Qualifying Leases means, in the first instance, ground floor retail leases being renewed with existing unaffiliated first class national retail tenants in arms-length transactions or if sufficient renewal leases are not available, then as a supplement to any such renewal leases, new leases for space with unaffiliated national retail tenants in arms-length transactions. The intent is that Tenant will obtain the same rent and other economic benefits that Landlord would otherwise give in Comparative Transactions and that Landlord will make, and receive the same economic payments and concessions that Landlord would otherwise make, and receive in Comparative Transactions. “Affected Monetary Terms” shall mean and refer to those monetary terms that support the determination of Base Rent, and shall include, without limitation, the amount of Security Deposit, additional forms of credit enhancement, any concessions being offered, and/or the amount of any allowance extended to renewal or, if applicable, new tenants in Comparative Transactions for refurbishment to leased premises or for new improvements under new leases. Landlord shall provide its determination of the FMRR to Tenant within thirty (30) days after Landlord receives the Option Notice. Tenant shall have twenty (20) days (“Tenant’s Review Period”) after receipt of Landlord’s notice of the FMRR within which to reasonably object thereto in writing (“Objection Notice”). Tenant shall be deemed to have accepted Landlord’s determination of FMRR unless Tenant timely delivers an Objection Notice to Landlord that sets forth Tenant’s proposed FMRR. In the event Tenant timely delivers an Objection Notice, Landlord and Tenant shall attempt to agree upon such FMRR. If Landlord and Tenant fail to reach agreement on such FMRR within fifteen (15) days following Tenant’s Review Period (the “Outside Agreement Date”), then each party shall place in a separate sealed envelope its final proposal as to FMRR and such determination shall be submitted to arbitration in accordance with Section 34(c) below.
Qualifying Leases means fully executed and delivered Leases which are not in default and are entered into with entities unaffiliated with any Borrower Party for which either (a) the Tenant under any such Lease has commenced rental payments and such Lease has a remaining term of three months or more from the applicable Test Date, or (b) the Tenant under any such Lease is obligated to commence rental payments within one year (or such Leases with more than twelve (12) months of free rent so long as Borrowers reserve such amounts in excess of twelve (12) months in a manner reasonably acceptable to Administrative Agent) from the applicable Test Date and such Lease has an initial term of three years or more.
Qualifying Leases means leases that are legally enforceable, arms-length leasehold estates with terms of not less than 20 years (including extensions thereof at the option of Borrower or the applicable Subsidiary) and are financeable. A lease shall be deemed “financeable” under this definition if and only if such lease provides protections for a potential leasehold mortgagee (“Mortgagee”) which include, among other things (i) that the lease will not be terminated until the Mortgagee has received notice of a default and has had a reasonable opportunity to cure or assume the lease, and fails to do so, (ii) provision for a new lease on the same terms to the Mortgagee as tenant if the lease is terminated for any reason, subject to the Mortgagee’s cure of any defaults under Borrower’s lease, (iii) non-merger of the fee and leasehold estates, (iv) transferability of the tenant’s interest under the lease, without the lessor’s prior consent except for reasonable restrictions based on the satisfaction of certain objective criteria, and (v) that insurance proceeds and condemnation awards (from the fee interest as well as the leasehold interest) will be applied pursuant to the terms of a leasehold mortgage. Regardless of whether it satisfies clauses (i) through (v) above, a lease of Property located in Europe shall, for purposes of this definition, be deemed “financeable” if it has previously been financed under commercially reasonable terms by an institutional lender.
Examples of Qualifying Leases in a sentence
The determination of the arbitrator shall be limited solely to the issue of whether Landlord’s or Tenant’s last submitted FMRR (as contained in the sealed envelope exchanged between the parties as hereinabove provided) for the Premises is the closer to the actual rental rate per RSF for Qualifying Leases within the market Determination period for Comparative Transactions.
Borrower must deliver to Lender with the Extension Request (i) a Rent Roll current as of the Request Date; (ii) copies of all Qualifying Leases listed on that Rent Roll; and (iii) such further supporting information as Lender may reasonably require.
The Base Rent per RSF payable for the Option Term shall be equal to the then-current rental rate per RSF (as further defined below, “FMRR”) being agreed to by institutional or comparably creditworthy, portfolio-managed, owners (“Comparable Landlords”) of comparable South of Market properties in San Francisco, California (the “Comparable Buildings”), with Qualifying Leases in Comparable Buildings during the Market Determination Period, in each case on a full service gross lease basis.
Enter into any agreement, or be or become liable under any agreement, not in existence as of the date hereof and reflected on Borrower's financial statements, for the lease, hire or use of any real or personal, including, without limitation, capital or operating leases, except for Qualifying Leases; provided that Borrower may, in the ordinary course of business and on terms consistent with standard in the industry, enter into leases or agreements office space, office equipment, vehicles or tools.
On the Qualifying Lease Payment Date, if there are one or more Qualifying Leases, Buyer will make a payment to the Stockholders, in the aggregate, equal to four times the Value of each Qualifying Lease (the "Qualifying Lease Value").
More Definitions of Qualifying Leases
Qualifying Leases is amended and restated to read as follows:
Qualifying Leases means (i) fully executed and delivered Leases with unrelated third party Tenants and with an initial term of three (3) years or more, entered into in accordance with the terms of this Agreement, for which either (a) the Tenant under such Lease is in occupancy and has commenced rental payments and such Lease has a remaining term of six (6) months or more from the applicable testing date, or (b) the Tenant under such Lease is reasonably projected by Administrative Agent to (x) take occupancy of its premises and (y) commence rental payments, in each case, within six (6) months from the applicable testing date, and (ii) other fully executed and delivered Leases which Administrative Agent in its sole discretion determines are Qualifying Leases; provided, however, any Lease under which the applicable Tenant is not paying rent as required by the terms of the Lease or which is in material default (whether by landlord or tenant) as of the testing date or as of the reporting date will not be considered a Qualifying Lease.
Qualifying Leases shall include only those leases set forth on EXHIBIT J and any other leases entered into by and between Seller and a new or existing tenant following the Effective Date which are approved by Buyer pursuant to the terms of Section 9.2 of this Agreement, which approved leases shall be added to EXHIBIT J upon such approval. Buyer has approved and shall be responsible to pay only the amount of broker's commissions, tenant improvement allowances and tenant concessions specified for Qualifying Leases on EXHIBIT J. Seller shall pay all such amounts to the extent due and payable prior to the Closing and shall deliver to Buyer and Escrow Holder evidence reasonably satisfactory of such payments not later than two (2) Business Days prior to the Scheduled Closing Date and Seller shall be credited at the Closing with all such sums paid. In addition, Buyer shall be responsible to pay only those future tenant improvement allowances, tenant concessions and broker's commissions on or related to existing Tenant Leases which will or may arise in the future on existing Tenant Leases as set forth in EXHIBIT K. Seller represents and warrants to Buyer that any broker's commissions payable pursuant to EXHIBIT J or EXHIBIT K are payable only to Xxxxx & Xxxxx or CB Commercial and agrees to obtain a release satisfactory to Buyer in favor of Buyer from Xxxxx & Xxxxx of any broker's commissions or other payments related to the Property other than the amounts which are stated as still outstanding as set forth on said EXHIBIT J or EXHIBIT K and specified to be payable to Xxxxx & Xxxxx. All other costs of tenant improvements, leasing commissions, or leasing concessions on Leases entered into prior to the Effective Date shall be paid by Seller at or prior to the Closing to the extent due and payable by the Closing Date and if not so paid shall be deducted from the Purchase Price. Seller agrees to indemnify, defend and hold Buyer harmless from and against any claim by CB Commercial or other broker for any commissions other than a commission (a) which is specified to be payable by Buyer on EXHIBIT J or EXHIBIT K and (b) for which Seller receives no credit at the Closing. In addition to the foregoing, Buyer understands that Seller is entitled to receive from San Francisco Foundation ("SFF") a reimbursement of tenant improvement costs advanced to or on behalf of SFF by Seller. To the extent that Buyer receives such reimbursement, Buyer shall deliver such reimbursement to Seller within ten (10...
Qualifying Leases means any lease agreement or any other similar agreement providing for the right to occupy all or part of the Owned Real Property or any construction erected on such property, whether existing or new, entered into between the Company, as landlord, and an Unaffiliated Third Party as lessee, in any case, other than the Permitted Leases;
Qualifying Leases means (a) fully executed and delivered Leases with unrelated third party Tenants and with an initial term of three (3) years or more, entered into in accordance with the terms of this Agreement, for which the Tenant under such Lease has commenced rental payments; provided, however, (i) any Lease which is in material default (whether by landlord or tenant) as of the testing date will not be considered a Qualifying Lease and (ii) in no event will the Kansas City Master Lease be considered a Qualifying Lease.
Qualifying Leases means (i) leases to the Anchor Lessees, and (ii) all other leases under which the lessee has opened for business to the general public and is paying annual minimum basic rent. "Additional Qualifying Leases" means Qualifying Leases that meet the Leasing Guidelines (as defined in Section 9.2 hereof) entered into for any of the space at the Vista II Property which is not leased on the Closing Date of the Vista II Property. "Non-Credit Tenants" shall mean all tenants set forth on the list attached hereto as Schedule I, which list shall be updated and amended from time to time during the period following the date of this Agreement through the Closing Date subject to the reasonable approval of Buyer and Seller. "Anchor Lessees" shall mean all tenants set forth on the list attached hereto as Schedule J. Schedule K attached hereto sets forth a numeric example of calculation of the Purchase Price in accordance with this Section 2.1(b).
Qualifying Leases means all Leases in place, fully executed and in good standing for the Property with Tenant’s is possession and paying rent.