UNDERLYING PREMISES definition

UNDERLYING PREMISES means, collectively, the interest in the Land, the Equipment, the Personal Property and the Improvements, together with any easements, rights and appurtenances in connection therewith or belonging to said Land and Improvements which is leased by an affiliate of Landlord to Landlord under the Master Lease. When Landlord has physically developed (i.e., Landlord has begun actual construction), in its sole discretion, any parcel of Excess Land on which Property Taxes are billed on Excess Land and Campsite Land and the Buffer Zones in a single tax bill, Landlord shall apply for separate tax bills and upon approval thereof from appropriate tax authorities, Property Taxes on the Excess Land shall no longer be paid by Tenant, and Excess Land shall cease to be part of the Underlying Premises under this Lease at the time that Landlord shall have received authorization for separate property tax bills from the appropriate tax authority.
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UNDERLYING PREMISES means, collectively, the interest in the Land, the Equipment and the Improvements, together with any easements, rights and appurtenances in connection therewith or belonging to said Land and Improvements which is leased by an affiliate of Landlord to Landlord under the Master Lease.
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Examples of UNDERLYING PREMISES in a sentence

  • For Tenant's election to be effective, Tenant must deliver written notice to Landlord stating that Tenant elects to purchase either (a) the equity interests in the Trust, or (b) purchase the Underlying Premises (subject to Landlord's sole determination as set forth above), as permitted by paragraph 22(f)(ii) of this Lease ("UNDERLYING PREMISES PURCHASE NOTICE") within such 60 calendar day period.

Related to UNDERLYING PREMISES

  • Expansion Space means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Subleased Premises means all that portion of the Leased Premises referred to as airport lot as outlined on the site diagram attached as Schedule "A" to this Sublease; and

  • School premises means either of the following:

  • Banking Premises means the interior of that portion of any building occupied by a banking institution or similar safe depository.

  • Storage Space means a space where goods of non-hazardous nature are stored and includes cold storage and banking safe vaults;