The Ground Lease Sample Clauses

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. (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. (b) Further, with respect to the Ground Lease, Mortgagor covenants and agrees as follows: (i) to promptly and faithfully observe, perform and comply with all the terms, covenants and provisions thereof on the Lessee's part to be observed, performed and complied with, at the times set forth therein and to do all things necessary to preserve unimpaired its rights thereunder; (ii) not to do, permit, suffer or refrain from doing anything, as a result of which, there could be a default under any of the terms thereof beyond the giving of any required notice and the expiration of any applicable cure period or a breach of any of the terms thereof; (iii) not to exercise any right or option to cancel or otherwise terminate the Ground Lease; (iv) not to cancel, surrender, modify, amend or in any way alter or permit the alteration of any of the terms thereof and not to release the Lessor under the Ground Lease from any obligations imposed upon it thereby; (v) to give Mortgagee immediate written notice of any default by anyone thereunder and to immediately deliver to Mortgagee copies of each notice of default and, after the occurrence of an Event of Default, copies of all other notices, communications, plans, specifications and other similar instruments received or delivered by Mortgagor in connection therewith; and (vi) to furnish to Mortgagee such informatio...

The Ground Lease. Subject to the express terms of the Loan Agreement, Borrower shall (a) pay all rents, additional rents and other sums required to be paid by Borrower, as tenant, under and pursuant to the provisions of the Ground Lease as and when such rent or other charge is payable, (b) diligently perform and observe all of the terms, covenants and conditions of the Ground Lease on the part of Borrower, as tenant thereunder, to be performed and observed prior to the expiration of any applicable grace period therein provided and (c) promptly notify Lender of the giving of any notice by the landlord under the Ground Lease to Borrower of any default by Borrower in the performance or observance of any of the terms, covenants or conditions of the Ground Lease on the part of Borrower, as tenant thereunder, to be performed or observed and deliver to Lender a true copy of each such notice. Except as expressly permitted in the Loan Agreement, Borrower shall not, without the prior consent of Lender, surrender the leasehold estate created by the Ground Lease or terminate or cancel the Ground Lease or modify, change, supplement, alter or amend the Ground Lease, in any material respect, either orally or in writing, and Borrower hereby assigns to Lender, as further security for the payment of the Debt and for the performance and observance of the terms, covenants and conditions of this Security Instrument, all of the rights, privileges and prerogatives of Borrower, as tenant under the Ground Lease, to surrender the leasehold estate created by the Ground Lease or to terminate, cancel, modify, change, supplement, alter or amend the Ground Lease (except as expressly permitted in the Loan Agreement), and any such surrender of the leasehold estate created by the Ground Lease or termination, cancellation, modification, change, supplement, alteration or amendment of the Ground Lease without the prior consent of Lender shall be void and of no force and effect. If Borrower shall default in the performance or observance of any term, covenant or condition of the Ground Lease on the part of Borrower, as tenant thereunder, to be performed or observed, then, without limiting the generality of the other provisions of this Security Instrument, and without waiving or releasing Borrower from any of its obligations hereunder, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants ...

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 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. 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: 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 *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 and conditions to be specified in the Ground Lease, that additional revenue...

The Ground Lease. 1) Under the Lease Option, the County and/or City shall have the option to enter into a ground lease for the NKT Site (the “Ground Lease”), the consideration to be payable by the Lessee and due under the Ground Lease, and the terms of the Ground Lease shall include the following: a) The initial Annual Base Rent shall be either: (i) $288.000.00, plus 8% of the Xxxxx Acquisition Costs plus 8% of the actual Cost of Remediation Work; or, (ii) in the event that the Lessee elects to make a lump sum payment of all of the Costs of Remediation Work, together with interest accruing at 8% from the date of completion of the Remediation Work, then the initial Annual Base Rent Shall then be the sum of $288,000.00 plus 8% of the Xxxxx Parcel Acquisition Costs. b) The Ground Lease shall commence prior to construction, and in no event later than January 1, 2022. The Annual Base Rent due under the Ground Lease shall be increased every five (5) years by 10% of the Annual Base Rent due for the year immediately prior to each increase. In addition to Annual Base Rent, the Ground Lease shall be an absolute triple net lease. c) As additional consideration due 1144 under the Ground Lease, 1144 shall reserve rights, and be granted an exclusive easement for ingress, egress and the use of 82 parking spaces at locations designated by 1144 within the parking structure to be constructed on the NKT Site in conjunction with lease negotiations. The obligation associated with the maintenance and repair of the NKT Site spaces shall be addressed in the lease between the parties. d) At the termination of the Ground Lease, 1144 shall have the right to either (1) accept all existing improvements and fixtures as part of the real property, or (2) require the lessee to remove the improvements, structures and fixtures at lessee’s sole cost and expense. 2) The Ground Lease shall include the following terms: a) An initial 50-year term; b) Lessee, at its sole option, shall have options to extend the lease term for four

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. To the best of the Borrower's knowledge based upon the Mortgagor's representations and warranties with respect to each ground lease to which the Mortgaged Property is subject (a "Ground Lease"): (i) the Mortgagor is the owner of a valid and subsisting interest as tenant under the Ground Lease; (ii) the Ground Lease is unmodified and not supplemented by any writing or otherwise (other than as disclosed in the Servicing File) and is in full force and effect; (iii) all rent, additional rent and other charges reserved therein have been paid to the extent they are payable to the date hereof; (iv) the Mortgagor enjoys the quiet and peaceful possession of the estate demised thereby, subject to any sublease; (v) the Mortgagor is not in default under any of the terms thereof and there are no circumstances which, with the passage of time or the giving of notice or both, would constitute an event of default thereunder; (vii) 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; (vii) the lessor under the Ground Lease has satisfied all of its repair or construction obligations, if any, to date pursuant to the terms of the Ground Lease; and (ix) the execution, delivery and performance of the Mortgage do not require the consent (other than those consents which have been obtained and are in full force and effect) under, and will not contravene any provision of or cause a default under, the Ground Lease.

The Ground Lease. Promptly after Mortgagor's receipt of any notice of any motion, application or effort to reject the Ground Lease by the Ground Lessor or any bankruptcy trustee arising from or in connection with any case, proceeding or other action commenced or pending by or against the Ground Lessor under the Federal Bankruptcy Code or any successor statutes, Mortgagor shall give notice thereof to Mortgagee. Mortgagor hereby (i) assigns to Mortgagee any and all of the Mortgagor's rights as lessee under Section 365(h) of the Bankruptcy Code or any successor statute, (ii) covenants that it shall not elect to treat the Ground Lease as terminated pursuant to Section 365(h) of the Federal Bankruptcy Code or any such successor statute without the prior written consent of Mortgagee, and (iii) agrees that any such election by the Mortgagor without such consent shall be null and void. Mortgagor hereby irrevocably appoints Mortgagee as its true and lawful attorney-in- fact, which power of attorney shall be coupled with an interest, for the purpose of exercising its rights pursuant to Section 365(h) of the Federal Bankruptcy Code or any successor to such Section (A) to obtain for the benefit of Mortgagor a right to possession or statutory term of years derived from or incident to the Ground Lease, or (B) to treat the Ground Lease as terminated (it being understood, however, that prior to the foreclosure of the Lien hereof in no event shall Mortgagee acting pursuant to such power of attorney elect to treat the Ground Lease as terminated without the prior written consent of Mortgagor).