Common use of Concession Clause in Contracts

Concession. If Resident is receiving a monthly concession of rent, it will be so indicated and described in Paragraph 1(C) of this Agreement.. However, in consideration for Lessor entering into this Agreement with Resident for the rental of the Premises, and in consideration of Lessor's reasonable expectation that Resident will honor the full terms of this Agreement and pay the Total Monthly Rent when due, Resident agrees that a concession in the above- stated amount has been granted to Resident as a reduction in the rental amount due during the lease term. Notwithstanding the foregoing, Resident understands and agrees that the concession is a privilege which Lessor may revoke in the event that Resident either: (1) fails to pay the Total Monthly Rent on or before the fifth (Sth) calendar day of the month two (2) or more times during the term of this Agreement, or (2) becomes more than sixty (60) days past due in the payment of any bxxx for Resident's use of submetered water or sewer services. Should Lessor choose to revoke the concession, Lessor shall provide Resident with not less than fifteen (15) days written notice of its intention to revoke the monthly concession, said revocation to take effect either on: (a) the first calendar day of the month following the most recent month for which Resident was late in tendering the Total Monthly Rent, or (b) the first day of the calendar month following the fifteen (15) day written notice where the revocation is based on Resident's failure to pay a submetered water or sewer bxxx. Upon the revocation of the concession, Residents Total Monthly Rent for the remainder of the lease term shall increase by the value of the concession described in Paragraph 1(C)

Concession. If Resident is receiving a monthly concession of rent, it will be so indicated and described in Paragraph 1(C) of this Agreement.. However, in consideration for Lessor entering into this Agreement with Resident for the rental of the Premises, and in consideration of Lessor's reasonable expectation that Resident will honor the full terms of this Agreement and pay the Total Monthly Rent when due, Resident agrees that a concession in the above- stated amount has been granted to Resident as a reduction in the rental amount due during the lease term. Notwithstanding the foregoing, Resident understands and agrees that the concession is a privilege which Lessor may revoke in the event that Resident either: (1) fails to pay the Total Monthly Rent on or before the fifth (Sth) calendar day of the month two (2) or more times during the term of this Agreement, or (2) becomes more than sixty (60) days past due in the payment of any bxxx xxxx for Resident's use of submetered water or sewer services. Should Lessor choose to revoke the concession, Lessor shall provide Resident with not less than fifteen (15) days written notice of its intention to revoke the monthly concession, said revocation to take effect either on: (a) the first calendar day of the month following the most recent month for which Resident was late in tendering the Total Monthly Rent, or (b) the first day of the calendar month following the fifteen (15) day written notice where the revocation is based on Resident's failure to pay a submetered water or sewer bxxxxxxx. Upon the revocation of the concession, Residents Total Monthly Rent for the remainder of the lease term shall increase by the value of the concession described in Paragraph 1(C)