Amortization Rent definition

Amortization Rent which shall mean the total cost of Excess Improvements advanced by Landlord, if any, pursuant to Tenant’s request under the provisions of Section 2(b) of Exhibit B with interest thereon at the rate of [***] per annum, amortized on a straight-line basis over the Term, to be paid as and when Fixed Monthly Rent is paid.
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Amortization Rent is additional rental payable pursuant to Paragraph 7(c), 13(c), the Breezeway Amortization, and the amortization of a portion of Base Project Cost as described in the Addendum pertaining to construction. Amortization Rental is payable in equal monthly installments over the applicable amortization period due each month on the same day as monthly Base Rent. Amortization Rent shall continue to be payable during any Extension Term for the remaining amortization period. Amortization shall not be added to Base Rent when the calculation for Base Rent is made for the Extension Term (but shall continue to be payable during the Extension Term as provided above).
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Examples of Amortization Rent in a sentence

  • In addition, in no event shall the Amortization Rent be abated for any reason whatsoever.

  • Notwithstanding anything in the Lease to the contrary, in no event shall the Amortization Rent be deemed to be Abated Rent nor subject to the abatement of Base Rent set forth in the second paragraph of Article 3 of this Lease.

  • Tenant shall pay the amount set forth in Landlord's Cost Calculation (provided it is not in error) within ten (10) days after Tenant's receipt thereof and Landlord and Tenant shall promptly execute an amendment which will reflect such payment of the Additional Allowance, shall include a revised Base Rent schedule to reflect that Tenant is no longer obligated to pay Amortization Rent, and shall confirm that no interest shall accrue on the Additional Allowance after the date of payment.

  • For the avoidance of doubt, Tenant did not exercise its right to an advance by Landlord of up to $7.50 per square foot of Usable Area as “Excess Improvements” (as defined in Exhibit B to the Original Lease) and as a result there is not, and shall not be, any Amortization Rent payable under Section 3.1(c) of the Original Lease or otherwise.

  • In addition, if the cost of completing the Improvements exceeds the Allowance specified above, if requested by ▇▇▇▇▇▇ in writing (in Tenant’s sole and absolute discretion), Landlord agrees to advance on behalf of Tenant a maximum of $[***] per square foot of Usable Area contained in the Premises as “Excess Improvements,” which total advance, with interest thereon at [***] ([***]) per annum, shall be repaid by Tenant as Amortization Rent, pursuant to the provisions of Section 3.1 of the Lease.

  • In the event that Tenant makes such election, then Landlord shall provide Tenant with a calculation of the Additional Allowance amount that is owed (less any reduction of the same based on the Amortization Rent component of Base Rent previously paid by Tenant (if any) ("Landlord's Cost Calculation").

  • In addition, in no event shall the Amortization Rent be abated for any reason whatsoever, including without limitation, pursuant to Sections 18 and 19 of the Lease.

  • In addition, in no event shall the Amortization Rent be abated for any reason whatsoever, including without limitation, pursuant to Articles 11 and 13 of the Lease.

  • Tenant shall pay the Amortization Rent, in the amount of $1,077,908.16 per annum, for each year of the Term in equal monthly installments, in advance, of $89,825.68, with such a monthly installment being paid to Landlord on each and every Rent Payment Date throughout the Term.

  • If the Total Construction Costs exceed the Initial Allowance, Landlord agrees to advance on behalf of Tenant, following Tenant’s written request, an amount not to exceed $5.00 per rentable square foot in the Premises as an “Additional Allowance”, which Additional Allowance, with interest thereon at eight percent (8%) per annum, shall be repaid by Tenant as Monthly Amortization Rent, pursuant to the provisions of Section 4(a) of the Lease.

Related to Amortization Rent

  • Amortization rate means the amortization rate, as defined in Section 49-11-102,

  • Amortization Payment shall have the meaning set forth in Section 2(d).

  • Amortization Period means the period beginning on the Termination Date and ending on the Maturity Date.

  • Amortization Amount means, with respect to any Principal Amount Repayment Date, the amount set forth opposite such Date on the Amortization Schedule.

  • Amortization means the gradual extinguishment of an amount in an account by distributing such amount over a fixed period, which may be over the life of the asset or liability to which it applies, or over the period during which it is anticipated the benefit will be realized.