Finance and Administration - Board of Trustees - The University of ...

Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - ActionPromoting Deal FlowMaster Ground Lease (Option)University retains title to the real propertyTerm 60 years with an option for a 40 year extension (may terminate with90 days if Development Agreement terminates)University may withdraw any parcel from optionOnly leased for research, offices or other incidental services relatedthereto – must be approved by University PresidentGranted lease hold easementsUTRF will pay net cash flow as rentIf underlying lease terminates, the University will enter into direct leasewith subtenantThe University is responsible for sites until they are leased by UTRFUTRF will maintain or cause to be maintained the leased sitesSubtenants will be required to indemnify the UniversityLand and buildings revert to the University when leases expire7144