Define: Rent Abatement
Rent Abatement means a pre-agreed temporary suspension or reduction of rent due to specific conditions, without subsequent repayment.
Legal accuracy standard set & glossary spot-checked by Imad Mohammed Nazar , Skadden-trained M&A lawyer, Legal Engineer at GenieAI
Rent Abatement means a pre-agreed temporary suspension or reduction of rent due to specific conditions, without subsequent repayment.
Relevant Circumstances
- Damage to the property from unexpected events such as fire
- Periods of extensive property renovations
- Situations where the tenant may be temporarily unable to secure full use of the property