Approved Ground Leases definition

Approved Ground Leases means (i) three ground leases covering 209 acres of land at the Colony Cove project in Ellenton, Florida, (ii) the ground lease covering 40.3 acres of land at the Colony Project in Rancho Mirage, California and (iii) those ground leases which affect Projects subsequently acquired by the Borrower or its Subsidiaries and which (A) are Financeable Ground Leases and (B) do not cause the aggregate Net Operating Income of all Projects then included in Unencumbered Assets which are subject to a ground lease to exceed fifteen percent (15%) of the aggregate Net Operating Income of all Unencumbered Assets.
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Approved Ground Leases means, at any time, a collective reference to all ground leases (whether related to an interest in land alone or an interest in land and the improvements located thereon) with respect to any Real Property: (a) under which a Borrowing Base Entity is the lessee or holds equivalent rights (including, without limitation, as a sublessee), (b) that has a remaining term of no less than forty (40) years (assuming the exercise of any applicable extension options that are exercisable at the lessee’s option) or be otherwise subject to a purchase option in favor of the lessee that is exercisable in the sole discretion of such lessee and is for a nominal purchase price, (c) under which any required rental payment, principal or interest payment or other payment due under such lease or sublease, as applicable, from the Borrowing Base Entity to the ground lessor is not more than thirty (30) days past due, (d) where no party to such lease or sublease, as applicable, is the subject of a Bankruptcy Event (except to the extent that (i) such Person has been subject to a proceeding under Chapter 11 of the Federal Bankruptcy Code, (ii) the applicable bankruptcy court has approved and confirmed such Person’s plan for reorganization, (iii) all statutory appeal periods with respect to such proposed plan have been exhausted without objection and (iv) such Person is performing its obligations under such approved plan), (e) where the Borrowing Base Entity’s interest in the Real Property or the lease or sublease, as applicable, is not subject to (i) any Lien other than a Permitted Lien of the type described in clause (a) of Section 7.01 or (ii) any Negative Pledge; (f) containing provisions pursuant to which create an obligation of the lessor to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (g) containing provisions which permit the use of such Real Property for its then-current use; (h) containing provisions which provide for such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease; and “Approved Ground Lease” means any one of them; and (i) under which there exists no default or event of default by a ground lessor which default or event of...
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Approved Ground Leases means (i) the ground lease at the Xxxxxx Xxxxx Xxx Xxxxxx Xxxx Xxxx, Xxxxxxx, (ii) the ground lease at the Dud's/Cedar Grove Mobile Home Park, Connecticut, (iii) the ground lease at the Evergreen Mobile Home Park, Florida, (iv) the ground lease at the India Rocks Mobile Home Park, Florida, (v) the ground lease at the Xxxxx Xxxx Xxxxxxx Xxxxxx Xxxx Xxxx, Xxxxxxx, (vi) the ground lease at the Camp Inn RV Park, Florida, (vii) the ground lease at the Crystal Lake Mobile Home Park, Florida, (viii) the ground lease at the Xxxxxx Xxxx Mobile Home Park, Florida (ix) the Winter Paradise RV Park, Florida, (x) three ground leases covering 209 acres of land at the Colony Cove project in Ellenton, Florida, (xi) the ground lease covering 40.3 acres of land at the Colony Project in Rancho Mirage, California and (xii) those ground leases which affect Projects subsequently acquired by CP Limited or its Subsidiaries and which (A) are Financeable Ground Leases and (B) do not cause the aggregate Net Operating Income of all Projects then included in Unencumbered Assets which are subject to a ground lease to exceed (a) prior to November 1, 1999, twenty percent (20%) of the aggregate Net Operating Income of all Unencumbered Assets and (b) from and after November 1, 1999, fifteen percent (15 %) of the aggregate Net Operating Income of all Unencumbered Assets.
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Examples of Approved Ground Leases in a sentence

  • Each applicable Borrowing Base Entity has good record and marketable fee simple title to (or, in the case of Approved Ground Leases, a valid leasehold interest in) the Borrowing Base Property owned by such Borrowing Base Entity, subject only to Liens permitted by Section 6.01.

  • As of the Agreement Date, Borrower has provided Administrative Agent with true, correct and complete copies of the Approved Ground Leases.


More Definitions of Approved Ground Leases

Approved Ground Leases means (i) the ground lease covering the Project commonly known as Firstar Tower located at 000 Xxxxx Xxxxx Xxxxxx in Columbus, Ohio and (ii) those ground leases which affect Projects subsequently acquired by the Borrower or its Subsidiaries and which (A) are Financeable Ground Leases and (B) do not cause the aggregate Real Estate Asset Value attributable to all Projects then included in determining Gross Asset Value which are subject to a ground lease to collectively exceed twenty percent (20%) of the total Gross Asset Value.
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Approved Ground Leases means the following four Leasehold estates: McAlpin Square, Shelby Plaza and Plaza Acadienne, and the Kmart at Xxxxxxx.
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Approved Ground Leases means the following six Leasehold estates: McAlpin Square, Shelby Plaza and Plaza Acadienne, the Xxxxx at Lantana, El Novillo and Park Northern.
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Related to Approved Ground Leases

  • Ground Leases Those certain leases with respect to real property that is a portion of the Leased Property, pursuant to which Landlord is a tenant and which leases have either been approved by Tenant or are in existence as of the date hereof and listed on Schedule A hereto.

  • Qualified Ground Lease means each of the ground leases or ground subleases set forth on Schedule 1.01(d) hereto and for a Future Property means any ground lease (a) which is a direct ground lease or ground sublease granted by the fee owner of real property or a master ground lessee from such fee owner, (b) which may be transferred and/or assigned without the consent of the lessor (or as to which the lease expressly provides that (i) such lease may be transferred and/or assigned with the consent of the lessor and (ii) such consent shall not be unreasonably withheld or delayed) or subject to certain reasonable pre‑defined requirements, (c) which has a remaining term (including any renewal terms exercisable at the sole option of the lessee) of at least twenty (20) years, (d) under which no material default has occurred and is continuing, (e) with respect to which a Lien may be granted without the consent of the lessor (but subject to customary requirements regarding the nature of the holder of such Lien and prior notice to the lessor), (f) which contains customary and reasonable lender protection provisions, including, without limitation, provisions to the effect that (i) the lessor shall notify any holder of a Lien in such lease of the occurrence of any default by the lessee under such lease and shall afford such holder the option to cure such default, and (ii) in the event that such lease is terminated, such holder shall have the option to enter into a new lease having terms substantially identical to those contained in the terminated lease and (g) which otherwise contains no non-customary terms that are material and adverse to the lessee.

  • Eligible Ground Lease means a ground lease that (a) has a minimum remaining term of twenty-five (25) years, including tenant controlled options, as of any date of determination, (b) has customary notice rights, default cure rights, bankruptcy new lease rights and other customary provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee interest, and (c) is otherwise acceptable for non-recourse leasehold mortgage financing under customary prudent lending requirements. The Eligible Ground Leases as of the date of this Credit Agreement are listed on Schedule EG.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Approved Lease means (a) each existing Lease as of the Closing Date as set forth in the Leasing Affidavit and (b) each Lease entered into after the Closing Date in accordance with the terms and conditions contained in Section 9.09 as such leases and related documents shall be Modified as permitted pursuant to the terms of this Agreement.

  • Real Estate Leases has the meaning set forth in Section 2.1(d)(ii).

  • Material Leased Real Property shall have the meaning given in Section 3.7(b).

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Real Property Leases means all leases, sub-leases, licenses or other agreements, in each case, pursuant to which any Group Company leases or sub-leases any real property.

  • Real Property Lease has the meaning set forth in Section 3.9(b).

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Material Leasehold Property means a Leasehold Property reasonably determined by Administrative Agent to be of material value as Collateral or of material importance to the operations of Company or any of its Subsidiaries.

  • 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.

  • Company Leased Real Property has the meaning set forth in Section 3.14(b).

  • New Leases means those leases, license agreements and occupancy agreements encumbering any Real Property which are entered into after the Effective Date in accordance with the terms of this Agreement, as the same may be amended or modified from time to time in accordance with the terms of this Agreement.

  • Space Leases means any Lease or sublease thereunder (including, without limitation, any Major Space Lease) or any other agreement providing for the use and occupancy of a portion of the Property as the same may be amended, renewed or supplemented.

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 5.11(c).

  • Existing Leases means those leases, license agreements and occupancy agreements identified on Schedule 2.1.3, as the same may be amended or modified from time to time in accordance with the terms of this Agreement.

  • Personal Property Leases has the meaning set forth in Section 2.1(e).

  • Tenant Leases means leases, subleases, licenses or other use agreements between Seller and tenants with respect to Real Property, if any.

  • Material Leases has the meaning set forth in Section 4.21.

  • Hotel Property means a Property on which there is located an operating hotel.

  • Real Properties means, at any time, a collective reference to each of the facilities and real properties (including the Borrowing Base Properties) owned or leased by the Consolidated Parties at such time.

  • Real Property Interests means all interests in real property of whatever nature, including easements, whether as owner or holder of a Security Interest, lessor, sublessor, lessee, sublessee or otherwise.

  • Real Property Documents means any material contract or agreement constituting or creating an estate or interest in any portion of the Site, including, without limitation, the Lease Agreements and the Subleases.