Occupancy Percentage Clause Samples
The Occupancy Percentage clause defines the minimum proportion of a leased property that must be occupied, typically by tenants or customers, during a specified period. In practice, this clause may require that a certain percentage of units in a shopping center or office building remain leased and open for business, and it can trigger specific rights or obligations if the threshold is not met, such as rent reductions or lease termination options. Its core function is to protect tenants or landlords from the negative impacts of low occupancy, ensuring the property remains vibrant and commercially viable.
Occupancy Percentage. The aggregate Occupancy Percentage of all Qualifying Unencumbered Properties as a group must equal or exceed eighty percent (80%) at all times. If such minimum percentage requirement would be violated at any time, the Qualifying Unencumbered Properties with the lowest Occupancy Percentages shall be eliminated from inclusion in the calculation of Unencumbered Property Pool Value, as necessary to achieve such percentage requirement and such eliminated Qualifying Unencumbered Properties shall not be included in such calculation until their inclusion will not cause the aggregate Occupancy Percentage of all Qualifying Unencumbered Properties as a group to be less than eighty percent (80%).
Occupancy Percentage. The aggregate Occupancy Percentage of all Qualifying Borrowing Base Properties must equal or exceed 80.0% at all times. If such minimum would be violated at any time, the Qualifying Borrowing Base Properties with the lowest Occupancy Percentages shall be eliminated from inclusion in the calculation of Borrowing Base Value, as necessary to achieve such minimum and such eliminated Qualifying Borrowing Base Properties shall not be included in such calculation until their inclusion will not cause the aggregate Occupancy Percentage of all Qualifying Borrowing Base Properties to be less than 80.0%.