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

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

  • 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.


More Definitions of Approved Ground Leases

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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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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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.

  • Financeable Ground Lease means, a ground lease reasonably satisfactory to the Administrative Agent on behalf of the Lenders, which must provide customary protections for a potential leasehold mortgagee (“Mortgagee”) such as (i) a remaining term, including any optional extension terms exercisable unilaterally by the tenant, of no less than 25 years, (ii) a provision that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure and has failed to do so, (iii) provision for a new lease to the Mortgagee as tenant on the same terms if the ground lease is terminated for any reason, (iv) transferability of the tenant’s interest under the ground lease by the Mortgagee without any requirement for consent of the ground lessor unless based on delivery of customary assignment and assumption agreements from the transferor and transferee, (v) the ability of the tenant to mortgage tenant’s interest under the ground lease without any requirement for consent of the ground lessor and (vi) provisions that the tenant under the ground lease (or the leasehold mortgagee) has customary protections with respect to the application of insurance proceeds or condemnation awards attributable to the tenant’s interest under the ground lease and related improvements.

  • 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 has the meaning set forth in Section 6.11(a).

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

  • Material Leased Real Property has the meaning set forth in Section 2.14.

  • 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 the leases, subleases, licenses or other agreements, including all amendments, extensions, renewals, guaranties or other agreements with respect thereto, under which the Company or any of its Subsidiaries uses or occupies or has the right to use or occupy 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, collectively, any lease for space at the Property entered into between the Commencement Date and the Closing Date.

  • Space Leases means any and all leases, subleases, lettings, licenses, concessions, operating agreements, management agreements, and all other agreements affecting the Trust Estate that Trustor has entered into, taken by assignment, taken subject to, or assumed, or has otherwise become bound by, now or in the future, that give any person the right to conduct its business on, or otherwise use, operate or occupy, all or any portion of the Site or Improvements and any leases, agreements or arrangements permitting anyone to enter upon or use any of the Trust Estate to extract or remove natural resources of any kind, together with all amendments, extensions, and renewals of the foregoing entered into in compliance with this Deed of Trust, together with all rental, occupancy, service, maintenance or any other similar agreements pertaining to use or occupation of, or the rendering of services at the Site, the Improvements or any part thereof.

  • 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 Original Closing Date pursuant to Section 5.11(d) or pursuant to Section 5.11(d) of the Original Credit Agreement or the Prior Credit Agreement.

  • 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.

  • Leasehold condominium means a condominium in which all or a portion of the real estate is subject to a lease the expiration or termination of which will terminate the condominium or reduce its size.

  • Real Properties means the real property owned by the Borrower or any of its Subsidiaries.

  • 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.