Affiliate Lease definition
Examples of Affiliate Lease in a sentence
No property that is the subject of an Affiliate Lease under which a Seller or an Affiliate (other than a sibling) of a Seller is the lessor is encumbered by a mortgage or deed of trust.
If this Lease is terminated with respect to a Facility subject to a taking as described in this section, Landlord may, at its option, terminate each Affiliate Lease.
At or prior to Closing hereunder, Seller and the Individuals shall cause the Affiliate Lease to be terminated, and all of the Equipment and other assets now subject to the Affiliate Lease to be conveyed to Seller, such that Seller can deliver to Purchaser good and marketable title thereto at Closing, as contemplated under this Agreement.
Additionally, an Affiliate Lease shall also contain provisions (similar to those contained in Section 3.B. of Exhibit L-3 hereto) under which the basic rental obligations will always be equal to the greater of (x) the minimum basic rental referred to above and (y) the allocable debt service obligations of such Borrower with respect to such Project and appropriate reserves for taxes, maintenance and other obligations of the Project.
In the event that Landlord delivers the Occupancy Notice or the Affiliate Lease Notice to Tenant as required in Exhibit "F" and Landlord or Landlord's Affiliate does occupy at least 40,000 rentable square feet of space in the Building, then Landlord hereby gives and grants to Tenant a limited expansion option ("Limited Expansion Option") on the terms and conditions set forth in Exhibit "G".