Minimum Occupancy Requirements Clause Samples

Minimum Occupancy Requirements. Not later than __________ of the year following the year of issuance of the Certificate, Developer shall lease and cause to be occupied not less than 75% of the net leasable square footage of the Project (the “Minimum Occupancy”). Thereafter, and as a prerequisite for payments to be made on the City Note, Developer shall maintain an average occupancy (“Average Minimum Occupancy”) over the twelve-month period preceding Developer’s submission of an Occupancy Report (as defined below) equal to the Minimum Occupancy.