Mitigation Costs means any and all costs incurred by Tenant, in good faith, in effecting an Existing Lease Reduction Event, including, for example and without limitation, a termination fee paid to the Existing Landlord as consideration for the Existing Landlords agreement to terminate the term of the Existing Lease prior to the last day of the Abatement Period, or any and all costs incurred by Tenant in effecting a Transfer with respect to the Existing Lease, e.g. brokerage, legal fees, free rent and other subtenant/assignee incentives, and construction and design costs in connection with such Transfer. It is agreed that, for purposes of calculating the Net Reduction in Existing Lease Rent, all Mitigation costs shall be deemed amortized over: # in the case of an abatement of rent payable under the Existing Lease, during the period of such abatement: # in the case of a termination of the Existing Lease, from the effective date of such termination through November 30, 2022; # in the case of a sublease, during the term thereof; and # in the case of an assignment or Transfer, from the effective date the assignment or Transfer through November 30, 2022.
Notwithstanding anything in the above Section 4 to the contrary, applicable monthly Base Rent only for the Expansion Premises shall be abated for the months of August, 2014 and August, 2015 (the Expansion Space Rent Abatement Period); provided, however, all other payments required to be paid by Tenant to Landlord pursuant to the Lease for the Premises and the Expansion Space shall remain due and payable during the Expansion Space Rent Abatement Period. If at any time during the initial Term Landlord terminates this Lease as a result of an Event of Default of a monetary nature hereunder, the abatement of Base Rent for the Expansion Space provided for herein shall immediately become void, and Tenant shall promptly pay to Landlord, in addition to all other amounts due to Landlord under the Lease, the full amount of all Base Rent for the Expansion Space herein abated, multiplied by a fraction, the numerator of which is the number of full calendar months remaining in the Term for the Expansion Space as of the date Landlord terminates this Lease as a result of an Event of Default of a monetary nature and the denominator of which is 57.
In the event that, # for any reason (including, without limitation, any abatement of rent or the termination of the Existing Lease for any reason), the amount of fixed and additional rent payable by Tenant to the Existing Landlord (Existing Lease Rent) is reduced with respect to the Abatement Period, as hereinafter defined, or # Tenant receives payments from any subtenant of the Existing Premises with respect to the Abatement Period or receives the benefit of payments of rent by any assignee or transferee of Tenants interest in the Existing Lease with respect to the Abatement Period (any amount reduced or received in accordance with (i) or (ii), being hereinafter referred to as a Savings Amount, and any event described in (i) or (ii), being hereinafter referred to as an Existing Lease Reduction Event), then Tenant shall pay to Landlord, as additional rent, an amount (the Savings Payment) equal to seventy five percent (75%) of the Net Reduction in Existing Lease Rent, as hereinafter defined, payable by Tenant pursuant to the Existing Lease with respect to the Abatement Period. Tenant shall pay to Landlord any amount of Savings Payments as follows: # in the case of an abatement of rent payable or a termination of the Existing Lease, on or before the date that each installment of rent would have become due under the Existing Lease but for such abatement of rent or termination; # in the case of a sublease, fifteen (15) business days after each date that Tenant receives any installment of monthly sublease rent payment from a sublessee, (and, if there are any payment(s) received by Tenant under or in connection with the sublease other than a monthly payment which are attributable to occupancy of the Existing Premises, such payment(s) shall be included in the Savings Payment as if payable in equal monthly installments over the term of such sublease); and # in the case of an assignment or Transfer, fifteen (15) business days after the date that each installment of rent is scheduled to become due pursuant to the Existing Lease (and, if there are any additional payment(s) received by Tenant by a Transferee or assignee on account of the Transfer or assignment which are attributable to occupancy of the Existing Premises, such payments shall be included in the Savings Payment as if paid in equal monthly installments over the period of time beginning on the date of such assignees occupancy of the Existing Premises and ending on the last day of the term of the Existing Lease). Tenant shall advise Landlord if Tenant becomes aware of any Existing Lease Reduction Event. After the occurrence of any Existing Lease Reduction Event, Tenant shall with reasonable promptness (and subject to reasonable restrictions imposed by applicable confidentiality requirements) provide copies of the agreements and documentation effecting such Existing Lease Reduction Event, reasonable evidence of any Mitigation Costs, and a reasonable accounting so that Landlord can confirm the actual amount of the reduction effected by such Existing Lease Reduction Event.
* The Base Rent for the period commencing on November 1, 2021 and continuing through and including October 31, 2023 is calculated based on 159,891 rentable square feet in the Premises, notwithstanding that Tenant is leasing the entire Premises (consisting of 234,892 rentable square feet (such amount of Base Rent that Tenant is not obligated to pay due to such reduced rentable square footage calculation is the "Partial Base Rent Abatement")); provided, however, that Tenant shall pay Tenant's Share of Operating Expenses and Tax Expenses and all other Additional Rent based on 234,892 rentable square feet in the Premises for the entire Lease Term, as amended, and provided further, however, the amortized portion of the Partial Base Rent Abatement shall be repaid by Tenant to Landlord
circumstances as set forth in items (i), (ii) or (iii), above, to be known as an “Abatement Event”), then shall give notice of such Abatement Event, and if such Abatement Event continues for five (5) consecutive business days after ’s receipt of any such notice (the “Eligibility Period”), then the Base Rent and ’s Share of Direct Expenses shall be abated or reduced, as the case may be, after expiration of the Eligibility Period for such time that continues to be so prevented from using, and does not use, the Premises or a portion thereof, in the proportion that the rentable area of the portion of the Premises that is prevented from using, and does not use, bears to the total rentable area of the Premises; provided, however, in the event that is prevented from using, and does not use, a portion of the Premises for a period of time in excess of the Eligibility Period and the remaining portion of the Premises is not sufficient to allow to effectively conduct its business therein, and if does not conduct its business from such remaining portion, then for such time after expiration of the Eligibility Period during which is so prevented from effectively conducting its business therein, the Base Rent and ’s Share of Direct Expenses for the entire Premises shall be abated for such time as continues to be so prevented from using, and does not use, the Premises. If, however, reoccupies any portion of the Premises during such period (except for the maintenance of a skeleton crew as provided above), the Rent allocable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the total rentable area of the Premises, shall be payable by from the date reoccupies such portion of the Premises. To the extent an Abatement Event is caused by an event covered by Articles 11 or 13 of this Lease, then ’s right to abate rent shall be governed by the terms of such Article 11 or 13, as applicable, and the Eligibility Period shall not be applicable thereto. Such right to abate Base Rent and ’s Share of Direct Expenses shall be ’s sole and exclusive monetary remedy for rent abatement at law or in equity for an Abatement Event. Except as provided in this Section 19.5.2, or in Articles 11 or 13, nothing contained herein shall be interpreted to mean that is excused from paying Rent due hereunder.
Notwithstanding the provisions of [Section 14.5(a)] above, if # an interruption or curtailment, suspension or stoppage of an Essential Service (as said term is hereinafter defined) shall occur, except if any of the same is due to any act or neglect of Tenant or any Agent, or is an event which is covered by the provisions of Article XVII or Article XVIII of this Lease (any such interruption of an Essential Service being hereinafter referred to as a Service Interruption), and # as a result of such Service Interruption, the Premises becomes untenantable so that for the Abatement Eligibility Period (as hereinafter defined) Tenant is unable to and does not in fact conduct its business in the affected portion of the Premises during the entirety of the Abatement Eligibility Period by reason of such untenantability, then there shall be an abatement of one days Rent and additional rent for each day during which such Service Interruption continues after the Abatement Eligibility Period until such date that the Premises or the affected portion thereof shall be rendered tenantable (or such earlier date, if any, as Tenant shall reoccupy the Premises or the affected portion thereof for the conduct of its business); provided, however, that if any part of the Premises is reasonably useable for Tenants normal business operations or if Tenant conducts all or any part of its operations in any portion of the Premises notwithstanding such Service Interruption, then the amount of each daily abatement of Rent and additional rent shall only be proportionate to the nature and extent of the interruption of Tenants normal operations or ability to use the Premises. For the purposes hereof, the Abatement Eligibility Period shall be defined as thirty (30) consecutive business days after Landlords receipt of written notice from Tenant of the Service Interruption causing untenantability in the Premises, unless such Service Interruption is within the reasonable control of Landlord to remedy (and Landlord is not impeded by reason of any force majeure event) or such Service Interruption was caused by Landlords willful misconduct, in which case the Abatement Eligibility Period shall be five (5) consecutive Business Days after Landlords receipt of such notice. For purposes hereof, the term Essential Services shall mean the following services in accordance with Landlords obligations under this Lease: passenger elevator service, water and sewer service, HVAC, electricity and telecommunications services. The remedies set forth in this [Section 14.5(b)] shall be Tenants sole remedy on account of a Service Interruption and this [Section 14.5(b)] shall not apply in the event of untenantability caused by fire or other casualty or taking (which shall be subject to the terms and conditions of Article XVII or Article XVIII below, as applicable). A Service Interruption will not be deemed to have occurred if Tenant introduces into the Premises personnel or equipment which overloads the capacity of the Building systems or in any other way interferes with any building systems ability to perform its proper functions, including, without limitation, Tenants design, layout or occupancy level of the Premises in a manner which inhibits the HVAC systems ability to perform properly in the manner designed.
All Parties agree that for additional payments to Holder 2 of $25,000 in principal, redemption penalty, and accrued interest combined on or before May 30, 2022, an additional thirty (30) day extension of the abatement on the same terms above will be granted with respect to the Notes, with the conversion features resuming no sooner than June 30, 2022.
the Rent payable on the last day of the Contractual Term of the Previous Lease (being the lease dated made between Moorfields Eye Hospital NHS Foundation Trust # and Meiragtx Limited # and Kadmon Corporation LLC (3)) (or which would then be payable but for any abatement or suspension of the Rent or restriction on the right to collect it) or, if greater;
any refund, rebate, abatement or other recovery for Taxes, other than a Tax with respect to which Real Industry has filed or will file a Tax Return on a combined, consolidated or unitary basis with any Seller, together with any interest due thereon or penalty rebate therefrom, for any taxable period (or portion thereof) ending on or prior to the Closing Date;
[[Organization A:Organization]]s Interference with [[Organization B:Organization]]. In performing any repairs, replacements, alterations, or other work performed on or around the Premises, [[Organization A:Organization]] shall not cause unreasonable interference with the use of the Premises by [[Organization B:Organization]]. [[Organization B:Organization]] has no right to an abatement of Rent nor any claim against [[Organization A:Organization]] for any inconvenience or disturbance resulting from [[Organization A:Organization]]s activities performed in conformance with the requirement of this Section.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.