Base Rent Rate. Notwithstanding anything contained in this Lease to the contrary, Landlord and Tenant acknowledge and agree that the Annual Base Rent for the first Lease Year shall be derived from a formula consisting of an 8.5% rate of return on a guaranteed maximum price (“GMP”) of Landlord’s total direct and indirect costs to acquire, complete and “Finance” the Project. Such costs shall include, without limitation; the ground lease at the capitalized value set forth below; the cost to relocate current tenants on such Property (such relocation costs included in the GMP Budget not to exceed $375,000); demolishing current improvements on the Property; preparing the Property for construction; financing and completing the other Landlord Improvements, including the Parking Garage. “Finance” shall mean all loan costs, including loan origination fees, interest, points, escrow and recording fees, appraisals, lender title policies, lender required third party construction fund management fees and other customary lender fees or costs charged in association with the financing the construction loan and the “Construction Loan Take Out Financing” (as defined below). In addition, the GMP shall include a developer management fee of 6.0% on all components of the GMP Budget, including all Tenant Improvements completed with use of the funds expended from the Tenant Improvement. Deposit Control Account, but excluding the capitalized value of the ground lease and the tenant relocation costs. The estimated itemized Project Budget is attached hereto as Exhibit E (the “GMP Budget”) and lists the categories and estimated total costs, prices and calculations used to determine the estimated Initial Annual Rent, and the management fees. For purposes of determining the Property acquisition cost of the ground leasehold in GMP Budget, the parties agree the capitalized value is Three Million, Three Hundred and Thirty Five Thousand Dollars and 00/100 ($3,335,000).
Base Rent Rate. $18.10 per square foot. The Base Rent Rate shall be increased on each anniversary date of the Commencement Date by the increase in CPI. As used herein, “Rent” shall mean the Base Rent plus all other items of Additional Rent and all other charges due from Tenant hereunder.
Base Rent Rate. The initial MAG for the Premises is as follows: First Agreement Year Minimum Annual Guarantee (MAG): $36,500.00 or $ Second Agreement Year MAG: $37,960.00 or $ Third Agreement Year MAG: $39,478.40 or $ Fourth Agreement Year MAG: $41,057.54 or $ Fifth Agreement Year MAG: $42,700.00 or $ Until the time when electrical service to the premises is metered correctly, the monthly payment due the Airport will be increased by $1,000 per month. No later than the 10th of each month, a statement of the prior months Gross Revenue must be received by The Airport. No later than April 15th, 2021, 2022, 2023, 2024 and October 15, 2025, the Concessionaire agrees to pay to the Martha’s Vineyard Airport (“Airport”), an additional three percent (3%) of its Gross Revenues from $300,000 to $500,000 and five percent (5%) of its Gross Revenues over $500,000 for the previous 12 month period, and the final 6 month period – April 1 – September 30, 2025 (as defined in the Concession Agreement).
Base Rent Rate. Tenant covenants and agrees to pay to Landlord, as rental for the Premises an “Annual Base Rental” in an amount equal to twelve (12) multiplied by the “Monthly Base Rental” as follows: $30,000 per month for months 1 through 12, $30,600 for months 13 through 24, $31,212 for months 25 through 36, $31,836.24 for months 37 through 48, $32,472.96 for months 49 through 60 payable in advance in monthly installments on the first day of each full calendar month during the term, the first such payment to include rent prorated on a daily basis for the period, if any, from the date of the Commencement Date to the first day of the first full calendar month in the term. The Parties acknowledge and agree that the Monthly Base Rental was calculated based upon 25,000 rentable square feet in the Property. The parties acknowledge and agree for purposes of this Lease that the rentable square footage of the Property is 25,000 square feet regardless of the actual rentable square footage of the Property.
Base Rent Rate. The Base Rent for the -------------- Additional Premises shall be paid by Tenant in addition to and not in lieu of, the other payments due under the Lease, and shall be as follows: Annual Monthly Term/Period Base Rent Base Rent Base Rent ---------------------------------------- --------- ----------- ---------- January 1, 1997 (First Expansion $24.50 $333,420.50 $27,785.04 Premises) - April 1, 1997 $24.50 $500,167.50 $41,680.63 (Second Expansion Premises) - December 31, 1997 January 1, 1998 - December 31, 1998 $24.87 $507,670.01 $42,305.83 January 1, 1999 - December 31, 1999 $25.24 $515,336.86 $42,944.74 January 1, 2000 - September 6, 2000 $25.62 $523,003.71 $43,583.64 Such amounts shall be paid at the time and in the manner Base Rent is paid under the Original Lease, except that the Increase Multiplier provisions of Paragraph 2(c) of the Original Lease do not apply.
Base Rent Rate. Tenant covenants and agrees to pay to Landlord, as rental for the Premises an “Annual Base Rental” in an amount equal to twelve (12) multiplied by the “Monthly Base Rental” as follows: $30,000 per month for months 1 through 12, $30,600 for months 13 through 24, $31,212 for months 25 through 26, $19,270 for months 27 through 36, $19,655 for months 37 through 48, $20,000 for months 49 through 60, $20,400 for months 61 through 73 payable in advance in monthly installments on the first day of each full calendar month during the term, the first such payment to include rent prorated on a daily basis for the period, if any, from the date of the Commencement Date to the first day of the first full calendar month in the term. The Parties acknowledge and agree that the Monthly Base Rental was calculated based upon 25,000 rentable square feet in the Property. The parties acknowledge and agree for purposes of this Lease that the rentable square footage of the Property is 25,000 square feet regardless of the actual rentable square footage of the Property.
Base Rent Rate. The initial MAG for the Premises is as follows: First Agreement Year Minimum Annual Guarantee (MAG): $36,065.12 or $ Second Agreement Year MAG: $37,507.72 or $ Third Agreement Year MAG: $39,008.03 or $ Fourth Agreement Year MAG: $40,568.36 or $ Fifth Agreement Year MAG: $42,191.09 or $ Until the time when electrical service to the premises is metered correctly, the monthly payment due the Airport will be increased by $1,000 per month. No later than January 31st annually, the xxxxxx agrees to pay to the Martha’s Vineyard Airport (“Airport”), the stipulated sum of ten percent (10%) of its Gross Revenues (all income excluding tips) of the previous calendar year, when that 10% amount is greater than the MAG of the previous calendar year.
Base Rent Rate. The initial Base Rent Rate for the Premises is as follows: Year 1 - 2,500 Square feet @ $##.##/SF, $##,###.## annually; Year 2 - 2,500 Square feet @ $##.##/SF, $##,###.## Annually Year 3 - 2,500 Square Feet @ $##,##/SF, $##,###.## Annually
