Proprietary Lease. The lease on a Cooperative Unit evidencing the possessory interest of the owner of the Cooperative Shares in such Cooperative Unit.
Proprietary Lease. For any Cooperative Unit, a lease or occupancy agreement between a Cooperative Corporation and a holder of related Co-op Shares. Prospectus Supplement: The Prospectus Supplement dated March 29, 2007, relating to the Offered Certificates, and any supplement thereto. PUD: Planned Unit Development.
Proprietary Lease. If such Mortgage Loan is a Cooperative Loan: (i) the terms of the related proprietary lease or occupancy agreement is longer than the terms of the Cooperative Loan, (ii) there is no provision in such proprietary lease or occupancy agreement which requires the Mortgagor to offer for sale the cooperative shares owned by such Mortgagor first to the cooperative corporation, and (iii) there is no prohibition against pledging the shares of the cooperative corporation or assigning the cooperative lease;