This ground lease agreement template has 23 pages and is a MS Word file type listed under our real estate documents.
Sample of our ground lease agreement template:
GROUND LEASE AGREEMENT This Ground Lease Agreement (the "Agreement") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the "Landlord"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the "Tenant"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] WHEREAS the Landlord wishes to lease its property to the Tenant so that the Tenant can use it to develop it for the purpose as mentioned further in the Agreement. WHEREAS the Tenant wishes to take the property on lease and develop it for the purpose as mentioned further in the Agreement. NOW THEREFORE, in consideration of the Premises and of the mutual agreements contained in this Agreement, the Parties hereto agree as follows: GRANT AND TERM Grant: Premises The Landlord is the owner of certain real property located at ___________________, state/city/province of ___________________________________ legally described on Exhibit A attached hereto and made a part hereof (the "Land"). The Landlord wishes to lease that portion of the Land (the "Premises") to the Tenant. For and in consideration of the agreement of the Tenant to pay Rent (as hereinafter defined) and other sums herein provided, and to perform the terms, covenants and conditions herein contained, the full performance and observance of which are hereby agreed to by the Tenant, the Landlord hereby leases to the Tenant, and the Tenant hereby leases from the Landlord, the Premises. Term The Term of this Lease shall commence on the date hereof (the "Commencement Date"), and shall continue in effect for a Term of (____) years (the "Initial Term"), unless sooner terminated as provided herein. The Tenant shall have five (5) consecutive options to renew and extend the Term of this Lease upon the same terms and conditions contained herein for five (5) consecutive periods of five (5) years each (the "Renewal Terms"), provided that no default exists at the time of exercise of any such option, unless the Landlord waives such default. Such options shall be exercised by written notice from the Tenant to the Landlord, received by the Landlord not less than one hundred eighty (180) days prior to the expiration of the Term, as extended. As used herein, the term "Lease Year" means a period of twelve (12) consecutive calendar months beginning on the Commencement Date, and the Term shall mean the period from the Commencement Date through to the Expiration Date. PURPOSE Purpose The Tenant intends to construct and operate _________________________________________ upon the Premises. Compliance; Restrictions The Tenant shall not use or occupy the Premises, or permit the Premises to be used or occupied: (i) contrary to any statute, rule, order, ordinance, requirement or regulation applicable thereto; (ii) in any manner which would violate any certificate of occupancy affecting the same; (iii) in any manner which would cause structural injury to the Improvements; (iv) in any manner which would cause the value or usefulness of the Premises, or any part thereof, to diminish; or (v) in any manner which would constitute a public or private nuisance or waste. The Tenant and all Subtenants (as hereinafter defined), shall not (i) use the Premises or any Improvements now or hereafter constructed thereon for: (i) the treatment, storage, disposal, burial, or placement of any "hazardous substance" (as that term is defined under applicable laws), pollutants, contaminants or any other substance, the treatment, storage, disposal, burial or placement of which is regulated under any state, federal or local statute, law, rule, regulation or ordinance, except to the extent that such are generally used in offices or are reasonably required in the normal practice of any Subtenant's medical specialty, and then only to the extent permitted by, and in strict compliance with, applicable law; or (ii) permit the release of any hazardous substance, pollutants, contaminants or other substances regulated under applicable federal, state or local statute, rule, regulation or ordinance onto the Premises or into the subsurface thereof or into any surface or ground waters unless said use or release is in compliance with all applicable statutes, laws, rules, regulations and ordinances or pursuant to a valid and current permit or permits from all governmental authorities having jurisdiction over the Tenant, the Premises or the use and occupancy of the Premises by the Tenant and the Subtenants. The Landlord acknowledges and agrees that the Landlord shall indemnify and hold the Tenant and the Subtenants harmless from and against any and all losses, costs, liabilities and claims relating to the treatment, storage, disposal, burial or placement of any hazardous substance at the Premises prior to the date the Tenant accepts possession and control of the Premises (the "Possession Date"). Prohibited Use If the use of the Premises by the Tenant or any Subtenant, through no act or fault of the Tenant or such Subtenant should at any time during the Term be prohibited by law, ordinance or other governmental regulation, or prevented by injunction, this Lease shall remain in full force and effect, notwithstanding the passage of such law, ordinance, governmental regulation or injunction, provided, however, that in the event that the uses set forth in Section 2.1 are prohibited as aforesaid, the Tenant shall have the right to use the Premises for any other lawful purpose not inconsistent with the provisions of Section 2.2 above. RENT The Tenant shall pay the Landlord the following amounts: Rent: Upon the Effective Date, the Tenant shall pay to the Landlord as rent ("Rent") for the Leased Premises, the sum of ________________________________________yearly. No Setoff All Rents shall be paid to the Landlord without demand and without setoff at the offices of the Landlord specified herein, or at such other address as the Landlord may from time to time designate to the Tenant by notice in the manner hereinafter provided. Net Lease Except as may otherwise be specifically provided in this Lease or by agreement by the Parties, it is the intention of the Landlord and the Tenant that the Rent herein specified shall be completely net to the Landlord in each year during the Term of this Lease, that all costs, expenses and obligations of every kind relating to the Premises which may arise or become due during the Term of this Lease shall be paid by the Tenant, and that the Landlord shall be indemnified by the Tenant against such costs, expenses and obligations, provided, however, that the Tenant shall be under no obligation to pay interest on any mortgage on the fee of the Premises, any franchise or income tax payable by the Landlord, or any gift, inheritance, transfer, estate or succession tax by reason of any present or future law which may be enacted during the Term of this Lease. All taxes, charges, costs and expenses which the Tenant is required to pay under this Lease, together with all interest and penalties that may accrue thereon in the event of the Tenant's failure to pay such amounts, and all damages, costs and expenses which the Landlord may incur by reason of any default of the Tenant or failure on the Tenant's part to comply with the Term of this Lease, shall be deemed to be additional rent hereunder (hereinafter called "Additional Rent"), and, in the event of nonpayment by the Tenant, the Landlord shall have all the rights and remedies with respect thereto as the Landlord has for the nonpayment of the above specified Base Annual Rent. This Lease shall be liberally construed in favor of the Landlord, to give effect to the above intention of the Parties that this shall be an absolutely net Lease
