Effective Rent definition
Effective Rent means the annualized sum of the following quotient for all of the leases for the Property (as reasonably determined by Lender): (a) total rent due over the term of a lease less any payments or concessions which Lender, in its sole discretion, deems to be a rent concession, divided by (b) the total number of months in the term of such lease.
Effective Rent means the sum of the Base Rent and Percentage Rent paid or payable during any Lease Year, PROVIDED THAT THE PERCENTAGE RENT OFFSET PROVISIONS OF SECTION 4.5(b) HEREOF SHALL NOT BE USED FOR PURPOSES OF CALCULATING THE BASE RENT DURING THE OPTION PERIODS PURSUANT TO THIS SECTION J. OPTION 1 (16th Lease Year through 20th Lease Year): Annual Base Rent shall be equal to 85% of the average Effective Rent during the last three (3) Lease Years of the initial Term of this Lease (i.e., the 13th Lease Year through 15th Lease Year of the Term); provided, however, in no event shall the annual Base Rent for Option 1 be less than the greater of the Effective Rent during the fifteenth (15th) Lease Year (if Percentage Rent was payable for the fifteenth Lease Year), or the Base Rent payable for the 15th Lease Year (if no Percentage Rent was payable for the 15th Lease Year.) OPTION 2 (21st Lease Year through 25th Lease Year): Annual Base Rent shall be equal to 85% of the average Effective Rent during the last three (3) Lease Years of Option 1 (i.e., the 18th Lease Year through 20th Lease Year of the Term); provided, however, in no event shall the annual Base Rent for Option 2 be less than the greater of the Effective Rent during the 20th Lease Year (if Percentage Rent was payable for the 20th Lease Year), or the Base Rent payable for the 20th Lease Year (if no Percentage Rent was payable for the 20th Lease Year of the Term). Landlord and Tenant acknowledge that the actual amount of Base Rent payable during the option periods will be computed on an Effective Rent basis and, therefore, may not be determinable until the submittal of Tenant's annual Gross Sales statement (due ninety (90) days after the expiration of each Lease Year). Accordingly, Landlord and Tenant agree that, until the determination of Tenant's actual Gross Sales (and the Percentage Rent due Landlord, if any) for the applicable Lease Year can be made, Tenant shall be permitted to continue to pay to Landlord the Monthly Base Rent paid by Tenant during the final Lease Year of the Term which has just expired. At such time as the Base Rent for the applicable Option can be determined, Landlord shall invoice Tenant for the new amount of Monthly Base Rent due for the then current option period based on the formulas set forth above, together with the amount of any deficiency in Tenant's Monthly Base Rent payments which has accrued to the date of such invoicing. Within ten (10) days after receipt of Landlord's invoice,...
Effective Rent means, with respect to any Lease, the Original Minimum Rent of such Lease plus the Original Percentage Rent of such Lease.
Examples of Effective Rent in a sentence
Notwithstanding the foregoing, in the event that the Right of First Offer terminates pursuant to clause (i) above, Landlord shall not lease the Offering Space to another party (other than the current occupant thereof) at a Net Effective Rent (defined below) less than ninety percent (90%) of the Net Effective Rent set forth in the Advice without first giving Tenant another Advice at such lower Net Effective Rent.
Lessee shall commence payment of the First Offer Effective Rent for the First Offer Space described in the First Offer Notice and the term of such First Offer Space shall commence (“First Offer Commencement Date”) upon the date set forth in the First Offer Notice or, solely with respect to any First Offer Space that has Become Available after December 31, 2022, as otherwise negotiated between Lessor and Lessee as provided in Paragraph 7(b)(ii) above.
Building Address Minimum Effective Rent (per square foot) ▇▇▇ ▇▇▇▇▇▇ 15241-15277 & 15317-15339 ▇▇▇ ▇▇▇▇▇▇ Road $ 7.56 ▇▇▇▇▇ Road ▇▇▇ ▇.
The sum of this amortization and the Net Effective Rent will constitute Base Rent for the First Refusal Space.
As used herein, "Effective Rent" means the sum of Minimum Rent and Additional Rent paid or payable by Lessee.
More Definitions of Effective Rent
Effective Rent. Section 6.5
Effective Rent means the Annual Fixed Rent due hereunder for such space and time period after reduction for free rent amounts, rent holidays, rent concessions, special tenant inducements and the like allocated over the Term on a straight-line basis.) If the amount of rent and other charges payable under a Sublease is not readily ascertainable, such amount may, at Landlord’s option, be deemed to equal the fair market rent then obtainable for the space in question.”
Effective Rent means the fixed rent specified in Landlord's Offer or in any third-party offers made by Landlord ("Third Party Offer"), as the case may be, after deducting from such fixed rent as and to the extent included therein: (i) the sum of the build-out allowance or obligation, if any, provided by Landlord in Landlord's Offer or the Third Party Offer, amortized over the initial term specified in the respective offer, (ii) the cost of so-called free rent, if any, applicable during the initial term amortized over the initial term specified in the respective offer, (iii) the cost of any architectural or plan allowance, moving allowance, holdover contributions or similar financial tenant inducements as set forth in Landlord's Offer or the Third Party Offer, amortized over the initial term specified in the respective offer; and (iv) any necessary adjustments to take into account differences in the two offers, such as any additional rent payments required on account of utilities or Park Expense Rent.
Effective Rent means, with respect to any Lease, the Original
Effective Rent means the aggregate of (i) the basic annual rent (including any periodic increases therein) and (ii) additional rent for Total Operating Expenses (including HVAC maintenance) and real property taxes, in each case payable for such applicable First Negotiation Space over the initial stated term of the proposed lease (i.e., excluding any option or renewal terms therefor), less (iii) the dollar value of any rent concession(s)/ abatement(s) to be provided by Landlord in connection with such proposed lease, other than rent concessions/abatements in lieu of tenant improvement allowances.
Effective Rent means the Annual Fixed Rent due hereunder for such space and time period after reduction for free rent amounts, rent holidays, rent concessions, special tenant inducements and the like allocated over the Term on a straight-line basis.) If the amount of rent and other charges payable under a Sublease is not readily ascertainable, such amount may, at Landlord’s option, be deemed to equal the fair market rent then obtainable for the space in question. The following transactions shall not require the consent of Landlord provided that Landlord shall receive prior notice thereof plus reasonable evidence upon closing that the transaction is in fact one of the following (and provided further that the proposed Sublease complies with all other provisions of this Lease, including, without limitation, this Section 5.9, does not alter Landlord’s rights under the Lease, and does not impose any additional obligation on Landlord):
Effective Rent means, with respect to any Lease, the Original Minimum Rent of such Lease plus the Original Percentage Rent of such Lease. "Environmental Laws" means any and all federal, state and local statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, codes,