As of the Funding Date, Fee Owners are the sole legal and equitable fee owners of good and marketable title to the Union Square Hotel Property and Biltmore Hotel Property, respectively, subject only to Permitted Liens.
Hotel Property means a Property on which there is located an operating hotel.
Retail Property means a Property improved with a building or buildings the substantial use of which is retail space, which may include a Property that is part of a Mixed-Use Property.
Real Estate means all Leases and all land, together with the buildings, structures, parking areas, and other improvements thereon, now or hereafter owned by any Loan Party, including all easements, rights-of-way, and similar rights relating thereto and all leases, tenancies, and occupancies thereof.
Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.
Commercial property means property formerly or currently used primarily for business, retail, governmental or professional purposes.
Residential property means improved property that:-
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.
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 Business means homebuilding, housing construction, real estate development or construction and related real estate activities, including the provision of mortgage financing or title insurance.
Hotel means any establishment used for the purpose of temporary, overnight lodging for which a fee is paid and reservations are required.
Loan Property means any property in which the applicable party (or a subsidiary of it) holds a security interest and, where required by the context, includes the owner or operator of such property, but only with respect to such property.
Residential real estate means any real property located in this state, upon which is constructed or intended to be constructed a dwelling;
Redevelopment Property means a property owned by the Company or a Consolidated Subsidiary (a) where the commenced leased square footage is less than 60% of the sum of net rentable square feet and redevelopment space, with reasonable adjustments to leased square footage determined in good faith by the Company, including adjustments for available power, required support space and common area and (b) that the Company reasonably characterizes as held in whole or in part for redevelopment.
Property Owner means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of land by the city council. “Business owner” means any person recognized by the city as the owner of the business. “Owner” means either a business owner or a property owner. The city council has no obligation to obtain other information as to the ownership of land or businesses, and its determination of ownership shall be final and conclusive for the purposes of this part. Wherever this part requires the signature of the property owner, the signature of the authorized agent of the property owner shall be sufficient. Wherever this part requires the signature of the business owner, the signature of the authorized agent of the business owner shall be sufficient.
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.
Rental Property means a hotel room, vacation home, or other rental property You booked for Your stay during Your Trip.
Initial Properties means collectively the Properties listed on Schedule 1.1 and “Initial Property” means any of such Properties.
Commercial real estate means real estate or an interest in real estate that is not any of the following:
Real Estate Assets means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including fee or leasehold interests, options and leases), directly, through one or more subsidiaries or through a Joint Venture.
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.
Real Estate Leases has the meaning set forth in Section 2.1(d)(ii).
Hotel Site means the real property on which the Hotel is located or to be located, as approved by us.