TENANT IN COMMON INTERESTS Clause Examples

The "Tenant in Common Interests" clause defines how ownership interests are held by multiple parties in a property, specifying that each party owns a distinct, undivided share. In practice, this means each co-owner can independently transfer, sell, or bequeath their share without the consent of the others, and their interest does not automatically pass to the other owners upon death. This clause is essential for clarifying ownership rights and responsibilities among co-owners, preventing disputes, and ensuring that each party's interest is legally recognized and transferable.
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TENANT IN COMMON INTERESTS. As of the date hereof, Behringer TIC I LLC owns an undivided 79.475164% tenant-in-common interest in the Property. SCHEDULE 1 attached hereto sets forth the undivided percentage tenant in common interest in the Property that is owned (as of the date hereof) by each Initial TIC Borrower.
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TENANT IN COMMON INTERESTS. As of the date hereof and prior to giving effort to the Initial TIC Transfers pursuant to Section 5.26.2(a), (i) TIC I LLC owns an undivided 35% tenant-in-common interest in the Property and (ii) TIC II LLC owns an undivided 65% tenant-in-common interest in the Property.
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TENANT IN COMMON INTERESTS. As of the date hereof, Behringer TIC I LLC owns an undivided 30.583629% tenant-in-common interest in the Property. Behringer TIC II LLC shall have conveyed its entire 69.416371% tenant-in-common interest in the Property to the Initial TIC Borrowers and shall own 0% as of the date hereof. SCHEDULE 1 attached hereto sets forth the undivided percentage tenant in common interest in the Property that is owned (as of the date hereof) by each Initial TIC Borrower.
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Related to TENANT IN COMMON INTERESTS

  • Common Area (Check one)

  • Common Areas Tenant shall have the non-exclusive right to use in common with other tenants in the Project, and subject to the Rules and Regulations referred to in Article 5 of this Lease, those portions of the Project which are provided, from time to time, for use in common by Landlord, Tenant and any other tenants of the Project (such areas, together with such other portions of the Project designated by Landlord, in its discretion, including certain areas designated for the exclusive use of certain tenants, or to be shared by Landlord and certain tenants, are collectively referred to herein as the “Common Areas”). The Common Areas shall consist of the “Project Common Areas” and the “Building Common Areas.” The term “Project Common Areas,” as used in this Lease, shall mean the portion of the Project designated as such by Landlord or areas within the Project that the occupants of the Building are permitted to utilize pursuant to a recorded declaration and which areas shall be maintained in accordance with the declaration. The term “Building Common Areas,” as used in this Lease, shall mean the portions of the Common Areas located within the Building reasonably designated as such by Landlord. The manner in which the Common Areas are maintained and operated shall be at the reasonable discretion of Landlord and the use thereof shall be subject to the Rules and Regulations as Landlord may make from time to time. Landlord reserves the right to close temporarily, make alterations or additions to, or change the location of elements of the Project and the Common Areas, provided that, in connection therewith, Landlord shall perform such closures, alterations, additions or changes in a commercially reasonable manner and, in connection therewith, shall use commercially reasonable efforts to minimize any material interference with Tenant’s use of and access to the Premises.

  • Premises Building Project and Common Areas 1.1 Premises, Building, Project and Common Areas.

  • Partnership Property All property, real, personal, tangible, intangible, or mixed, acquired by or contributed to the Partnership shall be owned by the Partnership and titled in its name and such property shall not be owned individually by any Partner. Each Partner acknowledges and agrees that the System and all elements thereof, are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Proprietary Marks are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Partnership shall not acquire or own any land or buildings. Any land or buildings used in the Partnership business shall be acquired and owned by the Company or an Affiliate of the Company and leased to the Partnership at reasonable rates and terms, and such land and buildings shall not be Partnership property.

  • Tenant’s Alterations Tenant will not cut or drill into or secure any fixture, apparatus or equipment or make alterations, improvements or physical additions (collectively, “Alterations”) of any kind to any part of the Premises without first obtaining the written consent of Landlord, such consent not to be unreasonably withheld. Alterations shall, at ▇▇▇▇▇▇▇▇’s option, be done by Landlord at Tenant’s sole cost and expense. Landlord’s consent shall not be required for (i) the installation of any office equipment including internal partitions which do not require disturbance of any structural elements or systems within the Building or (ii) minor work, including decorations, which does not require disturbance of any structural elements or systems within the Building and which costs in the aggregate less than $5,000. If no approval is required or if Landlord approves Tenant’s Alterations and agrees to permit ▇▇▇▇▇▇’s contractors to do the work, Tenant, prior to the commencement of labor or supply of any materials, must furnish to Landlord (i) a duplicate or original policy or certificates of insurance evidencing (a) general public liability insurance for personal injury and property damage in the minimum amount of $3,000,000.00 combined single limit, (b) statutory ▇▇▇▇▇▇▇’▇ compensation insurance, and (c) employer’s liability insurance from each contractor to be employed (all such policies shall be non-cancelable without thirty (30) days prior written notice to Landlord and shall be in amounts and with companies satisfactory to Landlord); (ii) construction documents prepared and sealed by a registered Pennsylvania architect if such alteration causes the aggregate of all Alterations to be in excess of $10,000; (iii) all applicable building permits required by law; and (iv) an executed, effective Waiver of Mechanics Liens from such contractors and all sub-contractors in states allowing for such waivers or the cost of such alteration must be bonded by ▇▇▇▇▇▇. Any approval by Landlord permitting Tenant to do any or cause any work to be done in or about the Premises shall be and hereby is conditioned upon ▇▇▇▇▇▇’s work being performed by workmen and mechanics working in harmony and not interfering with labor employed by Landlord, ▇▇▇▇▇▇▇▇’s mechanics or their contractors or by any other tenant or their contractors. If at any time any of the workmen or mechanics performing any of Tenant’s work shall be unable to work in harmony or shall interfere with any labor employed by Landlord, other tenants or their respective mechanics and contractors, then the permission granted by Landlord to Tenant permitting Tenant to do or cause any work to be done in or about the Premises, may be withdrawn by Landlord upon forty-eight (48) hours written notice to Tenant. All Alterations (whether temporary or permanent in character) made in or upon the Premises, either by Landlord or Tenant, shall be Landlord’s property upon installation and shall remain on the Premises without compensation to Tenant unless Landlord provides written notice to Tenant to remove same at the expiration of the Lease, in which event Tenant shall promptly remove such Alterations and restore the Premises to good order and condition. At Lease termination, all furniture, movable trade fixtures and equipment (including telephone, security and communication equipment system wiring and cabling) shall, at Landlord’s option, be removed by Tenant and shall be accomplished in a good and workmanlike manner so as not to damage the Premises or Building and in such manner so as not to disturb other tenants in the Building. All such installations, removals and restoration shall be accomplished in a good and workmanlike manner so as not to damage the Premises or Building and in such manner so as not to disturb other tenants in the Building. If Tenant fails to remove any items required to be removed pursuant to this Article, Landlord may do so and the reasonable costs and expenses thereof shall be deemed Additional Rent hereunder and shall be reimbursed by Tenant to Landlord within fifteen (15) business days of Tenant’s receipt of an invoice therefor from Landlord.