Net Rents definition
Net Rents means cash income derived from the rental of real or personal property over and above all expenditures related to the rented property, including but not limited to mortgage payments, management expenses, housekeeping, property taxes, brokerage fees, special assessments and other operating charges.
Net Rents means, for any period, the sum, for the Loan Parties (determined on a consolidated basis without duplication in accordance with GAAP), of the following: (a) all Rental Expense payable during such period minus (b) the sum of (i) Rental Expense on the Corporate Headquarters payable during such period, plus (ii) Rental Expense payable during such period on Stores identified on Schedule 1.01 for which any Loan Party has a leasehold obligation but which Stores are no longer occupied by any Loan Party as of the Closing Date, plus (iii) Rental Expense on the Store located at ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ payable during such period, plus (iv) Rental Expense on the Store located at ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, Irvine, California 92714 payable during such period, plus (v) Rental Expense on Stores vacated from time to time as a result of relocation payable during such period in an aggregate amount not to exceed $2,000,000 for such period; provided that for purposes of calculating Net Rents, the determination of whether or not a Store has been vacated as a result of a relocation shall be made by the Administrative Agent in its reasonable discretion, plus (vi) Rental Expense payable during such period under lease agreements in effect on the Closing Date with respect to properties identified on Schedule 1.01 and attributable to real property space adjacent to a Store for which any Loan Party has a leasehold obligation but which space is not occupied by any Loan Party; provided that the Borrower is using commercially reasonable efforts to sublease such real property space, plus (vii) Support Facility Rents.
Net Rents for any period shall mean the base rents, escalations of base rents, percentage rents and other rents (but specifically excluding reimbursements from tenants for Operating Expenses) actually received by the Company from all of the tenants of the Qualified Properties during such period less any Operating Expenses for the Qualified Properties not paid by the tenants thereof.
Examples of Net Rents in a sentence
Such fee shall be calculated monthly, based on Net Rents received by the Company for such month, and adjusted as provided herein.
Concurrently with the reconciliation statement required above, the Asset Manager shall provide to the Advisor and the Fund a written statement setting forth all Oversight Fees paid to the Asset Manager during such fiscal year and the Net Rents relating to such Tranche II Properties for such fiscal year.
The Manager shall cause the Company to pay to the Asset Manager (or to the Manager in the event the Management Agreement is terminated) an annual management fee equal to two percent (2%) of Net Rents, payable monthly.
Such fee shall be calculated monthly, based on Net Rents received by the Company for such month, and adjusted as provided in this Section 11(b).
Such fee shall be calculated monthly, based on Net Rents received by the Partnership for such month, and adjusted as provided in this Section 11.
More Definitions of Net Rents
Net Rents for any period shall mean the rents actually received by the Partnership from all of the tenants of the Qualified Properties during such period less any Operating Expenses for the Qualified Properties not paid by the tenants thereof.
Net Rents. These refer to (i) the income received under the Lease Contracts, after deducting payments corresponding to property taxes and the general sales tax, as such taxes are reflected in the Borrower’s financial statements' income statement, plus (ii) income received for the maintenance of common areas, in case they were not included in the calculation of (i) above, minus the payments made to LAP under the Operation Contract concerning the income received from the Lease Agreements, minus (iii) expenses for the maintenance of income-generating assets, in proportion to the Lease Contracts, and minus (iv) payments to Latam Logistic Opco S.R.L., based on the administration services provided, in proportion to the Lease Contracts.
Net Rents means cash income derived from the rental of real or personal property over and above all expenditures related
Net Rents shall be determined by first deducting from the gross proceeds received by Landlord from re-letting the Premises the actual out-of-pocket expenses incurred or paid by Landlord in terminating this Lease and of re-entering the Premises and of securing possession thereof, as well as the reasonable expenses of re-letting, including altering and preparing the Premises for general office use by new tenants, brokers’ commissions, and all other expenses properly chargeable against the Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to or shorter or longer than the remaining term of this Lease. Landlord shall remit the Net Rents to Tenant only as and when received after first paying all the expenses of re-letting as aforesaid.
Net Rents for any period shall mean the rents actually received by the Company from all of the tenants of the Tranche II Properties during such period less any Operating Expenses for the Tranche II Properties not paid by the tenants thereof.
Net Rents means be the amount of rent payable by a tenant to landlord for the initial term under a Lease (not to exceed ten (10) years) excluding all rent or amounts payable by tenant to reimburse landlord for tenant’s share of the costs of taxes, common area maintenance, insurance, other similar reimbursable expenses or tenant payments to marketing or promotional funds, if any, for the Shopping Center.
Net Rents. They are (i) the income received under the Lease Contracts, deducting the corresponding payment of property taxes and the general sales tax, as such taxes appear in the income statement of the Borrower’s financial statements, plus the (ii) income received for maintenance of common areas in case it has not been included in the calculation of (i) above, less the payments made to LAP under the Operation Contract with respect to the income received under the Lease Contracts, less the (iii) maintenance expenses of the rent-generating assets, in proportion to the Lease Contracts, and less the (iv) payments to LPA Opco S.R.L. based on the management services provided, in proportion to the Lease Contracts.