Common use of Annual Lease Rental Clause in Contracts

Annual Lease Rental. In consideration of the lease of the Site and the rights appurtenant thereto in favor of the Concessionaire, the Concessionaire shall, during the Concession Period, in terms of this Agreement and the Land Lease Agreement, make payments to ADCL with respect to the Annual Lease Rentals. The Annual Lease Rental for the first Year of Concession is Rs _. The amount of Annual Lease Rental shall be escalated at the rate of five percent (5%) every Year during the Concession Period. The Annual Lease Rentals shall be paid in advance in equated quarterly installments, by the 10th day of the first Month of every quarter during each Accounting Year of the Concession Period in accordance with Lease Rental payment schedule attached as Schedule 1 to the Land Lease Agreement. An amount of Rs. (Rupees only) equivalent to the first Six Months Annual Lease Rental (computed on the basis of the Annual Lease Rental payable in the first Year of Concession) of the Concession Period, has been deposited by the Preferred Bidder/ Concessionaire, with the Authority within 15 Days of issue of LoA and prior to the Execution Date, as an interest free security deposit. Further, towards the security for the due payment of the Annual Lease Rentals during the Concession Period, The payment of the subsequent Lease Rentals shall be made on quarterly basis to be paid in advance by the 10th day of the first Month of that quarter for the entire Concession Period. The Concessionaire shall ensure that it maintains, at all times during the Concession Period, a deposit with the Authority of an amount equal to Six (6) Months Advance Lease Rental Deposit calculated on the basis of applicable Annual Lease Rental for that particular Year (“Security Deposit”). The Security Deposit shall be returned to the Concessionaire, without any interest thereon, within three (3) Months from the Transfer Date, after adjusting dues of the Concessionaire if any to the Authority or towards any payment obligations pertaining to the Project, like power, water, maintenance etc. In the event of delay up to 15 Days from the due date (10th day of the first Month of the quarter) in the payment of the Lease Rentals, the Concessionaire shall be liable to pay to the Authority, interest on the due amount at the rate of 18% (Eighteen percent) per annum, for the period from the due date until the date of actual payment. In the event, the payments are delayed beyond a period of 15 Days from the due date; it shall be construed as a Concessionaire default in payment of Lease Rentals. When such a default occurs, the Authority shall issue a default notice to the Concessionaire requesting to remedy the situation within 15 Days. If the situation is not remedied, at the end of 15th day a second notice shall be issued allowing further period of 15 Days. In the event that the Concessionaire fails to remedy the situation, the Authority may, at the end of 45th day (15+15+15 Days), appropriate the amount due from the Security Deposit and may also issue, at its discretion, a termination notice under Article 16. Upon such appropriation, the Concessionaire shall reinstate the Security Deposit so that the amount of Security Deposit is equal to the Six Month Lease Rentals for the relevant Year within a maximum period of 7 Days, failing which the Authority reserves the right to terminate this Agreement in accordance with Article 16 hereof.

Annual Lease Rental. In consideration of the lease of the Site and the rights appurtenant thereto in favor of the Concessionaire, the Concessionaire shall, during the Concession Period, in terms of this Agreement and the Land Lease AgreementDeed, make payments to ADCL with respect to the Annual Lease Rentals. The Annual Lease Rental for the first Year of Concession is Rs Rs. ______. The amount of Annual Lease Rental shall be escalated at the rate of five percent (5%) every Year during the Concession Period. The Annual Lease Rentals shall be paid in advance in equated quarterly installments, by the 10th day of the first Month of every quarter during each Accounting Year of the Concession Period in accordance with Lease Rental payment schedule attached as Schedule 1 to the Land Lease AgreementDeed. An amount of Rs. (Rupees only) equivalent to the first Six six Months Annual Lease Rental (computed on the basis of the Annual Lease Rental payable in the first Year of Concession) of the Concession Period, has been deposited by the Preferred Bidder/ Concessionaire, with the Authority within 15 Days 7 days of issue of LoA and prior to the Execution Date, as an interest free security deposit. Further, towards the security for the due payment of the Annual Lease Rentals during the Concession Period, The payment of the subsequent Lease Rentals shall be made on quarterly basis to be paid in advance by the 10th day of the first Month of that quarter for the entire Concession Period. The Concessionaire shall ensure that it maintains, at all times during the Concession Period, a deposit with the Authority of an amount equal to Six six (6) Months Advance advance Lease Rental Deposit Rentals calculated on the basis of applicable Annual Lease Rental for that particular Year (“Security Deposit”). The Security Deposit shall be returned to the Concessionaire, without any interest thereon, within three (3) Months from the Transfer Date, after adjusting dues of the Concessionaire if any to the Authority or towards any payment obligations pertaining to the Project, like power, water, maintenance etc. In the event of delay up to 15 Days days from the due date (10th day of the first Month of the quarter) in the payment of the Lease Rentals, the Concessionaire shall be liable to pay to the Authority, interest on the due amount at the rate of 18% (Eighteen percent) per annum, for the period from the due date until the date of actual payment. In the event, the payments are delayed beyond a period of 15 Days days from the due date; it shall be construed as a Concessionaire default in payment of Lease Rentals. When such a default occurs, the Authority shall issue a default notice to the Concessionaire requesting to remedy the situation within 15 Daysdays. If the situation is not remedied, at the end of 15th day a second notice shall be issued allowing further period of 15 Daysdays. In the event that the Concessionaire fails to remedy the situation, the Authority may, at the end of 45th day (15+15+15 Daysdays), appropriate the amount due from the Security Deposit and may also issue, at its discretion, a termination notice under Article 16. Upon such appropriation, the Concessionaire shall reinstate the Security Deposit so that the amount of Security Deposit is equal to the Six six Month Lease Rentals for the relevant Year within a maximum period of 7 Daysdays, failing which the Authority reserves the right to terminate this Agreement in accordance with Article 16 hereof.

Annual Lease Rental. In consideration of the lease of the Site and the rights appurtenant thereto in favor of the Concessionaire, the Concessionaire shall, during the Concession Period, in terms of this Agreement and the Land Lease Agreement, make payments to ADCL with respect to the Annual Lease Rentals. The Annual Lease Rental for the first Year of Concession is Rs _Rs. . The amount of Annual Lease Rental shall be escalated at the rate of five percent (5%) every Year during the Concession Period. The Annual Lease Rentals shall be paid in advance in equated quarterly installments, by the 10th day of the first Month of every quarter during each Accounting Year of the Concession Period in accordance with Lease Rental payment schedule attached as Schedule 1 to the Land Lease Agreement. An amount of Rs. (Rupees only) equivalent to the first Six Months Annual Lease Rental (computed on the basis of the Annual Lease Rental payable in the first Year of Concession) of the Concession Period, has been deposited by the Preferred Bidder/ Concessionaire, with the Authority within 15 Days of issue of LoA and prior to the Execution Date, as an interest free security deposit. Further, towards the security for the due payment of the Annual Lease Rentals during the Concession Period, The payment of the subsequent Lease Rentals shall be made on quarterly basis to be paid in advance by the 10th day of the first Month of that quarter for the entire Concession Period. The Concessionaire shall ensure that it maintains, at all times during the Concession Period, a deposit with the Authority of an amount equal to Six (6) Months Advance Lease Rental Deposit calculated on the basis of applicable Annual Lease Rental for that particular Year (“Security Deposit”). The Security Deposit shall be returned to the Concessionaire, without any interest thereon, within three (3) Months from the Transfer Date, after adjusting dues of the Concessionaire if any to the Authority or towards any payment obligations pertaining to the Project, like power, water, maintenance etc. In the event of delay up to 15 Days from the due date (10th day of the first Month of the quarter) in the payment of the Lease Rentals, the Concessionaire shall be liable to pay to the Authority, interest on the due amount at the rate of 18% (Eighteen percent) per annum, for the period from the due date until the date of actual payment. In the event, the payments are delayed beyond a period of 15 Days from the due date; it shall be construed as a Concessionaire default in payment of Lease Rentals. When such a default occurs, the Authority shall issue a default notice to the Concessionaire requesting to remedy the situation within 15 Days. If the situation is not remedied, at the end of 15th day a second notice shall be issued allowing further period of 15 Days. In the event that the Concessionaire fails to remedy the situation, the Authority may, at the end of 45th day (15+15+15 Days), appropriate the amount due from the Security Deposit and may also issue, at its discretion, a termination notice under Article 16. Upon such appropriation, the Concessionaire shall reinstate the Security Deposit so that the amount of Security Deposit is equal to the Six Month Lease Rentals for the relevant Year within a maximum period of 7 Days, failing which the Authority reserves the right to terminate this Agreement in accordance with Article 16 hereof.

Annual Lease Rental. In consideration of the lease of the Site and the rights appurtenant thereto in favor of the Concessionaire, the Concessionaire shall, during the Concession Period, in terms of this Agreement and the Land Lease Agreement, make payments to ADCL with respect to the Annual Lease Rentals. The Annual Lease Rental for the first Year of Concession is Rs _. The amount of Annual Lease Rental shall be escalated at the rate of five percent (5%) every Year during the Concession Period. The Annual Lease Rentals shall be paid in advance in equated quarterly installments, by the 10th day of the first Month of every quarter during each Accounting Year of the Concession Period in accordance with Lease Rental payment schedule attached as Schedule 1 to the Land Lease Agreement. An amount of Rs. (Rupees only) equivalent to the first Six Months Annual Lease Rental (computed on the basis of the Annual Lease Rental payable in the first Year of Concession) of the Concession Period, has been deposited by the Preferred Bidder/ Concessionaire, with the Authority within 15 Days of issue of LoA and prior to the Execution Date, as an interest free security deposit. Further, towards the security for the due payment of the Annual Lease Rentals during the Concession Period, The payment of the subsequent Lease Rentals shall be made on quarterly basis to be paid in advance by the 10th day of the first Month of that quarter for the entire Concession Period. The Concessionaire shall ensure that it maintains, at all times during the Concession Period, a deposit with the Authority of an amount equal to Six (6) Months Advance Lease Rental Deposit calculated on the basis of applicable Annual Lease Rental for that particular Year (“Security Deposit”). The Security Deposit shall be returned to the Concessionaire, without any interest thereon, within three (3) Months from the Transfer Date, after adjusting dues of the Concessionaire if any to the Authority or towards any payment obligations pertaining to the Project, like power, water, maintenance etc. In the event of delay up to 15 Days from the due date (10th day of the first Month of the quarter) in the payment of the Lease Rentals, the Concessionaire shall be liable to pay to the Authority, interest on the due amount at the rate of 18% (Eighteen percent) per annum, for the period from the due date until the date of actual payment. In the event, the payments are delayed beyond a period of 15 Days from the due date; it shall be construed as a Concessionaire concessionaire default in payment of Lease Rentals. When such a default occurs, the Authority shall issue a default notice to the Concessionaire requesting to remedy the situation within 15 Days. If the situation is not remedied, at the end of 15th day a second notice shall be issued allowing further period of 15 Days. In the event that the Concessionaire fails to remedy the situation, the Authority may, at the end of 45th day (15+15+15 Days), appropriate the amount due from the Security Deposit and may also issue, at its discretion, a termination notice under Article 16. Upon such appropriation, the Concessionaire shall reinstate the Security Deposit so that the amount of Security Deposit is equal to the Six Month Lease Rentals for the relevant Year within a maximum period of 7 Days, failing which the Authority reserves the right to terminate this Agreement in accordance with Article 16 hereof.