Mortgageable Ground Lease means any lease (a) which is a direct lease granted by the fee owner of the applicable Project, (b) which has a remaining term, as of the date such Project becomes a Qualified Unencumbered Project, of not less than thirty (30) years, including extension options which are exercisable solely at the discretion of the lessee thereunder, (c) under which no material default has occurred and is continuing, (d) with respect to which a leasehold mortgage may be granted, and (e) which the Administrative Agent has otherwise reasonably determined is financeable.
Mortgageable Ground Lease means a Ground Lease for a Parcel of Property to be subleased to the Lessee which is delivered to the Lessor for execution by the Lessor, or assigned to the Lessor by an assignment in form and substance satisfactory to the Lessor, and having such terms and characteristics as may be required by the Lessor and any Assignee, which terms and characteristics shall include, without limitation, the following: (a) free assignability to any lender as security for a borrowed money obligation of the Lessor and, upon foreclosure of such security, by such lender to any third party; (b) a term of at least five years in excess of the Initial Term of the Parcel of Property to which such Ground Lease relates; (c) no provisions for percentage or variable rent; and (d) no provision for a security deposit. A Mortgageable Ground Lease shall be delivered with such estoppel certificates, recognition and attornment agreements, or confirmation of customary mortgagee protection as are reasonably acceptable to the Lessor and any Assignee.
Mortgageable Ground Lease means any of the following: (i) any lease (a) which is a direct lease granted by the fee owner of the applicable Project, (b) which has a remaining term, as of the date such Project becomes an Unencumbered Project, of not less than thirty (30) years, including extension options which are exercisable solely at the discretion of the lessee thereunder, (c) under which no material default has occurred and is continuing, (d) with respect to which a leasehold mortgage may be granted, and (e) which the Administrative Agent has otherwise reasonably determined is financeable, and (ii) each of the following leases (as amended from time to time), but only if such lease is not amended to shorten the term of such lease and no material default under such lease has occurred and is continuing: (A) Lease Agreement dated as of April 3, 2007, as amended by the First Amendment to Lease dated as of August 18, 2008, between University City Science Center, a Pennsylvania non-profit corporation, and Wexford-UCSC II, LP, a Delaware limited partnership, for Units 1-4 of the 3711 Market Research Condominium located at 0000 Xxxxxx Xxxxxx, Xxxxxxxxxxxx, Xxxxxxxxxxxx, and (B) Lease Agreement dated as of April 3, 2007 between University City Science Center, a Pennsylvania non-profit corporation, and Wexford-UCSC II, LP, a Delaware limited partnership, for Units 6-7 of the 3711 Market Research Condominium located at 0000 Xxxxxx Xxxxxx, Xxxxxxxxxxxx, Xxxxxxxxxxxx.
Examples of Mortgageable Ground Lease in a sentence
The Administrative Agent shall determine, in its reasonable discretion, whether or not such agreement is a Mortgageable Ground Lease or whether or not such organizational documents, resolutions and consents properly authorize the owner of such Project to execute the Joinder Agreement, as the case may be.
Each Ground Lease is a Mortgageable Ground Lease except to the extent agreed to in writing by the Lessor and Assignee, and is in full force and effect.
The Site Lease and each other Ground Lease is a Mortgageable Ground Lease except to the extent agreed to in writing by the Lessor and Related Assignee, and is in full force and effect.
Each Ground Lease is a Mortgageable Ground Lease except to the extent agreed to in writing by Owner and Assignee and is in full force and effect.
GROUND LEASE: Each ground lease (which must be a Mortgageable Ground Lease) pursuant to which a leasehold interest in a Unit Premises is being leased to Owner.
More Definitions of Mortgageable Ground Lease
Mortgageable Ground Lease means a Ground Lease for a Parcel of Property to be subleased to the Lessee which is delivered to the Lessor for execution by the Lessor, or assigned to the Lessor by an assignment in form and substance satisfactory to the Lessor, and having such terms and characteristics as may be required by the Lessor and any Assignee, which terms and characteristics shall include, without limitation, the following: (a) free assignability to (i) any lender as security for a borrowed money obligation of the Lessor and, upon foreclosure of such security, freely assignable by such lender to any third party, and (ii) any purchaser in connection with a sale of such Parcel of Property pursuant to the provisions of this Lease or the Agreement for Lease (the Lessor and any Assignee being released from liability upon such assignment); (b) a term (including renewals) of at least one (1) year in excess of the Lease Tenn of the Parcel of Property to which such Ground Lease relates; (c) no provisions for percentage or variable rent; (
Mortgageable Ground Lease means a ground lease presented by Lessee for Brazos' execution which shall include the terms set forth herein or if lacking any of the terms set forth below, shall have such terms and characteristics as shall be required by Brazos and Agent, which terms and characteristics shall include, without limitation, the following: (a) the lessee's interest therein must be freely assignable, (b) have a remaining term of at least twenty (20) years, (c) contain no provisions for percentage or variable rent, (d) permit any lawful use, (e) have no provision for a security deposit, (f) provide for the delivery to Brazos and Agent of copies of all notices delivered under or pursuant to such ground lease, (g) provide Brazos and Agent written notice and the right to cure any defaults (whether monetary or non-monetary in nature) within thirty (30) days after receipt of such notice under such ground lease, (h) prohibit any mortgages or other Liens on the underlying fee, (i) permit Brazos or Agent the right to invalidate any termination of such ground lease within thirty (30) days of the effective date of such termination by notice given to the lessor thereunder of intention to cure, or to foreclose and cure, all curable defects, and, in the event of any termination of such ground lease, the right to receive a new lease on the same provisions and with the same expiration date of the original ground lease, (j) provide that insurance proceeds for damage to improvements and condemnation proceeds for damage to leasehold interests or improvements shall be within the control of the lessee under such ground lease, and (k) be delivered with such estoppel certificates from the lessor, recognition and attornment agreements, or confirmation of customary mortgagee protection as are acceptable to Brazos and Agent.
Mortgageable Ground Lease means on any date of determination, a lease or similar arrangement providing the right to occupy Real Property (a) which is granted by the fee owner of Real Property, (b) which has a remaining term (calculated only once on the Closing Date or the date the Real Property subject to such lease becomes a Qualified Asset Pool Property) of not less than twenty-five (25) years, including extension options exercisable solely at the discretion of the Borrower or any applicable Subsidiary, (c) under which no material default has occurred and is continuing and (d) with respect to which a security interest may be granted (i) without the consent of the lessor or (ii) pursuant to the consent of the lessor, which consent has been granted.
Mortgageable Ground Lease means a Ground Lease for a Parcel of Property to be subleased to the Lessee which is delivered to the Lessor for execution by the Lessor, or assigned to the Lessor by an assignment in form and substance satisfactory to the Lessor, and having such terms and characteristics as may be required by the Lessor and any Assignee, which terms and characteristics shall include, without limitation, the following: (a) free assignability of the ground lessee's interest to (i) any lender as security for a borrowed money obligation of the THIS LEASE AGREEMENT IS CONFIDENTIAL AND PROPRIETARY
Mortgageable Ground Lease is hereby deleted in its entirety and replaced with the following:
Mortgageable Ground Lease. Defined pursuant to subsection 1.2 hereof. THIS AGREEMENT FOR LEASE IS CONFIDENTIAL AND PROPRIETARY -6- NAIC: Defined pursuant to subsection 1.2 hereof.
Mortgageable Ground Lease. NAIC", "Permitted Liens", "Person", and "S&P" shall have the meanings set forth opposite those terms in the Lease, except that, for purposes of this Agreement, the terms "the Lessor", "the Lessee" and "this Lease" if used in those definitions in the Lease shall be deemed to be the terms "Owner", "Agent" and "this Agreement", respectively, and if used in those definitions in the Lease, each of the terms "Parcel", "Parcel of Property" and "Property" shall be deemed to be the phrase "Unit Premises and related Unit Improvements" and each of the terms "Unit of Equipment" and "Unit", shall be deemed to be an item of "Unit FF&E".