Common use of Maintenance of Minimum Level of Continuous Occupancy Clause in Contracts

Maintenance of Minimum Level of Continuous Occupancy. Subject to Section 24 below and to ensure job creation and maintenance, the Company shall maintain the Commercial Space in Continuous Occupancy throughout the term of this Agreement in order to be eligible for each City Payment beginning with the 3nd City Payment. Failure to maintain Continuous Occupancy shall result in a 50% reduction in the City Payment for the subject year. Notwithstanding the Continuous Occupancy requirement, the Company shall be permitted to exclude certain vacancy space from the Continuous Occupancy calculation for new tenant up fit requirements, but such excluded vacancy period may not exceed a 180 days. Example 1: Assume the total Commercial Space is 200,000 square feet (sf). If during the 3 years prior to the receipt by the City of an invoice for a City Payment that 100% of the Commercial Space was leased but only for 520 days during the subject 3 year period, the Continuous Occupancy requirement would not be met and the City Payment would be reduced 50% for that year. The calculation is as follows: (200,000(sf) × 520 (days)) ÷ (200,000(sf) × 1095 (days)) = 47.5% Example 2: Assume the total Commercial Space is 200,000 square feet (sf). Assume that during the 3 years prior to the receipt by the City of an invoice for a City Payment (a) 30% of the Commercial Space was leased for the entire 3-year period,

Maintenance of Minimum Level of Continuous Occupancy. Subject to Section 24 23 (Force Majeure) below and to ensure job creation and maintenance, the Company shall maintain the Commercial Space in Continuous Occupancy throughout the term City Payment Period of this Agreement in order to be eligible for each City Payment beginning with the 3nd 3rd City Payment. Failure to maintain Continuous Occupancy shall result in a 50100% reduction in the City Payment for the subject year (i.e., no City Payment for that year). Notwithstanding For the purpose of the Continuous Occupancy requirementrequirements pursuant to this Agreement, the Company any space for which there is a Valid Lease shall be permitted considered to exclude certain vacancy space from the Continuous Occupancy calculation for new tenant up fit requirements, but such excluded vacancy period may not exceed a 180 daysbe occupied space. Example 1: Assume the total Commercial Space is 200,000 271,000 square feet (sf). If during the 3 years prior to the receipt by the City of an invoice for a City Payment that 100% of the Commercial Space was leased but only for 520 700 days during the subject 3 year period, the Continuous Occupancy requirement would not be met and the there would be no City Payment would be reduced 50% for that year. The calculation is as follows: (200,000(sf271,000(sf) × 520 700 (days)) ÷ (200,000(sf271,000(sf) × 1095 (days)) = 47.564% Example 2: Assume the total Commercial Space is 200,000 271,000 square feet (sf). Assume that during the 3 years prior to the receipt by the City of an invoice for a City Payment (a) 3050% of the Commercial Space was leased for the entire 3-year period,