Vacant Property Sample Clauses

Vacant Property. A Property that has been economically vacant for (i) the period from acquisition until the applicable measurement date, if less than six months or (ii) at least six months as of the applicable date of measurement.

Vacant Property. A Property that (i) for over thirty percent (30%) of its leasable square feet does not have third-party tenant leases in place; or (ii) has not collected at least seventy percent (70%) of the Property's total potential rental revenue based upon full occupancy, except if not attaining seventy percent is a result of tenant improvements, concessions or similar leasing incentives contained in leases approved by the Board for (i) the period from acquisition until the applicable measurement date, if less than six months or (ii) for the six months immediately preceding the date of measurement. 2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines that, in any 12-month period, total Operating Expenses not exceed the greater of 2% of the Company's Average Invested Assets during such 12-month period or 25% of the Company's Net Income over the same 12-month period.

Vacant Property. The Landlord acknowledges that the management service provided by the Agent is only applicable to a property which is let to a tenant. Where the property is vacant between tenancies the Landlord must ensure that steps are taken to provide sufficient security and the compliance with any insurance policies in effect.

Vacant Property. If any buildings are constructed, added, and/or affect any part of the rents, a Builder’s Risk Insurance Policy is required on a completed value form in an amount equal to 100% of hard costs. There must be delayed income insurance covering not less than 12 months anticipated loss of gross income. All builder’s risk coverage terms and conditions are subject to PPM approval. Once the project has been completed, the property in its entirety must comply with all the PPM insurance requirements stated herein. Acceptable maximum per occurrence Deductibles are the following: Property $ $ 250,000 Acceptable maximum per occurrence Deductibles are the following: Property $ $ 250,000 per occurrence for non catastrophic perils per occurrence for non catastrophic perils Boiler & Machinery/ $250,000 per occurrence Business Income 72 hour (3 day) waiting period Named Windstorm % of insured value – Negotiable per Loan Basis Earthquake % of insured value – Negotiable per Loan Basis Flood $5,000 NFIP Policies; Excess Flood – % of insured value – Negotiable per Loan Basis

Vacant Property. When a property is vacant for 60 consecutive days or more, PPM is to receive a Vacancy Permit (ISO form CP 04 05 or a form containing equivalent language) issued by the property insurance carriers on each location when the vacancy rate is greater than 69% of the total net rentable square footage. If any buildings are constructed, added, or significantly altered by 10% or more of the property value and/or affect any part of the rents, a Builder’s Risk Insurance Policy is required on a completed value form in an amount equal to 100% of hard costs. There must be delayed income insurance covering not less than 12 months anticipated loss of gross income. All builder’s risk coverage terms and conditions are subject to PPM approval. Once the project has been completed, the property in its entirety must comply with all the PPM insurance requirements stated herein. Acceptable maximum per occurrence Deductibles are the following: Property $25,000 per occurrence Boiler & Machinery/Equipment Breakdown $25,000 per occurrence Business Income 72 hour (3 day) waiting period Named Windstorm % of insured value — Negotiable per Loan Basis Earthquake % of insured value — Negotiable per Loan Basis Flood $5,000 NFIP Policies; Excess Flood — % of insured value — Negotiable per Loan Basis

Vacant Property. Developer shall maintain any vacant ground within the Project on which Developer has not commenced construction in a manner free of debris and hazards to the general health, safety and welfare of the public and residents of the area.

Vacant Property. The CDCs will maintain the inventory of abandoned residential structures within their service area. If a property is open, vacant and vandalized (OVV), the CDC shall check Accela Citizen’s Access to determine the status of the property. If the property is already condemned (at any time) or if there is a violation notice issued within the last two years, the property should not be submitted to B&H for an inspection. The CDC can check with the Chief on the status of the property. If the property needs to be boarded or re-boarded, even if there is an outstanding violation notice or condemnation notices, it can be submitted directly to B&H requesting a board up. The status of board up requests can be discussed at the monthly meeting.

Vacant Property. If Servicer hereafter becomes aware that a Property is vacant, abandoned or similarly categorized by local authorities under applicable Requirements, Servicer shall, at Owner’s expense, either itself or through an agent selected by the Servicer, undertake to fulfill any obligations for licensure, registration, property upkeep or other similar or associated requirements with respect to the Property under applicable Requirements, provided however that any such costs, expenses, or Liabilities associated therewith shall constitute Servicing Advances and are the responsibility of the Owner. Owner shall defend, indemnify and hold harmless from any Liability incurred by or asserted against any Indemnified Parties arising out of, in relation to or based upon such vacant or abandoned properties, provided, however, that the indemnity for vacant or abandoned properties shall not be effective with respect to any Liability directly and solely caused by Servicer that would otherwise be imposed by reason of Servicer's negligence, willful misfeasance or bad faith in the performance of or failure to perform duties hereunder

Vacant Property. If an occupied risk becomes vacant, insurance automatically terminates 60 days after the risk becomes vacant. If a vacancy has not been reported and it is later determined that the property was vacant for 60 consecutive days, any claim due to loss by covered peril will be denied.