Residual Rent definition
Residual Rent means in any given year an amount equal to ten percent (10%) of the Restricted Appraised Value (less the Base Rent).
Residual Rent means the difference between the Initial Rent and the portion of the Initial Rent attributable to all and any assets from time to time interested by Authorised Disposals and no longer included within the Real Estate Assets.
Residual Rent means, in any given Lease Year, commencing with the First Lease Payment Year an amount equal to Two Million One Hundred Sixty Thousand Dollars $2,160,000.00 subject to adjustment as provided in Sections 4.01(a) and (b). Residual Rent shall be due in arrears on or before June 1st of each Lease Year commencing with the First Lease Payment Year; provided however Residual Rent for the First Lease payment Year shall be due on the June 1st of the following calendar year, and shall be equal to Annual Rent – Base Rent Two Million One Hundred Sixty Thousand Dollars ($2,160,000.00) times the number of days in the First Lease Payment Year divided by three hundred sixty five (365). Except as otherwise provided in Section 26.07(a)(2)(C), Residual Rent for any year shall be payable only to the extent of Surplus Cash for such year as provided in Section 6.02(f), Residual Rent due to insufficient Surplus Cash in any year shall not accrue, shall not be owed to Landlord and shall not become payable from Surplus Cash in any subsequent years. However, in the event that Surplus Cash is insufficient to pay the full amount of the Residual Rent, Tenant shall certify to OCII in writing by April 15 that available Surplus Cash is insufficient to pay Residual Rent and Tenant shall provide to OCII any supporting documentation reasonably requested by OCII to allow OCII to verify the insufficiency.
Examples of Residual Rent in a sentence
In such event, the Base Rent shall not be increased but the Annual Rent shall be set at the fair market rental value of the Site based on the agreed upon affordability restrictions and the Base Rent and Residual Rent shall continue to be eligible for deferral pursuant to Article 4 hereof.
OCII’s Portion will be applied first to Accrued Base Rent, and then toward repayment of the outstanding OCII Loan until the entire principal and accrued but unpaid interest on the OCII Loan and repayment of outstanding principal and accrued and unpaid interest on any other debt payable from Surplus Cash until all amounts due and owing on such loans is repaid in full, and then payment of OCII’s Portion shall go toward Residual Rent until paid in full in accordance with the terms of the Ground Lease.
More Definitions of Residual Rent
Residual Rent means, in any given Lease Year commencing with the First Lease Payment Year, an amount equal to NINE HUNDRED NINETY-SIX THOUSAND FIVE HUNDRED and 00/100 DOLLARS ($996,500.00), subject to adjustment as provided in Sections 4.01(a) and (b). Residual Rent shall be due in arrears on or before June 1st of each Lease Year commencing with the First Lease Payment Year; provided however, Residual Rent for the First Lease Payment Year shall be due on the June 1st of the following calendar year, and shall be equal to an amount equal to NINE HUNDRED NINETY-SIX THOUSAND FIVE HUNDRED and 00/100 DOLLARS ($996,500.00) multiplied by the number of days in the First Lease Payment Year divided by three hundred sixty-five (365). Except as otherwise provided in Section 26.07(a)(2)(C), Residual Rent for any year shall be payable only to the extent of Surplus Cash for such year as provided in Section 6.02(f), and any unpaid Residual Rent due to insufficient Surplus Cash in any year shall not accrue, shall not be owed to Landlord, and shall not become payable from Surplus Cash in any subsequent years. However, in the event that Surplus Cash is insufficient to pay the full amount of the Residual Rent, Tenant shall certify to OCII in writing by April 15 that available Surplus Cash is insufficient to pay Residual Rent and Tenant shall provide to OCII any supporting documentation reasonably requested by OCII to allow OCII to verify the insufficiency.