Continuous Occupancy, definition

Continuous Occupancy, refers to the maintenance of an average occupancy of at least sixty-five percent (65%) for the Commercial Space. For the purpose of the Continuous Occupancy calculations, the entirety of the square footage which is set forth in a particular lease for space in the Chesterfield Building is deemed to be “occupied” on the date of the lease, even if there is a period of time when the space is not actually occupied by the tenant, as long as the entirety of such square footage is subject to a Valid Lease (defined below) and such space must be delivered to the tenant during the term of the lease. By way of example, Continuous Occupancy shall be calculated by (i) taking the total square feet of Commercial Space subject to Valid Leases (defined below) multiplied by the number of days such space is subject to Valid Leases (defined below) during the applicable period (as defined in Section 3.1.6 below) and (ii) dividing that number by the total rentable square feet of Commercial Space multiplied by the number of days in the applicable period.
View Source

Examples of Continuous Occupancy, in a sentence

  • Failure to maintain Continuous Occupancy shall result in a 100% reduction in the City Payment for the subject year (i.e., no City Payment for that year).

  • Notwithstanding the Continuous Occupancy requirement, the Company shall be permitted to exclude certain vacancy space from the Continuous Occupancy calculation for new tenant up fit requirements, but such excluded vacancy period may not exceed a 180 days.

  • Failure to maintain Continuous Occupancy shall result in a 50% reduction in the City Payment for the subject year.

  • Notwithstanding the Continuous Occupancy requirement, the Company shall be permitted to exclude certain vacancy space from the Continuous Occupancy calculation for new tenant up fit requirements, but such excluded vacancy period may not exceed 180 days.

  • Subject to Section 24 below and to ensure job creation and maintenance, the Company shall maintain the Commercial Space in Continuous Occupancy throughout the term of this Agreement in order to be eligible for each City Payment beginning with the 3nd City Payment.

  • Subject to Section 23 (Force Majeure) below, and to ensure job creation and maintenance, beginning with the date the Company submits an invoice for the third (3rd) City Payment, the Company shall demonstrate that the Commercial Space has maintained the Continuous Occupancy rate during the relevant time period prior to the submission of such invoice in order to be eligible for the third (3rd) City Payment and subsequent City Payments as further described herein.

  • The following table shows the applicable period for which Continuous Occupancy of 65% is required to be eligible for City Payments: CITY PAYMENT APPLICABLE CONTINUOUS OCCUPANCY PERIOD 1st and 2nd City Payments Not Applicable 3rd City Payment The period between the 2nd and 3rd anniversary of the First Date of Operations (i.e, a 1-year look back).

  • Subject to Section 23 (Force Majeure) below and to ensure job creation and maintenance, the Company shall maintain the Commercial Space in Continuous Occupancy throughout the City Payment Period of this Agreement in order to be eligible for each City Payment beginning with the 3rd City Payment.

  • Failure to maintain the applicable Continuous Occupancy for the relevant time period shall result in a 100% reduction in the City Payment for the subject year (i.e., no City Payment for that year).

  • Subject to Section 24 (Force Majeure) below and to ensure job creation and maintenance, the Company shall maintain the Commercial Space in Continuous Occupancy throughout the term of this Agreement in order to be eligible for each City Payment beginning with the 3nd City Payment.