Examples of Contraction Payment in a sentence
Time is of the essence of delivery of the Contraction Option Notice and the Contraction Payment.
Failure of Tenant to make the Contraction Payment in accordance with this paragraph shall render this Contraction Option void and of no effect.
Tenant shall pay the First Contraction Payment one-half (1/2) upon delivery of Tenant's First Contraction Notice and one-half (1/2) thirty (30) days prior to the effective date.
The Contraction Notice and the Contraction Payment must be received by Landlord no later than the date that is 12 months prior to the Contraction Date (“Contraction Notice/Payment Due Date”), failing which the Contraction Option is deemed waived (provided Landlord reserves the right to waive in writing the requirement that Tenant fully and/or timely pay the Contraction Payment).
Upon Tenant’s request after the Commencement Date, Landlord shall notify Tenant of its calculation of the Contraction Payment.
Further, after Landlord’s receipt of the applicable Contraction Payment, and so long as Tenant has surrendered the applicable Contraction Space in the condition required under the Lease, neither party shall have any rights, liabilities or obligations under the Lease with respect to the applicable Contraction Space for the period accruing after the applicable Contraction Date, except those which, by the provisions of the Lease, expressly survive the termination of the Lease.
Time is of the essence with respect to the giving of the Contraction Notice and the making of the Contraction Payment by the dates specified.
If Tenant fails to pay the Year 3 Contraction Payment on or before the date thirty days prior to the third anniversary of the Rental Commencement Date, the Lease shall not be terminated as to the Year 3 Contraction Space, and Landlord shall be entitled to retain any Year 3 Notice Penalty paid by Tenant.
The Second Contraction Payment (as hereinafter defined) shall be paid to Landlord on the Second Contraction Date.
Tenant shall pay Landlord a sum equal to two (2) years of the then-escalated gross rent which would next become due in connection with the First Contraction Space after the effective date set forth in Tenant's First Contraction Notice (the "First Contraction Payment").