Rent Default definition
Examples of Rent Default in a sentence
Any amounts paid or recovered in respect of LESSEE liabilities hereunder may be applied to Rent, Default Interest, fees or any other amount due hereunder in such proportions, order and manner as LESSOR determines.
Tenant shall not be entitled to a proration of any Rent Default Payments so paid whether or not Tenant cures the default at any time prior to the last day of the calendar month for which such installments were paid.
Tenant shall further be obligated to make all required Rent Default Payments until the subject default is cured.
The Default Rent Payment may be paid to the tenant in equal monthly installments or rent credits for a period of thirty-six (36) months or the period of time elapsed under this Agreement prior to the Excessive Rent Default provided that interest at the maximum rate allowable for judgments shall accrue until the Default Rent Payment is paid in full.
In the event of an Excessive Rent Default, in addition to any other legal or equitable remedy that the City shall have for such default, the Owner shall be required to pay to the applicable tenant an amount equal to the total rent received from the tenants occupying such Affordable Unit during the three (3) years prior to the discovery of the Excessive Rent Default or for the remaining Term of this Agreement, whichever period is shorter ("Default Rent Payment").
It shall constitute a default for the Owner to charge or accept for any Affordable Unit rent amounts in excess of the Affordable Rent, to fail to rent an Affordable Unit to a Qualifying Household as required by Section 3.3 of this Agreement, or to otherwise rent an Affordable Unit to a tenant that does not qualify as a Qualifying Household ("Excessive Rent Default").
Each of the Lease Indenture Trustee and the Bondholder Trustee covenant with respect to the Lease Indenture, and the Bondholder Trustee covenants with respect to the Fundco Indenture, that it will comply with the terms of such agreement and will not amend or consent to the amendment of such agreement without the prior written consent of the Owner Lessor, the Owner Participant and, so long as no Lease Event of Default (other than a Rent Default Event) has occurred and is continuing, the Facility Lessee.
Additionally, in the event a Recurring Rent Default occurs, Landlord may at its option by notice to Tenant, elect to receive and collect, directly from Subtenant, all rent and any other sums owing and to be owed under the Sublease, as further set forth in Section 4.1, below.
Landlord, by consenting to the Sublease agrees that until the earlier of (a) the occurrence of a default in the performance of Tenant’s obligations under the Lease which remains uncured beyond any applicable notice and cure period, or (b) the occurrence of a Recurring Rent Default (defined below), Tenant may receive, collect and enjoy the rents accruing under the Sublease.
At the time any payment is made hereunder, LESSEE will advise LESSOR in writing of the payment being made by LESSEE and the allocation of such payment to the Security Deposit, Base Rent, Maintenance Rent, Supplemental Rent, Default Interest and any other amounts then payable by LESSEE.