Garage Lease definition
Examples of Garage Lease in a sentence
Lender shall consent to the termination of the Master Garage Lease at such time, if ever, as the Garage maintains an Underwritten Garage Debt Service Coverage Ratio of not less than 1.30:1.0 for four (4) consecutive calendar quarters.
On each Adjustment Date commencing on January 1, 2007, the Rent payable by the Operating Partnership under the Master Garage Lease above shall be increased or decreased, as applicable, in Lender’s reasonable determination, to the then current Garage NCF Deficit Amount.
Developer shall also execute and deliver to City any documents necessary or requested to formally terminate the Garage Lease.
Notwithstanding anything to the contrary contained herein, Borrowers shall give to Lender copies of all notices given to either Borrower or received by either Borrower with respect to the Master Garage Lease.
At the end of the term of this Garage Lease, the Lessee shall deliver the building to the Lessor in as good condition as at the beginning of the term of this Garage Lease, reasonable wear and tear excepted.