Examples of Master Ground Lease in a sentence
If Developer timely executes and delivers the Master Ground Lease and the Developer has timely delivered to the County the notice of acceptance identified in Section 5.1, County shall execute the Master Ground Lease and deliver a fully executed copy to Developer within the later of fifteen (15) business days following execution of the Master Ground Lease by Developer or Final Approval of Phase 1.
Following completion of the Phase 2 Improvements for the portion of the Master Ground Lease Parcel identified in the applicable Acquisition Notice, Developer Party shall have the right to enter into a Ground Lease in accordance with the takedown plan specified in the Phase 2 Business Plan.
As of the date that Ground Rent payments commence for a Ground Lease, or upon the close of escrow under a Purchase Agreement, the applicable lot or parcel shall be removed from the Master Ground Lease and the rent under the Master Ground Lease shall be proportionately reduced as set forth in the Master Ground Lease.
Each Ground Lease shall lease a separate developable area of the Master Ground Lease Parcel.
Thereafter, Developer Party must enter into additional Ground Leases for an additional minimum Net Acreage of (I) ten (10) acres per year, or (II) the remainder of the Leasable Master Ground Lease Area within six (6) years of the Second Takedown Threshold.