Non-Residential Leases. Each Collateral Pool Property is a multi-family housing project. Gross income derived from commercial space, if any, located in any Collateral Pool Property shall not exceed fifty percent (50%) of the total gross income of such Collateral Pool Property. Neither Borrower, nor any general partner, managing member or principal thereof is, directly or indirectly, controlling, controlled by, under common control with, or otherwise related to the lessor under any leases for laundry equipment, telecommunications, television or similar systems on or about any of the Collateral Pool Properties.
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Samples: Credit Agreement (Mid America Apartment Communities Inc), Credit Agreement (Mid America Apartment Communities Inc), Credit Agreement (Mid America Apartment Communities Inc)
Non-Residential Leases. Each Collateral Pool Property is a multi-family housing project. Gross income derived from commercial space, if any, located in any Collateral Pool Property shall not exceed fifty percent (50%) of the total gross income of such Collateral Pool Property. Neither Borrower, nor any general partner, managing member or principal thereof is, directly or indirectly, controlling, controlled by, under common control with, is an Affiliate or otherwise related to the lessor lessee under any leases for laundry equipment, telecommunications, television or similar systems on or about any of the Collateral Pool Properties.
Appears in 2 contracts
Samples: Credit Agreement (United Dominion Realty Trust Inc), Credit Agreement (Summit Properties Partnership L P)
Non-Residential Leases. Each Collateral Pool Property is a multi-family housing project. Gross income derived from commercial space, if any, located in any Collateral Pool Property shall not exceed fifty twenty-five percent (5025%) of the total gross income of such Collateral Pool Property. Neither Borrower, nor any general partner, managing member or principal thereof isthereof, directly or indirectly, controlling, controlled by, under common control with, is an Affiliate or otherwise related to the lessor lessee under any leases for laundry equipment, telecommunications, television or similar systems on or about any of the Collateral Pool Properties. For the purposes of this Section, leases of parking to tenants shall not be deemed to be derived from commercial space.
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