Severed Property definition

Severed Property. As defined in Section 30.2.

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Severed Property or “Severed Properties”: As defined in Section 1.9(a).

Severed Property and “Severed Properties” are defined in Section 33(a)(i).

Examples of Severed Property in a sentence

• The Severance Notice shall specify the Severed Property and the Severance Date.

• Effective upon the Severance Date, the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property.

• The portion of the Base Rent allocable to the Severed Property shall be the Allocated Base Rent for such Severed Property.

• If Lessor shall desire to sever this Lease pursuant to this Section 30.2, Lessor shall deliver written notice (each, a “Severance Notice”) to Lessee not less than thirty (30) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a “Severance Date”).

• The initial Base Rent for each Severed Property shall be the then current Base Rent Allocation Amount thereof and thereafter during the term of such Severed Lease shall annually increase in the same manner in which Base Rent increases under this Lease.

• Lessor will prepare the Severed Lease, the Credit Enhancements, the Lease amendment and, if necessary, the amendments to the applicable Other Agreements with respect to each Severed Property consistent with the provisions of this Section 29.2 and the parties agree to execute and deliver or cause to be executed and delivered.

• Lessor will prepare the Severed Lease, the Other Credit Enhancements, the Lease amendment and, if necessary, the amendments to the other applicable Obligation Documents with respect to each Severed Property consistent with the provisions of this Section 30.2 and the parties agree to execute and deliver or cause to be executed and delivered.

• If Lessor shall desire to sever this Lease pursuant to this Section 29.2, Lessor shall deliver written notice (each, a "Severance Notice") to Lessee not less than fifteen (15) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a "Severance Date").

• Notwithstanding the unitary nature of this Lease, Lessor may at any time and from time to time cause this Lease to be severed with respect to the portion or portions of Leased Property relating to any one or more Facilities (each, a "Severed Property").

• If Lessor shall desire to sever this Lease pursuant to this Section 29.2, Lessor shall deliver written notice (each, a “Severance Notice”) to Lessee not less than fifteen (15) days prior to the date that this Lease shall be severed with respect to the Severed Property or Severed Properties identified in the Severance Notice (such date identified in a Severance Notice, a “Severance Date”).

More Definitions of Severed Property

Severed Property. As defined in Section 30.2. Shasta Assignment of Ground Lease: That certain Assignment and Assumption of Ground Lease executed and delivered by MPT of Shasta, L.P. to Prime Healthcare Services-Shasta, LLC relating to the Shasta Ground Lease, as the same may be modified, amended, restated and/or supplemented from time to time.