Rent Offset definition

Rent Offset has the meaning ascribed to such term in Section 2.1(d)(ii)(a).
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Rent Offset means the deduction to Base or Percentage Rent approved by the Lessor as described in Section 5.7 of this Lease.
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Rent Offset means, in the event Landlord elects to sell any Terminated Facilities pursuant to Section 12.2.6, for any given time, an amount determined by the following formula: RO = (SP x (1 + LY)n) x LY Where:
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Examples of Rent Offset in a sentence

  • Lessor approval of an Improvement for Rent Offset eligibility will occur before construction however the final Approved Cost will not be determined until construction is completed.

  • Lessor may retain the services of an appraiser to determine final Approved Cost and Rent Offset methodology.

  • Lessee costs for non-compliant Initial Improvements or Alterations are not eligible for Rent Offset.

  • For example, Tenant may elect to use $250,000 of Tenant Changes Allowance and $325,400 of Rent Offset.

  • No later than sixty (60) days after the Effective Date, Tenant shall give Landlord written notice of its election to use either the Tenant Changes Allowance to effect Tenant Changes to the Premises or the Rent Offset to offset Monthly Basic Rent or a combination of both on a per square foot basis.

  • Because these structures, are removable in their entirety, no Rent Offset or other compensatory interest will be granted to the Lessee for these structures, including associated FF&E.

  • Upon the expiration of the 36th month of the Term, provided Tenant is not in default under this Lease, Landlord shall offset $25,000 (“Rent Offset”) from the Security Deposit and apply the Rent Offset toward the next due monthly installment of Annual Base Rent, leaving a Security Deposit balance of $50,000.00.

  • At the end of the fifth (5th) business day after said notice and deliveries have been sent to Seller by Purchaser or CCM, then the funds being requested by Purchaser or CCM for the Rent Offset shall be disbursed to Purchaser or CCM upon Purchaser's or CCM's unilateral request to the Title Company.

  • The amount of the Tenant Changes Allowance and/or the amount of any Rent Offset actually used by Tenant shall be deemed added to Section 23.2(d) of the Lease and included in the list of amounts necessary to compensate Landlord for any detriment proximately caused by any default of Tenant, as further described therein.

  • In the event and to the extent that Tenant fails to utilize the Tenant Changes Allowance or notify Landlord of its intent to apply the Rent Offset as provided in this Second Amendment, then and in such event, the Tenant will be deemed to have elected the Rent Offset and will be entitled to the Rent Offset described in this paragraph.


More Definitions of Rent Offset

Rent Offset. NOT APPLICABLE Rentable Area: The total rentable area of the Leased Premises, which (although greater than the actual usable area) is agreed to be 8,797 square feet, which shall be verified by the project architect upon completion of the Tenant Improvement Plans and in the event the final calculation is different then as aforesaid the project architect shall provide a written statement to the parties hereto as to the total Rentable Square Feet of the Premises and said written statement shall be attached as an amendment hereto modifying the portions of this Agreement as is appropriate without modifying the general terms hereof.
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Rent Offset. Landlord understands that Tenant is obligated on another Lease for its existing offices at 1313 Xxxxxx Xxxxxxx Boulevard in McLean, Virginia (the "Existing Office Space") and that Tenant is currently attempting to sub-lease the Existing Office Space. As inducement to Tenant to enter into this Agreement the Landlord agrees to offset the Basic Rent due hereunder in an amount equal to the amount of rent paid by Tenant for the Existing Office Space above and beyond any amounts collected from Tenant's sub-tenant(s) at the Existing Office Space on a monthly basis after the Lease Commencement Date. The Tenant shall provide Landlord evidence that it has incurred rent expenses at the Existing Office Space for any month where Tenant does not collect sub-lease rental payments equal to the amount due from Tenant for that month for the Existing Office Space as requested by Landlord and Landlord shall provide a credit towards the amount due hereunder from Tenant for the same month. However, the amount of Rent Offset shall not exceed Fifty Thousand Dollars ($50,000.00) in the aggregate. In the event the amount of Rent Offset granted by Landlord does not exceed Twenty-Five Thousand Dollars ($25,000.00) during the first year of the Term, the Landlord agrees that the escalation of the Basic Rent as provided for herein shall, rather then commencing with the beginning of the second year of the term, shall not commence until the beginning of the third (3rd) year of the Term and in such event the schedule of basic Rent set forth in paragraph l(b) shall be amended to reflect the change in the amount due as Basic Rent hereunder.
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Rent Offset means, in the event Landlord elects to sell any Terminated Facilities pursuant to Section 12.2.6, for any given time, an amount determined by the following formula:
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Related to Rent Offset

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

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

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

  • 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.

  • 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);

  • Lease Payments means the rental payments described in Exhibit A hereto.

  • To rent means to lease, to sublease, to let, or otherwise to grant for consideration the right to

  • Additional Rent means all amounts payable by the Tenant under this Lease except Base Rent, whether or not specifically designated as Additional Rent elsewhere in this Lease;

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

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

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

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

  • Additional Rents means amounts payable under any Lease for (i) the payment of additional rent based upon a percentage of the Tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so called “escalation rent” or additional rent based upon such tenant’s allocable share of insurance, real estate taxes or operating expenses or labor costs or cost of living or xxxxxx’x wages or otherwise.

  • 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

  • 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.

  • Prepaid Rent means any payment of money to the landlord for a rent obligation not yet

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

  • 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.

  • Lease Payment Date means, with respect to any Interest Payment Date, the 5th Business Day immediately preceding such Interest Payment Date.

  • Rent Expense means, for any Person for any period of determination, such Person’s operating lease expense computed in accordance with GAAP, including, without limitation, all contingent rentals, but excluding all common area maintenance expenses.

  • 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.

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

  • 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.

  • 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.

  • 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.