Pre-Commencement Date Maximum Liability Clause Samples

Pre-Commencement Date Maximum Liability. Notwithstanding anything to the contrary set forth in this Lease: A. In no event for events arising prior to the Commencement Date shall Tenant be responsible to pay Landlord a sum representing more than 89.95% (“MGT”) of the then-incurred cost for the Landlord’s Work and Structural Improvements that are properly capitalizable under US GAAP incurred as of such date (after having reduced such costs for any Force Majeure Costs) minus the sum of: (i) any payments previously paid by Tenant in connection with Landlord’s Work and/or Structural Improvements which have been future valued at Tenant’s incremental borrowing rate used to classify the Lease to such point in time, and (ii) the present value of any future payments made by Tenant in connection with Landlord’s Work and/or Structural Improvements discounted at Tenant’s incremental borrowing rate used to classify this Lease that Tenant is obligated to make, but in each case excluding payments that are not required to be included in the calculation of Tenant’s maximum guaranty amount. B. If at any time, a calculation of the MGT would or could put Tenant in a position where the sums exceed 89.95% of the then-incurred GAAP capitalized construction costs, the obligations of Tenant will be automatically deferred to the last day of the first succeeding month in which the calculation falls conclusively below 89.95% or the day following the Commencement Date, if sooner. This provision is intended as a failsafe clause and must not be interpreted as an obligation to pay more prior to the Commencement Date under any circumstances. C. In no event and at no time prior to the Commencement Date shall Tenant be responsible to pay Landlord or any Landlord supplier or other party, any cost of Landlord’s Work or Structural Improvements. The foregoing shall not apply to Non-Structural Tenant Improvements that constitute normal tenant improvements as defined in GAAP. For this purpose, Non-Structural Tenant Improvements shall exclude the cost of Landlord’s Work and Structural Improvements, even though same may be unique to Tenant’s purpose, and equipment that would be a necessary improvement for any tenant (for example, such items set forth in Exhibit “C”). D. ▇▇▇▇▇ to the Commencement Date, Tenant shall indemnify and hold harmless Landlord, as the owner-lessor, from losses derived from the following causes: a. Third party damage claims caused by the actions or failures to act of Tenant and/or its agents (other than claims arisin...
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Related to Pre-Commencement Date Maximum Liability

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