Rent Letter definition
Examples of Rent Letter in a sentence
The Supplemental Rent Letter of Credit may be drawn solely for the purposes set forth in this Clause 5.1.5.
Subtenant shall be obligated, however, to pay only the Rent, Letter of Credit and Security Deposit provided for in this Sublease and not the amounts of rent, rental escalations and security deposit, if any, provided to be paid by Sublandlord under the ▇▇▇▇▇▇▇▇▇.
In lieu of making or in substitution of the Ground Rent Deposit required pursuant to this Section 3.1(d), Borrower may deliver to Lender as additional security for the Debt an unconditional Letter of Credit in an amount equal to the Ground Rent Deposit (the "Ground Rent Letter of Credit").
Tenant shall transfer with each Rent Letter any interim amounts of Annual Rent and Additional Rent to be paid to Landlord, which amounts shall be a reasonable estimate of the portions of Annual Rent and Additional Rent allocable to such Accounting Period.
The Supplemental Rent Letter of Credit shall be irrevocable, and shall be in form and substance reasonably acceptable to Lessor.
The Supplemental Rent Letter of Credit shall be increased on the dates and in the amounts specified in the definition of Supplemental Rent Letter of Credit Amount.
The rental payable under each of the Lease Agreements is determined following arm’s length negotiation between each of the Lessors and Garden Lane Hotel with reference to the prevailing market rent for comparable properties in a similar location to each of the Leased Properties and the opinion as to prevailing market rent contained in the Market Rent Letter.
From and after the Extension Date, the amount available to be drawn upon under the Rent Letter of Credit and each successor or replacement Rent Letter of Credit shall be in an amount not less than $23,499,190.49 (this requirement shall remain throughout the Lease Term notwithstanding anything to the contrary set forth in the Lease, including, without limitation, Section 21.01 (e) and (f) and Section 21.02 thereof).
In the event Tenant elects such deferral of Monthly Base Rent as provided for above, Tenant shall deliver to Landlord, on or before the Commencement Date and on or before the first day of each quarterly (3-month) period thereafter during the Monthly Base Rent Deferral Period, a Letter of Credit as security for the payment of the Deferred Rent Loan (each such Letter of Credit being referred to as a “Deferred Rent Letter of Credit”).
In the event of any conflict between the terms contained in this Amendment and the Existing Lease or the FMV Rent Letter, the terms herein contained shall supersede and control the obligations and liabilities of the parties.