Ground Lease Payments. All rentals payable by BNPPLC under the Ground Lease prior to the Completion Date (“Ground Lease Rents”) will be added to the Outstanding Construction Allowance by BNPPLC on the date paid.
Ground Lease Payments. Seller shall be responsible for the payment of rent under the Ground Lease for the month in which the Closing occurs. Seller will receive a credit at Closing for a prorated amount of rent paid by Seller for the balance of the month in which the Closing occurs based upon the actual number of days in the month. Seller shall solely be responsible for all rent payable under the Ground Lease for all whole months prior to the month in which the Closing occurs, and Buyer shall be solely responsible for rent payable under the Ground Lease for all whole months after the month in which the Closing occurs.
Ground Lease Payments. Transferor or Transferee, as the case may be, shall receive a credit for any payments made under the Ground Lease paid and applicable to Transferee’s period of ownership or payable and applicable to Transferor’s period of ownership, respectively.
Ground Lease Payments. Rents and other amounts payable under the Ground Lease.
Ground Lease Payments. All amounts prepaid, accrued or due and payable under the Ground Lease shall be prorated as of the Adjustment Point. Seller shall be given a credit on the closing statement for any unapplied security deposit held by the ground lessor.
Ground Lease Payments. Annual payments of $108,537.00 (5.0% of the appraised value of the Property, starting with commencement of construction and continuing with 2.0% compounding increases through the 99-year term of the lease.) Notwithstanding the foregoing, if it can (i) be demonstrated that the Property contains substantial amounts of Unsuitable Soils as evidenced by an independent, licensed professional engineer’s report (e.g., Xxxxx Intertec), and, (ii) provided Developer has made all reasonable efforts to seek (and, where applicable and as provided below, the City has sponsored and cooperated with applications for) xxxxxxxxxx cleanup funding from the Metropolitan Council, State of Minnesota Department of Employment and Economic Development (“DEED”) and Hennepin County and to the extent Developer has failed to obtain grant awards to fully fund the applicable costs, the City will, for a period of fifty (50) years, write down the appraised value of the Property (and therefore, the annual payments) by the cost of soil correction, as evidenced by bids and estimates reasonably acceptable to the City, provided the appraised value shall not be reduced below $920,866.00 such that annual payments shall not be reduced below $46,043.00 starting with commencement of construction and continuing with annual 2.0% compounding increases through the 50-year term. On the fifty (50) year anniversary of the lease, the lease payments will be adjusted to the annual lease payments as if there had been no write down.
Ground Lease Payments. Tenant covenants and agrees to pay Base Rent to Landlord in advance, annually, commencing on January 1, 2021, and on or before January 1 of each year thereafter during the Term. Concurrently with the execution of this Lease, Tenant shall deliver to Landlord good funds in an amount equal to all Base Rent due and payable through December 31, 2020, more specifically one million five hundred thousand dollars ($1,500,000) (the “Prepaid Base Rent”). Tenant’s failure to deliver the Prepaid Base Rent to Landlord on the Effective Date shall be an immediate Event of Default (without any notice or cure period), notwithstanding anything in this Lease to the contrary. If this Lease terminates during the Term for any reason other than as the result of a default by Landlord, then Landlord shall be entitled to retain all Base Rent (including Prepaid Base Rent) previously paid by Tenant, as liquidated damages. In the event of a default by Landlord beyond any applicable grace period that results in a termination of the Ground Lease, Tenant shall be entitled to recover a ratable portion of the Prepaid Base Rent.
Ground Lease Payments. The Ground Lease Payments (hereinafter defined) shall be prorated between Purchaser and Seller as of the Apportionment Time. Seller shall be responsible for any Ground Lease Payments or other payments due and owing to Ground Lessor under the Ground Lease for the time prior to the Apportionment Time; and Purchaser shall be responsible for any Ground Lease Payments or other payments due and owing to Ground Lessor under the Ground Lease for the time after the Apportionment Time. As used herein, the term “Ground Lease Payments” shall mean (i) the additional rent payments payable pursuant to Article 3-2 of the Ground Lease; (ii) the management fee payable pursuant to Article 3-3 of the Ground Lease, and (iii) the parking fee payable pursuant to Article 3-4 of the Ground Lease. The Ground Lease Payments shall not include the sum referenced in Article 3-1 of the Ground Lease.
Ground Lease Payments. Tenant shall pay as Additional Rent hereunder all rental and other amounts payable under any Ground Lease ("Ground Rents"). Tenant shall pay all Ground Rents to Landlord not later than ten (10) days prior to the due date thereof. Notwithstanding the foregoing, if Landlord is unable to obtain from the landlord under the Ground Lease an agreement (in form reasonably satisfactory) to Tenant not to disturb Tenant's right to possession in the event of a termination of the Ground Lease, Tenant shall have the right, at Tenant's sole election, to pay directly to the landlord under the Ground Lease all rent and other monthly payments due and payable thereunder. If Tenant elects to make such payments directly to the landlord under the Ground Lease, then (i) upon each monthly payment Tenant shall simultaneously therewith deliver to Landlord evidence reasonably acceptable to Landlord that such payment was made, and (ii) Tenant hereby agrees to indemnify, defend and hold harmless Landlord from any claims, losses or damages that Landlord suffers as a result of any failure, default or defect in Tenant's making such payment on Landlord's behalf. Any payments made directly by Tenant under this Paragraph may be off-set against Base Rent payable by Tenant during such calendar month.
Ground Lease Payments. The Lessor shall pay, or cause to be paid --------------------- or disbursed, to the Company, in immediately available funds, all amounts then due and payable under the Ground Lease, upon and subject to the receipt of funds from the Company sufficient to make such payment pursuant to the Lease and the Company, as agent for the Lessor, shall cause such Ground Lease to be delivered to the Agent for recording. All conditions precedent to the obligations of the Lenders to make any Loan are imposed hereby solely for the benefit of the Lenders, and no other Person may require satisfaction of any such condition precedent or be entitled to assume that the Lenders will refuse to make any Loan in the absence of strict compliance with such conditions precedent.
