Ground Lease Agreement

Ground Lease Agreement GROUND LEASE AGREEMENT The following comprehensive Ground Lease Agreement was created by attorneys to help provide a good starting point when drafting your office lease agreement. This is an extended long version of a standard Lease Agreement. 1 of 15 Ground Lease Agreement GROUND LEASE AGREEMENT THIS GROUND LEASE AGREEMENT (this “Lease”) is entered into as of _____________ (the “Lease Date”), by and between ____________________, a _______________ limited liability company with its principal place of business located at __________________________________ (the “Landlord”), and _________________, a _____________ limited liability company, with its principal place of business located at __________________________ (the “Tenant”). Recitals WHEREAS, Landlord warrants and represents that it owns that certain parcel of land located in the City of ________________, County of __________ (the “Parcel”) . WHEREAS, Landlord wishes to lease to Tenant, and Tenant wishes to lease from Landlord, under the terms and conditions of this Lease, approximately ___________ acres of raw land. NOW THEREFORE, in exchange for the mutual promises herein contained, each of Landlord and Tenant hereby agree to the terms and conditions set forth below: Terms SECTION 1. THE PREMISES. Landlord hereby agrees to lease to Tenant, and Tenant hereby leases from Landlord, the following described premises, together with the right in common with other tenants to use any other portions of the Parcel that is designated by Landlord for the common use of tenants and others (the “Common Areas”): _______ acres of raw, undeveloped land, as outlined in red on Exhibit “___” attached hereto, more commonly known as _______ (the “Premises’), in accordance with the plans and specifications attached to this Lease as Exhibit “__” (the “Work Letter”). SECTION 2. TERM. The term of this lease shall commence on the date of occupancy of the Premises by Tenant following substantial completion of the Tenant Improvements (as defined in the Work Letter) described in the Work Letter, and shall continue for a period of ______________ years thereafter, unless sooner terminated as provided in this Lease. A. Upon substantial completion of the Tenant Improvements, Landlord shall provide written notice of such fact to Tenant, who shall then inspect the work and provide a punch list of any deficiencies in construction. 2 of 15 Ground Lease Agreement B. Upon rectification of the deficiencies, Landlord shall provide notice of final completion to Tenant, and Tenant shall verify such completion within five (5) days of such notice. Upon verification that the Tenant Improvements have been completed in substantial conformity with the Work Letter, the Tenant shall so specify in writing, and Tenant shall take occupancy of the Premises within ten (10) days of such verification. Landlord and Tenant shall execute a memorandum in writing specifying the actual date Tenant occupies the Premises (the “Commencement Letter”). C. D. SECTION 3. POSSESSION. Landlord promises to provide Tenant with peaceful poss