Property Expenses definition

Property Expenses means, as to any Real Property, the costs (including, but not limited to, management fees, payments under Ground Leases, bad debt expenses, payroll, real estate taxes, assessments, insurance, utilities, landscaping and other similar charges) of operating and maintaining such Real Property, which are the responsibility of the Borrower or the applicable Subsidiary that are not paid directly by the applicable Tenant, but excluding Debt Service, income tax expense, capital expenses, depreciation, amortization, interest costs and other non-cash expenses.

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Property Expenses means, with respect to the Mortgaged Property, the following costs and expenses but only, in the case of costs and expenses in respect of goods and services, to the extent that they (x) are paid to Persons who are generally in the business of providing such goods and services, (y) are customary 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 Capital Improvement Costs:

Property Expenses is defined in Exhibit D attached hereto.

Examples of Property Expenses in a sentence

Seller will promptly pay Buyer, when received, all monies received by Seller in connection with the ownership and operation of any such Property or any claim or right or any benefit arising thereunder, and Buyer will pay or assume any Property Expenses or Losses in connection with the ownership and operation of such Property promptly after receipt of notice from Seller with respect to the same.
Each of Seller and Buyer shall be permitted to offset any Property Expenses owed by such party to the other party pursuant to this Section 2.3.2 against amounts owing by the second party to the first party pursuant to this Section 2.3.2, but not otherwise.
Notwithstanding anything herein to the contrary, from and after the first anniversary of the Closing Date, Seller shall have no liabilities or obligations with respect to pre-Effective Time Property Expenses or monies received related to post-Effective Time revenues or proceeds.
Seller shall remain responsible for all Property Expenses, in each case, for the period of time prior to the Effective Time.
From and after the occurrence of Closing, Buyer shall be responsible for all Property Expenses, in each case, for the period of time from and after the Effective Time.

More Definitions of Property Expenses

Property Expenses means, when used with respect to any Real Property Asset, the costs of maintaining and operating such Real Property Asset, calculated in accordance with GAAP, which are the responsibility of the owner thereof and that are not paid directly by the tenant thereof, including, without limitation, real estate taxes, insurance, repairs and maintenance, but provided that if such tenant is more than 60 days in arrears in the payment of base or fixed rent, then such costs will also constitute "Property Expenses", but excluding depreciation, amortization and interest costs.

Property Expenses means all expenses, charges and capital expenses that are attributable to the ownership, maintenance and operation of Sellers’ interest in the Assets during the period in question (other than Taxes).

Property Expenses means any or all, as the context requires, of the following:

Property Expenses means all operating and capital expenses incurred in the ordinary course of business and attributable to the ownership or operation of the Assets; provided that Property Expenses shall not include Liabilities attributable to: (a) personal injury or death, property damage or violation of any Law; (b) obligations to plug wells and dismantle or decommission facilities; (c) the remediation of, or any other Liability with respect to, any environmental condition under applicable Environmental Laws; (d) obligations with respect to any gas or pipeline imbalances; or (e) obligations to pay working interests, royalties, overriding royalties or other interest owners’ revenues or proceeds attributable to sales of Hydrocarbons relating to the Assets, including those held in suspense.

Property Expenses shall not include: (i) debt service payments pursuant to any Encumbrance or any other loans or borrowings of Landlord; nor (ii) except as set forth above, payments pursuant to equipment leases or other forms of financing obtained for the furniture, fixtures and equipment located in or connected with the Retirement Community (such payments shall be paid out of the Reserve in accordance with Section 5.1.2), nor (iii) rental payments pursuant to any ground lease, nor (iv) any other payments which are designated as Landlord's responsibility under any of the provisions of this Agreement or as the Tenant's responsibility as "Owner" under the Operating Agreement, all of which shall be paid by Landlord from its own funds, and not from Total Facility Revenues nor from the Reserve. Unless otherwise specifically set forth in this Agreement, all the costs and expenses of the Retirement Community shall be Property Expenses.

Property Expenses shall have the meaning given to such term in Section 11.2(b) hereof.

Property Expenses means, with respect to any Unencumbered Asset, the costs (including, but not limited to, payroll, taxes, assessments, insurance, utilities, landscaping and other similar charges) of operating and maintaining such Unencumbered Asset, which are the responsibility of the Borrower or the applicable Subsidiary that are not paid directly by the tenant, but excluding depreciation, amortization, interest costs and maintenance capital expenditures to the extent such Unencumbered Asset is under a triple net lease.