Valid Lease definition
Valid Lease means a binding lease agreement for an identifiable amount of rentable square footage in the Chesterfield Building, whether all such space is immediately occupied by the tenant on the date of the lease or not, between the Company (and/or its successor, assigns, or affiliates) and a tenant which serves a legitimate business purpose. A lease is not considered a Valid Lease under this Agreement if it is an objectively sham transaction, in the reasonable opinion of the City, designed solely for the purpose of circumventing the Continuous Occupancy provisions of this Agreement. However, the City acknowledges that the Company has a legitimate business reason for offering periods of free or reduced rent in an effort to attract tenants and businesses (and such practice is not uncommon in the industry), and the single fact that a lease contains such a provision in no way indicates that said lease is a sham transaction.
Valid Lease means a binding lease agreement for an identifiable amount of rentable square footage in the Durham Innovation District Phase I, whether all such space is immediately occupied by the tenant on the date of the lease or not, between the Company (and/or its successor, assigns, or affiliates) and a tenant, which serves a legitimate business purpose. A lease is not considered a Valid Lease under this Agreement if it is a sham transaction, in the reasonable opinion of the City, designed solely for the purpose of circumventing the Continuous Occupancy provisions of this Agreement. However, the City acknowledges that the Company has a legitimate business reason for offering periods of free or reduced rent in an effort to attract tenants and businesses, and the single fact that a lease contains such a provision in no way indicates that said lease is a sham transaction.
Valid Lease means a binding lease agreement for an identifiable amount of
Examples of Valid Lease in a sentence
The following is the only acceptable documentation: • Most recent municipal statement • Valid Lease Agreement if premises are Leased • Letter from the ▇▇▇▇ Councillor confirming Business Address No. Employer, contact person and telephone number (Only Landline) Description of Contract Value of Work Inclusive of VAT (Rand) Date Completed 1.
For the purposes of the Continuous Occupancy requirements pursuant to this Agreement, any space for which there is a Valid Lease shall be considered to be occupied space.
For the purpose of the Continuous Occupancy requirements pursuant to this Agreement, any space for which there is a Valid Lease shall be considered to be occupied space.