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"Commencement Date" means the date the Developer obtains <br />a Certificate of Occupancy for the residential portion of the <br />Project. <br />"Gross Rent" means the rent due from a tenant to the <br />Developer under a lease of the Retail Space in which the <br />landlord is responsible for the payment of real estate taxes. <br />insurance premiums and customary operating costs other than <br />separately metered utilities. <br />"Gross Rent Equivalent" means the sum of the rent a tenant is <br />obligated to pay to the Developer plus any Additional Rent <br />that a tenant is obligated to pay. under a lease with the <br />Developer for the Retail Space in which the tenant is <br />responsible for the payment of Additional Rent. <br />"Retail Space" means the approximately 3,000 square foot <br />retail space located on the first floor of the Project. <br />"Retail Space Area" means the lesser of (a) the actual rentable <br />square foot area of the commercial space or: (b) 3.300 square <br />feet. <br />"Termination Date" means the day this Agreement terminates <br />pursuant to Section 4. <br />4. Term. This Agreement is effective when it has been executed by both the <br />HRA and the Developer. This Agreement terminates upon the earlier of: (a) the day <br />immediately preceding the fourth anniversary of the Commencement Date: (b) the date the <br />Developer leases the Retail Space for a term that extends beyond the day immediately <br />preceding the fourth anniversary of the Commencement Date; provided that the average <br />Gross Rent or Gross Rent Equivalent during the period between the first anniversary of <br />the Commencement Date and the Termination Date is $16.00 per square foot or more: or <br />(c) the date the Developer conveys the Project to a third party. The provisions of Section 6 <br />survive the termination of this Agreement. <br />5. The Developer's Obligation to Rent the Retail Space. Developer must use <br />commercially reasonable efforts to lease the Retail Space to unrelated third parties. <br />6. The HRA's Obligation to Pay Rent Shortfalls. Within sixty (60) days <br />following the Termination Date, the Developer must provide the HRA with the Developer's <br />calculation of the difference between: <br />2695614v62 <br />X12/220/10 <br />6.1 The product of (a) the Retail Space Area: and (b) $48: and <br />6.2 The sum of all Gross Rents and Gross Rent Equivalent that all <br />tenants of the Retail Space are obligated to pay under the terms of all prior and <br />existing leases of the Retail Space for the period between the first anniversary of the <br />B -2 <br />