Controlled Properties definition
Examples of Controlled Properties in a sentence
If the Operating Partnership determines that the applicable Controlled Properties have both Economic Occupancy and Physical Occupancy consistent with or exceeding local market levels for self-storage and/or mini-warehouse facilities for such periods, then the Operating Partnership shall so notify the applicable Manager Parties pursuant to a written notice in accordance with the provisions of Section 8.4(b) below.
The Controlled Owners hold the fee simple or leasehold estate in and to the Controlled Properties, for their own account, not as an agent or trustee for another party, and the Owned Properties are free and clear of all agreements, liens and encumbrances except those specifically set forth in Schedule B of the Lender's title insurance policies.
Upon termination of this Lease for any reason, Lessee shall, at Lessor's option, to be exercised within thirty (30) days if at all, sell and convey to Lessor, at fair market value, any real property owned by Lessee or its affiliates within the Controlled Properties boundary as defined by the bold green outline on Exhibit A.
Without limitation of the foregoing, neither the Controlled Properties nor any part thereof constitute a nonconforming use under any Applicable Laws.
The Controlled Properties are taxed separately from all property which is not subject to the Security Documents.
There are no pending or concluded condemnation or similar proceedings affecting the Controlled Properties, and Borrowers have received no written notice and have no knowledge of any such proceedings that are threatened.
Borrowers will pay all Impositions and other prior charges and liens now or hereafter assessed or liened on or levied against the Controlled Properties or any part thereof or interest therein when and as the same become due and payable.
No material default, breach or violation exists under any covenants, conditions, restrictions, rights of way, easements or encumbrances affecting the Controlled Properties.
During the continuance of an Event of Default, Lender may instruct Borrowers to remove the property manager with respect to any or all of the Controlled Properties and to designate a replacement property manager acceptable to Lender and Borrowers shall so remove the property manager(s) and so designate replacement(s).
Borrowers have received no written notice and have no knowledge of any pending or proposed special or other assessments for public improvements affecting the Controlled Properties or any contemplated improvements to the Controlled Properties that may result in such special or other assessments, except for any increase in the assessed valuation of the Controlled Properties resulting from improvements to be made in the premises demised to tenants under Leases.