OPENING COTENANCY Clause Samples

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OPENING COTENANCY. Notwithstanding anything contained herein to the contrary, until such time as Muvico Theater (or a comparable tenant) is open and operating for business and sixty percent (60%) of the other tenants of the Shopping Center are open and operating for business (the "Initial Cotenancy"), Tenant may pay in lieu of the Minimum Rental and Additional Charges reserved hereunder (but in no event more than the monthly installment of Minimum Rental and Additional Charges otherwise payable hereunder), an amount equal to [***] of Sales and Business Transacted from the Premises, such amount to be due and payable within thirty (30) days after the month in which such sales occurred, together with submission of evidence of the amount of Sales and Business Transacted. Commencing on the first day of the month following the month in which the Initial Cotenancy has been reached, Tenant will commence payment of Minimum Rental and Additional Charges as reserved hereunder. Notwithstanding anything to the contrary contained herein, the Commencement Date of the Lease term shall occur on the date on which the Initial Cotenancy is met. In the event that the Initial Cotenancy has not been satisfied for a period equal to eight (8) months after the date on which Tenant is obligated to open for business in the Premises, Tenant shall have a one-time right to terminate this Lease on written notice from Tenant to Landlord given by the date that is thirty (30) days after the date that is twelve (12) months after the date of delivery of possession. In such event, Landlord shall reimburse Tenant for its actual out-of-pocket costs incurred in connection with this Lease, including but not limited to the costs of constructing leasehold improvements, in an amount not to exceed [***], less the amount of the Construction Allowance paid by Landlord to Tenant in accordance with the terms of Exhibit C attached hereto and made a part hereof.
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