Rent Credits. From time to time, Authority will allow Airline to earn rent credits to be applied to the rent due under this Agreement by performing certain work or projects at the Airport. The rent credits shall be made available provided that Airline receives prior written authorization from the President/CEO to earn said credits. Such prior written authorization must contain:
A. A description of the project;
B. An estimated completion date; and
C. A dollar amount that the said credits may not exceed. Receipt of rent credits shall be conditioned on Airline providing to the Authority written proof of said actual cost to Airline for the project and proof of payment. Issuance of rent credits shall not preclude the Authority's recovery from the Airlines for the rent credits through Airline Rents, Fees and Charges.
Rent Credits. Any rent deduction or credit to which Tenant shall be entitled under Articles 7, 9, and 13 (each a “Rent Credit” for the purposes of this Section 39(J) only) shall not exceed thirty percent (30%) of the Base Rent then coming due (“30% Limit”) for each of the then next three (3) calendar months, but if the amount of the Rent Credit is not fully recovered during such three (3) month period, then Tenant may apply the then unrecovered Rent Credit against one hundred percent (100%) of the monthly installments of Base Rent then next coming due. For the avoidance of doubt, the 30% Limit does not apply to any rent deduction or credit that Tenant may be entitled under Article 6 of this Lease. Any amounts that Tenant is permitted to deduct from Base Rent shall bear interest at the lesser of (i) two percent (2%) in excess of the Interest Rate (defined in Section 39(K)(5)), or (ii) the highest interest rate then permitted by Legal Requirements from the time that Tenant first becomes entitled to the deduction until the deduction is fully utilized. If the amount of any deducting from Base Rent permitted hereunder cannot be completed prior to the Expiration Date, Landlord shall promptly refund any balance to Tenant.
Rent Credits. Prior to the effective date of this Lease, ------------ Tenant paid to Landlord the amount of $20,000.00 (the "Option Price") as consideration for Landlord granting to Tenant an option to lease the Demised Premises. In accordance with the terms of the Option to Lease, the Option Price shall be credited against the monthly fixed minimum rent payable in the first Lease Year. Therefore, the eight full installments of fixed minimum rent in the first Lease Year (the first four months are rent free and the first installment; if the commencement date is not on the first of a month, is a prorated partial installment) shall be reduced by $2,500 per month (1/8 of $20,000). Subject to the requirements in Section 8.1, Landlord has agreed to provide Tenant with an additional rental credit of $61,000.00. This additional rental credit for the Exhibit C Work shall be amortized over a period of 30 months. Accordingly, if the requirements in Section 8.1 are satisfied, the first thirty full installments of fixed minimum rent (excluding the first prorated partial installment, if any) shall be reduced by $2,033.33 per month (1/30 of $61,000). As a result of the first four months of free rent and the two rental credits described above (the Option Price rental credit and the Exhibit C Work rental credit), the monthly installments of fixed minimum rent in the first three Lease Years shall, notwithstanding the terms of Section 3.1(a), be as follows: =============================================================================== Lease Year Monthly Installments Amount per month -------------------------------------------------------------------------------
Rent Credits. In the event Landlord does not obtain a Certificate of Occupancy with respect to any of the applicable spaces referred to in subparagraph (a) or (b) hereof on or before the respective delivery dates set forth above, Tenant shall receive a rent credit against Base Rent due through February 2002 on a floor-by-floor basis in an amount equal to two (2) days of Per Diem Base Rent for such applicable space for each day of delay in delivering the applicable space times a factor of seventy-five percent (75%). For example, in the event Landlord delivers a Certificate of Occupancy for the cafeteria space on the first (1st) floor of Building B on January 4, 2002, instead of on January 2, 2002, then Tenant shall be entitled to receive a rent credit against the Base Rent due and owing for Building B in the amount equal to seventy-five percent (75%) of four (4) days of Per Diem Base Rent for the first (1st) floor, being the floor on which the cafeteria space is located. All of such credits shall be taken by Tenant against the Base Rent due and payable through February, 2002. In the event there are rent credits attributable to February, 2002 and Tenant has not applied such credits to rents payable for the month of February, 2002, Landlord shall pay to Tenant a refund in the amount of such unapplied credits on or before March 1, 2002. In no event shall Tenant be entitled to any rent credits under this Amendment for the period of time after March 1, 2002. Tenant's remedies in the event the Substantial Completion Date for Building A is after February 28, 2002, shall include the provisions of Section 2.3(b) of the Lease providing for liquidated damages and its rights under the Continuing Guaranty of Lease and Reimbursement Agreement by Wilcox Development Services, Inc., Cawley Holdings Ltd. xxx Xxlcox Development Services I, Xxx. xn favor of Sybase exxxxxxve January 28, 2000. Tenant shall not be required to pay any additional rent to Landlord in the event the spaces in the buildings for which a Certificate of Occupancy is anticipated to be delivered by the anticipated dates set forth in this Amendment are in fact delivered prior to the anticipated dates set forth in this Amendment.
Rent Credits. Notwithstanding anything to the contrary, the Landlord will provide tenant with an incentive to enroll Belle Isle students to better serve the local population of the City of Belle Isle in the form of rent credits. Rent Credits will be based on the number of Belle Isle Students enrolled at the beginning of the school year as a percentage of the total student enrollment as follows: BI Student Population increase to 30% of the total student population: 10% rent credit BI Student Population increase to 40% of the total student population: 15% rent credit BI Student Population increase to 50% of the total student population: 20% rent credit Enrollment records, including verification of student home addresses, will be subject to audit in order to confirm that the Tenant qualifies for the credits allowed pursuant to this section. If such enrollment records are not disclosed to the Landlord, then the Landlord reserves the right to revoke any rent credits granted pursuant to this section and will be entitled to repayment of same from the Tenant.
Rent Credits. Port shall deduct from Rent the total amount of the actual cost of infrastructure improvements to the real property that will remain beyond the term of this MOU. Such costs are anticipated to include, but are not be limited to: Domestic Water & Fire Water Joint Trench Only (Pipe by Others) 53,000 Domestic Water & Fire Water Pipe Installation 80,000 Sewer line including pipe installation, trench, and backfill 53,000 Electrical underground including conduits, trench, and back fill 81,000 Electrical wiring & switchgear 50,000 The actual amount will be provided at construction completion, but shall not exceed $364,550, and shall be amortized in a rent deduction over the remainder of the initial Operational Term.
Rent Credits. (a) No later than forty-five (45) days following the Effective Date of this Settlement, CHA will initiate the process of awarding Class Members credits for past minimum rent payments as described in this provision. Subject to the individualized assessment procedure discussed below, CHA agrees to provide every public housing resident who has made one or more minimum rent payments (including Named Plaintiffs) and who do not exclude themselves from the Settlement by filing a valid and timely notice of exclusion from this Settlement with a rent credit equal to the total amount of minimum rent payments the tenant has actually paid since April 13, 2020 and continuing until and including the Settlement Agreement Execution Date. These credits will have no expiration date and may be offset against existing amounts owed to CHA for unpaid back rent (except that the credits shall not be used to reduce unpaid minimum rent arrearages that would otherwise be removed pursuant to Section IV.8 of this Agreement), as well as current or future rent. Rent credits will be excluded from the calculation of a tenant’s adjusted annual income, similar to the forms of excludable income defined in 24 C.F.R. § 5.609(c). A resident’s eligibility for a rent credit will not depend on the source of the resident’s past minimum rent payment(s). For example, if CHA received the minimum rent payments through a pandemic-related federal rental assistance program, a resident who would otherwise be eligible for a rent credit will still be entitled to a credit for each minimum rent payment.
(b) At CHA’s option, CHA may conduct individualized assessments to determine whether Class Members are entitled to receive rent credits. However, if CHA chooses to conduct individualized assessments, CHA may not demand any additional request from a Class Member to initiate the individualized assessment; the assessments must be initiated for all Class Members who have made one or more minimum rent payments since April 13, 2020 and continuing until and including the Settlement Agreement Execution Date and who do not exclude themselves from the Settlement by filing a valid and timely notice of exclusion from this Settlement. Class membership is deemed consent for the CHA to run income verification for each Class Member and review documentation in the Class Member’s file to determine the Class Member’s eligibility for the hardship exemption. CHA will use all information it currently has on file for each Class Member...
Rent Credits. No Rent Credits.
Rent Credits. Provided Sublessee is not, at the relevant time, in material default of its obligations under the Sublease, Sublessee shall be entitled to recoup Sublessee's Contribution via a monthly rent credit not to exceed $10,000.00 per month, commencing on April 1, 2000, and continuing each month thereafter until such time as Sublessee's Contribution (i.e., $100,000.00) has been fully credited by such monthly rent credits. In addition, a material default by Sublessee of its monetary obligations under the Sublease, if not cured within fifteen (15) days of receipt from Sublessor of written notice to cure such default, shall terminate Sublessor's obligations to extend any further rent credits to Sublessee, and shall terminate any further fights, whether legal or equitable, Sublessee may have with respect to recouping Sublessee's Contribution or any portion thereof.
Rent Credits. Rent Credits shall be based on the number of Belle Isle Students enrolled at the beginning of the school year as a percentage of the total student enrollment to a maximum rent credit of 33%.
