Common use of Condominium Conversion Clause in Contracts

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.

Condominium Conversion. Tenant hereby acknowledges that Landlord reserves the Land and right to convert all or a portion of the Building may be subjected to a into two or more condominium form of ownership prior to units, provided that such conversion will not (i) adversely affect the end business terms hereof, (ii) decrease Tenant’s rights or increase Tenant’s obligations hereunder, (iii) interfere with Tenant’s use and enjoyment of the Term Premises, or (iv) adversely affect the quality of this Leaseservices provided by Landlord hereunder. 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 ifthat, 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 event, certain provisions of the Lease may be reasonably necessary to conform to such condominiumizationrequire modification, including, without limitation, appropriate adjustments to the Base Taxesdefinitions of the Premises, the Base ExpensesCommon Areas, and Tenant’s Proportionate Share; provided, howeverBase Year, Operating Costs and taxes. By way of example only, if the Building is converted into 2 condominium units, Tenant’s Proportionate Share for the payment of taxes may be re-calculated by dividing the entire square footage of the condominium unit that contains the Premises, by the square footage of the Premises. Tenant shall pay Tenant’s Proportionate Share of taxes on the condominium unit based on the recalculated Proportionate Share. Tenant agrees to execute an appropriate amendment to this Lease (the “Condominium Conversion Lease Amendment”) to reflect such modifications, provided that no such adjustments shall modifications will (i) adversely affect the business terms hereof, (ii) decrease Tenant’s rights or increase Tenant’s payments obligations hereunder, (including, without limitation, iii) interfere 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 use and obligations under enjoyment of the Lease shall not be affected Premises, or (except to a de minimis extentiv) and adversely affect the quality of services provided to Tenant shall not be diminishedby Landlord hereunder. 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 pay Tenant for its an amount not to exceed $1,500.00 to cover Tenant’s reasonable and actual out-of-pocket legal fees and disbursements incurred in connection with (i) any amendment its review and execution of this Lease required in connection with this Section 20.05 and (ii) the Condominium Non-Disturbance AgreementConversion Lease Amendment.