Major Ground Lease definition

Major Ground Lease means a ground lease demising to one of the Borrowers or a Wholly-Owned Subsidiary all of the land included in any Property or any portion of such land which the Administrative Agent, in its reasonable judgment, deems necessary for the continued operation of a hotel on such Property.
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Examples of Major Ground Lease in a sentence

  • No more than 10% of Total Value shall consist of hotels subject to a Major Ground Lease.

  • Third Tier Sublessee's obligations under this Third Tier Sublease shall not be impaired, nor shall the performance thereof be excused, because of any failure or delay on the part of Sub-sublessor, Prime Sublessor and/or Groundlessor in performing its obligations under, respectively, the Sub-sublease, the Prime Sublease and/or the Major Ground Lease.

  • References in this Third Tier Sublease to the "termination" of this Third Tier Sublease include the stated expiration of the Term and any earlier termination thereof pursuant to the provisions of this Third Tier Sublease, the Major Ground Lease, the Prime Sublease, the Sub-sublease or by law.

  • Third Tier Sublessee shall look solely to Sub-sublessor, Prime Sublessor and Groundlessor for the making of any and all repairs in the Premises and the performance of any and all such other work and responsibilities and only to the extent required by the terms of, respectively, the Sub-sublease, the Prime Sublease and the Major Ground Lease.

  • Major Ground Lease Limitations..................................................56 SECTION 6.08.

  • As the MPPPU struggles to meet increased demand, several key informants warned of a potential dispute brewing as agricultural land on the periphery of Nyala, currently used for dairy farming and market gardening, is considered for residential use.

  • Third Tier Sublessee shall, no later than the termination of this Third Tier Sublease and in accordance with all of the terms of this Third Tier Sublease, the Sub-sublease, the Prime Sublease and the Major Ground Lease, vacate and surrender to Third Tier Sublessor the Premises, together with all Alterations, in good order, condition and repair, reasonable wear and tear excepted.

  • If Third Tier Sublessee shall fail to execute, acknowledge and/or deliver any such instrument of subordination within ten (10) days after Groundlessor's, Prime Sublessor's, Sub-sublessor's or Third Tier Sublessor's demand therefor, Third Tier Sublessor, in addition to any other remedies provided under this Third Tier Sublease, the Sub-sublease, the Prime Sublease, the Major Ground Lease and applicable law, may execute, acknowledge and deliver such instrument, as Third Tier Sublessee's attorney-in-fact.

Related to Major Ground Lease

  • 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:

  • 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.

  • 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.

  • Major Lease shall have the meaning assigned to such term in the Mortgage Loan Agreement.

  • 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.

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • 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.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

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

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

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Substitute Property shall have the meaning set forth in Section 2.6 hereof.

  • Major Tenant means a tenant of a Loan Party under a lease of Property which entitles it to occupy 15,000 square feet or more of the net rentable area of such Property.

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Superior Lease means the document which sets out the obligations your Landlord has made to their Superior Landlord. The promises contained in this Superior Lease will bind the Tenant if they have prior knowledge of those promises.

  • Site Lease or “Lease” means the Site Lease of even date herewith, by and between the District and the Lessor together with any duly authorized and executed amendment thereto under which the District leases the Site to the Lessor.

  • 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.

  • 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.

  • Major Tenants has the meaning ascribed to such term in Section 7.2.

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

  • Ground Lessor means, as to any Site, the “lessor,” “sublessor,” “landlord,” “licensor,” “sublicensor” or similar Person under the related Ground Lease.

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

  • Leased Land means land which is the subject of a lease granted under section 60 or 93G; S. 3 def. of "lessee" amended by No. 39/1997 s. 4(2)(b).

  • 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.

  • Major project means a project comprising of a series of works, activities or services which is intended, in itself, to accomplish a definite and indivisible task of a precise economic or technical nature, which has clearly identified goals and whose total cost exceeds that which is specified in the Framework Agreement;

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