POP Property definition

POP Property means any one (1) of the POP Properties. As will be addressed in more detail in the relevant Contribution Agreement: (a) certain POP Affiliates directly or indirectly own certain of the POP Properties in fee simple; (b) certain POP Affiliates directly or indirectly own leasehold interests in certain of the POP Properties; (c) certain POP Affiliates directly or indirectly own less than one hundred percent (100%) of certain POP Properties, in a tenancy-in-common with an unrelated third party; (d) certain POP Affiliates directly or indirectly own less than one hundred percent (100%) of certain POP Properties in a joint venture relationship with an unrelated third party; and (e) certain POP Affiliates directly or indirectly own a POP Property through a condominium. In the case of all of (c), (d) and (e), however, the POP Affiliates directly or indirectly hold day-to-day operational control over the relevant POP Properties.
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Examples of POP Property in a sentence

  • All payments required to be made prior to the Closing Date and under the POP Property Indebtedness with respect to the Project shall have been made; and there shall be no default under the POP Property Indebtedness with respect to the Project as of the Closing Date.

  • If under the loan documents evidencing and securing the POP Property Indebtedness encumbering the Project, consent of the lender thereunder is required in order to transfer the Member Interest as contemplated under this Agreement, then, as a part of obtaining such consent, Contributor shall endeavor to also obtain the consent of such lender to the transfer of the Guarantees to, and the assumption of the obligations thereunder by, the UPREIT.

  • Subject to Section 10 and only to the extent required under the loan documents evidencing and securing the POP Property Indebtedness encumbering the Project, the holder(s) of that POP Property Indebtedness shall have executed a written consent and estoppel certificate approving the conveyance of the Member Interest to the UPREIT, and stating that there has not been, and there does not currently exist any default under such POP Property Indebtedness.

  • The parties agree that, in the event the Closing Statement (as defined below) includes information that differs from that reflected on Exhibit C with respect to the Gross Asset Value and any POP Property Indebtedness with respect to the Project, all such information included within the Closing Statement shall be controlling in all such respects.

  • The fee simple owner of the Land now has in force normal and customary insurance relating to the Project, or as may be required by any lender in connection with the POP Property Indebtedness with respect to the Project (the “Insurance”).

  • Acquiror and Contributor acknowledge that certain parties (the “Guarantors”), have delivered guarantees and/or indemnitees (the “Guarantees”), in connection with the POP Property Indebtedness encumbering the Property.

  • If, under the loan documents evidencing and securing the POP Property Indebtedness encumbering the Property, consent of the lender thereunder is not required in order to transfer the Member Interest as contemplated under this Agreement, Contributor shall not be required to, seek such lender’s consent to the transfer of Guarantors’ liability under the Guarantees.

  • The Project is to be acquired by the UPREIT subject to the corresponding items of POP Property Indebtedness with respect to the Project.

  • To POP’s Knowledge, there is no proceeding or action pending or threatened by any person or governmental agency regarding the environmental condition of any POP Property that would have a POP Material Adverse Effect.

  • The parties intend that the foregoing contribution section shall not terminate or liquidate the POP Affiliates under the laws of their jurisdiction of formation for any other purpose and that each POP Affiliate shall continue to exist after Closing, with each POP Affiliate continuing to own its interest in the POP Property owned by such POP Affiliate prior to Closing but with the UPREIT as the sole member of each POP Affiliate as of the Closing Date.