Tolling of Rent for the Auto Sign Sample Clauses

Tolling of Rent for the Auto Sign. The parties hereto agree that, as of the effective date of this MOU, all rent due from Regency to City under the Regency Lease and from Association to Regency under the Sublease shall be tolled during the term of this MOU, and shall be extinguished in accordance with the following: (a) upon Regency’s receipt of all City- related permits and approvals for the display of off-site and general advertising on the Third Sign, then fifty percent (50%) of the tolled rents under the Regency Lease and the Sublease will be extinguished, and (b) if the City enters into an acceptable lease with Regency for the Second Auto Sign on the City Parcel, then fifty percent (50%) of the tolled rents under the Regency Lease and the Sublease will be extinguished. Upon the occurrence of both (a) and (b), the Regency Lease will be terminated, and no further rent will be due under the Regency Lease and the Sublease. If during the term of this MOU (unless the MOU and deadlines are extended by the mutual agreement of the parties), Regency does not receive all City-related permits and approvals for the display of off-site and general advertising on the Third Sign, or if no lease for the Second Auto Sign is entered into, then Regency will be entitled to recover back rent from the Association pursuant to the Sublease, and Regency will pay back rent to City pursuant to the Regency Lease, from the date the tolling commenced until the date of termination in July 2014, except for any rent that has been extinguished pursuant to this Paragraph D.6 of Section 1.
Sample 1
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