Contraction Percentage definition
Contraction Percentage means the percentage that the Rentable Square Feet of the Contraction Space bears to the total Rentable Square Feet of the Premises prior to such Contraction (i.e. 16,768). By way of example, and not as a limitation, if the Contraction Space should represent thirty percent (30%) of the original Premises, then in that event, the Base Rent for the remaining Term of the Lease would be increased by fifteen percent (15%) as of the end of the sixty sixth (66th) month of the Term of this Lease. Further, Tenant’s Proportionate Share shall be adjusted at the same time; however, such adjustment to Base Rent and other amounts due hereunder shall not take place until the end of the sixty-sixth (66th) month of the Term of this Lease. All costs and expenses of Landlord necessary to separately demise the remaining portion of the Premises in accordance with applicable building code, regulations and applicable law, shall be paid by Tenant to Landlord within thirty (30) days following written demand to Tenant accompanied with copies of invoices or other documents to reasonably evidence such cost. Tenant will permit Landlord and its agents and representatives the right to enter into and upon any and all parts of the Premises, at all reasonable hours to complete the work necessary to separately demise the remaining Premises from the Contraction Space and Landlord may, during the progress of such work, keep and store therein or elsewhere upon the Premises all necessary materials, tools, supplies and equipment; provided Landlord shall use reasonable efforts to minimize interference with Tenant’s work. Notwithstanding the above, Landlord shall not be liable for inconvenience, annoyance, loss of business or other damage of Tenant by reason of making such improvements or the performance of any such work or on account of bringing materials, tools, supplies and equipment into or through the building during the course thereof, and the obligations of Tenant under this Lease shall not be affected thereby.
Examples of Contraction Percentage in a sentence
Following Tenant's delivery of the Contraction Notice (as hereinafter defined), Landlord and Tenant shall work together in good faith to make a determination of the final rentable square footage contained in the Contraction Space and the resulting final determination of the Contraction Percentage.