Ground Lease. Reserved.
Ground Lease. Borrower hereby represents and warrants to Lender the following with respect to the Ground Lease:
Ground Lease. The Borrower will promptly notify the Agent in writing of any default by a Fee Owner in the performance or observance of any of the terms, covenants and conditions on the part of a Fee Owner to be performed or observed under a Ground Lease. The Borrower will promptly deliver to the Agent copies of all material notices, certificates, requests, demands and other instruments received from or given by a Fee Owner to Borrower or a Subsidiary Guarantor under a Ground Lease.
Ground Lease. Seller and Buyer acknowledge that the XxXxxxxx Brothers, Inc., an affiliate of Seller (“MBI”) has a leasehold interest in the Land pursuant to that certain Lease dated August 1, 1962 (the “Ground Lease”) between Weisenbergh Co., Inc., successor to Xxxxxxx X. Weisenbergh, et. al (the “Ground Lessor”) and Xxxxxxx Investments, Inc., successor by merger with Xxxx Company, Inc., and Xxxxxx Company, Inc. Seller has a subleasehold interest in the Land pursuant to that certain ground lease dated September 1, 2005 between MBI and Seller (the “Sublease”), and a fee simple interest in the Improvements thereon. Seller shall obtain and deliver to Buyer at Closing a consent from the Ground Lessor to the assignment of the Ground Lease to Buyer and an estoppel certificate from the Ground Lessor (the “Ground Lease Estoppel”) in form and with information contained therein reasonably acceptable to Buyer. As part of the consideration for this sale, Buyer shall assume and agree to perform all obligations of the Seller under the Ground Lease that are first required to be performed from and after Closing it being understood and agreed that Buyer has no obligation for, and Seller shall indemnify Buyer from and against, any liabilities and obligations under the Ground Lease for acts and omissions or other defaults occurring prior to Closing. Buyer shall cooperate with Seller in Seller’s efforts related to the assignment of the Ground Lease including executing such applications, certificates and other documents reasonably required by the Ground Lessor and providing any information reasonably required by the Ground Lessor pursuant to, required by and in connection with the assignment of the Ground Lease. Furthermore, Seller and MBI shall terminate the Sublease at Closing, with both Seller and MBI releasing any and all claims and holding Buyer harmless from and against any and all claims arising from or related to the Sublease.
Ground Lease. Borrower shall not (or shall not cause or permit Mortgage Borrower or Ground Lease Subsidiary, as applicable, to) (a) fail to pay any rent, additional rent or other charge mentioned in or made payable under any Ground Lease as and when such rent or other charge is due (unless waived in writing by the ground lessor under such Ground Lease), (b) permit to occur any event of default (beyond any applicable notice, grace or cure periods) by any Mortgage Borrower or Ground Lease Subsidiary, as applicable, as tenant under the related Ground Lease, in the observance or performance of any term, covenant or condition of such Ground Lease on the part of such Mortgage Borrower or Ground Lease Subsidiary, as applicable, to be observed or performed (unless waived in writing by the ground lessor under such Ground Lease), (c) permit any one or more of the events referred to in any Ground Lease to occur which would cause such Ground Lease to terminate without notice or action by the ground lessor under such Ground Lease or which would entitle such ground lessor to terminate such Ground Lease and the term thereof by giving notice to the related Mortgage Borrower or Ground Lease Subsidiary, as applicable, as tenant thereunder (unless waived in writing by the ground lessor under such Ground Lease), (d) permit the leasehold estate created by any Ground Lease to be surrendered or any Ground Lease to be terminated or canceled for any reason or under any circumstances whatsoever or (e) permit any of the terms, covenants or conditions of any Ground Lease to be materially modified, materially changed, materially supplemented, materially altered, or materially amended without the consent of Lender except as otherwise may be permitted by this Agreement.
Ground Lease. (a) Borrower shall, at Borrower’s sole cost and expense, promptly and timely perform and observe all the material terms, covenants and conditions required to be performed and observed by Borrower as lessee under the Ground Lease (including, but not limited to, the payment of all rent, additional rent, percentage rent and other charges required to be paid under the Ground Lease). Borrower shall not provide any notice of non-renewal of the Ground Lease to Ground Lessor.
Ground Lease. (a) Mortgagor shall (i) pay all rents, additional rents and other sums required to be paid by the tenant under and pursuant to the provisions of the Ground Lease, (ii) diligently perform and observe all of the terms, covenants and conditions of the Ground Lease on the part of the tenant thereunder to be performed and observed, unless such performance or observance shall be waived or not required by the landlord under the Ground Lease, to the end that all things shall be done which are necessary to keep unimpaired the rights of the tenant under the Ground Lease, and (iii) promptly notify Mortgagee of the giving of any notice by the landlord under the Ground Lease of any default in the performance or observance of any of the terms, covenants or conditions of the Ground Lease on the part of the tenant thereunder to be performed or observed and deliver to Mortgagee a true copy of each such notice. Mortgagor shall not, without the prior consent of Mortgagee, which consent shall not be unreasonably withheld, conditioned or delayed, surrender the leasehold estate created by the Ground Lease or terminate or cancel the Ground Lease or modify, change, supplement, alter or amend the Ground Lease, in any respect, either orally or in writing, and Mortgagor hereby assigns to Mortgagee, as further security for the payment of the Debt and for the performance and observance of the terms, covenants and conditions of this Mortgage, the Credit Agreement and the other Loan Instruments, all of the rights, privileges and prerogatives of the tenant under the Ground Lease to surrender any leasehold estate or easement interests created by the Ground Lease or to terminate, cancel, modify, change, supplement, alter or amend the Ground Lease, and any such surrender of the leasehold estate or easement interests created by the Ground Lease or termination, cancellation, modification, change, supplement, alteration or amendment of the Ground Lease without the prior consent of Mortgagee, shall be void and of no force and effect. If Mortgagor shall default in the performance or observance of any term, covenant or condition of the Ground Lease to be performed or observed by the tenant thereunder, then, without limiting the generality of the other provisions of this Mortgage, and without waiving or releasing Mortgagor from any of its obligations hereunder, Mortgagee shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appr...
Ground Lease. (a) Each Ground Lease contains the entire agreement of the Borrower or the Subsidiary Guarantors and the applicable owner of the fee interest in such Pool Property (the “Fee Owner”), Fee Owner, pertaining to the Pool Property covered thereby. The Borrower and the Subsidiary Guarantors have no estate, right, title or interest in or to the Pool Property except under and pursuant to the Ground Lease. The Borrower has delivered a true and correct copy of the Ground Lease to the Agent and the Ground Lease has not been modified, amended or assigned, with the exception of written instruments that have been recorded in the applicable real estate records and referenced in the Title Policy for such Pool Property.
Ground Lease. (a) Borrower shall:
Ground Lease. (a) Borrower will, and will cause Owner to, comply in all material respects with the terms and conditions of any Ground Lease. Borrower will not, and will not permit Owner to, do or permit anything to be done, the doing of which, or refrain from doing anything, the omission of which, will impair or tend to impair the security of the Premises under the Ground Leases or will be grounds for declaring a forfeiture of any Ground Lease. Borrower shall, and shall cause Owner to, promptly send copies of all notices of default which Owner may receive under any Ground Lease to Lender.
