Common use of Footage Payment Clause in Contracts

Footage Payment. In the event Seller elects not to extend the Earn-Out Period for the Second Segment, Purchaser shall pay to Seller, when hereafter provided, an amount ("Footage Payment") equal to the Square Footage (as hereinafter defined) of the Vacant Space existing at the expiration of the First Segment, multiplied by (i) $55.00 for that portion of the Vacant Space that is not greater than one hundred feet in depth as measured from the front exterior surface to the rear exterior surface, and (ii) $45.00 for that portion of the Vacant Space that is greater than one hundred feet in depth measured as aforesaid. If Seller elects or is deemed to have elected to extend the term of the Earn-Out Period for the Second Segment, there will be no Footage Payment. "Square Footage" shall mean the aggregate number of square feet of the Vacant Space measured from the front exterior surface to the rear exterior surface and from the middle of demising walls of such Vacant Space. Within forty-five (45) days following the date Seller has elected or is deemed to have elected not to extend the term of the Earn-Out Period for the Second Segment, Seller shall deliver to Purchaser Seller's computation of the amount of the Footage Payment ("Footage Computation") which will set forth the identity of the Vacant Space, the depth of the Vacant Space, and the amount of the Square Footage contained therein. Unless Purchaser notifies Seller within ten (10) business days following Purchaser's receipt of the Computation Notice that Purchaser disagrees with the provisions thereof, Purchaser shall pay to Seller, within thirty (30) days following Purchaser's receipt of the Computation Notice the amount of the Footage Payment provided therein. If Purchaser does object to the Computation Notice as aforesaid, Purchaser and Seller shall promptly confer, in good faith, to resolve the disagreement. When the disagreement is resolved, within ten (10) business days thereafter, Purchaser shall pay to Seller the resolved Footage Payment. Any Footage Payment shall be subject to any unsatisfied right of offset as provided in Paragraphs 5.04, 9.03, 14.06, 14.07 and 16.01 hereof.

Footage Payment. In the event Seller elects not to extend the Earn-Out Period for the Second Segment, Purchaser shall pay to Seller, when hereafter provided, an amount ("Footage Payment") equal to the Square Footage (as hereinafter defined) of the Vacant Space existing at the expiration of the First Segment, multiplied by (i) $55.00 for that portion of the Vacant Space that is not greater than one hundred feet in depth as measured from the front exterior surface to the rear exterior surface, and (ii) $45.00 for that portion of the Vacant Space that is greater than one hundred feet in depth measured as aforesaid. If Seller elects or is deemed to have elected to extend the term of the Earn-Out Period for the Second Segment, there will be no Footage Payment. "Square Footage" shall mean the aggregate number of square feet of the Vacant Space measured from the front exterior surface to the rear exterior surface and from the middle of demising walls of such Vacant Space. Within forty-five (45) days following the date Seller has elected or is deemed to have elected not to extend the term of the Earn-Out Period for the Second Segment, Seller shall deliver to Purchaser Seller's computation of the amount of the Footage Payment ("Footage Computation") which will set forth the identity of the Vacant Space, the depth of the Vacant Space, and the amount of the Square Footage contained therein. Unless Purchaser notifies Seller within ten (10) business days following Purchaser's receipt of the Computation Notice that Purchaser disagrees with the provisions thereof, Purchaser shall pay to Seller, within thirty (30) days following Purchaser's receipt of the Computation Notice the amount of the Footage Payment provided therein. If Purchaser does object to the Computation Notice as aforesaid, Purchaser and Seller shall promptly confer, in good faith, to resolve the disagreement. When the disagreement is resolved, within ten (10) business days thereafter, Purchaser shall pay to Seller the resolved Footage Payment. Any Footage Payment shall be 32 38 subject to any unsatisfied right of offset as provided in Paragraphs 5.04, 9.03, 14.06, 14.07 and 16.01 hereof.

Footage Payment. In the event Seller elects not to extend the Earn-Out Period for the Second Segment, Purchaser shall pay to Seller, when hereafter provided, an amount ("Footage Payment") equal to the Square Footage (as hereinafter defined) of the Vacant Space in Phase I existing at the expiration of the First Segment, multiplied by (i) $55.00 for that portion of the Vacant Space that is not greater than one hundred feet in depth as measured from the front exterior surface to the rear exterior surface, and (ii) $45.00 for that portion of the Vacant Space that is greater than one hundred feet in depth measured as aforesaid. If Seller elects or is deemed to have elected to extend the term of the Earn-Out Period for the Second Segment, there will be no Footage Payment. "Square Footage" shall mean the aggregate number of square feet of the Vacant Space measured from the front exterior surface to the rear exterior surface and from the middle of demising walls of such Vacant Space. Within forty-five (45) days following the date Seller has elected or is deemed to have elected not to extend the term of the Earn-Out Period for the Second Segment, Seller shall deliver to Purchaser Seller's computation of the amount of the Footage Payment ("Footage Computation") which will set forth the identity of the Vacant Space, the depth of the Vacant Space, and the amount of the Square Footage contained therein. Unless Purchaser notifies Seller within ten (10) business days following Purchaser's receipt of the Computation Notice that Purchaser disagrees with the provisions thereof, Purchaser shall pay to Seller, within thirty (30) days following Purchaser's receipt of the Computation Notice the amount of the Footage Payment provided therein. If Purchaser does object to the Computation Notice as aforesaid, Purchaser and Seller shall promptly confer, in good faith, to resolve the disagreement. When the disagreement is resolved, within ten (10) business days thereafter, Purchaser shall pay to Seller the resolved Footage Payment. Any Footage Payment shall be subject to any unsatisfied right of offset as provided in Paragraphs 5.04, 9.03, 14.06, 14.07 and 16.01 hereof.Computation