Abatement Recapture Sample Clauses
The Abatement Recapture clause allows a landlord to reclaim rent or other concessions previously granted to a tenant if certain conditions, such as a lease default, occur. Typically, this means that if a tenant received a period of free rent or reduced rent as an incentive, and then breaches the lease, the landlord can demand repayment of those benefits. This clause ensures that tenants are held accountable for fulfilling their lease obligations and protects landlords from financial loss if the tenant fails to comply with the terms of the agreement.
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Abatement Recapture. Any agreement for free or abated rent, free parking, TI Allowance or other charges, or for the giving or paying by Landlord to or for Tenant of any cash or other bonus, inducement or consideration for Tenant's entering into this Lease, all of which concessions are hereinafter referred to as "Abatement Provisions ", shall be deemed conditioned upon Tenant's full and faithful performance of all of the terms, covenants and conditions of this Lease. Upon the occurrence of a breach of this Lease by Tenant, any such Abatement Provision shall automatically be deemed deleted from this Lease and of no further force or effect, and any rent, other charge, bonus, inducement or consideration theretofore abated, given or paid by Landlord under such an Abatement Provision shall be immediately due and payable by Tenant to Landlord, notwithstanding any subsequent cure of said breach by Tenant. The acceptance by Landlord of rent or the cure of the breach which initiated the operation of this paragraph shall not be deemed a waiver by Landlord of the provisions of this paragraph unless specifically so stated in writing by Landlord at the time of such acceptance.
Abatement Recapture. In the event the City terminates this Agreement as a result of Medistar’s and/or PAM’s default and failure to cure same within thirty (30) days, or one hundred eighty (180) days, as applicable, after receipt of written notice specifying such default, the City may recapture and collect from Medistar the Recapture Liability. Medistar shall pay to the City the Recapture Liability within thirty (30) days after the date of termination, subject to any and all lawful offsets, settlements, deduction, or credits to which Medistar may be entitled. Notwithstanding anything herein to the contrary, such Recapture Liability shall not exceed an amount equal to all fees waived plus all taxes which were abated pursuant to this Agreement to the date of termination (together with interest thereon to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, but without the addition of a penalty). The City shall have all remedies for the collection of the Recapture Liability as provided generally in the Tax Code for the collection of delinquent property taxes.