Tenant’s ASC definition

Tenant’s ASC means the amount equal to the product of the annual Fixed Rent per RSF payable by Tenant under this Lease for each calendar year during the Term subsequent to the calendar year in which Delivery of Possession occurs (anticipated to be 2017) multiplied by the PILOT Rate pursuant to the Agreement for the year in question. For such period of time during the Term in which the Agreement is not in effect, if the Taxes for the Real Property for any calendar year or partial calendar year, during the Term are greater than the Taxes for the year subsequent to the calendar year in which Delivery of Possession occurs (anticipated to be 2017 Taxes) (adjusted proportionately for periods less than a calendar year), then Tenant will pay to Landlord as Additional Rent, Tenant’s Share of all such excess Taxes. Notwithstanding the foregoing or anything to the contrary in this Lease, Tenant shall not be responsible for any increase in Taxes solely due to a future sale or transfer of the Premises or the Building. As more particularly set forth in Section 4,2, Base Operating Expenses are fixed at $10.00 per RSF and Tenant will not be obligated to pay for increases in Operating Expenses during the 12 calendar month period following the First Phase Rent Commencement Date.
Sample 1Sample 2
Tenant’s ASC means the amount equal to the product of the annual Fixed Rent and Storage Space Rent payable by Tenant under this Lease for each calendar year during the Term subsequent to calendar year 2016 multiplied by the PILOT Rate pursuant to the Agreement for the year in question. By way of example and not of limitation, if the PILOT Rate is 10.25% and Tenant pays to Landlord $654,825.00 [26,193 RSF x $25.00 per RSF] in Fixed Rent and $6,000.00 [400 RSF x $15.00 per RSF] in Storage Space Rent for calendar year 2020, Tenant’s ASC would be $67,734.56 [$660,825.00 (654,825.00 + $6,000.00) x 10.25%] and Tenant’s portion of Taxes due and payable to Landlord, as Additional Rent, for calendar year 2020 would be $4,027.17 [$67,734.56 - $63,707.39]. For such period of time during the Term in which the Agreement is not in effect, if the Taxes for the Real Property for any calendar year or partial calendar year, during the Term are greater than the calendar year 2016 Taxes (adjusted proportionately for periods less than a calendar year), then Tenant will pay to Landlord as Additional Rent, Tenant’s Share of all such excess Taxes.
Sample 1

Related to Tenant’s ASC

  • Tenant’s Work means all improvements, alterations, fixture, equipment, and signage installation, and furniture placement necessary or appropriate for the conduct of the Permitted Use, including all work described as Tenant’s Work on Exhibit D, attached (the “Work Letter”).

  • this Tenant Work Letter means the relevant portion of Sections 1 through 6 of this Tenant Work Letter.

  • Tenant Work All work installed or furnished to the Premises by Tenant in connection with Tenant’s initial occupancy pursuant to Rider 2 and the Workletter.

  • Landlord Work means the work, if any, that Landlord is obligated to perform in the Premises pursuant to a separate agreement (the “Work Letter”), if any, attached to this Lease as Exhibit C.

  • Tenants means the tenants under the Leases.

  • Tenant Improvements Defined in Exhibit B, if any.

  • Tenant means any Person leasing, subleasing or otherwise occupying any portion of the Property under a Lease or other occupancy agreement.

  • Subleased Premises means approximately -18;961 rentable square feet on the 141h floor of the Building, as more specifically depicted on Exhibit A attached hereto and made a part hereof. The Subleased Premises include all of the Leased Premises identified in the Prime Lease.

  • Landlord’s Work means the work of constructing the Tenant Improvements.

  • Leased Premises means the Leased Premises as defined in Paragraph 1.

  • Demised Premises or “Premises” (and whether or not capitalized) is used herein, it shall be understood to mean the “premises leased hereby”; and whenever the term “Entire Premises” is used herein (and whether or not capitalized), it shall be understood to mean all of the contiguous land and buildings owned by Landlord at this location, which include the premises leased hereby. The term “Non-leased Premises” shall mean the Entire Premises less the Leased Premises.

  • Renewal Rent for the Aircraft means the rent payable therefor in respect of a Renewal Lease Term determined pursuant to Section 17.2.2 of the Lease.

  • Tenant Improvement Work means the construction of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements.

  • Lessees SIGNATURE: DATE: PRINT NAME: LESSOR’S SIGNATURE: DATE: PRINT NAME: LESSOR’S ACKNOWLEDGMENT OF NOTARY PUBLIC STATE OF County, ss. On this day of , 20 , before me appeared , as LESSOR of this Commercial Lease Agreement who proved to me through government issued photo identification to be the above-named person, in my presence executed foregoing instrument and acknowledged that they executed the same as their free act and deed. Notary Public My commission expires: LESSEE’S ACKNOWLEDGMENT OF NOTARY PUBLIC STATE OF County, ss. On this day of , 20 , before me appeared , as LESSEE of this Commercial Lease Agreement who proved to me through government issued photo identification to be the above-named person, in my presence executed foregoing instrument and acknowledged that they executed the same as their free act and deed. Notary Public

  • Lessee means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessee.

  • Rent as used in this Section 21 shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 21(c)(ii)(A) and (B), above, the “worth at the time of award” shall be computed by allowing interest at the Default Rate. As used in Section 21(c)(ii)(C) above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

  • Heritage Building means a Building designated under Part IV of the Ontario Heritage Act, R.S.O. 1990, c. O.18, or any successor legislation, or a Building designated under Part V of the Ontario Heritage Act,R.S.O. 1990, c. O.18, or any successor legislation, which has been identified as a significant heritage resource in a conservation district plan and any Building listed in the Markham Register of Property of Cultural Heritage Value of Interest;

  • the Premises means the building or part of the building booked and referred to in the contract

  • this Lease means the relevant portion of Articles 1 through 29 of this Office Lease to which this Tenant Work Letter is attached as EXHIBIT B and of which this Tenant Work Letter forms a part, and all references in this Tenant Work Letter to sections of "this Tenant Work Letter" shall mean the relevant portion of Sections 1 through 7 of this Tenant Work Letter.

  • Lease Term means the term of this Lease which shall commence on the Commencement Date and continue for the period specified in Section J of the Summary.

  • the Tenant means the party(ies) named on the tenancy agreement as the tenant of The Property.

  • Base Building shall include the structural portions of the Building, the public restrooms and the Building mechanical, electrical and plumbing systems and equipment located in the internal core of the Building on the floor or floors on which the Premises are located. Tenant shall promptly provide Landlord with copies of any notices it receives regarding an alleged violation of Law. Tenant shall comply with the rules and regulations of the Building attached as Exhibit E and such other reasonable rules and regulations adopted by Landlord from time to time, including rules and regulations for the performance of Alterations (defined in Section 9).

  • Base Building Work means the base building work for the Building as described in this Manual.

  • Alterations means all changes, additions, improvements or repairs to, all alterations, reconstructions, renewals, replacements or removals of and all substitutions or replacements for any of the Improvements or Equipment, both interior and exterior, structural and non-structural, and ordinary and extraordinary.

  • Initial Rent means [ ] (£[ ]) STERLING yearly (exclusive of any VAT);

  • Basic Rent means Basic Rent as defined in Paragraph 6.