Laserfiche WebLink
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 of this Ground Lease, whether by reason of the <br /> normal expiration of the term hereof, or otherwise, all of <br /> Lessee's right, title and interest therein shall cease and ter- <br /> minate and title to the Improvements shall automatically vest in <br /> City and the Improvements shall be surrendered by Lessee to City. <br /> No further deed or other instrument shall be necessary to confirm <br /> the vesting of title to the Improvements in City. However, upon <br /> any termination of this Ground Lease, Lessee, upon request of <br /> City shall execute, acknowledge and deliver to City a deed <br /> confirming that all of Lessee's right, title and interest in the <br /> Improvements has expired and that title to the Improvements has <br /> 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 a lease of the Leased Premises <br /> (including the Improvements) to City in substantially the form of <br /> Exhibit B attached hereto and by this reference incorporated <br /> herein (the "Lease") . <br /> 18 . 3 Lessee Obligation to Execute Assignment. Lessee <br /> hereby agrees immediately upon completion of the Improvements and <br /> their acceptance by the City to execute an assignment in <br /> substantially the form of Exhibit C hereto, in consideration for <br /> payment to Lessee of the Acquisition Price as defined in the <br /> Lease, for the purpose of assigning all right, title and interest <br /> -11- DRS231 90/12/11 <br />