Option Premises definition

Option Premises means, as the case may be:
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Option Premises means the Facility or Facilities identified as the portion of the Premises that Tenant elects to be designated as the Option Premises in the Exercise Notice; provided, however, in no event shall Tenant be entitled to (i) include any Facility in the Option Premises unless Landlord has owned such Facility for a period of the greater of (x) two (2) years or (y) the currently recognized “safe-harbor” holding period for Real Estate Investment Trusts under the rules and regulations relating to “prohibited transactions” or “dealer sales” under the Internal Revenue Code of 1986, as amended, and (ii) designate more than five (5) Facilities as Option Premises during the Term. As used herein, “Replacement Premises” shall mean a healthcare facility or facilities, of comparable or superior type, use, and quality to the Option Premises, and, subject to customary due diligence and property investigations by Landlord, reasonably acceptable to Landlord to be added to the Premises demised under this Master Lease in place of the Option Premises, as of the date of closing. As used herein, “Rent Coverage Ratio” means, as of the date of determination, the ratio of (A) the Portfolio EBITDARM for the immediately preceding 6 calendar months, minus (I) an assumed management fee equal to five percent (5%) of the gross revenues generated during such six month period, and (II) one-twelfth (1/12) of the CapEx Amount multiplied by the aggregate rentable square footage of the Facilities on the calculation date and further multiplied by the number of months in the period of determination, to (B) the total amount of the Minimum Rent and Additional Rent due for such six month period pursuant to the terms of this Master Lease. As used herein, “Portfolio EBITDARM” means, for any period of determination, the aggregate net income (or loss) of Tenant for such period to the extent derived from the collective operation of the Premises, adjusted to add thereto, to the extent allocable to the Premises, without duplication, any amounts deducted in determining such net income (or loss) for (a) interest expense, (b) income tax expense, (c) depreciation and amortization expense, (d) rental expense, and (e) management fee expense, in each case determined in conformity with generally accepted accounting principles, consistently applied. With respect to any Replacement Premises that has been operating for less than twelve (12) months as of the Option Exercise Date, Portfolio EBITDARM shall be calculated us...
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Option Premises means the following portions of Landlord’s Premises, as each is depicted on Exhibit A-4; (w) the first floor at Nos, 00 xxx 00 Xxxxxx Xxxxxx in Xxxxxxxxxxxx Row (except that then existing public circulation areas within No. 12 Xxxxxx Street shall remain as public circulation areas), (x) certain space located on the second floor of 000 Xxxxxxx Xxxxxx, (y) the first floors at 207, 000, 000 Xxxxx Xxxxxx, and (z) the first and second floors of 000-000 Xxxxx Xxxxxx, other than a portion of each of those floors at 000-000 Xxxxx Xxxxxx to be retained by Landlord (the “Retained Areas”) for access to the other floors in such buildings, which such Retained Areas shall (i) be large enough to allow for elevators and stairs (such elevator and stairs to be separately demised and to be compliant with all applicable laws, rules, regulations and codes), as determined by Landlord in its reasonable discretion; and (ii) will be available for use by all tenants and occupants of the buildings, and their employees, guests and invitees.
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Examples of Option Premises in a sentence

  • The Company has occupied all of the Option Premises and commenced operation of its business therein on , 20 .

  • In the event Landlord intends to lease all or a portion of the Option Premises (the “Subject Premises”), Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”).

  • Landlord may accept or reject such offer to purchase an Option Premises at Landlord’s sole and absolute discretion.

  • Such third appraiser shall, within fifteen (15) days following his appointment, conclusively and solely determine such Fair Market Rental Value and set the Base Rent for the Option Premises, which determination shall not be higher or lower than the highest and lowest Fair Market Rental Value determined by the appraisers first appointed hereinabove set forth.

  • Further, each Option shall not be deemed to be properly exercised if, as of the date of the Option Notice or at the end of the then applicable Final Remaining Option Premises Term or Option Term, Tenant (i) is in uncured default under the Lease, (ii) has assigned the Lease or its interest therein, or (iii) has sublet more than fifty percent (50%) of the Final Remaining Premises.

  • The Commencement Date for the Option Premises shall be within sixty (60) days of the date the option is exercised.

  • Further, in order to accommodate Tenant's potential need for additional space, Tenant shall have the option to rent an additional 15,000 square feet of space upon payment of the Base Rent for Option Premises.

  • The Option Premises shall be leased under the same terms and conditions as the Initial Premises, including Tenant Improvements to be determined.

  • Thereafter, upon the request of Lessee, Lessor and Lessee shall enter into good faith negotiations during the remainder of the thirty (30) days prior to the expiration of the option exercise period in an effort to reach agreement on ninety-five percent (95%) of the initial Monthly Base Rent for the Option Premises.

  • Grantee may exercise the Lease Option for all or any portion of the Option Premises by delivering to the Owner written notice of exercise of the Lease Option in the form set forth in Exhibit D attached hereto and incorporated herein by reference (the “Notice of Exercise”), which may be delivered at any time during the Option Period.


More Definitions of Option Premises

Option Premises has the meaning provided in Section 23.9(b) hereof.”
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Option Premises is hereby added to Exhibit "B":
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Option Premises as the same are defined herein. The "Building" is defined to be all or such portion of Buildings A, N-1 - N-4 and S-1 - S-4, as shown on Exhibit A, attached hereto, as are then existing. The "Project" is the entire property on which the Buildings are located. The size, location and function of the buildings and related structures depicted here are approximate. The configuration of the development, the design, size, function and location of all other improvements, and the identity and location of other tenants to the extent depicted are subject to change without notice for any reason deemed sufficient by the owner. The Lessor reserves the right to alter the configuration of the Project (other than Parcel C so long as the Lessee has the option to acquire the same), to construct additional improvements thereon (other than Parcel C so long as the Lessee has the option to acquire the same), to withdraw areas therefrom from time to time and alter the configuration of the associated common and parking areas, provided that the number of parking spaces intended for the Lessee's use shall not thereby be materially diminished. The Lessee shall be allocated the number of parking spaces set forth in item 10 of the Basic Lease Provisions and the Lessee acknowledges that the Lessor shall have no responsibility to supervise or police the usage of the parking lot by the tenants of the Building.
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Option Premises means Option Premises I and Option Premises II, collectively, each as described below and depicted on Exhibit A-4 hereto.
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Option Premises means all of the Land, the Leased Improvements and the Intangibles from time to time leased hereunder by Landlord to Tenant other than any of the foregoing that relate to the Glenview Property.
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Related to Option Premises

  • On-premises sign means a sign advertising activities conducted or maintained on the property on which it is located. The boundary of the property shall be as determined by tax rolls, deed registrations, and apparent land use delineations. If a sign consists principally of brand name or trade name advertising and the product or service advertised is only incidental to the principal activity conducted or maintained on the property, or if the sign brings rental income to the property owner or sign owner, it shall be considered the business of outdoor advertising and not an on-premises sign. On-premises sign does not include a sign on a narrow strip of land contiguous to the advertised activity, or a sign on an easement on adjacent property, when the purpose is clearly to circumvent the intent of this act.

  • Parking Space The County shall attempt to provide adequate free parking facilities for employees within a reasonable distance of their work locations.

  • School premises means either of the following:

  • Grave space means a space of ground in a cemetery that is used or intended to be used for an in-ground burial.

  • Building Drain means that part of the lowest horizontal piping of a drainage system which receives the discharge from soil, waste, and other drainage pipes inside the walls of the building and conveys it to the building sewer, beginning five (5) feet (1.5 meters) outside the inner face of the building wall.

  • Building Area means the only area upon which the erection and use of buildings and structures shall be permitted but may include areas of Landscaped Open Space.

  • Parking Spaces means spaces in or portions of the ground floor of the new building and also spaces in the open compound at the ground level of the premises for parking of motor cars, two wheelers and other vehicles permitted by the vendor.

  • Common space means an area on which two or more information functions (e.g. symbol) may be displayed, but not simultaneously.

  • Leased Premises means the Leased Premises as defined in Paragraph 1.

  • industrial premises means any place or premises (not being a private dwelling house), including the precincts thereof, in which or in any part of which any industry, trade, business, occupation or manufacturing is being ordinarily carried on with or without the aid of power and includes a godown attached thereto;

  • Building Work has the meaning given to it in section 6 of the Building and Construction Industry (Improving Productivity) Act 2016 (Cth);

  • residential premises means a house, building, structure, shelter, or mobile home, or portion thereof, used as a dwelling, home, residence, or living place by 1 or more human beings. “Residential premises” includes an apartment unit, a boardinghouse, a rooming house, a mobile home, a mobile home space, and a single or multiple family dwelling, but does not include a hotel, a motel, motor home, or other tourist accommodation, when used as a temporary accommodation for guests or tourists, or premises used as the principal place of residence of the owner and rented occasionally during temporary absences including vacation or sabbatical leave.

  • Option Term means a period, if any, through which this Agreement may be or has been extended by the JBE.

  • Public premises means any hotel, restaurant, tavern, store, arena, hall, or other place of public accommodation, business, amusement, or resort.