Qualified Leasehold Interest definition

Qualified Leasehold Interest means a leasehold interest running at least as long as the Extended Use Period.
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Qualified Leasehold Interest means any leasehold interest (i) which may be transferred and/or assigned without the consent of the lessor (or as to which the lease expressly provides that (x) such lease may be transferred and/or assigned with the consent of the lessor and (y) such consent shall not be unreasonably withheld or delayed), (ii) with respect to the lease term, either (x) more than 25 years remains in such lease term or (y) such lease term is renewable in the sole discretion of the Borrower for one or more successive periods aggregating (together with the remaining current lease term) more than 25 years so long as, in the case of this clause (y), periodic rent increases shall be at levels comparable to those that are customarily applicable to leases having initial terms in excess of 25 years, (iii) in which a security interest may be granted without the consent of the lessor and (iv) as to which the lease governing such leasehold interest expressly provides that (x) the lessor shall notify any holder of a security interest in such leasehold interest of the occurrence of any default by the lessee under such lease and shall afford such holder the right to cure such default and (y) in the event that such lease is terminated, such holder shall have the option to enter into a new lease having terms substantially identical to those contained in the terminated lease.
Sample 1
Qualified Leasehold Interest means any leasehold interest which (i) may be transferred and/or assigned without the consent of the lessor (or as to which the lease expressly provides that (x) such lease may be transferred and/or assigned with the consent of the lessor and (y) such consent shall not be unreasonably withheld or delayed) and (ii) has a remaining term of at least 40 years.
Sample 1

Examples of Qualified Leasehold Interest in a sentence

  • A fully executed and legally enforceable purchase contract or purchase option and /or a written governmental commitment to transfer or convey the property to the Applicant or Developer or Project Owner by deed or lease that demonstrates Applicant or Developer or Project Owner will possess a Qualified Leasehold Interest upon execution of the lease, (collectively termed a “transfer commitment”).

  • A recorded deed or recorded lease demonstrating that Applicant possesses a Qualified Leasehold Interest.

Related to Qualified Leasehold Interest

  • Leasehold interest means the interest of the lessor or the lessee under a lease contract.

  • Leasehold Interests means all of each Borrower’s right, title and interest in and to, and as lessee of, the premises identified as leased Real Property on Schedule 4.4(b)(iv).

  • Material Leasehold Property means a Leasehold Property reasonably determined by Administrative Agent to be of material value as Collateral or of material importance to the operations of Company or any of its Subsidiaries.

  • Leasehold Property means any leasehold interest of any Loan Party as lessee under any lease of real property.

  • Unencumbered Properties means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any one of the Unencumbered Properties.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Real Property means, collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned in fee or leased by any Loan Party, whether by lease, license, or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof.

  • Leaseholds of any Person means all the right, title and interest of such Person as lessee or licensee in, to and under leases or licenses of land, improvements and/or fixtures.

  • Material Leased Real Property shall have the meaning given in Section 3.7(b).