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Ordinance 1858-92
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Ordinance 1858-92
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5/2/2017 10:41:42 AM
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Ordinances
Ordinance Number
1858-92
Date
2/12/1992
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ARTICLE XVII : OWNERSHIP OF IMPROVEMENTS <br /> All Improvements now or hereafter located on the Leased <br /> Premises are and shall be the property of Lessee during, and only <br /> during, the continuance of the term of this Ground Lease and no <br /> longer. At all times during the term of this Ground Lease, <br /> neither the Improvements nor the leasehold interest of Lessee <br /> under this Ground Lease shall be conveyed, transferred or <br /> assigned except in strict compliance with the provisions of <br /> Article XVI hereof, and at all such times the holder of the <br /> leasehold interest of Lessee under this Ground Lease shall be the <br /> owner of the Improvements. Any attempted conveyance, transfer or <br /> assignment, whether voluntarily or by operation of law or <br /> otherwise, to any person, corporation or other entity not in <br /> compliance with the provisions of Article XVI hereof shall be <br /> void and of no effect whatsoever. Lessee shall not and shall not <br /> allow any party to construct any additional improvements on the <br /> Leased Premises without the prior written consent of City. Upon <br /> any termination or expiration of this Ground Lease, whether by <br /> reason of the normal expiration of the term hereof, or otherwise, <br /> all of Lessee's right, title and interest therein shall cease and <br /> terminate and title to the Improvements shall automatically vest <br /> in City and the Improvements shall be surrendered by Lessee to <br /> City. No further deed or other instrument shall be necessary to <br /> confirm the vesting of title to the Improvements in City. <br /> However, upon any termination or expiration of this Ground Lease, <br /> Lessee, upon request of City shall execute, acknowledge and <br /> deliver to City a deed confirming that all of Lessee's right, <br /> title and interest in the Leased Premises and Improvements has <br /> expired and that title to the Improvements has vested in City. <br /> ARTICLE XVIII: CONSENT TO LEASEBACK AND <br /> ASSIGNMENT OF IMPROVEMENTS, LEASES <br /> 18 . 1 Intention of Parties. Lessee hereby acknowledges and <br /> agrees that City would not execute this Ground Lease but for the <br /> agreement by Lessee to construct the Improvements and leaseback <br /> the Improvements to City as provided in the Construction <br /> Contract, the Lease, and Chapter 35.42 RCW, including in <br /> particular RCW 35.42 . 070 -. 080. <br /> 18 . 2 Lessee Obligation to Execute Lease. Simultaneously <br /> herewith Lessee has executed the Lease, a Ica e, as amcndcd and <br /> restated, of the Lca3cd Prcmi3c3 (including the Improvements) to <br /> City in substantially the form of Exhibit B attached hereto and <br /> by this reference incorporated herein (the "Lea3c") . <br /> 18 . 3 Lessee Obligation to Execute Assignment. Lessee <br /> hereby agrees that following substantial immcdiatcly upon <br /> completion of the Improvements and their acceptance by the City <br /> Lessee shall promptly upon City's request to execute an <br /> assignment in substantially the form of Exhibit C hereto, in <br /> consideration for payment to Lessee of the Acquisition Price as <br /> A-15 KR172 92/01/27 <br />
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