Common use of Maintenance of Minimum Level of Continuous Occupancy Clause in Contracts

Maintenance of Minimum Level of Continuous Occupancy. Subject to Section 24 (Force Majeure) below and to ensure job creation and maintenance, the Company shall maintain the Commercial Space in Continuous Occupancy throughout the term of this Agreement in order to be eligible for each City Payment beginning with the 3nd City Payment. Failure to maintain Continuous Occupancy shall result in a 100% reduction in the City Payment for the subject year (i.e., no City Payment for that year). Notwithstanding the Continuous Occupancy requirement, the Company shall be permitted to exclude certain vacancy space from the Continuous Occupancy calculation for new tenant up fit requirements, but such excluded vacancy period may not exceed 180 days.

Maintenance of Minimum Level of Continuous Occupancy. Subject to Section 24 23 (Force Majeure) below and to ensure job creation and maintenance, the Company shall maintain the Commercial Space in Continuous Occupancy throughout the term City Payment Period of this Agreement in order to be eligible for each City Payment beginning with the 3nd 3rd City Payment. Failure to maintain Continuous Occupancy shall result in a 100% reduction in the City Payment for the subject year (i.e., no City Payment for that year). Notwithstanding For the purpose of the Continuous Occupancy requirementrequirements pursuant to this Agreement, the Company any space for which there is a Valid Lease shall be permitted considered to exclude certain vacancy space from the Continuous Occupancy calculation for new tenant up fit requirements, but such excluded vacancy period may not exceed 180 daysbe occupied space.