Triple Net Leased Property definition

Triple Net Leased Property means an Individual Property that is subject to a Lease with a single Tenant, which lease provides that such Tenant is obligated to pay all Taxes and Other Charges, insurance and maintenance with respect to such Individual Property in addition to all other sums payable by such Tenant thereunder.
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Triple Net Leased Property means any real property that is the subject of a lease pursuant to which the renter of such property is responsible for net real estate taxes, net building insurance, and net common area maintenance relating to the real property (in addition to the rental fee).
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Examples of Triple Net Leased Property in a sentence

  • Mortgage Borrower has used commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to obtain all Permits for the operation of such Tenant’s business.

  • Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted.

  • If under applicable zoning provisions the use of all or any portion of any Triple Net Leased Property is or shall become a nonconforming use, Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

  • Borrower shall use commercially reasonable efforts to cause the Tenants with respect to each Triple Net Leased Property to comply in all material respects with all Legal Requirements affecting such Individual Property or the use thereof (which such covenants shall be deemed to (i) include Environmental Laws and (ii) require Borrower to use commercially reasonable efforts to cause such Tenants to keep all Permits in full force and effect).

  • Borrower shall or shall cause Mortgage Borrower to use commercially reasonable efforts to cause the Tenants with respect to each Triple Net Leased Property to comply in all material respects with all Legal Requirements affecting such Individual Property or the use thereof (which such covenants shall be deemed to (i) include Environmental Laws and (ii) require Mortgage Borrower to use commercially reasonable efforts to cause such Tenants to keep all Permits in full force and effect).

  • Borrower shall use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted.

  • Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted.

  • Borrower has used commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to obtain all Permits for the operation of such Tenant’s business.

  • Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted.

  • With respect to each Triple Net Leased Property, Borrower shall use commercially reasonable efforts to cause the Improvements and the Personal Property to not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof.

Related to Triple Net Leased Property

  • Leased Properties have the meaning set forth in Section 3.16 herein.

  • Leased Property shall have the meaning given such term in Section 2.1.

  • 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:

  • Net Lease means a lease in which the tenant undertakes to pay all or substantially all the cash expenses, excluding debt service, related to the leased property.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.