Co-op Lease definition
Examples of Co-op Lease in a sentence
Co-op: A private, cooperative housing corporation, having only one class of stock outstanding, which owns or leases land and all or part of a building or buildings, including apartments, spaces used for commercial purposes and common areas therein and whose board of directors authorizes the sale of stock and the issuance of a Co-op Lease.
The agreement creating a security interest in the stock allocated to a dwelling unit in the residential cooperative housing corporation that was pledged to secure such Co-op Loan and the related Co-op Lease.
Each original UCC financing statement, continuation statement or other governmental filing or recordation necessary to create or preserve the perfection and priority of the first lien and security interest in the Co-op Loan and Co-op Lease has been timely and properly made.
Except in the case of a Co-op Loan and the related Co-op Lease, no Mortgaged Property consists of a leasehold interest.
Co-op Lease: With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.
As part of an overall implementation plan, VAHEF-specific targets will be defined in conjunction with the update to the Housing Vancouver targets noted in (5) above and staff will report back on a Co-op Lease Renewal Framework guiding how non-market co-op leases will be renewed as they near expiry.
Co-op Loan: A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.
With respect to each Mortgage Loan which is not a Co-op Loan, the underlying real property securing repayment of a Mortgage Note and (b) with respect to each Co-op Loan, the related Cooperative Shares and related Co-op Lease.
The following other terms are defined as follows: Co-op Lease: With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.
AWG Update on preparations for Co-op Lease negotiations There was agreement that an accelerating work program and subsequent increase in the number of meetings and tasks have posed new challenges.