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Agreement to Assign Ground Lease

 

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Title:

Agreement to Assign Ground Lease

Entities:

Mack-Cali Realty Corp.; Mack-Cali Realty LP

Date:

2002

Size:

Preview shows 7KB of 68KB total

Price:

$45

ID:

#366477

 

 

► Leasing ► Misc. Lease Agreements
► Real Estate

 

 

Start of Preview


                        AGREEMENT TO ASSIGN GROUND LEASE


BY AND BETWEEN

ROBERT MARTIN - EASTVIEW NORTH COMPANY, L.P.

AND

MACK-CALI REALTY ACQUISITION CORP.

DATED AS OF APRIL 1, 2002

{Page}

AGREEMENT TO ASSIGN GROUND LEASE

THIS AGREEMENT TO ASSIGN GROUND LEASE (this "AGREEMENT") is made as of
this 1st day of April, 2002, by and between ROBERT MARTIN - EASTVIEW NORTH
COMPANY, L.P., a New York limited partnership having an address c/o Robert
Martin Company, LLC, 100 Clearbrook Road, Elmsford, New York 10523 ("RM
EASTVIEW") and MACK-CALI REALTY ACQUISITION CORP., a Delaware corporation having
an address c/o Mack-Cali Realty Corporation, 11 Commerce Drive, Cranford, New
Jersey 07016 ("MACK-CALI").

W I T N E S S E T H:

WHEREAS, the County of Westchester (the "COUNTY"), as landlord, and RM
Eastview, as tenant, entered into that certain Agreement of Lease dated
September 15, 1999 and recorded on ____________, in the Office of the County
Clerk of Westchester County Division of Land Records in Liber ____ of
conveyances, at Page ___ (the "GROUND LEASE"), whereby RM Eastview leased that
certain parcel of real property situate and lying in the Town of Mount Pleasant,
County of Westchester and State of New York (the "LAND") more particularly
described in EXHIBIT A annexed thereto; and

WHEREAS, RM Eastview desires to assign, and Mack-Cali desires
to assume, all of RM Eastview's right, title and interest in and to the Ground
Lease, subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises set forth
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

1. SUBJECT OF THE ASSIGNMENT

Subject to the terms and conditions set forth in this Agreement, RM
Eastview hereby agrees to assign, and Mack-Cali hereby agrees to assume, all of
RM Eastview's right, title and interest in and to the Ground Lease, which
leasehold interest shall be deemed to include all of RM Eastview's right, title
and interest in and to the following:

(a) any and all easements, rights of way, strips and gores of
land, streets, ways, alleys, passages, sewer rights, water, water courses, water
rights and powers, air rights and development rights, and all estates, rights,
titles, interests, privileges, liberties, tenements, hereditaments and
appurtenances of any nature whatsoever, in any way belonging, relating or
pertaining to the Property and all land lying in the bed of any street, road or
avenue, opened or proposed, in front of or adjoining the Property, to the center
line thereof (collectively, the

2
{Page}

"EASEMENTS");

(b) any and all approvals, permits, licenses and agreements,
including but not limited to environmental permits, subdivision approvals,
development agreements, site plans and approvals relating to the development and
use of the Property, and specifically including any and all plans,
specifications, architectural and engineering drawings, warranties, and
guaranties held by RM Eastview (collectively, the "PERMITS AND LICENSES"), and
any and all contracts and agreements for the servicing and maintenance of the
Property (collectively, the "SERVICE CONTRACTS", together with the Permits and
Licenses, the "INTANGIBLE PROPERTY");

(c) any and all trademarks and tradenames used or useful in
connection with the Property (including but not limited to any other name[s] by
which the Property is commonly known) and all goodwill, if any, related to said
names, all for which Mack-Cali shall have the sole and exclusive rights
(collectively, the "TRADENAMES");

(d) any and all promotional materials, marketing materials,
brochures, photographs (collectively, the "PROMOTIONAL MATERIALS"), books,
records, files, statements, tax returns, market studies, plans, specifications,
reports, tests and other materials of any kind owned by or in the possession of
RM Eastview which are or may be used by RM Eastview in the development and use
of the Property (collectively, and together with the Promotional Materials, the
"BOOKS AND RECORDS");

(e) any and all awards or payments, including interest
thereon, which may heretofore and hereafter be made with respect to the
Property, whether from the exercise of the right of eminent domain or for a
change of grade or for any other injury to or decrease in the value of the
Property; and

(f) all other rights, interests and privileges (if any) held
by RM Eastview in any way related to the rights and interests described above in
this Section.

The Easements, the Intangible Property, the Tradenames, the Books and
Records, and all other interests in the Property held by RM Eastview, together
with the Ground Lease, shall hereinafter be collectively referred to as the
"LEASE".

2. CONSIDERATION FOR THE ASSIGNMENT

2.1 As consideration for the assignment (the "CONSIDERATION"),
Mack-Cali shall pay to RM Eastview on the Closing Date (as defined in Section
8.1) the amount of Eight Hundred Thirty Two Thousand Six Hundred ($832,600)
Dollars. The Consideration shall be paid by the wiring of federal funds to such
bank account as RM Eastview shall designate in writing at least two (2) business
days prior to the Closing Date.

3. TITLE MATTERS TO WHICH THE ASSIGNMENT IS SUBJECT

3
{Page}

3.1 The Lease shall be assigned to Mack-Cali subject to the
following (collectively, the "PERMITTED ENCUMBRANCES"):

(a) the lien of real estate taxes, personal property taxes,
water charges, and sewer charges, provided the same are not due and payable, but
subject to adjustment as provided herein;

(b) those restrictions, covenants, agreements, easements, and
other matters affecting title to the Property as set forth in the Title
Commitment (as defined in Section 3.2), provided same do not impair the use of
the Property as intended by Mack-Cali and do not render the leasehold interest
uninsurable at standard rates;

(c) any and all laws, statutes, ordinances, codes, rules,

 

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