Required Occupancy Level definition

Required Occupancy Level means, with respect to any Unencumbered ------------------------ Asset Pool Property, that during any twelve (12) month period, no less than an average of 85% of the rentable square feet of such Unencumbered Asset Pool Property is occupied by tenants pursuant to written leases for which no material default has occurred beyond any applicable notice and cure periods.
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Required Occupancy Level means, with respect to any Borrowing Base Property, that during any twelve (12) month period, no less than an average of 85% of the rentable square feet of such Borrowing Base Property is occupied by tenants pursuant to written leases for which no default has occurred beyond applicable notice and cure periods.
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Required Occupancy Level means sixty five percent (65%) of the total number of stores shown on the then existing lease plan for the Shopping Center, are occupied and are not open or ready to open for business. In addition, Landlord hereby represents and warrants to Tenant that it has a fully executed lease for a Bass Pro facility, Jillian's and a multi-plex theater at the Retail Development ("Key Stores"). In the event that less than two of the Key Stores have opened for business within six (6) months of the Commencement Date then Tenant's obligation for payment of Minimum Rent shall abatx xxx Tenant shall pay to Landlord, in lieu thereof, Interim Rent on the basis of the lesser of (A) the scheduled Minimum Rent and (B) four percent (4%) of all of Tenant's Gross Sales (as defined in Section 2.2 of this Lease) until at least two (2) of the Key Stores are initially open for business; provided, however, Tenant shall not be entitled to such abatement of Minimum Rent if Tenant fails to open its store in the Leased Premises to the general public on or before the Commencement Date or if Tenant shall otherwise be in default of this Lease. Said Interim Rent shall be paid to Landlord within ten (10) days following the end of each calendar month, at which time Tenant shall also be required to submit an unaudited statement of Tenant's Gross Sales for such calendar month and for the Lease Year to date. All other terms and conditions of this Lease shall be applicable during such period. In the event that at least two (2) of the Key Stores have not initially opened for business within eighteen (18) months after the Commencement Date, then at the end of such eighteen (18) month period, Tenant may elect to terminate this Lease by providing Landlord within thirty (30) days of the end of such eighteen (18) month period, written notice of its intention to so terminate the Lease ("Key Store Termination Notice") or Tenant may elect to remain in the Lease Premises but must commence paying the then applicable scheduled Minimum Rent as provided for in the Data Sheet of this Lease. In the event that Tenant timely delivers the Key Store Termination Notice, this Lease shall terminate one hundred and eighty (180) days from the date of the Key Store Termination Notice or on such earlier date as may be mutually agreed to between the parties and this Lease and all of the unaccrued rights and obligations of the parties to it shall cease and terminate, as fully and effectively as though the date agreed to were the...
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Examples of Required Occupancy Level in a sentence

  • The aggregate Unencumbered Asset Pool ------------------------ Property Value for Unencumbered Asset Pool Properties which have failed to maintain the Required Occupancy Level for the three (3) month period prior to such date shall not comprise more than 20% of the aggregate Unencumbered Asset Pool Property Value for all Unencumbered Asset Pool Properties (including the Unencumbered Asset Pool Properties which have failed to so maintain the Required Occupancy Level).

  • The aggregate Unencumbered Asset Pool ------------------------ Property Value for Unencumbered Asset Pool Properties which have failed to maintain the Required Occupancy Level for the thirty (30) day period prior to such date shall not comprise more than 20% of the aggregate Unencumbered Asset Pool Property Value for all Unencumbered Asset Pool Properties (including the Unencumbered Asset Pool Properties which have failed to so maintain the Required Occupancy Level).

  • Tenant shall promptly remove Tenant's panel on the Monument Sign and repair the monument as necessary due to such removal, all at Tenant's sole cost and expense, immediately upon the termination of this Lease or, upon written request of Landlord, upon Tenant's failure to meet such Required Occupancy Level.

  • The aggregate Unencumbered Asset Pool Property Value for Unencumbered Asset Pool Properties which have failed to maintain the Required Occupancy Level for the thirty (30) day period prior to the date of determination shall not comprise more than 20% of the aggregate Unencumbered Asset Pool Property Value for all Unencumbered Asset Pool Properties (including the Unencumbered Asset Pool Properties which have failed to so maintain the Required Occupancy Level).

  • So long as Tenant is leasing and occupying at least ---------------- forty-five thousand (45,000) rentable square feet within the Building under this Lease (the "Required Occupancy Level") and subject to satisfaction and fulfillment of all "Sign Requirements" (as defined below), Tenant shall have the non-exclusive right, at Tenant's sole expense, to install and maintain one panel sign on the monument sign located on the Newport Center Drive side of the Building (the "Monument Sign").

Related to Required Occupancy Level

  • Transient occupancy means occupancy in transient lodging that has all of the following

  • Prior Occupancy means Owner’s use of all or parts of the Project before Substantial Completion, as more fully set forth in Section 6.08 A.

  • Occupancy Rate means, with respect to a Property at any time, the ratio, expressed as a percentage, of (a) the number of units in the case of an multifamily Property or square feet in the case of any other Property leased to tenants that are not affiliated with the Borrower pursuant to binding leases to (b) the aggregate number of units or square feet, as applicable, of such Property.

  • Child-occupied facility means a building or portion of a building constructed prior to 1978, visited regularly by the same child, age six years or younger on at least two different days within any week (Sunday through Saturday period), provided that each day’s visit lasts at least three hours and the combined weekly visit lasts at least six hours, and the combined annual visits last at least 60 hours. Child-occupied facilities may include, but are not limited to, day-care centers, preschools and kindergarten classrooms.

  • bicycle parking space – occupant means an area that is equipped with a bicycle rack, locker or bicycle stacker for the purpose of parking and securing bicycles, and:

  • Permitted Occupier means if used in the Agreement, any person who is licensed or permitted by the Landlord to reside at the Property together with the Tenant and who does so as a rent free licensee of the Tenant.

  • On-premise beer retailer means a beer retailer who is:

  • Landlord’s Work means the work of constructing the Tenant Improvements.

  • Square Footage means the total gross horizontal areas of all floors, including usable basement and cellars, below the roof and within the outer surface of the main walls of buildings (or the center lines of party walls separating such buildings or portions thereof) or within lines drawn parallel to and two feet within the roof line of any building or portion thereof without walls (which includes, notwithstanding paragraph 3 below, the square footage of all porches), and including pedestrian access walkways or corridors, but excluding the following:

  • Ground Level means the level of the referred point of exposed surface of the ground as indicated in the drawing.

  • Floor Level means that stage of construction which in the completed building would constitute the walking surface of the particular floor level referred to in the table of payments.

  • Landlord Work means the work, if any, that Landlord is obligated to perform in the Premises pursuant to a separate agreement (the “Work Letter”), if any, attached to this Lease as Exhibit C.

  • Building Square Footage or "BSF" means the square footage of assessable internal living space of a Unit, exclusive of any carports, walkways, garages, overhangs, patios, enclosed patios, detached accessory structure, other structures not used as living space, or any other square footage excluded under Government Code Section 65995 as determined by reference to the Building Permit for such Unit.

  • Substantial Completion means the stage in the progress of the work as determined and certified by the Contracting Officer in writing to the Contractor, on which the work (or a portion designated by the Government) is sufficiently complete and satisfactory. Substantial completion means that the property may be occupied or used for the purpose for which it is intended, and only minor items such as touch-up, adjustments, and minor replacements or installations remain to be completed or corrected which:

  • Landlord Delay means a delay in the construction of the Tenant Improvements or Compliance Work resulting directly from the acts or omissions of Landlord, Landlord’s employees, agents, or contractors including, but not limited to (i) failure of Landlord to timely approve or disapprove any plans; (ii) interference by Landlord, its employees, agents or contractors with the completion of the Tenant Improvements or Compliance Work (including the impairment of Tenant’s contractors’ or vendors’ or employees’ access to the Premises for any reason (including due to the presence of Landlord’s contractors, vendors or personnel), failure to provide reasonable access to the Building’s loading docks or other facilities necessary for the construction of the Tenant Improvements or Compliance Work and/or the movement of materials and personnel to the Premises for such purpose) and (iii) delays due to the acts or failures to act of Landlord, its agents or contractors with respect to payment of the Tenant Improvement Allowance. If Tenant contends that a Force Majeure Construction Delay or a Landlord Delay has occurred, Tenant acknowledges and agrees that it has inspected the Building and the Site and in no event shall the physical character or condition of the Building and/or Site existing as of the Effective Date constitute a basis for a Landlord Delay (this agreement does not apply to the failure of any Building component to properly operate). Further, in no event shall any delay of Landlord constitute a Landlord Delay unless such delay results in a full day of delay in the construction of the Tenant Improvements or Compliance Work. Tenant shall notify Landlord in writing (the “Delay Notice”) of the event which constitutes such Force Majeure Construction Delay or Landlord Delay; such notice may be via electronic mail to Landlord’s construction representative described above. Tenant will additionally use reasonable efforts to mitigate the effects of any Force Majeure Construction Delay or Landlord Delay through the re-sequencing or re-scheduling of work, if feasible, but this sentence will not be deemed to require Tenant to incur overtime or after-hours costs unless Landlord agrees in writing to bear such costs. If the actions or inactions or circumstances described in the Delay Notice constitute a Landlord Delay, and are not cured by Landlord within one (1) business day after Landlord’s receipt of the Delay Notice, then a Landlord Delay shall be deemed to have occurred commencing as of the expiration of such one (l)-business day period. The Lease Commencement Date and the Lease Expiration Date will each be delayed on a day for day basis for each day of Force Majeure Construction Delay or Landlord Delay.

  • Occupancy Date means the date on which occupancy of all Units in a Project is permitted;

  • Storage Space means a space where goods of non-hazardous nature are stored and includes cold storage and banking safe vaults;

  • Gross Floor Area means the total floor area, measured between the outside of exterior walls or between the outside of exterior walls and the centre line of party walls dividing the building from another building, of all floors above the average level of finished ground adjoining the building at its exterior walls;

  • Tenant’s Percentage 3.13% which is based on the 2,440 Rentable Square Feet (RSF) the Premises over the total RSF of the Building and shall be adjusted if the RSF of the Building shall increase or decrease.

  • Owner-occupied means property that is the principal

  • Tenant Delay means an actual delay in the occurrence of the Substantial Completion Date or the Final Completion Date with respect to Landlord’s Work as the result of: (1) any unreasonable delay by Tenant in approving the Plans; (2) any request by Tenant that Landlord delay the commencement or completion of Landlord’s Work for any reason; (3) any request by Tenant to change the Plans after initial approval thereof by Tenant, or the making of any changes to Landlord’s Work requested by Tenant and agreed to by Landlord after initial approval of the Plans by Tenant; (4) any failure by Tenant to respond in writing within seven (7) business days after any written request by Landlord for clarification or interpretation of the Plans or for approval of changes in the Plans deemed necessary by Landlord; or (5) any other act or omission of Tenant or its officers, agents, employees or contractors; Notwithstanding the foregoing, no event shall be deemed to be a Tenant Delay until and unless Landlord has given Tenant written notice (the “Tenant Delay Notice”) advising Tenant (i) that a Tenant Delay is occurring, (ii) of the basis on which Landlord has determined that a Tenant Delay is occurring, and (iii) the actions which Landlord believes that Tenant must take to eliminate such Tenant Delay, and Tenant has failed to correct the Tenant Delay specified in the Tenant Delay Notice within forty-eight (48) hours following receipt thereof. No period of time prior to expiration of such 48-hour period shall be included in the period of time charged to Tenant pursuant to such Tenant Delay Notice if Tenant corrects the Tenant Delay specified in the Tenant Delay Notice within such 48-hour period.

  • Unstable area means a location that is susceptible to natural or human-induced events or forces capable of impairing the integrity of some or all of the landfill structural components responsible for preventing releases from a landfill. Unstable areas can include poor foundation conditions, areas susceptible to mass movements, and Karst terranes.

  • Tenant Delays means (A) Tenant’s request for changes to Landlord’s Work, regardless of whether any such changes are performed, (B) construction of any such changes, (C) Tenant’s request for materials, finishes, or installations requiring unusually long lead times that were not originally included as a part of Landlord’s Work, (D) Tenant’s delay (which shall mean more than 5 business days) in reviewing, revising, or approving any plans and specifications relating to Landlord’s Work, (E) Tenant’s delay in providing information critical to the normal progression of the Project (Tenant shall provide such information as soon as reasonably possible, but in no event longer than 5 business days after receipt of any request for such information from Landlord), and (F) any other act or omission by Tenant or any Tenant Party (as defined herein), or persons employed by any of such persons, (iv) “Substantially Completed” means the substantial completion of Landlord’s Work (A) in a good and workmanlike manner, (B) in accordance with the requirements described in Exhibit C, and (C) in accordance with all applicable Legal Requirements (including, but not limited to, securing the applicable final building inspection for Landlord’s Work), subject only to normal “punch list” items, and (v) “Existing Tenant Delay” means the refusal or failure by the Existing Tenant (as defined below) to surrender the Premises by July 1, 2010 in accordance with the terms and conditions of the Existing Lease (as defined below). Landlord will promptly perform such punch list items. Tenant shall obtain, at its sole cost and expense, any applicable use and occupancy permit for the Premises issued by the applicable Governmental Authority. If Tenant does not elect to void this Lease within 5 business days of the lapse of such 60 day period, such right to void this Lease shall be waived and this Lease shall remain in full force and effect. If neither Landlord nor Tenant elects to void this Lease within 5 business days of the lapse of such 60 day period, such right to void this Lease shall be waived and this Lease shall remain in full force and effect. Sequoia Pharmaceuticals, Inc. (“Existing Tenant”), is currently leasing the Premises from Landlord, and the lease agreement (“Existing Lease”) between Landlord and Existing Tenant is scheduled to expire on July 1, 2010 subject to Landlord’s right to advance the expiration date. Tenant understands, acknowledges, and agrees that Landlord makes no guaranty, representation, or assurance that Landlord will be able to recapture the Premises from the Existing Tenant by July 1, 2010 and that Landlord shall have no obligation or duty to seek the vacation or removal of the Existing Tenant from the Premises.

  • Substantial Completion Date means the date on which Substantial Completion occurs.

  • Tenant’s Work means all improvements, alterations, fixture, equipment, and signage installation, and furniture placement necessary or appropriate for the conduct of the Permitted Use, including all work described as Tenant’s Work on Exhibit D, attached (the “Work Letter”).

  • Certificate of Occupancy means a document issued by the Town certifying that the building or structure, or portion thereof, complies with the approved construction documents that have been submitted to, and approved by the Town, and indicating that the building or structure, or portion thereof, is in a condition suitable for occupancy.