Valid Lease definition

Valid Lease means a binding lease agreement for an identifiable amount of rentable square footage in the Chesterfield Building, whether all such space is immediately occupied by the tenant on the date of the lease or not, between the Company (and/or its successor, assigns, or affiliates) and a tenant which serves a legitimate business purpose. A lease is not considered a Valid Lease under this Agreement if it is an objectively sham transaction, in the reasonable opinion of the City, designed solely for the purpose of circumventing the Continuous Occupancy provisions of this Agreement. However, the City acknowledges that the Company has a legitimate business reason for offering periods of free or reduced rent in an effort to attract tenants and businesses (and such practice is not uncommon in the industry), and the single fact that a lease contains such a provision in no way indicates that said lease is a sham transaction.
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Valid Lease means a binding lease agreement for an identifiable amount of rentable square footage in the Durham Innovation District Phase I, whether all such space is immediately occupied by the tenant on the date of the lease or not, between the Company (and/or its successor, assigns, or affiliates) and a tenant, which serves a legitimate business purpose. A lease is not considered a Valid Lease under this Agreement if it is a sham transaction, in the reasonable opinion of the City, designed solely for the purpose of circumventing the Continuous Occupancy provisions of this Agreement. However, the City acknowledges that the Company has a legitimate business reason for offering periods of free or reduced rent in an effort to attract tenants and businesses, and the single fact that a lease contains such a provision in no way indicates that said lease is a sham transaction.
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Valid Lease means a binding lease agreement for an identifiable amount of
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Examples of Valid Lease in a sentence

  • The following is the only acceptable documentation: • Most recent municipal statement • Valid Lease Agreement if premises are Leased • Letter from the ▇▇▇▇ Councillor confirming Business Address No. Employer, contact person and telephone number (Only Landline) Description of Contract Value of Work Inclusive of VAT (Rand) Date Completed 1.

  • For the purposes of the Continuous Occupancy requirements pursuant to this Agreement, any space for which there is a Valid Lease shall be considered to be occupied space.

  • For the purpose of the Continuous Occupancy requirements pursuant to this Agreement, any space for which there is a Valid Lease shall be considered to be occupied space.

Related to Valid Lease

  • Sub-Lease means the sub-lease entered into following the approval of an Approved Sub-lease;

  • Real Property Lease has the meaning set forth in Section 3.9(b).

  • Mining Lease means the mining lease granted pursuant to Clause 12 and includes any renewal thereof and according to the requirements of the context shall describe the area of land demised as well as the instrument by which it is demised;

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • mineral lease means the mineral lease referred to in clause 8(1)(a) hereof and includes any renewal thereof;