Landlord's Equity as used herein means the lesser of (i) the interest of the Landlord in and to the building and (ii) the interest the Landlord would have in the building if it were encumbered by an indebtedness held by a person not a party to this lease in an amount equal to 75% of the then-current fair market value of the building (as such value of such interest is determined in good faith by the Landlord). The Tenant shall not look to any other property or assets of the Landlord, other than Landlord's Equity, or the property or assets of any of the Parties in seeking either to enforce the Landlord's obligations under this lease or to satisfy a judgment for the Landlord's failure to perform such obligations.
Landlord's Equity shall have the meaning set forth in Section 39.2.
Landlord's Equity as used in the preceding sentence, shall mean the lesser of: (i) the interest of Landlord in and to the Real Property and (ii) the interest that Landlord would have in the Real Property if it were encumbered by an indebtedness held by a Person in an amount equal to seventy five percent (75%) of the then-current fair market value of the Real Property (as such value of such interest is determined in good faith by Landlord). Tenant shall not look to any other property or assets of Landlord or any property or assets of any of the Parties in seeking either to enforce Landlord’s obligations under this Lease or to satisfy a judgment for Landlord’s failure to perform such obligations.
Examples of Landlord's Equity in a sentence
For purposes of this Section 13.04, in no event shall Landlord’s Equity Interest in the Building be deemed to be less than twenty percent (20%) of the fair market value of the Building determined as of the date on which Tenant initiates the applicable action to enforce its rights under the Lease.
More Definitions of Landlord's Equity
Landlord's Equity means the total project cost of the development and construction of the Building (as established by Landlord and its construction lender at the Construction Loan Closing) less the amount of the construction loan. Tenant acknowledges that Landlord’s Equity may include both cash funded by Landlord and Land value as established by Landlord and its construction lender at the Construction Loan Closing.
Landlord's Equity means the amount by which the then fair market value of the Building (including the parcel of real property on which the Building is located) exceeds the debt secured by deeds of trust or mortgages encumbering the Building (including the parcel of real property on which the Building is located). The parties hereby acknowledge and agree that the fair market value of the Building (including the parcel of real property on which the Building is located) shall be determined in the manner set forth hereinbelow:
Landlord's Equity as used herein means the interest the Landlord would have in the building if it was encumbered by indebtedness held by a person not a party to this lease in an amount equal to seventy-five percent of the then current fair market value of the building (as the value of such interest is determined in good faith by the Landlord.
Landlord's Equity means $16,924,041.00.
Landlord's Equity as used in the preceding sentence, shall mean the interest of Landlord in and to the Real Property and any insurance proceeds or proceeds from the sale of the Building. Tenant shall not look to any other property or assets of Landlord or any property or assets of any of the Parties in seeking either to enforce Landlord’s obligations under this Lease or to satisfy a judgment for Landlord’s failure to perform such obligations.
Landlord's Equity as used in the preceding sentence, shall mean the lesser of: (i) the interest of Landlord in and to the Real Property and (ii) the interest that Landlord would have in the Real Property if it were encumbered by an indebtedness held by a Person in an amount equal to seventy five percent (75%) of the then-current fair market value of the Real Property (as such value of such interest is determined in good faith by Landlord). Tenant shall not look to any other property or assets of Landlord or any property or assets of any of the Parties in seeking either to enforce Landlord’s obligations under this Lease or to satisfy a judgment for Landlord’s failure to perform such obligations. In no event shall the officers, directors, agents, partners, principals, employees and/or shareholders of Tenant have any personal liability whatsoever for any damages and/or liability under this Lease, and Landlord shall look solely to the assets of Tenant (including the Security Deposit) for the recovery of any damages or otherwise under any of the terms, covenants or provisions contained in this Lease.
Landlord's Equity means $7,963,090.00.