Excess Rents means any and all rents, payments, charges and other considerations to be received by Tenant upon an assignment or subletting of all or any portion of the Premises which are in excess of the Rents payable by Tenant to Landlord under this Lease after the recovery by Tenant of reasonable and customary amounts for brokerage commissions, legal expenses, and tenant improvement costs, to the extent such items have been actually incurred by Tenant in connection with the subject assignment or sublease.
Excess Rents means Sublessee's net profit from the sublease/assignment after first deducting Sublessee's costs (which are reasonable, actual, and documented with no markup) of the subleasing/assignment (including commissions, legal fees, and tenant improvement costs amortized over the entire term of the Sublease (which are reasonable, actual, and documented with no markup) required to induce the Sublessee to sublease or the assignee to accept an assignment. In the event Sublessor is requested to consent to an assignment of this Sublease or a subletting of the Subleased Premises including without limitation a permitted transfer as defined below, Sublessee shall pay all costs and expenses in connection with such assignment or subletting, including, without limitation, any reasonable attorneys' fees of Sublessor in connection with its review of the assignment or subletting documents, any cost of renovating, altering or decorating the Subleased Premises for a new occupancy (if Sublessee desires to do the same) and any leasing brokerage fees payable. The listing of any name other than that of Sublessee, whether on the doors of the Sublease Premises or on the Building directory, or otherwise, shall not operate to vest any right or interest in this Sublease or in the Sublease Premises or be deemed to be the written consent of Sublessor mentioned in this Article, it being expressly understood that any such listing is a privilege extended by Sublessor revocable at will by written notice to Sublessee. If this Sublease is assigned, or if the Sublease Premises or any part thereof is sublet or occupied by anybody other than Sublessee including without limitation a permitted transfer (as defined below), Sublessor may at any time and from time to time, collect rent and other charges from the assignees, subtenant or occupant, and apply the net amount collected to the Rent and other charges herein reserved, but no such assignment, sublease or collection shall be deemed a waiver of this covenant, or the acceptance of the assignee, subtenant or occupant as a tenant, or a release of Sublessee from the further performance of covenants on the part of Sublessee herein contained, including without limitation, Sublessee's obligation to pay the Yearly Fixed Rent and Additional Rent. The consent by Sublessor to an assignment or subletting or occupancy shall not in any way be construed to relieve Sublessee from obtaining the express consent in writing of Sublessor to any further assignment or sub...
Excess Rents means all rent, additional rent and other consideration payable by such assignee or sublessee which either initially or over the term of the sublease or assignment exceeds the Rent or pro rata portion of the Rent, as the case may be, for such space reserved in the Lease. Tenant shall pay the Landlord monthly, as Additional Rent, at the same time as the monthly installments of Rent are payable hereunder, fifty percent (50%) of the Excess Rents after the recovery by Tenant of reasonable amounts for brokerage commissions, legal expenses, and Tenant Improvement costs to the extent such items have been incurred by Tenant in connection with the subject sublease or assignment."
Examples of Excess Rents in a sentence
If, after inspection of Tenants general ledger and books and records, Owner disputes the Excess Rents by Computation Unit for the crop year under inspection, Owner and Tenant shall meet and attempt in good faith to resolve the dispute.
All costs and expenses of the arbitration shall be paid by the Owner unless the final determination and the arbitration is that the Tenant understated the Excess Rents by Computational Unit or the applicable crop year by more than Ten percent (10 %) of the originally reported and paid Excess Rent by Computational Unit, in which case Tenant shall pay all costs and expenses of the arbitration.
Excess Rents for 2012 will be calculated from the 2012-13 crop year, initiated by the bloom of the Spring of 2012.
If the arbitrator determines that the amount of the Excess Rents by Computational Unit paid to Owner by Tenant was incorrect, the Tenant shall pay to the Owner the deficiency within thirty (30) days following delivery of the arbitrators decision, with interest at the rate of eight and a half percent (8 ½ %) per annum.
The statement shall be in a form mutually acceptable to Owner and Tenant and shall be certified as an accurate accounting of Excess Rents by Computational Unit by an authorized representative of Tenant.
More Definitions of Excess Rents
Excess Rents means all Rents and other consideration payable by a subtenant or assignee to Sublessee in connection with the Transfer, less the cost incurred by Sublessee as set forth in Addendum Paragraph 14 of the Master Lease. Sublessor's waiver or consent to any assignment or subletting shall be ineffective unless set forth in writing, and Sublessee shall not be relieved from any of its obligations under this Sublease, unless the consent expressly so provides. Notwithstanding anything to the contrary contained in this Sublease or in the Master Lease, at Sublessor's sole option, Sublessor shall have the right to terminate this Sublease if Sublessee requests Sublessor's consent to an assignment of this Sublease or a sublet of fifty percent (50%) or more of the square footage comprising the Subleased Premises.
Excess Rents means all Rents and other consideration payable by a subtenant or assignee to Sublessee in connection with the Transfer (as more particularly described in Section 26 F. of the Master Lease), less any brokerage commissions, costs incurred by Sublessee with respect to alterations or improvements made to the portion of the Subleased Premises that is the subject of the Transfer, and reasonable attorneys' fees incurred by Sublessee in connection with the Transfer. Notwithstanding anything to the contrary contained in this Sublease or in the Master Lease, (i) Sublessee may assign this Sublease or sublet the Premises, or any portion thereof, without Sublessor's consent, to (a) any entity which controls, is controlled by, or is under common control with Sublessee, (b) to any entity which results from a merger of, reorganization of, or consolidation with Sublessee, or (c) to any entity which acquires substantially all of the stock or assets of Sublessee, as a going concern, with respect to the business that is being conducted in the Premises; provided that in each of the foregoing Transfers, the net worth of the surviving entity is equal to or greater than that of the Sublessee immediately prior to the date of the Transfer, (ii) Sublessee shall reimburse Sublessor and Master Lessor for all costs and expenses incurred by them in considering any request by Sublessee to a Transfer, and (iii) a bona fide public or private offering of the capital stock of Sublessee shall not be deemed a Transfer.
Excess Rents means the excess, if any, of (i) all amounts received or to be received in the form of cash, cash equivalents, and non-cash consideration by Tenant from any assignee or sublessee over (ii) the sum of the Rent payable to Landlord hereunder (or, in the case of a sublease of a portion of the Premises, the portion of the Rent which is allocable on a per square foot basis to the space sublet), plus the amount of any reasonable advertising expenses, brokers' commissions, attorneys' fees, costs of tenant improvements and other actual, out-of-pocket expenses incurred by Tenant in connection with such assignment or sublease, all of which shall be, in the case of a sublease, amortized over the term of the sublease for the purpose of calculating the amounts of the periodic payments due to Landlord hereunder.
Excess Rents means all Rents and other consideration payable by a subtenant or assignee to Sublessee in connection with the Transfer, less any excess rent that is payable to Lessor pursuant to the Master Lease and any brokerage commissions and reasonable attorneys' fees incurred by Sublessee in connection with the Transfer.
Excess Rents means all Rents and other consideration payable by a subtenant or assignee to Sublessee in connection with the Transfer, less the cost incurred by Sublessee as set forth in Section 15.2 of the Master Lease. Sublessor's waiver or consent to any assignment or subletting shall be ineffective unless set forth in writing, and Sublessee shall not be relieved from any of its obligations under this Sublease, unless the consent expressly so provides.
Excess Rents means the rental amounts paid by the assignee or subtenant for the right to occupy the Premises, reduced by (i) the Rental then in effect for the portion of the Premises assigned or sublet, (ii) the aforesaid Landlord expenses and, (iii) the reasonable expenses incurred by Tenant in connection with such assignment or subletting, including without limitation, leasing commissions, attorneys' fees and costs of improving the assigned or sublet space for the assignee or subtenant, the portion of the cost of any alterations or improvements made, at Tenant's expense, to the portion of the Premises assigned or sublet, which is attributable to the period of the assignee's or Subtenant's occupancy. With respect to an assignment "rental amounts paid by the assignee for the right to occupy the Premises" shall mean any rental amounts plus (whether in addition thereto or in substitution thereof) any and all consideration received for the assignment of this Lease (but not for any personal property or other assets which may be transferred by Tenant to the assignee). The failure of Tenant to remit fifty percent (50%) of any such Excess Rents to Landlord shall be a default hereunder.
Excess Rents means all Rents and other consideration payable by a subtenant or assignee to Sublessee in connection with the Transfer, less the cost incurred by Sublessee as set forth in Section 49.A. of the Master Lease. Sublessor's waiver or consent to any assignment or subletting shall be ineffective unless set forth in writing, and Sublessee shall not be relieved from any of its obligations under this Sublease, unless the consent expressly so provides. Notwithstanding anything to the contrary contained in this Sublease or in the Master Lease, Sublessee, without obtaining Sublessor's prior written consent, shall have the right to Transfer this Sublease to a parent, subsidiary or affiliate of Sublessee (collectively, "Affiliate"), whether by merger, succession or consolidation, or a joint venture or partnership in which Sublessee, or its Affiliate, is a general partner; provided, however, that nothing in this sentence shall be deemed to relieve Sublessee of the obligation to obtain Master Lessor's consent pursuant to the provisions of Sections 19 and 49 of the Master Lease.