Rent Reduction. In case of a Taking of less than all of the Leased Property and if (i) this Lease shall not terminate as provided in Section 15.2 (a), and (ii) Restoration has been undertaken by Lessee pursuant to the provisions of Section 15.2(c), then commencing as of the Vesting Date, the amount of the Base Rent and Percentage Rent payable by Lessee under this Lease shall be reduced (and Lessee shall be credited for prior overpayments) by an amount reasonably determined by Lessor and Lessee. If Lessor and Lessee cannot, within 30 days, agree on the new Base Rent and Percentage Rent, either may require that the matter be submitted to Binding Arbitration as set forth in Section 25.1. The new Base Rent and Percentage Rent shall be established to provide Lessee and Lessor with the same economic return that each were entitled to prior to the Taking.
Rent Reduction. 3.1 If part or all of the property cannot be used for the business because of damage covered by insurance the rent and other charges under this lease shall be cancelled or reduced as appropriate during the relevant period (up to a maximum of 2 years).
3.2 The provisions of clause 3.1 shall not apply if the insurers do not pay under the policy because of something done or not done by you or your agent.
3.3 Any dispute as to how this clause 3 applies will be settled in accordance with Chapter 15.
Rent Reduction. 5.1. With effect from the Signature Date, the Landlord will allow the Tenant to pay a Rent Reduction as the Monthly Rental payments on each due date for payment of Rent under the Lease Agreement. The Rent Reduction will be either the specific agreed upon amount or percentage set out in item 1.4, and such Rent Reduction may be deducted from the Rent payable by the Tenant. The balance due to the Landlord after the Rent Reduction must be paid in full by the Tenant to the Landlord each Month during the term of this Agreement in accordance with the provisions of the Lease Agreement.
5.2. The Rent Reduction provisions of this Agreement will endure from the Date of Initial Reduction until the Recovery Date or, in the event of any extension of the state of Disaster as contemplated in clause 2.1.8.3, until cancellation of the Rental Reduction provisions of this Agreement by the Landlord on 1 (One) Month’s Written notice to the Tenant (“Cancellation Date”). Rent from the Recovery Date or the Cancellation Date will be the full amount due by the Tenant under the Lease Agreement.
5.3. Notwithstanding the Recovery Date or the Cancellation Date, the provisions of this Agreement (other than the Rent Reduction provisions) will endure until amounts owing by the Tenant to the Landlord in terms of this Agreement have been paid in full by the Tenant.
5.4. The Parties agree that the Capital Amount remains due and payable to the Landlord in terms of Clause 6.
5.5. The Capital Amount is unquantified at the Signature Date as there is no clear indication at the Signature Date as to when the Recovery Date will occur. The Tenant agrees that the Capital Amount will be calculated by the Landlord at the Recovery Date and hereby admits being indebted to the Landlord for the Capital Amount. The Capital Amount, once calculated, will be deemed to be a liquid amount and will include the amounts as contemplated in 5.6.
5.6. The Capital Amount will be in respect of all and any amounts payable to the Landlord in terms of the Lease Agreement, but unpaid in terms of this Agreement. This may include:
5.6.1. interest on the Capital Amount, or balance outstanding at the rate set out in item 1.6, per annum, commencing on the date set out in item 1.9.1; and
5.6.2. other ancillary costs, in the amount set out in item 1.8, which figure may include legal fees on an attorney and own client scale already incurred by the Landlord.
5.7. The Tenant hereby (i) accepts liability for the Capital Amount referred ...
Rent Reduction. In the event of any damage or destruction or Condemnation of any Facility as contemplated in Article 15 and Article 16, respectively, the Base Rent shall be reduced to the extent provided in Section 15.2, Section 15.3 or Section 16.3, as applicable. In no event shall the Rent hereunder xxxxx in any manner whatsoever prior to the termination of this Lease in accordance with its terms, except as otherwise specifically provided by this Lease.
Rent Reduction. If the Lease is not fully terminated after any taking, then it shall remain in full force and effect as to the portion of the Leased Premises remaining; provided the Rent payable hereunder shall be reduced on an equitable basis, taking into account the relative value of the portion taken as compared to the portion remaining. Landlord shall, at its expense, restore the remaining portion to a complete unit of like quality and character as existed prior to the condemnation.
Rent Reduction. Minimum Rent (defined in the Amended and Restated Leases) for the Amended and Restated Lease which includes the Leased Properties known as the New England Rehabilitation Hospital and the Braintree Rehabilitation Hospital will, upon closing of the Term Loan, be reduced by an annual amount equal to $2,000,000 until the expiration or sooner termination of the Fixed Term (as defined in that Amended and Restated Lease).
Rent Reduction. If Tenant does not terminate or if Tenant does not have a right to terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the rent shall be reduced in the proportion that the floor area taken bears to the total floor area of the building included in the Premises. Land areas taken shall not cause a reduction in rent. If this Lease is not so terminated, the condemnation proceeds shall be applied (a) first in satisfaction and discharge of all assessments, if any, for both principal and interest levied on the Premises or any part of the Premises for benefits resulting from the improvements for which or in conjunction with which the condemnation was effected; and (b) so much of the balance as is necessary to pay the cost of restoration of injury to, or damage to, the buildings or improvements located on the Premises resulting from the condemnation.
Rent Reduction. Exceptionally, and for commercial purposes, a 50% reduction will be applied on the rent from 16 June 2016 until 31 December 2016. To the rent for the first quarter 2017 a reduction of EUR 75,000 will be applied.
Rent Reduction. From the Effective Date through and including , 2011 Tenant shall be entitled to a credit against the Base Rent otherwise due under the Lease, in an amount equal to $ per annum (i.e., a credit of $ per month against Minimum Monthly Rent).
Rent Reduction. If less than ten percent (10%) of the Gross Rentable Area of the Leased Premises is taken for any public or quasi-public use under any governmental law, ordinance, or regulation, or by right of eminent domain, or by private purchase under threat thereof, this Lease shall not terminate, or if more than ten percent (10%) of the Gross Rentable Area of the Leased Premises is so taken and the Lease is not terminated in accordance with Section 13.1, then in either of such events the Base Rent (but not Percentage Rental) payable hereunder during the unexpired portion of the Term shall be reduced by the percentage which the area taken bears to the area of the Leased Premises prior to the date possession of such portion of the Leased Premises is taken by the condemning authority.
