Commencement Year definition
Examples of Commencement Year in a sentence
To the extent that the actual amount of lessee’s pro rata share of the Excess Costs for the Commencement Year exceeds such amount of Additional Monthly Rent paid by Lessee, Lessee shall pay such excess in cash within thirty (30) days after receipt of such statement from Lessor.
For each Incentive District, commencing in the year following the Exemption Commencement Year and each year thereafter during the Incentive District Term, the Company shall provide to the City by no later than February 1 a report in the form attached hereto as Exhibit K to assist the City with its Annual Reports.
For Phases 3 through 6 of the Project, the initial PILOT for each Phase will be the product of the PILOT applicable to Phase 1 in the amount indicated in the table above and the quotient of the CPI in the PILOT Commencement Year for the applicable Phase divided by the CPI in the year 2024.
Lessor’s good faith estimate of the Monthly Estimated Additional Rent Payments that will be payable for the Commencement Year is the amount set forth in Section 6(e) of the Basic Lease Provisions.
Within five (5) months after the expiration of each calendar year commencing with the Additional Rent Commencement Year, Landlord shall determine the actual Taxes and Expenses for the prior Lease Year, and shall notify Tenant within thirty (30) days thereafter as to the amount thereof and the Additional Rent resulting therefrom (an “Annual Additional Rent Notice”) and an itemized breakdown of each of Taxes and Expenses and Tax Base and Expense Base.
To the extent that such amount of Monthly Estimated Additional Rent Payments paid by Lessee exceeds the actual amount of Lessee's pro rata share of the Building Operating Expenses for the Commencement Year, Lessor shall credit such excess against the Monthly Estimated Additional Rent Payments to be due in the calendar year following the Commencement Year.
Member's Annual Points Usage and Membership for subsequent years following the Commencement Year stated below will commence on January 1st each year.
Beginning with the first calendar month commencing at least thirty (30) days following lessee’s receipt of Lessor’s initial Excess Costs statement, Lessee shall pay as additional monthly rent (herein called “Additional Monthly Rent”) on the first day of each calendar month, in advance without demand, a monthly amount equal to one-twelfth (1/12) of Lessee’s pro rata share of the estimated Excess Costs for the Commencement Year.
For each of Phase 1 and Phase 2 of the Project, the Company shall make annual PILOT payments to the Taxing Entities beginning in the PILOT Commencement Year.
The Company shall make an annual payment to the City, herein a “Community Betterment Payment”, for each Phase of the Project, beginning in the PILOT Commencement Year.