THE land lease contract for the property utilized by Imperial Pacific International as warehouse for construction materials was filed with the Commonwealth Recorder five years later, Variety learned.
The assignment of lease on the three parcels of land in Chalan Piao was entered into in 2017 between its local owner, Ignatia Aldan, and Green Estate Holdings (CNMI) LLC, one of IPI’s subsidiary companies in the CNMI. Aldan’s property included 6,833 square meters of land where IPI’s warehouse is located.
Green Estate and the owner also executed an agreement regarding rental payments in 2017. The warranty deed, executed on Jan. 9, 2027, was filed on March 15, 2017 for recording purposes.
But the assignment of lease, along with the rental agreement, were both filed with the Commonwealth Recorder on Oct. 20, 2022.
The agreement between Aldan and Green Estate Holdings states:
“Aldan may continue to receive rental payment paid by the lessees under the Leases during the currently remaining term of the leases.
“However, if any of the Leases is assigned to Green Estate (or its affiliate or designee), then Aldan shall no longer be entitled to receive any rental payment under such Lease. The recording of such assignment with the Commonwealth Recorder’s shall operate as an automatic termination of Aldan’s right provided above with respect to such Lease.”
The rental payment agreement also states that it does not grant Aldan any right “to initiate or maintain any lawsuit against the Lessees under the Leases or any other person for any breach of the Leases or any other matter arising out of or related to the Leases.”
It also “does not restrict in any way Green Estate’s right with respect to the leases, including without limitation Green Estate’s right to enter into any modification, termination, or extension of any of the Leases.”
As of press time Sunday, IPI had yet to respond to a request for comment.
