Vacant Space definition

Vacant Space has the meaning set forth in Section 3.6.

Vacant Space shall have the meaning set forth in Section 6.5.2.

Vacant Space means space in the Project that is rentable for commercial purposes and that is not the subject of a Lease, New Lease or any other occupancy right as of the Phase I Closing Date. If a Lease, New Lease or any other occupancy right that is fully executed prior to the expiration of the First Segment (as hereinafter defined) is terminated prior to the expiration of the First Segment (provided Purchaser consents, in its sole discretion, to such termination), no Closing Payment or Earn-Out Payment has been paid in respect to such terminated Lease, New Lease or any other occupancy right, and the subject space is not the subject of a different Lease, New Lease or any other occupancy right at the expiration of the First Segment, then such space shall also be deemed to be "Vacant Space" at the expiration of the First Segment.

Examples of Vacant Space in a sentence

• To that end, Seller agrees to escrow with Escrow Agent at Closing, an amount equal to the estimated aggregate Operating Expenses for the Vacant Space payable during the Earnout Period (the “Operating Expense Escrow”).

• During the term of the Earnout Period (and prior to the satisfaction of the Occupancy Conditions of any portion of the Vacant Space by a new tenant), Seller shall be responsible for the monthly pro rata share of taxes, insurance and common area expenses (collectively, the “Operating Expenses”) allocable to the Vacant Space.

• The parties agree to enter into a mutually agreeable “Earnout Agreement” (attached as Exhibit K) at Closing which sets forth the terms and conditions for the Earnout, some of which are as follows: The term of the earnout period shall commence on the Closing Date and shall continue until the first to occur of (i) a period of 36 months from the Closing Date, or (ii) the date the Vacant Space has been fully leased and is occupied by tenants then satisfying the Occupancy Conditions (the “Earnout Period”).

• To that end, Seller agrees to escrow with Escrow Agent at Closing, an amount equal to (i) $15.00 per square foot of the Vacant Space for anticipated tenant improvement allowances applicable to the Vacant Space, plus (ii) $3.00 per square foot of the Vacant Space for anticipated leasing commissions applicable to the Vacant Space (collectively, the “Leasing Escrow”).

• At such time as Seller provides Purchaser with a new lease for any portion of the Vacant Space (and such new occupant has satisfied the Occupancy Conditions), Purchaser shall, upon ten (10) days advance written notice from Seller, pay to Seller a portion of the Unfunded Purchase Price in an amount equal to the annual base rent payable under said new lease (such base rent in no event to exceed 110% of the pro forma annual base rent for such space per the attached Exhibit B) divided by the Base Rent Divider.

More Definitions of Vacant Space

Vacant Space shall have the meaning set forth in Section 3.1.19(a) hereof.

Vacant Space shall have the meaning given to such term in Section 14.1 hereof.

Vacant Space means a parcel or portion thereof characterized by a lack of built environment.

Vacant Space means the space located within the Improvements located on a Holdback/Adjustment Property that is not Leased as of the applicable date upon which such calculation is to be made hereunder for such Holdback/Adjustment Property (i.e., the Effective Date, the date of a Closing, the Determination Date (as herein defined) or such other calculation date as is herein provided).

Vacant Space means any 500 sq. ft. or greater portion of a public building (as defined in the State of Vermont Building Code), other than dwellings or basements, attics or utility rooms, that is unoccupied by any person or is occupied by persons not authorized by the owner for more than 90 days, except for space under construction pursuant to the terms of a building and/or zoning permit, or under substantial rehabilitation for a period of up to one year from the date that such permit(s) was issued, whichever is later.

Vacant Space. The presently vacant portion of the Premises containing (Exhibit "B") approximately 44,263 square feet. BUILDING AREA: Approximately 82,756 square feet. (Article 4) TERM: Ten years, with one option to extend for a period of five (Article 3) years.

Vacant Space means any space that is deemed by the Airport Director to be not in active use.