Examples of Ground in a sentence
For the avoidance of doubt, LAC9-South will accept possession of the Ground Lease Premises on the commencement date of the Ground Lease “AS IS, WHERE IS, WITH ALL FAULTS”, subject to the Permitted Exceptions.
LAC9-South will have entered into a contract with a reputable general contractor for the construction of the buildings and other improvements to be constructed under the Ground Lease.
For purposes of this Section, a condemnation or casualty event will “materially and adversely affect the Property” if, after completion of such condemnation or the occurrence of such casualty event, as applicable, LAC9- South would no longer be able to develop and construct the Development in substantial accordance with Land Use Approvals, the Final Plans and Specifications and the Ground Lease, subject to any minor adjustments caused by such condemnation or casualty event, as applicable.
The term “Ground Lease Premises” means (a) the real property (the “Land”) more particularly described in Exhibit A of the Ground Lease; (b) all of the FCRHA’s interest in land use approvals, certain easements, development rights, improvements, equipment and fixtures located on the Land at the time of the Closing (as defined below); and (c) any other intangible property associated with the Land or the improvements, equipment and fixtures located thereon owned by the FCRHA.
The FCRHA and LAC9-South shall each act in good faith and use reasonable efforts to agree, and LAC9-South shall use reasonable efforts to cause the other signatories to agree, upon the final form of the SA; provided, however, that the SA must require LAC9-South and the Other Ground Lease Tenants, collectively, to pay $50,000 per year for the 15-year Tax Credit compliance period toward programming or operations at the service hall in the 9%-North Project.