DOCSLIB.ORG

1 EXHIBIT C-3 FORM of GROUND LEASE DEED of LEASE Between FAIRFAX COUNTY REDEVELOPMENT and HOUSING AUTHORITY, As Landlord And

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
1 EXHIBIT C-3 FORM of GROUND LEASE DEED of LEASE Between FAIRFAX COUNTY REDEVELOPMENT and HOUSING AUTHORITY, As Landlord And EXHIBIT C-3 FORM OF GROUND LEASE DEED OF LEASE between FAIRFAX COUNTY REDEVELOPMENT AND HOUSING AUTHORITY, as Landlord and ONE UNIVERSITY SENIOR, LLC as Tenant [__________], 20__ KH 567092.4 1 TABLE OF CONTENTS Page RECITALS ..................................................................................................................................... 1 ARTICLE 1 DEFINITIONS .......................................................................................................... 1 ARTICLE 2 PREMISES AND TERM OF LEASE ...................................................................... 9 Section 2.01. Premises. ............................................................................................................... 9 Section 2.02. Term ...................................................................................................................... 9 Section 2.03. Use. During the Term ........................................................................................... 9 Section 2.04. Ownership of the Improvements. .......................................................................... 9 Section 2.05. Landlord’s Right to Terminate.............................................................................. 9 ARTICLE 3 RENT ...................................................................................................................... 10 Section 3.01. Base Rent. ........................................................................................................... 10 Section 3.02. Proration of Impositions and Additional Costs. .................................................. 10 Section 3.03. Net Lease. ........................................................................................................... 10 Section 3.04. Base Rent and Additional Costs. ........................................................................ 10 Section 3.05. Reimbursement of Expenses. .............................................................................. 10 ARTICLE 4 IMPOSITIONS ....................................................................................................... 10 Section 4.01. Impositions. ......................................................................................................... 11 Section 4.02. Receipts. .............................................................................................................. 11 Section 4.03. Landlord’s Taxes. ............................................................................................... 11 Section 4.04. Impositions Beyond Term................................................................................... 11 Section 4.05. Tenant’s Contest. ................................................................................................ 12 Section 4.06. Contest Not Postpone Tenant’s Obligation......................................................... 12 Section 4.07. Landlord Cooperation in Proceedings. ............................................................... 13 Section 4.08. Tax Bills. ............................................................................................................. 13 ARTICLE 5 DEPOSITS FOR IMPOSITIONS ........................................................................... 13 Section 5.01. Impositions Subject to Deposit. .......................................................................... 13 Section 5.02. Deposit of Impositions. ....................................................................................... 13 Section 5.03. Rights of Mortgagee. .......................................................................................... 14 Section 5.04. Changes to Deposits to Impositions Account. .................................................... 14 Section 5.05. Landlord’s Rights During an Event of Default. .................................................. 14 Section 5.06. Interest on Impositions Account. ........................................................................ 15 ARTICLE 6 LATE CHARGES ................................................................................................... 15 KH 567092.4 i ARTICLE 7 INSURANCE .......................................................................................................... 15 Section 7.01. Required Insurance. ............................................................................................ 15 Section 7.02. Additional Insurance Requirements. ................................................................... 15 Section 7.03. Deposit of Insurance Premiums. ......................................................................... 16 Section 7.04. Delivery of Certificates and Declaration Pages. ................................................. 16 Section 7.05. Landlord’s Right to Procure Insurance. .............................................................. 17 ARTICLE 8 USE OF INSURANCE PROCEEDS ...................................................................... 17 Section 8.01. Tenant’s Obligation to Restore. .......................................................................... 17 Section 8.02. Restoration Approvals. ....................................................................................... 18 Section 8.03. Control of Proceeds............................................................................................. 19 Section 8.04. Conditions Precedent to Disbursements. ............................................................ 19 Section 8.05. Major Casualty. ................................................................................................... 21 Section 8.06. Deposit of Proceeds. ........................................................................................... 22 Section 8.07. No Abatement. .................................................................................................... 22 Section 8.08. As-Built Plans. .................................................................................................... 22 Section 8.09. Casualty Where Restoration is Impossible or at End of Term. ........................... 22 ARTICLE 9 CONDEMNATION ................................................................................................ 23 Section 9.01. Taking of All or Substantially All of Premises. .................................................. 23 Section 9.02. Date of Taking. ................................................................................................... 24 Section 9.03. Partial Taking: Tenant’s Obligation to Restore. ................................................. 24 Section 9.04. Condemnation Award. ........................................................................................ 24 Section 9.05. Temporary Taking. ............................................................................................. 25 Section 9.06. Sale in Lieu of Condemnation. ........................................................................... 26 Section 9.07. Participation in Proceedings. .............................................................................. 26 Section 9.08. Claims for Personal Property. ............................................................................. 26 ARTICLE 10 ASSIGNMENT, SUBLETTING, MORTGAGES, ETC. ..................................... 26 Section 10.01. Assignment; Subletting; Transfers. ................................................................... 26 Section 10.02. Consent Limited to Transaction. ....................................................................... 30 Section 10.03. Landlord’s Right of First Offer. ........................................................................ 30 Section 10.04. Leasehold Mortgages. ....................................................................................... 31 Section 10.05. Additional Mortgagee Requirements. ............................................................... 35 Section 10.06. New Lease. ........................................................................................................ 35 ARTICLE 11 INITIAL CONSTRUCTION OF THE PROJECT; RESTORATION; CAPITAL IMPROVEMENTS ....................................................................................................................... 36 KH 567092.4 ii Section 11.01. Initial Construction Work. ................................................................................ 36 Section 11.02. Restoration - Construction Work in Excess of Ten Percent (10%) of the Replacement Value or That Would Affect the Exterior of any Building. ................................ 36 Section 11.03. Standards of Construction and Maintenance during Lease Term. .................... 37 Section 11.04. Payment for Construction Work; Contested Matters. ....................................... 37 Section 11.05. Landlord’s Right to Use Field Personnel. ......................................................... 37 Section 11.06. Commencement and Completion of all Construction Work. ............................ 37 Section 11.07. Supervision of Architect. .................................................................................. 37 Section 11.08. Capital Improvements. ...................................................................................... 38 Section 11.09. Submissions to Landlord for Capital Improvements. ....................................... 38 Section 11.10. Construction Agreements.................................................................................. 39 Section 11.11. Demolition of the Project. ................................................................................
Load more

Recommended publications
  • Fee Vs. Leasehold 1 Chapter 1
    Chapter 1: Fee vs. leasehold 1 Chapter 1 Fee vs. leasehold SAMPLE Click to watch After reading this chapter, you will be able to: Learning • identify the different possessory interests held in real estate, and Objectives the rights and obligations associated with each; • distinguish the individual rights which collectively comprise real property; • identify the different types of leasehold interests held by tenants; • understand leasehold interests which convey special rights, such as a ground lease, master lease or sublease. estate life estate Key Terms fee estate master lease fixed-term tenancy parcel ground lease profit a prendre impairment sublease leasehold estate tenancy-at-sufferance legal description tenancy-at-will Real estate, sometimes legally called real property or realty, consists of: A matter of • the land; possession • the improvements and fixtures attached to the land; and • all rights incidental or belonging to the property.1 1 Calif. Civil Code §658 2 Property Management, Sixth Edition parcel A parcel of real estate is located by circumscribing its legal description on A three-dimensional the “face of the earth.” Based on the legal description, a surveyor locates and portion of real estate sets the corners and surface boundaries of the parcel. The legal description is identified by a legal description. contained in deeds, subdivision maps or government surveys relating to the property. legal description All permanent structures, crops and timber are part of the parcel of real estate. The description used to locate and set The parcel of real estate also includes buildings, fences, trees, watercourses boundaries for a parcel and easements within the parcel’s boundaries.
    [Show full text]
  • Lease Agreement Between the District of Columbia As Landlord and As Tenant Date
    LEASE AGREEMENT BETWEEN THE DISTRICT OF COLUMBIA AS LANDLORD AND ______________________________ AS TENANT DATE: __________________, 201_ EXECUTION COPY TABLE OF CONTENTS Page ARTICLE I. REFERENCE PROVISIONS, DEFINITIONS AND EXHIBITS .............................1 Section 1.01 Reference Provisions. ..................................................................................1 Section 1.02 Definitions....................................................................................................3 ARTICLE II. LEASED PREMISES................................................................................................5 ARTICLE III. TERM.......................................................................................................................5 Section 3.01 Term. ............................................................................................................5 Section 3.02 End of Term. ................................................................................................5 Section 3.03 Holding Over. ..............................................................................................5 ARTICLE IV. USE AND OPERATION OF THE LEASED PREMISES .....................................5 Section 4.01 Continuous Operation by Tenant and Opening Covenant. ..........................6 Section 4.02 Use. ..............................................................................................................6 Section 4.03 Signs. ............................................................................................................6
    [Show full text]
  • 902:Real Estate Basics: Negotiating & Structuring Commercial Leases
    ACC’S 2004 ANNUAL MEETING THE NEW FACE OF IN-HOUSE COUNSEL 902:Real Estate Basics: Negotiating & Structuring Commercial Leases & Subleases Kimberly M.W. Gilpin Vice President, Assistant General Counsel The Finish Line, Inc. Angela L. Humphreys General Counsel Investco Financial Corporation Carol D. Miller General Counsel Restaurants Unlimited This material is protected by copyright. Copyright © 2004 various authors and the Association of Corporate Counsel (ACC). Materials may not be reproduced without the consent of ACC. Reprint permission requests should be directed to James Merklinger at ACC: 202/293-4103, ext. 326; [email protected] ACC's 2004 ANNUAL MEETING THE NEW FACE OF IN-HOUSE COUNSEL Faculty Biographies Kimberly M.W. Gilpin Kimberly M.W. Gilpin is vice president, assistant general counsel, lease administration at The Finish Line, Inc., an athletic footwear and apparel retailer located in Indianapolis. Ms. Gilpin is primarily responsible for the company's legal leasing functions including negotiating and drafting lease language and documents. In addition, she is responsible for supervising lease process flow and implementation as well as acting as a department head for the legal/lease administration department, managing company policy compliance issues, reviewing and negotiating third party vendor contracts, and providing legal support to other corporate departments on real estate activities and corporate compliance matters. Prior to joining the Finish Line team, Ms. Gilpin served as a program director for the Paralegal Studies Program at International Business College. Her experience in the practice areas of real estate, probate, and estate planning, and working as an account representative for West Publishing Company led to her success in building the program and working with paraprofessional students.
    [Show full text]
  • Contracts and Leases Lesson 5 Real Estate Leases
    Contracts and Leases Lesson 5 Real Estate Leases 45 Hour Louisiana Post-Licensing 10/14 I. REAL ESTATE LEASES A. LEASES IN GENERAL Lease is a synallagmatic (bilateral) contract by which one party, the lessor, binds himself to give to the other party, the Lessee, the use and enjoyment of a thing for a term in exchange for a rent that the Lessee binds himself to pay. The consent of the parties as to the thing and the rent is essential but not necessarily sufficient for a contract of lease. La. C.C. art. 2668 1. Lease. Lease is a nominate contract, meaning special rules apply in addition to the general rules concerning contracts. 2. Requirements Historically, the three basic requirements for an enforceable lease were described just as they were for sales, as thing, price and consent. In 2004, the Louisiana Legislature updated the rules governing lease to more accurately refer to the “price” as “rent.” The thing is the premises to be leased. 3. Rent. La. C.C. art. 2676, §2. The Rent reads in part: “Agreement as to the rent. The rent shall be fixed by the parties in a sum, either certain or determinable, through a method agreed by them. It may also be fixed by a third person designated by them. If the agreed method proves unworkable, or the designated third person is unwilling or unable to fix the rent, then there is no lease. a. If the rent has been established, and thereafter is subject to redetermination either by a designated third person or through a method agreed to by the parties, but the third person is unwilling or unable to fix the rent or the agreed method proves unworkable, the court may either fix the rent or provide a similar method in accordance with the intent of the parties.
    [Show full text]
  • 1- Reformulating the Alta Leasehold Title Insurance
    REFORMULATING THE ALTA LEASEHOLD TITLE INSURANCE POLICY About a year ago, the American Land Title Association (“ALTA”) notified ACREL that it would be reformulating its leasehold title insurance policy. It asked ACREL’s Title Insurance Committee for input in the process. At ACREL’s mid-year meeting, the Title Insurance Committee held a workshop to discuss leasehold title insurance and how it could be a more helpful tool for the real estate bar. The following materials include an article by Harris Ominsky summarizing that discussion as well as a copy of the materials provided for that workshop. At the workshop, various fact patterns were presented and the participants discussed the type of coverage they would be looking for in a leasehold title policy. Regardless of the fact patterns, three basic issues confronted workshop participants: 1. From an attorney’s standpoint, knowing how much title insurance the client should buy. 2. From the title company’s standpoint, controlling the amount of damages the title company could conceivably have to pay. 3. Creating a sufficiently useful product that will provide value to clients and a profit source to the title industry. As a follow-up to the ACREL workshop, the Title Insurance Committee communicated the issues raised at the workshop to ALTA. ALTA has now promulgated two proposed endorsements, copies of which are attached, for further consideration. The workshop being held at the Boston meeting will discuss these proposed endorsements in light of the three issues noted above. Once again, the Title Insurance Committee will forward its recommendations to ALTA so that ALTA can continue its process of finalizing a product.
    [Show full text]
  • Leasehold Title Insurance Eviction—Sometimes It Can Be Good for You!
    AUG 2006 Leasehold Title Insurance Eviction—Sometimes it can be good for you! Since the introduction of residential title insurance in Ontario, the market has grown to encompass commercial properties as well. Typically used to insure the fee simple interest of the property owner and its lender(s), one overlooked area continues to be that of tenants—especially in regards to ground leases where signifi cant monies are at risk should the fee owner’s title be put into question or the permitted use under the lease be prevented. This Newsletter will explain what the Leasehold Title Insurance endorsement (“LTI”) is, when it should be considered and what it covers and does not cover. Robins, Appleby & Taub LLP 2600 – 120 Adelaide Street West, Toronto, ON M5H 1T1 (416) 868-1080 Darrell Gold LEASING COMMUNIQUÉ Leasehold Title Insurance AUG 2006 LTI Historically ity of the tenant to carry on its business from the premises e.g. a landlord’s failure to maintain/repair which prevents The LTI Endorsement has been around in the United States the tenant from carrying on its business. Rather, it is de- for close to 30 years but is relatively new to Canada. In Can- signed to cover those risks which are noted in the policy ada, the LTI Endorsement is based on the endorsement and which are NOT otherwise excluded (e.g. an Eviction used by U.S. insurers, known as the Form 13 Leasehold resulting from an expropriation action instituted prior to Endorsement (for tenants) and the corresponding Form the date of the policy which was unknown to the Insured 13.1 one (for leasehold mortgagees).
    [Show full text]
  • 7 Real Estate Leases the Lease Contract Types of Lease Default and Termination Uniform Residential Landlord and Tenant Act
    7 Real Estate Leases The Lease Contract Types of Lease Default and Termination Uniform Residential Landlord and Tenant Act THE LEASE CONTRACT Leasehold rights and obligations Contract requirements Lease clauses A lease is both an instrument of conveyance and a contract between principal parties to uphold certain covenants and obligations. As a conveyance, a lease conveys an interest, called the leasehold estate, but does not convey legal title to the property. For this reason, a leasehold is also called a less-than-freehold estate. The four principal types of leasehold estate are: estate for years: has a specific lease term estate from period-to-period: the lease term automatically renews estate at will: has no specified lease term estate at sufferance: a tenancy without consent The legal essence of a valid lease is that it conveys an exclusive right to use and occupy a property for a limited period of time in exchange for rent and the return of the property after the lease term is over. Leasehold estates are distinguished from freeholds by their temporary nature. Every leasehold has a limited duration, whether the term is 99 years or not stated at all, as in an estate at will. While the lease conveys exclusive use, it may also restrict such use to conform to the landlord's desires. For example, an apartment lease may prohibit a tenant from using or storing hazardous materials within the premises. Like other contracts, a lease becomes a binding agreement when the parties accept the terms of the agreement and communicate their agreement to the other party.
    [Show full text]
  • 420Cv57memo392021.Pdf
    IN THE UNITED STATES DISTRICT COURT MAR 09 2021 FOR THE WESTERN DISTRICT OF VIRGINIA DANVILLE DIVISION MCCARTHY BUILDING ) COMPANIES, INC., ) ) Plaintiff, ) Case No. 4:20cv00057 ) v. ) MEMORANDUM OPINION ) TPE VIRGINIA LAND HOLDINGS, ) By: Hon. Thomas T. Cullen LLC, and TPE KENTUCK SOLAR, ) United States District Judge LLC, ) ) Defendants. ) Defendant TPE Virginia Land Holdings, LLC (“TPE Virginia”) leased property in Pittsylvania County, Virginia, to Defendant TPE Kentuck Solar, LLC (“Kentuck”) for the purposes of constructing and operating a solar farm. Kentuck hired Plaintiff McCarthy Building Companies, LLC (“McCarthy”) to build it. When some of its invoices allegedly went unpaid, McCarthy filed the instant suit, seeking compensation. TPE Virginia asserts that it carries no possible liability as it is only a disinterested landlord and a legal—and factual— stranger to the relationship between McCarthy and Kentuck. The court agrees that, at this stage, McCarthy has failed to state a claim against TPE Virginia and will grant its motion to dismiss. I. FACTS AND PROCEDURAL HISTORY In 2017, TPE Virginia leased land it owns in Pittsylvania County to Kentuck, so that Kentuck could construct a solar photovoltaic system (“the Facility”). TPE Virginia and Kentuck’s Lease consisted of three periods: a Construction Period, an Operations Period, and a Decommissioning Period. (Lease § 4 [ECF No. 24-1].) The Construction Period was set to end at the earlier of the date the local electric power distribution company issued permission to operate the Facility, or December 31, 2017. (Id. § 4(a).) Rent was set at $29,450 during the Construction Period, and $58,900 per year during the Operations Period.
    [Show full text]
  • 9. Landlord and Tenant
    9 Landlord and Tenant The distinguishing feature of a leasehold interest is the right to exclusive possession and use of real property, for a fixed period of time, held by the lessee (or “tenant”). The lessor (or “landlord”), having parted with this right to exclusive possession, merely holds the basic title (the “reversion”) during the existence of the lease. Hotel guests, licensees and employees may all be privileged to use a given space under certain contractual conditions, but since none of these has an exclusive right to possession, they are not governed by the laws regulating the relationship of landlord and tenant. A leasehold estate itself is chattel real. Although the lessee has an estate/interest in real property, the estate is in fact a form of personal property, governed by laws applicable to personal property. Types of Leasehold Estates Most authorities classify leases into four categories, based on the lease term: Estate for years; Estate from period to period (periodic tenancy); Estate at will; and Estate at sufferance. Estate for years. An estate for years is one which is to continue for a definite period fixed in advance by agreement between landlord and tenant. The name is somewhat misleading because the period may be for less than a year, measured in specific days, weeks, or months. Estate from period to period. An estate from period to period (or periodic tenancy) is one which continues for periods of time (typically year-to-year, month-to-month, or week-to-week) as designated by landlord and tenant in their agreement. The most common periodic tenancy is the month-to-month tenancy.
    [Show full text]
  • LEASEHOLD CONDOMINIUMS BOB BURTON, ESQ., Austin Winstead PC Co-Author
    LEASEHOLD CONDOMINIUMS BOB BURTON, ESQ., Austin Winstead PC Co-author: PRESTON A. PATTEN, ESQ., Austin Winstead PC State Bar of Texas 40TH ANNUAL ADVANCED REAL ESTATE LAW July 12-14, 2018 San Antonio CHAPTER 15 ROBERT D. BURTON Winstead PC 401 Congress Avenue, Suite 2100 Austin, Texas 78701 512-370-2869 FAX: 512-370-2850 EDUCATION: B.S. M.S. (Accounting), University of North Texas J.D., Tulane University, with honors and member and editor of Tulane Law Review PROFESSIONAL ACTIVITIES Shareholder, Winstead PC, Real Estate Development & Investments Practice Group and Co-Chair of Planned Community, Mixed-Use and Condominium Practice Group Member, State Bar of Texas Board Member, Texas Community Association Advocates Member, Community Associations Institute Full Member, Urban Land Institute Board Member, Boys & Girls Club of the Austin Area Co-Chair, Austin/ULI Urban Development and Mixed Use Council Member, American College of Real Estate Lawyers Leasehold Condominiums Chapter 15 TABLE OF CONTENTS I. INTRODUCTION ................................................................................................................................................... 1 II. THE BASICS .......................................................................................................................................................... 1 A. What is a Leasehold Condominium? ............................................................................................................... 1 B. Texas Nuts and Bolts ......................................................................................................................................
    [Show full text]
  • Introduction to Leases
    Introduction to Leases: Essential Fundamentals for Searching and Examining Leasehold Estates Presented by Mel Platt Vice-President & Sr. Commercial Underwriter Commonwealth Land Title Insurance Company Helpful Definitions: “Leasehold” is an estate in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time (West's Encyclopedia of American Law, edition 2). A leasehold estate can be bought and sold on the open market. It is a ‘less than freehold’ estate. “Freehold” is a right of title to land with two necessary elements: immobility, meaning the land and that which is affixed to the land, and indeterminate duration, that is, no fixed duration of ownership. “Estate for years” is an estate which must expire at a period certain, fixed in advance. It is an interest arising from an agreement or contract for the possession of lands or tenements for some definite period (i.e., a lease). Such estate is regarded at common law as a chattel. “Chattel” refers to all personal property (things you own other than real estate). “Chattels real” is an interest in real estate less than freehold, such as estates for years, at will and by sufferance. Chattel real passes a present interest in real property. “Reversionary Interest or Estate” is held by the fee o w n e r, who has the right to regain possession of the property after the lease has expired. Arizona Revised Statutes 33-201. Duration of interest; fee tail prohibited A. Estates in lands, as respects the extent of the interest of the holder, are divided into: 1.
    [Show full text]
  • Techniques for a Developer to Structure “For-Sale” Apartments in a Leasehold Project
    Techniques For A Developer To Structure “For-Sale” Apartments In A Leasehold Project Joshua Stein Here’s how a ground lease—and a leasehold condominium—can provide a solid foundation for a “for sale” apartment development. IF AN APARTMENT PROJECT relies on a ground lease structure, can the developer sell individual apart- Joshua Stein, ment units to individual owners? Or does the use of a author of ALI-ABA’s “A Guide to Ground single ground lease for an entire building (or for the apart- Leases (With Forms and Checklists),” is a real estate and finance partner with Latham & ment component of a larger building) preclude individual Watkins LLP, and a member of the American apartment sales? College of Real Estate Lawyers. His articles on These questions cause concern and trepidation ground lease financing, leasehold mortgagee protections, and other commercial real among lawyers and their clients in structuring develop- estate topics have been widely published. ment projects from coast to coast. That’s particularly true For copies of many of them and information for mixed use or government-assisted projects, or other about his book on ground leases, visit www. real-estate-law.com. The author acknowledges projects driven by nonprofit owners. with thanks the contributions of his clients The answers to these questions are not simple, but who asked the questions that produced a developer and its counsel will usually like the answers. the memos that became this article (and consented to publication of this article); This article offers some analysis, suggestions, and options his partners Richard L. Chadakoff, James I.
    [Show full text]