Rental Profit definition
Rental Profit means the amount, calculated on a per square foot basis and not on an aggregate or cumulative basis, by which (i) the total rental and other consideration of any nature whatsoever and however characterized paid or delivered to Tenant by an assignee of the interest of Tenant or sublessee of all or any part of the Demised Premises, for the purpose of compensating Tenant directly or indirectly for the assignment or sublease, exceeds (ii) the Monthly Minimum Rent Installments paid by Tenant to Landlord pursuant to this Lease; provided, however, that Landlord shall not be entitled to receive any Rental Profit until Tenant has received an amount of Rental Profit equal to the sum of (x) the actual, out-of-pocket cost of leasehold improvements installed by Tenant at its expense specifically for and and as an inducement to the assignee or sublessee (subject to the limitation hereinafter specified), plus (y) subject to the limitation hereinafter specified, any other reasonable, documented expenses actually paid by Tenant to a third party and "free rent" or similar concessions granted by Tenant in connection with the assignment or subletting, including, without limitation, reasonable attorneys' fees and expenses and brokerage commissions (but expressly excluding any overhead or other internally charged expenses of Tenant, or any amounts paid for tenant improvements, free rent or other lease concessions given as an inducement to the assignee or sublessee which materially exceed in the aggregate the tenant improvements, free rent or other lease concessions given in aggregate on the basis of then prevailing market conditions for a comparable sublease or assignment)(the sum of (x) and (y) shall collectively constitute "Rental Expenses"). By way of example, if Landlord grants the required written consent to a sublease by Tenant of 10,000 square feet of the Demised Premises and the total rental and other consideration received by Tenant for the sublease equals a per annum rate of $3.70 per square foot and the per annum rate per square foot for the Annual Minimum Rent then payable by Tenant is $3.50 per square foot, the Rental Profit would be 20(cent) per square foot and Landlord would be entitled to received fifty percent (50%) of such Rental Profit concurrently with receipt of each payment by the sublessee to Tenant; provided that Rental Profit would be retained by Tenant until Tenant had fully recovered the amount of its Rental Expenses. Landlord shall be entitled to rec...
Rental Profit means the amount, calculated on a per square foot basis and not on an aggregate or cumulative basis, by which (i) the total rental and other consideration (of any nature whatsoever and however characterized) paid or delivered to Tenant by an assignee of the interest of Tenant or sublessee of all or any part of the Demised Premises, for the purpose of compensating Tenant directly or indirectly for the assignment or sublease, exceeds (ii) the Monthly Base Rent Installments paid by Tenant to Landlord pursuant to this Lease, after amortization of (x) the reasonable costs of any improvements which Tenant has made for the purposes of assigning or subletting all or part of the Demised Premises and (y) reasonable and customary subletting and assignment leasing commissions paid by Tenant to unaffiliated third parties. By way of example, if Landlord grants the required written consent to a sublease by Tenant of 10,000 square feet of the Demised Premises and the total rental and other consideration received by Tenant for the sublease equals a per annum rate of $4.50 per square foot and the per annum rate per square foot for the Annual Base Rent then payable by Tenant is $4.25 per square foot, the Rental Profit would be $0.25 per square foot and Landlord would be entitled to receive its share of such Rental Profit concurrently with receipt of each payment by the sublessee to Tenant. Landlord shall be entitled to receive payment of its share of Rental Profit as and when payments are received by Tenant.
Rental Profit means the amount, calculated on a per square foot basis and not on an aggregate or cumulative basis, by which (i) the total rental and other consideration (of any nature whatsoever and however characterized) paid or delivered to Tenant by an assignee of the interest of Tenant or sublessee of all or any part of the Demised Premises, for the purpose of compensating Tenant directly or indirectly for the assignment or sublease, exceeds (ii) the sum of the Monthly Base Rent Installments plus all Additional Rent paid by Tenant to Landlord pursuant to this Lease; provided, however, that Landlord shall not be entitled to receive any Rental Profit until Tenant has received an amount of Rental Profit equal to the reasonable, documented expenses ("Rental Expenses") actually paid by Tenant to a third party (but not including any overhead or other internally charged expenses of Tenant and no amount paid for tenant improvements or free rent) in connection with the assignment or subletting, including, without limitation, reasonable attorneys' fees and expenses and brokerage commissions. By way of example, if Landlord grants the required written consent to a sublease by Tenant of 10,000 square feet of the Demised Premises and the total rental and other consideration received by Tenant for the sublease equals a per annum rate of $8.80 per square foot and the per annum rate per square foot for the Annual Minimum Rent then payable by Tenant is $8.40 per square foot, the Rental Profit would be 40c. per square foot and Landlord would be entitled to received 50% of such Rental Profit concurrently with receipt of each payment by the sublessee to Tenant; provided that Rental Profit would be retained by Tenant until Tenant had fully recovered the amount of its Rental Expenses. Landlord shall be entitled to receive payment of its share of Rental Profit as and when payments are received by Tenant.
Examples of Rental Profit in a sentence
Landlord shall be entitled to receive payment of its share of Rental Profit as and when payments are received by Tenant.
By way of example, if Landlord grants the required written consent to a sublease by Tenant of 10,000 square feet of the Demised Premises and the total rental and other consideration received by Tenant for the sublease equals a per annum rate of $8.80 per square foot and the per annum rate per square foot for the Annual Minimum Rent then payable by Tenant is $8.40 per square foot, the Rental Profit would be 40c.
More Definitions of Rental Profit
Rental Profit means gross operating receipts less commission payable (as defined in clause 4.2 of this Agreement) and expenses payable (as defined in clause2.4 of this Agreement).