Minimum Annual Guaranteed Rent definition

Minimum Annual Guaranteed Rent. “MAG” means Guaranteed Rent as more fully defined in Section 3.01.
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Minimum Annual Guaranteed Rent means the rent due under a Lease for the Project/Phase upon Construction Completion or upon the date set forth in the Project Schedule. Developer shall pay to County Minimum Annual Guaranteed Rent, as applicable, in accordance with the terms of the Lease(s) resulting from this Agreement attached hereto as Schedule 1.6 in all material respects. Participation Rent shall mean a percentage of Gross Income generated by the development, or Phase if applicable. Developer shall pay the greater of Participation Rent or Minimum Annual Guaranteed Rent, as applicable, in accordance with the terms of the Lease(s) resulting from this Agreement attached hereto as Schedule 1.6 in all material respects. Penalty Rent shall mean the rent due under a Lease if a Developer has not received a Certificate of Occupancy by the date set forth for Construction Completion in the Project Schedule, subject to Unavoidable Delays and duly requested changes to the Project Schedule which are approved by the County in writing. Developer shall pay to Penalty Rent, as applicable, in accordance with the terms of the Lease(s) resulting from this Agreement attached hereto as Schedule 1.6 in all material respects. Parties shall mean the County together with the Developer. Permit shall mean any permit issued or to be issued by the appropriate agency or person, including but not limited to applicable permits for construction, demolition, installation, foundation, dredging, filling, the alteration or repair or installation of sanitary plumbing, water supply, gas supply, electrical wiring or equipment, elevator or hoist, HVAC, sidewalk, curbs, gutters, drainage structures, paving and the like. Phase or Phases shall have the meaning ascribed to such term(s) in Section 1.5. Phased Development shall have the meaning ascribed to such term in Section 1.5.
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Examples of Minimum Annual Guaranteed Rent in a sentence

  • From and after the Rental Commencement Date, Concessionaire shall pay to the City the greater of Minimum Annual Guaranteed Rent or Percentage Rent.

  • The Lessee’s annual rent payment to the City pursuant to the Lease is the greater of the Minimum Annual Guaranteed Rent in the amount of $320,000 or the Annual Percentage of Rent calculated as: (1) $0.02 per gallon from the sale of gasoline and diesel fuel at the Marina, which generated approximately $25,000 to the City in 2019; (2) 10% of Gross Receipts generated from the submerged lands; and (3) 10% of the Gross Receipts generated from the upland areas.

  • The Monthly MAG Payment shall be adjusted on January 1st of each Year to correspond with the new Minimum Annual Guaranteed Rent (as adjusted herein).

  • The parties acknowledge that in no event shall the Minimum Annual Guaranteed Rent be less than the CPI Adjusted Minimum Annual Guaranteed Rent.

  • The Minimum Annual Guaranteed Rent shall be increased effective on the Delivery Date of any and all additional areas which become a part of the Premises based on the total number of square feet of all Units contained within such additional Premises and the Monthly MAG Payment shall be similarly adjusted as of such date.

  • Additional Fees shall have the meaning ascribed to such term in Section 3.9. Additional Rent shall mean all costs and expenses owed by developer to County under a Lease other than Initial Annual Rent, Minimum Annual Guaranteed Rent, Penalty Delayed Completion Rent and Participation Rent.

  • Since the initial term sheet offer to increase the base rent from $300,000 to $1 million per year, the City has been able to negotiate a Minimum Annual Guaranteed Rent of $1.9 million per year, plus annual CPI increases.

  • Notwithstanding any decrease in the CPI Index, Minimum Annual Guaranteed Rent shall never decrease.

  • The transfer documents shall specify the allocation, as applicable, of the Development Fee, Delayed Closing Fees, Initial Annual Rent, Minimum Annual Guaranteed Rent, Penalty Delayed Completion Rent, Participation Rent and any other payments under this Agreement and any applicable Lease to be paid to County by the transferee.

  • The Annual Percentage of Rent has exceeded the Minimum Annual Guaranteed Rent since approximately 2008.