Lease Concessions definition
Examples of Lease Concessions in a sentence
Resident shall repay any Lease Concessions and shall be liable to Agent for a lease break fee if for any reason prior to the end of the Lease Term, any extension, or renewal, Resident vacates the Premises for any reason without fully performing all Lease covenants including Resident’s covenant to pay all rent due under the Lease (hereinafter “Lease Break Event”) for any term, extension, or renewal other than a term for month-to-month.
Upon the occurrence of a Lease Break Event, Resident shall pay a lease break fee in the amount of $«LiquidatedDamages» as well as pay, repay, or refund any Lease Concessions in the total amount set forth in any Lease Concession Addendum.
Resident shall pay and otherwise be liable to Agent for the lease break fee plus the repayment of any Lease Concessions upon the occurrence of a Lease Break Event regardless of the circumstances which Resident vacates including but not limited to voluntary surrender, at the request of Agent as the result of Resident’s default under the Lease, as the result of an eviction or forcible detainer proceeding or otherwise.
Within ten (10) days following delivery of a written request from Tenant given any time after the Lease Commencement Date, Landlord shall provide Tenant with its calculation of the amount of the Lease Concessions and/or the Termination Fee, as of the date of such request.
As used in this Lease, the “Termination Fee” shall be equal to the sum of (x) the unamortized value as of the Termination Date of the Lease Concessions, which amortization shall be calculated on a straight-line basis, resulting in an equal amount of principal being reduced each month, with interest at a rate of eight percent (8%), over the Lease Term, plus (y) six (6) times the monthly installment of Base Rent for the Premises during Lease Year 8.
For purposes of this Subsection 2.6.3.2.1, "Lease Concessions" shall be equal to the sum of (a) the amount of the tenant improvement allowance and any other improvement allowance granted by Landlord in connection with Landlord's delivery of the Canceled Premises to Tenant; and (b) the amount of the free rent or rent abatement granted to Tenant in connection with the lease of the Canceled Premises.
As used herein, "Tenant Lease Concessions" means and includes any payment, expense or rent concession required under any of the Tenant Leases to be paid or incurred by, or charged to, the landlord or lessor thereunder to or for the benefit of the tenant or lessee thereunder which is in the nature of a tenant inducement, including specifically, without limitation, tenant improvement costs and allowances, lease buy-outs, moving allowances, and "free rent" periods.
Market Rent shall be determined giving due consideration to whether or not improvement allowances, Leasing Commissions or other lease concessions (collectively, the “Lease Concessions”) are then customarily being offered in connection with the renewal of existing leases, it being the intention of the parties that Landlord shall provide Lease Concessions that are consistent with and determined contemporaneously with the determination of Market Rent.
If as of the Closing Date, Seller shall have paid any Tenant Lease Concessions for which Buyer is responsible pursuant to the foregoing, the value of such Tenant Lease Concessions shall be determined as of the Closing Date and such amount shall be paid by Buyer to Seller at Closing.
Resident understands that Owner has given Resident Lease Concessions in consideration of Resident’s promise to faithfully, timely and fully perform all Lease covenants, including but not limited to Resident’s promise to pay rent in full and on time.