Uneconomic Property definition

Uneconomic Property means a Property that in Lessee’s good faith decision is either obsolete or uneconomic for the conduct of Lessee’s business, and which, but for this Lease, would not be used for the conduct of Lessee’s business, as certified by an Officer’s Certificate.
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Uneconomic Property has the meaning set forth in SECTION 12.1 hereof.
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Uneconomic Property has the meaning set forth in Section 12.01 hereof.
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Examples of Uneconomic Property in a sentence

  • Tenant's restoration of the operations at any Uneconomic Property as a result of events which are not within the control of Tenant and were not foreseeable by Tenant at the time such Officer's Certificate was delivered shall not be deemed to evidence Tenant's bad faith in making the determination which is the subject of such Officer's Certificate.

  • Upon any New Property Purchase, the applicable New Leased Property shall be a Leased Property hereunder and the percentage of Minimum Rent (as set forth on Exhibit 3.1(a) hereto) assigned to the applicable Uneconomic Property shall be assigned to such New Leased Property.

  • Upon any such purchase, the Uneconomic Property removed will no longer be a Leased Property hereunder and this Lease, as such relates to the Uneconomic Property in question, will be terminated in accordance with the last sentence of Section 1.3(b)(ii) herein.

  • Further, Landlord shall not be required to sell an Uneconomic Property (and its efforts to sell shall be deemed reasonable and in good faith it if is unable to sell an Uneconomic Property) for an amount less than the fair market value of such Uneconomic Property, as unencumbered by this Lease.

  • If Landlord sells such Uneconomic Property, this Lease shall terminate with respect to such Uneconomic Property as of the closing of such sale, and Tenant shall vacate such Uneconomic Property at or prior to such closing.

  • Upon any such purchase, the Uneconomic Property removed will no longer be a Leased Property hereunder and this Lease, as such relates to the Uneconomic Property in question, will be terminated.

  • Provided Landlord uses reasonable, good faith efforts to market and sell an Uneconomic Property, Landlord shall have no liability to Tenant and this Lease shall continue with respect to such Uneconomic Property in the event Landlord is unable sell the same.

  • Upon receipt of a Tenant Termination Election Notice, Landlord shall use reasonable, good faith efforts to market and sell such Uneconomic Property as unencumbered by this Lease.

  • Upon receipt of a Tenant Termination Election Notice, Landlord shall use reasonable, good faith efforts in cooperation with Tenant to market and sell such Uneconomic Property.

  • If Lessor does not accept Lessee's offer to purchase such Uneconomic Property by a date which is thirty (30) days prior to such proposed purchase date, then this Lease shall terminate as to such Uneconomic Property as of such proposed purchase date.


More Definitions of Uneconomic Property

Uneconomic Property means an evacuee trust property yielding nominal income which is less than 5% of the value of the property, or no income, or the retention of which on Trust Pool is unprofitable due to its income not being commensurate with the cost of its maintenance or otherwise it is difficult to manage except such an evacuee trust property which carries commercial potential because of its location and suitability for development to raise the Board’s income.
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Related to Uneconomic Property

  • Public Property means any and all property owned by the City or held in the name of the City by any of the departments, commissions or agencies within the City government.

  • 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.

  • 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.

  • Historic property means any prehistoric or historic site, district, building, object, or other real or personal property of historical, architectural, or archaeological value, and folklife resources. These properties or resources may include, but are not limited to, monuments, memorials, Indian habitations, ceremonial sites, abandoned settlements, sunken or abandoned ships, engineering works, treasure trove, artifacts, or other objects with intrinsic historical or archaeological value, or any part thereof, relating to the history, government, and culture of Florida.

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

  • Improved Property means any property upon which there is erected a structure intended for continuous or periodic habitation, occupancy or use by human beings or animals and from which structure Sanitary Sewage and/or Industrial Wastes shall be or may be discharged.

  • Blighted property means property that meets any of the following criteria:

  • 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.

  • Assessed Property means any Parcel within the District against which an Assessment is levied.

  • Partnership Property means any property, real, personal or mixed, or any interest therein or appurtenant thereto which may be owned or acquired by the Partnership.

  • Taxable Public Property means all Assessor’s Parcels of Public Property that are not exempt pursuant to Section E below.

  • Qualified building means a building built at least 30 years before the date of application, located within a designated downtown or, village center, or neighborhood development area, which, upon completion of the project supported by the tax credit, will be an income-producing building not used solely as a single-family residence. Churches and other buildings owned by religious organization may be qualified buildings, but in no event shall tax credits be used for religious worship.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Income Property means, in respect of each Sub-Fund, (a) all interest, dividends and other sums deemed by the Trustee, (after consulting the auditors either on a general or case by case basis), to be in the nature of income (including taxation repayments, if any) received or receivable by the Trustee in respect of the Deposited Property of the relevant Sub-Fund (whether in cash or, without limitation, by warrant, cheque, money, credit or otherwise or the proceeds of sale or transfer of any Income Property received in a form other than cash); (b) all interest and other sums received or receivable by the Trustee in respect of (a), (c) or (d) of this definition; (c) all cash payments received or receivable by the Trustee for the account of the relevant Sub-Fund in respect of an Application; and (d) all Cancellation Compensation received by the Trustee for the account of the relevant Sub-Fund; (e) any payments to be received or are receivable by the Trustee under any contractual agreements in the nature of investments for the benefit of the relevant Sub-Fund but excluding (i) the Deposited Property; (ii) any amount for the time being standing to the credit of the distribution account for the account of the relevant Sub-Fund or previously distributed to Unitholders; (iii) gains for the account of the relevant Sub-Fund arising from the realisation of Securities; and (iv) any sums applied towards payment of the fees, costs and expenses payable by the Trust from the Income Property of the relevant Sub-Fund;

  • Qualifying Property means a primary residence that a qualified applicant owned and occupied

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

  • Unencumbered Property means any one of the Unencumbered Properties.

  • New property means (i) the assessed value, after final

  • Stabilized Property means, any Property that is not a Development Property.

  • Qualified buildings means construction of new structures,

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Contributed Property means each property or other asset, in such form as may be permitted by the Delaware Act, but excluding cash, contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to Section 5.5(d), such property shall no longer constitute a Contributed Property, but shall be deemed an Adjusted Property.

  • Mining Property means a property used for mining operations as defined in the Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002);

  • Qualified Property has the meaning set forth in Section 313.021(2) of the TEXAS TAX CODE and as interpreted by the Comptroller’s Rules and the Texas Attorney General, as these provisions existed on the Application Review Start Date.

  • Elevated Building means a non-basement building which has its lowest elevated floor raised above ground level by foundation walls, shear walls, posts, piers, pilings, or columns.