Abandoned Real Property definition

Abandoned Real Property means any real property, including but not limited to one or more vacant buildings or structures, without respect to occupancy or vacancy, but excluding unimproved real property, that is subject to a mortgage and is either (i) in default on such mortgage for which a mortgagee has obtained a judgment in foreclosure; (ii) in default on such mortgage and subject to an application or proceedings for a tax deed or pending tax claim bureau or tax assessor sale for unpaid property taxes;
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Abandoned Real Property means real property that is vacant and/or is under a notice of default, notice of mortgagee’s sale, pending tax assessor’s lien sale and/or properties that have been the subject of a foreclosure sale where title or a lien is retained by the mortgagee and any properties transferred under the deed in lieu of foreclosure sale, a short sale or any other legal means.
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Abandoned Real Property means any real property that is vacant and that has had a lis pendens filed against it by the Lender holding a mortgage on the property, and/or is subject to an ongoing foreclosure action by the Lender, and/or is under a notice of mortgagee's sale, tax collector's lien sale and/or properties that have been the subject of a foreclosure sale where title is retained by the beneficiary of a mortgage involved in the foreclosure, and any properties transferred under a deed in lieu of foreclosure sale, a short sale or any other legal means.
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More Definitions of Abandoned Real Property

Abandoned Real Property means a property that has been left unattended for an unreasonable period of time, that is not legally occupied, and/or where it is evident that the owner of such property does not intend to return and/or has abandoned his/her rights to the property
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Related to Abandoned Real Property

  • Abandoned property means personal property left by an owner who intentionally

  • Owned Real Property has the meaning set forth in Section 4.10(a).

  • Excluded Real Property (a) any Real Property that is subject to a Lien expressly permitted by Section 7.3(j) (solely to the extent that the Indebtedness secured by such Lien would prohibit a Lien on such Real Property to secure the Obligations) or Section 7.3(g) (solely to the extent securing Indebtedness under Sections 7.2(c) or 7.2(t)), (b) any Real Property with respect to which, in the reasonable judgment of the Borrower and the Administrative Agent, the cost of providing a mortgage on such Real Property in favor of the Secured Parties under the Security Documents shall be excessive in view of the benefits to be obtained by the Lenders therefrom and (c) any Real Property to the extent providing a mortgage on such Real Property would (i) result in material adverse tax consequences to Holdings or the Borrower or any of its Restricted Subsidiaries as reasonably determined by the Borrower (provided, that any such designation of Real Property as Excluded Real Property shall be subject to the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed)), (ii) violate any applicable Requirement of Law, (iii) be prohibited by any applicable Contractual Obligations (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code) to the extent such prohibition was not created in contemplation of a mortgage on such Real Property or (iv) give any other party (other than a Loan Party or a wholly-owned Subsidiary) to any contract, agreement, instrument or indenture governing such Real Property the right to terminate its obligations thereunder (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law) to the extent such right was not created in contemplation of a mortgage on such Real Property; provided that the Borrower may designate in a written notice to the Administrative Agent any Real Property not to constitute “Excluded Real Property”, whereupon the Borrower shall be obligated to comply with the applicable requirements of Section 6.8 as if it were newly acquired.

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Leased Real Property has the meaning set forth in Section 3.18(b).