Low Occupancy Property definition

Low Occupancy Property means a Property that has an Occupancy Rate of less than 80.0% in respect of which the Borrower has elected to value such Property at the Low Occupancy Property Value as set forth in the applicable Compliance Certificate.
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Low Occupancy Property means a Property that has an Occupancy Rate of less than 80.0% in respect of which the Company has elected to value such Property at the Low Occupancy Property Value as set forth in the applicable Officer’s Certificate delivered in accordance with Section 7.2.
Sample 1Sample 2Sample 3
Low Occupancy Property means a Property that has an Occupancy Rate of less than 80.0% in respect of which the Borrower has elected to value such Property at the Low Occupancy Property Value as set forth in the applicable Compliance Certificate. “Low Occupancy Property Value” means 80.0% of undepreciated GAAP book value for up to four consecutive quarters, after which time such Property may be carried at 50.0% of undepreciated GAAP book value. “Major Redevelopment Property” means a Property (i) owned by the Borrower, any Subsidiary or any Unconsolidated Affiliate undergoing redevelopment (or which (as determined in good faith by the Borrower) will commence redevelopment within 12 months) where the Gross Construction Budget for such redevelopment is equal to or greater than 25.0% of the undepreciated GAAP book value of such Property immediately prior to the commencement of such redevelopment and (ii) the Borrower has elected to classify such Property as a Major Redevelopment Property. A Major Redevelopment Property shall cease to be a Major Redevelopment Property upon the first to occur of (i) such time as all improvements (other than tenant improvements on unoccupied space) related to the redevelopment of such Property have been substantially completed for at least 4 full fiscal quarters (notwithstanding the fact that such Property may not achieved an Occupancy Rate of at least 80%) and (ii) the Borrower’s irrevocable election to no longer treat such Property as a Major Redevelopment Property. “Major Redevelopment Property Value” means, with respect to a Major Redevelopment Property, at the Borrower’s election, either (a) 80.0% of the undepreciated GAAP book value of such Major Redevelopment Property immediately prior to the commencement of such redevelopment plus all incremental redevelopment cost incurred to date with respect to such Major Redevelopment Property or (b) the sum of (i) the quotient of (x) the NOI of such Major Redevelopment Property for the period of two fiscal quarters most recently ended immediately prior to the designation of such Property as a Major Redevelopment Property times 2 divided by (y) the applicable Capitalization Rate, plus (ii) all
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Related to Low Occupancy Property

  • Single Room Occupancy or “SRO” means housing consisting of single room dwelling units that is the primary residence of its occupant or occupants. An SRO does not include facilities for students.

  • Transient occupancy means occupancy in transient lodging that has all of the following

  • Prior Occupancy means Owner’s use of all or parts of the Project before Substantial Completion, as more fully set forth in Section 6.08 A.

  • bicycle parking space – occupant means an area that is equipped with a bicycle rack or locker for the purpose of parking and securing bicycles, and:

  • Child-occupied facility means a building or portion of a building constructed prior to 1978, visited regularly by the same child, age six years or younger on at least two different days within any week (Sunday through Saturday period), provided that each day’s visit lasts at least three hours and the combined weekly visit lasts at least six hours, and the combined annual visits last at least 60 hours. Child-occupied facilities may include, but are not limited to, day-care centers, preschools and kindergarten classrooms.

  • Owner-occupied means property that is the principal

  • Permitted Occupier means any person on the Premises for any period expressly or by implication with the Tenant’s authority or permission.

  • domestic premises means any premises used wholly or partly as a dwelling or intended for such use;

  • Leased Property shall have the meaning given such term in Section 2.1.

  • Leased Premises means the Leased Premises as defined in Paragraph 1.

  • the Premises means the building or part of the building booked and referred to in the contract

  • Subleased Premises means approximately -18;961 rentable square feet on the 141h floor of the Building, as more specifically depicted on Exhibit A attached hereto and made a part hereof. The Subleased Premises include all of the Leased Premises identified in the Prime Lease.

  • School premises means either of the following:

  • Occupancy means the use or intended use of a building or part thereof for the shelter or support of persons, animals or property.

  • Open space land means (a) any land area so designated by an

  • Rentable Area of the Premises The amount of square footage set forth in Section 1.01(10).

  • Residential rental property means property that is used solely as leased or rented property for residential purposes. If the property is a space rental mobile home park, residential rental property includes the rental space that is leased or rented by the owner of that rental space but does not include the mobile home or recreational vehicle that serves as the actual dwelling if the dwelling is owned and occupied by the tenant of the rental space and not by the owner of the rental space.

  • Occupancy Date means the date on which occupancy of all Units in a Project is permitted;

  • Mixed-use property means an eligible property that includes three or more residential units and may also contain a commercial property component in the same building.

  • Landlord Work means the work, if any, that Landlord is obligated to perform in the Premises pursuant to a separate agreement (the “Work Letter”), if any, attached to this Lease as Exhibit C.

  • Demised Premises or “Premises” (and whether or not capitalized) is used herein, it shall be understood to mean the “premises leased hereby”; and whenever the term “Entire Premises” is used herein (and whether or not capitalized), it shall be understood to mean all of the contiguous land and buildings owned by Landlord at this location, which include the premises leased hereby. The term “Non-leased Premises” shall mean the Entire Premises less the Leased Premises.

  • Open space means undeveloped land, a naturally landscaped area, or a formal or man-made landscaped area that provides a connective link or a buffer between other resources.

  • Landlord’s Work means the work of constructing the Tenant Improvements.

  • Office Premises means any building, facility, or portion thereof, or other premises, whether owned or controlled by CP, which is used solely for clerical or administrative purposes and which does not contain heavy equipment or machinery, as designated by CP from time to time;

  • Mortgaged Premises means any real property which shall now or hereafter be subject to a Notes Mortgage.

  • Assessed Property means any Parcel within the District against which an Assessment is levied.