Rent Floor definition
Examples of Rent Floor in a sentence
Additionally, the Extension Rent Floor concept shall not be applicable to the ROFO Space (except during the determinations of Annual Base Rent for the Second Extension Period), but instead Annual Base Rent for such ROFO Space during and up to the First Extension Termination Date shall not be less than Annual Base Rent per rentable square foot for the highest rent for other Leased Premises space under this Lease during such time.
Lessee may deliver to Lessor under Section 35.B a notice conditionally exercising the option to extend, subject to Lessor's agreement to either waive the Rent Floor or to reduce the floor below the amount specified under Section 35.B. If Lessee timely delivers such a notice ("Conditional Exercise Notice"), Lessor may notify Lessee within thirty (30) days after receipt thereof that Lessor waives such Rent Floor or agrees to accept a reduced Rent Floor as set forth in the Conditional Exercise Notice.
As used in this section, "Rent Floor" means the requirement under Section 35.B above that the minimum rent for the extended term be no less than the minimum rent in the immediate preceding period.
If Tenant is entitled to and properly exercises the Expansion Option, Landlord shall prepare an amendment (the "Expansion Amendment") to reflect the commencement date of the term for the Expansion Space and the changes in Basic Rent, Floor Area of Premises, Tenant's proportionate share and other appropriate terms.
The initial Base Rent, Floor and Average EBITDA Thresholds shall be increased, in the manner provided for herein, on March 1, 2009 and every five (5) years thereafter during the term of the Lease.
In no event, however, shall the Base Rent payable during the Option Term be less than the Base Rent Floor.
In no event may any appraiser determine fair market rent to be less than the Basic Annual Rent Floor.
However, in such case, Lessor shall not, prior to the expiration of the Lease term, enter into any lease or option to lease of all or any part of the Premises with a third party for less than the Rent Floor unless Lessor first delivers to Lessee a notice ("Refusal Notice") setting forth all relevant terms and conditions of the proposed lease or option to lease.
As used herein, "Rent Floor" means the Base Rent payable by Tenant (for all of the Premises then leased hereunder), as calculated on an average basis per rentable square foot of the Premises, for the full calendar month immediately preceding the calendar month in which the First Offer Increment is added to the Premises (without giving effect to any temporary rent abatements then in effect).
If Lessor timely gives the notice described in the preceding sentence, Lessee's Conditional Exercise Notice shall become an unconditional exercise of the option to extend, and the extended term rent shall be established as provided in Section 35.B, except that there shall be no Rent Floor or the Rent Floor shall reduced as provided in the Conditional Exercise Notice.