Common use of Underlying Leases Clause in Contracts

Underlying Leases. Seller has delivered to Purchaser a true, ----------------- correct and complete copy of the Ground Lease and the Arizona State University Ground Lease between The Arizona Board of Regents acting for and on behalf of Arizona State University, as landlord, and Lessor, as tenant (the "ABR Lease", dated October 8, 1984, and all amendments thereto (the "Underlying Leases"). (i) Seller has not received any notice of termination or default under the Underlying Leases, (ii) to the best of Seller's knowledge, there are no existing or uncured defaults by any party to the Underlying Leases, (iii) Seller has no direct obligation under the ABR Lease, and (iv) Sellers only obligations under the Ground Lease are to pay (A) rent in the amount of $15,531.00 per month (increasing to $22,728.00 per month on January 1, 2012, and thereafter further increasing as provided therein), which amount is not passed through to the Tenant; (B) a Municipal Service Fee, currently estimated to be $741.56 per month, which amount is passed through to the Tenant; (c) Common Area Maintenance charges, currently estimated to be $3,001.09 per month, which amount is passed through to Tenant, and (d) insurance, the cost of which is passed through to Tenant.

Underlying Leases. Seller has delivered to Purchaser a true, ----------------- correct and complete copy of the Ground Lease and the Arizona State University Ground Lease between The Arizona Board of Regents acting for and on behalf of Arizona State University, as landlord, and Lessor, as tenant (the "ABR Lease"), dated October 8, 1984, and all amendments thereto (the "Underlying Leases"). (i) Seller has not received any notice of termination or default under the Underlying Leases, (ii) to the best of Seller's knowledge, there are no existing or uncured defaults by any party to the Underlying Leases, (iii) Seller has no direct obligation under the ABR Lease, and (iv) Sellers only obligations under the Ground Lease are to pay (A) rent in the amount of $15,531.00 19,231.44 per month (increasing to $22,728.00 25,176.00 per month on January 1, 20122009, and thereafter further increasing as provided therein), which amount is not passed through to the Tenant; (B) a Municipal Service Fee, currently estimated to be $741.56 1,007.86 per month, which amount is passed through to the Tenant; (c) Common Area Maintenance charges, currently estimated to be $3,001.09 3,038.96 per month, which amount is passed through to Tenant, and (d) insurance, the cost of which is passed through to Tenant.

Underlying Leases. Seller has delivered to Purchaser a true, ----------------- correct and complete copy of the Ground Lease and the Arizona State University Ground Lease between The Arizona Board of Regents acting for and on behalf of Arizona State University, as landlord, and Lessor, as tenant (the "ABR Lease", dated October 8, 1984, and all amendments thereto (the "Underlying Leases"). (i) Seller has not received any notice of termination or default under the Underlying Leases, (ii) to the best of Seller's knowledge, there are no existing or uncured defaults by any party to the Underlying Leases, (iii) Seller has no direct obligation under the ABR Lease, and (iv) Sellers only obligations under the Ground Lease are to pay (A) rent in the amount of $15,531.00 20,320.44 per month (increasing to $22,728.00 29,803.31 per month on January 1, 2012, and thereafter further increasing as provided therein), which amount is not passed through to the Tenant; (B) a Municipal Service Fee, currently estimated to be $741.56 977.04 per month, which amount is passed through to the Tenant; (c) Common Area Maintenance charges, currently estimated to be $3,001.09 3,925.71 per month, which amount is passed through to Tenant, and (d) insurance, the cost of which is passed through to Tenant.