Reduced Rent. As consideration for Tenant’s performance of all obligations to be performed by Tenant under this Lease and notwithstanding the provisions of paragraph 4, Landlord hereby conditionally excuses Tenant from the payment of the basic rent and operating costs (exclusive of utility and service costs described in paragraph 12 and carpet cleaning and janitorial costs) for the first three (3) lease months of the term of this Lease (as described in paragraphs 4(a) and 4(b) of this lease); provided, however, Tenant does not commit a default hereunder at any time during the term of this lease. Should this Lease terminate during the initial term due to Tenant default, then the unamortized sum of basic rent and operating costs so conditionally excused shall become immediately due and payable by Tenant to Landlord. If at the expiration of the initial term of this Lease Tenant has not committed a default hereunder, Landlord shall waive any payment of basic rent or operating costs charges paid by Tenant during the portion of the term of this Lease occurring; after the expiration of any period during which such rent or operating costs was abated shall be allocated, for income tax purposes by Landlord or Tenant to such rent abatement period, nor is such rent on operating cost intended by the parties to be allocable, for income tax purposes to any abatement period.
Reduced Rent. In the event that the rent obtained from the replacement tenant is less than that paid by the Tenant, Tenant shall be responsible for the difference until the termination date of this Lease Agreement.
Reduced Rent. So long as Tenant is not in default hereunder, all Rent ------------ (including Base Rent and Additional Rent with respect to the Basement Space) for the first nine (9) months of the Term of this Lease shall be reduced by fifty percent (50%). Notwithstanding any other remedy set forth in the Lease, if Tenant fails to take possession of the Premises or otherwise defaults at any time during the Term of this Lease such that Landlord terminates this Lease or Tenant's possession hereunder, the unamortized portion of foregoing rent concession shall be cancelled and all Rent which would have otherwise been due during such nine (9) month period shall be immediately due and payable by Tenant to Landlord.
Reduced Rent. 3.1 The Lease shall reserve the New Rent in the place of, and not in addition to, the Existing Rent.
Reduced Rent. System For all rent payments due on and after June 1, 2009 under the Leases, the Xxxxxx Landlords agree to reduce each rent payment by thirty percent (30%) (the “Reduced Rent System”). The total amount of rent reductions granted under this Section 2 shall be payable by GCFB as described in Section 3 below.
Reduced Rent. Contemporaneously with the closing of the sale of each of the Subject Facilities pursuant to the SF Purchase Contracts, Landlord and Tenant shall amend the Lease to reflect the removal of such Subject Facility(ies) in accordance with the terms of Section 7.4.12, provided, however, that (i) the reduction in Minimum Rent for each sold Subject Facility shall be equal to the Sale Facility Rent Reduction for such Subject Facility, and (ii) (x) if the Sale Facility Rent Reduction for a given Subject Facility exceeds the allocated Minimum Rent for the Subject Facility immediately prior to any such amendment pursuant to subsection (i) above, the Minimum Rent for the remaining Facilities shall be reduced pro-rata by the amount of such excess based upon the remaining Facilities’ Proportionate Shares, and (y) if the allocated Minimum Rent for the Subject Facility immediately prior to any such amendment pursuant to subsection (i) above exceeds the Sale Facility Rent Reduction, the allocable Minimum Rent for the remaining Facilities shall be increased pro-rata by the amount of such excess based upon the remaining Facilities’ Proportionate Shares. In the event that additional Cash Sale Proceeds are received on account of the sale of a Subject Facility after the closing (e.g., from the release of escrowed amounts), Tenant and Landlord shall further amend the Lease to reduce Minimum Rent by the additional Sale Facility Rent Reduction resulting from such additional Cash Sale Proceeds (with the amount of such reduction to be Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. allocated and applied pro-rata to the remaining Facilities based upon their respective Proportionate Shares).
Reduced Rent. Landlord and Tenant hereby agree that the payments due to the Landlord from the Tenant for the period beginning April 1, 2018 and ending no later than March 31, 2019 shall be in the amount of $9,401.00 (hereinafter “Reduced Rent”). Thereafter, the Tenant shall begin making the payments set forth in the Lease. In the event the financial issues of the Tenant improve, Tenant may elect to forgo the Reduced Rent and resume payments due under the Lease.
