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Abatement
Abatement contract clause examples
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No Setoff, Etc. The obligations of the Borrower to pay the principal balance and interest due to the Holder shall be absolute and unconditional and the Borrower shall make such payment without abatement, diminution or deduction regardless of any cause or circumstances whatsoever including, without limitation, any defense, setoff, recoupment, or counterclaim which the Borrower may have or assert against the Holder or any other person.

Lessor reserves and shall at all times have the right to re-enter the Real Property to inspect the same, to supply any service to be provided by Lessor to Lessee hereunder, and to show the Real Property to prospective purchasers, mortgagees, or lessees, to post notices of non- responsibility, without abatement of rent, provided entrance to the Real Property shall not be denied Lessee.

as set forth in the schedule above (the "Partial Base Rent Abatement Amortization"). Tenant agrees to use commercially reasonable efforts to commence construction of Phase 2 (as defined in the Second Amendment) by June 30, 2024 and to cause substantial completion of construction of Phase 2 on or before December 31, 2024, as evidenced by a certificate of substantial completion signed by the Architect (as that term is defined in the Work Letter). In the event construction of the Phase 2 is not complete (as evidenced per the prior sentence) by December 31, 2024 (the "Construction Deadline Date"), then Landlord may elect, in its sole and absolute discretion, that the entirety of the amount of any Partial Base Rent Abatement that has not then been repaid by Tenant on an amortized basis pursuant to the schedule above as of the Construction Deadline Date (i.e., a total of $3,856,755.64) shall become immediately due and payable as Additional Rent.

Environmental Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive, by any Governmental Authority or any other Person, arising # pursuant to or in connection with any actual or alleged violation of any Environmental Law, # in connection with any Environmental Liability, or # in connection with any actual or alleged damage, injury, threat or harm to natural resources or the environment.

To promptly comply with, execute and fulfill all governmental statutes, ordinances and regulations applicable to the Partnership in connection with the Business, including without limitation, all orders and requirements imposed by the Board of Health, sanitation, fire and police departments including without exception those for the correction, prevention and abatement of nuisances in or upon or connected with the business premises of the Business, as an expense of the Business.

Tenant shall accept the Extension Premises in their “as is” condition at the commencement of the Extension Term, Landlord shall not be required to perform any work, to pay any work allowance or any other amount or to render any services to make the Extension Premises ready for Tenant’s use and occupancy or to provide any abatement of Annual Fixed Rent or additional rent, in each case with respect to the Extension Term,

Notwithstanding anything to the contrary contain herein, so long as Tenant is not in Default under this Lease, for the period commencing on the Commencement Date through the last day of the 30th full month after the Commencement Date (the “Partial Abatement Period”), Tenant shall only be required to pay Base Rent with respect to 11,000 rentable square feet of the Premises. Commencing on the first day of the 31st full month after the Commencement Date, Tenant shall commence paying Base Rent with respect to the entire Premises.

For the Third (3rd) year of the Term, commencing January 1st, 2025 and terminating on August 31st, 2025, a Base Rent at the rate of twenty-five Dollars and seventy-five Cents ($25.75) per square foot for room #2238 per annum, being a sum of two hundred and fourteen Dollars and fifty-eight Cents ($214.58) per month, plus applicable taxes in accordance with [Section 3.7] herein, payable in advance, without deduction or abatement, by way of equal and consecutive monthly instalments on the first day of each month;

Environmental Law” means any current or future Legal Requirement pertaining to # the protection of health, safety and the indoor or outdoor environment, # the conservation, management, protection or use of natural resources and wildlife, # the protection or use of surface water or groundwater, # the management, manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, Release, threatened Release, abatement, removal, investigation, remediation or handling of, or exposure to, any Hazardous Material or # pollution (including any Release to air, land, surface water or groundwater), and any amendment, rule, regulation, order or directive issued thereunder.

Base Rent is subject to an annual upward adjustment of three percent (3%) of the then-current Base Rent, with the first such adjustment becoming effective commencing on the first (1st) annual anniversary of the Term Commencement Date, and subsequent adjustments becoming effective on every successive annual anniversary of the Term Commencement Date during the Term. The foregoing table reflects such annual upward adjustments of the Base Rent. Base Rent is also subject to adjustment arising from any disbursement of the Additional TI Allowance as set forth in Section 4.4 below and subject to abatement in accordance with Article 8 below.

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