Free Rent. Landlord shall allow Tenant and Contractor to occupy and perform the tenant improvement work in the Premises without payment of rent after Possession (as defined in Addendum P. 3) for a period of two (2) months. Landlord shall allow Tenant to occupy one-half (1/2) of the Premises (approximately 17,630 rentable square feet) for six (6) months after the Commencement Date without payment of rent. Tenant's first month's rent paid upon execution of this Lease shall cover the rent on the remaining one-half (1/2) of the Premises for the first two (2) months after the Commencement Date.
Free Rent. Notwithstanding any provision of this Lease to the contrary, but subject to the condition that Tenant is not in default in the performance of any of its obligations under this Lease, Landlord hereby releases Tenant from the obligation to pay its Monthly Installment of Annual Base Rent for the first three (3) months of the Lease following the Commencement Date (“Free Rent Period”); provided, however, that in the event that Tenant defaults in the performance of any of its obligations under the Lease during, or subsequent to the Free Rent Period and fails to cure such default within the applicable cure period, then the amount of Annual Base Rent which Tenant was released from the obligation to pay during the Free Rent Period shall become immediately due and payable to Landlord as Additional Rent hereunder. During the said Free Rent Period, Tenant shall remain obligated to pay Landlord for all Additional Rent and other charges payable pursuant to the Lease, including, but not limited to, Real Estate Taxes and Operating Expenses. Lot I. Block I, Xxxxxxx Center 15th Addition, according to the plat thereof on file or of record in the office of the Registrar of Titles, Hennepin County, Minnesota, except that part of said Lot I lying North of the following described line; Commencing at the Southeast corner of said Lot 1; thence North 1 degree 27 minutes 59 seconds East along the East line of said Lot 1 a distance of 342.65 feet; thence North S degrees 30 minutes 16 seconds West along the East line of said Lot 1 a distance of 92.74 feet to the beginning of the line to be described: thence South 81 degrees 09 minutes 35 seconds West a distance of 213.19 feet; thence North 27 degrees 52 minutes 34 seconds West a distance of 71.53 feet to a point on the Northeasterly line of said Lot 1 and said line there terminating. Registered Property Certificate of Title No. 1036245 Together with the benefits of the easements created in Declaration of Easements and Real Covenants, dated February 15, 1995, filed March 16, 1995, as Document No. 2595615, as amended by First Amendment to Declaration, dated April 10, 1997, filed April 30, 1997, as Document No. 2806445, and as amended by Second Amendment to Declaration, dated June 25, 1998, filed August 31, 1998, as Document No. 3057082; and as amended by Amended and Restated Declaration of Easements and Real Covenants, dated January 27, 2000, filed April 26, 2000. as Document No. 3275343, Together with benefits pursuant to Declaration o...
Free Rent. OMB will provide Overstock with a free rent credit in the amount set forth on Exhibit A to be applied to rent for the New Premises. The free rent credit shall be applied to the initial rent payment for the New Premises and to each subsequent rent payment until it has been exhausted.
Free Rent. Provided and so long as TENANT is not ever in monetary or material non-monetary default of this Lease beyond any applicable cure period, TENANT shall not be required to pay fixed rent for the month of May, 2019. If this Lease is terminated by OWNER because of TENANT’s default, then, in addition to all other damages and remedies to which OWNER may be otherwise entitled, OWNER shall also be entitled to the repayment, upon demand, of the unamortized portion of the free fixed rent calculated on a straight-line bases over the initial term of the Lease, OWNER’s failure to elect to collect the abated rent upon a default by TENANT shall not be deemed a waiver of OWNER’s right to collect such abated rent at any later point. TENANT acknowledges that it shall be responsible for the payment of water, sprinkler and electric charges commencing immediately upon TENANT’s having access to the demised premises.
Free Rent. Tenant shall not be required to pay the Base Rent for the months of October, November and December, 2012.
Free Rent. (a) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent to fund the free rent of Xxxxxx, Xxxxxxxxxx & Xxxxxxxxx into which Borrower shall deposit on the date hereof $388,872.97 (the “Free Rent Account”).
(b) Provided no default exists under the Orrick Lease and no Event of Default exists under the Loan, Lender shall disburse into the Cash Management Account from funds on deposit in the Free Rent Account the amount of $97,218.24 on each Scheduled Payment Date beginning on the Scheduled Payment Date occurring in March 2007 through and including the Scheduled Payment Date occurring in June 2007.
Free Rent. Absent an Event of Default under the Lease, Tenant will receive free rent for the First Expansion Premises and the Second Expansion Premises as follows: First Expansion Premises First Effective Date through May 31, 2005 6 $0.00 Second Expansion Premises Second Effective Date through July 31, 2005 6 $0.00
Free Rent. Sublessor agrees, in consideration for Sublessor not --------- removing any walls or touching up any paint in the Subleased Premises, to provide Sublessee with a one time credit for thirty (30) days of free rent. Such one time credit for said thirty (30) days of free rent shall total Twenty Thousand Four Hundred and no/100 Dollars ($20,400.00) and shall be credited against the installment of Rental due hereunder by Sublessee to Sublessor on October 1, 1999.
Free Rent. Notwithstanding Paragraph 2 above, subject to the last sentence of this paragraph, Tenant shall not be obligated to pay Base Rent pursuant to paragraph 2 of this Lease during the first six (6) months following the Effective Commencement Date, as set forth on the Basic Lease Information page (the “Abatement Period”). If Tenant defaults under this Lease in any material obligation, and such default is not cured as provided for in this Lease during the Xxxxxx/nnnlease rev. 7/92 T DBS/L JCC Abatement Period, the rental abatement provided for above shall cease, effective as of the date of the act or omission that the Abatement Period, with the passage of time or giving of notice or both, would constitute an event of default. Further, if at any time during the initial one hundred-twenty (120) months of the Lease Term, Tenant defaults in any material obligation, and such default is not cured as provided for in this Lease, a pro-rata amount of the Base Rent which was abated during the Abatement Period shall automatically be due and payable in full, with interest thereon from the end of the Abatement Period at the rate of twelve percent (12%) per annum compounded monthly. The pro-rata amount shall be the unamortized portion of the Abated Rent as of the effective date of default based on amortization of the Abated Rent over the initial one-hundred twenty (120) months of the Lease Term.
Free Rent. Buyer shall receive a credit against the Purchase Price at Closing equal to the amount of any “free rent” available to tenants with respect to the current term of the Leases existing as of the Effective Date and an initial estimate is shown on Exhibit K attached hereto. Notwithstanding anything set forth herein to the contrary, the credit with respect to free rent shall be subject to adjustment only based on Seller’s and Buyer’s respective periods of ownership of the Property, and not with respect to amount or any other factor (for purposes of clarity, any portion of any free rent period that occurs during Seller’s period of ownership of the Property shall be deducted from the credit provided to Buyer at Closing). From and after Closing, Buyer shall be solely responsible for all free rent associated with the Leases, including any New Leases.
