Occupancy Conditions means the delivery by Borrower to Lender of evidence reasonably satisfactory to Lender (including an estoppel certificate executed by the relevant Tenant(s)) that (A) the entire subject Lease Sweep Space is tenanted under one or more Qualified Leases, (B) each such Tenant has taken occupancy of the entire space demised to such Tenant, (C) all contingencies under all such Lease(s) to the effectiveness of the Lease(s) have been satisfied, (D) all leasing commissions payable in connection with any such Lease have been paid and all tenant improvement obligations or other landlord obligations of an inducement nature have either been completed or paid in full or, alternatively, sufficient funds will be retained in the Lease Sweep Account for such purposes (the “Unpaid TILC Obligation Amount”), (E) such Tenant has actually commenced paying full contractual rent under the applicable Lease and any initial free rent period or period of partial rent abatements has expired or, alternatively, sufficient funds will be retained in the Lease Sweep Account to account for all remaining scheduled free rent periods or rent abatements (the “Remaining Rent Abatement Amount”) and (F) the rent commencement date under all such Lease(s) has been set.
Occupancy Conditions means that the tenant under the Outparcel lease has (i) occupied its demised premises, and (ii) opened for business to the public, and (iii) commenced the payment of full rent and reimbursable expenses under such Outparcel lease, and (iv) a certificate of occupancy has issued as to such Outparcel tenant space, and (v) such Outparcel tenant shall have delivered to Buyer an acceptable (to Buyer) Tenant estoppel certificate in form and substance as required under the Agreement.
Occupancy Conditions for any Property gross leasable area shall be collectively defined as having satisfied the following conditions: (i) a signed lease with a tenant, and (ii) the tenant shall be open for business to the public with a fully-stocked store, and (iii) the tenant shall be current in the payment of full rent and reimbursements, and (iv) all the leasing commissions and tenant improvement allowances shall have either been paid for by Seller or credited to Purchaser, and (v) a permanent certificate of occupancy or its equivalent occupancy permit issued by the local governmental authorities and delivered to Purchaser, for such tenant’s respective demised premises, (vi) the tenant shall have provided an estoppel certificate executed by the tenant with regard to such lease in the form attached hereto as Exhibit I, and (vii) for any post-Closing construction of buildings and related improvements by Seller upon the Property, a later-date title endorsement insuring title to the Property is not subject to any liens related to any work performed by or on behalf of Seller or any tenant which is the subject of the Earnout. EXHIBIT M OEA/SDA ESTOPPEL CERTIFICATE ________ __, 2011 TO: INLAND REAL ESTATE ACQUISITIONS, INC., and its lenders, successors and assigns (“INLAND”) 0000 Xxxxxxxxxxx Xxxx Oak Brook, IL 60523 Attention: Xxxxxx Xxxxxxxx-Xxx RE: Declaration of Covenants, Easements and Restrictions, dated as of ____________, and entered into by and among ______________ (“Seller”) _________________, and ____________________ (the “Easement Agreement”) Site Development Agreement dated as of ____________, and entered into by and among ______________ (“Seller”) _________________, and ____________________ (the “Site Development Agreement”) The undersigned, _________________, as a party to the Easement Agreement, which benefits and burdens property owned by _______________ and located in the City of _______, ________ County, __________, and as a party to the Site Development Agreement hereby certifies that as of the date hereof hereby certifies that as of the date hereof:
Examples of Occupancy Conditions in a sentence
At such time as Seller provides Purchaser with a new lease for any portion of the Vacant Space (and such new occupant has satisfied the Occupancy Conditions), Purchaser shall, upon ten (10) days advance written notice from Seller, pay to Seller a portion of the Unfunded Purchase Price in an amount equal to the annual base rent payable under said new lease (such base rent in no event to exceed 110% of the pro forma annual base rent for such space per the attached Exhibit B) divided by the Base Rent Divider.
The parties agree to enter into a mutually agreeable “Earnout Agreement” (attached as Exhibit K) at Closing which sets forth the terms and conditions for the Earnout, some of which are as follows: The term of the earnout period shall commence on the Closing Date and shall continue until the first to occur of (i) a period of 36 months from the Closing Date, or (ii) the date the Vacant Space has been fully leased and is occupied by tenants then satisfying the Occupancy Conditions (the “Earnout Period”).
During the term of the Earnout Period (and prior to the satisfaction of the Occupancy Conditions of any portion of the Vacant Space by a new tenant), Seller shall be responsible for the monthly pro rata share of taxes, insurance and common area expenses (collectively, the “Operating Expenses”) allocable to the Vacant Space.
In the event the Property is less than one hundred percent (100%) leased to tenants satisfying the Occupancy Conditions described upon Exhibit L attached hereto and made a part hereof as of the Closing Date, only a portion of the full Purchase Price shall be funded at Closing and the balance of the Purchase Price (the “Unfunded Purchase Price”) shall be held by Purchaser pursuant to the terms of this Section 20.
Once any portion of the Vacant Space is leased to, and occupied by, a tenant then satisfying the Occupancy Conditions, Seller’s obligation to pay Purchaser the Operating Expenses allocable to that portion of the Vacant Space shall terminate and the balance of the Operating Expense Escrow allocable to said space shall be promptly paid to Seller.
More Definitions of Occupancy Conditions
Occupancy Conditions means the delivery by Borrowers to Lender of evidence reasonably satisfactory to Lender (including an estoppel certificate executed by the relevant Tenant(s)) that (A) the entire subject Lease Sweep Space is tenanted under one or more Qualified Leases, (B) each such Tenant has taken occupancy of the entire space demised to such Tenant,
Occupancy Conditions are as follows: (i) a fully executed lease with a tenant in form and substance acceptable to Lender in Lender's sole discretion, and (ii) the tenant is open for business to the public with a fully-stocked store, and (iii) the tenant is paying full rent and reimbursements, and (iv) all the leasing commissions and tenant improvement allowances have been paid, and (v) a certificate of occupancy or its equivalent has been issued by the local governmental authorities for such tenant's premises, and (vi) the tenant has executed and delivered an estoppel certificate and subordination, non-disturbance and attornment agreement to Lender, each in form and substance acceptable to Lender in Lender's sole discretion. As used herein, "Base Rent Divider" shall mean 7.6925%.
Occupancy Conditions for any Property gross leasable area shall be collectively defined as having satisfied the following conditions: (i) a signed lease with a tenant, and (ii) the tenant shall have been open for business to the public with a fully-stocked store, and (iii) the tenant shall have been current in the payment of full rent and reimbursements, and (iv) all the leasing commissions and tenant improvement allowances shall have either been paid for by Seller or credited to Buyer, and (v) a permanent certificate of occupancy or its equivalent occupancy permit issued by the local governmental authorities and delivered to Buyer, for such tenant’s respective demised premises. In addition, for any post-closing construction of buildings and related improvements (the “Improvements”) upon the Property by or on behalf of Seller, the following additional conditions shall apply: (vii) an updated survey showing all as-built Improvements; and (viii) later-date title endorsement insuring title to the Property is not subject to any liens related to any work performed by or on behalf of Seller. EXHIBIT 10.1 EXHIBIT “K” Pending or Threatened Governmental Matters NONE EXHIBIT “L” Audit Letter EXHIBIT “M” Approved Tenants
Occupancy Conditions has the meaning given to it in Section 4.4.
Occupancy Conditions means the delivery by Borrower to Lender of evidence reasonably satisfactory to Lender (including an Officer’s Certificate certifying, without qualification or condition, that the Occupancy Conditions (except to the extent the same have been waived in writing by Lender) have been satisfied in all material respects) that (a) all or substantially all of the Material Tenant Lease Space (or, in the case of a Partial Material Tenant Lease Termination, all or substantially all of the Material Tenant Lease Terminated Space) is tenanted under one or more Qualified Leases such that the Combined Debt Service Coverage Ratio (calculated to take into account in the calculation of Underwritten Net Cash Flow any adjustments in rents, recoveries and other income and expenses with respect to the Qualified Lease(s), as determined by Lender) equals or exceeds 1.10:1.00 and the Debt Service Coverage Ratio (calculated to take into account in the calculation of Underwritten Net Cash Flow any adjustments in rents, recoveries and other income and expenses with respect to the Qualified Lease(s), as determined by Lender) equals or exceeds 1.9455:1.00, in each case, for two (2) consecutive Calculation Dates, (b) each such Tenant has taken possession of the entire space demised to such Tenant, (c) all contingencies under all such Lease(s) to the effectiveness of the Lease(s) have been satisfied, (d) all leasing commissions payable in connection with any such Lease have been paid and all tenant improvement obligations or other landlord obligations of an inducement nature that are associated with initial tenant occupancy have either been completed or paid in full or, alternatively, sufficient funds (which are not allocated to the obligations under any other Lease) will be retained in the Material Tenant Lease Sweep Account for such purposes (the “Unpaid TILC Obligation Amount”), (e) such Tenant has actually commenced paying full contractual rent under the applicable Lease and any initial free rent period or period of partial rent abatements has expired (excluding any free rent periods, rent abatements and tenant allowances that can be converted to free rent for any Lease that are, collectively, equal to or less than three (3) months of free rent and occur after the first calendar year of the applicable Lease) or, alternatively, sufficient funds (which are not allocated to the obligations under any other Lease) will be retained in the Material Tenant Lease Sweep Account to account for a...
Occupancy Conditions means the delivery by Borrower to Lender of evidence reasonably satisfactory to Lender (including an estoppel certificate executed by the relevant Tenant(s)) that (i) the term of the subject 2016 Lease or Level 3 Lease has been extended pursuant to the terms thereof or any amendment or modification thereto or (ii) (A) the entire subject 2016 Lease Space or Level 3 Lease Space has been leased to one or more Tenants pursuant to a Lease or Leases entered into in accordance with the terms of this Agreement (B) such Tenants have taken occupancy of the entire subject 2016 Lease Space or Level 3 Lease Space, (C) all contingencies under such Leases to the payment of full rent (including all tenant improvement costs and leasing commissions with respect thereto and/or the Borrower’s contribution to the cost of any tenant improvement work) have been satisfied and (D) all such Tenants have begun to pay full rent under their respective Lease.
Occupancy Conditions means the delivery by Borrower to Lender of evidence reasonably satisfactory to Lender (which shall include an estoppel certificate executed by the relevant Tenant(s)) that (A) the entire United Healthcare Premises or the entire Xxxxxxx Premises, as applicable, is tenanted under one or more Qualified Replacement Leases, (B) each such Tenant has accepted possession and taken physical occupancy of the entire space demised to such Tenant and each such Tenant is open for business, not “dark” and conducting normal business operations from the United Healthcare Premises or the Xxxxxxx Premises, as applicable, (C) all contingencies under all such Lease(s) to the effectiveness of the Lease(s) and the commencement of the payment of full, unabated rent thereunder have been satisfied (and such Tenant has actually commenced paying full, unabated rent thereunder), (D) no defaults exist under any such Leases and no Tenant (or its guarantor) under any such Lease is subject to a Bankruptcy Action, (E) all Leasing Commissions payable in connection with any such Lease have been paid and all Tenant Improvement obligations or other landlord obligations of an inducement nature have either been completed or paid in full, and Borrower has complied with all requirements of Section 4.29 hereof with respect to the payment, performance and completion, as applicable, of such Leasing Commissions and Tenant Improvements, and (F) any period of free rent, rent concessions and/or partial rent abatements has expired.