Default Rent definition

Default Rent has the meaning set forth in §8.6.

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Default Rent for the purposes of this Section 12.2 shall be a sum equal to (A) the average of the annual amounts of the Percentage Rent for the three Fiscal Years immediately preceding the Fiscal Year in which the termination, re-entry, or repossession takes place, or (B) if three Fiscal Years shall not have elapsed, the average of the Percentage Rent during the preceding Fiscal Years during which this Lease was in effect, or (C) if one Fiscal Year has not elapsed, the amount derived by annualizing the Percentage Rent from the Commencement Date.

Default Rent means the difference (but not below 0) between 1. [***]235; and

Examples of Default Rent in a sentence

On the Final Disbursement Date, absent an uncured Default, Rent shall be adjusted and documented by the lease amendment contemplated in Article IX hereof and paid to Lessor as described in Article F.
The Default Rent Payment may be paid to the tenant in equal monthly installments or rent credits for a period of thirty-six (36) months or the period of time elapsed under this Agreement prior to the Excessive Rent Default provided that interest at the maximum rate allowable for judgments shall accrue until the Default Rent Payment is paid in full.
In the event of an Excessive Rent Default, in addition to any other legal or equitable remedy that the City shall have for such default, the Owner shall be required to pay to the applicable tenant an amount equal to the total rent received from the tenants occupying such Affordable Unit during the three (3) years prior to the discovery of the Excessive Rent Default or for the remaining Term of this Agreement, whichever period is shorter ("Default Rent Payment").
Tenant shall reimburse Landlord on demand, as Additional Rent, for any expenditures thus incurred by Landlord and shall pay interest thereon at the rate for Default Rent set forth herein.
On the Final Disbursement Date, absent an Uncured Default, Rent shall be adjusted and documented by the lease amendment contemplated in Article IX hereof and paid to Lessor as described in Article F.
On the Final Disbursement Date, absent an uncured Default, Rent shall be adjusted and documented by the lease amendment contemplated in ARTICLE IX hereof and paid to Lessor as described in ARTICLE F.
The preceding presumes that Tenant has surrendered the Premises and is in possession only of the Relocation Premises, however should Tenant fail to vacate as contemplated hereunder, in that situation only at the time of an Event of Default, Rent, Additional Rent, and such other sums shall be calculated as to both the Premises and the Relocation Premises.
On the Final Disbursement Date, absent an Uncured Default, Rent shall be adjusted and documented by the lease amendment contemplated in ARTICLE IX hereof.
If Tenant continues after the expiration of the Term or earlier termination of this Lease to hold and occupy the Leased Property whether as a month-to-month tenant or a tenant at sufferance or otherwise, Tenant shall pay [i] Default Rent for each month, plus [ii] all Additional Rent accruing during the month, plus [iii] any and all other sums payable by Tenant pursuant to this Lease.
The term “Default Rent” shall mean Default Rent as that term is defined in Section 3(d) hereof.

More Definitions of Default Rent

Default Rent means the difference (but not below 0) between 1. The sum of (x) Rent due for the balance of the then remaining Term (but not including any Renewal Term(s) to the extent that such Renewal Term(s) have not yet commenced), discounted to present value at the rate of 6.0%, 24 plus, (y) an amount equal to the sums actually incurred or reasonably estimated to be incurred by Landlord in putting the Premises (or any portion thereof) in good order or preparing the same for re-rental, including brokerage and advertising fees, plus (z) reasonable attorneys’ fees and expenses actually incurred by Landlord in the enforcement of this Lease or in defending any claim brought against Landlord by Tenant against which ▇▇▇▇▇▇▇▇ successfully defends; and 2. FMRV for the balance of the then remaining Term (but not including any Renewal Term(s) to the extent that such Renewal Term(s) have not yet commenced), discounted to present value at the rate of 6.0%. Notwithstanding the sole and exclusive calculation of damages for lost Rent set forth in this Section 21(c), the foregoing limitation of remedies is without prejudice to Landlord’s right to enforce Tenant’s other obligations under this Lease with respect to claims, damages and liabilities (other than Fixed Annual Rent and additional rent) resulting to Landlord by or through Tenant’s use and operation of the Premises, and is without prejudice to Landlord’s right to enforce those provisions set forth in Section 21(a) and (b) herein. Landlord and Tenant agree that such damages amounts described in this Section 21(c) constitute a good faith reasonable estimate of the damages for lost Rent that may be suffered by Landlord upon the occurrence of an Event of Default, and that it is impossible to estimate more precisely such damages. ▇▇▇▇▇▇▇▇’s receipt of the damages calculated as described in this Section 21(c) is intended not as a penalty but as full liquidated damages for lost Rent. For avoidance of doubt, the pursuit by ▇▇▇▇▇▇▇▇ of the remedies set forth in this Section 21 shall be exclusive with respect to lost Rent, and Landlord shall not thereafter pursue any other remedies at law or in equity against Tenant with respect to lost Rent. Except as provided in this Section 21, (x) all remedies are cumulative and concurrent and no remedy is exclusive of any other remedy; (y) each remedy may be exercised at any time an Event of Default has occurred and may be exercised from time to time; and (z) no remedy shall be exhausted by any ex...

Default Rent means Default Rent as that term is defined in Section 3(d) hereof.