Master Ground Lease definition
Examples of Master Ground Lease in a sentence
Furthermore, Brillian expressly acknowledges that TFS has the right pursuant to Section 3.3 of the Ground Sublease to purchase the Land, in which event the Master Ground Lease (as such term is defined in the Ground Sublease) shall be amended to delete the Land as of the closing of such purchase, as more fully set forth in Section 3.3(B)(3) of the Ground Sublease.
Each Ground Lease shall lease a separate developable area of the Master Ground Lease Parcel.
If Developer fails to timely execute and deliver the Master Ground Lease, County may terminate this Agreement for cause and Developer shall have no further rights and the County shall have no further obligations under this Agreement as specified in Section 11.31.
Building B1 will be owned by the Developer, or its assignee, or any successor thereto, until the expiration of the Master Ground Lease and the retail space will be leased by the Developer to retail tenants.
At the conclusion of the Master Ground Lease, either after its initial 49 year term or at the conclusion of 98 years if the option to renew is exercised by the Developer or Developer’s assignee, or any successor thereto, the ownership of all condominium units including Buildings B1 and B3 shall revert to the City, in fee simple, without any further obligation on behalf of or by the City to Developer or any of Developer’s assignees, or any successor thereto.