RENT CONCESSION ADDENDUM Sample Clauses

A Rent Concession Addendum is a contractual provision that temporarily modifies the tenant’s rent obligations, typically by reducing or deferring rent payments for a specified period. This addendum outlines the terms under which the concession applies, such as the duration of reduced rent, any repayment schedule for deferred amounts, and conditions that may void the concession, like late payments or lease violations. Its core function is to provide financial relief to tenants facing hardship or to incentivize lease agreements, while clearly documenting the temporary nature and terms of the rent adjustment to prevent future disputes.
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RENT CONCESSION ADDENDUM. This Addendum made this _________ day of _____________, 20____, is made a part of and attached to the Rental Agreement dated ____________________ and entered into between ______________________________, “Lessor" and ___________________________, _________________________________, ________________________________, and ___________________________, “Lessee(s)”. Lessee(s) is/are renting from Lessor’s Property located at: _____________________________________________________________________________. This rental concession is non-renewing and will be applied to the initial term only of this Rental Agreement. The Lessor and Lessee(s) fully intend to be bound by this Agreement and in consideration of the mutual covenants contained herein and other good and valuable consideration the Lessor and the Lessee(s) hereby agree that a total rent concession amount for initial term of $_______________ will be given as a condition of occupancy under the terms and conditions set forth in this addendum. ____ One-Time Rent Concession (concession for month cannot exceed prorated rent for month, if applicable) A One-Time Rental Concession of $__________________, is given for the month of ________________, 20____. A One-Time Rental Concession of $__________________, is given for the month of ________________, 20____. ____ Monthly Rental Concession (concession for month cannot exceed prorated rent for month, if applicable) $____________ rental concession for the month of ___________, 20____ (partial first month, if applicable). $____________ rental concession for the months ___________, 20____ through _______________, 20_____. $____________ rental concession for the month of ___________, 20____ (partial final month, if applicable).
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Related to RENT CONCESSION ADDENDUM

  • Month-to-Month Lease The Tenant shall be allowed to occupy the Premises on a month-to-month arrangement starting on , 20 and ending upon notice of days from either Party to the other Party (“Lease Term”).

  • Initial Lease Term The Initial Lease Term is for a minimum of ten (10) years; however, the State will consider a longer lease term if economic benefits are deemed to be in the State’s best interest. Please propose a fixed, or flat, rental rate for a Gross Lease: including all expenses – taxes, insurance, janitorial services, maintenance, etc. The State may elect to pay for utilities separately so please include a cost per square foot to reduce the rental rate if such occurs.

  • Base Monthly Rent Commencing on the Commencement Date and continuing throughout the Lease Term, Tenant shall pay to Landlord the Base Monthly Rent set forth in Section K of the Summary.

  • Additional Space Commencing on May 1, 2001, Sublessor herein grants unto the Sublessee a Right of First Refusal on any space that shall be and/or becomes available in the building during the remaining Term of this Sublease. Prior to May 1, 2001 and thereafter prior to the first day of May of any calendar year during the remaining Term hereof, Sublessor shall notify Sublessee by written notice of the availability of any such space in the building. Should Sublessee desire to exercise its Right of First Refusal and sublease such available space, Sublessee must notify Sublessor in writing of its desire to sublease the available space within seven (7) calendar days of Sublessee's receipt of Landlord's notice of availability. Within thirty (30) days of the receipt of Sublessee's notice exercising the right to sublease such available space, Sublessee and Sublessor shall enter into an amendment of this agreement setting forth the terms under which the additional space is subleased to Sublessee. The Base Rental shall be at a rental mutually agreed between Sublessee and Sublessor. Failure by Sublessee to exercise its Right of First Refusal within said seven (7) calendar day period, or if exercised, failure to enter into an amendment of this agreement within thirty (30) days of Sublessor's receipt of Sublessee's notice, shall be deemed a waiver of such right and Sublessor shall thereafter be free of any obligation under this Article 2.04 for a period of 12 months. Any exercise by Sublessee of this Right of First Refusal shall be for a minimum of 5,000 rental square feet.

  • Operating Lease (i) Each Borrower shall (a) promptly perform and observe all of the covenants required to be performed and observed by it under the Operating Leases and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (b) promptly notify Lender of any material default under any Operating Lease of which it is aware; (c) promptly deliver to Lender a copy of any notice of default or other material notice under any Operating Lease delivered to any Operating Lessee by Borrower; (d) promptly give notice to Lender of any notice or information that Borrower receives which indicates that an Operating Lessee is terminating its Operating Lease or that any Operating Lessee is otherwise discontinuing its operation of the applicable Individual Property; and (e) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by the Operating Lessee under the applicable Operating Lease. (ii) If at any time, (A) an Operating Lessee shall become insolvent or a debtor in a bankruptcy proceeding or (B) Lender or its designee has taken title to an Individual Property by foreclosure or deed in lieu of foreclosure, has become a mortgagee-in-possession, has appointed a receiver with respect to the applicable Individual Property or has otherwise taken title to such Individual Property, Lender shall have the absolute right to (and Borrower and Operating Lessee shall reasonably cooperate and not in any way hinder, delay or otherwise interfere with Lender’s right to), immediately terminate the applicable Operating Lease under and in accordance with the terms of the applicable Subordination, Attornment and Security Agreement. (iii) Borrower shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld: (a) surrender, terminate or cancel any Operating Lease or otherwise replace any Operating Lessee or enter into any other operating lease with respect to any Individual Property, provided, however, at the end of the term of each Operating Lease, the applicable Borrower may renew such Operating Lease or enter into a replacement Operating Lease with Operating Lessee on substantially the same terms as the expiring Operating Lease except that Lender shall have the right to approve any material change thereto; (b) reduce or consent to the reduction of the term of any Operating Lease; or (c) enter into, renew, amend, modify, waive any provisions of, reduce Rents under, or shorten the term of any Operating Lease.