ESTOPPEL CERTIFICATE RECITALS - Granicus
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ESTOPPEL CERTIFICATE RECITALS: A. The County Board of Arlington County, Virginia (“Operator”) and Ballston Office Tower, LLC (“Ballston Office”) entered into that certain Parking Designation Agreement made as of January 1, 2001 (the “Agreement”) and recorded in the land records of Arlington County, Virginia (the “Land Records”) in Deed Book 3396 at page 1415. B. Ballston Office assigned its interest in the Agreement to Consortium Ballston, LLC, a Delaware limited liability company (“Borrower”), as set forth in that certain Notice of Assignment of Parking Designation Agreement dated November 7, 2002 and recorded in the Land Records in Deed Book 3396 at page 1460. C. Borrower is the owner of 671 North Glebe Road, Arlington, Virginia (the “Property”), which is the Glebe Office Parcel under the Agreement. D. Operator has been informed that (i) Lender is making a loan to Borrower (the “Loan”), to be evidenced by one or more promissory notes; and (ii) the Loan will be secured by a first lien Deed of Trust, Absolute Assignment of Leases and Rents, Security Agreement, and Fixture Filing from Borrower for the benefit of Lender, encumbering, among other things, the Property. E. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Agreement. NOW THEREFORE, in consideration of the making of the Loan, Operator certifies to Lender as follows: 1. The aforesaid Recitals are incorporated herein. 2. As of the date hereof, the Agreement is in full force and has not been amended. 3. Operator has not notified Borrower of a default by Borrower under the Agreement that has not been cured. 4. The Final Expiration Date of the Agreement is December 31, 2031. Operator has not received a notice of termination of the Agreement from Borrower. 5. As of March 2, 2020, to the best of Operator’s knowledge based on the rent roll supplied by Borrower attached hereto as Exhibit A and on Borrower’s representation that Current Tenant (as defined in the Agreement) occupies 100% of the space that it leases in the Glebe Office Building, the Designated Parking Amount is 445 parking spaces, calculated as 3 spaces per 1,000 rentable square feet of space leased to and occupied by Current Tenant, plus 2 spaces per 1,000 rentable square feet in the remainder of the building, LESS 100 spaces to be separately provided under a separate agreement.
Transcript of ESTOPPEL CERTIFICATE RECITALS - Granicus
ESTOPPEL CERTIFICATE
RECITALS:
A. The County Board of Arlington County, Virginia (“Operator”) and Ballston Office
Tower, LLC (“Ballston Office”) entered into that certain Parking Designation Agreement made as
of January 1, 2001 (the “Agreement”) and recorded in the land records of Arlington County,
Virginia (the “Land Records”) in Deed Book 3396 at page 1415.
B. Ballston Office assigned its interest in the Agreement to Consortium Ballston, LLC,
a Delaware limited liability company (“Borrower”), as set forth in that certain Notice of
Assignment of Parking Designation Agreement dated November 7, 2002 and recorded in the Land
Records in Deed Book 3396 at page 1460.
C. Borrower is the owner of 671 North Glebe Road, Arlington, Virginia (the
“Property”), which is the Glebe Office Parcel under the Agreement.
D. Operator has been informed that (i) Lender is making a loan to Borrower (the
“Loan”), to be evidenced by one or more promissory notes; and (ii) the Loan will be secured by a
first lien Deed of Trust, Absolute Assignment of Leases and Rents, Security Agreement, and
Fixture Filing from Borrower for the benefit of Lender, encumbering, among other things, the
Property.
E. Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed thereto in the Agreement.
NOW THEREFORE, in consideration of the making of the Loan, Operator certifies to
Lender as follows:
1. The aforesaid Recitals are incorporated herein.
2. As of the date hereof, the Agreement is in full force and has not been amended.
3. Operator has not notified Borrower of a default by Borrower under the Agreement that has not
been cured.
4. The Final Expiration Date of the Agreement is December 31, 2031. Operator has not received
a notice of termination of the Agreement from Borrower.
5. As of March 2, 2020, to the best of Operator’s knowledge based on the rent roll supplied by
Borrower attached hereto as Exhibit A and on Borrower’s representation that Current Tenant
(as defined in the Agreement) occupies 100% of the space that it leases in the Glebe Office
Building, the Designated Parking Amount is 445 parking spaces, calculated as 3 spaces per
1,000 rentable square feet of space leased to and occupied by Current Tenant, plus 2 spaces
per 1,000 rentable square feet in the remainder of the building, LESS 100 spaces to be
separately provided under a separate agreement.
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6. Operator is not aware of any outstanding sums due from Borrower to Operator pursuant to the
Agreement.
Operator acknowledges having been informed that Lender will rely on this Estoppel Certificate in
making the Loan to Borrower, and that without this Estoppel Certificate, Lender would not make
the Loan. The information contained in this Certificate Estoppel shall be for the benefit of Lender
and Lender’s successors and assigns.
Operator submits this Estoppel Certificate to Lender for estoppel purposes only. Operator makes
no representations or warranties whatsoever concerning the matters stated herein.
IN WITNESS WHEREOF, the undersigned has caused this Estoppel Certificate to be
executed this ______ day of ________________, 2020.
OPERATOR
Approved as to form:
County Attorney
THE COUNTY BOARD OF
ARLINGTON COUNTY, VIRGINIA
By:
Uri Arkin, Real Estate Bureau Chief
EXHIBIT A
RENT ROLL
N CARLIN SPRINGS RD
N GLEBE RD
/Pursuant to Section 54.1-402 of the Code of Virginia, any determination of topographyor contours, or any depiction of physical improvements, property lines or boundariesis for general information only and shall not be used for the design, modification, orconstruction of improvements to real property or for flood plain determination.Aerial Photography © 2019 Commonwealth of VirginiaEasement Locations are Approximate.Map prepared by Arlington County GIS Mapping CenterProduced and © March 2020
Vicinity Map671 N. Glebe Rd.
RPC # 14-059-037
0 50Feet
14059037
N CARLIN SPRINGS RD
N GLEBE RD
/Pursuant to Section 54.1-402 of the Code of Virginia, any determination of topographyor contours, or any depiction of physical improvements, property lines or boundariesis for general information only and shall not be used for the design, modification, orconstruction of improvements to real property or for flood plain determination.Aerial Photography © 2019 Commonwealth of VirginiaEasement Locations are Approximate.Map prepared by Arlington County GIS Mapping CenterProduced and © March 2020
Vicinity Map671 N. Glebe Rd.
RPC # 14-059-037
0 50Feet
14059037
WILSON BLVD
N TAZEWELL ST
7TH ST N
NRA
NDOL
PHST
5TH RD N
N CARLIN SPRINGS RD
N THOMAS ST
N GLEBE RDN TAYLOR ST
N STUART ST
/Pursuant to Section 54.1-402 of the Code of Virginia, any determination of topographyor contours, or any depiction of physical improvements, property lines or boundariesis for general information only and shall not be used for the design, modification, orconstruction of improvements to real property or for flood plain determination.Aerial Photography © 2019 Commonwealth of VirginiaEasement Locations are Approximate.Map prepared by Arlington County GIS Mapping CenterProduced and © March 2020
Vicinity Map671 N. Glebe Rd.
RPC # 14-059-037
0 150Feet
14059037
