Minimum Rent definition

Minimum Rent means the sum of Sixty-Six Million One Hundred Seventy-Six Thousand Five Hundred and Twenty-Six Dollars ($66,176,526) per annum; subject, in each case, to adjustment as provided in Section 3.1.1(b).

Minimum Rent set forth in Section 1.66 of the Lease is deleted in its entirety and replaced with the following:

Minimum Rent means [Fifty Million Six Hundred Seventeen Thousand Two Hundred Eleven and 00/100ths Dollars ($50,617,211.00)], subject to adjustment as provided in Section 3.1.1(b).

Examples of Minimum Rent in a sentence

• The amount due shall be deemed to be the greater of: (a) the Minimum Rent provided herein, or (b) an amount based upon the average of the payments that have accrued to State as percentage rent during the twenty-four (24) months preceding the termination or cessation of business, unless the termination or cessation occurs within three (3) years of the beginning of the Contract term, in which event the previous twelve (12) (or fewer, if applicable) months shall be used as the basis of this average.

• During such temporary tenancy, the Minimum Rent shall be increased by Consumer Price Index adjustments required by this Contract in accordance with Section 4, Rent, unless otherwise agreed to in writing by State.

• Exceptions to Minimum Rent When a family requests a minimum rent hardship exemption, application of the minimum rent will be suspended beginning the month following the family’s hardship request.

• Further, in the event Concessionaire is prevented from carrying on the operations contemplated herein by reason of an Act of Nature or other reasons beyond Concessionaire's control, and when requested in writing in advance by Concessionaire, Minimum Rent may be abated in proportion to the amount by which gross receipts are reduced by the occurrence for such period of reduced or non- operation, as determined in the sole discretion of State.

• Upon any such request for a hardship exemption, Management will immediately suspend the Minimum Rent requirement and begin an examination of the Household’s circumstances.

More Definitions of Minimum Rent

Minimum Rent. As defined in Article III.

Minimum Rent means, with respect to each Accounting Period, the sum set forth on Exhibit "A-1", subject to adjustment pursuant to the terms of this Agreement.

Minimum Rent means annual rent as set forth in Section 3.2, subject to prorations and adjustments as set forth in Section 3.2.

Minimum Rent has the meaning set forth in Section 2.1(a).

Minimum Rent means the base rental for the Premises set forth in subparagraph 4 below.

Minimum Rent set forth in Section 1.69 of the Consolidated Lease is hereby amended by deleting the existing definition and replacing it with the following definition:

Minimum Rent means the rent payable by the Tenant under Section 4.2.