Contraction Fee definition

Contraction Fee means $49,655.05, which amount is equal to the unamortized balance of the Excluded Premises Leasing Costs (hereinafter defined) as of the Exclusion Date had the Excluded Premises Leasing Costs been loaned to Tenant as of the Surrender Date at the interest rate of eight percent (8%) per annum and had such loaned amount been repaid in equally monthly installments commencing on the Surrender Date in amounts sufficient to fully amortize such loaned amount and the imputed interest thereon on the Extension Term Expiration Date. The term “Excluded Premises Leasing Costs” shall mean the sum of the product of (x) 0.19, and (y) the (i) total brokerage commission payable by Landlord in connection with this Amendment, and (ii) the actual amount of the Allowance applied against Base Rent or against the cost of Landlord’s Work pursuant to this Amendment. If Tenant elects to exercise the Contraction Option, then Tenant thereby waives and releases any and all defenses, whether known or unknown and whether by way of defense, offset, repayment, recoupment, or otherwise, that it may have with regard to its obligation to pay the Contraction Fee, and that nothing that may occur after Tenant’s election shall in any way discharge, modify or suspend its obligation to pay the Contraction Fee. Landlord shall have the same remedies for non-payment of the Contraction Fee as for Rent. Tenant acknowledges that the Contraction Fee constitutes a non-refundable prepayment of Rent, notwithstanding any subsequent leasing of the Excluded Premises by Landlord.
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Contraction Fee shalt have the meaning set forth in Section 31.25 hereof.
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Contraction Fee means an amount equal to Rent which would be payable for the twelve months following the Exclusion Date, consisting of Base Rent, Tenant's Proportionate Share of Operating Expenses (based on the last amounts estimated by Landlord and being paid by ▇▇▇▇▇▇ and latest available tax bills, in the case of Taxes where not paid by Tenant on the basis of estimates), Special Tenant Fee (based on amounts last payable by Tenant for such component of Rent), and any other component of Rent which is not a component of Rent as of Commencement Date but which payable under the Lease.
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Examples of Contraction Fee in a sentence

  • The Contraction Fee shall be reported as receipt of a “Contraction Fee” in Landlord’s electronic financial records, it being the intention of the parties that the Contraction Fee is not for rent or use of the Leased Premises and that no State of Florida sales tax shall be due on the Contraction Fee.

  • If Tenant fails to pay the 26672 Contraction Fee within such ten (10) business day period, Tenant’s exercise of the 26672 Contraction Option shall be null and void.

  • In the event that Tenant elects to contract the Premises as provided under this Section 3.05, Tenant shall pay Landlord a Contraction Fee (defined hereinafter) at the same time the Contraction Notice is given to Landlord.

  • The Premises Contraction Fee must be delivered to Landlord by Tenant before or with the rent payment for the last full calendar month immediately preceding the Premises Contraction Date.

  • Tenant agrees to indemnify Landlord as to any claims, damages, liability or expenses of Landlord, including reasonable attorneys' fees or costs, arising from or related to sales tax that may be due with respect to the Contraction Fee, including any interest, late fees and penalties.

  • In the event that Tenant elects to contract the Premises as provided under this Section 3.05, Tenant shall pay Landlord fifty percent (50%) of the Contraction Fee (defined hereinafter) at the time the Contraction Notice is given to Landlord and the remaining fifty percent (50%) on or before that date which is thirty (30) days prior to the Contraction Date, time being of the essence in payment of the Contraction Fee.

  • If Tenant fails to pay the 26632 Contraction Fee within such ten (10) business day period, Tenant’s exercise of the 26632 Contraction Option shall be null and void.

  • To exercise the Contraction Right, Tenant must (a) deliver written notice to Landlord no later than December 31, 2019 of its election to exercise the Contraction Right which written notice shall identify the "Give-Back Space" (as defined below), (b) pay Landlord one-half of the "Contraction Fee" (as defined below) concurrently with delivery of such notice, and (c) pay Landlord the balance of the Contraction Fee on or before the Contraction Date.

  • February 2007 $ 15.59 March 2007 16.35 April 2007 17.10 May 2007 17.84 June 2007 18.57 July 2007 19.30 August 2007 20.03 Landlord and Tenant shall execute an amendment to this Lease confirming contraction following receipt of the Contraction Notice which shall be conditioned upon Tenant’s payment of the Contraction Fee.

  • If Landlord does not deliver the 19th Floor Early Possession Notice, or if Tenant does not perform its obligations as set forth in the immediately preceding sentence, then Tenant shall remain obligated to pay the second one-half of the 19th Floor Contraction Fee.


More Definitions of Contraction Fee

Contraction Fee. Section 2.10
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