Burn-Off Lease definition

Burn-Off Lease means: (a) a Lease with a tenant listed on Exhibit A-2 that relates to Master Lease Space, (b) a Lease entered into between Seller and a third party prior to Closing in accordance with the terms of this Agreement that relates to Master Lease Space; and (c) a Post Closing Burn-Off Lease (as defined below).
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Examples of Burn-Off Lease in a sentence

  • At the expiration of the Master Lease Period and the Earnout Period, Buyer shall retain any amounts in the TI/Commission Escrow for any spaces which are not subject to an executed Post Closing Earnout Lease or Post Closing Burn-Off Lease.

  • If a proposed Post Closing Burn-Off Lease and/or proposed tenant for a Master Lease Space which meet the foregoing criteria are not approved by Buyer on or before ten (10) Business Days after the date submitted, or Buyer provides no reasonable basis for the rejection, such proposed tenant shall be deemed to be a Rent Paying Tenant for such Master Lease Space solely for purposes of determining the amounts to be released to Buyer and Seller pursuant to Section 4.3(c) below.

  • If, during the Master Lease Period and for six (6) months thereafter, Buyer leases any space within the Property to the prospective tenant under a Burn-Off Lease which it previously rejected pursuant to this provision, upon material terms substantially the same or more favorable to tenant as when originally proposed, the Burn-Off Lease previously submitted shall be deemed to have been approved as and when originally proposed and, to the extent necessary, payments shall be made between the Seller and Buyer.