Property Expense definition
Property Expense means, for any Retail Property, all operating expenses relating to such Retail Property, including the following items (provided, however, that Property Expenses shall not include debt service, tenant improvement costs, leasing commissions, capital improvements, Depreciation and Amortization Expenses and any extraordinary items not considered operating expenses under GAAP): (i) all expenses for the operation of such Retail Property, including any management fees payable under the Management Contracts and all insurance expenses, but not including any expenses incurred in connection with a sale or other capital or interim capital transaction; (ii) water charges, property taxes, sewer rents and other impositions, other than fines, penalties, interest or such impositions (or portions thereof) that are payable by reason of the failure to pay an imposition timely; and (iii) the cost of routine maintenance, repairs and minor alterations, to the extent they can be expensed under GAAP.
Property Expense those operating costs and expenses incurred in connection with the Loan Parties’ management of a Customer’s (or one of a Customer’s Affiliate’s or Subsidiary’s) property.
Property Expense means, for any Retail/Other Property, all operating expenses relating to such Retail/Other Property, including the following items (provided, however, that Property Expenses shall not include debt service, tenant improvement costs, leasing commissions, capital improvements, Depreciation and Amortization Expenses and any extraordinary items not considered operating expenses under GAAP): (i) all expenses for the operation of such Retail/Other Property, including any management fees payable under the Management Contracts and all insurance expenses, but not including any expenses incurred in connection with a sale or other capital or interim capital transaction; (ii) water charges, property taxes, sewer rents and other impositions, other than fines, penalties, interest or such impositions (or portions thereof) that are payable by reason of the failure to pay an imposition timely; and (iii) the cost of routine maintenance, repairs and minor alterations, to the extent they can be expensed under GAAP.
Examples of Property Expense in a sentence
All costs, expenses and charges which are imposed on the Retirement Community under the Existing Title Encumbrances shall be a Property Expense.
All financial obligations imposed on Tenant and/or on Operator during the term of the Operating Agreement and/or on the Retirement Community pursuant to any Future Title Encumbrances shall be paid by Landlord from its own funds, and not as a Property Expense or from the Reserve, unless Tenant, and Operator during the term of the Operating Agreement, have given their prior written consent in accordance with the terms of Section 4.6.2 to the payment of such obligations as Property Expenses.
Following the completion of the Property Expense Reconciliation, Buyer shall submit the same to Seller for Seller’s review and approval, which approval shall not be unreasonably withheld or delayed.
Following the approval (or deemed approval) by Seller of the Property Expense Reconciliation, Buyer shall forward the Property Expense Reconciliation to the applicable Tenants.
In the event Seller fails to approve or disapprove of the Property Expense Reconciliation within ten (10) Business Days following the receipt of the same, such Property Expense Reconciliation shall be deemed approved by Seller.
More Definitions of Property Expense
Property Expense means, with respect to any Property, the following costs and expenses (to be calculated without duplication) in respect of such Property, but only, in the case of costs and expenses in respect of goods and services, to the extent that such costs and expenses in respect of such Property (x) are paid to Persons that are generally in the business of providing such goods and services, (y) are reasonable for the types of goods or services provided in the geographical area in which such goods or services are provided and (z) do not constitute (A) payments of Loan Debt Service and Principal Indebtedness, (B) income and franchise taxes, (C) depreciation and amortization, and (D) expenses which are extraordinary in nature and would, under GAAP be considered “non‑recurring”:
Property Expense means all capital expenses, joint interest ▇▇▇▇▇▇▇▇, lease operating expenses, lease rentals, bonuses and shut-in payments, royalties, overriding royalties, net profits interests, drilling expenses, workover expenses, geological, geophysical and any other exploration or development expenditures, including those expenditures chargeable under applicable operating agreements or other agreements consistent with the standards established by ▇▇▇▇▇, that are attributable to the operation of the Purchased Interests conducted during the period in question.
Property Expense means all costs incurred by Landlord in connection with the operation and maintenance of the Property, including but not limited to each of the categories of expense enumerated as follows:
Property Expense is defined in Section 8.1.
Property Expense means all capital expenses, joint interest ▇▇▇▇▇▇▇▇, lease operating expenses, lease rentals, bonuses and shut-in payments, royalties, overriding royalties, net profits interests, drilling expenses, workover expenses, geological, geophysical and any other exploration or development expenditures, including those expenditures chargeable under applicable operating agreements, or other agreements consistent with the standards established by Council of Petroleum Accountants Society (▇▇▇▇▇), that are attributable to the operation of the Assets conducted during the period in question, and shall include overhead for such period based upon the overhead rate of $900,000 per month for operations plus $10,000 per well per month (drilling well rate), and $12,000 per well per month (completion well rate) with on-site and off-site technical services not covered by overhead at a fixed rate basis; provided, however, that Property Expenses shall not include Taxes.
Property Expense means, for any Healthcare Property, all operating expenses incurred by any Operator relating to such Healthcare Property, as reported by such Operator to a Nationwide Entity in such Operator’s most recent report, which report shall not be more than one year old at the time of any determination of Property NOI. “Property Expense” shall exclude, however, depreciation expense, amortization expense, non-cash charges and expenses, management fees, rent (in the case a Healthcare Lease exists) or interest related to a Mortgage Loan (in the case a Mortgage Loan exists).
Property Expense means, for any Retail/Other Property, all operating expenses relating to such Retail/Other Property, including the following items (provided, however, that Property Expenses shall not include debt service, tenant improvement costs, leasing commissions, capital improvements, Depreciation and Amortization Expenses and any extraordinary items not considered operating expenses under GAAP): (i) all expenses for the operation of such Retail/Other Property, including any management fees payable under Management Contracts and all insurance expenses, but not including any expenses incurred in connection with a sale or other capital or interim capital transaction; (ii) water charges, property taxes, sewer rents and other impositions, other than fines, penalties, interest or such impositions (or portions thereof) that are payable by reason of the failure to pay an imposition timely; and (iii) the cost of routine maintenance, repairs and minor alterations, to the extent they can be expensed under GAAP. Property Expense will not include any expense with respect to any Real Property that is the subject of a Specified Change of Control Event.