Condominiumization Clause Samples

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Condominiumization. Tenant acknowledges that Landlord retains the right, at any time during the Term, and from time to time, to split the Building into two (2) or more separate condominium units. In any such event, provided the following (i.e. items (i) through (iii)) do not increase the obligations or liability or diminish the rights and remedies of Tenant hereunder or reduce Landlord’s obligations hereunder or have an adverse impact upon the rights of Tenant hereunder or ▇▇▇▇▇▇’s use of, or access to, the Premises, and provided further that Landlord shall reimburse Tenant for all costs incurred by Tenant (including without limitation reasonable attorneys’ fees) in connection with the following, ▇▇▇▇▇▇ agrees as follows: (i) Tenant will give such consents if any, as may be required to effectuate any such further condominiumization within the Building; (ii) Tenant agrees that it will promptly cooperate and comply at Landlord’s cost, with all reasonable requests made by Landlord in furtherance of any such further condominiumization, which may include, without limitation, executing such documents as may necessary in connection with the further condominiumization and consenting to any modifications of this Lease as may be reasonably requested by Landlord in connection therewith; and (iii) Tenant agrees that from after any such conversion of the Building to two (2) or more condominium units and the Condominium Unit Owner’s assumption of Landlord’s obligations under this Lease in writing, the word “Landlord” as used herein shall refer to the owner of the unit or units of the Condominium (“Condominium Unit Owner”) which comprise the Premises and such other definitional charges as may be appropriate shall be made. From and after such further condominiumization, if any, the computation of Tenant’s Proportionate Share shall be appropriately adjusted to reflect the relative size of the Premises to the tax lot constituting the condominium unit(s) containing the Premises, and any other escalation or other changes payable on the basis of a percentage of square footage of the Building shall be appropriately adjusted, if necessary, to accurately reflect Tenant’s percentage thereof. Without limiting the generality of the foregoing, from and after such condominiumization, the Tax Expenses shall be determined by multiplying the Tax Expenses referred to in Section 4.2.5 of this Lease times a fraction, the numerator of which is the amount of real estate taxes initially payable by the Condominium...
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Condominiumization. Landlord specifically reserves the right to condominiumize the Project, the Premises, and/or the Building in which the Premises is located into one or more condominium units, at Landlords sole and absolute discretion, and, in such event, to reclassifying and/or restructure all or part of the costs and expenses otherwise includable as Additional Rent as common expense assessments which shall thereafter be paid by Tenant as Additional Rent due hereunder.
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Related to Condominiumization

  • Condominium (a) Borrower shall promptly and faithfully make all payments required under, and promptly and faithfully observe and perform all other terms, covenants and conditions on the part of Borrower to be observed and performed under (i) the Declaration; (ii) the by-laws of the Condominium; (iii) the rules and regulations promulgated by the Condominium Board or other executive body of the Condominium from time to time; and (iv) all other documents (A) creating the Unit, (B) related, in any material respect, to the condominium characteristics of ownership of the Unit, to the ownership rights of Borrower in and to the Unit or to the relationship among owners of units in the Condominium, or governing the Unit, as the same may be amended (collectively, the “Condominium Documents”). (b) Borrower shall pay in respect of the Unit on or before the expiration of any applicable grace or cure period all common expenses, charges and assessments, special or general, and other items for the payment of which Borrower is or may hereafter be responsible under the terms of the Condominium Documents (collectively, “Condominium Charges”). (c) Lender shall have the right, at reasonable times and upon reasonable notice, to inspect the records of the Condominium as provided in the Condominium Documents until such time as the Indebtedness is paid in full. (d) Borrower will take all commercially reasonable action to obtain as promptly as possible, and forthwith upon receipt furnish to the Lender, upon Lender’s request, a true and correct copy of: (i) each notice of any meeting of the association of owners of the Condominium; (ii) the minutes of any such meeting; (iii) any statement of financial condition of said association, audited or otherwise, furnished to or available to an owner; (iv) any statement showing the allocation of expenses and any other assessments against the owners; (v) any statements issued to Borrower calling for payment of expenses other than the regular monthly maintenance statements; and (vi) any notice of default given to Borrower in respect of the observance of the Condominium Documents, or any of them. (e) In the event that Lender (or its nominee) shall acquire title to the Unit through the exercise of its rights and remedies under the Security Instrument or by way of a deed in lieu thereof, then Borrower hereby acknowledges and agrees that, subject to the provisions of the Condominium Documents, Lender (or its nominee) shall be solely entitled to remove any Condominium Board members appointed by Borrower representing the Unit and/or to designate replacement or substitute Condominium Board members representing the Unit. (f) Borrower has delivered to Lender the executed Proxy on the date hereof. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right to exercise the power of attorney granted pursuant to the Proxy and exercise all rights, powers and remedies of Borrower as owner of the Unit pursuant to the Condominium Documents. The rights granted to Lender under the Proxy shall automatically terminate upon the payment of the Loan in full. (g) Without the prior written consent of Lender (not to be unreasonably withheld), Borrower shall not vote as to any of the following matters upon which Borrower, as an “owner” under the provisions of the Condominium Documents, would or might be authorized to vote, any such vote without such consent being void and of no effect: (i) any subdivision of the Unit not otherwise permitted by the Declaration which would result in a partition of all or a part of the Property subject to the Declaration or have a material adverse effect on (A) the value of the Property, (B) the business operations or financial condition of Borrower, or (C) the ability of Borrower to repay the principal and interest on the Loan as it becomes due; (ii) the nature and amount of any insurance covering all or a part of the Condominium and the disposition of any proceeds thereof relating to the Property; the manner in which any condemnation or threat of condemnation of all or a part of the Condominium (but only to the extent directly relating to the Property) shall be defended or settled and the disposition of any award or settlement in connection therewith; (iii) any amendment to the Condominium Documents which by its terms requires the consent of Lender and any removal of the Condominium from the provisions of the Condominium Act; (iv) subject to the obligations of the Borrower under the Condominium Documents, the creation of, or any change in, any private restrictive covenant, zoning ordinance, or other public or private restrictions, now or hereafter limiting or defining the uses which may be made of the Condominium or any part thereof; or (v) any relocation of the boundaries of the Units that would adversely affect the Unit. Borrower shall not, and shall not cause the Condominium to take any action inconsistent with the terms and conditions of this Agreement, the Security Instrument or any other Loan Document which would have a material adverse effect on (A) the value of the Property, (B) the business operations or financial condition of Borrower, or (C) the ability of Borrower to repay the principal and interest on the Loan as it becomes due.

  • Project 3.01. The Recipient declares its commitment to the objectives of the Project. To this end, the Recipient shall carry out the Project in accordance with the provisions of Article IV of the General Conditions.

  • Condominium Documents (i) Issuers shall not, without the Trustee’s prior written consent, amend, modify or supplement in any material respect, or consent to or suffer any material amendment, modification or supplementation of any of the Condominium Documents. Issuers shall not, without the Trustee’s prior written consent, terminate or consent to or suffer the termination of any of the Condominium Documents. (ii) Issuers shall not, without the Trustee’s prior written consent, transfer any of its rights and obligations to any other party to the Condominium Documents, which consent shall not be unreasonably withheld or delayed. (iii) Issuers shall not, without the Trustee’s prior written consent, take (and hereby assigns to Trustee any right it may have to take) any action to terminate the Condominium, withdraw the Condominium from the Condominium Laws, or cause a partition of the Condominium. (iv) Issuers shall not, without the Trustee’s prior written consent, exercise any right it may have to vote for, (A) any additions or improvements to the common elements of the Condominium, except as such additions or improvements are completed in accordance with Section 8.04 hereof, (B) any borrowing on behalf of the Condominium or (C) the expenditure of any insurance proceeds or condemnation awards for the repair or restoration of the related Improvements other than in accordance with Section 8.04 hereof.