Common use of Condominium Conversion Clause in Contracts

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. Landlord The parties acknowledge that the Lessee may elect, at any time during elect to subject the Term, Facility to convert the Building to a condominium ownership regime (a “Condominium Conversion” comprising one or more units, each a “Unit”). Notwithstanding anything to the contrary herein, in connection with the Lessee’s exercise of a Condominium Conversion, promptly upon the request of the Lessee, and at the sole cost and expense of the Lessee, and with the prior written approval of the Agency if the Agency Lease Leasehold Estate shall then be in effect, the Lessee and the Agency shall amend, modify and/or restate the Project Documents so that (i) such Project Documents continue to encumber the Facility, including each Unit, in the manner contemplated by this Agreement and the other Project Documents; and (ii) a new Agreement, Company Lease and other Project Documents be executed in substantially the same form as this Agreement, the Company Lease and the other Project Documents, except that such agreement shall then spread or apply to and encumber each of the Units and the ownership thereof. Promptly upon the request of the Lessee, and with the prior written approval of the Agency if the Agency Lease Leasehold Estate shall then be in effect, the Agency shall reasonably cooperate with the Lessee at the sole cost and expense of the Lessee in connection with the execution and delivery of such amendments and/or restatements of the Project Documents or delivery of additional documents or instruments that the Lessee or the Mortgagee may reasonably request in connection with such Condominium Conversion, including without limitation, spreader agreements and amended and restated Project Documents (collectively, the “Additional Project Documents”), and Tenant, at Landlord’s expense, shall cooperate with Landlord as reasonably requested by Landlord in connection with a Conversion, provided that: (a) no that such Condominium 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 Additional Project Documents (i) continue to be performed and observed by Landlord as set forth hereindo not increase the obligations or reduce the rights of the Agency under the Project Documents, or (ii) shall have been assumed in writing by (A) do not decrease the successor landlord with respect to obligations hereunder to be performed within or increase the Premisesrights of the Lessee under the Project Documents, and (Biii) are in a form reasonably acceptable to the board of managers Agency. Nothing contained in this Section 3.10 shall be deemed to waive, modify, release or equivalent governing body amend any obligation, covenant or agreement of the condominium association, with respect Lessee set forth in the Project Documents prior 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 Leasesuch Condominium Conversion.

Condominium Conversion. (a) Tenant hereby acknowledges and agrees the Landlord may electshall have the right, at any time during the TermTerm in its sole discretion, to convert (the "Condominium Conversion") the Building and the land underlying the Building (the "Land") to the condominium ownership form of ownership, consisting of two (a “2) or more condominium units and their respective, undivided interests in the common elements of such condominium (the "Condominium Units") (as so converted, the Land and the Building are sometimes hereinafter referred to collectively as the "Condominium"). In the event that Landlord proceeds with the Condominium Conversion”), and Tenant, at Landlord’s expense, shall cooperate with Landlord as reasonably requested by Landlord in connection with a Conversion, provided that: (ai) no Conversion Tenant shall have the effect of increasing any charges payable by Tenant under this Lease (includingpromptly cooperate in all respects with Landlord's efforts to accomplish such Condominium Conversion, such cooperation to include, without limitation, Tenant’s payments with respect the execution, to Taxes the extent deemed necessary by Landlord, of any documents reasonably necessary to the formation and/or conduct of the Condominium (the "Condominium Documents"). Tenant acknowledges that the Condominium Documents may include, without limitation, a Declaration of Condominium, Condominium By-Law and a subordination of this Lease to such Condominium Documents. (ii) The Condominium Unit of which the demised premises forms a part (the "Tenant Unit") may consist in whole or PILOT), in each case above part of the amounts as could reasonably have been anticipated to have been payable in demised premises. Please Initial (iii) The contents of the absence of such Conversion and if any such increase shall result from such Conversion, then the amount of such increase Condominium Documents shall be borne by Landlord binding upon the Tenant Unit and not by Tenant;. (iv) The Condominium Documents shall provide for the fair and equitable allocation of the expenses of the Condominium among the various Condominium Units. (b) In the obligations event that the Land and Building are converted to condominium ownership, then notwithstanding anything to the contrary contained in Article 39 hereof, for purposes of Landlord under this Lease shallcalculating Tenant's Real Estate Tax Escalation with respect to the Tenant Unit, at Landlord’s option, either the following provisions shall apply: (i) continue to be performed The term "Land" and observed by Landlord "Building", as set forth they appear 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 deemed to Tenant); and (e) no Conversion shall have any effect on collectively refer to the payment of brokerage commissions in connection with this Lease.Tenant Unit;