Free Rent Amortization Amount definition
Free Rent Amortization Amount shall have the meaning set forth in Section 45.2 of this Lease.
Free Rent Amortization Amount means the sum of the free rent received by Tenant with respect to the Returned Space. The parties shall use commercially reasonable efforts to calculate the amount of the Work Allowance Amortization Amount, the Broker’s Commission Amortization Amount and the Free Rent Amortization Amount no later than one (1) year following the date hereof. Landlord shall timely deliver to Tenant its proposed calculation of such amounts (together with reasonably detailed evidence of the costs and amounts used to calculate such amounts), and Tenant shall, within thirty (30) days following its receipt thereof, advise Landlord by the delivery of notice if Tenant reasonably agrees with such calculation. Upon such determination of the Work Allowance Amortization Amount, the Broker’s Commission Amortization Amount and the Free Rent Amortization Amount, Landlord and Tenant shall promptly execute an agreement reasonably satisfactory to Tenant and Landlord specifying such amounts. Any failure by Tenant to timely pay the Contraction Payment shall, at Landlord’s option, be deemed to be a material default by Tenant hereunder.
Examples of Free Rent Amortization Amount in a sentence
Upon such determination of the Work Allowance Amortization Amount, the Broker’s Commission Amortization Amount and the Free Rent Amortization Amount, Landlord and Tenant shall promptly execute an agreement reasonably satisfactory to Tenant and Landlord specifying such amounts.
The parties shall use commercially reasonable efforts to calculate the amount of the Work Allowance Amortization Amount, the Broker’s Commission Amortization Amount and the Free Rent Amortization Amount no later than one (1) year following the date hereof.