Finance and Administration - Board of Trustees - The University of ...
Finance and Administration - Board of Trustees - The University of ...
Finance and Administration - Board of Trustees - The University of ...
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<strong>Finance</strong> <strong>and</strong> <strong>Administration</strong> Committee - IX. Agreements for Development <strong>of</strong> the Cherokee Farm Research Park - Action16.16 Memor<strong>and</strong>um <strong>of</strong> Master Ground Lease. <strong>University</strong> <strong>and</strong> Tenant shall execute <strong>and</strong>acknowledge a Memor<strong>and</strong>um <strong>of</strong> Master Ground Lease for purpose <strong>of</strong> recordation. ThisMemor<strong>and</strong>um <strong>of</strong> Master Ground Lease shall be in the form attached hereto as Exhibit “D” <strong>and</strong>incorporated herein by reference.16.17 No Merger. <strong>The</strong>re shall be no merger <strong>of</strong> this Lease or the leasehold estate createdhereby with the fee simple estate in the Premises or any part there<strong>of</strong>, by reason <strong>of</strong> the fact thatthe same person or entity may acquire, own or hold, directly or indirectly, this Lease or theleasehold estate created hereby or any interest in this Lease or such leasehold estate, <strong>and</strong> the feesimple estate in the Premises or any interest in such fee simple estate; <strong>and</strong> this Lease shall not beterminated except as expressly provided herein.716.18 Authorization <strong>and</strong> Approvals. <strong>University</strong> <strong>and</strong> Tenant represent each to the other,that each has obtained all necessary approvals <strong>and</strong> authorizations from their respective<strong>Board</strong>s/governing entity for the execution <strong>of</strong> this Lease; provided further, <strong>University</strong> shall not bebound by this Lease until all appropriate State <strong>of</strong>ficials have approved, as shown by thesignatures below.16.19 Limitation <strong>of</strong> Liability. Neither <strong>University</strong>, nor Tenant, nor any <strong>of</strong>ficer, director,shareholder, partner, employee or principal <strong>of</strong> <strong>University</strong> or Tenant, shall be under any personalliability with respect to any <strong>of</strong> the provisions <strong>of</strong> this Lease. In the event <strong>University</strong> is in breachor default with respect to <strong>University</strong>’s obligations or otherwise under this Lease, Tenant shalllook solely to the interest <strong>of</strong> <strong>University</strong> in the L<strong>and</strong> <strong>and</strong> the Projects for the satisfaction <strong>of</strong>Tenant’s remedies. In the event Tenant is in breach or default with respect to Tenant’sobligations or otherwise under this Lease, <strong>University</strong> shall look solely to the interest <strong>of</strong> Tenant inthe Leasable Property <strong>and</strong> the Projects for the satisfaction <strong>of</strong> <strong>University</strong>’s remedies.16.20 Consent <strong>of</strong> <strong>University</strong>. Whenever it is stated in this Lease that <strong>University</strong>’sconsent or approval is required, the President <strong>of</strong> the <strong>University</strong> has the authority to give suchconsent or approval.16.21 Exhibits. Exhibits “A” through “D” attached hereto are by this referenceincorporated herein <strong>and</strong> made a part here<strong>of</strong>.[signatures on following page]8088569.13 16179
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