Gap Rent definition

Gap Rent means the amount of monthly base rentals and any and all additional rent (except to the extent that the applicable tenant is responsible for paying such additional rent during the period between the effective date of such tenant’s lease and the rent commencement date of such tenant’s lease, or for reimbursing landlord for expenses incurred by landlord that are allocable to the period between the effective date of such tenant’s lease and the rent commencement date of such tenant’s lease) that would be due from tenant to landlord under each of the Pending Leases if the rent commencement date under such Pending Leases were to hypothetically occur on the day Closing occurs until the rent commencement date of such Pending Lease, which monthly amount is conclusively stated in Schedule 5.9(b). Further, notwithstanding anything to the contrary herein or in Schedule 5.9(b), and for the avoidance of doubt, if the rent commencement date for a Pending Lease occurs prior to the Closing Date, then [****] Seller shall not be obligated to deposit in escrow the Escrowed Gap Rent Amount attributable to such Pending Lease and [****] Seller shall have no obligation or liability whatsoever to Buyer for Gap Rent for such Lease.
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Gap Rent will mean the base rent and additional rent for operating expenses due for the period from the Closing Date until the commencement date of the Lease with the tenant ViewRay.
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Examples of Gap Rent in a sentence

  • The funds used to make the initial deposits required hereunder to the Gap Rent Reserve Account have, as their source, sums held in escrow with the applicable title insurance company in connection with the closing of the Loan which, absent direction from Borrower to the contrary, would have been distributed to Borrower on account of Borrower’s equity in the Property.

  • In the event Seller timely pays to Buyer the amount of such defaulted payment of Gap Rent, Buyer shall not terminate the Latitude 360 Lease on account of such default without Seller's prior written consent.

  • Within thirty (30) days after the date the Purchase Price Escrow Fund Conditions have been satisfied, Buyer shall prepare a reconciliation statement for the portion of the Gap Rent paid by Seller attributable to Taxes, if any, and, if the actual Taxes are less than the Taxes paid as part of the Gap Rent, Buyer shall pay to Seller the difference concurrently with delivery of the reconciliation statement.

  • Provided no Event of Default is then continuing, Lender shall disburse to Borrower the amount on deposit in the Gap Rent Reserve Account associated with a particular tenant, as set forth on Schedule XII attached hereto, upon L▇▇▇▇▇’s receipt of an updated tenant estoppel certificate or rent commencement letter, in either case signed by the applicable tenant, confirming that such tenant is in occupancy of its respective space, open for business and paying rent.

  • Provided no Event of Default shall have occurred and be continuing, all funds remaining in the Gap Rent Reserve Account shall be disbursed into an account designated by Borrower (unless a Trigger Period is then ongoing, in which case said amount shall be deposited into the Restricted Account) at such time as Lender receives evidence (in a form reasonably acceptable to Lender) that the New ST Lease Commencement Conditions have been satisfied.

  • In the event Latitude 360 thereafter pays to Buyer all or part of a defaulted payment of Gap Rent for which Seller previously paid Buyer, Buyer shall pay to Seller the amount of the defaulted payment so made by Latitude 360, promptly after receipt of such payment by Buyer.