Common use of Annual Base Rent Clause in Contracts

Annual Base Rent. A. Beginning with the Commencement Date and continuing throughout the term of this Lease, Lessee shall pay to Lessor in lawful United States currency, the fixed annual rent described in Paragraph 4 of the Summary (the “Fixed Annual Rent”), payable in the equal monthly installments described in Paragraph 4 of the Summary (the “Base Monthly Rent”), together with any and all sales and use taxes levied upon the use and occupancy of the premises as set forth in Article 4 hereof. Payment shall be in advance on the first day of each month. Lessee’s rent in the first month of the term and the last month of terra shall be pro-rated based on the number of days the Lessee is obligated and bound by this Lease. All rent shall be paid to Lessor without demand, setoff or deduction whatsoever, c/o Simone Structures, J.V., 0000 Xxxx Xxxxxxxxxx Xxxx, #00, Xxxxxxx, Xxxxxxx 00000 or at such other place as lessor shall designate in writing to Lessee. B. In the event that any payment herein provided for by Lessee to Lessor shall become overdue for a period in excess often (10) days, then, at Lessor’s option, a “late charge” of one and one-half percent (1.5%) of such payment as additional rent may be charged. C. The base rent shall be increased to compensate for changes in the cost of living as computed by reference to the Consumer Price Index for all Urban Consumers, U.S. City Average, all items (1982-84 = 100) published by Bureau of Labor Statistics of the U.S. Department of Labor with a minimum of three (3%) percent and a maximum of five (5%) percent. Adjustments to the base rent shall be computed annually commencing on the first (1st) anniversary of the commencement date and on each annual anniversary of the commencement date. The amount of adjustment shall be arrived for succeeding years of the lease term by dividing the most recent CPI by the preceding year’s CPI and multiplying the monthly rent by the result. Because actual CPI figures are not published until sometime after the month for which they are collected and therefore not available at the time an increase should become effected, a CPI figure from two months prior to the increase month shall be used; however, under no circumstances shall the Tenant pay an annual rent of less than the amount of Base Rent paid in the year before. In the event this price index is discontinued or changed in any way, at the election of the Lessor the parties herein shall accept comparable statistics on the Cost of Living as computed and published by an agency of the United States Government or by a responsible financial periodical of recognized authority to be selected by the Lessor.

Annual Base Rent. A. Beginning with the Commencement Date and continuing throughout the term of this Lease, Lessee shall pay to Lessor in lawful Lawful United States currency, the fixed annual rent described in Paragraph 4 of the Summary (the “Fixed Annual Rent”), payable in the equal monthly installments described in Paragraph 4 of the Summary (the “Base Monthly Rent”), together with any and all sales and use taxes taxes, as set forth in Article 4, levied upon the use and occupancy of the premises as set forth in Article 4 hereofpremises. Payment shall be in advance on the first day of each month. Lessee’s rent in the first month of the term and the last month of terra term shall be pro-rated based on the number of days the Lessee is obligated and bound by this Lease. All rent shall be paid to Lessor without demand, setoff or deduction whatsoever, c/o Simone Structuresdo Mitzvah Associates, J.V., 0000 Xxxx Xxxxxxxxxx Xxxx, #00, Xxxxxxx, Xxxxxxx 00000 or at such other place as lessor Lessor shall designate in writing to Lessee. B. In If any installment of Base Rent or Additional Rent is not received within five (5) days after the event that due date thereof (without in any payment herein provided for by Lessee to Lessor shall become overdue for a period in excess often (10) days, then, at way implying Lessor’s option, consent to such late payment) and a “late charge” of one and one-half percent (1.5%) of such payment as additional rent may be charged. C. The base rent shall be increased to compensate for changes in the cost of living as computed by reference to the Consumer Price Index for all Urban Consumers, U.S. City Average, all items (1982-84 = 100) published by Bureau of Labor Statistics of the U.S. Department of Labor with a minimum of subsequent three (3) days after notice from Lessor, Lessee agrees to pay Lessor the Late Charge of ten percent (10%) percent and a maximum of five (5%) percent. Adjustments per installment, in addition to the base rent shall be computed annually commencing on the first (1st) anniversary of the commencement date and on each annual anniversary of the commencement date. The amount of adjustment shall be arrived for succeeding years of the lease term by dividing the most recent CPI by the preceding year’s CPI and multiplying the monthly rent by the result. Because actual CPI figures are not published until sometime after the month for which they are collected and therefore not available at the time an increase should become effected, a CPI figure from two months prior to the increase month shall be used; however, under no circumstances shall the Tenant pay an annual rent of less than the amount said installment of Base Rent paid or Additional Rent, it being understood that the Late Charge shall constitute liquidated damages and such liquidated damages shall be solely for the purpose of reimbursing Lessor for the additional costs and expenses which Lessor presently expects to incur in connection with the handling and processing of late payments of Base Rent and/or Additional Rent. Lessor and Lessee agree that in the year beforeevent of any such late payment by Lessee, the damages resulting to Lessor will be difficult to ascertain precisely, and that the Late Charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages. In addition to the event this price index is discontinued or changed in any wayLate Charge, Lessee agrees to pay Lessor interest, at the election Overdue Rent interest rate of 1 1/2% per month, on any installment of Base Rent or Additional Rent not paid within thirty (30) days after the due date thereof, which interest shall accrue from the due date to the date of payment. Notwithstanding the foregoing, the Late Charge shall not apply to any sum which may have been advanced by Lessor to or for the parties herein benefit of Lessee pursuant to any provision of this Lease, it being understood that such sum shall accept comparable statistics on bear interest, which Lessee agrees to pay Lessor, at the Cost of Living as computed and published by an agency of the United States Government or by a responsible financial periodical of recognized authority to be selected by the Lessor.interest rate specified in such provision

Annual Base Rent. A. Beginning 4.1.1. During the first six (6) Lease Years of the Term, Tenant covenants and agrees to pay unto Landlord, in legal tender of the United States of America, annual base rent (“Annual Base Rent”) in the amount of Four Hundred Eighty Thousand Dollars ($480,000.00) per Lease Year. Annual Base Rent for the initial Lease Year will be paid on November 1, 2006; provided, however, Tenant shall receive credit for all payments made under the Operating Agreement. Thereafter, all payments of Annual Base Rent will be made in advance on October 15th of each succeeding Lease Year beginning November 1, 2007 as follows: (A) Landlord and Tenant have agreed that Landlord shall sell, and Tenant shall purchase, the Equipment and the Inventory listed together on Exhibit D attached hereto (the “Installment Payment Inventory”), for a total purchase price of One Million Eighty Thousand Dollars ($1,080,000.00). One Hundred Eighty Thousand Dollars ($180,000.00) of each Annual Base Rent payment set forth above is in consideration for, and allocated to the purchase price of, the Installment Payment Inventory, which pursuant to Section 2.4 has been conveyed to Tenant free and clear of debt and liens. Annual Base Rent will terminate after the sixth (6th) payment; and (B) Until such time as the Little Xxxxxxx Debt is paid in full and released, all Annual Base Rent shall be first used by Landlord to pay amounts due and payable in accordance with the Commencement Date and continuing throughout debt service payment schedule towards payment of the term Little Xxxxxxx Debt. 4.1.2. Tenant reserves the right to prepay the Annual Base Rent in an amount equal to the then effective “payoff amount” to pay the Little Xxxxxxx Debt in full. Such prepayment of Annual Base Rent shall be calculated at the then net present value (at a discount rate of 3.37%) of the total then remaining unpaid Annual Base Rent payable during the first six (6) years of this Lease. Landlord shall promptly use such prepayment of rent to pay the Little Xxxxxxx Debt in full. The Annual Base Rent will then be recalculated based upon the net present value (at a discount rate of 3.37%) of $2,880,000.00, Lessee shall pay less (i) the prepayment amount, and (ii) any Annual Base Rent already made to Lessor Landlord (including under the Operating Agreement), which difference will then be apportioned and payable in lawful United States currency, equal annual installments over the fixed annual rent described in Paragraph 4 remainder of the Summary first six (6) Lease Years upon the “Fixed same terms as the payment of Annual Base Rent”), payable or at the election of Tenant, Tenant may pay such balance in full, upon which payment no further Annual Base Rent shall be due. Any premium, charge or penalty associated with a prepayment of the Little Xxxxxxx Debt (excluding however, any charges or costs of issuance associated with any debt issued by or on behalf of Tenant) shall be paid by Landlord in the equal monthly installments described in Paragraph 4 event such prepayment is a result of either (i) the Summary (failure of Landlord, Tenant and Bank of America to enter into the “Base Monthly Rent”), together with any and all sales and use taxes levied upon the use and occupancy of the premises Non-Disturbance Agreement as set forth in Article 4 hereofSection 2.5, or (ii) the failure of Tenant and M & T Bank to reach an agreement with regard to coordinating Tenant’s existing bond covenants with the bond covenants for the Little Xxxxxxx Debt. Payment shall be in advance on the first day of each month. Lessee’s rent in the first month Except as otherwise set forth above, any premium, charge, financing cost or penalty associated with a prepayment of the term Little Xxxxxxx Debt will be paid by Tenant. 4.1.3. Landlord shall promptly and timely pay its obligations for the last month of terra shall be pro-rated based on Little Xxxxxxx Debt and any other outstanding notes related to the number of days Leased Premises or the Lessee is obligated Equipment and bound Installment Payment Inventory. Tenant, by entering into this Lease. All rent shall be paid to Lessor without demand, setoff or deduction whatsoever, c/o Simone Structures, J.V., 0000 Xxxx Xxxxxxxxxx Xxxx, #00, Xxxxxxx, Xxxxxxx 00000 or at is not obligating itself on any such other place as lessor shall designate in writing to Lessee. B. In the event that any payment herein provided for by Lessee to Lessor shall become overdue for a period in excess often (10) days, then, at Lessor’s option, a “late charge” of one and one-half percent (1.5%) of such payment as additional rent may be charged. C. The base rent shall be increased to compensate for changes in the cost of living as computed by reference to the Consumer Price Index for all Urban Consumers, U.S. City Average, all items (1982-84 = 100) published by Bureau of Labor Statistics of the U.S. Department of Labor with a minimum of three (3%) percent and a maximum of five (5%) percent. Adjustments to the base rent shall be computed annually commencing on the first (1st) anniversary of the commencement date and on each annual anniversary of the commencement date. The amount of adjustment shall be arrived for succeeding years of the lease term by dividing the most recent CPI by the preceding year’s CPI and multiplying the monthly rent by the result. Because actual CPI figures are not published until sometime after the month for which they are collected and therefore not available at the time an increase should become effected, a CPI figure from two months prior to the increase month shall be used; however, under no circumstances shall the Tenant pay an annual rent of less than the amount of Base Rent paid in the year beforedebt. In the event this price index is discontinued or changed in any way, at the election of the Lessor the parties herein shall accept comparable statistics a default by Landlord on the Cost Little Xxxxxxx Debt beyond applicable notice and cure periods, Tenant may, in its sole discretion (a) pay off such debt, (b) purchase the debt, or (c) otherwise remedy any outstanding default. Such payoff or costs of Living as computed and published by an agency of the United States Government remedy, including any prepayment premium, charge or by a responsible financial periodical of recognized authority penalty, will be set off against other payments due from Tenant to be selected by the LessorLandlord under this Lease.

Annual Base Rent. A. Beginning with (a) During the period commencing on the Term Commencement Date and continuing throughout thereafter until the term of this LeaseExpiration Date, Lessee shall pay Lessor annual base rent as provided in this Section 4.1 (“Annual Base Rent”): (i) For the period from the Term Commencement Date up to Lessor in lawful United States currencythe second (2nd) anniversary of the Term Commencement Date, the fixed annual rent described in Paragraph 4 sum of the Summary Two Million Eight Hundred Forty Thousand and Four Dollars (the “Fixed Annual Rent”$2,840,004.00), payable in the equal monthly installments described installments, in Paragraph 4 advance as provided below, of Two Hundred Thirty-Six Thousand Six Hundred Sixty-Seven Dollars ($236,667.00). (ii) For the period from the second anniversary of the Summary Term Commencement Date up to the tenth (10th) anniversary of the “Base Monthly Rent”Term Commencement Date, the annual sum of Five Million Nine Hundred Fifty-Six Thousand One Hundred Fifty-Two Dollars ($5,956,152.00), together with any payable in equal monthly installments, in advance as provided below, of Four Hundred Ninety-Six Thousand Three Hundred Forty-Six Dollars ($496,346.00). (iii) For all subsequent periods during the Term, the Annual Base Rent shall be adjusted and all sales and use taxes levied upon the use and occupancy shall be payable as provided in subparagraph (c) of this Section 4.1. The portion of the premises Annual Base Rent allocable to the lease of the tangible personal property included as part of the Premises shall be equal to ten percent (10%) of the Annual Base Rent per annum for the period commencing on the Term Commencement Date and continuing thereafter until the seventh (7th) anniversary of the Term Commencement Date. Following the seventh (7th) anniversary of the Term Commencement Date, no portion of the Annual Base Rent payable under this Lease shall be allocated to the lease of the tangible personal property in recognition that the maximum useful life of the tangible personal property included in the Premises is no more than seven (7) years. For the avoidance of doubt, the portion of the Annual Base Rent allocated to the lease of tangible personal property under this paragraph is solely for the purpose of allocating a portion of the Annual Base Rent otherwise payable hereunder and shall not increase, decrease or otherwise affect the amount of the Rent payable hereunder. (b) Lessee shall pay Annual Base Rent in advance in equal monthly installments, in the respective amounts set forth in Article 4 hereof. Payment shall Section 4.1(a) above, with the first such monthly installment to be paid on the Term Commencement Date (prorated on the basis of the actual number of days remaining until the end of the calendar month in advance which the Term Commencement Date occurs), and each subsequent monthly installment to be due and payable on the first day of each month. Lessee’s rent in succeeding calendar month during the first month Term; provided that the monthly installment of the term and Annual Base Rent payable for any partial month in which the last month Term of terra this Lease shall expire or shall otherwise be terminated in accordance with the provisions of this Lease shall be pro-rated based prorated on the basis of the actual number of days the Lessee is obligated and bound by this Lease. All rent in such month. (c) Annual Base Rent shall be paid to Lessor without demandadjusted on the tenth (10th) anniversary of the Term Commencement Date and every five (5) years thereafter during the Term (each, setoff or deduction whatsoeveran “Adjustment Date”), c/o Simone Structuresby multiplying the then-current Annual Base Rent by the Annual Base Rent Adjustment Percentage, J.V.and the Annual Base Rent, 0000 Xxxx Xxxxxxxxxx Xxxxas so adjusted, #00shall be payable, Xxxxxxxmonthly in advance as provided above, Xxxxxxx 00000 or at such other place as lessor shall designate in writing to Lessee. B. In until the event that any payment herein provided for by Lessee to Lessor shall become overdue for a period in excess often next Adjustment Date. For example, if the then-current Annual Base Rent were Ten Million Dollars (10$10,000,000.00) days, then, at Lessor’s option, a “late charge” of and the Annual Base Rent Adjustment Percentage were one hundred six and one-half percent (1.5106.5%) of such payment as additional rent may ), the new Annual Base Rent would be charged. C. The base rent Ten Million Six Hundred Fifty Thousand Dollars ($10,650,000.00). Lessor shall be increased to compensate for changes in the cost of living as computed by reference to the Consumer Price Index for all Urban Consumers, U.S. City Average, all items (1982-84 = 100) published by Bureau of Labor Statistics provide Lessee with notice of the U.S. Department of Labor with a minimum of three adjusted Annual Base Rent not less than ten (3%10) percent and a maximum of five (5%) percent. Adjustments to the base rent shall be computed annually commencing on the first (1st) anniversary of the commencement date and on each annual anniversary of the commencement date. The amount of adjustment shall be arrived for succeeding years of the lease term by dividing the most recent CPI by the preceding year’s CPI and multiplying the monthly rent by the result. Because actual CPI figures are not published until sometime after the month for which they are collected and therefore not available at the time an increase should become effected, a CPI figure from two months Business Days prior to the increase month date on which such adjusted amount is due and payable; provided that any failure of Lessor to provide such notice shall be used; however, under no circumstances shall not invalidate any adjustment of the Tenant pay an annual rent of less than the amount of Base Rent paid provided for hereunder or defer the effective date of the accrual of such adjusted Annual Base Rent, but in such event Lessee shall not be deemed to be in default under this Lease in the year before. In the event this price index is discontinued or changed in any way, at the election payment of the accrued and adjusted Annual Base Rent unless and until the expiration of ten (10) Business Days after Lessor has provided such notice to Lessee. For purposes of this Section 4.1(c), the parties herein following terms shall accept comparable statistics on have the Cost of Living as computed and published by an agency of the United States Government or by a responsible financial periodical of recognized authority to be selected by the Lessor.following meanings: