Last Update 21 October 2017
TABLE OF CONTENTS
SUBLEASE OF CONDOMINIUM
AND
GRANT DEED OF IMPROVEMENTS
- RENTAL ADJUSTMENT. (This section was deleted by an Amendment. See Admendment to Sublease)
Upon expiration of the fifteenth (15th) year of the term of this Sublease, the basic monthly rental hereunder shall be increased by an amount equal to 10 percent (10%) of the basic monthly rental hereunder multiplied by fifteen (15). Upon expiration of every fifth (5th) year thereafter, the basic monthly rental hereunder shall be increased by an amount equal to 10 percent (10%) of the then existing basic monthly rental hereunder multiplied by five (5).
- SUBLESSOR'S COSTS AND EXPENSES.
If at any time during the term of this Sublease the Association shall fail or cease to maintain the Common Areas, or to perform its obligations as set forth in the Declaration, Sublessor may, at its option, assume the performance of all or a portion of the services of the Association. In such event, Sublessee agrees to pay to Sublessor, in addition to the basic rental provided for in Paragraph 4 hereof, an amount equal to one one-hundred-twentieth (1/120) of Sublessor's costs of the maintenance and operation of the Common Areas and services, including the fee of a management agent or a reasonable fee charged by Sublessor for its services in management and operation of the Common Areas. Said costs shall be determined annually from the financial records of Sublessor, which records shall be conclusive for the purposes of this Paragraph. Sublessee's share of said annual costs shall be paid by Sublessee to Sublessor within thirty (30) days after written notice thereof by Sublessor to Sublessee, and any default in the payment thereof shall constitute a breach of the covenants herein and a default under the conditions of this Sublease. Sublessee shall further pay to Sublessor on demand all costs and expenses including reasonable attorney's fees incurred by Sublessor in enforcing any of the covenants and conditions herein contained, in remedying any breach by Sublessee of said covenants and conditions, in recovering possession of the Condominium conveyed herewith, in collecting delinquent rent, taxes and other charges hereunder payable by Sublessee, or in connection with any litigation (other than condemnation proceedings) commenced by or against Sublessee to which Sublessor without fault on its part shall be made a party.
- ATTORNMENT.
If Sublessor defaults under the provisions of the Master Lease or under the provisions of any leasehold mortgage, Sublessee shall, upon receipt of notice of such default, attorn to, and make Sublessee's rental payments hereunder to, the lessor under the Master Lease or the holder of each leasehold mortgage as applicable.
- CONSTRUCTION AND EFFECT.
Acceptance of rent by Sublessor or its agent shall not be deemed a waiver by Sublessor of any covenants herein contained or of Sublessor's right of re-entry for breach of condition. No approval or consent by Sublessor required by any provision of this Sublease shall be capriciously or unreasonably withheld. Any provision of this Sublease determined to be invalid by a court of competent jurisdiction shall in no way affect any other provision hereof. Time is of the essence of this Sublease. The paragraph headings herein are used only for the purpose of convenience and shall not be deemed to limit the subject of the paragraphs hereof or to be considered in the construction thereof. Each and all of the obligations, covenants, conditions and restrictions of this Sublease shall be deemed as running with the land and shall inure to the benefit of and be binding upon and enforceable against, as the case may require, the successors and assigns of Sublessor, and subject to the restrictions of Paragraphs 13 and 14 hereof, the heirs, executors, legal representatives, encumbrancers, assignees, successors and subtenants of Sublessee. Except as otherwise expressly provided herein, any amount due from Sublessee not paid when due shall bear interest at ten percent (10%) per annum from the date due. Payment of such interest shall not excuse or cure any default by Sublessee under this Sublease. If Sublessee consists of more than one person, the covenants and obligations of Sublessee hereunder shall be the joint and several covenants and obligations of such persons. Except as otherwise expressly provided herein, all capitalized terms used in this Sublease shall have the same meanings as are given such terms in the Declaration. In this Sublease the masculine gender includes the feminine and neuter, and the singular number includes the plural, whenever the context so requires. This Sublease shall be construed according to the laws of the State of California.
- INCIDENTS OF CONDOMINIUM OWNERSHIP.
Except as otherwise provided herein, Sublessee shall at all times during the term of this Sublease be deemed to be the Unit Owner of the Condominium conveyed herewith for all purposes of the Declaration and By-laws of the Association and shall have all rights, privileges, duties and obligations of such Unit Owner, including without limitation, membership and vote in the Association; provided, however, that any vote or other action of Sublessee with respect to construction or reconstruction of the improvements, partition of the Project, amendment to the Declaration or By-laws of the Association, appointment of the managing agent, or any other matter as to which this Sublease requires the approval or consent of Sublessor, shall be effective only upon such prior approval or consent in writing in the event of the sale, voluntary or involuntary transfer, or assignment of Sublessor's interest in the Condominium conveyed herewith, the same shall operate to release Sublessor from any future obligations upon any of the covenants or conditions express or implied herein contained in favor of Sublessee, and in such event Sublessee agrees to look solely to the responsibility of the successors in interest of Sublessor, and Sublessee will attorn to Sublessor's successor in interest and recognize such successor as the Sublessor under this Sublease.
- ESTOPPEL CERTIFICATE.
- A party hereto ("certifying party") shall at any time upon no less than ten (10) days' prior notice from the other party ("requesting party") execute, acknowledge and deliver to the requesting party a statement in writing (i) certifying that this Sublease is unmodified and in full force and effect, or, if modified, stating the nature of such modifications and certifying that this Sublease, as so modified, is in full force and effect and the date to which the rent and other charges are paid in advance, if any, and (ii) acknowledging that there are not, to the knowledge of the certifying party, any uncured defaults on the part of the requesting party hereunder, or specifying such defaults if any are claimed. Any such statement may be conclusively relied upon by any prospective purchaser or encumbrancer of the interest of the requesting party in the Subleased Property.
- Certifying party's failure to deliver such statement within such time shall be conclusive upon the certifying party (i) that this Sublease is in full force and effect, without modification except as may be represented by the requesting party, (ii) that there are no uncured defaults in the requesting party's performance, and (iii) that not more than one month's rent has been paid in advance.
- If Sublessor desires to finance, refinance or sell Sublessor's interest in the Subleased Property, or any part thereof, Sublessee hereby agrees to deliver to any prospective lender or purchaser designated by Sublessor such financial statements of Sublessee as may be reasonably required by such lender or purchaser. All such financial statements shall be received by Sublessor in confidence and shall be used only for the purposes herein set forth.
The parties have executed this Sublease of Condominium and Grant Deed of Improvements, to be effective as of the day and year of recordation of this instrument or a short form memorandum thereof.
- SUBLEASE SUPERCEDED.
The Sublease dated May 5, 1981, covering the Subleased Property and other real property between Sublessor and Grantor ("Development Sublease") a short form of which was dated May 5, 1981, in Book 14049, Page(s)1199, inclusive of Official Records of Orange County, California, and any amendments thereto, are hereby cancelled pursuant to Paragraph 23 of the Development Sublease, only insofar as the Development Sublease affects the Condominium conveyed herewith and to the extent the Development Sublease is superceded in this Sublease.
BY:_________________________________ ________________________________________
BY:_________________________________ ________________________________________
"Grantor" "Sublessor"
_________________________________ ________________________________________
"Sublessee"
SUBLEASE OF CONDOMIUM |
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