Last Update 21 October 2017
TABLE OF CONTENTS
SUBLEASE OF CONDOMINIUM
AND
GRANT DEED OF IMPROVEMENTS
  1. RECEIVER AND INSOLVENCY.

    Either (a) the appointment of receiver to take possession of all or substantially all of the assets of Sublessee, which receiver is not removed within thirty (30) days of such appointment, except for a receiver appointed at the instance of Sublessor to take possession of Sublessee's interest in the Condominium of Sublessee, and to collect rents or profits derived therefrom, (b) a general assignment by Sublessee for the benefit of creditors, or (c) any action taken or suffered by Sublessee under any arrangement, insolvency or bankruptcy act or proceeding, which is not dismissed in Sublessee's favor within thirty (30) days after commencement thereof, shall constitute a breach of this Sublease and Sublessor may, at its option, and subject to the rights of an encumbrancer under Paragraph 14 hereof, terminate this Sublease with notice to Sublessee and proceed in accordance with the provisions of Paragraph 17B of this Sublease. No assignment of this Sublease or of any part thereof or any right or interest therein involuntarily or by bankruptcy or by operation of law shall be effective or valid, and any such attempted assignment shall constitute a breach of this Sublease for which Sublessor may, at its option, and subject to the rights of a Lender, as set forth in Paragraph 14 hereof, terminate this Sublease as provided herein.

  2. REPRESENTATIONS.

    Sublessee covenants and agrees that it has examined the Condominium conveyed by this Sublease and that the same is delivered to it in good order and condition and that no representations as to such Condominium have been made by Sublessor, Grantor or by any person or agent acting for Sublessor or Grantor, and it is agreed that this document and the Declaration referenced herein contains the entire agreement between the parties hereto and that there are no verbal agreements, representations, warranties or other understandings affecting the same.

  3. HOLDING OVER.

    This Sublease shall terminate and become null and void without further notice upon the expiration of the term hereof. Any holding over shall not constitute a renewal hereof or give Sublessee any rights in or to the Project, it being understood and agreed that this Sublease cannot be renewed, extended or in any manner modified except in accordance with this instrument and by a writing signed by all parties hereto. Upon the end of said term or earlier termination of this Sublease, Sublessee shall peaceably deliver up and surrender to Sublessor possession of the Condominium conveyed herewith in accordance with the provisions of Paragraph 15 of this Sublease, in good repair, order and condition, except for reasonable wear and tear and except as otherwise expressly provided herein.

  4. EMINENT DOMAIN.

    1. The words "condemnation" or "condemned" as used in this Paragraph or elsewhere in this Sublease shall mean the exercise of, or intent to exercise, the power of eminent domain expressed in writing, as well as the filing of any action or proceeding for such purpose, by any person, entity, body, agency or authority having the right or power of eminent domain (the "condemning authority"), and shall include a voluntary sale to any such condemning authority, either under the threat of condemnation or while condemnation proceedings are pending, and the condemnation shall be deemed to occur in point of time upon the actual physical taking of possession by the condemning authority.

    2. In the event the Condominium of Sublessee, or any part thereof, is condemned, the board of directors of the Association shall be entitled to and shall receive the total amount of any award made with respect thereto, regardless of whether the award is based on a single award or a separate award as between the respective parties. If and to the extent that any such award or awards shall be made to Sublessee or to any person claiming through or under Sublessee, Sublessee hereby irrevocably assigns to the board of directors all of its right, title and interest in and to any and all awards, for disbursement to Sublessee and its Lender, in accordance with the provisions of the Declaration. In no event shall the amount payable to or for the benefit of Sublessee exceed the appraisal of the condemning authority or judgment, if any, with respect to the value of the Condominium of Sublessee, provided, however, that such amount shall not be less than the unpaid balance (as of the effective date of the taking) of the indebtedness secured by a first Subleasehold Mortgage. For a Lender to be entitled to the benefit of this subparagraph, it shall be a bank, savings and loan association, insurance company, real estate investment trust, or pension or profit sharing trust subject to Federal or State regulations, and shall have made its loan on the basis of no more than 90% of the value of the Condominium or portion thereof which is security for the loan.

    3. The rights of Sublessor, Sublessee and their mortgagees, if any, with respect to any condemnation awards shall be governed by the provisions of the Declaration.

    4. Sublessee shall further have the right to claim and recover from the condemning authority, but not from Sublessor, such compensation as may be separately recoverable by Sublessee in Sublessee's own right for any damages to Sublessee for any cost or loss to Sublessee in altering any portion of the improvements on the Condominium of Sublessee or in removing and relocating Sublessee's property and fixtures from the Condominium of Sublessee by reason of such taking, so long as such action or the payment of such compensation shall not affect or diminish the compensation payable to Sublessor as hereinbefore provided. The taking or condemnation of any portion of the Condominium conveyed herewith, for a term which is less than the then remaining unexpired term of this Sublease shall not excuse Sublessee from full performance of Sublessee's covenants and obligations hereunder for the payment of money, but Sublessee, in such event, shall be entitled to claim and recover from the condemning authority for itself and for the benefit of any encumbrancer, any damage sustained by the Sublessee by reason of such taking.

    5. If during the term of this Sublease there is a "total taking" or a "substantial taking" (as such terms are defined in the Master Lease) of the Project, this Sublease shall terminate as of the date actual physical possession of the Project shall be taken by the condemning authority.

    6. If there is a "partial taking" (as such term is defined in the Master Lease) of a portion of the Project, which portion includes all of the Condominium of Sublessee, or so much of the Condominium of Sublessee as to prevent or substantially impair the use of the Condominium by Sublessee as a single-family residence, this Sublease shall terminate as of the date actual physical possession of all, or such part, of the Condominium of Sublessee is taken by the condemning authority. If such a partial taking does not include the Condominium of Sublessee, or includes a portion of the Condominium of Sublessee but not so much as to prevent or substantially impair the use of the Condominium by Sublessee as a single-family residence, this Sublease shall remain in full force and effect.

    7. If this Sublease is terminated pursuant to this Paragraph, all rentals or other payments payable by Sublessee shall be paid up to the date of termination and the parties shall thereafter be released from all further liability in relation thereto.
SUBLEASE OF CONDOMIUM
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