Permitted Use; Qualified Care; Number of Beds Sample Clauses

Permitted Use; Qualified Care; Number of Beds. Sublessee shall continuously use and occupy the Premises during the Term as a skilled nursing facility with not less than 50 licensed and 50 Medicare and Medicaid certified beds and for ancillary services relating thereto, but for no other purpose (“Permitted Use”). Sublessee shall provide care, treatment and services to all residents of the Facility in a manner consistent in all material respects with all applicable laws. Notwithstanding any common law or statutory right, Sublessee agrees not to transfer, move or otherwise take action that reduces the bed complement of the Facility and Sublessee agrees not to take any of the beds out of service or move the beds to a different location without the prior written consent of the Sublessor in its sole and absolute discretion. Schedule 7.1 attached hereto sets forth a true, correct and complete list of the number and types of licensed beds at the Premises and whether such beds are Medicaid and/or Medicare certified. Sublessee shall take no action to reduce or modify the number of beds for which the Premises are licensed.
Sample 1
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Permitted Use; Qualified Care; Number of Beds. Sublessee shall continuously use and occupy the Premises during the Term as an assisted living facility with not less than 80 apartment units available for use and for ancillary services relating thereto, but for no other purpose (“Permitted Use”). Notwithstanding the foregoing sentence, Sublessor and Sublessee acknowledge and agree that the Facility is currently licensed with the Ohio Department of Health for 95 residential care facility beds. Sublessee shall provide care, treatment and services to all residents of the Facility in a manner consistent in all material respects with all applicable laws. Notwithstanding any common law or statutory right, Sublessee agrees not to transfer, move or otherwise take action that reduces the bed complement of the Facility and Sublessee agrees not to take any of the beds out of service or move the beds to a different location without the prior written consent of the Sublessor in its sole and absolute discretion. Schedule 7.1 attached hereto sets forth a true, correct and complete list of the number and types of licensed beds at the Premises and whether such beds are Medicaid and/or Medicare certified. Sublessee shall take no action to reduce or modify the number of beds for which the Premises are licensed.
Sample 1
Permitted Use; Qualified Care; Number of Beds. Sublessee shall continuously use and occupy the Premises during the Term as a skilled nursing facility with not less than 113 licensed and 99 Medicare and Medicaid certified beds and for ancillary services relating thereto, but for no other purpose (“Permitted Use”). Sublessee shall provide care, treatment and services to all residents of the Facility in a manner consistent in all material respects with all applicable laws. Notwithstanding any common law or statutory right, Sublessee agrees not to transfer, move or otherwise take action that reduces the bed complement of the Facility and Sublessee agrees not to take any of the beds out of service or move the beds to a different location without the prior written consent of the Sublessor in its sole and absolute discretion. Schedule 7.1 attached hereto sets forth a true, correct and complete list of the number and types of licensed beds at the Premises and whether such beds are Medicaid and/or Medicare certified. Sublessee shall take no action to reduce or modify the number of beds for which the Premises are licensed. Notwithstanding any provision to the contrary contained in this Sublease, Landlord, Sublessor and Sublessee covenant and agree that on or before March 31, 2019 (the “Effective Date”), the number of skilled nursing beds at the Facility licensed by the Ohio Department of Health shall be reduced by fourteen (14) licensed beds, so that after such reduction the Facility shall have a total of ninety-nine (99) licensed skilled nursing beds. In connection with the aforesaid bed reduction, Landlord and Sublessor hereby irrevocably authorize and direct Sublessee to execute and file with the Ohio Department of Health and the Ohio Department of Medicaid a letter prepared by Sublessee (the “Letter”) that provides for the permanent relinquishment on the Effective Date of fourteen (14) skilled nursing beds currently licensed at the Facility (the “Relinquished Beds”), and Sublessee hereby agrees to take such action. Landlord, Sublessor, and Sublessee acknowledge and agree that the effect of filing the Letter will be that: (a) the Relinquished Beds will be permanently relinquished and not be eligible to be operated, placed into service, or sold following the Effective Date; and (b) the Facility’s licensed skilled nursing bed capacity will be reduced from one hundred thirteen (113) beds (of which ninety-nine (99) beds are Medicare- and Medicaid-certified) to ninety-nine (99) beds (all of which beds will be Medi...
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Related to Permitted Use; Qualified Care; Number of Beds

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  • Certain Available Information The Securities Administrator shall maintain at its Corporate Trust Office and shall make available free of charge during normal business hours for review by any Holder of a Certificate or any Person identified to the Securities Administrator as a prospective transferee of a Certificate, originals or copies of the following items: (i) in the case of a Holder or prospective transferee of a Class C Certificate, a Class P Certificate or a Residual Interest, any related private placement memorandum or other disclosure document relating to such Certificates, if any, in the form most recently provided to the Securities Administrator; and (ii) in all cases, (A) this Agreement and any amendments hereof entered into pursuant to Section 11.01, (B) all monthly statements required to be delivered to Certificateholders of the relevant Class pursuant to Section 4.02 since the Closing Date, and all other notices, reports, statements and written communications delivered to the Certificateholders of the relevant Class pursuant to this Agreement since the Closing Date, (C) all certifications delivered by a Responsible Officer of the Securities Administrator since the Closing Date pursuant to Section 10.01(h), (D) any and all Officers’ Certificates delivered to the Trustee by the Servicer since the Closing Date to evidence the Servicer’s determination that any P&I Advance was, or if made, would be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance, respectively, and (E) any and all Officers’ Certificates delivered to the Securities Administrator by the Servicer since the Closing Date pursuant to Section 4.04(a). Copies and mailing of any and all of the foregoing items will be available from the Securities Administrator upon request at the expense of the person requesting the same.

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  • Annual Statement as to Compliance, Notice of Servicer Termination Event (a) To the extent required by Section 1123 of Regulation AB, the Servicer, shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent and each Rating Agency, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year (regardless of whether the Seller has ceased filing reports under the Exchange Act), beginning on March 31, 2019, an officer’s certificate signed by any Responsible Officer of the Servicer, dated as of December 31 of the previous calendar year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such other period as shall have elapsed from the Closing Date to the date of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled in all material respects all its obligations under this Agreement throughout such period, or, if there has been a failure to fulfill any such obligation in any material respect, identifying each such failure known to such officer and the nature and status of such failure.

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  • Annual Compliance Certificate Within one hundred and twenty (120) days after December 31, 2021 and each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto).

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  • Minimum Consolidated Tangible Net Worth (a) Prior to consummation of the Merger, the Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (i) $788,000,000.00 plus (ii) seventy-five percent (75%) of the sum of any additional Net Offering Proceeds after the date of this Agreement.

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