Adjustment Rent definition

Adjustment Rent in an amount equal to Tenant's Share of Expenses and Taxes for any calendar year (or in the event Tenant shall occupy the Premises for a portion of a year, any portion of the year during which Tenant shall occupy the Premises). Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one- twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statement, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year, as shown in said statement, minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease, unless the Term has expired and Tenant is not in default hereunder, in which case such amount shall be refunded to Tenant promptly after determination of said overpayment. In no case shall any overpayment by Tenant earn interest.
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Adjustment Rent. The term "Tenant's Pro Rata Share," as used herein, shall mean the number, expressed as a percentage, equal to the rentable square footage of the Premises divided by the total rentable square footage contained in the Building. Notwithstanding any other provision of the Lease, but taking into account any "Gross-Up" required under the provisions of this Lease; in calculating Tenant's Pro Rata Share of the Increase in Annual Operating Costs for the 1997 calendar year, "Controllable Costs" shall be capped at one hundred ten percent (110%) of the Controllable Costs for calendar year 1996 (as determined on a per rentable square foot basis. As used herein, "Controllable Costs" are defined as follows: All Annual Operating Costs except real estate taxes, insurance, snow removal, utilities, char, and security.
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Adjustment Rent. With respect to the Space "B", Effective July 1, 1996, Tenant shall pay Adjustment Rent in accordance with the terms and conditions contained in Paragraph 2 of the Lease.
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Examples of Adjustment Rent in a sentence

  • After the end of each calendar year, Landlord shall deliver to Tenant a report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year.

  • If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.

  • Within thirty days after receipt of such report, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of Adjustment Rent made by Tenant for such year.

  • Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year.

  • Within thirty (30) days after receipt of such report or reports, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of Adjustment Rent made by Tenant for such year, it being acknowledged by Tenant that in the event Landlord separately reports actual Expenses and actual Taxes for a calendar year, Landlord may reasonably allocate Adjustment Rent paid by Tenant for such calendar year between Expenses and Taxes for such calendar year.

  • Prior to each calendar year, Landlord shall estimate the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year.

  • Tenant shall pay, as a late charge and to defray Landlord's increased costs of collection in the event any installment of Base Rent, Rent Adjustment, Rent Adjustment Deposits and any other charge owed by Tenant hereunder is not paid when due, the greater of $100.00 or an amount equal to five (5%) percent of the amount due (but in no event shall the amount of such late charge exceed an amount based upon the highest legally permissible rate chargeable at anytime by Landlord under the circumstances).

  • Within thirty (30) days after receipt of such report, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of Adjustment Rent made by Tenant for such year.

  • Tenant agrees to pay all costs involved in such arbitration, unless it is determined that Landlord’s original calculation of the amount of Adjustment Rent was overstated by more than five percent (5%), in which event Landlord shall pay all costs of such arbitration and shall refund to Tenant the amount of such overstatement.

  • There shall be no abatement of Base Rent or Adjustment Rent for the Premises during the Renewal Term, except as may be specifically provided in Landlord's written notice setting forth the market rate of rent.

Related to Adjustment Rent

  • RENT ADJUSTMENT Any amounts owed by Tenant for payment of Operating Expenses. The Rent Adjustments shall be determined and paid as provided in Article Four.

  • Net Rent means all rental Landlord actually receives from any reletting of all or any part of the Premises, less any indebtedness from Tenant to Landlord other than Rent (which indebtedness is paid first to Landlord) and less the Re-entry Costs (which costs are paid second to Landlord).

  • Base Rent Period Annual Rate Per Square Foot Monthly Base Rent

  • Base Rental means the amount of rent due to Landlord per square foot for the first year of the Term. Base Rental for the first year of Term shall be $24 per square foot for the building and $7.50 per square foot for the drive thru at the Premises. Year Per Sq Ft First Floor Per Sq Ft Drive Thru Total Per Annum Total Per Month 1 $ 24 $ 7.50 $ 101,286 $ 8,440.50

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.