Option to lease definition

Option to lease means a contract by which a local agency enters an agreement with another entity to allow the latter to lease surplus land at a specified rate for a specified term, or within a reasonable time in the future, but without imposing an obligation to lease upon the option holder.
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Option to lease means an option issued by the Minister under subsection 44A(4) of the Act to lease a tract of Crown land that is not designated as an aquaculture development area;
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Option to lease. The option to lease with respect to Building B executed by Landlord and Tenant simultaneously with the execution hereof.
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Examples of Option to lease in a sentence

  • This indemnification obligation of Tenant shall survive the termination of this Option to Lease or this Lease.

  • Tenant shall be deemed to have exercised its Option to Lease and to be bound under the terms of this Lease if (i) Tenant shall occupy the Premises prior to the expiration of the Option Period, whereupon the date of occupancy shall be deemed the Lease Commencement Date, or (ii) Tenant shall not provide written notice to Landlord of its termination of this Lease prior to the expiration of the Option Period.

  • Tenant assumes all responsibility for the acts of itself, its agents or representatives in exercising its rights under this Option to Lease and agrees to indemnify and hold Seller harmless from any damages resulting therefrom.

  • CONTINGENCY: All terms of this Option to Lease are contingent upon an environmental review conducted in compliance with the Montana Environmental Policy Act (MEPA), and associated decision document signed by Department.

  • Subject to the contingency provided herein, Optionee may exercise this Option to Lease and execute a Lease at any time during the Term.

  • The term of this lease shall be for a period of six (6) months, beginning upon receipt of the Notice of Exercise of Option to Lease by the Lessor from the Lessee, and ending at noon on first day of the seventh month thereafter, without notice from either party to the other.

  • The Optionee may terminate this Option to Lease at any time prior to the expiration of the forgoing Term.

  • If the Option to Lease is exercised prior to the expiration of the Term, rent paid for the unused portion of the Term will be applied to the first-year rental payment of the lease agreement.

  • CONTINGENCY: Manner of Exercise of Option to Lease is contingent upon an environmental review conducted in compliance with the Montana Environmental Policy Act (MEPA), and associated decision document signed by Department.

  • This Agreement and the Option to Lease dated as of the date hereof between the FCRHA and One University for the Ground Lease (the “Option”) constitutes the entire agreement between the Parties pertaining to the subject matter hereof and thereof and supersedes all prior and contemporaneous agreements and understandings of the Parties.


More Definitions of Option to lease

Option to lease renew Lessee shall have an option to extend the Operating Term for three (3) additional terms of five (5) years and upon such extensions the Operating Term lease rent shall be reset to the market rate at the time of such extension. Development Term lease rent: Operating Term lease rent: Other payments: Xxxx January 6, 2020
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Option to lease. (a) Base Rent: $10,617.00 for the period June 1, 2016 through June 30 , 2016.
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Option to lease means that certain Option to Lease, dated as of December 9, 2004, between Williston Road Investment, LLC, as “Lessor”, and Seller as “Lessee”, [as the same may be amended by that certain First Amendment to Option to Lease to be executed by Williston Road Investment, LLC, as “Lessor”, and Seller as “Lessee”,] providing an option to ground lease approximately one (1) acre of land contiguous to the Land for additional parking, all on the terms and conditions set forth therein.
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Option to lease means the option of Naporano Iron to lease the property located at 295 Doremus, Newark, New Jersey substantially in the form of Exhibit H.
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Option to lease the land shall be at the rate of $200 per month from May 1, 2004 through the earliest of conversion to a “Land Lease” or December 31, 2006.
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Option to lease has the meaning ascribed thereto in Section 2.12(b);
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Related to Option to lease

  • Option to Extend has the meaning given that term in Section 2.13.

  • Option to Build means the option of the New Service Customer to build certain Customer- Funded Upgrades, as set forth in, and subject to the terms of, the Construction Service Agreement.

  • Renewal Option has the meaning set forth in §12.1.

  • Option Term means a period, if any, through which this Agreement may be or has been extended by the JBE.

  • Lease Agreement means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. Unless the context clearly indicates otherwise, the term includes a sublease agreement.

  • Sublease Agreement shall have the meaning specified in Section 8.2(b).

  • Extension Option shall have the meaning set forth in Section 2.5(c) hereof.

  • Master Lease Agreement has the meaning set forth in Section 7.2(c)(xiv).

  • Landlord Agreement means an agreement substantially in the form provided by Lender to Borrower or such other form as Lender may agree to accept.

  • Second Extension Option shall have the meaning set forth in Section 2.6.1 hereof.

  • Option to Purchase has the meaning set forth in Section 13.1.

  • Termination Option means the option of either party to terminate a transaction in the event that the other party fails to perform a Firm obligation to deliver Gas in the case of Seller or to receive Gas in the case of Buyer for a designated number of days during a period as specified on the applicable Transaction Confirmation.

  • Parking space leasing data means the following government data on an application for, or lease of, a parking space: residence address, home telephone number, beginning and ending work hours, place of employment, location of parking space, and work telephone number.

  • Original Lease shall have the meaning given such term in the recitals to this Agreement.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • industrial premises means any place or premises (not being a private dwelling house), including the precincts thereof, in which or in any part of which any industry, trade, business, occupation or manufacturing is being ordinarily carried on with or without the aid of power and includes a godown attached thereto;

  • Master Lease means that certain [Master Lease title], relating to the leasing of, inter alia, the Healthcare Facility by Borrower to Master Tenant.

  • Sublease means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

  • Major Lease shall have the meaning assigned to such term in the Mortgage Loan Agreement.

  • this Lease means the relevant portion of Articles 1 through 29 of this Office Lease to which this Tenant Work Letter is attached as EXHIBIT B and of which this Tenant Work Letter forms a part, and all references in this Tenant Work Letter to sections of "this Tenant Work Letter" shall mean the relevant portion of Sections 1 through 7 of this Tenant Work Letter.

  • Addition (to an existing building means an extension or increase in the floor area or height of a building or structure.

  • residential premises means a house, building, structure, shelter, or mobile home, or portion thereof, used as a dwelling, home, residence, or living place by 1 or more human beings. “Residential premises” includes an apartment unit, a boardinghouse, a rooming house, a mobile home, a mobile home space, and a single or multiple family dwelling, but does not include a hotel, a motel, motor home, or other tourist accommodation, when used as a temporary accommodation for guests or tourists, or premises used as the principal place of residence of the owner and rented occasionally during temporary absences including vacation or sabbatical leave.

  • 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.

  • this Tenant Work Letter means the relevant portion of Sections 1 through 6 of this Tenant Work Letter.

  • Residential rental property means property that is used solely as leased or rented property for residential purposes. If the property is a space rental mobile home park, residential rental property includes the rental space that is leased or rented by the owner of that rental space but does not include the mobile home or recreational vehicle that serves as the actual dwelling if the dwelling is owned and occupied by the tenant of the rental space and not by the owner of the rental space.