Qualified Space definition

Qualified Space a Very Low Income Space or a Low Income Space, as applicable. “Space” - A mobile home space within the Project upon which a mobile home may be placed.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Qualified Space means any portion of an affordable housing development that is accessible to tenants or the public that constitutes a separate legal parcel of property under chapter 64.32, 64.34, or 64.90 RCW.

Qualified Space means any vacant on the floor directly below the Leased Premises (2nd Floor) space of the Building that becomes available during the term of this Lease, including without limitation, any extensions or renewals thereof. Provided that Tenant is not in default of this Lease, Landlord shall offer to lease the Qualified Space to Tenant on terms and conditions that are acceptable to Landlord (“Offer Proposal”). Tenant shall either accept or reject the Offer Proposal in writing to Landlord within ten (10) days of receipt of the Offer Proposal (or be deemed to reject the Offer Proposal). If Tenant does not accept such Offer Proposal, or is deemed to reject the Offer Proposal, Landlord is permitted for a period of one (1) year following the date of such rejection (or deemed rejection) to enter into a third party lease (“Third Party Lease”) for such Qualified Space on terms not less favorable to Landlord than those contained in the Offer Proposal. If Landlord fails to enter into a third party lease within one (1) year following the date of Tenant’s rejection of the Offer Proposal, Landlord shall reoffer to Tenant the right to lease the Qualified Space according to the terms above. In such event, Tenant will be deemed to have waived its right to enter into a lease for the Qualified Space. The rights set forth in this Section 1.01(X) are personal to the party executing this Lease and are not assignable or transferable. Upon a permitted assignment or subletting of this Lease the rights under this Section 1.01(X) shall expire and be of no further force and effect. Tenant’s rights hereunder are conditioned upon and subject to Tenant’s not being in default beyond any applicable cure period during the time the Tenant accepts such Offer Proposal.

Examples of Qualified Space in a sentence

• Copies of the most recent Income Certifications for Qualified Residents commencing or continuing occupancy of a Qualified Space shall be made available to the Authority or Oversight Agent upon request.

• In the event a recertification of such tenant’s income in accordance with Section 5(e) below demonstrates that such tenant no longer qualifies as a Qualified Resident, the Space occupied by such Resident shall continue to be treated as a Qualified Space unless and until any Space in the Project thereafter is occupied by a new tenant other than a Qualified Resident of the applicable category.

• Landlord hereby grants to Tenant a right to lease the Qualified Space (as defined below) on and subject to the terms and conditions set forth in this Section.

• In such event, Tenant will be deemed to have waived its right to enter into a lease for the Qualified Space.

• If Tenant does not accept such Offer Proposal, or is deemed to reject the Offer Proposal, Landlord is permitted for a period of one (1) year following the date of such rejection (or deemed rejection) to enter into a third party lease (“Third Party Lease”) for such Qualified Space on terms not less favorable to Landlord than those contained in the Offer Proposal.

More Definitions of Qualified Space

Qualified Space a Low Income Space or a Very Low Income Space, as applicable.

Qualified Space means a Low Income Space or a Very Low Income Space, as applicable. “Rating Agencies” shall mean any of Fitch, Inc., Standard & Poor’s Ratings Services, a division

Qualified Space means (i) any leasable space in the building on Landlord's Adjacent Property and/or (ii) any of the space in the building on the ▇▇▇ ▇▇▇▇▇▇▇▇ Property depicted as

Qualified Space means a Moderate Income Space, Low Income Space or a Very Low Income Space, as applicable.

Qualified Space means a Very Low-Income Space.

Qualified Space on the floor plans for such building attached hereto as Exhibit F. Grantor will not enter into any lease of any Qualified Space with a tenant other than Tenant unless and until Grantor has given to Tenant a Notice of Availability (as defined in Section 2.8(b)) with respect to such Qualified Space and Tenant has failed to exercise its right to lease such Qualified Space pursuant to Section 2.8(c); provided, however, that any extension of a lease of any existing tenant of Qualified Space pursuant to existing rights held by such tenant, or any new lease to any existing tenant of Qualified Space pursuant to existing rights held by such tenant, shall not be subject to the restriction set forth above in this sentence. Landlord shall cause ▇▇▇ ▇▇▇▇▇▇▇▇ Owner, by signing this Lease in the space provided below, to join in the obligations of Grantor provided for in this Section 2.8, to the extent applicable to ▇▇▇ ▇▇▇▇▇▇▇▇ Owner.

Qualified Space a Very Low Income Space.