Option Premises definition

Option Premises means, as the case may be:

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...

Option Premises has the meaning provided in Section 23.9(b) hereof.”

Examples of Option Premises in a sentence

• 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”).

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

• Tenant shall have the option to lease the Option Premises, by providing written notice to Landlord within one hundred twenty (120) days of the Commencement Date of the lease.

• 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.

• Within thirty (30) business days after receipt of the Notice of Exercise by Owner, the Parties shall finalize, execute, and deliver to each other the Ground Lease Agreement for the Property with the commencement date, Property and Option Premises description, and proposed site layout of the System completed, and Grantee/Lessee shall deliver to the Owner/Lessor the amount of the Ground Lease Payment due for the first lease year under the Ground Lease, namely approximately $ .

• If only one appraiser is selected, that appraiser shall notify the parties in simple letter form within fifteen (15) days following its selection of its determination of the amount equal to ninety-five percent (95%) of the fair market Monthly Base Rent for the Option Premises on the commencement date of the option extension period.

• If multiple appraisers are selected, each appraiser shall within ten (10) days of being selected make its determination of the amount equal to ninety-five percent (95%) of the current fair market Monthly Base Rent for the Option Premises as of the commencement date of the option extension period in simple letter form.

• If they are unable to fully agree on the Fair Market Rental Value of the Option Premises within fifteen (15) days after their first meeting, they shall jointly appoint a third appraiser within five (5) days after the expiration of said fifteen (15) day period to determine the Fair Market Rental Value.

• If Lessor and Lessee are unable to agree upon the amount equal to ninety-five percent (95%) of the then current fair market rent for the Option Premises as of the commencement date of the option extension period, and thereafter, prior to the expiration of the option exercise period, Lessee exercises the option to extend, said amount shall be determined by appraisal.

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

More Definitions of Option Premises

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) the first and second floors 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.

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.

Option Premises is hereby added to Exhibit "B":

Option Premises means Option Premises I and Option Premises II, collectively, each as described below and depicted on Exhibit A-4 hereto.

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.