Stabilized Annual Minimum Rent Adjustment Due to Final Development Work Density Sample Clauses

Stabilized Annual Minimum Rent Adjustment Due to Final Development Work Density. Should the final Project Approvals received by the Lessee result in a final density of the Development Work that is greater than or less than 340 separate apartment units, then the number of separate apartment units above or below 340 shall be referred to herein as the “Density Variance,” and the Stabilized Annual Minimum Rent shall be adjusted upward or downward, as applicable, by an amount equal to: First Lease Year Annual Minimum Rent: $700 per unit of Density Variance per year Construction Period Annual Minimum Rent: $1,500 per unit of Density Variance per year Stabilized Annual Minimum Rent: $2,650 per unit of Density Variance per year However, in no event shall the Stabilized Annual Minimum Rent be less than Six Hundred Thousand Dollars ($600,000). For example purposes only, if the Project Approvals allowed 345 separate apartment units to be constructed on the Premises, then the Density Variance would be five (5) units, the First Lease Year Annual Minimum Rent would be increased by $3,500, the Construction Period Annual Minimum Rent would be increased by $7,500 per annum, and the Stabilized Annual Minimum Rent would be increased by $13,250 per annum.
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  • C4 Price adjustment on extension of the Initial Contract Period C4.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Client agrees to extend the Initial Contract Period pursuant to clause F8 (Extension of Initial Contract Period) the Client shall, in the 6 month period prior to the expiry of the Initial Contract Period, enter into good faith negotiations with the Contractor (for a period of not more than 30 Working Days) to agree a variation in the Contract Price.

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