TI Rent definition

TI Rent means an amount to be reimbursed to Landlord for costs of the Tenant Improvements (as defined in Exhibit D) in excess of the Base Improvement Allowance (as defined in Exhibit D), comprised of the Capitalized TI Rent and the Amortized TI Rent.

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TI Rent in equal monthly installments commencing on the Rent Commencement Date and continuing on the first (1st) day of each month thereafter for the remainder of the Original Term to reimburse the Landlord for Net TI Costs incurred by the Landlord in constructing the agreed upon “Initial Tenant Improvements” to the Premises (see “Landlord’s Work” herein below). As of the Date of this Lease, the Landlord and the Tenant have agreed that the Maximum Net TI Costs will not exceed the amount of $25,000,000 (the “Maximum Net TI Costs”). As contemplated under Section 10.2(a) hereof, after completion and approval by Landlord and Tenant of the Final Tenant Improvement Plans and Specifications, Landlord will provide Tenant with a cost estimate of the Initial Tenant Improvements. To the extent that such total cost estimate exceeds the Maximum Net TI Costs (the “Excess TI Costs”) either (i) the Final Tenant Improvement Plans and Specifications will be revised to eliminate such Excess TI Costs, or (ii) Tenant will agree that the Maximum Net TI Costs will be increased by the amount of such Excess TI Costs. On or about the Rent Commencement Date, the actual TI Rent payable by Tenant shall be calculated based upon the final Net TI Costs (but in any event not to exceed the then effective “Maximum Net TI Costs”) and the applicable interest rate then payable by Landlord to finance such Net TI Costs. Such actual TI Rent shall be the monthly amount (level payment of principal and interest) required to fully amortize a loan in the amount of such Net TI Costs and bearing interest at such applicable interest rate over the Original Term (15 years). If, during the Original Term, such applicable interest rate changes, the TI Rent will be recalculated based upon the then outstanding principal balance of such Net TI Costs, the time remaining in the Original Term and the replacement applicable interest rate.

TI Rent has the meaning given to it in Section 4.4.

Examples of TI Rent in a sentence

Any TI Rent remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease.
Tenant may prepay the TI Rent in full at any time without penalty.
Any TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease.
The Additional TI Rent shall be payable beginning on the Commencement Date monthly in advance together with the payment of Base Rent and shall be included in the definition of “Rent” for all purposes under the Lease.
For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Notwithstanding anything herein or the Lease to the contrary, if Tenant shall fail to make any payment of the Increased TI Rent to Landlord hereunder, Landlord’s sole and exclusive remedy as to such default alone shall be to credit the amount of such delinquent Increased TI Rent payment against the debt service payment owed under that certain promissory note dated by Landlord, as maker, to Tenant, as payee.
Tenant may, at Tenant’s option, prepay the then-outstanding TI Rent (including applicable interest remaining unpaid) in full at any time without penalty.
Any outstanding and unamortized TI Rent remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease.
Thereafter, Base Rent (excluding any TI Rent) shall be increased on each annual anniversary of the first day of the first full month after the Commencement Date (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date.
TI Rent shall not be subject to annual adjustments pursuant to Section 4(a).

More Definitions of TI Rent

TI Rent as defined in Section 4 of the Master Lease Agreement; provided, however, if Sub-Sublandlord reasonably determines that Sub-Subtenant is consuming Utilities or other services in excess of its proportionate share of the same (based upon the size of the Sub-Subleased Premises compared to the size of the Building or the Project), then Sub-Subtenant shall pay to Sub-Sublandlord, as Additional Rent, within ten (10) business days after receipt of an invoice, the cost of such excess consumption. All Additional Rent that is payable to Sub-Sublandlord shall be paid at the time and place provided herein for payment of Base Rent, except as otherwise provided in this Sub-Sublease or instructed by Sub- Sublandlord in writing or set forth in the Master Lease or the Sublease. Sub-Sublandlord will have the same remedies for a default in the payment of any Additional Rent as for a default in the payment of Base Rent. Together, Base Rent, Additional Rent and any other sums due hereunder from Sub-Subtenant are sometimes referred to in this Sub-Sublease as “Rent”. Any time Rent abates under the Sublease, Rent otherwise required to be paid to Sub-Sublandlord under this Sub- Sublease (and not waived hereunder) shall ▇▇▇▇▇ proportionally to the extent Sub-Subtenant is prevented from, and does not actually use the Sub-Subleased Premises as set forth in the Master Lease, as incorporated herein. If Sub-Subtenant is entitled to any abated Base Rent which has been prepaid, Sub-Sublandlord shall return such abated amount to Sub-Subtenant within thirty (30) days.