Common use of Abated Rent Clause in Contracts

Abated Rent. Sublessee will not be entitled to the benefit of any rent abatement or reduction provided to Sublessor under the Master Lease. However, Sublessee shall receive abatement of its obligation to pay fifty percent (50%) of the monthly Base Rent due hereunder during the second (2nd) through tenth (10th) full months of the Term of this Sublease (for instance, if Commencement Date is January 15, 2018 then 50% of Base Rent shall be abated for the months of March-November 2018). Sublessee shall be responsible for its Pro Rata Share (as defined below) of all other Rent payable hereunder and for janitorial costs for the Sublease Premises during such Base Rent abatement period. In the event Sublessee defaults under this Sublease after the expiration of any applicable notice and cure period, Sublessor will be entitled to reimbursement of all Base Rent abated pursuant to this paragraph.

Appears in 3 contracts

Samples: Lease Agreement, Lease Agreement (Gossamer Bio, Inc.), Lease Agreement (Gossamer Bio, Inc.)

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Abated Rent. Sublessee will not be entitled to the benefit of any rent abatement or reduction provided to Sublessor under the Master Lease. However, Sublessee shall receive abatement of its obligation to pay fifty percent (50%) of the monthly Base Rent Rent, Operating Expenses and property management fees due hereunder during the second (2nd) through tenth sixth (10th6th) full months of the Term of this Sublease (for instance, if Commencement Date is January 15April 1, 2018 then 50% of Base Rent and Operating Expenses shall be abated for the months of MarchMay-November September 2018). Sublessee shall be responsible for its Pro Rata Share (as defined below) of all other Rent payable hereunder and for janitorial costs for the Sublease Premises during such Base Rent abatement period. In the event Sublessee defaults under this Sublease after the expiration of any applicable notice and cure period, Sublessor will be entitled to reimbursement of all Base Rent abated pursuant to this paragraph.

Appears in 1 contract

Samples: ONCOSEC MEDICAL Inc

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