life lease definition

life lease means a property that is a form of housing tenure in which individuals purchase the right to occupy a residential unit for a specified period of time (i.e., for their lifetime, or, a defined term);
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life lease means a written tenancy agreement under or in respect of which,
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life lease means a written tenancy agreement giving a person certain rights to property during the person's lifetime.
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More Definitions of life lease

life lease or “Life Lease Basis” means the Leaseholder’s right to use, occupy and enjoy the Dwelling as set forth in Section 6.01;
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life lease means a life lease in respect of a Residential Unit granted to an Owner, the terms of which are set forth in one or more written life lease agreements made between Shepherd’s Village Ministries Ltd., as landlord, and an Owner, as life resident;
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life lease means this Agreement;
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life lease means a written agreement pursuant to or with respect to which
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life lease. ’ means a landlord-tenant relationship in which the tenant obtains only the right to possess a defined living unit for life. In a life lease there is no obligation or intent to provide care and services to the tenant at any time, present or future.
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Related to life lease

  • Base Lease means the Base Lease Agreement by and between the City and the Corporation to be dated as of the date of its delivery, as the same may be amended or supplemented from time to time.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Facility Lease means a lease or master lease with respect to any Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor, to a third party Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that such Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental payments required thereunder such that net operating income to the applicable Consolidated Party for such Real Property Asset (before non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and substance reasonably satisfactory to the Administrative Agent.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.