Rent Abatement Amount definition

Rent Abatement Amount refers to the amount of Rent that Tenant is not required to pay for the Expansion Premises during the Rent Abatement Period. The Rent Abatement Amount is subject to the following: The parties agree to work cooperatively and in good faith to apply for and obtain a loan to Landlord and/or a tax increment incentive from the Redevelopment Agency of Salt Lake City in an amount equal to or greater than the Rent Abatement Amount (the “City Incentive”) upon terms that are otherwise reasonably acceptable to Landlord (and Tenant to the extent Tenant is a party to, or has obligations under, any agreement for the City Incentive). If the total amount of the City Incentive is less than the Rent Abatement Amount, the Rent Abatement Amount shall be reduced to match the total amount of the City Incentive. For the avoidance of doubt, the Rent Abatement Amount shall not be increased even if the City Incentive is increased. 6.
View Source
Rent Abatement Amount means the sum of the aggregate value of all unpaid Base Rent which was abated by Landlord during the period between the Commencement Date and the Rent Commencement Date based on the amount of Base Rent payable by Tenant as of the Rent Commencement Date. The amortization of the Lease Costs shall be effected as though the total of such costs was the principal amount of a promissory note, bearing interest at the rate of eight percent (8%) per annum, where the principal (and all interest thereon) shall be repaid (commencing on the Commencement Date) in equal monthly installments of principal and interest in such amount as to cause the principal balance to be reduced to zero as of the last day of the sixty-third (63rd) full calendar month of the Lease Term. Tenant shall pay to Landlord the Termination Payment simultaneously with Tenant’s delivery of the Termination Notice. The Termination Payment shall be in addition to, and not in lieu of, the payments of Base Rent, Additional Rent and other charges accruing hereunder through the Termination Date. The Termination Option may not be exercised by any sublessee of all or any portion of the Premises. Time shall be of the essence with respect to Tenant’s delivery to Landlord of the Termination Notice and the Termination Payment. In the event Tenant fails to deliver the Termination Notice or fails to pay the Termination Payment within the time period set forth above, then, at Landlord’s sole option, the Termination Notice may be deemed void and of no further force or effect, and the Lease shall continue in full force and effect.
View Source

Examples of Rent Abatement Amount in a sentence

  • If the total amount of the City Incentive is less than the Rent Abatement Amount, the Rent Abatement Amount shall be reduced to match the total amount of the City Incentive.

  • The Rent Abatement Amount is subject to the following: The parties agree to work cooperatively and in good faith to apply for and obtain a loan to Landlord and/or a tax increment incentive from the Redevelopment Agency of Salt Lake City in an amount equal to or greater than the Rent Abatement Amount (the “City Incentive”) upon terms that are otherwise reasonably acceptable to Landlord (and Tenant to the extent Tenant is a party to, or has obligations under, any agreement for the City Incentive).

  • For the avoidance of doubt, the Rent Abatement Amount shall not be increased even if the City Incentive is increased.

  • Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period.

  • Accordingly, if this Lease terminates due to a Tenant default under this Lease, then Tenant shall be obligated to pay to Landlord (in addition to Landlord’s other remedies) the unamortized amount (amortized straight-line basis over the initial Lease Term) of the Monthly Base Rent Abatement Amount that was abated through the date of termination.

  • For purposes of example, if this Lease is terminated due to a Tenant default after the end of the fortieth (40th) month of the Term, then Tenant would be obligated to repay (86-40)/86 of the entire Monthly Base Rent Abatement Amount.

  • Notwithstanding the different monetary amount of one (1) full calendar month at the end of the Lease Term from the monetary amount of one (1) full calendar month at the beginning of the Lease Term, the value of any full month of Base Rent Abatement Amount, whether accelerated by Landlord or by Tenant, shall be equal to one (1) full month of Base Rent at the time it is applied.

  • Further, in no event shall Landlord, pursuant to the terms of this Section 3.2.1, provide an aggregate amount in excess of the Total Initial Premises Rent Abatement Amount for application to monthly Base Rent due for the Initial Premises and for payment of the Over-Allowance Amount associated with the Initial Premises.

  • The Company is not a party to, nor is it bound by, any collective bargaining agreement, contract, or other agreement or understanding with a labor union or labor organization, nor is the Company the subject of any proceeding asserting that it has committed an unfair labor practice or seeking to compel it to bargain with any labor organization as to wages and conditions of employment, nor is there any strike, other labor dispute or organizational effort involving the Company pending or threatened.

  • Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowance.