REVPAR
14
SEC
46
Service Contracts
19
State
9
Subsidiaries
9
Subsidiary
9
Tax Code
55
Term
9
Trustee
44
Unavoidable Delay
9
Uneconomic for its Primary Intended Use
9
Uniform System
9
Units
1
Unsuitable for its Primary Intended Use
9
Working Capital
22
vi
LEASE AGREEMENT
THIS LEASE AGREEMENT (this "Lease") is made and entered into to be effective as
of the 6th day of June, 2007 ("Effective Date"), by and between BEHRINGER
HARVARD CORDILLERA, LLC, a Delaware limited liability company ("Lessor"), and
BEHRINGER HARVARD RESIDENCES AT CORDILLERA, LLC, a Delaware limited liability
company ("Lessee"). B
ARTICLE I
LEASE
1.1
DEMISE.
IN CONSIDERATION OF THE OBLIGATION
OF LESSEE TO PAY RENT AS HEREIN PROVIDED AND IN CONSIDERATION OF THE OTHER
TERMS, COVENANTS, AND CONDITIONS OF THIS LEASE, LESSOR DOES HEREBY LEASE,
DEMISE, AND LET UNTO LESSEE, AND LESSEE DOES HEREBY TAKE AND LEASE FROM LESSOR,
THE LEASED PROPERTY (AS HEREINAFTER DEFINED), TO HAVE AND TO HOLD THE LEASED
PROPERTY, TOGETHER WITH ALL RIGHTS, PRIVILEGES, EASEMENTS AND APPURTENANCES
BELONGING TO OR IN ANY WAY APPERTAINING TO THE LEASED PROPERTY, FOR THE TERM,
UPON AND SUBJECT TO THE TERMS, CONDITIONS AND AGREEMENTS HEREINAFTER CONTAINED.
1.2
LEASED PROPERTY.
THE "LEASED PROPERTY"
(HEREIN SO CALLED) IS COMPRISED OF THE FOLLOWING:
(A)
THOSE CERTAIN TRACTS OR PARCELS OF LAND
SITUATED IN THE CITIES OF AVON AND EDWARDS, COLORADO, WHICH ARE MORE
PARTICULARLY DESCRIBED IN EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF FOR
ALL PURPOSES, TOGETHER WITH ALL AND SINGULAR THE RIGHTS AND APPURTENANCES
PERTAINING TO SUCH TRACTS AND PARCELS, INCLUDING ANY RIGHT, TITLE AND INTEREST
OF LESSOR IN AND TO ANY EASEMENTS BENEFITING THE LEASED PROPERTY, ADJACENT
STRIPS OR GORES, STREETS, ALLEYS OR RIGHTS-OF-WAY AND ALL RIGHTS OF INGRESS AND
EGRESS THERETO (THE FOREGOING ARE HEREINAFTER REFERRED TO COLLECTIVELY AS THE
"LAND");
(B)
ALL BUILDINGS, FIXTURES AND OTHER
IMPROVEMENTS OF EVERY KIND LOCATED ON, OR TO BE CONSTRUCTED, OR DEVELOPED ON THE
LAND, INCLUDING SPECIFICALLY, WITHOUT LIMITATION, THE EXISTING 56-ROOM LODGE,
APPROXIMATELY 20,000 SQUARE FEET OF SPA/FITNESS CENTER SPACE, APPROXIMATELY
3,000 SQUARE FEET OF MEETING/BANQUET SPACE, 2 EXISTING RESTAURANTS AND A SKI IN
/ SKI OUT CONDO AT THE STRAWBERRY PARK BEAVER CREEK LIFT, THE AUTOMOBILE PARKING
GARAGE, ALL SWIMMING POOLS, RESTAURANTS, HOTEL ROOMS, LOUNGES, FITNESS
FACILITIES AND VARIOUS OTHER GUEST AND SPA FACILITIES, AND ALL OTHER BUILDINGS
AND IMPROVEMENTS AS ARE LOCATED THEREON (THE "LEASED IMPROVEMENTS");
(C)
ALL PERSONAL PROPERTY, TANGIBLE OR
INTANGIBLE, OF ANY KIND WHATSOEVER OWNED BY LESSOR AND USED IN CONNECTION WITH
THE OPERATION OF THE LEASED IMPROVEMENTS, TOGETHER WITH ALL REPLACEMENTS,
MODIFICATIONS, ALTERATIONS AND ADDITIONS THERETO;
(D)
ALL MACHINERY, APPARATUS, VEHICLES,
EQUIPMENT, ARTWORK, FURNITURE, FITTINGS, FIXTURES AND ARTICLES OF PERSONAL
PROPERTY OF EVERY KIND AND NATURE WHATSOEVER, INCLUDING RESERVE STOCK AND SPARE
PARTS THEREFOR, OWNED BY LESSOR WHICH ARE LOCATED IN OR ON THE LEASED
1
IMPROVEMENTS OR STORED OFFSITE AND ARE USED OR USABLE IN CONNECTION WITH ANY
PRESENT OR FUTURE OCCUPATION OR OPERATION OF THE LEASED IMPROVEMENTS, INCLUDING,
BY WAY OF ILLUSTRATION