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Packet 20231016
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5G Consent
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3/21/2024 5:56:02 PM
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12/26/2023 3:00:13 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
10/16/2023
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PERM
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<br />15 <br />Lessee shall include such similar provision in all leases and rental agreements affecting the <br />Leased Premises or part thereof, and shall enforce the same diligently and in good faith. <br /> <br />ARTICLE 7. <br />ASSIGNMENT AND TRANSFER <br />Section 7.1 Procedure for Assignment and Transfer. The qualifications and <br />identity of Lessee are of particular concern to Lessor. It is because of those qualifications and <br />identity that Lessor has entered into this Ground Lease with Lessee. Except as otherwise <br />provided below, during the Term of this Ground Lease, (a) no voluntary or involuntary successor <br />in interest of Lessee shall acquire any rights or powers under this Ground Lease, and (b) Lessee <br />shall not make any total or partial sale, transfer, conveyance, assignment, sublease, or <br />subdivision of the whole or any part of the Leased Premises or the Improvements thereon, <br />without the prior written approval of Lessor, except as expressly permitted below. Lessor’s <br />consent shall not be unreasonably withheld, conditioned or delayed. With respect to a proposed <br />Transfer of the Property, Lessee’s request for approval shall be accompanied by sufficient <br />evidence regarding the proposed transferee's ability to operate and manage a project of this size, <br />in sufficient detail to enable Lessor to evaluate the proposed transferee pursuant to the criteria set <br />forth in this Section 7.1 and as reasonably determined by Lessor. Lessor shall evaluate each <br />proposed transferee on the basis of the respective qualifications set forth above, and may <br />reasonably disapprove any proposed transferee, during the period for which this Section 7.1 <br />applies, which Lessor reasonably determines does not possess these qualifications. A sublease or <br />an assignment and assumption agreement in form reasonably satisfactory to Lessor shall also be <br />required for all proposed Transfers. Should Lessor consent to a Transfer, (i) such consent shall <br />not constitute a waiver of any of the restrictions or prohibitions of this Ground Lease, including <br />any then-existing default or breach, and such restrictions or prohibitions shall apply to each <br />successive Transfer, and (ii) such Transfer shall relieve the transferring Lessee of its liability <br />under this Ground Lease and such transferring Lessee shall be released from performance of any <br />of the terms, covenants and conditions of this Ground Lease upon such Transfer, and thereafter <br />the assignee Lessee shall be liable under this Ground Lease, provided that the assigning Lessee <br />shall retain all indemnification obligations pursuant to this Ground Lease, and shall remain <br />responsible for any obligations hereunder which arose prior to the effective date of the <br />assignment and assumption agreement. As used herein, “Permitted Transferee” means a person <br />or entity (i) that possesses the experience and qualifications necessary for the proper <br />performance of Lessee’s obligations under this Ground Lease following completion of the <br />Project, and (ii) that possesses the financial resources typical of owners of similar projects. <br />Section 7.2 Permitted Transfer by Lessee. <br />(a) Notwithstanding the foregoing, Lessor consents to the following <br />("Permitted Transfers"): <br />(1) a transfer to an entity which is under the direct control of Lessee or <br />under common control with the Lessee, or in which Lessee is the sole member or partner of the DRAFT
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