Rent Deficiency definition

Rent Deficiency shall have the meaning set forth in Section 6.6.2.

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Rent Deficiency means, with respect to an Earnout Space, the amount, if any, by which the annual amount to be paid by a tenant in an Earnout Space as a contribution to CAM, Taxes and insurance (i.e. “triple net” charges only) is less than that tenant’s proportionate share of such items (after adjustment for contributions made by major tenants and the effect of any “opening and operating” clause) based on a fraction, the numerator of which is the square footage leased by the tenant and the denominator of which is the square footage leased by all tenants of the applicable Property; provided, however, the parties agree that any such CAM, Taxes and insurance charge shall be appropriately accounted for based on other similar tenants within the same zone of similar size and use.

Rent Deficiency. Sum will represent Purchaser's opinion of the amount owing to it under the terms of this Paragraph 12.3 and the Final Closing Rent Schedule shall specifically instruct the Escrow Agent to disburse an amount equal to the Rent Deficiency Sum to Purchaser. Seller shall have ten (10) days following receipt of the Final Closing Rent Schedule to give Purchaser and Escrow Agent written notice of any objection to the Final Closing Rent Schedule. If Seller delivers a timely notice of objection then Seller and Purchaser shall work together in good faith to agree upon the Final Closing Rent Schedule (including, but not limited to, the Rent Deficiency Sum) , at which time Seller and Purchaser shall ▇▇▇▇▇ ▇ ▇▇▇nt letter of instruction to Escrow Agent setting forth the terms of the escrow disbursement. If Seller does not reply to the Final Closing Rent Schedule within ten (10) days then the Rent Deficiency Sum shall be distributed to Purchaser and the remaining Holdback Escrow Funds shall be distrubuted in accordance with the terms of the Escrow Agreement. Paragraph 12.3 of this Agreement shall survive the Closing and the delivery and recording of the Deed.

Examples of Rent Deficiency in a sentence

• All Rent Deficiency disbursements made by Lender shall be deposited into the Deposit Account as if such sums were received by Borrower as Rent during the calendar month after such request is made by Borrower.

• All Rent Deficiency disbursements made by Lender shall be deposited into the Clearing Account as if such sums were received by Borrower as Rent during the calendar month after such request is made by Borrower.

• All Rent Deficiency disbursements made by Lender shall be deposited into the Deposit Account as if such sums were received by Borrower as Rent during the calendar-month after such request is made by Borrower.

• Payment by Seller of the Rent Deficiency amount shall be the later of 30 days after receipt of the request from Buyer or January 4, 2010.

• Any such Rent Deficiency which remains unpaid from and after such 60-day period shall bear interest at the Default Rate hereunder from the date due until paid.

• The sum of (a) the Outstanding Rents Due which are still outstanding at the time of the Final Closing Schedule and (b) the Second Month Deficiencies shall be referred to as the "Rent Deficiency Sum".

• If Seller delivers a timely notice of objection then Seller and Purchaser shall work together in good faith to agree upon the Final Closing Rent Schedule (including, but not limited to, the Rent Deficiency Sum) , at which time Seller and Purchaser shall ▇▇▇▇▇ ▇ ▇▇▇nt letter of instruction to Escrow Agent setting forth the terms of the escrow disbursement.

• All Rent Deficiency disbursements made by Lender shall be deposited into the Deposit Account as if such sums were received by Borrowers as Rent during the calendar month after such request is made by Borrower.

• The obligation to pay to Purchaser any Rent Deficiency, if applicable, shall accrue from and after May 1, 2010 (and shall be retroactively paid to Purchaser if such final judicial determination shall occur thereafter).

• This Rent Deficiency Sum will represent Purchaser's opinion of the amount owing to it under the terms of this Paragraph 12.3 and the Final Closing Rent Schedule shall specifically instruct the Escrow Agent to disburse an amount equal to the Rent Deficiency Sum to Purchaser.

More Definitions of Rent Deficiency

Rent Deficiency shall have the meaning set forth in Section 6.6.2 hereof. "Rents" shall mean all rents, moneys payable as damages or in lieu of rent, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to the Property. "Replacement Lease" shall have the meaning set forth in Section 6.6.2 hereof. "Required Repairs" shall have the meaning set forth in Section 4.1.19 hereof. DMEAST #17478116 v7 14

Rent Deficiency shall have the meaning set forth in Section 4.4 hereof. “Rent Loss Proceeds” shall have the meaning set forth in Section 9.1 hereof. “Rent Roll” shall have the meaning set forth in Section 5.17 hereof. “Rents and Profits” shall have the meaning set forth in the Security Instrument. “Reporting Failure” shall have the meaning set forth in Section 7.12 hereof. “Required Financial Item” shall have the meaning set forth in Section 7.12 hereof. “Required PIP Reserve Funds Amount” shall have the meaning set forth in Section 4.5(a) hereof. “Reserve Funds” shall mean the Debt Service Reserve Funds, Tax and Insurance Reserve Funds, the FF&E Reserve Funds, the PIP Reserve Funds and any other escrow funds established pursuant to the express terms of this Agreement or the other Loan Documents. “Reserve Percentage” shall mean the rates (expressed as a decimal) of reserve requirements applicable to Agent, if any, on the date two (2) Business Days prior to the beginning