Holdover Base Rent Clause Samples

Holdover Base Rent. In the event that Landlord shall fail to cause the Delivery Date to occur on or before (i) August 1, 2016, if Tenant utilizes ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ as the Contractor or (i) October 15, 2016, if Tenant utilizes any other Contractor (the “Holdover Outside Delivery Date”, which date, shall be extended by virtue of Force Majeure Delay and any Tenant Delay) and as a result of such failure, Tenant is unable to complete construction of the Tenant Improvements prior to July 1, 2017, then Landlord shall reimburse to Tenant within thirty (30) days following written demand by Tenant (provided such demand is accompanied by reasonable documentation in support of the subject amounts) the “Incremental Rental Amount,” as that term is defined in this Section 1.6.2.1, below, actually paid by Tenant commencing as of July 1, 2017 and continuing until the earlier of (a) the Lease Commencement Date and (b) the elapse of the number of days occurring after the Holdover Outside Delivery Date and prior to the Delivery Date (such period to be referred to herein as the “Reimbursement Period”). Notwithstanding anything in this Section 1.6.2.1 to the contrary, in no event shall Landlord be obligated to reimburse Tenant for the Incremental Rental Amount in an amount in excess of $206,111.66 for any month in which Incremental Rental Amount is due Tenant pursuant to the terms of this Section 1.6.2. 1. For purposes of this Section 1.6.2.1, the “Incremental Rental Amount” shall mean the excess of (a) the amount of “Base Rent,” as that term is defined in the Existing Lease, due and paid by Tenant under the Existing Lease during the Reimbursement Period, over (b) the amount of Base Rent that would have been due from Tenant under this Lease had the Delivery Date occurred on the Holdover Outside Delivery Date (not including the Base Rent Abatement and Second Phase Rent Abatement) for the number of days in the Reimbursement Period. For purposes of this Section 1.6.2, the “Existing Lease” shall mean that certain Second Amended and Restated Agreement of Sub-Sublease, dated March 17, 2014, by and between AOL Inc., a Delaware corporation, as Sub-Sublandlord (the “Existing Landlord”) and Tenant, as Sub-Subtenant. Tenant represents and warrants that the Existing Lease is in full force and effect and has not been modified, supplemented or amended in any way.