Rent Escalation Condition definition

Rent Escalation Condition means, as to any Lease Year, that the Prior Period Resident Revenues determined with respect to such Lease Year for all of the Leased Property (immediately prior to the commencement of such Lease Year) equal or exceed 90% of the Adjusted Base Year Resident Revenues for such Leased Property. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of January 1, 2013 and expiring as of December 31, 2013, the Resident Revenues for the period commencing as of November 1, 2011 and ending as of October 31, 2012 would be compared to the Adjusted Base Year Resident Revenues, in each case determined on the basis of that portion of the Leased Property that is subject to this Lease immediately prior to January 1, 2012, to determine whether the Prior Period Resident Revenues equal or exceed 90% of the Adjusted Base Year Resident Revenues.

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Rent Escalation Condition means, as to any Lease Year, that the Prior Period Patient Revenues determined for such Lease Year equal or exceed seventy percent (70%) of the Adjusted Base Year Patient Revenues for those Leased Properties that were subject to this Lease during the period for which the Prior Period Patient Revenues are being determined. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of April 1, 2010 and expiring as of March 31, 2011, the Patient Revenues for the period commencing as of February 1, 2010 and ending as of January 31, 2011 would be compared to the Adjusted Base Year Patient Revenues, determined on the basis of those Leased Properties that were subject to this Lease during such Prior Period Patient Revenues period to determine whether the Prior Period Patient Revenues equal or exceed seventy percent (70%) of the Adjusted Base Year Patient Revenues.

Rent Escalation Condition has the meaning set forth in the Lease.

Examples of Rent Escalation Condition in a sentence

The regular straight time rate of pay is that prescribed in Wage Schedule "A".
The Base Year Patient Revenues applicable to the Transferred Premises for purposes of determining whether the Rent Escalation Condition under such New Lease has been satisfied shall be equal to the aggregate of the Allocated Base Year Patient Revenues for all of the Transferred Premises.
Notwithstanding anything contained herein to the contrary, if the Rent Escalation Condition fails with respect to any one or more Lease Years, the Fixed Rent determined for the next Lease Year with respect to which the Rent Escalation Condition is satisfied shall be determined as if the Rent Escalation Condition had been satisfied for all previous Lease Years and the Fixed Rent had been escalated pursuant to, and in accordance with, the terms of this Section 3.1.2 for all prior Lease Years.
Notwithstanding anything contained herein to the contrary, if the Rent Escalation Condition fails with respect to any one or more Lease Years during the Term, the Fixed Rent determined for the next Lease Year with respect to which the Rent Escalation Condition is satisfied shall be determined as if the Rent Escalation Condition had been satisfied for all previous Lease Years and the Fixed Rent had been escalated pursuant to, and in accordance with, the terms of this Section 3.1.2 for all prior Lease Years.
The Base Year Operating Income applicable to the Transferred Premises for purposes of determining whether the Rent Escalation Condition under such New Lease has been satisfied shall be equal to the aggregate of the Allocated Base Year Operating Incomes for all of the Transferred Premises.
However, if the Rent Escalation Condition has not been met for one or more Lease Years, the Base Rent for the next Lease Year with respect to which the Rent Escalation Condition is satisfied shall be determined as if the Rent Escalation Condition had been satisfied for all previous Lease Years and the Base Rent had escalated pursuant to, and in accordance with, this §2.2.1 for all prior Lease Years.
If, as of any Rent Adjustment Date, the Rent Escalation Condition has not been so met for the just ending Lease Year, then the Initial Rate then in effect will not be so increased.
Commencing on the first Rent Adjustment Date and on each Rent Adjustment Date thereafter, provided that, as of such Rent Adjustment Date, the Rent Escalation Condition has been met for the just ending Lease Year, the annual Base Rent shall increase by the Annual Rent Increase for the Lease Year then just beginning.
The Rent Escalation Condition need not be satisfied for the increases described in the immediately preceding sentence to occur.
On each Rent Adjustment Date, provided that, as of such date, the Rent Escalation Condition has been met for the just ending Lease Year, the Initial Rate then in effect will be increased by the Initial Rate Increaser Amount.

More Definitions of Rent Escalation Condition

Rent Escalation Condition means, as to any Lease Year, that the Prior Period Patient Revenues determined for such Lease Year equal or exceed fifty percent (50%) of the Adjusted Base Year Patient Revenues determined on the basis of those Leased Properties that are subject to this Lease during the period for which the Prior Period Patient Revenues are determined. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of August 1, 2009 and expiring as of July 31, 2010, the Prior Period Patient Revenues for the period commencing as of June 1, 2008 and ending as of May 31, 2009 would be compared to the Adjusted Base Year Patient Revenues determined on the basis of those Leased Properties that are subject to this Lease during such Prior Period Patient Revenues period to determine whether such Prior Period Patient Revenues equal or exceed fifty percent (50%) of the Adjusted Base Year Patient Revenues.

Rent Escalation Condition means, as to any Lease Year, that: the Prior Period Operating Income determined for such Lease Year equals or exceeds seventy-five percent (75%) of the Adjusted Base Year Operating Income determined on the basis of those Leased Properties that are subject to this Lease during the period for which the Prior Period Operating Income is determined. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of November 1, 2005 and expiring as of October 31, 2006, the Prior Period Operating Income for the period commencing as of September 1, 2004 and expiring as of August 31, 2005 would be compared to the Adjusted Base Year Operating Income for such period for the Leased Properties that are subject to this Lease during such period to determine whether such Prior Period Operating Income equals or exceeds seventy-five percent (75%) of the Adjusted Base Year Operating Income for such period.

Rent Escalation Condition means, as to any Lease Year, that the Prior Period Resident Revenues determined with respect to such Lease Year for all of the Leased Property (immediately prior to the commencement of such Lease Year) equal or exceed 90% of the Adjusted Base Year Resident Revenues for such Leased Property. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of January 1, 2011 and expiring as of December 31, 2011, the Resident Revenues for the period commencing as of November 1, 2009 and ending as of October 31, 2010 would be compared to the Adjusted Base Year Resident Revenues, in each case determined on the basis of that portion of the Leased Property that is subject to this Lease immediately prior to January 1, 2010, to determine whether the Prior Period Resident Revenues equal or exceed 90% of the Adjusted Base Year Resident Revenues.