Lease Adjustments definition
Examples of Lease Adjustments in a sentence
No payments shall be required by either the Buyer or the Sellers unless such party’s obligation to make a payment or right to a credit, based such parties prorated amount of all Post-Closing Lease Adjustments, is in excess of $10,000.00.
Except for Renewal Lease Adjustments and any other exceptions set forth in this Section 5.02(c), the Owner shall not increase the Legal Rent or the Actual Rent for an Income-Restricted Unit for any other reason that may be allowed under Rent Stabilization, including, but not limited to, a vacancy lease increase, a major capital improvement increase (“MCI Increase”), or an individual apartment improvement increase.
If payment is due to Buyer from the Sellers for Post-Closing Lease Adjustments, the amount of such payment shall be paid to Buyer by the Escrow Agent from the Escrow Holdback in immediately available funds by wire transfer in accordance with the Escrow Agreement.
After final resolution of the amount owed by the Sellers as provided in this Section 2.2(b), the Buyer will offset the next Note Post-Closing Payment(s) by the aggregate amount of such unpaid Seller Lease Adjustments.
If any Utilities Charges or Lease Adjustments cannot conclusively be determined as of the date of Closing, then the same shall be adjusted at Closing based upon the most recently issued bills thus far and shall be re-adjusted within 180 days after the end of the calendar year in which the Closing occurs after final Utilities Charges and Lease Adjustments are determined.
Assignor and Assignee shall cooperate in good faith to determine and pay the Lease Adjustments referred to in Section 1.4.
To the extent any determination that a lease constitutes a Non-Conforming Lease is made on or prior to the Closing Date, the amount of any Lease Adjustment with respect to the relevant Non-Conforming Lease shall constitute a "Pre-Closing Lease Adjustment" and shall be deducted from the Cash Consideration to be paid at the Closing in accordance with Section 2.2(a); provided, that the Pre-Closing Lease Adjustments, in the aggregate, shall not exceed $50,000,000.
If payment is due to the Sellers for Post-Closing Lease Adjustments, Buyer shall make prompt payment to the Sellers of the amount due in immediately available funds by wire transfer.
Assignor and Assignee shall adjust as of the Closing Date all obligations under the Gant Store Lease, including but not limited to, rent, additional rent, utility charges, and so forth ("the Lease Adjustments").
The Lease Adjustments shall be made at the same time as the Royalty Adjustment and the Design Agreement Adjustment (both as defined in the Asset Purchase Agreement) are made under the Asset Purchase Agreement.