Electricity Factor definition
Examples of Electricity Factor in a sentence
Landlord and Tenant shall sign, acknowledge and deliver to each other an agreement in such form as Landlord reasonably requires to reflect each change in the Electricity Factor and the Fixed Rent under this Article, but no delay or failure to do so shall change the effective date of the increase.
Pending the resolution of any dispute, Tenant shall pay to Landlord any increase in the Electricity Factor and the Fixed Rent determined by Landlord’s electric consultant.
The date and time of the Closing are herein referred to as the “Closing Date.” At the Closing, the actions contemplated to occur on the Closing Date by Sections 1.01 and 1.02 shall occur.
The Fixed Rent shall be paid in equal monthly installments, in advance, on the first day of each calendar month during the Term, except that (a) Tenant shall not pay the Fixed Rent (other than the Electricity Factor, if applicable) until the Fixed Rent Commencement Date, if any, and (b) on the signing and delivery of this lease by Tenant, Tenant shall pay Landlord one full monthly installment of the Fixed Rent, to be applied to the first full monthly installment of the Fixed Rent due under this lease.
The amount set forth in sub-subdivision (a) of subdivision (ii) above is hereinafter called the Initial Electricity Factor, and the said amount, as the same may, from time to time hereafter, be increased pursuant to the terms of Sections 16.04 and 16.05 of this Article, is hereinafter called the Electricity Factor.
In no event shall the provisions hereof operate to reduce the Minimum Rent nor the Electricity Factor below the amounts stated in the Lease Information Summary.
In the event that the Initial Electrical Value shall be greater than the Initial Electricity Factor, then the fixed rent herein reserved and the Electricity Factor shall each be adjusted, retroactive to the Commencement Date, by adding thereto an amount equal the amount by which the Initial Electrical Value exceeds the Initial Electrical Factor.
If the annual cost estimated by Landlord’s consultant exceeds the Electricity Factor then in effect, the Electricity Factor and the Fixed Rent shall be increased by the amount of such excess, effective as of the date of the survey or, if performed in connection with Tenant’s initial occupancy of the Premises, as of the Commencement Date.
Any such increase in the Rent and the Electricity Factor shall be automatically and unconditionally effective without further act or instrument, as of the date of such increase in rates, charges or taxes, and shall be retroactive to such date if necessary.
If and for so long as Landlord provides electric service on a rent inclusion basis, the Minimum Rent shall be increased by the amount of the Electricity Factor.