Pro Rata Rent definition
Examples of Pro Rata Rent in a sentence
Notwithstanding anything to the contrary herein, the right of Tenant to set off the Pro Rata Rent Deduction against Rent as provided in this paragraph for each Displaced Parking Space shall end (except for the 45 Additional Day Deduction, if applicable) with respect to such Displaced Parking Space when it is moved to a space which satisfies the definition of an Alternate Space.
For example, if 40 Parking Spaces are unavailable for ten (10) days and the Rents due per square foot of Rentable Area on a daily basis for each applicable day are $.0454, the Equivalent Displaced Rentable Area shall be 11,594.20 (40 divided by .00345), the Daily Pro Rata Rent Deduction for each applicable day shall be 526.82 (11,594.20 times $.0454) and the total Pro Rata Rent Deduction for the ten (10) day period shall be $5,268.20 ($526.82 times ten days).
If a Parking Garage Displacement occurs for greater than three hundred sixty-five (365) consecutive days, then Tenant shall have the right to terminate this Lease upon six months written notice to Landlord but shall not be entitled to offset any Pro Rata Rent Deduction against Rent for any period of time after 365 days after the Parking Garage Displacement.
For purposes of this Lease, the term "Pro Rata Rent Deduction" shall be the sum of each Daily Pro Rata Rent Deduction applicable to the period in question (as defined below).
Notwithstanding anything to the contrary herein, the right of Tenant to setoff the Pro Rata Rent Deduction against Rent as provided in this paragraph shall end (except for the Additional Deduction) with respect to each Displaced Parking Space which is moved to a space which satisfies the definition of an Alternate Space.
If such replacement parking does not fall within the definition of Alternate Spaces (such as the location is outside the geographic location of the Alternate Spaces), then Tenant shall have the right to set off against the Rents due hereunder (a) the Replacement Parking Expenses, and (b) fifty percent (50%) of the Pro Rata Rent Deduction (as defined below) for each day that the Act of God Displacement is in effect up to one hundred eighty (180) days.
If an Act of God Displacement occurs for greater than two hundred twenty-five (225) days, then Tenant shall have the right to terminate this Lease upon six months written notice to Landlord but shall not be entitled to offset any additional Pro Rata Rent Deduction against Rent for any period of time after 225 days after the Act of God Displacement.
The Pro Rata Rent, which includes Additional Rent (defined in Paragraph 2.02 shall be $ per diem and shall be paid at time of occupancy.
If Lessor permits Lessee to occupy the Premises prior to the Commencement Date, such occupancy shall be subject to all provisions hereof, such occupancy shall not advance the Termination Date, and Lessee shall pay the Pro Rata Rent (as defined in section 4) for such period.
Each Daily Pro Rata Rent Deduction shall be calculated by multiplying the Equivalent Displaced Rentable Area (as defined below) times the Rents (as defined in Section 3.1 hereof) due per square foot of Rentable Area, calculated on a daily basis, for each day that a Pro Rata Rent Deduction is applicable.