, as a Project Cost, an ALTA leasehold policy of title insurance issued by a title company selected by Company, with liability in an amount reasonably determined by Company and insuring Company’s interests hereunder. Such leasehold policy will be subject only to exceptions permitted by Company. By September 1, 2019, Lessor shall deliver a preliminary title reports covering the Premises, as well as copies of the underlying document listed as exceptions to title is such report, to Company. If Company objects to any exceptions, it will give written notice of such objections (the “Notice of Objections”) to Lessor within such one hundred twenty (120) days after receipt of the preliminary report and the underlying documents. Company’s failure to give a Notice of Objections within such One Hundred Twenty (120) day period shall be conclusively deemed to be Company’s acceptance of all exceptions. Within thirty (30) days following receipt of a Notice of Objections, Lessor, at its option, may cure, or agree to cure prior to the commencement of the term, some or all of the exceptions that are the subject of the Notice of Objections. If at the end of such thirty (30) day period, Lessor has not cured, or agreed to cure prior to the commencement of the term, any or all of such exceptions, Company may elect by written notice given within fifteen (15) days thereafter to terminate this Lease (the “Termination Notice”). Company’s failure to give the Termination Notice within such fifteen (15) day period shall be conclusively deemed to be Company’s election to accept such leasehold policy subject to all then uncured exceptions. Upon any termination of this Agreement pursuant to the provisions of this Section, the parties shall be released from all further liabilities and obligations under this Agreement, except for such as have accrued prior to the date of such termination. Notwithstanding the foregoing, Xxxxxx agrees to remove, prior to the commencement of the term of this Lease, all loans secured by deeds of trust or mortgages encumbering the Premises as well as any leases or rental agreements encumbering all or any portion of the Premises. Xxxxxx agrees not to create or permit the creation of any additional exceptions to title, after the date of the preliminary title report, without the written consent of Company. As Facilities are constructed on the Premises, Company shall be entitled to obtain, as a Project Cost, additional ALTA leasehold title insurance with liability in an amount reasonably determined by Company and insuring Company’s interests and the interest of any Leasehold Mortgagee hereunder. 1.2.5 Any amendments to this Agreement will not be effective as against any Leasehold Mortgagee unless Company has obtained the written consent of such Leasehold Mortgagee.

TERM AND CONDITIONS PRECEDENT. 1.2.1 The term of this Agreement shall commence on upon a date selected by the Lessor and Company that is within 90 days following approval by the First District Consolidated Oversight Board and the California Department of Finance, if, and/or, as required by law. 1.2.2 The term of this Agreement will expire on October 9, 2087. 1.2.3 Lessor and Company agree to execute a memorandum of this Agreement evidencing the existence of this Agreement, the ownership of the Facilities by Company, the rights of Company in the Premises, the fact that this Agreement contains a right of first refusal to purchase the Premises and setting forth the Commencement Date and Termination Date of this Agreement. 1.2.4 Company will be entitled to receive, as a Project Cost, an ALTA leasehold policy of title insurance issued by a title company selected by Company, with liability in an amount reasonably determined by Company and insuring Company’s interests hereunder. Such leasehold policy will be subject only to exceptions permitted by Company. By September 1, 2019, Lessor shall deliver a preliminary title reports covering the Premises, as well as copies of the underlying document listed as exceptions to title is such report, to Company. If Company objects to any exceptions, it will give written notice of such objections (the “Notice of Objections”) to Lessor within such one hundred twenty (120) days after receipt of the preliminary report and the underlying documents. Company’s failure to give a Notice of Objections within such One Hundred Twenty (120) day period shall be conclusively deemed to be Company’s acceptance of all exceptions. Within thirty (30) days following receipt of a Notice of Objections, Lessor, at its option, may cure, or agree to cure prior to the commencement of the term, some or all of the exceptions that are the subject of the Notice of Objections. If at the end of such thirty (30) day period, Lessor has not cured, or agreed to cure prior to the commencement of the term, any or all of such exceptions, Company may elect by written notice given within fifteen (15) days thereafter to terminate this Lease (the “Termination Notice”). Company’s failure to give the Termination Notice within such fifteen (15) day period shall be conclusively deemed to be Company’s election to accept such leasehold policy subject to all then uncured exceptions. Upon any termination of this Agreement pursuant to the provisions of this Section, the parties shall be released from all further liabilities and obligations under this Agreement, except for such as have accrued prior to the date of such termination. Notwithstanding the foregoing, Xxxxxx agrees to remove, prior to the commencement of the term of this Lease, all loans secured by deeds of trust or mortgages encumbering the Premises as well as any leases or rental agreements encumbering all or any portion of the Premises. Xxxxxx agrees not to create or permit the creation of any additional exceptions to title, after the date of the preliminary title report, without the written consent of Company. As Facilities are constructed on the Premises, Company shall be entitled to obtain, as a Project Cost, additional ALTA leasehold title insurance with liability in an amount reasonably determined by Company and insuring Company’s interests and the interest of any Leasehold Mortgagee hereunder. 1.2.5 Any amendments to this Agreement will not be effective as against any Leasehold Mortgagee unless Company has obtained the written consent of such Leasehold Mortgagee.