BLP PARTNERSHIP GROUND LEASE - Laserfiche WebLink

• (d) The leasing of part or all of the Land or Improvements; provided, however, that leases of the individual units included within the Improvements to Resident occupants shall not be deemed a "Transfer" for purposes of this Article 2. Section 2.7 Purpose of Restrictions on Transfer. This Lease is entered into solely for the purpose of development and operation of the Project and its subsequent use in accordance with the terms of this Lease. The Lessee recognizes that the qualifications and identity of the Lessee are of particular concern to the Lessor, in view of: (a) The importance of the development of the Land and Improvements as Assisted Living senior housing to the general welfare of the community; and (b) The leasehold assistance that has been made available by the Lessor for the purpose of making such development possible; and (c) The reliance by the Lessor upon the unique qualifications' and ability of the Lessee to serve as the catalyst for development of the Improvements and upon the continuing interest which the Lessee will have in the Land and Improvements to assure the quality of the use, operation and maintenance deemed critical by the Lessor in the development of the Land or Improvements; and (d) The fact that a change in ownership or control of the Lessee, or of a substantial part thereof, or any other act or transaction involving or resulting in a significant change in ownership or with respect to the identity of the parties in control of the Lessee or the degree thereof is for practical purposes a transfer or disposition of the Land or Improvements; and (e) The fact that the Land is not to be acquired or used for speculation, but only for development and operation by the Lessee in accordance with this Lease; and (f) The importance to the Lessor of the standards of use, operation and maintenance of the Land and Improvements. The Lessee further recognizes that it is because of such qualifications and identity that the Lessor is entering into this Lease with the Lessee and that Transfers are permitted only as provided in this Lease. Section 2.8 Prohibited Transfers. The limitations on Transfers set forth in this Article 2 shall apply throughout the Lease Term. Except as expressly permitted in this Lease, the Lessee represents and agrees that the Lessee has not made or created, and will not make or create or suffer to be made or created, any Transfer, either voluntarily or by operation of law without the prior written approval of the Lessor. • 144 \105\153233.25 7