TIP Lease definition
TIP Lease means a Lease in respect of a Property between Borrower, as lessor, and a Lender (or any wholly owned subsidiary thereof), as lessee.
Examples of TIP Lease in a sentence
City or Agency shall undertake all obligations assumed by Developer under the TIP Lease and the Five Star Lease until the Construction Closing Event.
City shall cause all rent revenues owed by TIP and Five Star (“Rent”), if any, under the TIP Lease and the Five Star Lease to be paid directly to the City or Agency.
The Parties acknowledge, understand, and agree that in the event that the DDA and Ground Lease are terminated due to Developer’s failure to obtain the MHP Funding Commitment on or before December 31, 2011, the Developer’s rights and obligations under the TIP Lease and the Five Star shall be deemed as automatically re- assigned to the City or Agency and this Agreement shall terminate.