MEDICAL OFFICE BUILDING Sample Clauses
The "Medical Office Building" clause defines the specific use and designation of a property as a facility primarily intended for medical or healthcare-related services. This clause typically outlines the types of medical practices, clinics, or healthcare providers permitted to operate within the building, and may set standards for compliance with health and safety regulations. Its core function is to ensure that the premises are used exclusively for medical purposes, thereby maintaining a consistent environment suitable for healthcare operations and addressing zoning or regulatory requirements.
MEDICAL OFFICE BUILDING. (a) MHMI, either itself (or its designee) or with other Members of the Company, intends, at its discretion, to develop and own a medical office building on real property which such party will lease or own adjacent to the Hospital and which will contain approximately Forty-Five Thousand (45,000) to Sixty Thousand (60,000) of leasable square footage ("the MOB"). MHMI shall provide written notice to the Investor Members of MHMI's intent to enter into definitive agreements to develop and own the MOB, and the Investor Members may, within thirty (30) days from the delivery of such notice, elect to participate in the development and ownership of the MOB by notifying MHMI in writing of the Investor Members' commitment to participate in the development and ownership of the MOB and to provide to MHMI, or to commit in a manner approved by MHMI, such funds as are required to develop and own the MOB in proportion to the Investor Members ownership interest in the MOB. In the event Investor Members do not commit or less than all of the Investor Members commit, MHMI shall be entitled to proceed with the development of the MOB without the participation of the Investor Members who elect not to participate. The tenant space in the MOB may be leased to Members, Owners, Practices or their Affiliates or to other third parties. The owners of the MOB and the Company shall enter into cross easement agreements and other agreements which are customary for commercial real estate developments. The definitive agreements with any third party developer of the MOB under this Section 3.11(a) shall, if applicable, contain similar restrictions on the third party developer as those set forth at Section 3.10(a) - (c) above.
(b) Unless otherwise approved in writing by MHMI in its discretion, the Company shall not make any binding commitments regarding the financing or construction of the Hospital unless MHMI or its designee has entered into commercially reasonable, binding agreements with tenants to lease office space within the MOB, in a form and for an amount of office space acceptable to MHMI or its designee but in no event less than Thirty Thousand (30,000) leasable square feet.
MEDICAL OFFICE BUILDING. The term “Medical Office Building” means that certain Building Improvement listed on the Site Plan as No. 20 and as more fully described in the Support Elements section of the Business Plan.
MEDICAL OFFICE BUILDING. It is anticipated that HM and the Investor Representatives or certain Affiliates thereof will use their commercially reasonable best efforts to cause a medical office building to be constructed adjacent to or near the Hospital. HM and the Investor Representatives shall cause the tenant space in such building to be made available to the Investor Partners pursuant to a selection and priority method which allows an Investor Partner to select space in such building in the order in which such Investor Partners became Partners of the Partnership.
MEDICAL OFFICE BUILDING. (a) The General Partner or its Affiliate is hereby authorized, itself or to designate another party, including, but not limited to, VHI, at its or their expense to develop and own a medical office building on real property which such party will lease or own adjacent to the Hospital and which will contain approximately Forty-Five Thousand (45,000) to Sixty Thousand (60,000) of leasable square footage (the "MOB"). The tenant space in the MOB may be leased to Partners, Owners, Practices or their Affiliates, or to other third parties. The owners of the MOB and the Partnership shall enter into cross easement agreements and other agreements which are customary for commercial real estate developments.
(b) Unless otherwise approved in writing by the General Partner in its discretion, the Partnership shall not make any binding commitments regarding the financing or construction of the Hospital unless the General Partner or its designee has final approved plans to develop the MOB, in a form and for an amount of office space acceptable to the General Partner or its designee.
MEDICAL OFFICE BUILDING. (a) LHMI is hereby authorized, itself or to designate another party, at its or their expense to develop and own a medical office building on real property which such party will lease or own adjacent to the Hospital and which will contain approximately Forty-Five Thousand (45,000) to Sixty Thousand (60,000) of leasable square footage ("the MOB"). The tenant space in the MOB may be leased to Members, their Affiliates or to other third parties. The owners of the MOB and the Company shall enter into cross easement agreements and other agreements which are customary for commercial real estate developments.
(b) Unless otherwise approved in writing by LHMI in its discretion, the Company shall not make any binding commitments regarding the financing or construction of the Hospital unless LHMI or its designee has entered into commercially reasonable, binding agreements with tenants to lease office space within the MOB, in a form and for an amount of office space acceptable to LHMI or its designee but in no event less than Forty-Thousand (40,000) leasable square feet.
MEDICAL OFFICE BUILDING. At such time as Lessee has entered into binding agreements with five (5) additional physicians to locate or relocate their medical practices in the Eunice, Louisiana community, net of any physicians currently on the active medical staff of the Hospital who may have relocated away from the Eunice, Louisiana community or ceased practicing medicine, Lessee will meet and work with Lessor and interested physicians to identify a site (the "MOB Site") for the construction of a new medical office building ("MOB") and to determine an appropriate arrangement for causing the MOB to be constructed.
MEDICAL OFFICE BUILDING. The term “
MEDICAL OFFICE BUILDING. Lessor acknowledges that Lessee may, in the exercise of its sole discretion, determine to build or to have built a medical office building ("MOB") on the campus of the Hospital. If Lessee so determines that development of an MOB is appropriate or desirable, Lessor agrees to use its reasonable best efforts to cooperate with Lessee with respect to the financing and development of such MOB, provided that Lessor is not hereby required to make any financial commitment with respect thereto.