Rent Offsets Sample Clauses

Rent Offsets. (a) The Lessee may request, and the Lessor may approve, Rent Offsets, on a project-by-project basis, for completed Initial Improvements or subsequent completed Improvements subject to the conditions in Section 9 (Approval of the Lessee’s Proposed Improvements) of this Lease. The amount of the Rent Offsets will be based on the Approved Costs of the completed Initial Improvements or subsequent Improvements and may not exceed the amount of all current and future Rent due from Lessee to Lessor for the entire term of this Lease. The method and timing of such Rent Offsets will be agreed to by the Lessor and Lessee from time to time, provided that, no Rent Offsets may be made in the absence of such an agreement. (b) The Lessee must notify the Lessor of the request for Rent Offsets when submitting a project to the Lessor for construction approval per the conditions in Section 9. Upon notification by the Lessee of the request for the Rent Offsets, the Lessor will request detailed information from the Lessee regarding the proposed Improvement, including description of work, costs, and justification for why the proposed Improvement does not qualify as routine repair, maintenance, or renewal activity. Lessor approval of an Improvement for Rent Offset eligibility will occur before construction however the final Approved Cost will not be determined until construction is completed. The Lessee must maintain auditable records including invoices, ▇▇▇▇▇▇▇▇, canceled checks, and other documentation satisfactory to the Lessor and must provide those records to the Lessor as part of the Approved Cost determination. Lessor may retain the services of an appraiser to determine final Approved Cost and Rent Offset methodology. The Lessor will determine the Approved Costs which must be equal to or less than the cost incurred by Lessee in its performance of the applicable Improvement. (c) Lessee shall have no right or claim of compensation of any nature from the Lessor in the event of a termination, Assignment, or expiration of this Lease in circumstances where the Approved Costs of Initial Improvements and Alterations have not been applied by Lessee to offset Annual Rent as of the date of such termination, Assignment or expiration of this Lease.

Rent Offsets. ‌ Lessor Approved Initial Improvements [if proposed]: The Lessor will offset Rent for the costs of completed Initial Improvements incurred by the Lessee in accordance with the requirements of this Lease. Before the Lessee’s initiation of the construction of Initial Improvements, the parties will enter into a written agreement defining specifying the method and timing of such Rent offsets. In no event will Rent offsets be made in the absence of such an agreement. Lessor Approved Alterations: The Lessee may request and, the Lessor may approve, Rent offsets for the costs of completed Alterations incurred by the Lessee on a project-by-project basis in accordance with the requirements of this Lease. Before the Lessee’s initiation of the construction of Alterations, the parties will enter into a written agreement specifying the method and timing of such Rent offsets. In no event will Rent offsets be made in the absence of such an agreement. Rent offsets that accrue in accordance with this section may exceed the amount of Rent the Lessee owes for a given Lease Year and, in that event, will rollover and be applied to Rent in excess of the Annual Rent that the Lessee owes for future Lease Years. The Lessee has no right or claim of compensation of any nature from the Lessor in the event of a termination, assignment, or expiration of this Lease in circumstances where the approved costs of Initial Improvements or Alterations have not been applied to offset Rent as of the date of such termination, assignment, or expiration of this Lease.

Rent Offsets. Except as expressly provided in this Sublease, rent and additional charges and all other sums payable by Sublessee hereunder shall be paid without notice, demand, counterclaim, setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction, and the obligations and liabilities of Sublessee hereunder shall in no way be released, discharged or otherwise affected by reason of: (i) any title defect in or encumbrance upon the Premises or any part thereof which shall not limit or interfere with Sub1essee's use of the Premises; (ii) any claim which Sublessee has or might have against Sublessor; or (iii) any other occurrence whatsoever, whether similar or dissimilar to the foregoing and whether or not Sublessor or Sublessee shall have notice or knowledge of any of the foregoing.

Rent Offsets. ‌ Lessor Approved Initial Improvements: The Lessor will offset Rent for the costs of completed Initial Improvements incurred by the Lessee in accordance with the requirements of this Lease. The method and timing of such Rent offsets will be agreed to by the Lessor and ▇▇▇▇▇▇ from time to time in writing, provided that, no Rent offsets will be made in the absence of such a written agreement. Lessor Approved Alterations: The Lessee may request and, the Lessor may approve, Rent offsets for the costs of completed Alterations incurred by the Lessee on a project-by-project basis in accordance with the requirements of this Lease. The method and timing of such Rent offsets will be agreed to by the Lessor and ▇▇▇▇▇▇ from time to time in writing, provided that, no Rent offsets will be made in the absence of such a written agreement. The Lessee has no right or claim of compensation of any nature from the Lessor in the event of a termination, assignment, or expiration of this Lease in circumstances where the approved costs of Initial Improvements or Alterations have not been applied to offset Rent as of the date of such termination, assignment, or expiration of this Lease.