Option Premises definition

Option Premises means, as the case may be:
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Option Premises means the Facility or Facilities identified as the portion of the Premises that Tenant elects to be designated as the Option Premises in the Exercise Notice; provided, however, in no event shall Tenant be entitled to (i) include any Facility in the Option Premises unless Landlord has owned such Facility for a period of the greater of (x) two (2) years or (y) the currently recognized “safe-harbor” holding period for Real Estate Investment Trusts under the rules and regulations relating to “prohibited transactions” or “dealer sales” under the Internal Revenue Code of 1986, as amended, and (ii) designate more than five (5) Facilities as Option Premises during the Term. As used herein, “Replacement Premises” shall mean a healthcare facility or facilities, of comparable or superior type, use, and quality to the Option Premises, and, subject to customary due diligence and property investigations by Landlord, reasonably acceptable to Landlord to be added to the Premises demised under this Master Lease in place of the Option Premises, as of the date of closing. As used herein, “Rent Coverage Ratio” means, as of the date of determination, the ratio of (A) the Portfolio EBITDARM for the immediately preceding 6 calendar months, minus (I) an assumed management fee equal to five percent (5%) of the gross revenues generated during such six month period, and (II) one-twelfth (1/12) of the CapEx Amount multiplied by the aggregate rentable square footage of the Facilities on the calculation date and further multiplied by the number of months in the period of determination, to (B) the total amount of the Minimum Rent and Additional Rent due for such six month period pursuant to the terms of this Master Lease. As used herein, “Portfolio EBITDARM” means, for any period of determination, the aggregate net income (or loss) of Tenant for such period to the extent derived from the collective operation of the Premises, adjusted to add thereto, to the extent allocable to the Premises, without duplication, any amounts deducted in determining such net income (or loss) for (a) interest expense, (b) income tax expense, (c) depreciation and amortization expense, (d) rental expense, and (e) management fee expense, in each case determined in conformity with generally accepted accounting principles, consistently applied. With respect to any Replacement Premises that has been operating for less than twelve (12) months as of the Option Exercise Date, Portfolio EBITDARM shall be calculated us...
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Option Premises has the meaning provided in Section 23.9(b) hereof.”
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Examples of Option Premises in a sentence

  • In the event Landlord intends to lease all or a portion of the Option Premises (the “Subject Premises”), Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”).

  • The Company has occupied all of the Option Premises and commenced operation of its business therein on , 20 .

  • If multiple appraisers are selected, each appraiser shall within ten (10) days of being selected make its determination of the amount equal to ninety-five percent (95%) of the current fair market Monthly Base Rent for the Option Premises as of the commencement date of the option extension period in simple letter form.

  • Landlord may accept or reject such offer to purchase an Option Premises at Landlord’s sole and absolute discretion.

  • If multiple appraisers are selected and at least two (2) appraisers are unable to agree on said amount, the amount equal to ninety-five percent (95%) of the fair market Monthly Base Rent for the Option Premises shall be determined by taking the mean average of the appraisals; provided, that any high or low appraisal, differing from the middle appraisal by more than ten percent (10%) of the middle appraisal, shall be disregarded in calculating the average.

  • Such Notice of Exercise shall include (a) the proposed commencement date for the Ground Lease Agreement, which shall be no later than thirty (30) days following the date of the Notice of Exercise, (b) a legal description of the Option Premises to be leased by the Grantee, or such other description or depiction of the Option Premises and easement areas reasonably acceptable to Owner, and (c) a proposed site layout of the System.

  • Within thirty (30) business days after receipt of the Notice of Exercise by Owner, the Parties shall finalize, execute, and deliver to each other the Ground Lease Agreement for the Property with the commencement date, Property and Option Premises description, and proposed site layout of the System completed, and Grantee/Lessee shall deliver to the Owner/Lessor the amount of the Ground Lease Payment due for the first lease year under the Ground Lease, namely approximately $ .

  • The Option Premises shall be leased under the same terms and conditions as the Initial Premises, including Tenant Improvements to be determined.

  • Further, in order to accommodate Tenant's potential need for additional space, Tenant shall have the option to rent an additional 15,000 square feet of space upon payment of the Base Rent for Option Premises.

  • Grantee may exercise the Lease Option for all or any portion of the Option Premises by delivering to the Owner written notice of exercise of the Lease Option in the form set forth in Exhibit D attached hereto and incorporated herein by reference (the “Notice of Exercise”), which may be delivered at any time during the Option Period.


More Definitions of Option Premises

Option Premises means the following portions of Landlord’s Premises, as each is depicted on Exhibit A-4; (w) the first floor at Nos, ▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ in ▇▇▇▇▇▇▇▇▇▇▇▇ Row (except that then existing public circulation areas within No. 12 ▇▇▇▇▇▇ Street shall remain as public circulation areas), (x) certain space located on the second floor of ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, (y) the first floors at 207, ▇▇▇, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, and (z) the first and second floors of ▇▇▇-▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, other than a portion of each of those floors at ▇▇▇-▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ to be retained by Landlord (the “Retained Areas”) for access to the other floors in such buildings, which such Retained Areas shall (i) be large enough to allow for elevators and stairs (such elevator and stairs to be separately demised and to be compliant with all applicable laws, rules, regulations and codes), as determined by Landlord in its reasonable discretion; and (ii) will be available for use by all tenants and occupants of the buildings, and their employees, guests and invitees.
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Option Premises is hereby added to Exhibit "B":
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Option Premises means Option Premises I and Option Premises II, collectively, each as described below and depicted on Exhibit A-4 hereto.
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Option Premises as the same are defined herein. The "Building" is defined to be all or such portion of Buildings A, N-1 - N-4 and S-1 - S-4, as shown on Exhibit A, attached hereto, as are then existing. The "Project" is the entire property on which the Buildings are located. The size, location and function of the buildings and related structures depicted here are approximate. The configuration of the development, the design, size, function and location of all other improvements, and the identity and location of other tenants to the extent depicted are subject to change without notice for any reason deemed sufficient by the owner. The Lessor reserves the right to alter the configuration of the Project (other than Parcel C so long as the Lessee has the option to acquire the same), to construct additional improvements thereon (other than Parcel C so long as the Lessee has the option to acquire the same), to withdraw areas therefrom from time to time and alter the configuration of the associated common and parking areas, provided that the number of parking spaces intended for the Lessee's use shall not thereby be materially diminished. The Lessee shall be allocated the number of parking spaces set forth in item 10 of the Basic Lease Provisions and the Lessee acknowledges that the Lessor shall have no responsibility to supervise or police the usage of the parking lot by the tenants of the Building.
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Option Premises means all of the Land, the Leased Improvements and the Intangibles from time to time leased hereunder by Landlord to Tenant other than any of the foregoing that relate to the Glenview Property.
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Related to Option Premises

  • On-premises sign means a sign advertising activities conducted or maintained on the property on which it is located. The boundary of the property shall be as determined by tax rolls, deed registrations, and apparent land use delineations. If a sign consists principally of brand name or trade name advertising and the product or service advertised is only incidental to the principal activity conducted or maintained on the property, or if the sign brings rental income to the property owner or sign owner, it shall be considered the business of outdoor advertising and not an on-premises sign. On-premises sign does not include a sign on a narrow strip of land contiguous to the advertised activity, or a sign on an easement on adjacent property, when the purpose is clearly to circumvent the intent of this act.

  • Expansion Space means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Parking Space The County shall attempt to provide adequate free parking facilities for employees within a reasonable distance of their work locations.

  • car-share parking space means a parking space exclusively reserved and signed for a car used only for car-share purposes;

  • Storage Space means a space where goods of non-hazardous nature are stored and includes cold storage and banking safe vaults;