Annual Facility Rent Sample Clauses

Annual Facility Rent a. The Contractor shall pay an Annual Facility Rent to the Airports Authority. This Annual Facility Rent is determined by using a Cost Approach appraisal. The most recent appraisal is attached hereto as Exhibit 1-K. The Cost Approach shall combine the estimated worth of the land (Cost Value) assigned to the Contract with the reproduction Cost Value of new improvements thereon less depreciation and obsolescence. An 8 percent (8%) rate of return shall be applied to the total estimated value of the land and the depreciated improvements to determine the Annual Facility Rent. For the initial five (5) years of the Contract Term, the Annual Facility Rent is established as follows: Effective Date Annual Rent Monthly Payment November 1, 2022 $957,860.00 $79,821.67 November 1, 2023 $976,059.34 $81,338.28 November 1, 2024 $994,604.47 $82,883.71 November 1, 2025 $1,013,501.95 $84,458.50 November 1, 2026 $1,032,758.49 $86,063.21 November 1, 2027 $1,052,380.90 $87,698.41
Sample 1
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Annual Facility Rent a. The Contractor shall pay an Annual Facility Rent to the Authority based upon the value of the Premises determined by a Cost Approach appraisal. Annual Facility Rent shall be paid on the first day of each and every calendar month during the Term hereof. The Cost Approach appraisal shall combine the estimated worth of 652,340 square feet of land assigned to the Contract with the reproduction cost new of the improvements thereon less depreciation and obsolescence. An 8 percent (8%) rate of return shall be applied to the total estimated value of the land and the depreciated improvements to determine the Annual Facility Rent.
Sample 1
Annual Facility Rent a. The Contractor shall pay an Annual Facility Rent to the Airports Authority. This Annual Facility Rent is determined by using a Cost Approach appraisal. The most recent appraisal is attached hereto as Exhibit 2-H. The Cost Approach shall combine the estimated worth of the land (Cost Value) assigned to the Contract with the reproduction Cost Value of new improvements thereon less depreciation and obsolescence. An 8 percent (8%) rate of return shall be applied to the total estimated value of the land and the depreciated improvements to determine the Annual Facility Rent. For the initial five (5) years of the Contract Term, the Annual Facility Rent is established as follows: Effective Date Annual Rent Monthly Payment November 1, 2022 $3,823,288.00 $318,607.33 November 1, 2023 $3,895,930.47 $324,660.87 November 1, 2024 $3,969,953.15 $330,829.43 November 1, 2025 $4,045,382.26 $337,115.19 November 1, 2026 $4,122,244.52 $343,520.38 November 1, 2027 $4,200,567.17 $350,047.26 b. Effective on the Contract Commencement Date, the Contractor shall pay one- twelfth (1/12) of the Annual Facility Rent in advance and without demand or invoice on the first Day of each calendar month. The Annual Facility Rent shall be deemed delinquent if payment is not received by the tenth (10th) Day of the month.
Sample 1
Annual Facility Rent 
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Related to Annual Facility Rent

  • Base Rent Lessee shall pay Base Rent and other rent or charges, as the same may be adjusted from time to time, to Lessor in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease. Base Rent and all other rent and charges for any period during the term hereof which is for less than one full month shall be prorated based upon the actual number of days of the month involved. Payment of Base Rent and other charges shall be made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee.

  • 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:

  • Monthly Rent The rent amount for the initial period shall be: _ Dollars ($_ ) paid on the _ (#) day of every month and: (check one) ☐ - Shall remain the same during the Initial Term. ☐ - Shall increase during the Initial Term as follows: 1st Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ ) 2nd Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ )

  • Basic Rent The periodic rent payable for the Aircraft throughout the Basic Term pursuant to Section 3.02 of the Lease, adjusted pursuant to Article 3 of the Lease. Basic Term. The period commencing at the beginning of the day on the Delivery Date and ending at the end of the day on July 15, 2023, or such earlier date on which the Lease shall be terminated as provided therein.

  • RENTAL RATE 4. The Lessee shall pay rent to the Lessor for the premises at the following rate: $ per month Payment shall be made at the end of each month upon submission of properly executed vouchers.

  • Rental Rates Schedules for (i) proposed rental rates on heavy construction equipment, and (ii) proposed wage rates of operating engineers. The Design-Builder firm shall certify that the proposal for rental rates and proposal for wage rates comply with the Contract Documents.

  • Percentage Rent In addition to the Base Rent, Lessee shall be: (check one) ☐ - Not required to make payments related to Lessee’s sales or revenue (“Percentage Rent”). ☐ - Required to pay __________________ percent (____%) of __________________ (gross sales, net sales, etc.). Such payment shall be made ☐ Monthly ☐ Quarterly ☐ Annually along with a receipt to show proof of percentage calculation (“Percentage Rent”). The Base Rent and the Percentage Rent shall be referred collectively to as the “Rent.”

  • Annual Rent LESSEE covenants and agrees to pay as rent to LESSOR the sum of ($ ) for the first year of this lease which shall be due at the time of approval by the Board of Education. Subsequent payment of annual rent shall be due on or before the anniversary date of this Lease Agreement. The obligation of LESSEE to pay rent under this Lease Agreement is unconditional, and the rent shall not be subject to set off for any reason or cause. LESSOR and LESSEE agree that in the event of termination or cancellation, any rental payment made during the term of this Lease Agreement is not refundable, and LESSEE waives any right or claim it may have to refund of rent paid. Rents shall be adjusted annually pursuant to the rent adjustment clause contained in Paragraph 3 of this Lease Agreement. In the event LESSEE is delinquent in the payment of rent, LESSEE shall pay a late charge equal to fifteen percent (15%) of the amount of rent past due for more than 30 days and thereafter shall pay interest on any rent past due at an annual rate (the "Default Rate") equal to the maximum rate then allowed by law or, if there is no maximum rate, then a rate equal to five percent per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve Bank in the Federal Reserve district in which LESSOR is located, calculated according to the actuarial method.

  • Additional Rent In addition to Base Rent, Tenant agrees to pay to Landlord as additional rent (“Additional Rent”): (i) Tenant’s Share of “Operating Expenses” (as defined in Section 5), and (ii) any and all other amounts Tenant assumes or agrees to pay under the provisions of this Lease, including, without limitation, any and all other sums that may become due by reason of any default of Tenant or failure to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after any applicable notice and cure period.

  • Extension Term Provided Lessee is not in default in the performance of any term or condition of this Lease, Lessee shall have the option to extend this Lease for two (2) additional terms of five (5) years per term, commencing with the expiration of the first or additional term, upon the following conditions:

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