Acquired Ground Lease definition
Examples of Acquired Ground Lease in a sentence
Each of the parties hereto agree to promptly provide the other with copies of any notices or other information received in writing from any landlord under an Acquired Ground Lease.
In the event a Property is the subject of an Acquired Ground Lease and this Ground Lease is not being renewed or is being terminated as provided in this ARTICLE XI with respect to such Property, the Lessee shall assume all of Brazos' obligations under such Acquired Ground Lease as of the end of the term or the date of termination of this Ground Lease with respect to such Property and this Ground Lease shall terminate with respect to such Property.
The Effective Date of the lease or sublease of each Property shall be the date of the initial advance with respect to such Property under the Agreement for Ground Lease or the Effective Date of any Acquired Ground Lease.
Lessee shall pay all costs, expenses, fees and charges incurred in connection with the ownership, use or occupancy of any Property during the Lease Term and Renewal Term, if any, thereof, including, without limitation, any rent and other charges under an Acquired Ground Lease.
Diamond Shamrock R & M shall pay all costs, expenses, fees and charges incurred in connection with the ownership, use or occupancy of any Property during the Lease Term and Renewal Term, if any, thereof, including, without limitation, any rent under an Acquired Ground Lease.
Accompanying this Certificate is a copy of the form of Warranty Deed or Acquired Ground Lease by which the Additional Property will be conveyed or leased to Owner, which sets forth a true and complete legal description for the Additional Property.
In the event the title insurance policy insuring Brazos' and Assignee's interest in any Property would not, in the absence of special assurance by Lessee, become effective until the date of recordation of the deed or assignment of the Acquired Ground Lease, as applicable, then Lessee shall furnish such indemnity to the title insurance company as it shall require in order to insure Brazos' interest in such Property, effective as of the date of the Effective Date.
Brazos and Agent shall have received a list of all Liens of Record and of all other Liens known to Lessee against the Property and the amounts thereof and, in the case of an Acquired Ground Lease, an estoppel certificate from the lessor confirming that there are no defaults under the Acquired Ground Lease and such other information satisfactory to Brazos and Agent.
If any Event of Property Termination with respect to a Property shall occur, Brazos may, with Agent's approval, as liquidated damages and not as a penalty, require Lessee to purchase such Property on the next Basic Rent Payment Date at a price equal to the Acquisition Cost for such Property by giving written notice of such required purchase or assume all obligations of Brazos under an Acquired Ground Lease.
Brazos covenants and agrees, subject to any limitations on its rights and obligations hereunder, that it will not do or cause to be done or knowingly suffer or knowingly permit any act or thing to be done without notice to Lessee which would or might cause such Acquired Ground Lease or the rights of Brazos as lessee thereunder to be canceled, terminated or forfeited or which would make Lessee or Brazos liable for any losses, costs, liabilities, damages, claims, penalties or other expenses.