Reset Rent definition

Reset Rent means an amount equal to the greater of: (i) the product of the Base Rent during the immediately preceding Sublease Year multiplied by the Base Rent Escalator or (ii) the Fair Market Reset Rent for the applicable Sublease Year. 36 EXHIBIT “C” FINANCIAL, MANAGEMENT AND REGULATORY REPORTS REPORT DUE DATE Monthly financial reports concerning the Business at the Facility consisting of: (1) a reasonably detailed income statement showing, among other things, gross revenues; (2) total patient days; (3) Occupancy; and (4) payor mix. (All via e-mail to xxxxxxx.xxxx@xxxxxxxxxxxxxxxxxxxxxxxx.xxx) Forty-Five (45) days after the end of each calendar month Monthly census reports concerning the Facility (via e-mail to xxxxxxx.xxxx@xxxxxxxxxxxxxxxxxxxxxxxx.xxx) [To extent this information is contained in monthly financial reports it will not be necessary to provide duplication here] Thirty (30) days after the end of each calendar month Monthly accounts payable report concerning the Facility consisting of a list and aging report of all payables owed by the Facility to all parties (via e-mail to xxxxxxx.xxxx@xxxxxxxxxxxxxxxxxxxxxxxx.xxx) Thirty (30) days after the end of each calendar month Quarterly litigation summaries of Sublessee to the extent that any such litigation is reasonably expected to result in a material adverse effect on Sublessee or the Facility and is not covered by insurance and diligently defended (via e-mail to xxxxxxx.xxxx@xxxxxxxxxxxxxxxxxxxxxxxx.xxx) Thirty (30) days after the end of each quarter of the fiscal year of Sublessee Annual financial statements of Sublessee and each sublessee under the Affiliated Subleases compiled by a reputable certified public accounting firm (via e-mail to xxxxxxx.xxxx@xxxxxxxxxxxxxxxxxxxxxxxx.xxx) One hundred twenty (120) days after the fiscal year end of Sublessee Regulatory reports with respect to the Facility to the extent that any such report or survey is reasonably expected to result in a material adverse effect on Sublessee or the Facility, as follows: (1) all federal, state and local licensing and reimbursement certification surveys, inspection and other reports received by Sublessee as to any portion of the Premises and any portion of the Business, including state department of health licensing surveys; (2) Medicare and Medicaid certification surveys; and Ten (10) business days after receipt
Sample 1
Reset Rent means an amount equal to the greater of: (i) the product of the Base Rent during the immediately preceding Sublease Year multiplied by the Base Rent Escalator or (ii) the Fair Market Reset Rent for the applicable Sublease Year. 37 EXHIBIT “C” FINANCIAL, MANAGEMENT AND REGULATORY REPORTS REPORT DUE DATE Monthly financial reports concerning the Business at the Facility consisting of:
Sample 1

Examples of Reset Rent in a sentence

  • If the parties fail to agree on such Reset Rent within 30 days after the date the Initiating Notice is given, then, within 60 days after the date the Initiating Notice is given, each party shall deliver to the other party a notice designating such party’s Qualified Appraiser and stating its determination of the Land Value together with an appraisal supporting such determination (collectively, the “Valuation Documents”).

  • If the parties timely deliver their Valuation Documents (or if the Delaying Party delivers its Valuation Documents together with the Late Fee within the 10-business day period set out above) and their Qualified Appraisers reach agreement on the Land Value within 75 days after the Initiating Notice is received by the applicable party, the Reset Rent shall be determined with reference to the agreed Land Value.

  • During the first Sublease Year of each Renewal Term, Base Rent shall be reset in an amount equal to the Reset Rent.

  • In no event shall the Reset Rent to be paid for the Block 164 Premises or the Block 167 Premises following a Reset Year be less than the applicable Base Rent paid by Tenant to Landlord as of the Rent Commencement Date for the Block 164 Premises or the Block 167 Premises, as adjusted, respectively.

  • Such Market Rental Rate is referred to as the “Reset Rent”, which shall be the Base Rent for the first Lease Year subsequent to the Reset Year for which the Reset Rent was determined until the next applicable Reset Year.

  • Provided, however, at such time as New Improvements are constructed on either the Block 164 Premises or the Block 167 Premises, then future appraisals and Reset Rent determinations will be based on the actual FAR, calculated using the then applicable method for calculating FAR under the City of Austin’s land development code.

  • The Reset Rent for each Reset Rental Period and each Extension Term shall equal % of the Market Value of the Land, determined as of the date one (1) year prior to the commencement of the Reset Rental Period or Extension Term, as the case may be.

  • The Reset Rent for each Reset Rental Period and each Extension Term shall equal the product of $ [insert the Base Rent payable at the Rent Commencement Date] and the CPI Fraction.

  • At any time after the date 18 months prior to the commencement of the Reset Rental Period or Extension Term, as the case may be, either Lessor or Lessee may give the other party notice (the “Initiating Notice”) that it desires to determine the Reset Rent for the next Reset Rental Period or Extension Term.

  • The Reset Rent for each Reset Rental Period and each Extension Term shall equal ____% of the Fair Market Value of the Land, determined as of the date one (1) year prior to the commencement of the Reset Rental Period or Extension Term, as the case may be.

Related to Reset Rent

  • Market Rent the yearly rent at which the Premises might reasonably be expected to be let on the open market on the Rent Review Date, on the terms of the Hypothetical Lease and applying the Assumptions and the Disregards.94 Rent review On the Rent Review Date, the Main Rent is to be reviewed to the higher of: the Main Rent reserved immediately before the Rent Review Date; and the Market Rent. The reviewed Main Rent will be payable from and including the Rent Review Date. Dispute resolution The Market Rent at the Rent Review Date may be agreed between the Landlord and the Tenant. If they have not done so (whether or not they have tried) by [the date three months before] the Rent Review Date, either the Landlord or the Tenant can require the Market Rent to be decided by an independent [expert/arbitrator].95 If the Landlord and the Tenant do not agree on who should decide the Market Rent, the [expert/arbitrator] will be appointed by the President of the Royal Institution of Chartered Surveyors on the application of either the Landlord or the Tenant. [The arbitration must be conducted in accordance with the Arbitration Act 1996.][The expert will:] [invite the Landlord and the Tenant to submit to him a proposal for the Market Rent with any relevant supporting documentation; give the Landlord and the Tenant an opportunity to make counter submissions; give written reasons for his decisions, which will be binding on the parties; and be paid by the Landlord and the Tenant in the shares and in the manner that he decides (or failing a decision, in equal shares).] The [expert/arbitrator] must be an independent chartered surveyor of not less than ten years’ standing who is experienced in the rental valuation of property similar to the Premises and who knows the local market for such premises. If the [expert/arbitrator] dies, becomes unwilling or incapable of acting or it becomes apparent for any other reason that he will be unable to decide the Market Rent within a reasonable time, he may be replaced by a new [expert/arbitrator] who must be appointed on the terms set out in this paragraph 3. Responsibility for the costs of referring a dispute to an [expert/arbitrator], including costs connected with the appointment of the [expert/arbitrator] but not the legal and other professional costs of any party in relation to a dispute, will be decided by the [expert/arbitrator] and failing a decision, they will be shared equally between the parties. Consequences of delay in agreeing the revised rent If, by the Rent Review Date, the reviewed Main Rent has not been ascertained, then: the Main Rent reserved under this Lease immediately before the Rent Review Date will continue to be payable until the reviewed Main Rent has been ascertained; following the ascertainment of the reviewed Main Rent, the Landlord will demand the difference (if any) between the amount the Tenant has actually paid and the amount that would have been payable had the Main Rent been ascertained before the Rent Review Date; and the Tenant must pay that difference to the Landlord within 10 Business Days after that demand and interest at three per cent below the Interest Rate calculated on a daily basis on each instalment of that difference from the date on which each instalment would have become payable to the date of payment. If not paid those sums will be treated as rent in arrear. Rent review memorandum When the Market Rent has been ascertained, a memorandum recording the Main Rent reserved on review must be entered into. The Landlord and the Tenant will each bear their own costs in relation to that memorandum. Time not of the essence For the purpose of this Schedule 2 time is not of the essence.96

  • Net Rent means all rental Landlord actually receives from any reletting of all or any part of the Premises, less any indebtedness from Tenant to Landlord other than Rent (which indebtedness is paid first to Landlord) and less the Re-entry Costs (which costs are paid second to Landlord).

  • Fair Market Rent for the Subject Leased Property means for any Renewal Term shall mean an amount determined as follows: Landlord shall designate an independent MAI appraiser to determine the Fair Market Rent of the Subject Leased Property for the applicable Renewal Term within twenty (20) days after Tenant’s notice of its exercise of the applicable renewal option. Within thirty (30) days after selection of Landlord’s appraiser, Landlord shall notify Tenant of the determination made by Landlord’s appraiser with respect to the Fair Market Rent. Tenant shall then have ten (10) days to dispute such determination and to select its own independent MAI appraiser. In the event that Tenant fails to select its appraiser within such ten (10) day period, the determination of Landlord’s appraiser shall constitute such Fair Market Rent. Within ten (10) days after selection of Tenant’s appraiser, the two appraisers shall meet and attempt to agree as to the Fair Market Rent for the Subject Leased Property for the Renewal Term in question. In the event that such appraisers are unable to agree as to such Fair Market Rent then: (i) if the difference between the two determinations is less than five percent (5%) of the lower determination, then the average of the two determinations shall be deemed to constitute such Fair Market Rent; or (ii) if the difference between the two determinations is equal to or greater than five percent (5%) of the lower determination, then the two appraisers shall jointly select a third independent MAI appraiser, which appraiser shall select which of the determinations of the first two appraisers shall constitute such Fair Market Rent. Such third appraiser shall not have the right to vary or modify the determinations of the appraisers selected by Landlord and Tenant. Any appraiser selected pursuant to this paragraph must have at least ten (10) years experience in appraising commercial real estate in the area in which the Subject Leased Property is located. The appraisers shall not have the right to amend, modify or vary any of the terms of this Lease and the determination of the appraisers in accordance with this paragraph shall be final, binding and conclusive upon Landlord and Tenant. ]

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

  • Market Rental Rate means the rate of Base Rent, calculated on a triple net basis, being charged for a new lease for comparable space (including all relevant factors such as size, age, location and condition of the premises and improvements in place therein) within buildings (including, but not limited to, the Building) within the Northwest Quadrant of Austin, Texas during the previous six (6) months. Within thirty (30) days after receipt of Tenant’s renewal notice (and any required supporting information), Landlord shall notify Tenant in writing of the Market Rental Rate. Within fifteen (15) days thereafter, Tenant shall notify Landlord that Tenant either (a) accepts Landlord’s renewal terms, in which event the parties shall promptly enter into an amendment to this Lease incorporating such terms or (b) rejects Landlord’s renewal terms. Failure of Tenant to respond within such fifteen (15) day period shall be deemed a rejection of Landlord’s terms. If Tenant rejects Landlord’s renewal terms, then within ten (10) days of such rejection, Landlord will (i) select a M.A.I. appraiser; (ii) Tenant will select a M.A.I. appraiser; and (iii) the two appraisers so selected shall agree upon a third M.A.I. appraiser (the “Third Appraiser”). Within thirty (30) days after the date the Third Appraiser is appointed: (x) the M.A.I. appraiser selected by Landlord shall submit a recommendation of the Market Rental Rate to the Third Appraiser; (y) the M.A.I. appraiser selected by Tenant shall submit a recommendation of the Market Rental Rate to the Third Appraiser; and (z) the Third Appraiser shall decide between the two recommendations so submitted, and the Market Rental Rate selected by the Third Appraiser shall be binding upon the parties. Each party will pay the cost of its own appraiser and one-half of the cost of the Third Appraiser. The failure of Tenant to exercise the Renewal Option within the time period set forth herein shall constitute a waiver and termination of such Renewal Option. This Renewal Option is personal to Tenant and is not assignable to any third parties, other than an affiliate of Tenant.

  • Fair Market Rental Rate means the Monthly Base Rent equal to the monthly base rental per rentable square foot which a tenant would pay and which a willing landlord would accept for space comparable to the Premises in the Building and in other buildings of class A standards in Seaport Centre and along the Highway 101 corridor in Redwood City, Redwood Shores, San Cxxxxx and Belmont (the “Applicable Market”) for the period for which such rental is to be paid and for a lease on terms substantially similar to those of the Lease (including, without limitation, those applicable to Taxes, Operating Expenses and exclusions, but also considering so-called net and triple net leases, and leases utilizing operating expense stops or base years, and making appropriate adjustment between such leases and this Lease, as described below), based on prevailing market conditions in the Applicable Market at the time such determination is made (“Comparable Transactions”). Without limiting the generality of the foregoing, Comparable Transactions shall be for a term similar to the term of tenancy and for space comparable in use, floor levels, view and orientation, square footage and location within the Building and in the Applicable Market as the transaction for which Fair Market Rental Rate is being determined; however, leases of unusual or odd shaped spaces shall not be considered. In any determination of Fair Market Rental Rate, the stated or contract monthly net or base rental in Comparable Transactions shall be appropriately adjusted to take into account the different terms and conditions prevailing in such transactions and those present in the Lease, including, without limitation: (a) the extent to which average annual expenses and taxes per rentable square foot payable by tenants in Comparable Transactions vary from those payable by Tenant under the Lease, and so, for example, if the Lease provides for payment of Rent Adjustments and/or certain Operating Expenses on the basis of increases over a base year, then the rate of Monthly Base Rent under the Lease shall be based upon a step-up to change the calendar year which serves as the base year for calculation of the base for such Operating Expenses for the Option Term to be the full calendar year in which the Option Term commences, and such step-up shall be considered in the determination of the Fair Market Rental Rate; (b) tenant improvements, value of existing tenant improvements, the concessions, if any, being given by landlords in Comparable Transactions, such as parking charge abatement, free rent or rental abatement applicable after substantial completion of any tenant improvements (and no adjustment shall be made for any free or abated rent during any construction periods), loans at below-market interest rates, moving allowances, space planning allowances, lease takeover payments and work allowances, as compared to any tenant improvement, refurbishment or repainting allowance given to Tenant under the Lease for the space for which Fair Market Rental Rate is being determined; (c) the brokerage commissions, fees and bonuses payable by landlords in Comparable Transactions (whether to tenant’s agent, such landlord or any person or entity affiliated with such landlord), as compared to any such amounts payable by Landlord to the broker(s) identified with respect to the transaction for which Fair Market Rental Rate is being determined; (d) the time value of money; (e) any material difference between the definition of rentable area and the ratio of project rentable to useable square feet in Comparable Transactions, as compared to such figures applicable to the space for which Fair Market Rental Rate is being determined; and (f) the extent to which charges for parking by tenants in Comparable Transactions vary from those payable by Tenant under the Lease.

  • Base Rent As defined in Section 3.1.

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

  • Open Market Rent means the annual rent at which the Premises could reasonably be expected to be let as a whole at the relevant Review Date in the open market:

  • Fair Market Rental The fair market rental of the Leased Property means the rental which a willing tenant not compelled to rent would pay a willing landlord not compelled to lease for the use and occupancy of such Leased Property pursuant to the Lease for the term in question, (a) assuming that Lessee is not in default thereunder and (b) determined in accordance with the appraisal procedures set forth in Article 24 or in such other manner as shall be mutually acceptable to Lessor and Lessee.

  • 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.

  • Rental Rate means the average annualized composite rate for United States treasury bonds issued for periods of ten years and longer plus two percent. The rental rate shall not exceed ten and three-quarters percent nor fall below eight and one-quarter percent.

  • 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;

  • Fair Market Rental Value or "Fair Market Sales Value" shall mean with respect to any property or service as of any date, the cash rent or cash price obtainable in an arm's length lease, sale or supply, respectively, between an informed and willing lessee or purchaser under no compulsion to lease or purchase and an informed and willing lessor or seller or supplier under no compulsion to lease or sell or supply of the property or service in question, and shall, in the case of any Unit or an Owner Lessor's Interest, be determined (except pursuant to Section 17 of the Facility Lease or as otherwise provided below or in the Operative Documents) on the basis that (a) the conditions contained in Sections 7 and 8 of the Facility Lease shall have been complied with in all respects, (b) the lessee or buyer shall have rights in, or an assignment of, the Operative Documents to which the Owner Lessor is a party and the obligations relating thereto, (c) the Unit or the Owner Lessor's Interest, as the case may be, is free and clear of all Liens (other than Owner Lessor's Liens, Owner Participant's Liens and Indenture Trustee's Liens), (d) taking into account the remaining terms of the Site Lease and the Site Sublease, and (e) in the case of the Fair Market Rental Value, taking into account the terms of the Facility Lease and the other Operative Documents. If the Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest is to be determined during the continuance of a Lease Event of Default or in connection with the exercise of remedies by the Owner Lessor pursuant to Section 17 of the Facility Lease, such value shall be determined by an appraiser appointed solely by the Owner Lessor on an "as-is", "where-is" and "with all faults" basis and shall take into account all Liens (other than Owner Lessor's Liens, Owner Participant's Liens and Indenture Trustee's Liens); provided, however, in any such case where the Owner Lessor shall be unable to obtain constructive possession sufficient to realize the economic benefit of the Owner Lessor's Interest, Fair Market Sales Value or Fair Market Retail Value of the Owner Lessor's Interest shall be deemed equal to $0. If in any case other than in the preceding sentence the parties are unable to agree upon a Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest within 30 days after a request therefor has been made, the Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest shall be determined by appraisal pursuant to the Appraisal Procedures. Any fair market value determination of a spare part or Severable Modification for purposes of Section 5.2(d) of the Facility Lease shall take into consideration any liens or encumbrances to which the spare part or Severable Modification being appraised is subject and which are being assumed by the transferee, and that such spare part or Severable Modification is being transferred on an "as-is", "where-is" basis.

  • Annual Rent means the amount payable by Tenant to Landlord in respect of each year of the Term under Article 4.01.

  • Renewal Rent for the Aircraft means the rent payable therefor in respect of a Renewal Lease Term determined pursuant to Section 17.2.2 of the Lease.

  • Base Rental means the sum of Seven Hundred Nineteen Thousand Two Hundred Sixty-Eight and NO/100 Dollars ($719,268.00), payable by Tenant to Landlord in sixty (60) monthly installments as follows:

  • 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.

  • Net Rentable Area means with respect to any Project, the floor area of any buildings, structures or improvements available for leasing to tenants (excluding storage lockers and parking spaces), as reasonably determined by the Administrative Agent, the manner of such determination to be consistent for all Projects unless otherwise approved by the Administrative Agent.

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

  • Initial Rent means [ ] (£[ ]) STERLING yearly (exclusive of any VAT);

  • Interim Rent means the pro-rata portion of Rent due for the period from the Commencement Date through but not including the first day of the first full Rent Interval included in the Initial Term.

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

  • Rent as used in this Section 21 shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 21(c)(ii)(A) and (B), above, the “worth at the time of award” shall be computed by allowing interest at the Default Rate. As used in Section 21(c)(ii)(C) above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

  • For Rent or "For Sale" thirty (30) days before the termination of this Lease. Landlord may enter the Premises at reasonable hours to exhibit same to prospective purchasers or tenants and to make repairs required of Landlord under the terms hereof, or to make repairs to Landlord's adjoining property, if any.