Property Expenses definition

Property Expenses means, when used with respect to any Real Property ----------------- Asset, the costs of maintaining such Real Property Asset which are the responsibility of the owner thereof and that are not paid directly by any tenant thereof, including, without limitation, expenses for taxes, insurance, management, repairs and maintenance, provided that if such tenant is more than sixty (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. Notwithstanding the foregoing, in determining Property Expenses, management fees shall be deemed to be equal to the greater of (i) the actual management fees payable with respect to the Real Property Assets and (ii) management fees in an amount equal to 1.75% of Property Income for the period in question.
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

  • The clinical commissioning group participates in the Property Expenses Scheme and the Liabilities to Third Parties Scheme.

  • The Trust participates in the Property Expenses Scheme and the Liabilities to Third Parties Scheme.

  • Non-clinical risk pooling The Trust participates in the Property Expenses Scheme and the Liabilities to Third Parties Scheme.

  • 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.

  • For the purposes hereof, the fair market value of the Retirement Community shall mean the dollar amount resulting by multiplying the excess of Total Facility Revenues over Property Expenses during the thirteen (13) full Accounting Periods immediately preceding the Accounting Period in which the calculation is made by ten (10).


More Definitions of Property Expenses

Property Expenses means the costs (including, but not limited to, payroll, taxes, assessments, insurance, utilities, landscaping and other similar charges) of operating and maintaining any Eligible Property, which are the responsibility of the Borrower or the applicable Guarantor that are not paid directly by the tenant, including without limitation, the Annual Capital Expenditure Reserve and the greater of (a) 3% of rents and (b) actual management fees paid in cash, but excluding depreciation, amortization and interest costs.
Property Expenses means any or all, as the context requires, of the following:
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. EXHIBIT "E"
Property Expenses shall have the meaning given to such term in Section 11.2(b) hereof.