Post-Term Rent definition
Examples of Post-Term Rent in a sentence
Additionally, if Tenant fails to commence the process required by subsection 32.4 of this Agreement at least 90 days prior to the expiration of the Term then the Post-Term Rent shall be equal to 150% of the annual rent in effect in the last month of the Term, prorated on a monthly basis.
Such Post-Term Rent shall no longer be due when (a) the only remaining requirement is purely administrative action on the part of the NJDEP, or (b) an FRD is filed with the NJDEP by an LSRP, or (c) from and after the commencement date of a lease of the Leased Premises to a third party.
The Post-Term Rent shall no longer be due when and if (a) the only remaining requirement is purely administrative action on the part of the NJDEP, or (b) an FRD is filed with the NJDEP by a Licensed Site Remediation Professional (an “LSRP”), as defined in the SRR Act, or from and after the commencement date of a lease of the Leased Premises to a third party.
During the period of any such holding over, all provisions of this Lease that are applicable to a month-to-month tenancy remain in effect except that the monthly rental is equal to 150% of the monthly Base Rent and Additional Rent payable for the last calendar month of the Lease Term (collectively "Post-Term Rent Rate").