Hereditary Building Right definition
Hereditary Building Right means a right, in rem, to own a building on a plot of land according to the German Hereditary Building Right Ordinance (Verordnung über das Erbbaurecht).
Examples of Hereditary Building Right in a sentence
No Borrower shall, in relation to the Hereditary Building Rights held by it in respect of a Property, without the prior written consent of the Facility Agent, waive, release or vary any obligation under, or the terms of, exercise any option or power to break, determine or extend in each case, the Hereditary Building Right.
The Owned Real Property includes all real property owned by each Asset Seller (insofar as it relates to the Business) and the Business Subsidiaries, including the Hereditary Building Right Property.