Annual Escalation of Minimum Rent Sample Clauses

Annual Escalation of Minimum Rent. Commencing on the one-year anniversary of the Commencement Date (if the Commencement Date is the first (1st) day of a calendar month, or, if not, on the first (1st) day of the first (1st) full month following the Commencement Date), and continuing on each subsequent one-year anniversary thereof during the Term (including any Extended Term) (each, an "ADJUSTMENT DATE"), the Minimum Rent (irrespective of any prorations made pursuant to SECTION 3.1(a) above) shall increase to an amount equal to the Minimum Rent for the one-year period immediately preceding the Adjustment Date multiplied by a fraction, the numerator of which shall be the C.P.I. (defined below) for the month in which the Adjustment Date occurs, and the denominator of which shall be the C.P.I. for the month that was one year prior to the Adjustment Date; provided, however, that the product of said multiplication shall not result in an increase of the Minimum Rent by more than two percent (2%) per year on a cumulative basis ("ANNUAL MULTIPLIER"). If, however, the Annual Multiplier is less than two percent (2%) on any Adjustment Date (a "LESS THAN 2% ADJUSTMENT DATE"), then at such time as the Annual Multiplier is determined for subsequent Adjustment Dates, the Minimum Rent for each Less Than 2% Adjustment Date shall be retroactively recalculated such that subsequent Annual Multipliers (whether less than or greater than 2%) shall be first applied to increase the Annual Multiplier for each Less Than 2% Adjustment Date to an amount up to, but not greater than, 2%, with such recalculations to be made in chronological order beginning with the earliest Less Than 2% Adjustment Date and continuing, so long as there is Annual Multiplier remaining, until recalculations have been made with respect to all Less Than 2% Adjustment Dates. After each such recalculation has been made, the shortfall in the Minimum Rent for the newly recalculated Less Than 2% Adjustment Dates shall be billed to Lessee and Lessee shall pay such shortfall amount to Lessor together with the next payment of Minimum Rent otherwise coming due hereunder. Such recalculations and shortfall xxxxxxxx shall be made on each Adjustment Date where there remain prior Less Than 2% Adjustment Dates which have not yet been recalculated to 2%. For purposes of example only, if the Commencement Date is June 1, 2002 and the initial Minimum Rent equals $1,020,000, and if (a) the C.P.I. increased 1.5% as of June 1, 2003, the Minimum Rent as of June 1, 2003...
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Annual Escalation of Minimum Rent. Commencing on the first day of Lease Year 1999 (to wit, September 1, 1999), and continuing on the first day of each subsequent Lease Year during the Term (the Initial Term as well as any Extended Terms) (each, an "Escalation Date"), the Minimum Rent (irrespective of any prorations made pursuant to Paragraph 3.1(a) of this Lease) shall increase by an amount equal to the Minimum Rent for the immediately preceding twelve (12) month period multiplied by an amount ("Annual Multiplier") equal to one hundred fifty percent (150%) of the following fraction: (i) the numerator of which shall be the C.P.I. (defined below) for the second month preceding the month in which such Escalation Date occurs (for example, if the Escalation Date is September 1, 1999, then the C.P.I. from July 1999 shall be used); and (ii) the denominator of which shall be the C.P.I. for the second month preceding the month in which the prior year's Escalation Date occurred (or, in the case of the first Escalation Date, the C.P.I. for the month of July, 1998); PROVIDED, HOWEVER, that the Annual Multiplier shall not ever exceed two percent (2%) per year, nor shall it ever result in a decrease in the Minimum Rent payable hereunder. "C.P.I." shall mean and refer to the Consumer Price Index published as the "CPI-U" index by the Bureau of Labor Statistics of the Department of Labor, U.S. Cities Average, All Items (1982-84 = 100) in the manner calculated as of the date of this Lease; provided that if compilation of the C.P.I. is discontinued or transferred to any other governmental department or bureau, then the index most nearly the same as the C.P.I. shall be used.
Sample 1
Annual Escalation of Minimum Rent. Commencing on the first day of Lease Year 1999 (to wit, September 1, 1999), and continuing on the first day of each subsequent Lease Year during the Term (the Initial Term as well as any Extended Terms) (each, an "Escalation Date"), the Minimum Rent (irrespective of any prorations made pursuant to Paragraph 3.1(a) of this Lease) shall increase by an amount equal to the Minimum Rent for the immediately preceding twelve (12) month period multiplied by an amount ("Annual Multiplier") equal to one hundred fifty percent (150%) of the following fraction: (i) the numerator of which shall be the C.P.I. (defined below) for the second month preceding the month in which such Escalation Date occurs (for example, if the Escalation Date is September 1, 1999, then the C.P.I. from July 1999 shall be used); and (ii) the denominator of which shall be the C.P.I. for
Sample 1
Annual Escalation of Minimum Rent. For purposes of this Paragraph 3.2, the "Adjusted Commencement Date" shall be the first (1st) day of the first calendar month following the Commencement Date (as defined in Paragraph 1.2 of this Lease), unless the Commencement Date falls on the first (1st) day of a calendar month, in which case the "Adjusted Commencement Date" shall be the Commencement Date. Commencing on the one year anniversary of the Adjusted Commencement Date, and continuing on each subsequent one year anniversary thereof during the Term (the Initial Term as well as any Extended Terms, but specifically excluding the first year of any such Extended Terms, for which the Minimum Rent shall be calculated as set forth in Paragraph 18.2 below) (each, an "Escalation Date"), the Minimum Rent (irrespective of any prorations made pursuant to Paragraph 3.1(a) of this Lease) shall increase by an amount equal to the Minimum Rent for the immediately preceding twelve (12) month period multiplied
Sample 1
Annual Escalation of Minimum Rent. Commencing on the one-year anniversary of the Commencement Date (if the Commencement Date is the first (1st) day of a calendar month, or, if not, on the first (1st) day of the first (1st) full month following the
Sample 1
Annual Escalation of Minimum Rent. Intentionally deleted. 11. The last sentence of Section 3.4 of the Lease is hereby deleted in its entirety and is replaced with the following: "Lessee agrees to indemnify and defend Lessor against any and all claims or other amounts due under this Lease for any period prior to the Term." 12. The last sentence of Section 4.5 of the Lease is hereby deleted in its entirety and is replaced with the following: "Lessee agrees to indemnify and defend Lessor against any and all liabilities and obligations concerning the Facilities which have arisen prior to the Effective Date." 13. Section 4.6 of the Lease is hereby deleted in its entirety. 14. Section 6.1 of the Lease is hereby amended to read as follows:
Sample 1
Annual Escalation of Minimum Rent. Commencing on the one-year anniversary of the Commencement Date (if the Commencement Date is the first (1st) day of a calendar month, or, if not, on the first (1st) day of the first (1st) full month following the Commencement Date), the Minimum Rent shall increase to an annual amount of Two Million One Hundred Thousand and No/100 Dollars ($2,100,000.00), payable in advance in equal monthly installments of One Hundred Seventy Five Thousand and no/100 Dollars ($175,000.00), plus all increases in the Minimum Rent as provided in Section 3.1(b) above. Commencing on the two-year anniversary of the Commencement Date (if the Commencement Date is the first (1st) day of a calendar month, or, if not, on the first (1st) day of the first (1st) full month following the Commencement Date), the Minimum Rent shall increase to an annual amount of Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00), payable in advance in equal monthly installments of Two Hundred Eight Thousand Three Hundred Thirty Three and 33/100 Dollars ($208,333.33), plus all increases in the Minimum Rent as provided in Section 3.1(b) above. A one time payment in an amount equal to five percent (5%) of the Incremental Gross Revenues shall be due and payable within forty five (45) days after the end of the third Lease Year.
Sample 1
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Related to Annual Escalation of Minimum Rent

  • Minimum Rent The defined term “Minimum Rent” set forth in Section 1.66 of the Lease is deleted in its entirety and replaced with the following:

  • Base Rental 4.1 Tenant shall pay to Landlord annual rent during the Initial Term of this Lease in the amount of Thirty-Five Thousand One Hundred and Sixty Dollars and 00/100 Dollars ($35,160) ("Base Rent"), which shall be paid in equal consecutive monthly installments of One Thousand Four Hundred and Sixty-Five Dollars and 00/100 Dollars ($1,465.00) and a prorated portion for any partial calendar month. Installments of rent shall be paid on the first day of each calendar month in advance. 4.2 In the event that Tenant exercises its right to a Renewal Term, the Base Rent payable during the Renewal Term (and the Base Building Expense figure), as specified in Section 4.1 for Base Rent and Section 5.1 for Base Building Expense, shall be adjusted as of the first day of each Renewal Term (the "First Adjustment Date") by the percentage increase in the Consumer's Price Index for all Urban Consumers specified for All Items, All Cities (1982-1984=100) and issued by the Bureau of Labor Statistics of the United States Department of Labor, or any replacement thereof (the "Index"). The increased annual Base Rent shall be equal to the annual Base Rent payable for the year preceding the Adjustment Date multiplied by a fraction, the numerator of which is the Index for the second calendar month immediately preceding the Adjustment Date and the denominator is the Index for the second calendar month one year preceding. In no event shall the Base Rent be decreased. Notwithstanding the foregoing, the increase in Base Rent for any one Renewal Term shall not be greater than five percent (5%). 4.3 All rent shall be paid to Landlord at the address set forth herein or at such other address as Landlord may designate in writing, without any prior demand therefore and without any deduction or offset whatsoever. 4.4 In the event that Tenant shall fail to pay any amount under this Lease when the same shall be due, such amount shall be subject to a one-time late charge of five cents (.05(cent)) for each One Dollar ($1.00) not paid when due and thereafter shall be subject to a service charge until such amount is paid at the lesser of the rate of two percent (2%) per month or the highest rate permitted by law.

  • Minimum Monthly Rent Tenant shall pay minimum monthly rent (“Minimum Monthly Rent”) in the initial amount stated in Section 1.5. The Minimum Monthly Rent shall be increased as set forth in Section 1.5 and/or elsewhere in this Lease. Tenant shall pay the Minimum Monthly Rent on or before the first day of each calendar month, in advance, at the office of Landlord or at such other place designated by Landlord, without deduction, offset or prior demand. If the Commencement Date is not the first day of a calendar month, the rent for the partial month at the beginning of the Lease Term shall be prorated on a per diem basis and shall be due on the first day of such partial month. Upon execution of this Lease, and before the Commencement Date, Tenant shall pay to Landlord the aggregate of the first month’s Minimum Monthly Rent, the first month’s Monthly Impound Payment (see Section 4.4), and the Security Deposit (see Section 5).

  • Base Rent Purchaser will receive a credit at Closing for the prorated amount of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”) previously paid to, or collected by, Seller and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made on or before the Closing Date. Delinquent Rent shall not be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) first, to Delinquent Rent owed for the month in which the Closing Date occurs (the “Closing Month”), (ii) second, to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller for the period prior to Closing. Any Rent collected by Purchaser and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course of its business; provided, however, that Seller hereby retains the right to pursue any tenant under the Leases for any Rent and other sums due Seller for period attributable to Seller’s ownership of the Property; and provided further, however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; and (ii) shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or the termination of the underlying Lease. “Additional Rents” shall mean any and all amounts due from tenants for operating expenses, common area maintenance charges, taxes, shared utility charges, management fees, insurance costs, other comparable expenses and pass-through charges and any other tenant charges. The provisions of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentation.

  • Lease Year Lease Year" means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Monthly Rent a. Commencing as of the Commencement Date, and continuing thereafter on or before the first day of each calendar month during the term hereof, Tenant shall pay to Landlord, as monthly rent for the Premises, the Monthly Rent specified in Paragraph 2 above. If Tenant’s obligation to pay Monthly Rent hereunder commences on a day other than the first day of a calendar month, or if the term of this Lease terminates on a day other than the last day of a calendar month, then the Monthly Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Monthly Rent and the Additional Rent specified in Paragraph 7 shall he paid by Tenant to Landlord, in advance, without deduction, offset, prior notice or demand, in immediately available funds of lawful money of the United States of America, or by good check as described below, to the lockbox location designated by Landlord, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments made by check must be drawn either on a California financial institution or on a financial institution that is a member of the federal reserve system. Notwithstanding the foregoing, Tenant shall pay to Landlord together with Tenant’s execution of this Lease an amount equal to the Monthly Rent payable for the first full calendar month of the Lease term after Tenant’s obligation to pay Monthly Rent shall have commenced hereunder, which amount shall be applied to the Monthly Rent first due and payable hereunder. b. All amounts payable by Tenant to Landlord under this Lease, or otherwise payable in connection with Tenant’s occupancy of the Premises, in addition to the Monthly Rent hereunder and Additional Rent under Paragraph 7, shall constitute rent owed by Tenant to Landlord hereunder. c. Any rent not paid by Tenant to Landlord when due shall bear interest from the date due to the date of payment by Tenant at an annual rate of interest (the “Interest Rate”) equal to the lesser of (i) twelve percent (12%) per annum or (ii) the maximum annual interest rate allowed by law on such due date for business loans (not primarily for personal, family or household purposes) not exempt from the usury law. Notwithstanding the foregoing, Landlord shall give Tenant notice of non-payment of rent when due and five (5) days after delivery of such notice to cure such non-payment once in each calendar year before assessing interest in such calendar year pursuant to this Paragraph 5.c. Failure by Tenant to pay rent when due, including any interest accrued under this subparagraph, shall constitute an Event of Default (as defined in Paragraph 25 below) giving rise to all the remedies afforded Landlord under this Lease and at law for nonpayment of rent. d. No security or guaranty which may now or hereafter be furnished to Landlord for the payment of rent due hereunder or for the performance by Tenant of the other terms of this Lease shall in any way be a bar or defense to any of Landlord’s remedies under this Lease or at law. e. Notwithstanding anything to the contrary in this Lease: (i) in no event may any rent under this Lease be based in whole or in part on the income or profits derived from the Premises, except for percentage rent based on gross (not net) receipts or sales; (ii) if the holder of a Superior Interest (as defined in Paragraph 21 below) succeeds to Landlord’s interest in the Lease (“Successor Landlord”) and the Successor Landlord is advised by its counsel that all or any portion of the rent payable under this Lease is or may be deemed to be “unrelated business income” within the meaning of the Internal Revenue Code or regulations issued thereunder, such Successor Landlord may, at its option, unilaterally amend the calculation of rent so that none of the rent payable to Landlord under the Lease will constitute “unrelated business income,” but the amendment will not increase Tenant’s payment obligations or other liability under this Lease or reduce the Landlord’s obligations under this Lease and (iii) upon the Successor Landlord’s request, Tenant shall execute any document such holder deems necessary to effect the foregoing amendment to this Lease.

  • Base Rent Adjustment The Base Rent payable hereunder shall be adjusted upward from time to time in accordance with the following provisions: (a) Tenant shall pay to Landlord as an adjustment to Rent, an amount equal to the excess (the “Excess”) from time to time of total annual Operating Expenses per square foot of Rentable Area of the Premises, as Grossed-Up, over and above the Expense Stop. The Excess shall be obtained by multiplying (i) the difference between the annual Operating Expense per square foot of Rentable Area in the Premises and the Expense Stop, by (ii) the total Rentable Area of the Premises as set forth in Section 1.15. Such amount shall be paid in advance in monthly installments on the same dates as Base Rent is due and payable hereunder based on Landlord’s notice delivered to Tenant from time to time setting forth Landlord’s good faith estimate of the Operating Expenses for the current calendar year. Landlord shall have the right to adjust such amount no more than once a year to reflect any changes in Landlord’s estimate of Operating Expenses. (b) By April 1 of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall furnish to Tenant a statement (“Actual Statement”) of Landlord’s annual Operating Expenses, as Grossed-Up, for the previous calendar year. If for any calendar year the amounts collected from Tenant for the prior year, as a result of Landlord’s estimate of Operating Expenses, exceeds the amount of the Excess actually due during such prior year, then Landlord shall refund to Tenant any overpayment (or at Landlord’s option, apply such amount against Rent due or to become due hereunder). Likewise, Tenant shall pay to Landlord, on demand, any underpayment with respect to the prior year. (c) In the event of any good faith dispute as to the amount of the Excess as set forth in the statement of actual Operating Expenses, Tenant shall have the right, no more frequently than once per calendar year, after reasonable notice to Landlord and at reasonable times, to inspect and photocopy Landlord’s Operating Expenses records at Landlord’s offices. If, after such inspection and photocopy, Tenant continues, in good faith, to dispute the amount of the Excess as set forth in said statement, Tenant shall be entitled not later than one (1) year following Tenant’s receipt of an Actual Statement to retain a national, independent, certified public accountant who is not contracted on a contingency fee basis and is mutually acceptable to Landlord and Tenant to audit Landlord’s Operating Expenses records with respect to the calendar year covered by Actual Statement to determine the proper amount of the Excess. Landlord shall be entitled to review the results of such audit promptly after completion of same. If such audit proves that Landlord has overcharged Tenant, then within fifteen (15) days after the results of the audit are made available to Landlord, Landlord shall credit Tenant the amount of such overcharge toward the payments of Base Rent and Additional Rent next coming due under this Lease. If the results of such audit prove that Landlord has undercharged Tenant, then within fifteen (15) days after the results of the audit are made available to Tenant, Tenant shall pay to Landlord the amount of any such undercharge. Tenant agrees to pay the cost of such audit, provided that Landlord shall reimburse Tenant the amount of such cost if the results of such audit prove that Landlord’s determination of the Excess (as set forth in the Actual Statement) was in error by more than six percent (6%). If Tenant does not request an audit in accordance with the provisions of this Section 6(c) within one (1) year after Tenant’s receipt of an Actual Statement, such Actual Statement shall be conclusively binding upon Tenant. Landlord shall be required to maintain records of all Operating Expenses for three (3) years following the issuance of the Operating Expense statement for such Operating Expenses. The payment by Tenant of any amounts pursuant to this Article shall not preclude Tenant from questioning the correctness of any such statement.

  • Base Year The period beginning on 1 April of one year and ending on 31 March of the following year.

  • Base Rent Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

  • Annual Fixed Rent Tenant covenants and agrees to pay the Annual Fixed Rent in Section 1.1 to Landlord in advance in equal monthly installments commencing on the Term Commencement Date (if not the first day of a month) and thereafter on the first day of each calendar month during the Term. All payments shall be due without billing or demand and without deduction, setoff or counterclaim, except as expressly set forth in this Lease. Tenant shall make payment for any portion of a month at the beginning or end of the Term. All payments shall be payable to Landlord at Landlord’s address, as specified in Section 1.1, or to such other entities at such other places as Landlord may from time to time designate. Without limiting the foregoing, except as expressly set forth in this Lease, Tenant’s obligation so to pay Rent (as hereinafter defined) shall not be discharged or otherwise affected by any law or regulation now or hereafter applicable to the Premises, or any other restriction on Tenant’s use, or any casualty or taking, or any failure by Landlord to perform any covenant contained herein, or any other occurrence; and, except as expressly set forth in this Lease, Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover Rent. The foregoing notwithstanding, if Landlord fails for any reason within Landlord’s control to provide any service to be supplied by Landlord under the Lease which is necessary for Tenant’s reasonable use of the Premises (such as HVAC, elevator service, electricity, water, or structural repairs), and Tenant is unable to use the Premises on account of such failure, Tenant shall be entitled to a proportional abatement of Annual Fixed Rent and Additional Charges for Operating Expenses and Taxes based on the portion of the Premises which cannot be used by Tenant. This abatement shall begin on the fourth (4th) consecutive Business Day from Tenant’s written notice to Landlord of the failure. The abatement shall end when the services are restored sufficiently to permit use of the Premises.

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