Triple Net Leased Property definition

Triple Net Leased Property means an Individual Property that is subject to a Lease with a single Tenant, which lease provides that such Tenant is obligated to pay all Taxes and Other Charges, insurance and maintenance with respect to such Individual Property in addition to all other sums payable by such Tenant thereunder.
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Triple Net Leased Property means any real property that is the subject of a lease pursuant to which the renter of such property is responsible for net real estate taxes, net building insurance, and net common area maintenance relating to the real property (in addition to the rental fee). “Trustee”: means Wilmington Trust, National Association, as Grantor Trust Trustee under the Trust Agreement.
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Examples of Triple Net Leased Property in a sentence

  • Mortgage Borrower has used commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to obtain all Permits for the operation of such Tenant’s business.

  • Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted.

  • If under applicable zoning provisions the use of all or any portion of any Triple Net Leased Property is or shall become a nonconforming use, Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

  • If under applicable zoning provisions the use of all or any portion of any Triple Net Leased Property is or shall become a nonconforming use, Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

  • Borrower has used commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to obtain all Permits for the operation of such Tenant’s business.

  • With respect to each Triple Net Leased Property, Borrower shall use commercially reasonable efforts to cause the Improvements and the Personal Property to not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof.

  • Borrower shall and shall cause Mortgage Borrower to use commercially reasonable efforts from time to time, upon Lender’s request, to provide Lender with evidence reasonably satisfactory to Lender that Borrower is using and causing Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to comply in all material respects with all Legal Requirements or cause such Tenant to be exempt from compliance with Legal Requirements.

  • If under applicable zoning provisions the use of all or any portion of any Triple Net Leased Property is or shall become a nonconforming use, Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

  • With respect to each Triple Net Leased Property, Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause the Improvements and the Personal Property to not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof.

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Related to Triple Net Leased Property

  • Leased Properties have the meaning set forth in Section 3.16 herein.

  • Leased Property shall have the meaning given such term in Section 2.1.

  • 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:

  • Net Lease means a lease in which the tenant undertakes to pay all or substantially all the cash expenses, excluding debt service, related to the leased property.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Residential rental property means property that is used solely as leased or rented property for residential purposes. If the property is a space rental mobile home park, residential rental property includes the rental space that is leased or rented by the owner of that rental space but does not include the mobile home or recreational vehicle that serves as the actual dwelling if the dwelling is owned and occupied by the tenant of the rental space and not by the owner of the rental space.

  • Master Leases means the PropCo Master Leases and each other Material Master Lease.

  • Leased Land means land which is the subject of a lease granted under section 60 or 93G; S. 3 def. of "lessee" amended by No. 39/1997 s. 4(2)(b).

  • Leased Personal Property shall have the meaning given such term in Section 2.1(e).

  • Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Mixed-use property means an eligible property that includes three or more residential units and may also contain a commercial property component in the same building.

  • Real Estate Leases has the meaning set forth in Section 2.1(d)(ii).

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Sub-Lease means the sub-lease entered into following the approval of an Approved Sub-lease;

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Ground Leases Those certain leases with respect to real property that is a portion of the Leased Property, pursuant to which Landlord is a tenant and which leases have either been approved by Tenant or are in existence as of the date hereof and listed on Schedule A hereto.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Rental Property means a hotel room, vacation home, or other rental property You booked for Your stay during Your Trip.

  • Company Leased Real Property has the meaning set forth in Section 3.14(b).

  • Master Lease This Schedule is issued pursuant to the Lease identified on page 1 of this Schedule. All of the terms and conditions of the Lease are incorporated in and made a part of this Schedule as if they were expressly set forth in this Schedule. The parties hereby reaffirm all of the terms and conditions of the Lease (including, without limitation, the representations and warranties set forth in Section 8) except as modified herein by this Schedule. This Schedule may not be amended or rescinded except by a writing signed by both parties. CHEMDEX CORPORATION COMDISCO, INC. AS LESSEE AS LESSOR By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxx X. Xxxxxx ------------------- --------------------- Title: CEO Title: SR VP ----------------- ------------------- Date: Date: ----------------- ------------------- EXHIBIT 1 SUMMARY EQUIPMENT SCHEDULE -------------------------- This Summary Equipment Schedule dated XXXX is executed pursuant to Equipment Schedule No. X to the Master Lease Agreement dated XXXX between Comdisco, Inc. ("Lessor") and XXXX ("Lessee"). All of the terms, conditions, representations and warranties of the Master Lease Agreement and Equipment Schedule No. X are incorporated herein and made a part hereof, and this Summary Equipment Schedule constitutes a Schedule for the Equipment on the attached invoices.

  • Condominium Property means the lands, leaseholds, and personal property that are subjected to condominium ownership, whether or not contiguous, and all improvements thereon and all easements and rights appurtenant thereto intended for use in connection with the condominium.

  • Property Owner Association Property means, for each Fiscal Year, any property within the boundaries of IA No. 1 that was owned by a property owner association, including any master or sub-association, as of January 1 of the prior Fiscal Year.

  • Recorded Leasehold Interest means a Leasehold Property with respect to which a Record Document has been recorded in all places necessary or desirable, in Collateral Agent’s reasonable judgment, to give constructive notice of such Leasehold Property to third-party purchasers and encumbrancers of the affected real property.

  • Financeable Ground Lease means, a ground lease reasonably satisfactory to the Administrative Agent on behalf of the Lenders, which must provide customary protections for a potential leasehold mortgagee (“Mortgagee”) such as (i) a remaining term, including any optional extension terms exercisable unilaterally by the tenant, of no less than 25 years, (ii) a provision that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure and has failed to do so, (iii) provision for a new lease to the Mortgagee as tenant on the same terms if the ground lease is terminated for any reason, (iv) transferability of the tenant’s interest under the ground lease by the Mortgagee without any requirement for consent of the ground lessor unless based on delivery of customary assignment and assumption agreements from the transferor and transferee, (v) the ability of the tenant to mortgage tenant’s interest under the ground lease without any requirement for consent of the ground lessor and (vi) provisions that the tenant under the ground lease (or the leasehold mortgagee) has customary protections with respect to the application of insurance proceeds or condemnation awards attributable to the tenant’s interest under the ground lease and related improvements.