Leasing Bonus Clause Samples
A Leasing Bonus clause defines the payment of an incentive to a party, typically a broker or agent, for successfully securing a tenant for a leased property. This clause outlines the conditions under which the bonus is earned, such as the execution of a lease agreement, and may specify the amount, timing, and method of payment. By providing a financial reward for bringing in tenants, the clause encourages proactive marketing and helps ensure that vacancies are filled efficiently, ultimately benefiting the property owner by reducing downtime and lost rental income.
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Leasing Bonus. 1) Executive shall be entitled to receive a bonus payment with respect to each new lease and lease renewal executed during the Employment Term (and for six (6) months after the Employment Term in the event of any Post-Termination Leasing Bonuses); provided a bonus will be payable with respect to those lease transactions where the lease is executed before four weeks after Executive commences Executive’s employment only if in the reasonable judgment of the Company, the Executive has taken an active role in obtaining the executed lease. The amount of the bonus (with the exception of bonuses for leases relating to ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, Citadel Center and ▇▇▇ ▇. ▇▇▇▇▇▇ or such other building for which Executive has primary responsibility for leasing as mutually determined by Employer and Executive pursuant to Section 1 of the Agreement) shall be 25 cents per square foot for leases having a term of at least three years. Bonuses for such leases having a term of less than three years will be pro-rated at 8.33 cents per square foot for each full year of term. With respect to leases of space in ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, Citadel Center and ▇▇▇ ▇. ▇▇▇▇▇▇ (or such other building for which Executive has primary responsibility for leasing as mutually determined by Employer and Executive pursuant to Section 1 of the Agreement), such leasing bonus shall be $1.00 per square foot for leases having a term of at least three years, and for leases having terms shorter than three years, 33 cents per square foot for each full year of term. The leasing bonuses described in this paragraph shall be paid within 30 days after execution of the lease or lease renewal. For new leases or lease renewals, expansions or extensions which have a commencement date or effective date of more than twenty four (24) months from the date signed, the relevant leasing bonus shall be discounted to present value at a discount rate of 8% per year. Notwithstanding the foregoing sentence, there shall be no discount to present value for the extension, expansion or renewal of existing leases if the tenant is already in occupancy of the space in question and all conditions to the effectiveness of such extension, expansion or renewal have been satisfied. Except as provided below, Executive shall also be entitled to a leasing bonus of $82,500 less any leasing bonuses Executive receives after the date of this Agreement relating to Floors 2 through 13, inclusive, of ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (“Floors 2-13”), in...
Leasing Bonus. In addition to the annual bonus, the Company shall pay you a bonus (the “Leasing Bonus”) equal to $0.75 per square foot of rentable area leased during the term of your employment (regardless of whether such leases resulted from your efforts) pursuant to leases for space in the portfolio of assets owned by the Company as of January 1, 2006 as summarized on Exhibit “A” hereto. The amount of the Leasing Bonus shall be reviewed each year and reset by mutual agreement as the portfolio of Company assets and inventory of available space for leasing change (the prior year’s amount shall continue unless and until reset by mutual agreement). Any Leasing Bonus due you will be paid within thirty (30) days after the end of the calendar quarter(s) in or after which the applicable lease(s) have been executed. A lease will be deemed to have been “executed” in a given calendar quarter if the tenant executes and delivers to landlord or landlord’s counsel the fully-negotiated lease in such calendar quarter and landlord executes and delivers such lease to the tenant or its agent at any time, provided, however, that if landlord decides in good faith not to execute such lease, such lease shall no longer be considered for purposes of calculating bonus eligibility. Notwithstanding the foregoing of the actual Leasing Bonus paid to you, the parties agree that no later than each April 30th during the term of your employment, there shall be a reconciliation of eligible leases to take into account any lease which had previously met the foregoing “executed” conditions, but which tenant subsequently terminated prior to the commencement date thereunder by tenant’s exercise of a termination right explicitly set forth in the lease, provided that no adjustment shall be made during such reconciliation for terminations which results from a mutual agreement or renegotiation of landlord and tenant under a given lease, nor shall the reconciliation apply to any tenant termination rights which may exist after the lease commencement date. Amounts paid you, but subsequently identified through the reconciliation as overpayment, shall automatically be credited against subsequent Leasing Bonus otherwise payable you in the order due. For purposes hereof, executed leases shall include renewal or extension existing leases and expansion of existing leases. A Leasing Bonus will be due for leases approved and executed by landlord even if “pro forma rents” are not achieved.