Lease Year Defined Sample Clauses
The "Lease Year Defined" clause establishes the specific meaning of the term "Lease Year" as it is used throughout the lease agreement. Typically, this clause clarifies whether a lease year begins on the lease commencement date or on a set calendar date, and whether subsequent lease years are measured by anniversary or calendar years. For example, the first lease year might run from the start date to the end of the twelfth month, with each following lease year covering each subsequent twelve-month period. This definition is essential for determining the timing of rent escalations, renewal options, and other time-sensitive obligations, ensuring both parties have a clear and consistent understanding of key dates throughout the lease term.
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Lease Year Defined. As used in this Lease, the term “Lease Year” shall mean (a) if the Commencement Date is the first (1st) day of a calendar month, the twelve (12) month period commencing on the Commencement Date or (b) if the Commencement Date is not the first (1st) day of a calendar month, the period commencing on the Commencement Date and ending on the last day of the twelfth (12th) full calendar month of the Term, and in either case, each succeeding twelve (12) month period thereafter which falls in whole or in part during the Term.
Lease Year Defined. The first “Lease Year” shall begin on the Rent Commencement Date and shall end on the last day of the twelfth (12th) full calendar month following the Rent Commencement Date. Each Lease Year thereafter shall consist of twelve (12) consecutive calendar months following the end of the immediately preceding Lease Year.
Lease Year Defined. The term "
Lease Year Defined. The term "lease year," as used in this Agreement, means a period of twelve (12) consecutive full calendar months beginning July 1 of each year and ending on June 30 of each year.
Lease Year Defined. The term "lease year" as used herein shall mean a period of twelve (12) consecutive full calendar months. The first lease year shall begin on the Commencement Date hereof. Each succeeding lease year shall commence upon the anniversary date of the first lease year.
Lease Year Defined. The “First Lease Year” means the period beginning on the Commencement Date and ending on the last day of the twelfth full calendar month thereafter; provided, however, if the Commencement Date is not the first day of a month, then the First Lease Year shall commence on the Commencement Date and shall continue for the balance of the month in which the Commencement Date occurs and for a period of twelve (12) full calendar months thereafter. “Lease Year” means each successive twelve (12) month period after the First Lease Year occurring during the Term. The First Lease Year shall also be considered a Lease Year.
Lease Year Defined. “Lease Year” as used herein shall mean a twelve month period, the first Lease Year commencing on the Rent Commencement Date, and each successive Lease Year commencing on the successive anniversaries thereof.
Lease Year Defined. As used in this Lease, the term “Lease Year” shall mean (i) if the Commencement Date is the first day of a calendar month, the twelve (12) month period commencing on the Commencement Date or (ii) if the Commencement Date is not the first day of a calendar month, the period commencing on the Commencement Date and ending on the last day of the twelfth (12th) full calendar month of the Term, and, in either case, each succeeding twelve (12) month period thereafter which falls in whole or in part during the Term.
Lease Year Defined. As used in this Lease, the term “Lease Year” shall mean if the Commencement Date is July 2, 2008, the first Lease Year shall be the period commencing on the Commencement Date and ending on June 30, 2009 and each succeeding twelve (12) month period thereafter, and in the final Lease Year that period which falls in whole or in part during the Term.
Lease Year Defined. “Lease Year” is each twelve (12) month period during the Term or Extension Term, as applicable, with the first Lease Year commencing at 12:01 A.M. on the Commencement Date and ending at midnight on the day immediately preceding the first (1st) anniversary of the Commencement Date.