Notional Rent definition

Notional Rent means the annual rental revenue of Concessionaire from sub-licensing of any space from Commercial Area on rental basis at the project site as per the provisions of the Agreement. The Notional Rent for such rented space shall be calculated by following method;
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Notional Rent until the first Notional Rent Review Date, the Main Rent and, from each Notional Rent Review Date, the sum calculated in accordance with paragraph 3.1
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Notional Rent means the rent amount setout in schedule “C” for each Managed Unit and is used to determine each Participating Owner’s Pro Rata Share of monthly Rental Revenue. The monthly rental rates setout in schedule “C” were sourced from the leaseback rental rates offered to all unit purchasers by Durham Standard Condominium Corporation No. 323 and Durham Standard Condominium Corporation No. 306’s declarant at the time of registration. The listed rental rates are intended to be a reflection of the fair value of each unit in relation to all other units when factoring unit size, unit bedroom count, unit configuration, unit floor level, and unit exterior veiw.
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Examples of Notional Rent in a sentence

  • The Lessee shall not be liable for any prepayment fee payable by the Lessor to the Lenders under the Finance Documents and any such prepayment of the Notional Rent Outstanding shall be paid net of any Broken Funding Costs.

  • Whenever there is an addition or deletion of a Managed Unit the Rental Manager shall as soon as commercially reasonable thereafter recalculate the Pro Rata Share of each Participating Owner and, where necessary, the Board shall determine the Notional Rent of a new Managed Unit.

  • It should be noted that failure to provide details when requested might result in the application of a Notional Rent.

  • Eeach Participating Owner shall also pay to the Rental Manager their Owner Contribution which shall be an amount equal to the Notional Rent of the Participating Owner’s Managed Unit, and held on account for the benefit of the Participating Owner in the Rental Manager’s operating bank account.


More Definitions of Notional Rent

Notional Rent means the amount by which the Minimum Rent exceeds the Period means the period between the date that is 4 weeks after Completion and the date that is 5 years after Completion or (if earlier) the date on which the Buyer assigns its interest in the Property other than by way of a bona fide charge as security for funding in relation to the purchase of the Property;
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Notional Rent means the aggregate of: 1.11.1 the Applicable Notional Office Rent multiplied by fifty-three thousand seven hundred and eighty-six (53,786) and 1.11.2 the Applicable Notional Production Rent multiplied by eighty-six thousand and twenty-one (86,021)
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