PREFACE TOMaster Condominium Sublease • March 14th, 2008
THIS AGREEMENT IS A SUBLEASE OF THE PREMISES AND APPURTENANT RIGHTS DESCRIBED HEREIN FOR A TERM EXPIRING ON JULY 29TH, 2067. THE PURPOSE OF THIS SUBLEASE IS TO ENABLE THE MASTER SUBLESSEE HEREUNDER TO ESTABLISH A SUBLEASEHOLD CONDOMINIUM REGIME COMPOSED OF THE PREMISES AND TO THEREAFTER CONVEY ITS INTEREST IN INDIVIDUAL CONDOMINIUMS TO CONDOMINIUM SUBLESSEES FOR THE BALANCE OF THE TERM OF THIS SUBLEASE. THE INTERESTS SUBJECT TO THIS SUBLEASE ARE ON PROPERTY (“PROPERTY”) OWNED BY THE COUNTY OF LOS ANGELES WHICH PROPERTY IS LEASED TO THE SUBLESSOR HEREUNDER PUSUANT TO A LEASE (THE “MASTER LEASE”) WITH A TERM EXPIRING AT EXACTLY THE SAME TIME AS THIS SUBLEASE TERM EXPIRES. AT THE EXPIRATION OF THE MASTER LEASE, THE CONDOMINIUM SUBLESSES HEREUNDER WILL HAVE NO FURTHER RIGHT TO OCCUPY THEIR CONDOMINIUMS AND THE SUBLESSRO AND MASTER SUBLESSEE WILL HAVE NO FURTHER RIGHT TO HAVE THE SUBLEASEHOLD CONDOMINIUM REGIME CREATED IN CONNECTION WITH THIS SUBLEASE REMAIN IN EXISTENCE. EXCEPT AS EXPRESSL
