Ground Leased Property Clause Samples

Ground Leased Property. The legal descriptions with respect to the Ground Leased Property set forth on Exhibit E annexed to the Lease are hereby amended such that the legal description with respect to the Ground Leased Property pertaining to the Bluegrass Downs Facility, as set forth on Annex C attached hereto, is hereby deleted from said Exhibit E.

Ground Leased Property. A true and complete copy of all material Ground Leases has been made available to the Agent, and except as set forth on Schedule 8.28, each material Ground Lease in respect of Primary Property or a memorandum thereof has been duly recorded (or the relevant Debtor will promptly use commercially reasonable efforts to cause the same to be duly recorded upon acquiring Knowledge that it has not been duly recorded). Each Ground Lease is in full force and effect and no post-petition default has occurred thereunder and, to each Debtor’s Knowledge, there is not any post-petition existing condition (other than the granting of the security interests hereunder) which, but for the passage of time or the giving of notice or both, would result in a default under the terms of such Ground Lease, in each case which would reasonably be expected to have a Material Adverse Effect.

Ground Leased Property. With respect to each of the Mortgaged Properties that are subject to the Ground Leases: (i) A memorandum of each of the Ground Leases has been duly recorded. The Ground Leases each permit the interest of Borrower to be encumbered by a mortgage or the respective ground lessors have each approved and consented to the encumbrance of the applicable Mortgaged Property by the respective Mortgage. The Ground Leases may not be canceled, terminated, surrendered or amended without the prior written consent of Lender. (ii) Except for the Permitted Encumbrances, Borrower's interests in the Ground Leases are not subject to any Liens or encumbrances superior to, or of equal priority with, the applicable Mortgage, other than the ground lessor's related fee interest. (iii) Borrower's interests in the Ground Leases are assignable to Lender upon notice to, but without the consent of, the ground lessors thereunder (or, if any such consent is required, it has been obtained prior to the Closing Date). The Ground Leases are further assignable by Lender, its successors and assigns without the consent of the ground lessor. (iv) As of the date hereof, the Ground Leases are in full force and effect and no default has occurred under the Ground Leases and there is no existing condition which, but for the passage of time or the giving of notice, would result in a default under the terms of any of the Ground Leases. (v) Each of the Ground Leases requires the ground lessor thereunder to give notice of any default by Borrower to Lender. Each of the Ground Leases, or the estoppel letters received by Lender from the ground lessor thereunder, further provides that notice of termination given under such Ground Lease is not effective against Lender unless a copy of the notice has been delivered to Lender in the manner described in such Ground Lease. (vi) Lender is permitted the opportunity (including, where necessary, sufficient time to gain possession of the interest of Borrower under the respective Ground Lease) to cure any default under any of the Ground Leases, which is curable after the receipt of notice of any of the default before the ground lessor thereunder may terminate such Ground Lease. (vii) Each of the Ground Leases has a term which, together with the renewal terms thereunder, extend not less than ten (10) years beyond the Maturity Date. (viii) Each of the Ground Leases (or the estoppel letters received by Lender from the ground lessor thereunder) requires the ground lessor to e...

Ground Leased Property. Each of the Guarantors is permitted to mortgage the Ground Leased Property in accordance with the terms of each ground lease affecting each parcel of the Ground Leased Property. Except as related to the leasehold interest held under the lease related to Store MF1 038 (the status of which is currently in dispute), the interest held by the respective Guarantor in regard to each Ground Leased Property is a ground leasehold interest.

Ground Leased Property. Except as set forth on Schedule 8.28, each material Ground Lease in respect of a Primary Property or a memorandum thereof has been duly recorded (or the relevant Obligor will promptly use commercially reasonable efforts to cause the same to be duly recorded upon acquiring Knowledge that it has not been duly recorded). Each Ground Lease is in full force and effect and no post-petition default has occurred thereunder and, to each Obligor’s Knowledge, there is not any post-petition existing condition (other than the granting of the security interests hereunder) which, but for the passage of time or the giving of notice or both, would result in a default under the terms of such Ground Lease, in each case which would reasonably be expected to have a Material Adverse Effect.