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Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - Actionis located arising out of or suffered through any act or omission of theconstruction or any subcontractor, or (a) anyone either directly orindirectly employed by or (b) under the supervision of any of them in theprosecution of the work.g. Contractors shall agree that, in the event the Lease is terminated prior tothe construction of any Projects, the construction contract shall, atUniversity’s election, be assigned to University and Contractor shallperform the balance of Contractor’s obligations thereunder as if Universitywere an original party to the contract.Notwithstanding the foregoing, University reserves the right, upon prior writtennotice, to increase the amounts of insurance described above or require additionaltypes of coverage on a periodic basis, or to otherwise modify the foregoing insurancerequirements as it deems appropriate.78116659.9 A-3161
Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - ActionMASTER GROUND LEASEEXECUTIVE SUMMARYUniversity retains title to the real property; UTRF or a wholly owned subsidiary of UTRF has anoption to lease parcels and sublease them to third party tenants to construct buildings for permitteduses consistent with the Master Plan and Development Guidelines.Lease term is 60 years with an option for a 40-year extension. The University may terminate theLease if the University terminates the Agreement for Development Management Services, whichmay be terminated for convenience upon 90 days’ written notice.7University has the right to withdraw parcels from the leasable property before UTRF exercises itsoption to lease the parcel(s).Parcels may only be leased for the construction, operation and ownership of projects consisting ofoffices, research laboratories and other facilities for research or other professional services, alongwith such other uses as may be related or incidental thereto. All subleases are subject to approval bythe University President.UTRF and subtenants are granted easements over the whole parcel for the installation, maintenance,repair and replacement of utilities and as otherwise may be necessary for the installation,construction and maintenance of the projects for the term of the lease and subleases.UTRF will pay rent from net cash flows collected from subtenants. Net cash flow is defined as theconsideration received in excess of UTRF’s actual, out-of-pocket expenses (excluding depreciation,depletion and amortization) incurred in connection with UTRF’s duties under the lease andsubleases. University has the right to inspect UTRF’s books of account and records regarding thedetermination of expenses and net cash flow.If the underlying Lease is terminated, the University will enter a direct lease with the subtenants forthe term of the subleases.UTRF is required to maintain and to cause subtenants to maintain property and liability insuranceand to include the University as an additional insured. Subtenants will be required to indemnifyand save the University harmless from personal injury and property damage, as well as frombreaches of any leasehold financing or of the subleases by such subtenant.The University is responsible for maintaining the portions of the site that have not been leased toUTRF. As the project develops, funds from the subtenants will be used to maintain common areas.When the lease and subleases expire, the land and buildings revert to the University.162
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