master lease

master lease

A lease between the owner of property and its direct tenant, with all other leases subject to the first one.A tenant may sublease or assign part or all of its space on its own terms and conditions, but the parties will always be bound by the master lease because they are subordinate to it.

References in periodicals archive ?
This business is a master lease holder of 2 prime office locations within 30 minutes of one another.
PRA), announced today that the company has signed an agreement to modify the master lease under which it leases eight skilled nursing facilities located in Georgia.
Ownership is considering all options, including master lease and direct lease.
Missouri S&T's agreement with Collegiate Station is known as a master lease, an arrangement in which a university leases a bulk number of beds at a property for a set period of time (often 12 months, but sometimes for several years).
The audit noted that a new master lease agreement for Olvera Street merchants is pending before the City Council, but it did not address concerns raised in April by City Attorney Rocky Delgadillo that offering merchants below-market rents might constitute an illegal gift of public funds.
the "Company") (NYSE: MPW) today announced that it has restructured all of its 10 existing leases with affiliates of Prime Healthcare Services ("Prime") into a master lease structure and simultaneously entered into cross-collateralization and cross default provisions concerning three mortgaged Prime hospitals.
Globiwest has a 99-year master lease for the property, which began in 2005, to operate a hotel in the entire building.
In March, Energy 1 started an initiative to reach out to existing customers, both introducing itself as the new owner of Master Lease and letting them know that new offerings were planned.
The Order requires Marketing to pay $3 million towards these obligations by January 17th and the remainder of the amounts due under the Master Lease on account of unpaid post-bankruptcy obligations, which includes more than $9 million of unpaid fixed rent, not later than February 5, 2012.
Regency East Apartment Corporation, the owner of the 18-story, 147-unit Regency East co-op apartment building at 301 East 64th Street, has purchased the 13-year master lease on four ground floor retail units at the building for $5.
It is important in the company's progress to show and represent our new found success in our recent acquisition of Master Lease and are further pleased to have reported an operating income of $1,338,814.