Base Rent Abatement definition

Base Rent Abatement means the Base Rent under the Lease with respect to the three (3)-month period (the “Base Rent Abatement Period”) commencing on the Effective Date and ending on the day immediately preceding the date which is three (3) months after the Effective Date. For clarity, if the Effective Date occurs on October 5, 2023, the Base Rent Abatement shall consist of the Base Rent under the Lease with respect to the period commencing on October 5, 2023 and ending on January 4, 2024. Assignor shall be responsible for payment of the Base Rent Abatement in accordance with the Lease. Assignor shall prepay to Landlord the Base Rent Abatement on or before the Effective Date. In addition, in the event the Base Rent Abatement is increased pursuant to Section 3 above, Assignor shall pay such increased Base Rent Abatement directly to Landlord. Unless waived by Assignor and Assignee by their execution and delivery of the Consent, it is a condition to the effectiveness of this Assignment that Landlord consent in the Consent to the prepayment of the Base Rent Abatement by Assignor.

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Base Rent Abatement. Notwithstanding the section above titled “Base Rent”, provided that no Event of Default exists, Tenant shall be entitled to an abatement of Base Rent otherwise due for Lease Months 2, 3, 13, 14 and 25, such that the effective Base Rent rate for such Lease Months shall be zero dollars ($0.00).). Notwithstanding such abatement of Base Rent (a) all other sums due under this Lease, including Additional Rent, shall be payable as provided in this Lease, and (b) any increases in Base Rent set forth in this Lease shall occur on the dates scheduled therefor. The abatement of Base Rent provided for in this paragraph is conditioned upon Tenant’s full and timely performance of all of its obligations under this Lease. If at any time during the Term an Event of Default by Tenant occurs, then the abatement of Base Rent provided for in this paragraph shall immediately become void, and Tenant shall promptly pay to Landlord, in addition to all other amounts due to Landlord under this Lease, the full amount of all Base Rent herein abated. Security Deposit: $12,664.84. Rent: Base Rent, Tenant’s share of Additional Rent, and all other sums that Tenant may owe to Landlord or otherwise be required to pay under the Lease. Initial Rent Payment: Upon execution of this Lease and in addition to the Security Deposit, Tenant shall pay to Landlord the amount of $10,924.80, which amount shall be applied against Tenant’s first due monthly payments of Base Rent due under this Lease. Permitted Use: General office use. Tenant’s Proportionate Share: 6.5773% with regard to the Building, which is the percentage obtained by dividing (a) the number of rentable square feet in the Premises as stated above by (b) the 69,208 rentable square feet in the Building. Landlord and Tenant stipulate that the number of rentable square feet in the Premises and in the Building set forth above is conclusive and shall be binding upon them. Base Year: Calendar year 2022 (grossed up as provided in Section 4(b)(4) of the Lease). Initial Liability Insurance Amount: $3,000,000 (including umbrella coverage as set forth in Section 11 of the Lease). Tenant’s Address: Prior to Commencement Date: CleanSpark, Inc. 8▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇., ▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Attention: Compliance Department Telephone: 2▇▇-▇▇▇-▇▇▇▇ or 7▇▇-▇▇▇-▇▇▇▇ Email: c▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇ Following Commencement Date: CleanSpark, Inc. 2▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ 89074 Attention: Compliance Department Telephone: 2▇▇-▇▇▇-▇▇▇▇ o...

Base Rent Abatement notwithstanding the above, Landlord agrees to abat▇ ▇▇▇e rent for the first two (2) months of the Lease Term; however payment of "Additional Charges" (common area maintenance, taxes and insurance) shall remain payable at all times.

Examples of Base Rent Abatement in a sentence

Tenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Base Rent and perform the terms and conditions otherwise required under this Lease.
Tenant acknowledges and agrees that during such Base Rent Abatement Period, such abatement of Base Rent for the Premises shall have no effect on the calculation of any future increases in Base Rent or Direct Expenses payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such Base Rent Abatement.
The Base Rent Abatement shall be personal to the original Tenant and shall only apply to the extent that the original Tenant (and not any assignee, or any sublessee or other transferee of the original Tenant’s interest in this Lease) is the Tenant under this Lease during the Base Rent Abatement Period.
Tenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Rent and perform the terms and conditions otherwise required under this Lease.
Additionally, Tenant shall be obligated to pay all “Additional Rent” (as that term is defined in Section 4.1 of this Lease) during the Base Rent Abatement Period.
For purposes of clarity, Tenant shall be responsible for all other Rent due pursuant to the terms of this Lease during the Base Rent Abatement Period.
Landlord may make such election on a month by month basis with respect to each of the months of the Base Rent Abatement Period.
Notwithstanding the foregoing, as long as the Abatement Condition is satisfied, if Tenant fails to deliver notice to Landlord exercising the Tenant Base Rent Abatement Acceleration Election for a particular month of the Lease Term, then Tenant shall be deemed to have elected to exercise the Tenant Base Rent Abatement Acceleration Election for such month without the requirement of providing notice to Landlord.
Additionally, Tenant shall be obligated to pay all "Additional Rent" (as that term is defined in Section 4.1 of this Lease) during the Base Rent Abatement Period.
Any such Base Rent Abatement shall be separate from and in addition to any Rent Abatement described in Section 3.2 below.

More Definitions of Base Rent Abatement

Base Rent Abatement. Landlord shall ▇▇▇▇▇ rent of 6,216 of the rentable square feet of the Premises from September 15, 2020 through January 14, 2021, subject to and in accordance with the provisions of Section 5 of this Lease. Months of Term Base Rent (per annum) Base Rent (per month) Base Rent (per rentable square foot,per annum) Possession Date-12 $284,230.50 $23,685.88 $28.50 13-24 $292,757.42 $24,396.45 $29.36 25-36 $301,540.14 $25,128.34 $30.24 37-48 $310,586.34 $25,882.20 $31.14 49-60 $319,903.93 $26,658.66 $32.04 61-66 $329,501.05 $27,458.42 $33.04

Base Rent Abatement. Subject to extension as provided in SECTION 5, Tenant is not then in default hereunder, Tenant's Base Rent for the first two (2) full months (i.e., 60 days) following the Commencement Date shall be abated by an amount equal to $21,508.03 per month (with the full amount received by or credited to Tenant being referred to, collectively, as the "ABATEMENT AMOUNT"). In the event Landlord terminates this Lease due to a Tenant default hereunder prior to the scheduled Termination Date, as referenced above, then, in any such event and in addition to any other right and/or remedy to which Landlord is entitled at law, in equity and/or under this Lease, Tenant shall be responsible for and shall immediately repay Landlord the Abatement Amount in full upon the date of such early termination. The terms of this paragraph shall survive the termination of this Lease.