Condominium Conversion. Tenant shall not, without the prior consent of Landlord, which consent may be withheld in Landlord's sole discretion, submit Xxxxxx'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. It is an essential and material term of the Agreement that the Project does not involve condominiums. If the Project is converted to condominiums, (i) Client agrees to release, indemnify, defend, and hold harmless Landscape Architect from and against any claims by a condominium association or individual unit owners related to the Services provided by Landscape Architect under this Agreement, and (ii) the Condominium Project Special Requirements, attached hereto as Attachment 1, shall apply.
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. Borrower shall not convert the 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 acknowledges that the Land and the Building may be subjected to a condominium form of ownership prior to the end of the Term of this Lease. Subject to Xxxxxx’s receipt of a commercially reasonable subordination and non-disturbance agreement from the board of managers or unit owner(s) of any such future condominium, providing inter alia that Tenant agrees that if, at any time during the Term of this Lease, the Landlord and the Building shall be subjected to a new condominium form of ownership, then, this Lease and all rights of Tenant hereunder are and shall be subordinate in all respects to any condominium declaration and any other documents (collectively, the “Condominium Documents”) which shall be recorded in order to convert the Land and the Building to a condominium form of ownership in accordance with the 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, including, without limitation, appropriate adjustments to the Base Taxes, the Base Expenses, and Tenant’s Proportionate Share; provided, however, that no such adjustments shall increase Tenant’s payments (including, without limitation, with respect to Additional Rent payable under Article 6) above such payments that Tenant would have incurred had such condominium conversion not occurred, and provided further, that Tenant’s rights and obligations under the Lease shall not be affected (except to a de minimis extent) and the services provided to Tenant shall not be diminished. Nothing in the conversion process or associated documents shall reduce the obligations of Landlord (except to a de minimis extent) (including, without limitation, the obligations of Landlord to provide the services that Landlord is obligated to provide to Tenant under this Lease), and Landlord shall reimburse Tenant for its reasonable and actual out-of-pocket legal fees and disbursements in connection with (i) any amendment of this Lease required in connection with this Section 20.05 and (ii) the Condominium Non-Disturbance Agreement.
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. Section 1. Tenant hereby acknowledges that Landlord reserves the right to convert all or a portion of the Building into two or more condominium units, provided that such conversion will not (i) adversely affect the business terms hereof, (ii) decrease Tenant’s rights or increase Tenant’s obligations hereunder, (iii) interfere with Tenant’s use and enjoyment of the Premises, or (iv) adversely affect the quality of services provided by Landlord hereunder. Tenant agrees that, in such event, certain provisions of the Lease may require modification, including, without limitation, the definitions of the Premises, the Common Areas, Tenant’s Proportionate Share, Base Year, Operating Costs and taxes. By way of example only, if the Building is converted into 2 condominium units, Tenant’s Proportionate Share for the payment of taxes may be re-calculated by dividing the entire square footage of the condominium unit that contains the Premises, by the square footage of the Premises. Tenant shall pay Tenant’s Proportionate Share of taxes on the condominium unit based on the recalculated Proportionate Share. Tenant agrees to execute an appropriate amendment to this Lease (the “Condominium Conversion Lease Amendment”) to reflect such modifications, provided that no such modifications will (i) adversely affect the business terms hereof, (ii) decrease Tenant’s rights or increase Tenant’s obligations hereunder, (iii) interfere with Tenant’s use and enjoyment of the Premises, or (iv) adversely affect the quality of services provided by Landlord hereunder. Landlord shall pay Tenant an amount not to exceed $1,500.00 to cover Tenant’s reasonable legal fees incurred in connection with its review and execution of the Condominium Conversion Lease Amendment.
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.
