Percentage Rentals definition
Examples of Percentage Rentals in a sentence
Subsequent to the Closing Date, the Preliminary Percentage Rent Proration shall be adjusted in the following manner: the proration of Percentage Rentals shall be made on a Tenant Lease-by-Tenant Lease basis and shall be based upon the fiscal year set forth in each applicable Tenant Lease for the determination of Percentage Rental.
Percentage Rentals shall be separately prorated under each Lease on the basis of the fiscal year set forth in each Lease for the payment of Percentage Rentals.
Seller may not pursue any collection activities as to any Base Rent, Percentage Rentals, real estate taxes and assessments, tenant reimbursements for Operating Expenses and other income applicable to any periods before the Closing Date, or file any claims, lawsuits, or take any other actions against any tenants that were tenants on the Closing Date.
Prior to such adjustment between Seller and Purchaser, at the end of the fiscal year for each Lease for which Percentage Rentals are due, Purchaser shall ▇▇▇▇ or credit tenants any amount due.
The “Pre-Date of Closing Allocable Share” with respect to a Lease will be a fraction, (the numerator of which is the number of days in such lease year occurring up to but not including the Date of Closing and the denominator of which is the number of days in such lease year) multiplied by the Percentage Rentals paid for the immediately preceding lease year (or some other reasonable estimate).
With respect to Percentage Rentals for the lease year in which the Date of Closing occurs, Seller shall receive as an adjustment to the Purchase Price an amount equal to the “Pre-Date of Closing Allocable Share”.
During such ninety (90) day period, Purchaser shall use its reasonable efforts to collect Percentage Rentals; provided, however, that in no event shall Purchaser be required terminate any Lease or litigate with any tenant.
No Seller may pursue any collection activities as to any Base Rent, Percentage Rentals, real estate taxes and assessments, tenant reimbursements for Operating Expenses and other income applicable to any periods before the Closing Date, or file any claims, lawsuits, or take any other actions against any tenants that were tenants on the Closing Date.
Any Percentage Rentals with respect to Tenant Leases terminated before the Closing Date shall belong entirely to Seller, and Buyer shall remit to Seller all payments made to Buyer after the Closing Date on account of such Percentage Rentals.
Percentage Rentals shall be separately prorated under each Tenant Lease on the basis of the fiscal year set forth in each Tenant Lease for the payment of Percentage Rentals.