Condominium Conversion Clause Samples
A Condominium Conversion clause outlines the terms and conditions under which a property, typically an apartment building or multi-unit rental, may be converted into condominium units. This clause details the process for conversion, such as required notices to tenants, compliance with local laws, and any rights of first refusal or protections for existing occupants. Its core function is to provide a clear framework for transitioning rental properties to individual ownership units, ensuring legal compliance and protecting the interests of both property owners and tenants during the conversion process.
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Condominium Conversion. Tenant understands and acknowledges that Landlord is in the process of finalizing the condominium subdivision for the entire Real Property. Tenant will cooperate with Landlord as requested by Landlord to facilitate with said subdivision and the subsequent recordation of the condominium map, CC&R's, and other necessary documents. THIS LEASE IS EXECUTED by Landlord and Tenant as of the date first set forth above. TENANT: Xybernaut Corporation, a Delaware corporation By: [SIG] ------------------------------------ VP & CFO LANDLORD: South Beach Warehouse LLC, a California limited liability company By: /s/ PATR▇▇▇ ▇▇▇▇▇▇▇▇ ------------------------------------ PATR▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇NL. MGR. EXHIBIT C RULES AND REGULATIONS FOR THE BUILDING ATTACHED TO AND MADE A PART OF THIS LEASE 164 ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, SAN FRANCISCO, CA
1. Except as provided or required by Landlord in accordance with building standards, no sign, placard, picture, advertisement, name or notice shall be inscribed, displayed, printed, painted or affixed by Tenant on or to any part of the Building or exterior of the Premises leased to tenants or to the door or doors thereof without the written consent of Landlord first obtained and Landlord shall have the right to remove any such sign, placard, picture, advertisement, name or notice without notice to and at the expense of Tenant.
2. Except as provided or required by Landlord in accordance with Building standards, no draperies, curtains, blinds, shades, screens or other devices shall be hung at or used in connection with any window or exterior door or doors of the Premises.
3. The bulletin board or directory of the Building shall be used primarily for display of the name and location of Tenants and Landlord reserves the right to exclude any other names therefrom, to limit the number of names associated with Tenants to be placed thereon and to charge for names associated with Tenants to be placed thereon at rates applicable to all Tenants.
4. The sidewalks, halls, passages, exits, entrances, elevators and stairways of the Building shall not be obstructed by Tenants or used by them for any purpose other than for ingress and egress from their respective Premises. The halls, passages, exits, entrances, elevators, stairways, balconies and roof of the Building are not for the use of the general public and Landlord in all cases reserves the right to control the same and prevent access thereto by all persons whose presence, in the judgment of the Landlord, is or...
Condominium Conversion. Tenant shall not, without the prior consent of Landlord (and in Landlord’s sole and absolute discretion), submit ▇▇▇▇▇▇’s leasehold estate in the Premises, or any part thereof, to the provisions of Article 9-B of the Real Property Law of the State of New York, as it may be amended.
Condominium Conversion. Landlord may elect, at any time during the Term, to convert the Building to condominium ownership (a “Conversion”), and Tenant, at Landlord’s expense, shall cooperate with Landlord as reasonably requested by Landlord in connection with a Conversion, provided that:
(a) no Conversion shall have the effect of increasing any charges payable by Tenant under this Lease (including, without limitation, Tenant’s payments with respect to Taxes or PILOT), in each case above the amounts as could reasonably have been anticipated to have been payable in the absence of such Conversion and if any such increase shall result from such Conversion, then the amount of such increase shall be borne by Landlord and not by Tenant;
(b) the obligations of Landlord under this Lease shall, at Landlord’s option, either (i) continue to be performed and observed by Landlord as set forth herein, or (ii) shall have been assumed in writing by (A) the successor landlord with respect to obligations hereunder to be performed within the Premises, and (B) the board of managers or equivalent governing body of the condominium association, with respect to obligations hereunder affecting the Building and the Building systems outside of the Premises;
(c) no Conversion shall in any other manner have the effect of (i) increasing Tenant’s obligations or decreasing Tenant’s rights, or (ii) decreasing Landlord’s obligations (subject to Section 25.25(b) hereof) or increasing Landlord’s rights;
(d) the condominium declaration shall, if permitted by law, expressly provide that this Lease is superior thereto in all respects (or if not so permitted, Tenant shall be given a non-disturbance agreement reasonably satisfactory to Tenant); and
(e) no Conversion shall have any effect on the payment of brokerage commissions in connection with this Lease.
Condominium Conversion. [INTENTIONALLY OMITTED]
Condominium Conversion. As of the Closing, the Condominium Conversion and creation of the Unit have been completed in accordance with all applicable laws and no further authorizations or approvals are required for the legal conveyance of the Real Property by Seller to Buyer.
Condominium Conversion. Except as disclosed on Schedule 3.3(w), none of such Northland Contributor or any Northland Company has made any filing with the applicable Authority with respect to the conversion of any of the Northland Properties to a condominium.
Condominium Conversion. It is an essential and material term of the Agreement that the Project does not involve condominiums. If the Project is converted to condominiums, (i) Client agrees to release, indemnify, defend, and hold harmless Landscape Architect from and against any claims by a condominium association or individual unit owners related to the Services provided by Landscape Architect under this Agreement, and (ii) the Condominium Project Special Requirements, attached hereto as Attachment 1, shall apply.
Condominium Conversion. Seller acknowledges and agrees that Purchaser will begin the process of converting the Premises from a rental apartment property to the condominium form of ownership during the term of this Contract. Seller agrees to cooperate with Purchaser in said conversion process, by, among other things, causing Owner to execute appropriate forms for filing with the State of Florida Division of Business and Professional Regulations. At Closing, Seller agrees to execute, or cause Owner to execute, an Amendment to the conversion filing to change the “developer” of the condominium to be the Purchaser. Purchaser acknowledges that neither the Declaration of Condominium nor any other document evidencing, referencing or discussing the conversion of the Premises to the condominium form of ownership will be recorded prior to Closing. The Purchaser agrees that if the Contract is terminated for any reason it shall immediately withdraw the conversion filing. Finally the Purchaser agrees that all costs of the foregoing condominium conversion shall be born by Purchaser, and that Seller shall incur no cost or liability with said conversion process; however, Seller agrees to use commercially reasonable efforts to maintain its existing tenants during the term of this Contract. The terms of this Section shall survive the Closing or earlier termination hereof.
Condominium Conversion. During the Term of this Agreement, the Borrower shall not convert any of the Units in the Development to condominium or cooperative ownership or sell condominium or cooperative conversion rights to the Property.
Condominium Conversion. Tenant acknowledges that the Land and the Building may be subjected to a condominium form of ownership prior to the end of the Term of this Lease. Subject to ▇▇▇▇▇▇’s receipt of a commercially reasonable subordination and non-disturbance agreement from the board of managers or unit owner(s) of any such future condominium, providing inter alia that Tenant agrees that if, at any time during the Term of this Lease, the Landlord and the Building shall be subjected to a new condominium form of ownership, then, this Lease and all rights of Tenant hereunder are and shall be subordinate in all respects to any condominium declaration and any other documents (collectively, the “Condominium Documents”) which shall be recorded in order to convert the Land and the Building to a condominium form of ownership in accordance with the applicable Requirements. If any such Declaration is to be recorded, Tenant, upon request of Landlord, shall enter into an amendment of this Lease in such respects as may be reasonably necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to the Base Taxes, the Base Expenses, and Tenant’s Proportionate Share; provided, however, that no such adjustments shall increase Tenant’s payments (including, without limitation, with respect to Additional Rent payable under Article 6) above such payments that Tenant would have incurred had such condominium conversion not occurred, and provided further, that Tenant’s rights and obligations under the Lease shall not be affected (except to a de minimis extent) and the services provided to Tenant shall not be diminished. Nothing in the conversion process or associated documents shall reduce the obligations of Landlord (except to a de minimis extent) (including, without limitation, the obligations of Landlord to provide the services that Landlord is obligated to provide to Tenant under this Lease), and Landlord shall reimburse Tenant for its reasonable and actual out-of-pocket legal fees and disbursements in connection with (i) any amendment of this Lease required in connection with this Section 20.05 and (ii) the Condominium Non-Disturbance Agreement.