Abatement Period Clause Samples

Abatement Period. (a) Provided that no Event of Default has occurred and is continuing, commencing on the Lease Commencement Date, subject to the provisions of Section 3.3, Landlord agrees to waive the total amount of the following costs for the Initial Premises only for a six (6) month period: (1) all Base Rent due for such period, to be applied in monthly installments for each of the six (6) full months following the Lease Commencement Date, (2) Tenant’s additional rent for Tenant’s Proportionate Share of Operating Expenses and Real Estate Taxes due for such six (6) month period (including any Metered Costs), (3) all Consumable Expenses, (4) any Temporary Usage Charges and (5) all Submetered Costs for such six (6) month period. (b) Provided that no Event of Default has occurred and is continuing, commencing on each Must Take Commencement Date, Landlord agrees to waive the total amount of Must Take Expansion Premises Base Rent only (i.e., such abatement shall not include any additional rent for Tenant’s Proportionate Share of Operating Expenses and Real Estate Taxes, Consumable Expenses or Submetered Costs for such floor and Tenant shall remain liable for the same) due for a nine (9) month period for such Must Take Expansion Premises, to be applied in monthly installments for each of the nine (9) full months following the applicable Must Take Commencement Date (or earlier, pursuant to Section 2.6(a) of this Lease). (c) The total amount of Base Rent, Operating Expenses, Real Estate Taxes, Consumable Expenses and Submetered Costs abated pursuant to Section 4.2(a) shall be the “Abated Initial Premises Costs” and the total amount of Base Rent abated pursuant to Section 4.2(a) shall be the “Abated Must Take Expansion Premises Costs”, and together with the Abated Initial Premises Costs, the “Abated Costs”. The six (6) or nine (9) month abatement period pursuant to Section 4.2(a) and (b), respectively, plus any extensions provided by Section 3.3 or elsewhere in this Lease or Work Agreement shall be the “Abatement Period.” For the avoidance of doubt, any cost or expense not expressly included in the Abated Costs, shall be due and payable by Tenant in accordance with this Lease. The escalation of Base Rent calculated pursuant to Section 4.3 shall be calculated without giving effect to any waiver of rent or rent credit provided to Tenant. For clarity, all references to the Abatement Period shall include any extensions thereof provided in Section 3.3.

Abatement Period. Notwithstanding anything contained in this Agreement, if the Facilities are rendered wholly or partially unusable for the Public Programs the Region’s obligations under Section 5.1 will ▇▇▇▇▇ in proportion to the reduction of the costs incurred by the City until the Facilities have been reconstructed, rebuilt, or repaired to the extent that the Facilities are again available for use by the Public Programs (“Abatement Period”).

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Abatement Period. The tax abatement period in which the APPLICANT is eligible for REAL PROPERTY abatement shall be five (5) consecutive years, with the first year of abatement being the first tax year that begins after: (i) the issuance of the Certificate of Occupancy for the REAL PROPERTY; and, (ii) the APPLICANT having met the investment amount noted in subsection B, Table 1 below, subject to verification by the CITY and inspection of the REAL PROPERTY to ensure compliance with the Infill Development Incentive Policy requirements. Failure of the APPLICANT to receive its Certificate of Occupancy and meet its investment requirement within two (2) years of the Effective Date of this Agreement shall result in the immediate termination of this Agreement without any further action required by the CITY.

Abatement Period. Notwithstanding anything in Section 4.1(a) above to the contrary, so long as Subtenant is not in default under this Sublease, Subtenant shall be entitled to an abatement of Base Rent and Operating Costs (defined in Section 4.2 below) for the first ten (10) calendar months of the Term (the "Rent Abatement Period"). The total amount of Rent abated during the Rent Abatement Period is referred to herein as the "Abated Rent". If Subtenant defaults in any material respect during the Rent Abatement Period and fails to cure such default within any applicable cure period, there will be no further abatement of Rent under this Section 4.1(c)(i).

Abatement Period. Notwithstanding anything herein to the contrary, Landlord and Tenant acknowledge and agree that Tenant shall not pay Base Rent hereunder for months one through five of the Lease Term (the “Base Rent Abatement Period”), as is shown in the “Base Rent” portion of the Summary; provided, however, that if at any time during the Lease Term Tenant is in default under the terms of this Lease (beyond any applicable notice and cure periods provided for herein), Landlord’s agreement to waive payment of the Base Rent during the Base Rent Abatement Period shall be immediately revoked without further notice to Tenant and any previous waiver of Base Rent by Landlord shall be null and void. In the event of a default by Tenant under this Lease (beyond any applicable notice and cure period provided for herein), in addition to all other remedies in connection therewith, Landlord shall have the right to demand immediate payment of any and all Base Rent which would have been due and payable in accordance with this Lease absent the waiver contained in this Section 4.02; provided, however, that any such amount payable to Landlord shall be prorated based on the number of years remaining on the Lease Term (e.g., if five (5) years are remaining in the Lease Term, Tenant would pay to Landlord one-half (1/2) of the total amount of the abated rent).

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Abatement Period. Notwithstanding any provision of the Lease to the contrary, provided that Tenant is not then in default under the Lease beyond any applicable notice and cure period, the abatement of monthly installments of Basic Rent for the Premises shall be reduced from six (6) months to five and one-half (5½) months (month two (2) through the first one half of month seven (7) of the Initial Term for each Premises) (each an “Abatement Period”).

Abatement Period the period beginning on the Lease Commencement Date and ending on the Rent Commencement Date.