Lease Adjustments. Section 3.7 of the Lease contemplates that, under certain circumstances, the Owner Participant will make certain recalculations and the Owner Participant hereby agrees to promptly take such actions as may be necessary or desirable to give effect to and to cause the Owner Trustee to give effect to the provisions of Section 3.7
Lease Adjustments. Adjustments related to the Leases and Occupancy Agreements shall be calculated as follows (the “Lease Adjustments”):
Lease Adjustments. If, at any time on or prior to the eighteen (18) month anniversary of the Closing Date, the Buyer is required under the terms of a Lease or any Former Lease to pay any additional amounts under such Lease or Former Lease as a year-end adjustment, the Sellers shall reimburse the Buyer for a pro rata amount of such year-end adjustment allocated to the portion of such year ending on the Closing Date or, in respect of any Former Lease, all of such year-end adjustment (each, a “Seller Lease Adjustment”). Additionally, if, at any time on or prior to the eighteen (18) month anniversary of the Closing Date, the Buyer is required to pay any deficiencies in rental payments in respect of a Lease relating to any period ending on or prior to the Closing Date or any Former Lease, the Sellers shall reimburse the Buyer for the amount of such deficiency payment and any fees or penalties assessed by any landlord in connection therewith (collectively, such deficiencies, fees and penalties, the “Short Lease Payments”). If the Sellers dispute the amount of any Seller Lease Adjustment or Short Lease Payment, the Sellers and the Buyer shall jointly negotiate such additional amounts with the applicable landlord and the amount of any Seller Lease Adjustment or Short Lease Payment shall not be finalized with a landlord without the prior written approval of Seller Representative, which shall not be unreasonably withheld or delayed. After final resolution of the amount owed by the Sellers as provided in this Section 3.6, Seller Representative and the Buyer shall jointly instruct the Escrow Agent to deliver to the Buyer from the General Escrow Amount an amount equal to the amount of such Seller Lease Adjustment or Short Lease Payment. The Sellers shall not be obligated to the Buyer for any Seller Lease Adjustment, or portion thereof, or Short Lease Payment, or portion thereof, that exceeds the General Escrow Amount. The amount of any credits under a Lease or any Former Lease attributable to the portion of a lease term ending on or prior to the Closing Date (each, a “Lease Credit”) received by the Buyer shall be deposited into the Escrow Account by the Buyer and shall constitute part of the General Escrow Amount.
Lease Adjustments. Unless otherwise instructed by Owner in writing not to renew leases, Agent will automatically prepare a one-year renewal lease for the tenant(s) and transmit same to tenant(s) for signature along with a request for current pay stubs. The Owner is responsible for securing a bank consent letter or sending the Agent a letter stating that a bank consent letter is not applicable. The $300.00 sublet renewal fee is reduced to $200.00 for managed units. Owner must advise Agent 90 days prior to lease expiration of any changes in the current rent amount. If Owner would like to sublet to a new tenant, Agent will work with prospective tenant(s) in completing all of the required documentation. Owner is still responsible for submitting a sublet package, however, no fee is required if done within the first six (6) months after original sublet package date. The $300.00 fee will be required if a sublet renewal fee has already been waived in a contract year. Agent will adjust and cancel leases, or settle and compromise claims, whenever expedient, by or against tenant(s).
Lease Adjustments a. Section 3(a) of the Sixth Amendment is hereby deleted and the following Section 3(a) is inserted in place thereof:
Lease Adjustments. (a) Articles XXXI and XXXII of the Lease (as amended), and Tenant rights to reduce the size of the Premises and to terminate the Lease set forth therein, are hereby deleted and of no further force or effect, and Tenant hereby waives any Lease Term extension, acceleration, termination and expansion rights that Tenant has or might hereafter have under the Lease (whether fixed, right of opportunity or otherwise), except as expressly set forth in Article XXX of the Lease (as amended by the Third Amendment) and Rider No. 1 attached to the Lease (as amended by the Third Amendment and this Amendment).
Lease Adjustments. A. Assignee shall pay to Tenant on the Effective Date the sum of $140,271.90 for the following:
Lease Adjustments. 35 (v) Revocation of Trust Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 (w) [Intentionally Reserved]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 (x) Withholding Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 (y) Discharge of Trust Indenture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 (z)
Lease Adjustments. Commencing on January 1, 2024:
Lease Adjustments. If, at any time on or prior to the first anniversary of the Closing Date, the Buyer is required under the terms of any Assumed Lease in effect on the Closing Date to pay any additional amounts under such Assumed Lease as a year-end adjustment (such as common area expenses or ad valorem property taxes), the Sellers shall reimburse the Buyer for a pro rata amount of such year-end adjustment allocated to the portion of such year ending on the Closing Date (each, a “Seller Lease Adjustment”). If the Sellers dispute the amount of any such Seller Lease Adjustment, the Sellers and the Buyer shall jointly negotiate such additional amounts with the applicable landlord and the amount of any Seller Lease Adjustment shall not be finalized without the prior written approval of the Sellers, which shall not be unreasonably withheld or delayed. After final resolution of the amount owed by the Sellers as provided in this Section 2.2(b), the Buyer will offset the next Note Post-Closing Payment(s) by the aggregate amount of such unpaid Seller Lease Adjustments. The Sellers shall remain obligated to the Buyer for the net aggregate amount owed by the Sellers to the Buyer pursuant to this Section 2.2(b) that is not offset against a Note Post-Closing Payment, and shall pay such amounts to the Buyer within ten (10) Business Days of receipt of written notice from the Buyer that the remaining Note Post-Closing Payments are insufficient to fully offset such amounts.
