HomeMy WebLinkAboutEmail-Joshua SteinJackson, Robin Jones
From: JOSHUA.STEIN@Iw.com
Sent: Thursday, April 23, 2009 4:02 PM
To: Iser@flagstonegroup.com; Jackson, Robin Jones; Bru, Julie
Subject: Proposed Language
I would propose the following summary of the effect of ground lease termination --
If the City validly terminates the ground lease upon an Event of Default and the expiration of all applicable cure periods
(and new lease rights) and the nonexercise of all applicable cure rights (and new lease rights) under the ground lease,
then such termination of the ground lease shall automatically and with no further action by anyone result in the termination
of any and all estates directly or indirectly arising from the ground lease, including leasehold mortgages, subleases,
subleasehold mortgages, and interests under any project declaration that attaches to the ground lease (all, collectively,
the "Lease -Derived Estates"). No Lease -Derived Estate shall survive such termination. No Lease -Derived Estate shall
attach to or burden the City's fee interest in the leased premises after any such termination. Nothing in this. -paragraph
limits the effect of, or any person's rights or the City's obligations under, any contractual nondisturbance agreements
entered into by the City.
Joshua Stein
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