Base Monthly Rent During Extension Periods Sample Clauses

Base Monthly Rent During Extension Periods. If the Lease Term is extended pursuant to Article 4 hereof, then Tenant shall pay Base Monthly Rent during each such extension period(s) in a monthly amount equal to seventy-five percent (75%) of the amount derived by dividing sixty (60) into the total Base Monthly Rent plus Percentage Rent paid by Tenant to Landlord during the five (5) Lease Years immediately preceding the commencement of the extension period in question; provided, however, that in no event shall the Base Monthly Rent for any extension period be less than the Base Monthly Rent due during the period immediately preceding the extension period in question. If the Base Monthly Rent payable during any extension period exceeds the Base Monthly Rent payable during the initial Lease Term, then Tenant shall receive a credit against the Percentage Rent payable during each Lease Year during such extension period that is equal to the positive difference between (i) the Base Monthlv Rent that became due during the Lease Year in question, and (ii) the Base Monthly Rent that would have become due during the Lease Year in question had the Base Monthly Rent been equal to the rent payable during the initial Lease Term pursuant to paragraph 5.1. Such credit shall be non-cumulative. By way of example only, (i) if during the Lease Year in question during an extension period the Base Monthly Rent is Forty-Five Thousand Dollars ($45,000) per month resulting in a total of Five Hundred Forty Thousand Dollars ($540,000) due as Base Monthly Rent for the entire Lease Year in question, (ii) if during the same Lease Year the Percentage Rent that is otherwise payable is Seventy-Five Thousand Dollars ($75,000), then (iii) Tenant shall be entitled to a credit of Fifty Thousand Three Hundred Seventy-Six Dollars ($50,376) against the Seventy-Five Thousand Dollars ($75,000) of Percentage Rent that is due, so that Tenant is only obligated to make a cash payment of Twenty-Four Thousand Six Hundred Twenty-Four Dollars ($24,624) to satisfy its obligation to pay Percentage Rent for the Lease Year in question during the extended term. The figure of $50,376 used in the preceding example is the difference between $540,000 (the total Base Monthly Rent payable during the Lease Year in question that occurs during the extended period) and the amount of $489,624 (which is the total Base Monthly Rent that would have been payable during the Lease Year in question at the rate of $40,802 per month, which is equal to the Base Monthly Rent pa...
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Related to Base Monthly Rent During Extension Periods

  • Base Monthly Rent Commencing on the Commencement Date and continuing throughout the Lease Term, Tenant shall pay to Landlord the Base Monthly Rent set forth in Section K of the Summary.

  • Extension Term The Term of the Lease is hereby extended for sixty (60) months and, therefore, the Term Expiration Date is hereby amended to mean January 14, 2023. The period commencing on January 15, 2018 (the “Extension Term Commencement Date”) and ending on the Term Expiration Date shall be referred to herein as the “Extension Term.”

  • Minimum Monthly Rent 3.1.1 Tenant agrees to pay to Landlord a Minimum Monthly Rent, initially in the amount set forth in the Basic Provisions, during each month of the Term of this Lease. Minimum Monthly Rent for a period constituting less than a full month shall be prorated on the basis of a thirty (30)-day month.

  • 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.

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Extension Period Any extension hereof shall be subject to the provisions of Article III hereof.

  • 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 Term Commencing on the Expansion Premises Commencement Date, the defined term “Base Term” on page 1 of the Lease is deleted in its entirety and replaced with the following:

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Term of the Lease 4.2.1 The term of the Lease shall be sixty (60) months commencing on the Acceptance date.

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