Estate for Years definition
Examples of Estate for Years in a sentence
Estate for Years Exclusive right to possess, occupy or rent said Unit during a defined Use Period for a period of ninety-nine (99) years from the date of recording this Rotational Ownership Agreement.
The Parties hereby acknowledge and agree that, as between GDOT and SRTA, GDOT, in its capacity as (a) the fee simple owner of the Premises; (b) the grantor of the Estate for Years; and (c) SRTA’s Project Manager under this Agreement, shall retain liability, to the fullest extent permissible under applicable federal and State Environmental Laws (as defined in the Project Agreement), with respect to generator and arranger liability due to Pre-Existing Hazardous Materials.
Any State Proposed/State Acquired Right of Way and Developer Proposed/State Acquired Right of Way acquired by GDOT and Developer Proposed/Developer Acquired Right of Way acquired by the Developer (in the name of GDOT) shall be included within the Premises conveyed by GDOT to SRTA under the Estate for Years, and such additional conveyance shall be memorialized by an amendment, addendum or other supplement to the Estate for Years (which shall be recorded in the manner prescribed in such Estate for Years).
Lessee shall be permitted to grant its lenders and any holder of security interest in power generation facility being constructed by Lessee on Lessee's land in Land Lots 236 and 237 of the 3rd Land District of Heard County, Georgia (all of the foregoing being hereinafter collectively referred to as "Lenders"), a leasehold deed to secure debt encumbering the Estate for Years conveyed to Lessee hereunder.
Such consent, approval or action shall be deemed to have been given or taken on behalf of both the Owner of the Estate for Years and Remainderman as fully and completely as if both joined in such consent, approval or action.
Notwithstanding anything contained in the Estate for Years to the contrary, during the Term, GDOT and SRTA agree to cooperate, one with the other, to insure (or cause to be insured) the Project in accordance with the requirements of the Project Agreement or as otherwise permissible under the provisions of applicable State law.
Notwithstanding the foregoing, if any dispute or uncertainty arises as to whether Lessee is permitted to rely to a consent, approval or action given or taken by the Owner of the Estate for Years alone or Remainderman alone, Lessee will have the right to request joint consent, approval or action from the Owner of the Estate for Years and Remainderman or a final order of a court having jurisdiction of all of the parties.
For any properties with an existing tenant, a $150.00 transfer fee will be due for services required when adding new tenants to our systems.
In addition, nothing herein shall be construed as limiting GDOT’s rights as: (i) the fee simple owner of the Premises; (ii) the grantor of the Estate for Years; or (iii) SRTA’s Project Manager, to seek contribution or payment from (or otherwise take action against) the Developer or any other person or entity which may be responsible (in whole or in part) in respect of any such liability or responsibility.
Estate for Years Exclusive right to possess, occupy or rent said Unit during a defined Use Period for a period of ninety-nine (99) years from the date of the last recording this Interval Ownership Agreement.