Rent Reductions definition

Rent Reductions. The landlord must reduce the rent if: • the municipal property tax goes down by more than 2.49 per cent, or • the rent was increased above the guideline to pay for repairs or renovations and the costs have been fully paid for (this only applies to tenants who were living in the unit when the above guideline rent increase happened). The tenant can apply to the Landlord and Tenant Board to reduce their rent if: • municipal property taxes or charges on the rental property go down, • the landlord reduced or removed a service without reducing the rent, or • the landlord did not keep a promise they made in an agreement for a rent increase above the guideline.
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Examples of Rent Reductions in a sentence

  • The Base Rent Reductions are made expressly contingent upon the completion of Tenant’s completion of its two facilities in ▇▇▇▇▇▇ ▇▇▇▇ Terminal 1 by December 31, 2024.

  • Subject to Section 4 below, and notwithstanding any prior amendments of the Lease, commencing on the first day of Lease Year 5 (January 1, 2024) and ending the last day of Lease Year 7 (December 31, 2026), Base Rent will equal the greater of (i) Percentage Rent in the amount of thirty-six percent (36%) of Gross Revenues and (ii) a Minimum Annual Guarantee of $30,000,000.00 (as adjusted annually for Lease Years 6 and 7 as specified in Article 4.3 of the Lease) (collectively, the Base Rent Reductions).

  • In the event Tenant shall fail to complete such construction by such date, subject to any construction delay caused solely by City, in the sole and absolute discretion of Director, the Base Rent Reductions shall be void and of no further force or effect, and Tenant shall pay to City payments of Base Rent equal to the Original Base Rent Structure retroactive to January 1, 2024, inclusive of any Minimum Annual Guarantee for periods when it would have been applicable under the terms of the Lease.

  • The parties agree to cooperate with one another and execute such lease amendments as are necessary from time to time to evidence the reallocation of the Subject Facility Excess Rent and Base Rent Reductions described above.

  • Conversion from clutter to Individual Metering of Electricity with Direct Payment by Tenant Schedule your Rent Reductions.

  • Upon Sabra’s receipt of the final Buy Out Payment in the sum of Ten Million Dollars ($10,000,000), the annual Base Rent payable under the applicable Master Leases for the Buy-Out Facilities shall be reduced by an additional One Million Eight Hundred Fifty Thousand Dollars ($1,850,000) (collectively with the Interim Base Rent Reductions, the “Total Base Rent Reduction”).

  • Each of the Interim Base Rent Reductions was initially allocated to the following four (4) Master Leases in these amounts: Ohio Master Lease ($2,998); Other Centers Master Lease ($65,462); GE 5 Master Lease ($53,969); and Kentucky Master Lease ($2,571).

  • Each of the Interim Base Rent Reductions shall be allocated to the following four (4) Master Leases in these amounts: Ohio Master Lease ($2,998); Other Master Lease ($65,462); GE 5 Master Lease ($53,969); and Kentucky Master Lease ($2,571).

  • Sub▇▇▇▇: ▇▇▇▇▇▇▇▇▇▇ Debt Restructuring and Rent Reductions To End of Lease Term September 28, 1995 may return the Incremental Aircraft to JSX on a one- for-one basis if CCAIR leases Jetstream 41 aircraft from JSX in the future.

  • Upon the satisfaction of the Additional Rent Credit Contingencies (as defined below), the annual Base Rent payable under the applicable Master Leases for the Buy-Out Facilities shall be reduced by an additional Six Hundred Five Thousand Dollars ($605,000) (collectively with the Interim Base Rent Reductions, the “Total Base Rent Reduction”).