Example ContractsClausesGround Leases
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Ground Leases. For purposes of this [Exhibit B], a “Ground Lease” shall mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement or other benefit.

With respect to any Mortgage Loan where the Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of the Seller, its successors and assigns, the Seller represents and warrants that:

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Ground Lease. The Borrower will promptly notify the Agent in writing of any default by a Fee Owner in the performance or observance of any of the terms, covenants and conditions on the part of a Fee Owner to be performed or observed under a Ground Lease. The Borrower will promptly deliver to the Agent copies of all material notices, certificates, requests, demands and other instruments received from or given by a Fee Owner to Borrower or a Subsidiary Guarantor under a Ground Lease.

rights of lessors under Eligible Ground Leases.

ground leases, leases or subleases in respect of real property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

Ground Lease Guaranty. If the First Escrow Release occurs, then, following the First Escrow Release Date, the Partnership shall use commercially reasonable efforts to obtain the release of Owner as guarantor under the ground lease with respect to the Leased Property.

Leases Schedule. Neither SRSG nor Merger Sub is a party to any real or personal property leases.

Tenant/Leases. As of the Effective Date, [Exhibit G] lists all tenants of the Properties and the Lease Files include all leases and amendments with such tenants. To ’s knowledge, has not entered into any License Agreement or Lease or other right relating to the use or possession of the Properties or any part thereof except for the tenants under the Leases or the occupants under the License Agreements.

“Subject to the terms of any Existing SNDA or Future SNDA (as hereinafter defined), this Lease, and all rights of Tenant hereunder, are, and shall continue to be, subject and subordinate in all respects to # all ground leases, overriding leases and underlying leases of the land and/or the building now or hereafter existing; # all mortgages that may now or hereafter affect the land, the Building and/or any of such leases, whether or not such mortgages shall also cover other lands and/or buildings; # each and every advance made or hereafter to be made under such mortgages; # all renewals, modifications, replacements and extensions of such leases and such mortgages; and # all spreaders and consolidations of such mortgages.”

Eligible Ground Lease” means a ground lease that # has a minimum remaining term of twenty-five (25) years, including tenant controlled options, as of any date of determination, # has customary notice rights, default cure rights, bankruptcy new lease rights and other customary provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee interest, and # is otherwise acceptable for non-recourse leasehold mortgage financing under customary prudent lending requirements. The Eligible Ground Leases as of the date of this Credit Agreement are listed on [Schedule EG].

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