Rent Abatement Amount definition

Rent Abatement Amount refers to the amount of Rent that Tenant is not required to pay for the Expansion Premises during the Rent Abatement Period. The Rent Abatement Amount is subject to the following: The parties agree to work cooperatively and in good faith to apply for and obtain a loan to Landlord and/or a tax increment incentive from the Redevelopment Agency of Salt Lake City in an amount equal to or greater than the Rent Abatement Amount (the “City Incentive”) upon terms that are otherwise reasonably acceptable to Landlord (and Tenant to the extent Tenant is a party to, or has obligations under, any agreement for the City Incentive). If the total amount of the City Incentive is less than the Rent Abatement Amount, the Rent Abatement Amount shall be reduced to match the total amount of the City Incentive. For the avoidance of doubt, the Rent Abatement Amount shall not be increased even if the City Incentive is increased. 6.
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Rent Abatement Amount means the sum of the aggregate value of all unpaid Base Rent which was abated by Landlord during the period between the Commencement Date and the Rent Commencement Date based on the amount of Base Rent payable by Tenant as of the Rent Commencement Date. The amortization of the Lease Costs shall be effected as though the total of such costs was the principal amount of a promissory note, bearing interest at the rate of eight percent (8%) per annum, where the principal (and all interest thereon) shall be repaid (commencing on the Commencement Date) in equal monthly installments of principal and interest in such amount as to cause the principal balance to be reduced to zero as of the last day of the sixty-third (63rd) full calendar month of the Lease Term. Tenant shall pay to Landlord the Termination Payment simultaneously with Tenant’s delivery of the Termination Notice. The Termination Payment shall be in addition to, and not in lieu of, the payments of Base Rent, Additional Rent and other charges accruing hereunder through the Termination Date. The Termination Option may not be exercised by any sublessee of all or any portion of the Premises. Time shall be of the essence with respect to Tenant’s delivery to Landlord of the Termination Notice and the Termination Payment. In the event Tenant fails to deliver the Termination Notice or fails to pay the Termination Payment within the time period set forth above, then, at Landlord’s sole option, the Termination Notice may be deemed void and of no further force or effect, and the Lease shall continue in full force and effect.
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Examples of Rent Abatement Amount in a sentence

  • If the total amount of the City Incentive is less than the Rent Abatement Amount, the Rent Abatement Amount shall be reduced to match the total amount of the City Incentive.

  • The Rent Abatement Amount is subject to the following: The parties agree to work cooperatively and in good faith to apply for and obtain a loan to Landlord and/or a tax increment incentive from the Redevelopment Agency of Salt Lake City in an amount equal to or greater than the Rent Abatement Amount (the “City Incentive”) upon terms that are otherwise reasonably acceptable to Landlord (and Tenant to the extent Tenant is a party to, or has obligations under, any agreement for the City Incentive).

  • For the avoidance of doubt, the Rent Abatement Amount shall not be increased even if the City Incentive is increased.

  • Any portion of the Total Must-Take Premises 2 Rent Abatement Amount utilized for the payment of the Over-Allowance Amount as permitted herein shall not be provided as a credit against monthly Base Rent.

  • Any portion of the Total initial Premises Rent Abatement Amount utilized for the payment of the Over-Allowance Amount as permitted herein shall not be provided as a credit against monthly Base Rent.

  • The “Contraction Fee” is an amount equal to twenty (20%) percent of the sum of (A) (i) the unamortized portion of the Construction Allowance, (ii) the unamortized portion of the Rent Abatement Amount, and (iii) the unamortized portion of the commission paid to the Broker listed in Section 1.22, and (B) an amount equal to the Base Rent, Expenses and Taxes payable under this Lease for the three (3) calendar months that occur immediately prior to the Early Termination Date.

  • Tenant may not elect to accelerate more than one (1) month of such Base Rent Abatement Amount at any particular time.

  • At Tenant’s option, prior to the application of the foregoing credit against monthly Base Rent, Tenant shall have the right, upon notice to Landlord, to utilize any unapplied portion of the Total Must-Take Premises 2 Rent Abatement Amount for payment of the “Over-Allowance Amount,” as that term is defined in Section 4.2.1 of the Tenant Work Letter, due for the Tenant improvements associated with Must-Take Premises 2.

  • Further, in no event shall Landlord, pursuant to the terms of this Section 3.2.1, provide an aggregate amount in excess of the Total Initial Premises Rent Abatement Amount for application to monthly Base Rent due for the Initial Premises and for payment of the Over-Allowance Amount associated with the Initial Premises.

  • As used in this Lease, the term “Lease Costs” means the sum of: (1) all brokerage commissions incurred by Landlord in connection with this Lease; (2) the Tenant Improvement Allowance; (3) the amount of the Rent Abatement Amount (hereinafter defined); and (4) Landlord’s documented and reasonable attorneys’ fees in connection with the negotiation and drafting of this Lease (not to exceed $15,000.00).

Related to Rent Abatement Amount

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.

  • Basic Rent Payment Date means Basic Rent Payment Date as defined in Paragraph 6.

  • Base Rent Period Annual Rate Per Square Foot Monthly Base Rent

  • Minimum Rent means the sum of Thirty-Three Million, Six Hundred Seventy-Nine Thousand, Seven Hundred Sixteen and 55/100 Dollars ($33,679,716.55) per annum.

  • Rent Payment means the amount payable by Lessee for the Assets as specified in the applicable Schedule.

  • RENT ADJUSTMENT Any amounts owed by Tenant for payment of Operating Expenses. The Rent Adjustments shall be determined and paid as provided in Article Four.

  • Excess Rent means the excess of (a) all consideration received by Tenant from a Transfer over (b) Rent payable under this Lease after deducting reasonable tenant improvements paid for by Tenant, reasonable attorneys’ fees and any other reasonable out-of-pocket costs paid by Tenant as a result of the Transfer (but specifically excluding any Rent paid to Landlord while the Premises is vacant).

  • Basic Rent means Basic Rent as defined in Paragraph 6.

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Base Rental means the amount of rent due to Landlord per square foot for the first year of the Term. Base Rental for the first year of Term shall be $24 per square foot for the building and $7.50 per square foot for the drive thru at the Premises. Year Per Sq Ft First Floor Per Sq Ft Drive Thru Total Per Annum Total Per Month 1 $ 24 $ 7.50 $ 101,286 $ 8,440.50

  • Maximum Contribution Amount shall equal the excess of (i) the aggregate proceeds received by such Holder pursuant to the sale of such Registrable Notes or Exchange Notes over (ii) the aggregate amount of damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(d) are several in proportion to the respective principal amount of the Registrable Securities held by each Holder hereunder and not joint. The Company’s and Subsidiary Guarantors’ obligations to contribute pursuant to this Section 8(d) are joint and several. The indemnity and contribution agreements contained in this Section 8 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties.

  • Advance Rent means moneys paid to the landlord to be applied to future rent payment periods, but does not include rent paid in advance for a current rent payment period.

  • Increase Amount is defined in Section 2.3(a).

  • Past Due Rent Payment is defined in Section 2.2(g).

  • Lease Termination Payments means all payments received by or on behalf of any Seller with respect to a Lease with respect to any terminations, surrenders, modifications, renewals or amendments of any such Lease.

  • Percentage Rent As defined in Subsection 3.1(b).

  • Rent Payment Date means each date on which an installment of rent is due and payable pursuant to Section 5(a) hereof.

  • Lease Balance means, as of any date of determination, the sum of (a) the Equity Balance (if same has not been paid as of such date)

  • Monthly Base Rent The monthly rent specified in Section 1.01(8).

  • Sublease Payment means any payment required to be made by the District pursuant to Section 7 of the Sublease.

  • Rental Fee A fee charged by the Contractor for the rental of a compactor or roll-off container.

  • Gross Rent means the rent for a set-aside unit, including any applicable utility allowances, in compliance with the rent limits applicable to the property for 2020. Gross rent does include optional fees included in the household’s lease, including but not limited to, washer/dryer, cable, parking, etc., as long as they are included in the lease or addendums to the lease. In addition, when a utility that is purchased from or through a local utility company by the Development, who in turn bills residents for actual consumption of the utility will also be eligible when the applicable utility allowance for the Development includes a deduction for the utility and the household’s lease specifies that the resident is responsible for the utility.

  • Rental Payments means the rental payments paid by the occupant of a unit, excluding any supplemental rental assistance to the occupant from the State, the federal government, or any other public agency, but including any mandatory fees or charges imposed on the occupant by the Owner as a condition of occupancy of the unit.

  • Lease Rentals means, for any period, the aggregate amount of fixed rental or operating lease expense payable by the Company and its Restricted Subsidiaries with respect to leases of real and personal property (excluding Capital Lease Obligations) determined in accordance with GAAP.

  • Replenishment Amount has the meaning assigned to such term in Section 2.06(b).

  • Broken Amount means, in respect of any Interest Payment Date, the amount specified in the relevant Final Terms.