Rent Abatement. Provided that the Tenant is not then in default of the Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises for such Rent Abatement Period (the "Rent Abatement"). Tenant acknowledges and agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full.
Appears in 2 contracts
Samples: Office Lease (Global Clean Energy Holdings, Inc.), Office Lease (Global Clean Energy Holdings, Inc.)
Rent Abatement. Provided An “Abatement Event” shall be defined as an event that prevents Tenant from using the Premises or any portion thereof, as a result of any failure to provide services or access to the Premises, where (i) Tenant does not actually use the Premises or such portion thereof, and (ii) such event is caused by the gross negligence or willful misconduct of Landlord. Tenant shall give Landlord notice (“Abatement Notice”) of any such Abatement Event, and if such Abatement Event continues beyond the “Eligibility Period” (as that term is defined below), then the Basic Rental and Tenant’s Proportionate Share of Direct Costs and Tenant’s obligation to pay for parking shall be abated entirely or reduced, as the case may be, after expiration of the Eligibility Period for such time that Tenant continues to be so prevented from using, and does not use, the Premises or a portion thereof, in the proportion that the rentable area of the portion of the Premises that Tenant is prevented from using, and does not then in default use, bears to the total rentable area of the Lease (as hereby amended) Premises; provided, however, in the event that Tenant is prevented from using, and is then in occupancy does not use, a portion of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises for a period of time in excess of the Eligibility Period and the remaining portion of the Premises is not sufficient to allow Tenant to effectively conduct its business therein, and if Tenant does not conduct its business from such Rent Abatement remaining portion, then for such time after expiration of the Eligibility Period (during which Tenant is so prevented from effectively conducting its business therein, the "Rent Abatement")Basic Rental and Tenant’s Proportionate Share of Direct Costs and Tenant’s obligation to pay for parking for the entire Premises shall be abated entirely for such time as Tenant continues to be so prevented from using, and does not use, the Premises. If, however, Tenant acknowledges and agrees that reoccupies any portion of the Premises during such Rent Abatement Periodperiod, the Basic Rental and Tenant’s Proportionate Share of Direct Costs and Tenant’s obligation to pay for parking allocable to such abatement of Base Rent shall have no effect reoccupied portion, based on the calculation proportion that the rentable area of any future increases in Base Rentsuch reoccupied portion of the Premises bears to the total rentable area of the Premises, Operating Costs or Landlord's Taxes shall be payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date Tenant reoccupies such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Premises. The term “Eligibility Period” shall mean a period of five (5) consecutive business days after Landlord’s receipt of any Abatement as Notice(s). Such right to xxxxx Basic Rental and Tenant’s Proportionate Share of such default Direct Costs and Tenant’s obligation to pay for parking shall be converted to a credit to be applied to the Base Rent applicable to the Premises Tenant’s sole and exclusive remedy at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent law or in equity for the Premises in fullan Abatement Event.
Appears in 1 contract
Rent Abatement. Provided that Tenant shall not have to pay Minimum Monthly Rent for the Tenant is not then in default first four (4) months of the Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "“Rent Abatement Period"”), except as hereinafter provided. If the Commencement Date occurs other than on the first day of a calendar month, the Rent Abatement Period shall be the first 120 days from and including the Commencement Date. The Minimum Monthly Rent for the Rent Abatement Period shall be referred to as the “Base Rent Abatement.” Tenant shall be required to pay all other sums under the Lease during the Rent Abatement Period and throughout the Term. Tenant acknowledges that Landlord would not have granted the Base Rent Abatement for the Rent Abatement Period but for Tenant’s agreement to perform all of the terms, covenants, conditions and agreements to be performed by it under this Lease for the entire Term, and that Landlord’s agreement to grant such concession is, and shall remain, conditioned upon Tenant’s faithful performance of all of the terms, covenants, conditions and agreements to be performed by Tenant under this Lease for the entire Term. Notwithstanding anything in this paragraph to the contrary, if Tenant defaults under this Lease, after notice and the expiration of the applicable cure period, and as a result thereof Landlord terminates this Lease, then in addition to all other rights and remedies available to Landlord (a) Tenant shall not be obligated entitled to pay any the Base Rent otherwise attributable Abatement, and (b) Tenant shall immediately pay to Landlord upon demand a sum equal to the Premises for such unamortized Base Rent Abatement Period (i.e. based upon the "amortization of the Base Rent Abatement"Abatement in equal monthly amounts, without interest, during the period commencing on the Commencement Date and ending on the original expiration date of the Term). ; provided, however, Tenant acknowledges and agrees that during such Rent Abatement Periodnothing in this paragraph is intended to limit any other remedies available to Landlord at law or in equity under applicable law (including, such abatement of Base Rent shall have no effect on without limitation, the calculation of remedies under Civil Code Section 1951.2 and/or 1951.4 and any future increases successor statutes or similar laws), in Base Rent, Operating Costs or Landlord's Taxes payable by the event Tenant pursuant to the terms of defaults under this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within beyond any applicable notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full.
Appears in 1 contract
Rent Abatement. Provided Notwithstanding anything to the contrary contained in Section 5 above, provided that the Lease shall then be in full force and effect and no monetary or material non-monetary Event of Default shall be continuing, Tenant is not then shall be entitled to an abatement of Base Rent in default respect of the Lease New Premises only in the amount of $14,532.00 per month from the New Premises Commencement Date through the date immediately preceding the date that is eleven (as hereby amended11) months after the New Premises Commencement Date (such date, the “New Premises Rent Commencement Date,” and is then in occupancy such period of abated Base Rent for the entire New Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "“New Premises Base Rent Abatement Period"”), Tenant shall not be obligated to pay any . The amount of Base Rent otherwise attributable to the Premises for such Rent Abatement Period abated in accordance with this Section 6 (the "Rent Abatement"). Tenant acknowledges and agrees that “New Premises Abated Base Rent”) does not include charges for electric and/or any other Additional Rent; as such, during such the New Premises Base Rent Abatement Period, such abatement of only Base Rent to the extent set forth above shall have no effect on be abated, and the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes electric charges as well as all Additional Rent and other costs and charges payable by Tenant under the Lease shall remain due and payable pursuant to the terms hereof. Notwithstanding the foregoing, if Tenant cures any such Event of this Lease, which increases shall be calculated without regard to such abatement Default after the applicable notice and cure period set forth in Section 21.1 of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and if such cure is accepted by Landlord, then Tenant shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant again be entitled to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all New Premises Abated Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from extent the date same accrued but was not applied before such Base Rent would have otherwise been due but for the abatement provided hereincure is effected by Tenant (i.e., or (iiwas suspended) that the dollar amount of the unapplied as well as any portion of the Rent Abatement as of thereof accruing after such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in fullcure is effected by Tenant.
Appears in 1 contract
Samples: Lease (Cra International, Inc.)
Rent Abatement. Provided In the event that the Tenant is not then in default of the Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term results from indoor air tests collected in a manner consistent with the sampling methodology set forth in the Contingency Plan or the OM&M Plan and ending approved by EPA demonstrate that indoor air within the Premises is at or above the Applicable Cleanup Levels and not as the result of Tenant’s or a Tenant Party’s use of Hazardous Material (each an “Applicable Cleanup Level Exceedance”), Landlord shall implement, or cause the MEW Responsible Parties to implement, the Mitigation Measures. In the event that test results do not demonstrate the Applicable Cleanup Levels have been achieved within one hundred eighty (180) days after the third initial Applicable Cleanup Level Exceedance (3`d“Mitigation Period”), then the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the extent not utilized by Tenant) month shall be abated or reduced, as the case may be, after expiration of the Lease Term (Mitigation Period for such time that the "Rent Abatement Period")Applicable Cleanup Level Exceedance continues until the Applicable Cleanup Levels are achieved, in the proportion that the rentable area of the portion of the Premises that Tenant shall is prevented from using, and does not be obligated use, bears to pay any Base Rent otherwise attributable to the total rentable area of the Premises; provided, however, in the event that Tenant is prevented from using, and does not use, a portion of the Premises for a period of time in excess of the Mitigation Period and the remaining portion of the Premises is not sufficient to allow Tenant to effectively conduct its business therein, and if Tenant does not conduct its business from such remaining portion, then for such time after expiration of the Mitigation Period during which Tenant is so prevented from effectively conducting its business therein, the Base Rent Abatement Period (and Tenant’s Share of Direct Expenses for the "Rent Abatement")entire Premises and Tenant’s obligation to pay for parking shall be abated for such time as Tenant continues to be so prevented from using, and does not use, the Premises. If, however, Tenant acknowledges and agrees that reoccupies any portion of the Premises during such period, the Rent Abatement Periodallocable to such reoccupied portion, such abatement of Base Rent shall have no effect based on the calculation proportion that the rentable area of any future increases in Base Rentsuch reoccupied portion of the Premises bears to the total rentable area of the Premises, Operating Costs or Landlord's Taxes shall be payable by Tenant pursuant to from the terms date Tenant reoccupies such portion of this Lease, which increases shall be calculated without regard to such abatement of Base Rentthe Premises. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, electFurther, in addition to the event there is physical interference with Tenant’s use or occupancy of all or any other remedies Landlord may have under the Lease, one or both portion of the following remedies: Premises caused by the evacuation of the Premises as a result of the presence of Pre-Existing Conditions, where (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during emergency evacuation is required by the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided hereinEPA or other governmental agency having jurisdiction, or (ii) in the event of a non-emergency evacuation, a qualified industrial hygienist (and/or other qualified health professionals depending upon the health risk at issue), reasonably acceptable to Landlord, has recommended the evacuation and Tenant has so evacuated (either such event constituting as “Evacuation Event”), then Tenant shall give Landlord notice of such Evacuation Event, and if Landlord cannot demonstrate that it has remedied the Evacuation Event within five (5) business days after Landlord’s receipt of any such notice (the “Evacuation Eligibility Period”), then the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the extent not utilized by Tenant) shall be abated or reduced, as the case may be, after expiration of the Evacuation Eligibility Period for such time that the dollar amount Evacuation Event continues, in the proportion that the rentable area of the unapplied portion of the Rent Abatement as Premises that Tenant is prevented from using, and does not use, bears to the total rentable area of the Premises; provided, however, in the event that Tenant is prevented from using, and does not use, a portion of the Premises for a period of time in excess of the Evacuation Eligibility Period and the remaining portion of the Premises is not sufficient to allow Tenant to effectively conduct its business therein, and if Tenant does not conduct its business from such default shall be converted to a credit to be applied to remaining portion, then for such time after expiration of the Evacuation Eligibility Period during which Tenant is so prevented from effectively conducting its business therein, the Base Rent applicable and Tenant’s Share of Direct Expenses for the entire Premises and Tenant’s obligation to pay for parking shall be abated for such time as Tenant continues to be so prevented from using, and does not use, the Premises. If, however, Tenant reoccupies any portion of the Premises during such period, the Rent allocable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the Premises at the end total rentable area of the Second Extended Term and Premises, shall be payable by Tenant shall immediately be obligated to begin paying Base Rent for from the Premises in fulldate Tenant reoccupies such portion of the Premises.
Appears in 1 contract
Samples: Office Lease (Audience Inc)
Rent Abatement. Provided that Notwithstanding anything to the -------------- contrary contained in this Article V, so long as Tenant is not then in default under the terms and conditions of this Lease as of the Lease date any monthly installment of Base Rent would otherwise be due and owing during the Abatement Period (as hereby amended) and is then in occupancy hereinafter defined), Tenant shall be entitled to an abatement of the entire Premises, then during Base Rent for the period beginning commencing on second (2'd) month of the Lease Term Commencement Date and ending after the third on September 30, 1999 (3`d) month of the Lease Term (hereinafter referred to as the "Rent Abatement Period"). In the event Tenant is in default (after any applicable grace or cure periods) under the terms and conditions of this Lease on the day any installment of Base Rent would have been due hereunder but for the abatement of Base Rent during the Abatement Period, then, in such event, the rent abatements attributable to Base Rent, as set forth above, shall no longer be in effect and Tenant shall be obligated, during the period of such uncured default, to pay the monthly installment of Base Rent that would have been due and owing hereunder but for the abatement of Base Rent (hereinafter referred to as the "Rent Default Payments"). Tenant shall not be obligated entitled to pay a proration of any Base Rent otherwise attributable Default Payments so paid whether or not Tenant cures the default at any time prior to the Premises last day of the calendar month for which such Rent Abatement Period (the "Rent Abatement")installments were paid. Tenant acknowledges and agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately further be obligated to begin paying make all required Rent Default Payments until the subject default is cured. After such default is cured, Tenant shall then again be entitled to the monthly Base Rent for abatement unless another default occurs. In no event shall Tenant be entitled to any extension of the Premises in fullAbatement Period because of any payment of a full monthly installment of Rent made due to defaults.
Appears in 1 contract
Rent Abatement. Provided If all or part of the Premises are rendered completely or partially untenantable on account of fire or other casualty to the Premises and/or Base Building and/or the Building System or the Common Areas, Monthly Rent, Tenant’s Share of Excess Direct Expenses, parking charges and all other forms of additional rent (collectively, “Tenant’s Monetary Obligations”) shall be abated in the proportion that the rentable area of the untenantable portion of the Premises bears to the total rentable area of the Premises. Such abatement shall commence on the date of the damage or destruction and shall continue until the Premises and all relevant portions of the Common Areas have been substantially repaired and Tenant has been granted sufficient time to reinstall the Tenant Improvements, its furniture, fixtures and equipment and move into the Premises, which period of time shall be extended for Force Majeure Events and delays caused by the Landlord. However, if Tenant reoccupies any portion of damaged portion of the Premises prior to the date that the Premises are substantially repaired, the Rent allocable to the reoccupied portion shall be payable by Tenant from the date of such occupancy in the proportion that the rentable area of the reoccupied portion of the Premises bears to the total rentable area of the Premises, provided, further, if the Premises (or access thereto) is damaged such that the remaining portion thereof is not then in default sufficient to allow Tenant to conduct its business operations from such remaining portion and Tenant does not conduct its business operations therefrom, Landlord shall allow Tenant a total abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease, and not occupied by Tenant as a result of the subject damage. If Tenant’s right to xxxxx under this Section 14.4 occurs during a free rent period or during another period during which Tenant’s Monetary Obligations hereunder are abated or subject to another rent credit provision under either this Lease or the Work Letter (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement “Overlap Period"”), Tenant shall not be obligated entitled to pay any Base Rent otherwise attributable to the Premises for such Rent Abatement Period an additional free rent credit (the "Rent Abatement"). Tenant acknowledges and agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at rent next due and payable) equal to the end free rent to which Tenant was otherwise entitled during the Overlap Period but which was not used by virtue of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in fullapplication of this Section 14.4.
Appears in 1 contract
Samples: Office Lease (Aecom Technology Corp)
Rent Abatement. Provided that Notwithstanding anything to the Tenant is not then in default of contrary contained herein, Landlord hereby agrees to conditionally waive the Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable due with respect to the Premises for such Rent Abatement Period the first three (3) full consecutive calendar months of the Term hereof (the "“Base Rent Abatement"”). Tenant acknowledges and agrees that during such Rent Abatement Period, such abatement of No amounts due to Landlord under the Lease other than the Base Rent referred to above shall have no effect be conditionally waived, except as expressly provided to the contrary in the Lease. If the Commencement Date is other than the first day of the of a month, then Tenant shall be responsible for paying any Base Rent for the period commencing on the calculation Commencement Date until the commencement of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant pursuant to the terms first full calendar month of this Lease, the Term; which increases such amount shall be calculated without regard prorated based upon the actual number of days of the calendar month involved. Nothing herein shall be construed to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing waive Tenant’s obligation to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under first month’s Base Rent upon Tenant’s execution of the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the LeaseSection 4 below, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant which such amount shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to payable for the Premises at the end fourth full calendar month of the Second Extended Term and Tenant shall immediately be obligated to begin paying Term. If during the Base Rent for Abatement period, Tenant commits a default as defined in Section 13 of the Premises Lease which continues beyond the expiration of any applicable notice and cure period, Base Rent coming due thereafter shall not be waived. Furthermore, in fullthe event Landlord is exercising its right to terminate this Lease due to a default by Tenant, all Base Rent that Landlord conditionally waived in the past, as well as all unamortized tenant improvement costs and brokerage commissions incurred by Landlord in connection with this Lease, shall be immediately due and payable by Tenant to Landlord without notice or demand from Landlord. If the Lease expires in accordance with its terms, and does not terminate as a result of a default by Tenant, Landlord agrees to permanently waive the Base Rent it has conditionally waived.
Appears in 1 contract
Rent Abatement. Provided that Notwithstanding the anything to the contrary contained in this Article 5, so long as Tenant is not then in default under the terms and conditions of this Lease as of the Lease date any monthly installment of Base Rent would otherwise be due and owing during the Abatement Period (as hereby amendedhereinafter defined), Tenant shall be entitled to an abatement of Base Rent for the first three (3) and is then in occupancy months of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Initial Term (hereinafter referred to as the "Rent Abatement Period"). In the event Tenant is in default (after any applicable grace or cure periods) under the terms and conditions of this Lease on the day any installment of Base Rent would have been due hereunder but for the abatement of Base Rent during the Abatement Period, then, in such event, the rent abatements attributable to Base Rent, as set forth above, shall no longer be in effect and Tenant shall be obligated, during the period of such uncured default, to pay the monthly installment of Base Rent that would have been due and owing hereunder but for the abatement of said components of Rent (hereinafter referred to as the "Rent Default Payments"). Tenant shall not be obligated entitled to pay a proration of any Base Rent otherwise attributable Default Payments so paid whether or not Tenant cures the default at any time prior to the Premises last day of the calendar month for which such Rent Abatement Period (the "Rent Abatement")installments were paid. Tenant acknowledges and agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately further be obligated to begin paying Base make all required Rent for Default Payments until the Premises in fullsubject default is cured.
Appears in 1 contract
Samples: Industrial Building Lease (Factory Card Outlet Corp)
Rent Abatement. Provided Notwithstanding anything to the contrary contained in Section 5 above, provided that the Lease shall then be in full force and effect and no monetary or material non-monetary Event of Default shall be continuing, Tenant is not then shall be entitled to an abatement of Base Rent in default respect of the Lease Third Amendment Premises only in the amount of $73,456.25 per month from the Third Amendment Premises Commencement Date through the date immediately preceding the date that is ten (as hereby amended10) months after the Third Amendment Premises Commencement Date (such date, the “Third Amendment Premises Rent Commencement Date,” and is then in occupancy such period of abated Base Rent for the entire Third Amendment Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "“Third Amendment Premises Base Rent Abatement Period"”), Tenant shall not be obligated to pay any . The amount of Base Rent otherwise attributable to the Premises for such Rent Abatement Period abated in accordance with this Section 6 (the "Rent Abatement"). Tenant acknowledges and agrees that “Third Amendment Premises Abated Base Rent”) does not include charges for electric and/or any other Additional Rent; as such, during such the Third Amendment Premises Base Rent Abatement Period, such abatement of only Base Rent to the extent set forth above shall have no effect on be abated, and the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes electric charges as well as all Additional Rent and other costs and charges payable by Tenant under the Lease shall remain due and payable pursuant to the terms of this Leasehereof; provided, which increases shall be calculated without regard to such abatement of however, that notwithstanding the foregoing, if the Third Amendment Premises Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering Period extends into this Agreementthe calendar year 2021 (i.e., the calendar year following the Base Expense Year and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the LeaseBase Tax Year), then Landlord may at its option, by notice to Tenant, electfor such portion of the Third Amendment Premises Base Rent Abatement Period extending into 2021, in addition to any other remedies Landlord may have under the LeaseBase Rent, one or both Tenant’s Tax Payment and Tenant’s Expenses Share of the following remedies: (i) that Operating Expenses Excess shall also be abated. Notwithstanding the foregoing, if Tenant cures any such Event of Default after the applicable notice and cure period set forth in Section 21.1 of the Lease and if such cure is accepted by Landlord, then Tenant shall immediately become obligated again be entitled to pay to Landlord all the Third Amendment Premises Abated Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from extent the date same accrued but was not applied before such Base Rent would have otherwise been due but for the abatement provided hereincure is effected by Tenant (i.e., or (iiwas suspended) that the dollar amount of the unapplied as well as any portion of the Rent Abatement as of thereof accruing after such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in fullcure is effected by Tenant.
Appears in 1 contract
Samples: Lease (Cra International, Inc.)
Rent Abatement. Provided Notwithstanding anything to the contrary contained in Section 6 above, provided that the Lease shall then be in full force and effect and no monetary or material non-monetary Event of Default shall be continuing, Tenant is not then shall be entitled to an abatement of Base Rent in default respect of the Lease New Premises only in the amount of $99,522.00 per month from the New Premises Commencement Date through the date immediately preceding the one (as hereby amended1) and is then in occupancy year anniversary of the entire New Premises Commencement Date (such date, the “New Premises Rent Commencement Date,” and such period of abated Base Rent for the New Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "“New Premises Base Rent Abatement Period"”), Tenant shall not be obligated to pay any . The amount of Base Rent otherwise attributable to the Premises for such Rent Abatement Period abated in accordance with this Section 7 (the "Rent Abatement"). Tenant acknowledges and agrees that “New Premises Abated Base Rent”) does not include charges for electric and/or any other Additional Rent; as such, during such the New Premises Base Rent Abatement Period, such abatement of only Base Rent to the extent set forth above shall have no effect on be abated, and the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes electric charges as well as all Additional Rent and other costs and charges payable by Tenant under the Lease shall remain due and payable pursuant to the terms hereof. Notwithstanding the foregoing, if Tenant cures any such Event of this Lease, which increases shall be calculated without regard to such abatement Default after the applicable notice and cure period set forth in Section 21.1 of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and if such cure is accepted by Landlord, then Tenant shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant again be entitled to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all New Premises Abated Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from extent the date same accrued but was not applied before such Base Rent would have otherwise been due but for the abatement provided hereincure is effected by Tenant (i.e., or (iiwas suspended) that the dollar amount of the unapplied as well as any portion of the Rent Abatement as of thereof accruing after such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in fullcure is effected by Tenant.
Appears in 1 contract
Samples: Lease (Cra International, Inc.)
Rent Abatement. Provided that Notwithstanding anything to the contrary hereinabove set forth, provided this Lease is in full force and effect and Tenant is not then in default under this Lease beyond applicable notice and grace periods, the Base Rent set forth in subsection B(x) of this Article 1 shall be abated from the Commencement Date through the day immediately preceding the Rent Commencement Date; provided however, if Tenant subsequently cures any such default prior to a termination of this Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period")by reason thereof, Tenant shall thereafter be entitled to the balance of such abatement not yet applied against the Base Rent. In addition, in the event the Commencement Date does not occur on or prior to the first (1st) day of October, 2003 or on the first (1st) day of any succeeding calendar month for reasons other than a Tenant Delay or strikes or labor troubles, laws, governmental preemption in connection with a National Emergency, by reason of any rule, order or regulation of any federal, state, county or municipal authority or any department or subdivision thereof or any government agency or by reason of the conditions of supply and demand which have been or are affected by war or other emergency, then commencing on the Rent Commencement Date, the Base Rent shall be obligated further abated on a day for day basis for each day occurring between the date on which the Commencement Date occurs and the last day of the month in which the Commencement Date occurs, provided that Tenant can establish that Tenant's existing landlord required that Tenant satisfy its complete rent obligation under its existing lease for all or a portion of such month beyond the Commencement Date. By means of illustration only, if the Commencement Date occurs on October 10, 2003, and Tenant's existing landlord requires that Tenant pay rent under its existing lease through October 31, 2003, then the Rent Commencement Date shall be postponed for an additional twenty-one (21) days through October 31, 2004. Tenant shall provide Landlord with such documentation as Landlord shall reasonably request to evidence the rental payment made to Tenant's existing landlord, including, without limitation, copies of Tenant's existing lease, invoices and cancelled checks. If Tenant is not required to make a rent payment to its existing landlord for any such period beyond the Commencement Date, then Tenant's rent obligations hereunder shall commence on the Rent Commencement Date. Nothing hereinabove contained shall be deemed a waiver of Tenant's obligation to pay any Base Rent otherwise attributable to the Premises for such Rent Abatement Period (the "Rent Abatement"). Tenant acknowledges other sums or charges due and agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant pursuant to the terms of under this Lease, which increases shall be calculated including, without regard to such abatement limitation, the cost of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay Tenant's consumption of electric energy in the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure Premises pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both subsection H of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in fullArticle 29 hereof.
Appears in 1 contract
Rent Abatement. Provided that Notwithstanding the anything to the contrary contained in this Article 5, so long as Tenant is not then in default under the terms and conditions of this Lease as of the Lease date any monthly installment of Base Rent would otherwise be due and owing during the Abatement Period (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period"hereinafter defined), Tenant shall not be obligated entitled to pay any Base Rent otherwise attributable to the Premises for such Rent Abatement Period (the "Rent Abatement"). Tenant acknowledges and agrees that during such Rent Abatement Period, such an abatement of Base Rent shall have no effect on for the calculation first three (3) months of the Initial Term (hereinafter referred to as the “Abatement Period”). In the event Tenant is in default (after any future increases in Base Rent, Operating Costs applicable grace or Landlord's Taxes payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing cure periods) under the terms and conditions otherwise required under of this Lease on the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to day any other remedies Landlord may have under the Lease, one or both installment of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due hereunder but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable during the Abatement Period, then, in such event, the rent abatements attributable to the Premises at the end of the Second Extended Term Base Rent, as set forth above, shall no longer be in effect and Tenant shall immediately be obligated, during the period of such uncured default, to pay the monthly installment of Base Rent that would have been due and owing hereunder but for the abatement of said components of Rent (hereinafter referred to as the “Rent Default Payments”). Tenant shall not be entitled to a proration of any Rent Default Payments so paid whether or not Tenant cures the default at any time prior to the last day of the calendar month for which such installments were paid. Tenant shall further be obligated to begin paying Base make all required Rent for Default Payments until the Premises in fullsubject default is cured.
Appears in 1 contract
Samples: Industrial Building Lease (Factory Card & Party Outlet Corp)
Rent Abatement. Provided Notwithstanding anything to the contrary in this First Amendment, provided that no event of default is occurring beyond the Tenant is not then in default expiration of any applicable notice and cure period, with respect to the Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Expansion Base Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Expansion Premises for such Rent Abatement Period (the "Expansion Base Rent Abatement"). Tenant acknowledges and agrees that during such Expansion Base Rent Abatement Period, such abatement of Base Rent for the Expansion Premises shall have no effect on the calculation of any future increases in Base Rent, Operating Costs Rent or Landlord's Taxes Direct Expenses payable by Tenant pursuant to the terms of this the Lease, as amended, which increases shall be calculated without regard to such abatement of Expansion Base RentRent Abatement. The Tenant acknowledges and agrees that the foregoing Expansion Base Rent Abatement has been granted to Tenant as additional consideration for entering into this AgreementFirst Amendment, and for agreeing to pay the rent Base Rent and performing perform the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease Lease, as amended, and shall fail to cure such economic default or material non-economic default within the notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its optionas amended, by notice to Tenant, elect, in addition to any other remedies Landlord may have under or if the Lease, one or both as amended, is terminated for any reason other than Landlord's breach of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement PeriodLease, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided hereinamended, or (ii) that then the dollar amount of the unapplied portion of the Expansion Base Rent Abatement as of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Expansion Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full. The foregoing Expansion Base Rent Abatement right set forth in this Section 3.2.2 shall be personal to the Original Tenant and its Permitted Transferee Assignee and shall only apply to the extent that the Original Tenant or its Permitted Transferee Assignee (and not any assignee, or any sublessee or other transferee of the Original Tenant's interest in the Lease, as amended) is the Tenant under the Lease, as amended, during such Expansion Base Rent Abatement Period.
Appears in 1 contract
Rent Abatement. Provided (A) Subject to Section 15.3(B) hereof, the Fixed Rent and the Escalation Rent that is otherwise due and payable hereunder shall not be reduced by reason of a fire or other casualty (and, accordingly, Tenant shall remain obligated to pay the Tenant is not then in default of Fixed Rent and the Lease (as hereby amended) and is then in occupancy of the entire Premises, then Escalation Rent that comes due hereunder during the period beginning on second (2'd) month of that Landlord is performing the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period"restoration work described in Section 15.2 hereof), Tenant shall not be obligated to pay any Base Rent otherwise attributable to except that if (I) the Premises for such Rent Abatement Period (the "Rent Abatement"). Tenant acknowledges and agrees that during such Rent Abatement Period, such abatement or a portion thereof) becomes unusable or inaccessible by reason of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs a fire or Landlord's Taxes payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreementother casualty, and (II) the period that the Premises remains unusable or inaccessible extends for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, more than one or both of the following remedies: (i1) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease year from the date of such Base fire or other casualty, then the Fixed Rent would have otherwise been due but and the Escalation Rent shall be reduced in the proportion that the number of square feet of Rentable Area of the part of the Premises that is not usable or accessible by Tenant by reason of such fire or other casualty bears to the total Rentable Area of the Premises immediately prior to such fire or other casualty, for the abatement provided herein, or period commencing on the date that is one (ii1) year after the date that the dollar amount Premises (or the applicable portion thereof) first becomes unusable or inaccessible by reason of such fire or other casualty and ending on the unapplied date that Landlord Substantially Completes the restoration described in Section 15.2 hereof or the applicable portion of the Premises becomes accessible, as the case may be.
(B) If a fire or other casualty occurs in the Premises after the Commencement Date and prior to the Rent Abatement Commencement Date, then the aggregate abatement of Fixed Rent and the Escalation Rent to which Tenant is entitled as of such default contemplated by Section 15.3(A) hereof (from and after the Rent Commencement Date) shall be converted to a credit to be applied an amount equal to the Base aggregate abatement of Fixed Rent applicable and the Escalation Rent to which Tenant would have been entitled under Section 15.3(A) hereof if the Premises at the end of the Second Extended Term and Tenant shall Rent Commencement Date had occurred immediately be obligated prior to begin paying Base Rent for the Premises in fullsuch fire or other casualty.
Appears in 1 contract
Rent Abatement. Provided (A) Subject to Section 15.3(B) hereof, the Fixed Rent and the Escalation Rent that is otherwise due and payable hereunder shall be reduced in the proportion that the Tenant number of square feet of Rentable Area of the part of the Premises that is not then in default usable or accessible by Tenant by reason of such fire or other casualty bears to the total Rentable Area of the Lease (as hereby amended) Premises immediately prior to such fire or other casualty, for the period commencing on the date of such fire or other casualty and is then ending on the date that Landlord Substantially Completes the restoration described in occupancy Section 15.2 hereof or the applicable portion of the entire Premises becomes accessible, as the case may be. If (i) more than fifty percent (50%) of the Rentable Area of the Premises is rendered untenantable by reason of a fire or other casualty, (ii) Tenant cannot reasonably be expected to use the remaining portion of the Premises, and (iii) Tenant shall not so use the remaining portion of the Premises, then during the period beginning on second (2'dabatement of Fixed Rent and Escalation Rent as described in this Section 15.3(A) month shall extend to such remaining portion of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises for as long as Tenant does not occupy such Rent Abatement Period remaining portion of the Premises for the conduct of business (the "Rent Abatement"). Tenant acknowledges and agrees that during such Rent Abatement Period, but in no event shall such abatement of Base Fixed Rent shall have no effect and Escalation Rent extend beyond the date on which Landlord Substantially Completes the calculation of any future increases restoration described in Base Rent, Operating Costs Section 15.2 hereof).
(B) If a fire or Landlord's Taxes payable by Tenant pursuant other casualty occurs in the Premises after the Commencement Date and prior to the terms Applicable Rent Commencement Date, then the aggregate abatement of this Lease, Fixed Rent and the Escalation Rent to which increases Tenant is entitled as contemplated by Section 15.3(A) hereof (from and after the Applicable Rent Commencement Date) shall be calculated without regard an amount equal to the aggregate abatement of Fixed Rent and Escalation Rent for which Tenant would have been entitled under Section 15.3(A) hereof if the Applicable Rent Commencement Date had occurred immediately prior to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default fire or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in fullcasualty.
Appears in 1 contract
Samples: Lease Agreement (fuboTV Inc. /FL)
Rent Abatement. Provided that if the Premises become untenantable and unusable by Tenant is not then in default as a result of (a) any damage or destruction to the Premises, the parking garage, the Building, and/or the Project, (b) any repair, maintenance or alteration performed by Landlord after the Lease Commencement Date and required or permitted by the Lease, which substantially interferes with Tenant’s use of the Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second parking garage, and/or the Building, or (2'dc) month any non-availability to Tenant of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable services or access to the Premises for such Rent Abatement Period (Premises, the "Rent Abatement"). Tenant acknowledges and agrees that during such Rent Abatement Periodparking garage, such abatement of Base Rent shall have no effect on and/or the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable Building as required by Tenant pursuant to the terms of this Lease, which increases Tenant shall be calculated without regard give Landlord notice (the “Abatement Notice”), specifying such failure to such abatement of Base Rent. The foregoing Rent perform by Landlord (the “Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amendedEvent”). If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to Landlord does not cure such economic default or material non-economic default Abatement Event within notice and cure periodfive (5) business days of receipt of the Abatement Notice, if anyTenant may, permitted for cure pursuant to the Lease, then Landlord may at its option, by upon written notice to TenantLandlord, elect, in addition to any other remedies Landlord may have immediately xxxxx Rent payable under the Lease, one or both of the following remedies: (i) this Lease for that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Rent Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Abatement as Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such default portion of the Premises. Such right to xxxxx Rent shall be converted Tenant’s sole and exclusive rent abatement remedy at law or in equity for an Abatement Event. Except as provided in this Section 6.4, nothing contained herein shall be interpreted to a credit mean that Tenant is excused from paying Rent due hereunder. If Landlord has not cured such Abatement Event within six (6) months after receipt of the Abatement Notice from Tenant, Tenant shall have the right to be applied to terminate this Lease during the Base Rent applicable to the Premises at first ten (10) business days of each calendar month following the end of such six (6) month period until such time as Landlord has cured the Second Extended Term Abatement Event, which right may be exercised only by delivery of thirty (30) days’ notice to Landlord (the “Abatement Event Termination Notice”) during such ten (10) business day period, and shall be effective as of a date set forth in the Abatement Event Termination Notice (the “Abatement Event Termination Date”), which Abatement Event Termination Date shall not be less than thirty (30) days, and not more than two (2) months, following the delivery of the Abatement Event Termination Notice. Notwithstanding anything contained in this Section 6.4 to the contrary, Tenant’s Abatement Event Termination Notice shall be null and void (but only in connection with the first notice sent by Tenant shall immediately be obligated with respect to begin paying Base Rent for each separate Abatement Event) if Landlord cures such Abatement Event within such thirty (30) day period following receipt of the Premises in fullAbatement Event Termination Notice.
Appears in 1 contract
Rent Abatement. Provided that Notwithstanding anything to the Tenant is not then in default of the Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period")contrary contained herein, Tenant shall not be obligated to pay any liable for the payment of Annual Base Rent otherwise attributable or Tenant's Share of Operating Costs for that 28,741 square feet of rentable area of the Premises identified as Floor 3 of Building Three (Rental Abatement Space), for the period commencing with the Commencement Date applicable to such floor and ending on the earlier of (a) the commencement of month thirteen (13) after said Commencement Date or (b) the date that Tenant takes beneficial occupancy of the Rental Abatement Space. Should Tenant occupy less than the full floor prior to the Premises commencement of month thirteen (13), then the Annual Base Rent and Tenant's Share of Operating Costs set forth for such Rent the Rental Abatement Period (Space shall be charged only for that portion of the "Rent Abatement")Rental Abatement Space being occupied. Tenant acknowledges covenants and agrees that during to notify Landlord immediately at such Rent time as Tenant occupies the Rental Abatement PeriodSpace. As used herein, such abatement "occupancy" means any use of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable floor by Tenant pursuant to for other than installation of furniture, fixtures and equipment; "occupancy" shall include use of the terms floor for storage or any other business use. Upon commencement of the thirteenth (13th) month after the lease Commencement Date for the Rental Abatement Space, the full rent as provided for in this Amended and Restated Lease, which increases shall be calculated without regard due and payable no matter how much of the Rental Abatement Space is occupied. Tenant shall be permitted to such abatement of Base Rent. The foregoing Rent sublease the Rental Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing Space per the terms and conditions otherwise required under of Section 19, Assignment or Sublease, and such a sublease shall not constitute occupancy of the LeaseRental Abatement Space as used within this Section 30. If the Rental Abatement Space is subleased, as amendedthe rental abatement with respect to the subleased area shall provide only for abatement of Annual Base Rent and Tenant shall be responsible for Tenant's Share of Operating Costs. It is anticipated that Tenant will complete its tenant improvements per the terms of Section 31, Tenant Improvement Allowance, and Exhibit F, Tenant Work Letter, for its entire Premises in a continuous fashion. However, Tenant may elect to delay the improvements to the Rental Abatement Space. If Tenant does delay said improvements, Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within provide Landlord six (6) months prior written notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated desired occupancy date in order to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but allow for the abatement provided herein, or (ii) that the dollar amount completion of tenant improvements of the unapplied portion of the Rent Rental Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in fullSpace.
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Rent Abatement. Provided that the Tenant is not then in monetary or material non-monetary default of this Lease, and subject to the Lease (as hereby amended) and is then in occupancy TCCs of the entire Premisesthis Section 3.2 below, then during the period beginning on second last six (2'd6) month full calendar months of the Lease Term and ending after with respect to the third (3`d) month of the Lease Term Building A Premises (the "“Rent Abatement Period"”), Tenant shall not be obligated to pay any Base Rent or Tenant’s Share of Direct Expenses otherwise attributable to the Building A Premises for during such Rent Abatement Period (collectively, the "Rent Abatement"“Abatement Amount”). Tenant acknowledges and agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this AgreementLease, and for agreeing to pay the rent Rent and performing perform the terms and conditions TCCs otherwise required under this Lease. Notwithstanding the Leaseforegoing, as amended. If Landlord shall have the right, at Landlord’s option, on a month by month basis commencing on the Building A Lease Commencement Date, to accelerate any remaining Rent Abatement Amount relating to a full month during the Rent Abatement Period for the Building A Premises forward, to apply to the Base Rent and Tenant’s Share of Direct Expenses that would otherwise be due with respect to the next occurring month of the Lease Term for the Building A Premises (the “Landlord Rent Abatement Acceleration Election”), in which case Tenant shall be in economic default have no obligation to pay Base Rent or material non-economic default under Tenant’s Share of Direct Expenses attributable to such next occurring month of the Lease Term for the Building A Premises, and the Rent Abatement Amount that is accelerated forward shall fail to cure such economic default or material non-economic default within notice and cure period, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder no longer be applicable during the Rent Abatement Period, . Landlord may make such election on a month by month basis with interest as provided pursuant respect to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount each of the unapplied portion months of the Rent Abatement Period. In addition, commencing on the Building A Lease Commencement Date, if Landlord has not exercised the Landlord Rent Abatement Acceleration Election on or before the date that the next installment of Base Rent and Tenant’s Share of Direct Expenses is due under the Lease, and provided that this Lease has not been terminated as a result of such any default of Tenant or rejection of this Lease in bankruptcy (the “Abatement Condition”), then Tenant shall be converted have the right, at Tenant’s option, on a month by month basis commencing on the Building A Lease Commencement Date, to accelerate any Rent Abatement Amount for the Building A Premises relating to a credit full month during the Rent Abatement Period for the Building A Premises forward to be applied apply to the Base Rent applicable and Tenant’s Share of Direct Expenses that would otherwise be due with respect to the Premises at the end next occurring month of the Second Extended Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Building A Premises in full.(the
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Samples: Office Lease (Box Inc)
Rent Abatement. Provided Except as hereafter provided to the contrary, if by reason of such casualty the Demised Premises is rendered wholly untenantable, the Rent and other charges payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Demised Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until fifteen (15) days after notice by Landlord to Tenant that the Demised Premises have been substantially restored, or until Tenant is has resumed its business operations in the Demised Premises, whichever shall occur sooner. Tenant shall continue the operation of Tenant's business in the Demised Premises or any part thereof not then in default so damaged during any such period, to the extent reasonably practicable from the standpoint of prudent business management, and, except for such abatement of Rent and other charges as herein above set forth, nothing herein contained shall be construed to abxxx Xenant's obligations hereunder. Provided, however, and subject to the terms of Section 9.7. hereof, Tenant shall reimburse Landlord, within thirty (30) days after the completion of such restoration. for the full cost of such restoration if any such damage or casualty shall be caused by the GROSS negligence or other wrongful act or omission of Tenant, or of Tenant's subtenants, concessionaires, licensees, contractors employees , agents, or invites, and there shall be no abatement of Rent or other charges which are Tenant's obligation under this Lease. Except for the abatement of the Lease (as hereby amended) Rent and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period")other charges herein above set forth, Tenant shall not be obligated entitled to pay , and hereby waives, all claims against Landlord for any Base Rent otherwise attributable to compensation or damage for loss of use of the Premises for such Rent Abatement Period (whole or any part of the "Rent Abatement"). Tenant acknowledges and agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this AgreementDemised Premises, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Leaseany inconvenience or annoyance occasioned by such damage, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure perioddestruction, if any, permitted for cure pursuant to the Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to pay to Landlord all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to the Lease from the date such Base Rent would have otherwise been due but for the abatement provided hereinrepair, or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in fullrestoration.
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