Major Property definition
Examples of Major Property in a sentence
If Tenant fails to accept Landlord’s offer within such twenty (20) day period, then Landlord shall be free to sell the Major Property for a period of nine (9) months thereafter on the same economic terms and conditions (or on different terms more favorable to Landlord, as seller) without offering the Major Property to Tenant.
The security services provided by Tenant shall be at a level substantially similar to the level of security services existing at the Major Property immediately prior to the Commencement Date or, if greater, at a level then commensurate with Comparable Buildings.
If both of the conditions enumerated in the previous sentence shall be satisfied, Landlord shall notify Tenant of such Third Party Offer and for a period of twenty (20) days after such notice is sent by Landlord, Tenant shall have the exclusive right to accept Landlord’s offer to purchase Landlord’s interest in the Major Property upon the terms and conditions set forth in the Third Party Offer.
If Landlord does not convey its interest in the Major Property within such nine (9) month period, then Tenant’s rights pursuant to this paragraph shall be reinstated.
On the date of such purchase, Landlord shall convey and assign to Tenant, or its designee, Landlord’s interest in the Major Property in consideration of payment of the sale price therefor, in accordance and upon compliance with the terms and conditions of the Third Party Offer, and this Lease shall terminate with respect to the Leased Premises located in the Major Property conveyed to Tenant.
The project is consistent with the Major Property Investment project incentive sub-section of the Resolution for the Economic Development Financial Investment and Incentive Policy approved by the Durham City Council on April 4, 2011, which states that a project, within 10 years of the Council’s approval, must directly result in capital investment of at least $45,000,000 in mixed-use development within a CDA and that the maximum incentive payment can’t exceed 16% of the qualified capital investment.
If such Leased Property is a Major Property, the related Lessee shall have delivered, or shall have caused to be delivered, to the Lessor and the Agent, at such Lessee's expense, an accurate survey certified to the Lessor and the Agent in a form reasonably satisfactory to the Lessor and the Agent and showing no state of facts unsatisfactory to the Lessor or the Agent and prepared within ninety (90) days of the Closing Date by a Person reasonably satisfactory to the Lessor and the Agent.
If such Leased Property is a Major Property or if such Leased Property is the first Leased Property to be located in a particular state by the related Lessee, the Agent shall have received good standing certificates for the Lessor and the related Lessee from the appropriate offices of the state where the related Land is located.
All other data utilized by the Third Party to make the calculations contemplated by this Agreement, including any amounts constituting a Major Property Loss, shall be based upon the best available current estimates.
Upon such reduction, there shall be assigned to the Sellers, and the Sellers shall be entitled to receive and retain, the casualty and/or condemnation awards only with respect to the affected Major Property.