Occupancy Level means the occupancy level of a Real Property that is leased to bona fide tenants not Affiliates of any Credit Party or the subject property manager (or any of their respective Affiliates) paying rent under written leases, based on the square feet of occupancy at the time of determination.
Occupancy Level means the occupancy level of a Real Property that is leased to bona fide tenants (including leases to Affiliates of any Loan Party or the subject property manager (or any of their respective Affiliates) up to a maximum amount of space covered by such leases (including expansion options) of five percent (5.0%) of the net rentable space in the applicable project) paying rent required under written leases, based on the square feet of occupancy at the time of determination.
Occupancy Level means the occupied square footage that is leased to bona fide tenants not Affiliates of any Obligor or the subject property manager (or any of their respective Affiliates) paying the stated rent under written leases, based on the occupancy level at the time of determination.
Examples of Occupancy Level in a sentence
If any policy or policies imposed by the Landlord unreasonably prevent the Tenant from maintaining the Base Occupancy Level for that unit, then the Maximum Allowable Rent for that unit shall be decreased by an amount equal to the percentage by which the number of allowable Tenants has been reduced.
Any increase for an additional bedroom may result in an increase to the Base Occupancy Level for an additional occupant.
If any policy or policies imposed by the Landlord unreasonably prevent the Tenant from maintaining the Base Occupancy Level for that unit, then the maximum allowable Rent for that unit shall be decreased by an amount equal to the percentage by which the number of allowable Tenants has been reduced.
The Base Occupancy Level for a Rental Unit, as used in this Chapter, shall be the number of Tenants allowed by the Rental Agreement as defined in 193A of the Ordinance for the unit effective May 1, 2022, or at the beginning of any tenancy established after May 1, 2022 (i.e. a new Rental unit).
Any increase for an additional bedroom shall result in an increase to the Base Occupancy Level for an additional occupant.
More Definitions of Occupancy Level
Occupancy Level means the occupancy level of a Real Property that is --------------- leased to bona fide tenants not Affiliates of any Credit Party or the subject property manager (or any of their respective Affiliates) paying rent under written leases, based on the square feet of occupancy at the time of determination.
Occupancy Level means (i) the sum of: (a) a fraction (expressed as a percentage) equal to the number of residents in occupancy divided by the number of residents for which the Property is designed (and budgeted for the then applicable period) to accommodate and (b) a fraction (expressed as a percentage) equal to the number of units occupied by one or more residents divided by the number of units for which the Property is designed ; (ii) divided by two (2).
Occupancy Level means, for any given period, the total number of rooms rented divided by the total number of rooms available in the given period;
Occupancy Level. The occupancy level shall be established by Lessor and shall not exceed applicable housing codes, shall be limited to not more than persons, and shall further be limited to those persons who have signed this Lease or are otherwise legally authorized occupants.
Occupancy Level means the occupied square footage that is leased to bona fide tenants not Affiliates of any Obligor or the subject property manager (or any of their respective Affiliates) paying the stated rent under written leases, based on the occupancy level at the time of determination. “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. “OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions Programs may be found at xxxx://xxx.xxxxxxxx.xxx/resource-center/sanctions/Programs/Pages/Programs.aspx. “Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate. “Operating Partnership” means EastGroup Properties, L.P., a Delaware limited partnership, or any successor that becomes such in the manner prescribed in Section 10.2. “Organizational Documents” means with respect to a corporation, the certificate of incorporation, articles of incorporation and bylaws of such corporation; with respect to a partnership, the partnership agreement establishing such partnership; with respect to a joint venture, the joint venture agreement establishing such joint venture, and with respect to a trust, the instrument establishing such trust; in each case including any and all modifications thereof as of the date of the Transaction Document referring to such Organizational Document and any and all future modifications thereof which are consented to by the holders of the Notes. “Original Guarantors” means EastGroup Properties Holdings, Inc., a Delaware corporation, EastGroup Properties General Partners, Inc., a Delaware corporation, and EastGroup TRS, Inc., a Delaware corporation, or any successor that becomes such in the manner prescribed in Section 10.2. “Parent” means EastGroup Properties, Inc., a Maryland corporation, or any successor that becomes such in the manner prescribed in Section 10.2.
Occupancy Level means, for each Real Property Asset, the --------------- percentage of rentable square feet in such Real Property Asset actually occupied by tenants under their respective Leases on a full rent paying basis or during any free rent period provided for in such Lease. For purposes of this definition, if a tenant has sublet all or a portion of the premises demised under its Lease, and such subtenant is actually occupying such premises or portion thereof, the tenant shall be deemed to be actually occupying such premises or portion thereof, as the case may be.
Occupancy Level means, for each Real Property Asset, the