Condominiumization Clause Samples

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...