Occupancy Assumption Sample Clauses
The Occupancy Assumption clause defines the expected use or occupancy status of a property during a contract period, typically in real estate or insurance agreements. It specifies whether the property will be owner-occupied, tenant-occupied, or vacant, and may require the party to notify the other if this status changes. This clause ensures that both parties are aware of and agree to the intended use of the property, which can affect risk assessments, insurance coverage, or loan terms, thereby preventing misunderstandings or disputes related to occupancy.
Occupancy Assumption. If the Building is not 100% occupied during any calendar year or if Landlord is not supplying services to 100% of the total Rentable Area of the Building at any time during a calendar year, Operating Expenses shall, at Landlord’s option, be determined as if the Building had been 100% occupied and Landlord had been supplying services to 100% of the Rentable Area of the Building during that calendar year. If Tenant pays for its Pro Rata Share of Operating Expenses based on increases over a “Base Year” and Operating Expenses for a calendar year are determined as provided in the prior sentence, Operating Expenses for the Base Year shall also be determined as if the Building had been 100% occupied and Landlord had been supplying services to 100% of the Rentable Area of the Building. The extrapolation of Operating Expenses under this Section shall be performed by appropriately adjusting the cost of those components of Operating Expenses that are impacted by changes in the occupancy of the Building.
Occupancy Assumption. The Operating Costs shall be determined based upon actual operating expenses.