Deed or Ground Lease Clause Samples

The 'Deed or Ground Lease' clause defines the form of property interest that will be conveyed or held in a real estate transaction, specifying whether the party will receive ownership through a deed or a long-term leasehold interest via a ground lease. In practice, this clause clarifies whether the buyer will own the land outright or lease it for an extended period, often decades, while retaining rights to develop or use the property. Its core function is to ensure both parties understand the nature of the property interest being transferred, thereby preventing disputes over ownership rights and long-term obligations.
Deed or Ground Lease. The Agent Certificate Holder shall have received either (i) in the case of Land being acquired from a third-party Seller, at least one (1) Business Day prior to the Acquisition Date a copy of the proposed Deed with respect to the Property (and/or all Improvements located thereon) being purchased on the Acquisition Date, and on or prior to the Acquisition Date, such Deed duly executed conveying fee simple title to the Property (and/or all Improvements located thereon) to the Lessor Trust and containing all customary seller's warranties and subject only to Permitted Property Liens or (ii) in the case of Land to be leased, at least ten (10) days prior to the Acquisition Date, a copy of the proposed ground lease, in form and substance satisfactory to the Agent Certificate Holder, and, on or prior to the Acquisition Date, such ground lease duly executed by such ground lessor thereunder, conveying to the Lessor Trust a leasehold interest in the Land, which Land shall be a separate tax lot and a legal subdivision under all applicable zoning laws.
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Deed or Ground Lease. The Lessor and the Administrative Agent shall have received a Deed or Ground Lease with respect to the Land constituting a part of such Property.
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Deed or Ground Lease. The Lessor shall have received a Deed or Ground Lease with respect to the Land constituting a part of such Property.
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Deed or Ground Lease. The Agent Lessor shall have received either (A) in the case of Land being acquired from a third-party Seller, at least one (1) Business Day prior to such Acquisition Date a Deed with respect to such Property (and/or all Improvements located thereon) being purchased on such Acquisition Date, conveying fee simple title to such Property (and/or all Improvements located thereon) to the Agent Lessor and containing all customary seller's warranties and subject only to Permitted Property Liens or (B) in the case of Land owned in fee simple by the applicable Lessee or an Affiliate of any Guarantor, at least ten (10) days prior to such Acquisition Date, a ground lease, in form and substance satisfactory to the Agent Lessor, duly executed by such Lessee or such Affiliate as the case may be, as ground Lessor thereunder, conveying to the Agent Lessor a leasehold interest in such Land, which Land shall be a separate tax lot and a legal subdivision under all applicable zoning laws.
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Deed or Ground Lease. The Agent Lessor shall have received either (A) in the case of Land being acquired from a third-party Seller, at least one (1) Business Day prior to such Acquisition Date a Deed with respect to such Property (and/or all Improvements located thereon) being purchased on such Acquisition Date, conveying fee simple title to such Property (and/or all Improvements located thereon) to the Agent Lessor and containing all customary seller's warranties and subject only to Permitted Property Liens or (B) in the case of Land owned in fee simple by the applicable Lessee or an Affiliate of any Guarantor, at least ten (10) days prior to such Acquisition Date, a ground lease, in form and substance satisfactory to the Agent Lessor, duly executed by such Lessee or such Affiliate as the case may be, as ground Lessor thereunder, conveying to the Agent Lessor a leasehold interest in such Land, which Land shall be a separate tax lot and a legal subdivision under all applicable zoning laws. Notwithstanding any other provision of this Participation Agreement or the other Operative Documents, the Agent Lessor shall receive a Deed for each Improved Property and in no event shall Improved Property be subject to a ground lease as provided in clause (B) of this Section.
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Related to Deed or Ground Lease

  • Ground Lease (a) Each Ground Lease contains the entire agreement of the Borrower or the applicable Subsidiary Guarantor and the applicable owner of the fee interest in such Unencumbered Property (the “Fee Owner”), pertaining to the Unencumbered Property covered thereby. With respect to Unencumbered Property subject to a Ground Lease, the Borrower and the applicable Subsidiary Guarantors have no estate, right, title or interest in or to the Unencumbered Property except under and pursuant to the Ground Lease or except as may be otherwise approved in writing by Agent. The Borrower has delivered a true and correct copy of the Ground Lease to the Agent and the Ground Lease has not been modified, amended or assigned, with the exception of written instruments that have been recorded in the applicable real estate records for such Unencumbered Property. (b) The applicable Fee Owner is the exclusive fee simple owner of the Unencumbered Property, subject only to the Ground Lease and all Liens and other matters disclosed in the applicable title policy for such Unencumbered Property subject to the Ground Lease, and the applicable Fee Owner is the sole owner of the lessor’s interest in the Ground Lease. (c) There are no rights to terminate the Ground Lease other than the applicable Fee Owner’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Ground Lease. (d) Each Ground Lease is in full force and effect and, to Borrower’s knowledge, no breach or default or event that with the giving of notice or passage of time would constitute a breach or default under any Ground Lease (a “Ground Lease Default”) exists or has occurred on the part of a Borrower or a Subsidiary Guarantor or on the part of a Fee Owner under any Ground Lease. All base rent and additional rent, if any, due and payable under each Ground Lease has been paid through the date hereof and neither Borrower nor any Subsidiary Guarantor is required to pay any deferred or accrued rent after the date hereof under any Ground Lease. Neither Borrower nor a Subsidiary Guarantor has received any written notice that a Ground Lease Default has occurred or exists, or that any Fee Owner or any third party alleges the same to have occurred or exist. (e) The Borrower or applicable Subsidiary Guarantor is the exclusive owner of the ground lessee’s interest under and pursuant to each Ground Lease and has not assigned, transferred or encumbered its interest in, to, or under the Ground Lease, except to Agent under the Loan Documents.

  • Ground Leases For purposes of this Exhibit C, 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. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate 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 Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Operating Lease (i) Each Borrower shall (a) promptly perform and observe all of the covenants required to be performed and observed by it under the Operating Leases and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (b) promptly notify Lender of any material default under any Operating Lease of which it is aware; (c) promptly deliver to Lender a copy of any notice of default or other material notice under any Operating Lease delivered to any Operating Lessee by Borrower; (d) promptly give notice to Lender of any notice or information that Borrower receives which indicates that an Operating Lessee is terminating its Operating Lease or that any Operating Lessee is otherwise discontinuing its operation of the applicable Individual Property; and (e) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by the Operating Lessee under the applicable Operating Lease. (ii) If at any time, (A) an Operating Lessee shall become insolvent or a debtor in a bankruptcy proceeding or (B) Lender or its designee has taken title to an Individual Property by foreclosure or deed in lieu of foreclosure, has become a mortgagee-in-possession, has appointed a receiver with respect to the applicable Individual Property or has otherwise taken title to such Individual Property, Lender shall have the absolute right to (and Borrower and Operating Lessee shall reasonably cooperate and not in any way hinder, delay or otherwise interfere with Lender’s right to), immediately terminate the applicable Operating Lease under and in accordance with the terms of the applicable Subordination, Attornment and Security Agreement. (iii) Borrower shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld: (a) surrender, terminate or cancel any Operating Lease or otherwise replace any Operating Lessee or enter into any other operating lease with respect to any Individual Property, provided, however, at the end of the term of each Operating Lease, the applicable Borrower may renew such Operating Lease or enter into a replacement Operating Lease with Operating Lessee on substantially the same terms as the expiring Operating Lease except that Lender shall have the right to approve any material change thereto; (b) reduce or consent to the reduction of the term of any Operating Lease; or (c) enter into, renew, amend, modify, waive any provisions of, reduce Rents under, or shorten the term of any Operating Lease.

  • SUPERIOR LEASE 3.18.1 To comply with all the conditions of any Superior Lease of which the Tenant has been given notice prior to signing this Tenancy Agreement, under which the Landlord owns the Property (if applicable) except for the payment of ground rent and maintenance charges, and to perform any covenants in the Superior Lease. 3.18.2 To agree to enter into any agreement, deed of covenant or licence with the Superior Landlord to observe and perform the covenants of the Superior Lease if reasonably required to do so.

  • Operating Leases Incur any obligation to pay rent under an operating lease in any Fiscal Year if to do so would result in the aggregate obligation of Borrower and its Subsidiaries to pay rent under all operating leases in that Fiscal Year to exceed $4,000,000.