Gross Potential Rent definition
Gross Potential Rent means the sum of: (i) monthly rents actually collected from tenants under residential Leases identified in each of the most current rent rolls, and (ii) achievable monthly rents attributable to residential vacant units, calculated at market rents, as determined by Lender in Lender's Discretion. (Market rents attributable to employee and model units may be included in the calculation of Gross Potential Rent if they are also included in operating expenses.)
Gross Potential Rent means gross potential rent, computed in accordance with accounting principles reasonably acceptable to Lender, based on the most recent rent roll annualized, which should include (a) effective rent for occupied space (that is, actual rent collected from tenants in actual physical occupancy pursuant to valid Leases (which may be adjusted downward by Lender to reflect market rents), provided that to the extent a particular tenant is either in a scheduled rent concession period at the time of determination or has a rent concession period scheduled in the future, such tenant’s annualized rent may be adjusted by Lender in its reasonable discretion to reflect a normalized annualized amount unless no future rent is scheduled to be received from such tenant in which case no rent will be included for such tenant) and (b) market rents for vacant space.
Gross Potential Rent shall have the meaning set forth on Exhibit A attached hereto and made a part hereof.
Examples of Gross Potential Rent in a sentence
The combination of Gross Potential Rent and Vacancy are preferred over Base Rent.
More Definitions of Gross Potential Rent
Gross Potential Rent means the full rent potential for the property for the full fiscal year and is calculated by adding the monthly rent for each unit and multiplying the resulting sum by twelve to determine the maximum rental income that the property would generate if one hundred percent of the building were fully leased for the entire year.
Gross Potential Rent means gross potential rent, computed in accordance with accounting principles reasonably acceptable to Lender, based on the most recent monthly rent roll annualized, which should include effective rent for occupied space (that is, actual rent collected from tenants in actual physical occupancy pursuant to valid Leases, provided that to the extent a particular tenant is either in a scheduled rent concession period at the time of determination or has a rent concession period scheduled in the future, such tenant’s annualized rent may be adjusted by Lender in its reasonable discretion to reflect a normalized annualized amount unless no future rent is scheduled to be received from such tenant in which case no rent will be included for such tenant) and (b) market rents for vacant space.
Gross Potential Rent means gross potential rent, computed in accordance with accounting principles reasonably acceptable to Lender, based on (a) rents scheduled to be paid in the succeeding twelve (12)-month period from the applicable date of calculation as set forth on the most recent rent roll (and including scheduled rents from tenants that have taken occupancy #44996992v9<LEGAL02> - Well▇ - ▇▇▇▇▇▇▇▇ ▇▇▇tfolio - Loan Agreement (CMBS Fixed Rate) or are scheduled to take occupancy within six (6) months of the date of calculation) (provided that (1) rent from Credit Tenants and Temporarily Dark Tenants shall not be excluded from Gross Potential Rent solely because such Credit Tenants and Temporarily Dark Tenants are not in occupancy and are not scheduled to take occupancy within six (6) months of the date of calculation and (2) rents from tenants not scheduled to be paying rent during the entirety of such twelve (12)-month period shall be annualized) pursuant to Leases in effect as of the date hereof or entered into in accordance with this Agreement, provided that to the extent a particular tenant is either in a scheduled rent concession period at the time of determination or has a rent concession period scheduled in the future, such tenant’s annual (or annualized) rent shall be adjusted by Lender to amortize such rent concession over the remaining term of the Lease to reflect a normalized annual or annualized amount unless (1) no future rent is scheduled to be received from such tenant or (2) Borrower has deposited the full amount of such rent concessions into a reserve with Lender, and (b) rents for vacant space based on an average of the rents paid by Tenants for occupied space (as reasonably calculated by Lend▇▇). ▇otwithstanding the foregoing, Gross Potential Rent will not include (i) rent paid by or on behalf of any tenant under a Lease which is the subject of any proceeding or action relating to its bankruptcy, reorganization or other arrangement pursuant to the Bankruptcy Code or any similar federal or state law or which has been adjudicated a bankrupt or insolvent unless such Lease has been affirmed by the trustee in such proceeding or action pursuant to a final, non-appealable order of a court of competent jurisdiction, (ii) rent paid by or on behalf of any tenant in default under its lease beyond any applicable notice and cure periods (but not including default due to delinquency in the payment of rent so long as such rent was not more than thirty (30) days delinque...
Gross Potential Rent means gross potential rent, computed in accordance with accounting principles reasonably acceptable to Lender, based on the most recent rent roll annualized, which should include (a) effective rent for occupied space (that is, actual rent collected from tenants in actual physical occupancy pursuant to valid Leases (which may be adjusted downward by Lender to reflect a market occupancy cost of no greater than 20%, provided, however, no occupancy cost adjustment shall be made for service industry Tenants, jewelry store Tenants, cellular phone store Tenants, food court Tenants or Tenants who have not reported full trailing twelve (12) month sales figures), provided that to the extent a particular tenant is either in a scheduled rent concession period at the time of determination or has a rent concession period scheduled in the future, such tenant’s annualized rent shall be adjusted by Lender to reflect a normalized annualized amount unless no future rent is scheduled to be received from such tenant in which case no rent will be included for such tenant) and (b) market rents for vacant space.
Gross Potential Rent means the aggregate potential rental revenue for the Mortgaged Property, as the same shall be proposed by Borrower and subject to the approval of Administrative Agent.
Gross Potential Rent means gross potential rent, computed in accordance with accounting principles reasonably acceptable to Lender, based on the most recent rent roll annualized, which should include (a) effective rent for space leased pursuant to valid Leases (the “In-Place Tenants”), provided that (i) to the extent a particular tenant is either in a scheduled rent concession period at the time of determination or has a rent concession period scheduled in the future, such tenant’s annualized rent, including, without limitation, contractual parking rent, may be adjusted by Lender in its reasonable discretion to reflect a normalized annualized amount unless no future rent is scheduled to be received from such tenant in which case no rent will be included for such tenant, (ii) effective rent shall also include rental increases for In-Place Tenants (other than the Specified Tenant (defined below)) pursuant to Leases through and including August 1, 2015 and (iii) with respect to the Lease with Bank of America, N.A. (the “Specified Tenant”), effective rent shall be further adjusted by Lender to include the average base rent for such Specified Tenant calculated based upon the effective rent over the remaining applicable Lease term) and (b) market rents for vacant space. Gross Potential Rent will not include potential rent by or on behalf of any tenant under a Lease which is the subject of any proceeding or action relating to its bankruptcy, reorganization or other arrangement pursuant to the Bankruptcy Code or any similar federal or state law or which has been adjudicated a bankrupt or insolvent unless such Lease has been affirmed by the trustee in such proceeding or action pursuant to a final, non-appealable order of a court of competent jurisdiction.
Gross Potential Rent means gross potential rent, computed in accordance with accounting principles reasonably acceptable to Lender, based on the most recent rent roll annualized, which should include (a) effective rent for occupied space (that is, actual rent collected from tenants in actual physical occupancy pursuant to valid Leases (other than the Ground Lease); provided; that (i) to the extent a particular tenant is either in a scheduled rent concession period at the time of determination or has a rent concession period scheduled in the future for which Borrowers have deposited Rent Concession Reserve Funds in accordance with Section 8.7 hereof, such tenant’s annualized rent shall be adjusted by Lender to reflect a normalized annualized amount and (ii) contractual rent steps occurring during the immediately succeeding twelve (12) month period shall be included and (b) market rents for vacant space.