FULL OCCUPANCY Clause Samples
The Full Occupancy clause defines the conditions under which a property is considered fully occupied, typically for the purposes of lease agreements or property management. In practice, this clause may specify that all rentable units or spaces must be leased and physically occupied by tenants, or it may set a threshold percentage of occupancy that qualifies as 'full.' This ensures clarity for both landlords and tenants regarding obligations that depend on occupancy status, such as rent adjustments, maintenance responsibilities, or triggering certain rights or remedies under the agreement.
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FULL OCCUPANCY. (a) If in any Lease Year less than one hundred percent (100%) of the Total Rentable Area of the Building has been occupied by tenants carrying on business for the whole of such Lease Year, the amount of the Operating Costs for such Lease Year may be adjusted by the Landlord, acting reasonably, to an amount which reflects what the amount of the Operating Costs would be if the Building had been fully occupied by tenants carrying on business for the whole of such Lease Year. Only those Items of Operating Costs, the cost of which would have been increased if the Building had been fully occupied by tenants carrying on business, shall be adjusted; those items shall include but are not limited to amounts payable for fuel, climate control, the supply of hot and cold water, cleaning, supplies and the cost of accounting services to compute the rents and charges payable by tenants of the Building.
(b) In addition to the foregoing and notwithstanding anything else contained herein, any costs incurred or to be incurred whether by the Landlord or others on behalf of the Landlord, in maintaining, managing, administrating, repairing, improving and operating the Building and the Lands, including without limitation, utilities and any components of Operating Costs and Tax, may be attributed by the Landlord, in its sole discretion acting reasonably, to one or more particular tenants of the Building in accordance with reasonable practices and on a basis consistent with the nature of the particular costs being attributed, the relevant rates of demand and consumption of the matter to which the costs relate and the nature of any particular tenant's business. The Landlord shall notify the Tenant of those costs attributed to it by the Landlord and the Tenant shall promptly pay to the Landlord as additional rent, all such costs so attributed to it for the period ending on the date such costs are so attributed by the Landlord. Thereafter, the Tenant shall continue to pay to the Landlord as additional rent on account of such costs an amount equal to the Landlord's estimate of such costs, in advance, in equal monthly instalments on the first day of each month thereafter. The Landlord reserves the right to adjust from time to time the costs attributed by it to the Tenant and its estimate of such costs whereupon the Tenant shall promptly pay to the Landlord, as additional rent, the amount of the deficiency and thereafter the estimated amount, as adjusted, in advance, in equal monthly ins...
FULL OCCUPANCY. If in any year the Building has not been fully occupied for the whole year, the amount of the Operating Costs for such year may be adjusted by the Landlord, acting reasonably, to an amount which reflects what the amount of the Operating Costs would be if the Building had been fully occupied for the whole year.
FULL OCCUPANCY. The Provider will use all reasonable efforts to maintain full occupancy of the Development and will notify BC Housing of any extended vacancies.