Junior Unit definition

Junior Unit means a fractional share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.01, 4.02, or 4.03 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units.

Junior Unit means a fractional share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.01, 4.03 or 4.04 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units.

Junior Unit means a Unit representing a fractional part of the Company Interests of the Members that the Managing Member has authorized pursuant to Section 3.02 that has distribution rights that are inferior or junior to the Common Units.

Examples of Junior Unit in a sentence

• If, at any time, any Junior Shares are redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the General Partner for cash, the Partnership shall, immediately prior to such redemption of Junior Shares, redeem an equal number of Partnership Junior Units held by the General Partner, upon the same terms and for the same price per Partnership Junior Unit, as such Junior Shares are redeemed.

• In order to best align our local regulations with state regulations, the Housing Legislation Code Update Package proposes to strike the existing “Companion Unit, Junior Unit and Movable Tiny Houses” regulations in Section 141.0302 in their entirety, and replace them with new “Accessory Dwelling Unit and Junior Accessory Dwelling Unit Regulations that fully comply with and exceed the requirements of state law.

• The following LDC amendments address items related to Accessory Dwelling Units (ADUs) and Junior Accessory Dwelling Units (JADUs): • Replacement of the Companion Unit, Junior Unit and Movable Tiny Homes Regulations with New Accessory Dwelling Unit and Junior Accessory Dwelling Unit Regulations in Order to Implement New State ADU and JADU Legislation Several bills were passed at the end of 2019 which addressed ADUs and JADUs, including AB 68, AB 587, AB 881, and SB 13.

• If, at any time, any Junior Shares are redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the Company for cash, the Partnership shall, immediately prior to such redemption of Junior Shares, redeem an equal number of Partnership Junior Units held by the Company, upon the same terms and for the same price per Partnership Junior Unit, as such Junior Shares are redeemed.

• The Program requires either the newly-created Junior Unit or Converted ADU or the remainder of the home to be rented to an eligible low-income household in accordance with the City’s Junior Unit Initiative Program Guidelines (“Program Guidelines”).

More Definitions of Junior Unit

Junior Unit means a fractional share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.1, 4.3 or 4.4 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units and the Preferred Units. For purposes of this definition, a Contingent Conversion Unit shall not be considered a Junior Unit.

Junior Unit means any of the Common Units or Class B Units, any unit of a new series of Units that are junior to the Preferred Units in respect of the distribution of assets on liquidation, dissolution or winding up of the Company, if any, and any units or other equity interests into which any of the same shall have been converted or exchanged.

Junior Unit means any of the Common Units, Class B Units or Class L Units, any unit of a new series of Units that are junior to the Preferred Units in respect of the distribution of assets on liquidation, dissolution or winding up of the Company, if any, and any units or other equity interests into which any of the same shall have been converted or exchanged.

Junior Unit means a residential unit that complies with the requirements of Napa Municipal Code Section 17.52.015(F), that is no larger than 500 square feet in size, and that is created within the existing walls of an owner-occupied single-family home by carving out a sleeping room, efficiency kitchen and ancillary space into a separate unit. Junior Units may have private or shared bathrooms.

Junior Unit shall include any Common Unit.

Junior Unit means a Unit representing a fractional part of the Company Interests of the Members that the Managing Member has authorized pursuant to Section3.02 that has distribution rights that are inferior or junior to the Common Units.

Junior Unit means a residential unit that complies with the requirements of Napa Municipal Code Section 17.52.015(F), that is no larger than 500 square feet in size, and that is created within the existing walls of a single-family home by carving out a sleeping room, efficiency kitchen and ancillary space into a separate unit. The owner must live on-site in either the primary or the Junior Unit. Junior Units may have private or shared bathrooms.