Condominium Conversion. [INTENTIONALLY OMITTED]
Condominium Conversion. As of the Closing, the Condominium Conversion and creation of the Unit have been completed in accordance with all applicable laws and no further authorizations or approvals are required for the legal conveyance of the Real Property by Seller to Buyer.
Condominium Conversion. During the Term of this Agreement, the Borrower shall not convert any of the Units in the Development to condominium or cooperative ownership or sell condominium or cooperative conversion rights to the Property.
Condominium Conversion. The parties acknowledge that the Lessee may elect to subject the Facility to a condominium regime (a “Condominium Conversion” comprising one or more units, each a “Unit”). Notwithstanding anything to the contrary herein, in connection with the Lessee’s exercise of a Condominium Conversion, promptly upon the request of the Lessee, and at the sole cost and expense of the Lessee, and with the prior written approval of the Agency if the Agency Lease Leasehold Estate shall then be in effect, the Lessee and the Agency shall amend, modify and/or restate the Project Documents so that (i) such Project Documents continue to encumber the Facility, including each Unit, in the manner contemplated by this Agreement and the other Project Documents; and (ii) a new Agreement, Company Lease and other Project Documents be executed in substantially the same form as this Agreement, the Company Lease and the other Project Documents, except that such agreement shall then spread or apply to and encumber each of the Units and the ownership thereof. Promptly upon the request of the Lessee, and with the prior written approval of the Agency if the Agency Lease Leasehold Estate shall then be in effect, the Agency shall reasonably cooperate with the Lessee at the sole cost and expense of the Lessee in connection with the execution and delivery of such amendments and/or restatements of the Project Documents or delivery of additional documents or instruments that the Lessee or the Mortgagee may reasonably request in connection with such Condominium Conversion, including without limitation, spreader agreements and amended and restated Project Documents (collectively, the “Additional Project Documents”), provided that such Condominium Conversion or Additional Project Documents (i) do not increase the obligations or reduce the rights of the Agency under the Project Documents, (ii) do not decrease the obligations or increase the rights of the Lessee under the Project Documents, and (iii) are in a form reasonably acceptable to the Agency. Nothing contained in this Section 3.10 shall be deemed to waive, modify, release or amend any obligation, covenant or agreement of the Lessee set forth in the Project Documents prior to any such Condominium Conversion.
Condominium Conversion. The Owner shall not convert Units to condominium or cooperative ownership or sell condominium or cooperative conversion rights in the Property during the term of this Agreement.
Condominium Conversion. Tenant shall not, without the prior consent of Landlord (and in Landlord’s sole and absolute discretion), submit Tenant’s leasehold estate in the Premises, or any part thereof, to the provisions of Article 9-B of the Real Property Law of the State of New York, as it may be amended.
Condominium Conversion. Tenant acknowledges that all or portion(s) of the Land, the Building and/or Complex may be subjected by Landlord to a revised or restructured condominium, PUD and/or common interest ownership structure prior to the end of the Term. Subject to Tenant's receipt of a commercially reasonable subordination, non-disturbance and attornment agreement from the applicable declarant or board of managers of such a future condominium or common interest ownership community recognizing Tenant's tenancy and its rights hereunder, Tenant agrees that if, at any time during the Term, all or portion(s) of the Land, the Building and/or the Complex shall be subjected to such condominium or common interest ownership community structure, then this Lease and all rights of Tenant hereunder are and shall be subordinate in all respects to any condominium or common interest ownership declaration and any other related documents (collectively, the "Condominium Documents") which shall be recorded in order to convert to a condominium or common interest ownership structure in accordance with applicable Requirements. If any such declaration is to be recorded, Tenant, upon request of Landlord, shall enter into an amendment of this Lease in such respects as may be reasonably necessary to conform to such condominiumization or common interest ownership structure, including, without limitation, any appropriate adjustments to the Base Taxes, the Base Expenses, Tenant's Proportionate Share and the Building's Share; provided, however, that no such adjustments shall increase Tenant's payments with respect to Additional Rent payable under Article 6 above such payments that Tenant would have incurred had such conversion not occurred, and provided further, that Tenant's rights and obligations with respect to the Premises shall not be affected (except to a de minimis extent) and the services to be provided by Landlord shall not be diminished. Nothing in the conversion process shall reduce the obligations of Landlord to provide services to the Premises that Landlord is obligated to provide under this Lease.
Condominium Conversion. The Developer shall have right to convert the Property to condominiums in accordance with the Condominium Property Act (705 ILCS 605/1 et seq.). The Developer shall prepare and record a Declaration and Plat of Survey as required by law and provide a true and correct copy thereof to the City. Conversion shall not prejudice the Developer's rights to receive TIF Funds in accordance with this Agreement. It shall be the responsibility of the Developer to establish in the Declaration such rights and powers as may be necessary for the Developer to ensure post-conversion compliance with this Agreement so as to maintain the Developer's entitlement to TIF Funds. Conversion shall not release the Developer from any obligation regarding the redevelopment, operation or maintenance of the Property as a condition of receiving TIF Funds. Conversion shall not affect the ability of the City to enforce this Agreement.
Condominium Conversion. Mortgagee recognizes that, pursuant to Article 50 of the Lease, Xxxxxxxx has agreed with Tenant to negotiate in good faith the terms and conditions of a declaration of condominium that will provided for, among other things, the submission of Landlord’s Premises to condominium form of ownership (the “Condominium Declaration”). Tenant recognizes that, in accordance with the provisions of the Building Loan Agreement, the terms and conditions of the Condominium Declaration are subject to approval of Mortgagee. Mortgagee consents to the inclusion in the Condominium Declaration of the applicable provisions set forth in Article 50 of the Lease, without waiving any other right to review and approve the Condominium Declaration and will, subject to satisfaction by Landlord of the applicable conditions of the Building Loan Agreement, consent to the execution and recordation of the Condominium Declaration. Mortgagee shall not be obligated to prepare any Condominium Declaration or to submit Landlord’s Premises to condominium form of ownership, provided, however, that after the date of attornment any Successor Landlord shall be bound by the terms of the Lease.
Condominium Conversion. Owner does not now foresee that the Project will be converted to condominiums. Because Architect did not design the Project for condominium ownership, Owner agrees that, if Owner, including its successors and assigns, decides to convert the Project into condominiums in the future, Owner, its successors and assigns will, to the fullest extent permitted by law, indemnify and hold harmless Architect and Architect’s officers, partners, employees from any and all claims, losses, damages and costs, including reasonable attorney’s fees and defense costs, arising or allegedly arising in any manner whatsoever due to the conversion to condominium ownership, except if caused by, to the extent of, and in proportion with the negligence or other misconduct of Architect, its consultant(s), or any person for whom any of them are responsible.
