Replacement Tenant definition

Replacement Tenant. As defined in Section 7.2(d).

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Replacement Tenant shall have the meaning set forth in the definition of “Lease Replacement Event”.

Replacement Tenant is a tenant that is acceptable to Lender in the exercise of its reasonable discretion, and which has executed a new lease agreement (on Borrower's standard lease form approved by Lender, or as otherwise agreed to by Lender) that: (i) shall be on a triple-net basis with an initial term of not less than 5 years; (ii) shall provide for rental rates net to the Landlord no less than that payable by the "TERMINATED TENANT" it is replacing (on a square foot basis, after taking into account all payments to be made with respect to both rent and occupancy costs by the Terminated Tenant or the Landlord, as they are compared to corresponding payments and obligation by the proposed Replacement Tenant or undertaken by Borrower under the proposed new lease) and that are otherwise comparable to existing local market rates for the space rented in an arms-length transaction; (iii) shall not contain any options for renewal or expansion by the tenant at rental rates that are either below comparable market levels or less than the rental rates paid by the Terminated Tenant (net to the Landlord, as noted above) during its initial lease term; (iv) in each case shall be to a tenant that is experienced, creditworthy, and reputable and whose use of the leased premises does not violate any restrictive use provision in any other then existing lease of that Individual Property; (v) unless waived by Lender in the exercise of its sole but reasonable discretion, shall require continuous operations of that tenant's business on and from 100% of the premises leased thereunder other than during interim periods necessary for the restoration of those premises after a casualty or during similar periods when that use, operation and/or occupancy is not required under the terms of that lease (a "CONTINUOUS OPERATION CLAUSE"); and (vi) shall not contain an option to purchase, right of first refusal, right to terminate or reduce the lease term (except in the event of destruction of all, or substantially all, of the Property or as otherwise permitted by Lender in the exercise of its sole discretion). A lease to a Replacement Tenant that is approved by Lender is a "REPLACEMENT LEASE". If Lender shall consent to a waiver of any of the foregoing conditions or requirements, it may condition that consent upon Borrower's agreement to the requirement of the continuation of the Rollover Escrow Fund under terms and conditions acceptable to Lender and a monthly payment into the Rollover Escrow Fund in accordanc...

Examples of Replacement Tenant in a sentence

• Tenant understands that there is a risk that no suitable Replacement Tenant may be found.

• If an eligible replacement tenant ("Replacement Tenant") is identified to move into the Rental Property, the Replacement Tenant may begin occupancy at any time between the move-out date and the remainder of the term.

• This will include the days when Housing Services is required to prepare the Rental Property for the Replacement Tenant if a Replacement Tenant is found.

• Tenant is responsible for all payments as they become due under this Agreement, regardless of move-out date, until the Replacement Tenant begins Replacement Tenant’s tenancy.

• Immediate occupancy by a Replacement Tenant after Tenant's move-out date is dependent on the availability of a Replacement Tenant and the cleaning and preparation of the Rental Property.

• The Property shall be used only as a retail facility and uses ancillary thereto, and, except for any permitted use by PETsMART or an Acceptable Replacement Tenant as set forth in the PETsMART Lease or an Acceptable Replacement Lease, for no other use, without the prior written consent of Lender.

• Transfer approval is dependent on housing availability, applicant pools, and termination of existing Agreement with eligible Replacement Tenant.

• Without the prior written consent of Lender, which Lender may give or withhold in its sole discretion, Borrower shall not terminate, amend, revoke or modify any Tenant Direction Letter in any manner whatsoever, nor shall Borrower permit or consent to, directly or by acquiescence, any failure or refusal of Anchor Tenant or any Replacement Tenant to pay Rent as provided pursuant to the Tenant Direction Letter (or as Lender may otherwise direct in writing from time to time).

• Tenant agrees that Landlord approval is necessary PRIOR TO any roommate change and that execution of the Addendum to Add Replacement Tenant or the Addendum to Add Roommate as appropriate.

• The Property shall be used only as a retail facility and uses ancillary thereto, and, except for any permitted use by PetsMART or an Acceptable Replacement Tenant as set forth in the PetsMART Lease or an Acceptable Replacement Lease, for no other use, without the prior written consent of Lender.

More Definitions of Replacement Tenant

Replacement Tenant shall have the meaning set forth in SECTION 6.6.1(b)

Replacement Tenant. The entity that has been identified to the Lenders as desiring to lease certain retail Store premises presently leased to the Lead Borrower.

Replacement Tenant means a single department store occupying the entire space formerly occupied by the Anchor Tenant, and which carries a merchandise assortment in terms of breadth of selection and quality of said merchandise which is equal to or better than that carried on by the Anchor Tenant. For clarity, it is agreed that large single purpose stores such as furniture stores, toy stores, or sporting goods stores shall not be considered department stores or a suitable Replacement Tenant, regardless of such store size and trade name, and whether or not they carry merchandise of the same or better quality than was carried on by the Anchor Tenant.”

Replacement Tenant shall have the meaning set forth in Section 6.6.2(b).

Replacement Tenant. As defined in Section 61(a) hereof.

Replacement Tenant shall have the meaning given to such term in the Master Lease.