The Ground Lease. (a) With respect to each Ground Lease, Pledgor shall cause Mortgage Borrower to (i) pay all rents, additional rents and other sums required to be paid by Mortgage Borrower, as tenant under and pursuant to the provisions of each Ground Lease, (ii) diligently perform and observe all of the terms, covenants and conditions of each Ground Lease on the part of Mortgage Borrower, as tenant thereunder, (iii) promptly notify Lender of the giving of any notice by the landlord under the applicable Ground Lease to Mortgage Borrower of any default by Mortgage Borrower, as tenant thereunder, and deliver to Lender a true copy of each such notice within five (5) Business Days of receipt and (iv) promptly notify Lender of any bankruptcy, reorganization or insolvency of the landlord under the applicable Ground Lease or of any notice thereof, and deliver to Lender a true copy of such notice within five (5) Business Days of Pledgor’s receipt, together with copies of all notices, pleadings, schedules and similar matters received by Pledgor in connection with such bankruptcy, reorganization or insolvency within five (5) Business Days after receipt. Pledgor shall not, without the prior consent of Lender, (x) cause Mortgage Borrower to surrender the leasehold estate created by the applicable Ground Lease or terminate or cancel any Ground Lease or modify, change, supplement, alter or amend any Ground Lease, either orally or in writing, or (y) consent to, acquiesce in, or fail to object to, any attempt by any Fee Owner, as debtor in possession or by a trustee for such Fee Owner, to sell or transfer the Fee Estate with respect to any Ground Lease free and clear of the Ground Lease under section 363(f) of the Bankruptcy Code or otherwise. Pledgor shall cause Mortgage Borrower to object to any such attempt by such Fee Owner, as debtor in possession or by a trustee for such Fee Owner, to sell or transfer the Fee Estate with respect to any Ground Lease free and clear of the Ground Lease under section 363(f) of the Bankruptcy Code or otherwise, and in such event shall affirmatively assert and pursue its right to adequate protection under section 363(e) of the Bankruptcy Code. If Mortgage Borrower shall default in the performance or observance of any term, covenant or condition of any Ground Lease on the part of Mortgage Borrower, as tenant thereunder, and shall fail to cure the same prior to the expiration of any applicable cure period provided thereunder, Pledgor shall permit Lender to ...
The Ground Lease. With respect to each Ground Lease,
The Ground Lease. 2.18.1. The Mortgagor shall: (i) pay all rents, additional rents and other sums required to be paid by the Mortgagor as lessee under and pursuant to the provisions of the Ground Lease, (ii) diligently perform and observe all of the terms, covenants and conditions of the Ground Lease on the part of the Mortgagor, as lessee thereunder, to be performed and observed, unless such performance or observance shall be waived or not required in writing by the lessor under the Ground Lease, to the end that all things shall be done which are necessary to keep unimpaired the rights of the Mortgagor, as lessee, under the Ground Lease, (iii) promptly notify the Mortgagee in writing of any default by the Mortgagor under the Ground Lease in the performance or observance of any of the terms, covenants or conditions on the part of, respectively, the Mortgagor to be performed or observed under the Ground Lease, (iv) promptly notify the Mortgagee of the giving of any notice by the lessor under the Ground Lease to the Mortgagor (other than notices customarily sent on a regular basis) and of any notice noting or claiming any default by the Mortgagor in the performance or observance of any of the terms, covenants or conditions of the Ground Lease on the part of the Mortgagor, as lessee thereunder, to be performed or observed and deliver to the Mortgagee a true copy of each such notice (v) promptly notify the Mortgagee in writing of any request made by either party to the Ground Lease, as the case may be, for arbitration proceedings pursuant to the Ground Lease and of the institution of any arbitration proceedings, as well as of all proceedings thereunder, and promptly deliver to the Mortgagee a copy of the determination of the arbitrators in each such arbitration proceeding, it being acknowledged and agreed that the Mortgagee shall have the right to participate in such arbitration proceedings in association with the Mortgagor or on its own behalf as an interested party, and (vi) furnish to the Mortgagee, within ten (10) days after demand, proof of payment of all items which are required to be paid by the Mortgagor pursuant to the Ground Lease.
The Ground Lease. (a) With respect to the Ground Lease, Mortgagor hereby warrants and represents as follows: (i) the Mortgagor is the owner of a valid and subsisting interest as Lessee under the Ground Lease; (ii) the Ground Lease is in full force and effect, unmodified by any writing or otherwise; (iii) all rent, additional rent and other charges reserved therein have been paid to the extent they are payable to the date hereof; (iv) Mortgagor enjoys the quiet and peaceful possession of the property demised thereby; (v) The Mortgagor is not in default under any of the terms thereof and there are no defaults under any of the terms thereof beyond the giving of any required notice and the expiration of any applicable cure period; (vi) The Mortgagor has not received notice from Lessor under the Ground Lease of a default thereunder, which default has not been timely cured; (vii) to the best of Mortgagor's knowledge, the Lessor under the Ground Lease is not in default under any of the terms or provisions thereof on the part of the Lessor to be observed or performed; (viii) the Ground Lease or a memorandum thereof has been duly recorded.
The Ground Lease. Lessee acknowledges receipt of the Ground Lease and is familiar with the respective terms thereof. Lessee will, for the benefit of Lessor, perform all obligations, covenants and agreements to be performed by the lessee under the Ground Lease including without limitation the payment of all rent and other amounts due under such agreements during the term hereof and, as between Lessor and Lessee, Lessor shall have no responsibility for compliance with such obligations, covenants and agreements accruing during the term hereof. Lessee will at all times during the term hereof do all things necessary to perform all Ground Lessor’s obligations, covenants and agreements under the Ground Lease and will give Lessor notice of all defaults under the Ground Lease promptly after obtaining Actual Knowledge thereof. In addition to, and not in limitation of, Lessee’s obligations set forth elsewhere in this Lease during the term hereof, Lessee shall punctually pay and perform for the benefit of Lessor all of the obligations and liabilities whatsoever of Lessee or Lessor under any instrument that is a Permitted Lien including, without limitation, payment of indemnification of Lessor from and against all claims for which Lessor is liable thereunder during the term hereof. Lessee represents as of the date hereof that the Ground Lease is in full force and effect.
The Ground Lease. The City will lease the Property (“Ground Lease”) to Panattoni, which will assign it to the CFPF pursuant to the Option to Purchase Agreement. The City shall retain a non-exclusive easement to use, after normal business hours, all parking to be developed on the Property (“Easement”). Concurrently with the execution of the proposed Ground Lease, Panattoni would prepare the final design and construction documents with the cooperation and approval of Dignity Health as consistent with the Site Plan and entitlements approved by the City. Panattoni shall pay for all costs and expenses to develop the Medical Office Building and Improvements. Panattoni agrees that all work shall be performed in a good and workmanlike manner, in accordance with all rules, regulations, codes and ordinances of any local, municipal, state and federal authority having jurisdiction thereof. Within three (3) business days after the issuance of the building permit authorizing the commencement of construction of the Medical Office Building, Panattoni shall pay the City a sum of $1 million as the initial installment of Base Rent (as defined below). Provided Panattoni faithfully performs all of the terms and conditions of the Ground Lease, the City agrees to xxxxx further lease payments until construction of the Medical Office Building and improvements are complete. Thereafter, Panattoni or its assignee shall pay the monthly payments set forth below to the City (the “Base Rent”) for the remainder of the 151/2-year term in advance on the first (1st) day of each month: Minimum Ground Rent Schedule Year Annual Rent Monthly Rent Year 1 (Months 1-18*) $1,000,000 (paid in advance) $0.00 Year 2 (Months 18-24*) $99,961 $* Year 2 $129,933 Year 3 $169,939 Year 4 $210,944 Year 5 $252,975 Year 6 $296,057 Year 7 $340,215 Year 8 $385,477 Year 9 $431,872 Year 10 $479,425 Year 11 $528,168 Year 12 $578,129 Year 13 $629,340 Year 14 $681,830 Year 15 $690,651 TOTAL $6,904,916 *These time periods are based on estimated construction time periods and are subject to change for unforeseeable consequences and other delays on getting approvals of the Environmental Impact Report and governmental approvals. The schedule of Base Rent may need to be adjusted based on the date the Building Permit is issued. The monthly payments are not included in this draft until we can confirm annual payments. To the extent that financing, favorable interest rates, and other factors result in more revenue being available on certain terms...
The Ground Lease. The provisions of Section 9.3 of the Loan Agreement are hereby incorporated by reference into this Security Instrument to the same extent and with the same force as if fully set forth herein.
The Ground Lease. 1. A copy of the Ground Lease (which term shall also include the Primary Lease identified in the Ground Lease) is attached hereto and marked Exhibit "C."
The Ground Lease. In connection with the Project, BrightRidge has agreed to lease the Project Site to Company on the terms and conditions set forth in the Ground Lease.
The Ground Lease. (a) The provisions contained in this Deed of Trust shall be deemed to be obligations of Trustor in addition to Trustor's obligations as tenant with respect to similar matters under which Trustor is obligated under the Ground Lease and shall not restrict or limit Trustor's duties and obligations to keep and perform promptly all of its covenants, agreements and obligations as tenant under the Ground Lease.
