Common use of Contract Rent Clause in Contracts

Contract Rent. The Port and Tenant agree that the amounts associated with the Terminal 91 Lease Area and Terminal 91 Parking Area shall be “Contract Rent,” as that term is defined in Chapter 82.29A of the Revised Code of Washington and Chapter 458-29A of the Washington Administrative Code, for the rights of possession and use of publicly owned real and personal property granted by this Lease. All amounts associated with the Terminal 91 Preferential Use Area shall be consideration for rights less than possession and/or use of publicly owned real and personal property. By approving the terms of this Lease in an open public meeting, it is the intention of the Port to declare that the “Contract Rent” as set forth in this Section 4.3 was the maximum amount attainable for the rights and responsibilities set forth in this Lease, considering alternative uses for the Premises, and considering the condition, and any restrictions on the use, of the Premises. All percentage amounts set forth in Section 4.1 shall be exclusive of any Leasehold Excise Tax due on such amounts, even if it may subsequently determined that any amount excluded from Contract Rent under this Section is, in fact, subject to Leasehold Excise Tax.