Lease Year Clause Samples
A "Lease Year" clause defines the specific 12-month period used to measure time-related obligations and calculations under a lease agreement. Typically, the first lease year begins on the lease commencement date and subsequent lease years follow consecutively, regardless of the calendar year. This clause is important for determining when rent escalations, renewal options, or other time-based provisions take effect. By clearly establishing the measurement period, the clause ensures consistency and avoids confusion over deadlines and annual adjustments.
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Lease Year. Lease Year" means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.
Lease Year. As used in this Lease, the term "Lease Year" means (i) the first period of twelve (12) full calendar months following the Commencement Date (including, if the Commencement Date is not the first day of a calendar month, the period between the Commencement Date and the next first day of the month), (ii) each period of twelve (12) full calendar months thereafter, and (iii) any remaining period at the end of the Lease Term of less than twelve (12) full calendar months.
Lease Year. The term “
Lease Year. Each consecutive 12 month period elapsing after: (i) the Commencement Date if the Commencement Date occurs on the first day of a month; or (ii) the first day of the month following the Commencement Date if the Commencement Date does not occur on the first day of a month. Notwithstanding the foregoing, the first Lease Year shall include the additional days, if any, between the Commencement Date and the first day of the month following the Commencement Date, in the event the Commencement Date does not occur on the first day of a month.
Lease Year. The term "Lease Year" as used herein, shall mean a period of twelve (12) consecutive full calendar months. The First Lease Year shall begin on the Commencement Date of the term hereof, if the Commencement Date of the term hereof shall occur on the first (1st) day of a calendar month; if not then the First Lease Year shall commence upon the first (1st) day of the calendar month next following the Commencement Date of the term hereof. Each succeeding Lease Year shall commence upon the anniversary date of the First Lease Year.
Lease Year. Each calendar year falling partly or wholly within the Term.
Lease Year. The first “Lease Year” shall be a period of twelve (12) calendar months from the Commencement Date, except that if the Commencement Date shall be other than the first day of a calendar month, the first Lease Year shall include the period from the Commencement Date to the end of the calendar month in which the Commencement Date occurs, plus the following twelve (12) calendar months. Each Lease Year after the first Lease Year shall be a successive period of twelve (12) consecutive calendar months.
Lease Year. The first Lease Year shall commence on the Commencement Date and shall end on the last day of the calendar month preceding the month in which the first anniversary of the Commencement Date occurs. Each succeeding Lease Year shall commence on the day following the end of the preceding Lease Year and shall extend for 12 consecutive months; provided, however, that the last Lease Year shall expire on the Expiration Date. Lessor: A lessor under a Superior Lease.
Lease Year. The term “Lease Year” shall mean each period of twelve (12) or less consecutive months which ends on December 31 of each calendar year during the Lease term or any Extended Term, and the period from the last December 31 during the Lease term or any Extended Term to and including the last day of the Lease term or any Extended Term during the next calendar year. The first and last Lease Years may be less than twelve (12) months.
Lease Year. Each fiscal year (as determined by Landlord from time to time) falling partly or wholly within the Term.