Rent Credit definition

Rent Credit is determined by subtracting from the Total 2003 Base Amount That Should Be Obtained the total base rent (exclusive of recoveries and extras) for all NOI Leases (in place at the time of such calculation) to be paid during calendar year 2003, but such amount shall never be less than Zero;
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Rent Credit means the Purchaser’s and the other Designated Purchasers’ entitlement to six months free rent in the amount of three million US dollars (USD 3,000,000) pursuant to the Real Estate Agreements.
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Rent Credit and shall be credited as set forth in Section 2.1 below.
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Examples of Rent Credit in a sentence

  • If Tenant shall send the Renewal Notice within the time and in the manner herein provided, this Lease shall be deemed renewed for the Renewal Term upon the terms, covenants and conditions in this Lease contained, with the exception of (a) the Fixed Rent or Rent Credit and (b) the Premises shall continue to be leased for such Renewal Term in “as is, where is” condition, subject to Landlord’s ongoing maintenance and repair obligations pursuant to Section 6.1 hereof.

  • The Rent Credit may be applied until it is exhausted against Tenant’s obligation to pay Percentage Rent under this Lease.

  • The “Initial Rent Credit Date” shall mean the date thirty (30) days after the Estimated Term Commencement Date, provided, however, that the Initial Rent Credit Date shall be extended by the lesser of: (x) ninety (90) days, or (y) the length of any delays in Landlord’s Work arising from delay by Landlord’s Force Majeure (as defined in Section 3.2) occurring prior to the Initial Rent Credit Date.

  • Notwithstanding the foregoing, Landlord shall provide Tenant with an allowance of Eighteen Thousand Six Hundred Fifty and 00/100 Dollars ($18,650.00) ("Allowance"), which amount Tenant, at Tenant's election may be used as either (i) a credit against Base Rent (the "Base Rent Credit") or (ii) upon submission by Tenant to Landlord of paid invoices therefor, to conduct a renovation of the Premises ("Tenant Improvements").

  • If all the foregoing conditions with respect to the calculation of the Rent Credit and completion of the Capital Improvement is completed prior to the Commencement Date, then Tenant may apply the Rent Credit until it is exhausted, against the Additional Rent payable for 2020 (as defined in the Original Lease), as well as against the Percentage Rent under this Lease.

  • Tenant understands and agrees that any portion of the Landlord Contribution, including the FF&E Allowance and/or the Basic Rent Credit, not utilized by Tenant by December 31, 2013, shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment.

  • In the event that Tenant is in Default of the Lease at the time the Rent Credit is to be offset pursuant to this paragraph, then the Rent Credit shall be deferred until such time, if any, as the Default has been cured by Tenant.

  • The “Second Rent Credit Date” shall mean sixty (60) days after the Estimated Term Commencement Date, provided, however, that the Second Rent Credit Date shall be extended by the lesser of: (x) ninety (90) days, or (y) the length of any delays in Landlord Work arising from delay by Landlord’s Force Majeure (as defined in Section 3.2) occurring prior to the Second Rent Credit Date.

  • Such Rent Credit shall be effected by offsetting the Rent Credit against the payments of Base Rent and other charges payable under the Lease first coming due from and after April 1, 2011—i.e., no Base Rent shall be payable for the months of April and May 2011.

  • Notwithstanding anything to the contrary contained herein, each of the First Outside EP Rent Credit Date and the Second Outside EP Rent Credit Date shall be extended by the length of any delays in Landlord’s ability to deliver the Expansion Premises arising from delay by Force Majeure, which shall not include the failure of the Existing Tenant and/or Existing Subtenant to timely vacate the Expansion Premises in accordance with the Existing Lease.


More Definitions of Rent Credit

Rent Credit means a total equal to $0.00/sq. ft. multiplied by the Premises area.
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Rent Credit. 6.1 "Substantially Complete" 3.2 "Successor" 32 "Taxes" 6.2.3 "Term" 3.4
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Rent Credit. So long as Tenant is not in default of the Lease, Tenant shall receive a rent credit of $500.00 per month ("Rent Credit"). The Rent Credit shall commence with the first payment of Rent due after such time as the Rent Credit which otherwise would have been earned by Tenant has been applied to cover all legal fees incurred by Landlord with respect to this Amendment or the reletting of the 33rd Floor Premises For example, if Landlord incurs legal fees of $2,000 with respect to this Amendment and the reletting of the 33rd Floor Premises, then the Rent Credit shall commence on September 1, 2001 (four months of Credit at $500 per month).
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Rent Credit. Lessee shall receive a Rent Credit in the amount of $3,185.00, which will be applied to the next installment of rent due.
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Rent Credit shall be equal to the difference between the Base Rent and the Floor multiplied by the Adjustment Percentage [(Base Rent – Floor) X Adjustment Percentage].
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Rent Credit. Starting with the first quarterly installment of Rent, Tenant shall receive a Rent Credit against the calculation of annual Rent in accordance with Sections 1.3(b)(ii) and 3.2 of this Lease, and Tenant shall pay one quarter of annual Rent due after application of such Rent Credit. Thereafter, Rent Credits shall applied for every new tenant for the Premises that is substituted for Tenant pursuant to Section 1.3(b)(ii) of this Lease for base rent payments made at a rate of greater than $22.03 per annum. Such Rent Credits shall be calculated at the time of each quarterly installment of Rent by first applying the annualized credit for each new tenant paying base rent for a portion of the Premises against annual Rent and then calculating the quarterly installment of Rent then due.
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Related to Rent Credit

  • 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

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

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

  • Base Monthly Rent means the fixed monthly rent payable by Tenant pursuant to Section 3.1 which is specified in Section K of the Summary.

  • Annual Base Rent means the business’s annual lease payment minus taxes, insurance and operating or maintenance expenses.

  • 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.

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

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

  • Loan Year means each period of twelve (12) consecutive months commencing on the Closing Date and on each anniversary thereof.

  • Rent Commencement Date means [Insert date or description] or any later date calculated in accordance with paragraph 3.3 of Part 5 of the Schedule;

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

  • 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.

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

  • Credit allowance date means with respect to any qualified equity investment:

  • 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.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Lease Payment means any form of payment, including a land lease, by a public entity to the private entity for the use of a qualifying project.

  • 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).

  • 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.

  • Lease Year means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Lease Period means each of the consecutive periods throughout the Basic Term and any Renewal Term ending on a Lease Period Date, the first such period commencing on and including the Delivery Date.

  • Security Deposit means the deposit to be held by the owner as security for the due performance of the contractual obligations.

  • Additional Rental has the meaning set forth in Section 4.03.

  • Maximum Annual Debt Service means the largest Annual Debt Service for any Bond Year after the calculation is made through the final maturity date of any Outstanding Bonds.

  • Ground Rent means any rent, additional rent or other charge payable by the tenant under the Ground Lease.

  • Rent means “eligible rent” to which regulation 12 of the Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 refer, less any deductions in respect of non-dependants which fall to be made under paragraph 30 (non-dependant deductions);