(“NAI”)
(“BNPPLC”)
Page | ||||
RECITALS | 1 | |||
GRANTING CLAUSES | 1 | |||
GENERAL TERMS AND CONDITIONS | 3 | |||
1Additional Definitions | 3 | |||
“Common Elements” | 3 | |||
“Condominium Declaration” | 3 | |||
“Condominium Instruments” | 3 | |||
“Condominium Map” | 3 | |||
“Contingent Purchase Option” | 3 | |||
“Fair Rental Value” | 3 | |||
“Ground Lease Default” | 4 | |||
“Ground Lease Rent” | 4 | |||
“Ground Lease Term” | 4 | |||
“Leasehold Mortgage” | 4 | |||
“Leasehold Mortgagee” | 4 | |||
“Owner” | 4 | |||
“Plat” | 4 | |||
“Turnover Date” | 4 | |||
“Unit 4” | 4 | |||
2Ground Lease Term and Early Termination | 4 | |||
3Ground Lease Rent | 5 | |||
4Receipt and Application of Insurance and Condemnation Proceeds | 5 | |||
5No Lease Termination | 5 | |||
6The Lease and Other Operative Documents | 6 | |||
7Use of Leased Property | 6 | |||
8Assignment and Subletting; Pass Through of BNPPLC’s Liability Insurance and Indemnity Rights | 6 | |||
9Estoppel Certificate | 7 | |||
10Leasehold Mortgages | 8 | |||
11Other Representations, Warranties and Covenants of NAI | 10 | |||
(A) Condition of the Property | 10 | |||
(B) Environmental Representations | 10 | |||
(C) Current Status of Title to the Land | 11 | |||
(D) Title Insurance | 11 | |||
(E) Title to Improvements | 11 | |||
(F) Defense of Adverse Title Claims | 11 | |||
(G) Prohibition Against Consensual Liens on the Leased Property | 13 | |||
(H) Compliance With Permitted Encumbrances | 13 | |||
(I) Compliance With Laws | 13 | |||
(J) Modification of Permitted Encumbrances | 13 | |||
(K)Performance and Preservation of the Permitted Encumbrances for the Benefit of BNPPLC | 13 |
Page | ||||
(L) Cooperation by NAI and its Affiliates | 14 | |||
(M) Condominium Instruments | 15 | |||
(N) Omissions | 16 | |||
(O) Insurance and Casualty | 17 | |||
(P) Condemnation | 17 | |||
(Q) Further Assurances | 17 | |||
12Ground Lease Defaults | 17 | |||
(A) Definition of Ground Lease Default | 17 | |||
(B) Remedy | 18 | |||
13Quiet Enjoyment | 18 | |||
14Option to Purchase | 19 | |||
15Miscellaneous | 19 | |||
(A) No Merger | 19 | |||
(B) Recording; Memorandum of Lease | 19 |
Exhibit A | Legal Description | |
Exhibit B | Permitted Encumbrances List | |
Exhibit C | Contingent Purchase Option | |
Exhibit D | Determination of Fair Value |
Ground Lease - Page 3
1300\, Wake County Registry.
Ground Lease - Page 4
Ground Lease - Page 5
Ground Lease - Page 6
Ground Lease - Page 7
Ground Lease - Page 8
Ground Lease - Page 9
Ground Lease - Page 10
Ground Lease - Page 11
Ground Lease - Page 12
Ground Lease - Page 13
Ground Lease - Page 14
Ground Lease - Page 15
Ground Lease - Page 16
Ground Lease - Page 17
Ground Lease - Page 18
Ground Lease - Page 19
Ground Lease - Page 20
BNP PARIBAS LEASING CORPORATION, a Delaware corporation | ||||
By: | ||||
Lloyd G. Cox, Managing Director | ||||
STATE OF TEXAS | ) | |||||||
) | SS | |||||||
COUNTY OF DALLAS | ) |
Notary Public, State of Texas
NETWORK APPLIANCE, INC., a Delaware corporation | ||||
By: | ||||
Ingemar Lanevi, Vice President and Corporate | ||||
Treasurer | ||||
STATE OF NORTH CAROLINA | ) | |||||||
) | SS | |||||||
COUNTY OF WAKE | ) |
Notary Public, State of North Carolina
NETAPP RTP PHASE I CONDOMINIUM OWNERS ASSOCIATION, INC., a North Carolina nonprofit corporation | ||||
By: | ||||
Name: | ||||
Title: | ||||
STATE OF NORTH CAROLINA | ) | |||||||
) | SS | |||||||
COUNTY OF WAKE | ) |
Notary Public, State of North Carolina
Exhibit A to Ground Lease - Page 2
Exhibit A to Ground Lease - Page 3
Exhibit A to Ground Lease - Page 4
Exhibit A to Ground Lease - Page 5
Exhibit A to Ground Lease - Page 6
Description of “Additional Leased Premises”
Exhibit A to Ground Lease - Page 7
1. | Taxes for the year 2007 and subsequent years, not yet due and payable. | |
2. | Amended Declaration of Covenants recorded in Book 1663, page 559, Wake County Registry and Amended Conditions, Covenants, Restrictions and Reservations recorded in Book 3679, page 53, Wake County Registry as further amended and modified by instrument recorded in Book 3679, page 41, Wake County Registry; instrument recorded in Book 3679, page 48, Wake County Registry; and instrument recorded in Book 3679, page 53, Wake County Registry. The aforesaid covenants were extended by Extension Agreement recorded in Book 6098, page 683, Wake County Registry. | |
3. | Easement(s) to Duke Power Company recorded in Book 1306, page 330; Book 1262, page 51; Book 1262, page 186; Book 1306, page 334; Book 1389, page 570; and Book 1389, page 568, Wake County Registry. | |
4. | Sanitary Sewer Easement recorded in Book 4783, page 360, Wake County Registry; and shown in Map Book 1990, pages 973-976, Wake County Registry. | |
5. | Easement to Duke Power Company as shown in Plat Book 1985, page 1208 and Plat Book 1985, 1347, Wake County Registry. | |
6. | The following maters as shown on plat prepared by Barbara H. Mulkey Engineering, Inc., dated May 30, 2000 entitled “Exempt Subdivision Map of Site 12”, recorded in Book of Maps 2000, page 1300, Wake County Registry: |
(a) | New permanent drainage easement along the eastern right of way identified on such plat as “Future Roadway for Louis Stephens Drive”; | ||
(b) | Surface Cover Maintenance easement along the western boundary of Site 12 as shown on such plat; | ||
(c) | One hundred (100) year flood zone along the southern boundary of Site 12 as shown on such plat; | ||
(d) | Temporary drainage easement along norther boundary of Site 12 as shown on such plat; | ||
(e) | Existing sixty (60) foot right of way of Kit Creek Road, which right of way is to |
be abandoned (if it has not already been abandoned) as located in the northeastern portion of Site 12 as shown on such plat; | |||
(f) | Overhead electric lines located on the northeastern portion of Site 12 as shown on such plat; | ||
(g) | Flood plain area, wetlands and creek located within the Natural Area Preserve as shown on such plat; and | ||
(h) | Thirty (30) foot Wake County sanitary sewer easement within the Natural Areas Preserve as shown on such plat. |
7. | Except to the extent inconsistent with or in conflict with the requirements, limitations and qualifications of subparagraphs 11(K), 11(L) and 11(M) of this Ground Lease, the terms and conditions of the Condominium Declaration. |
Exhibit B to Ground Lease - Page 2
Exhibit C to Ground Lease - Page 2
Exhibit C to Ground Lease - Page 3
Exhibit C to Ground Lease - Page 4