Tenant Estoppel Requirement definition

Tenant Estoppel Requirement means the receipt by the Buyer Parties of Acceptable Tenant Estoppel Certificates (A) from tenants at the Target Properties leasing at least 50% of the Tenant Occupied Square Footage of the Target Properties in the aggregate, and (B) from tenants at each individual Target Property leasing at least 50% of the Tenant Occupied Square Footage of such Target Property, for 75% of the Target Properties, where the number of Target Properties based on such percentage shall be rounded up (if 0.5 and over) or down (if below 0.5) to the nearest whole number in the event that any Target Property becomes an Eliminated Target Property and is excluded from the Transactions.

Tenant Estoppel Requirement means Tenant Estoppels executed by eighty percent (80%) of the tenants under the Leases with respect to a Property (and such percentage will be calculated on a rentable square footage basis of the Improvements so leased).

Tenant Estoppel Requirement means Tenant Estoppels executed by (i) Tenant under the Bank Lease (to be executed as a Closing Document), (ii) all tenants who rent over 40,000 rsf, and (iii) eighty percent (80%) of all Tenants (including the Bank Lease and all tenants who rent over 40,000 rsf) (and such percentage shall calculated by the rentable square footage basis of the improvements so leased).

Examples of Tenant Estoppel Requirement in a sentence

• If Seller is unable to satisfy the Tenant Estoppel Requirement prior to the expiration of such total of thirty (30) day extensions, Purchaser may terminate this Agreement by giving notice to Seller and Escrow Agent prior to satisfaction of the Tenant Estoppel Requirement.

• If Seller elects not so to extend Closing, Purchaser shall have five (5) days after receipt of notice thereof in which to give Seller notice that it terminates this Agreement (in which event the Deposit shall be promptly refunded to Purchaser), failing which the Tenant Estoppel Requirement shall be deemed satisfied.

• In no event shall Seller’s failure to deliver to Purchaser any of the Tenant Estoppels or to satisfy the Tenant Estoppel Requirement be deemed to be a default by Seller under this Agreement.

• Cousins shall use its commercially reasonable efforts to deliver to Prudential at or prior to Closing Tenant Estoppels from each of the Space Tenants substantially in the form of the Tenant Estoppel Form or, if the Space Lease includes a different form, substantially in the form Contribution Agreement required by the Space Lease (which shall, for the purposes of this Agreement, satisfy the Tenant Estoppel Requirement if the Tenant so uses the form attached to its Space Lease).

• The Seller Parties shall have satisfied the Tenant Estoppel Requirement.

• At or prior to Closing Buyer must receive Tenant Estoppels executed by such number of the Tenants as is necessary to comply with the Tenant Estoppel Requirement.

• If Seller is unable to satisfy the Tenant Estoppel Requirement within said ten (10) day extension, Seller may extend the Closing for up to an additional twenty (20) days for the sole purpose of Seller's attempting to satisfy the Tenant Estoppel Requirement.

• As a condition precedent to Prudential’s obligations at Closing, Cousins shall deliver to Prudential at or prior to Closing Tenant Estoppels executed by such number of the Space Tenants as is necessary to comply with the Tenant Estoppel Requirement.

• In the event that Seller fails to obtain the Tenant Estoppels that are or are deemed to be satisfactory to Purchaser with respect to tenants of the Property sufficient to meet the requirement described on Exhibit F attached hereto (the “Tenant Estoppel Requirement”) on or before five (5) business days prior to Closing, Closing shall be automatically extended for up to ten (10) days for the sole purpose of Seller's attempting to satisfy the Tenant Estoppel Requirement.

• Tenant Estoppels must be executed by such number of the tenants as is necessary to comply with the Tenant Estoppel Requirement.

More Definitions of Tenant Estoppel Requirement

Tenant Estoppel Requirement shall have the meaning ascribed to such term in Section 3.1(i) of this Agreement.

Tenant Estoppel Requirement means Tenant Estoppels executed by (i) the Major Tenants, and (ii) eighty percent (80%) of the remaining Space Tenants (and such percentage shall calculated on a rentable square footage basis of the Improvements so leased).

Tenant Estoppel Requirement means the requirement of Purchaser to receive a Qualifying Tenant Estoppel from Caracol 2. “Title Company” means First American Title Company, 000 X. Xxxxx Xxxxx Xxxxxx, Ste. 220 San Jose, CA 95113, Attn: Xxxxx X. Xxxxxxx, xxxxxxxxx@xxxxxxx.xxx, (000) 000-0000. 2.