Examples of Ground Lease Term in a sentence
The Ground Lease Term shall commence as of the date of issuance of the Series 2024 Bonds, and shall terminate on October 1, 2055, unless sooner terminated in accordance with the provisions of Section 4.2 hereof.
DEMISING CLAUSE The County hereby demises and leases the Property to the Authority, and the Authority leases the Property from the County, subject only to Permitted Encumbrances, in accordance with the provisions of this Ground Lease, to have and to hold for the Ground Lease Term unless sooner terminated as expressly provided herein.
ENJOYMENT OF PROPERTY Subject to the provisions of the Lease, the County hereby covenants to provide the Authority during the Ground Lease Term with quiet use and enjoyment of the Property, and the Authority shall during the Ground Lease Term peaceably and quietly have and hold and enjoy the Property, without suit, trouble or hindrance from the County, except as expressly set forth herein.
The County and the Authority hereby determine and agree that the Rental Payments payable hereunder during the Ground Lease Term, together with other good and valuable consideration received by the County under and pursuant to a Sublease, if any, represent reasonable rental for the use of the Property.
The Authority shall pay Rental Payments to the County in the sum of $32.00, that being $1.00 per year for a maximum of 32 years, which amount represents the total Rental Payments due hereunder during the Ground Lease Term (including all renewal option periods).
Notwithstanding the remedies provided above, the Ground Lease Term of this Ground Lease may not be terminated prior to the end of the Term described in ARTICLE IV hereof by reason of an Event of Default hereunder.
The County shall not interfere with such quiet use and enjoyment during the Ground Lease Term so long as no Event of Default shall have occurred.
In the event that the Ground Lease Term extends beyond the date of termination of the Lease and in the event that the Property or any portion thereof shall, for any reason, be deemed subject to taxation, assessments or charges lawfully made by any governmental body which may be secured by a lien against the Property, the Authority shall pay an amount equal to the amount of all such taxes, assessments and governmental charges then due.
In the event that the Ground Lease Term extends beyond the date of termination of the Lease, the Authority shall also pay as the same respectively become due, all gas, water, steam, electricity, heat, power, telephone, utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Property.
With respect to special assessments or other governmental charges which may be lawfully paid in installments over a period of years, the Authority shall be obligated to pay such amounts only for such installments as are required to be paid during the Ground Lease Term.