Occupancy Requirement definition

Occupancy Requirement means the requirement that an applicant for First-time Homeowner Assistance must occupy the home to which the application relates as the applicant’s principal place of residence within six (6) months after the completion of the eligible transaction;

Occupancy Requirement means a requirement that there be a Major Tenant open for business in at least two (2) of the three (3) buildings shown on Exhibit "B" as Mervyn's, Nordstrom and Xxxxxxxx'x/May, and that there also be open for business tenants occupying at least seventy percent (70%) of the Shopping Center GLA, exclusive of the buildings shown on Exhibit "B" as Mervyn's, Nordstrom and Xxxxxxxx'x/May. Notwithstanding anything to the contrary contained in this Lease, if at any time during the Term, for any reason whatsoever, there shall occur a one hundred eighty (180) day period with respect to which the Occupancy Requirement shall not be satisfied, then from and after the end of said one hundred eighty (180) day period, Fixed Minimum Rent shall xxxxx by fifty percent (50%) until the date upon which the Occupancy Requirement is again satisfied; provided, however, in no event shall the application of this remedy result in Tenant paying more Rent to Landlord than Tenant would have been required to pay in the absence of this provision. In addition, but without limitation of the foregoing, if at any time during the Term, for any reason whatsoever, there shall occur a two (2) year period with respect to which the Occupancy Requirement shall not be satisfied, then Tenant shall have the right to terminate this Lease effective upon sixty (60) days' notice to Landlord which may be given at any time prior to the date upon which the Occupancy Requirement is again satisfied. Such notice, however, shall not be effective unless Tenant contemporaneously pays Landlord the sum Tenant is required to pay Landlord pursuant to Section 9.5 using the termination date pursuant to this Section 11.1 to make such calculation.

Occupancy Requirement means the requirement imposed by the MRB Program that the Borrower reside in the Home as the Borrower’s Principal Residence.

Examples of Occupancy Requirement in a sentence

Occupancy Requirement All members of the BMR Household must occupy the BMR Unit as their primary residence, as defined by living in the BMR Unit at least 10 out of 12 months of the calendar year, and must occupy the BMR Unit within 60 days of the completion of the lease commencement date.
Tax Credit Properties‐Non‐transient Occupancy and Suitable for Occupancy Requirement (I.R.C. Section 42(i)(3)(B)).
If the Initial Occupancy Requirement is not met, a fee of 5% of the abated taxes shall be made payable to the City for the noncomplying year.
Qualifying Unit (QU) -- The total units in a Property or Properties required to be set aside to meet the applicable Occupancy Requirement.
Occupancy Requirement -- The requirement to set aside a minimum number of units in a Property for occupancy by Low Income and Very Low Income Households, as specified in the applicable LURA.

More Definitions of Occupancy Requirement

Occupancy Requirement means the occupancy for its own use of three (3) full floors of the Improvements; PROVIDED, that such floors may include either (x) the portion of the first floor of the Improvements (the "1ST FLOOR PORTION") shown by separate shading on SCHEDULE F annexed hereto and made a part hereof (occupancy of which area shall be deemed to be full occupancy of the full 1st floor) or (y) the 10th floor of the Improvements; and FURTHER PROVIDED, that, at the applicable time of determining the Occupancy Requirement, Tenant Named Herein has the present intention of maintaining such occupancy and has no plans at such time to relocate from any such occupied floors.

Occupancy Requirement means that Tenant shall not be subleasing more than twenty-five percent (25%) of the rentable area of the Premises to a party (other than in connection with a Permitted Transfer or other than a party as to which Tenant has a ten percent (10%) or more ownership interest; provided, Tenant shall provide reasonable evidence of such ownership interest to Landlord as part of any Transfer Request Notice with respect to such subleasing and otherwise upon Landlord’s request).

Occupancy Requirement shall be met during the period in which the Tenant originally named herein continues to lease not less than one hundred fifty-nine thousand one hundred ninety-six (159,196) rentable square feet of space in the Building. For purposes of determining whether the Occupancy Requirement is met, Tenant shall be considered to be leasing the entire Premises (even portions which are not yet occupied because Tenant Improvements have not been completed), except that Tenant shall not be considered to be leasing space which Tenant has subleased or intends to sublease to a subtenant nor will Tenant be considered to be leasing any space with respect to which (A) this Lease has expired or terminated or been assigned (except as provided in the next sentence), or (B) Tenant has (i) exercised any lease termination right which is set forth in this Lease, or (ii) negotiated a lease termination after the date hereof. This exterior signage right is personal to Ask Jeeves, Inc. and will not inure to the benefit of any subtenant or assignee, with the sole exception of an Affiliate to whom this Lease is assigned in accordance with Paragraph 13.g. above. The Approved Exterior Signage may not be modified, replaced or removed without Landlord's prior written approval.

Occupancy Requirement means that the Qualified Tenant shall then actually occupy not less than one (1) full floor in the Office Building. For purposes hereof, the “6th Floor Common Area Signage Occupancy Requirement” shall mean that the Qualified Tenant shall then (i) actually occupy not less than fifty percent (50%) of the Net Rentable Area of space in the Office Building then leased by Landlord to persons or entities other than Landlord or its affiliates or (ii) be the largest tenant in the Office Building. Landlord shall, throughout the term of this Lease and at Tenant’s sole cost and expense, maintain any such Interior Building Signage permitted to be installed pursuant to this Section 11.3 in good order and repair to the satisfaction of Landlord. If at any time during the term of this Lease the Qualified Tenant shall fail to satisfy the Ground Floor Elevator Lobby Signage Occupancy Requirement, the 6th Floor Common Area Signage Occupancy Requirement, or 6th Floor Elevator Lobby Signage Occupancy Requirement, as applicable, then such Qualified Tenant shall no longer have the applicable signage rights pursuant to this Section 11.3 and this Section 11.3 with respect to such signage rights shall thereafter be deemed deleted in its entirety and of no further force and effect (even if such Qualified Tenant shall again thereafter satisfy the Ground Floor Elevator Lobby Signage Occupancy Requirement, the 6th Floor Common Area Signage Occupancy Requirement, or 6th Floor Elevator Lobby Signage Occupancy Requirement, as applicable). Upon the expiration or earlier termination of the term of this Lease or upon any earlier date upon which such Qualified Tenant’s rights under this Section 11.3 shall terminate, Landlord shall, at such Qualified Tenant’s sole cost and expense, promptly remove any such Interior Building Signage permitted to be installed pursuant to this Section 11.3 and restore and repair the affected portions of the Building to their condition immediately preceding the installation thereof.

Occupancy Requirement means that this lease is in full force and effect, that no Event of Default exists and that the Tenant named herein or a person that is a Related Entity to the Tenant named herein or a successor to the Tenant named herein (or to a Related Entity of the Tenant named herein) after a Stock Transfer, is the then Tenant under this lease and occupies, for its own account, rentable area in the Building of no less than an amount equal to ninety (90%) percent of the Phase I Portion (to the extent that the Phase I Portion constitutes the Demised Premises or a part of the Demised Premises), and after all of the Phase I Portion is (or is part of) the Demised Premises, no less than an amount equal to the greater of (A) 70,000 rentable square feet, and (B) ninety (90%) percent of the difference between (1) the rentable area of all of the then Demised Premises, and (2) 60,000 rentable square feet (except to the extent that such failure to occupy is due to a fire or other casualty, a temporary condemnation or a constructive eviction).

Occupancy Requirement mean that Unit must be lived in by Borrower and Co- Borrower (if there is a Co-Borrower) as their principal residence, and this requirement applies to Borrower and Co-Borrower and any and all other persons who may become responsible for repayment for the Loan as long as the Loan is outstanding.

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