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.
Appears in 4 contracts
Samples: Purchase and Sale Agreement (Cornerstone Realty Fund LLC), Purchase and Sale Agreement (Matrix Bancorp Inc), Agreement of Purchase and Sale (Cornerstone Core Properties REIT, Inc.)
Base Rent. Purchaser will receive 3.1 Beginning on the Rent Commencement Date, Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or, at Landlord’s option, at such other place as Landlord may from time to time designate in advance and in writing, (i) by a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all base America, or fixed rent payable pursuant (ii) if so elected by Tenant, by electronic funds transfer to the Leases and all Additional Rents account of Landlord as provided to Tenant, base rent (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. If any Rent payment date (including the Rent Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Delinquent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. Base Rent and Additional Rent, as defined below, shall together be denominated “Rent.” Without limiting the foregoing, Tenant’s obligation to pay Rent shall not be prorated at Closing. All Rent collected discharged or otherwise affected by Purchaser any law or Seller from each tenant from and after Closing will be applied as follows: (i) firstregulation now or hereafter applicable to the Premises, 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 restriction on Tenant’s use, or (except as expressly provided herein) any conveyance documentationcasualty or taking, or any failure by Landlord to perform any covenant contained herein, or any other occurrence.
Appears in 4 contracts
Samples: Lease (Precision Biosciences Inc), Lease (Precision Biosciences Inc), Lease (Heat Biologics, Inc.)
Base Rent. Purchaser will receive Commencing on the Rent Commencement Date, Tenant shall pay, without notice or demand, to Landlord at the address set forth in Section 3 of the Summary, or at such other place as Landlord may from time to time designate in writing, in currency or a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 8 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 8 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing DateRent Commencement Date and, thereafter, the first day of each and every month during the Lease Term, without any setoff or deduction whatsoever. Delinquent Rent Concurrently with Tenant’s execution of this Lease, Tenant shall not deliver to Landlord an amount equal to $475,149.74, which amount shall be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as followscomprised of the following: (i) first, to Delinquent the Base Rent owed payable by Tenant 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 Premises 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 first (1st) full month of the Property; and provided furtherLease Term following the Rent Commencement Date (i.e., however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings$383,551.88); and (ii) shall not be permitted the Estimated Expenses (as defined below) payable by Tenant for the Premises for the first (1st) full month of the Lease Term (i.e., $91,597.86). If any rental payment date (including the Lease Commencement Date with respect to commence the Base Rent or pursue any legal proceedings against any tenant seeking eviction the Rent Commencement Date with respect to Estimated Expenses) falls on a day of the month other than the first day of such tenant month or if any rental payment is for a period which is shorter than one month, then the termination rental for any such fractional month shall be a proportionate amount of a full calendar month’s rental based on the underlying Leaseproportion that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. “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, All other comparable expenses and pass-through charges and any other tenant charges. The provisions payments or adjustments required to be made under the terms of this Section 14.5 Lease that require proration on a time basis shall survive be prorated on the Closing and same basis. For the delivery avoidance of any conveyance documentationdoubt, Tenant’s obligation for the payment of Base Rent shall commence on the Rent Commencement Date.
Appears in 4 contracts
Samples: Lease (Dyne Therapeutics, Inc.), Lease (Dyne Therapeutics, Inc.), Lease (Dyne Therapeutics, Inc.)
Base Rent. Purchaser will receive a credit at Closing for (a) Tenant shall pay Base Rent in the prorated amount of all base or fixed rent manner set forth below. Base Rent shall be payable pursuant to monthly, in arrears, without notice on 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 Rent Commencement Date, and payment thereof has not been made continuing thereafter on or before the Closing Date. Delinquent first LIBOR Business Day of each successive month, except that the last installment of Base Rent shall not be prorated at Closingpayable on the last day of the Term (each such date shall be a "Rent Payment Date") and shall be an amount sufficient to pay all Base Rent accrued through the end of the Term. All Tenant shall pay Base Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: The Senior Rent Component shall be paid to UBS, and the Equity Rent Component shall be paid to Landlord, at the Address for Rent set forth in the Basic Lease Provisions (ior, if the UBS Loan has been replaced by a New Loan or Replacement Loan, then the Senior Rent Component shall be paid directly to the holder of such New Loan or Replacement Loan) firstor at such other place as Landlord and Tenant may from time to time mutually agree upon, in their respective sole and absolute discretion. Tenant shall pay Base Rent by wire transfer or by check. Landlord or UBS or such other holder of a New Loan, as the case may be, shall supply Tenant with such bank account information as Tenant shall require to Delinquent enable payment by wire transfer. The parties agree that Tenant is paying the Senior Rent owed Component of Base Rent directly to UBS for the month convenience of the parties in which order to satisfy Landlord's obligations to pay interest under 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 UBS Loan for the period prior of time corresponding to Closing. Any the Term of this Lease; all Base Rent collected by Purchaser and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser payments shall be promptly remitted deemed payments to Purchaser. Purchaser shall use reasonable efforts Landlord to collect Delinquent Rents owed the extent of the Equity Rent Component and payments of the interest due to Seller in the ordinary course of its business; provided, however, that Seller hereby retains the right to pursue any tenant UBS under the Leases for any Rent and other sums due Seller for period attributable UBS Loan to Seller’s ownership the extent 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 documentationSenior Rent Component.
Appears in 3 contracts
Samples: Ground Lease (Cisco Systems Inc), Ground Lease (Cisco Systems Inc), Ground Lease (Cisco Systems Inc)
Base Rent. Purchaser will receive Tenant shall pay, without notice or demand, to Landlord at the address specified in Section 8.1 of the Summary, or, at Landlord’s option, such other place as Landlord may from time to time designate in writing, in currency or a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated United States of America, base rent (“Base Rent”) as set forth in Section 8 of the Summary, payable in equal monthly installments as set forth in Section 8 of the Summary in advance on or before the first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. If any rental payment date (including the Lease Commencement Date) falls on a day of a calendar month other than the first day of such calendar month or if any Rent payment is for a period which is shorter than one calendar month (such as during the last month of the Lease Term), the Rent for any fractional calendar month shall be the proportionate amount of all base or fixed rent payable pursuant a full calendar month’s rental based on the proportion that the number of days in such fractional month bears to the Leases number of days in the calendar month during which such fractional month occurs. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. Landlord and Xxxxxx hereby agree that it is their intent that all Base Rent, Additional Rents Rent and other rent and charges payable to the Landlord under this Lease (collectively, hereinafter individually and collectively referred to as “Rent”) previously paid toshall qualify as “rents from real property” within the meaning of Section 856(d) of the Internal Revenue Code of 1986, or collected byas amended, 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 MonthCode”) and the Department of the U.S. Treasury Regulations promulgated thereunder (the “Regulations”). Should the Code or the Regulations, (iior interpretations thereof by the Internal Revenue Service contained in revenue rulings or other similar public pronouncements, be changed so that any Rent no longer so qualifies as “rent from real property” for purposes of Section 856(d) secondof the Code and the Regulations promulgated thereunder, to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller for the period prior to Closing. Any such 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 adjusted in such manner as the ordinary course of its businessLandlord may require so that it will so qualify; provided, however, that Seller hereby retains the right any adjustments required pursuant 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) this Section 3 shall be required made so as to notify Purchaser produce the equivalent (in writing of Seller’s intention economic terms) Rent as payable prior 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 chargesadjustment. The parties agree to execute such further instrument as may reasonably be required by the Landlord in order to give effect to the foregoing provisions of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentation3.
Appears in 2 contracts
Samples: Office Lease (Rocket Companies, Inc.), Office Lease (Rocket Companies, Inc.)
Base Rent. Purchaser will receive a credit Commencing on the applicable Lease Commencement Date (as the same may be delayed by the express provisions of this Lease), as set forth in Section 3.2 of the Summary, Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at Closing for the prorated amount management office of all base the Project, or fixed rent payable pursuant by wire transfer to the Leases and all Additional Rents address set forth in Section 11 of the Summary, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a check or wire transfer for currency, which, at the time of payment, is legal tender for private or public debts in the United States of America, the applicable base rent (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing Datefirst day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever except as expressly set forth elsewhere in this Lease. Delinquent Rent Concurrently with Tenant’s execution of this Lease, Tenant shall not be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied provide Landlord with $1,860,000.00 as follows: (i) first, to Delinquent Rent owed payment for the Base Rent for the minimum size of the Phase I Premises for the first full month in of the Lease Term, which amount shall be adjusted to the Closing Date occurs actual amount of the Base Rent for the Phase I Premises for the first full month of the Lease Term concurrently with Tenant’s delivery of the Phase Designation Notice. If any Rent payment date (including any Lease Commencement Date) falls on a day of the “Closing Month”)month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, (ii) second, to the Rent for any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller fractional month shall accrue on a daily basis for the period prior from the date such payment is due to Closingthe end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Any Rent collected by Purchaser and due Seller will All other payments or adjustments required to be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser made under the terms of this Lease that require proration on a time basis shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in prorated on 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 documentationsame basis.
Appears in 2 contracts
Samples: Lease Agreement (Dropbox, Inc.), Lease Agreement (Dropbox, Inc.)
Base Rent. Purchaser will receive 4.1 Tenant shall pay Base Rent in advance, in equal monthly installments, with the first (1/st/) payment to be made simultaneously with Tenant's execution of this Lease, and the second and subsequent monthly payments to be made on the first day of the third month in the first Lease year and each and every calendar month following the Rent Commencement Date during the Lease Term. If the Lease Term begins on a credit at Closing date other than on the first (1/st/) day of a month, Base Rent for the month of commencement shall be prorated at the rate of one thirtieth (1/30th) of the monthly installment of Base Rent for each day. Tenant will pay all rent to Landlord, at the office of Landlord, or to such other party or to such other address as Landlord may designate from time to time by written notice to Tenant.
4.2 Commencing with the third Lease Year and for each subsequent Lease Year during the Lease Term, Base Rent shall be increased annually by an amount equal to three percent (3%) multiplied by the Base Rent payable during the immediately preceding Lease Year.
4.3 All sums payable by Tenant under this Lease shall be payable without demand, set-off or deduction except as specifically set forth herein, and shall be paid to Landlord in immediately available funds in legal tender of all base the United States by wire transfer or fixed by check (subject to collection), at the address to which notices to Landlord are to be given or to such other party or such other address as Landlord may designate in writing. Landlord's acceptance of rent after it shall have become due and payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord's rights. Tenant will deliver rent to Landlord's lender upon lender notice to Tenant from lender instructing Tenant to deliver such rent to lender, and Tenant shall incur no liability to Landlord for making any such payments to lender.
4.4 All costs and expenses which Tenant assumes or agrees to pay to Landlord pursuant to this Lease, including without limitation, Operating Expenses and Real Estate Taxes (both as hereinafter defined), shall be deemed to be additional rent ("Additional Rent") and, in the Leases event of nonpayment thereof, Landlord shall have all the rights and all remedies provided for in case of nonpayment of rent, including assessment of interest and late payment fees. Base Rent and Additional Rents (collectivelyRent are sometimes referred to collectively herein as "rent."
4.5 If Tenant fails to make any payment of the Base Rent, “Rent”) previously paid to, Additional Rent or collected by, Seller and attributable any other sum payable 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 Landlord on or before the Closing Datedate which is three (3) days after such payment is due and payable (without regard to any grace period specified in the Lease), Tenant shall pay a late charge of five percent (5%) of the amount unpaid. Delinquent In addition, if Tenant's failure to make such payment continues for more than thirty (30) days after the date such payment is due and payable, such payment and such late charge shall bear interest at the Default Rate as set forth in this Lease from the date such payment was due to the date of payment thereof. Such late charge and interest shall constitute Additional Rent due hereunder, shall be paid with the next monthly installment of Base Rent coming due hereunder, shall constitute agreed liquidated damages and not penalties, and shall be prorated in addition to, and not in lieu of, all other rights and remedies provided to Landlord in this Lease, at Closing. All law, or in equity.
4.6 Base 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 thirteenth (the “Closing Month”), 13/th/) and thirty-seventh (ii37/th/) 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 months of this Lease 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 documentationabated.
Appears in 2 contracts
Samples: Deed of Office Lease (Mercator Software Inc), Deed of Office Lease (Mercator Software Inc)
Base Rent. Purchaser will receive a credit at Closing During the Lease Term (as it may be extended pursuant to Article III hereof), Tenant shall pay to Landlord as rent for the Premises the Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for any reason. If the Commencement Date is other than the first day of a calendar month, Base Rent for the first month of the Term shall be prorated amount in the proportion that the number of all base or fixed rent days this Lease is in effect during such partial month bears to the total number of days in such month. Base Rent due for the last month of the Term shall be similarly prorated if the Expiration Date does not fall on the last day of the month. Base Rent shall accrue on a monthly basis, but shall not be payable by Tenant until (i) Tenant's purchase of the Premises pursuant to the Leases Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and all Additional Rents (collectivelycure periods under Article XV hereof, “Rent”) previously paid toor, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or collected by(iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, Seller all accrued Base Rent shall be immediately due and attributable payable and thereafter, any Base Rent coming due shall be immediately payable notwithstanding the delayed payment contemplated by this Section 4.01. Upon Tenant's exercise of the Purchase Option, all Base Rent accrued and owing through the date of Tenant's exercise of the Purchase Option shall be deemed earned and shall become due and payable, but Tenant may pay such accrued Base Rent, together with any additional base rent which accrues thereafter, at the Closing, in accordance with the terms of the Purchase Agreement. Thereafter, Tenant shall pay Base Rent in advance on the first day of each month during the Term hereof (as extended) until the sooner of the closing under the Purchase Agreement or expiration of the Term and Tenant's surrender of the Premises in accordance with the requirements of this Lease. Base Rent and other payments pursuant to any period following the Closing Date. Rents are “Delinquent” when they were due prior this Lease shall not be credited to the Closing Date, purchase price under the Purchase Agreement. Tenant shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to the Purchase Agreement and payment thereof has holds over beyond the expiration of the Term of this Lease or does not been made surrender the Premises in the condition required by this Lease 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 expiration 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 documentationTerm.
Appears in 2 contracts
Samples: Power Plant Operation and Development Lease With Purchase Option (Laidlaw Energy Group, Inc.), Power Plant Operation and Development Lease With Purchase Option (Laidlaw Energy Group, Inc.)
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount of all base or fixed rent payable pursuant to set forth above. The first month's Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and, except as otherwise set forth in this Lease, Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder (or to such other party as Landlord may from time to time specify in writing) shall be made by check or Electronic Fund Transfer ("EFT") of immediately available federal funds before 11:00 a.m., Eastern Time, at such place, within the continental United States, as Landlord may from time to time designate to Tenant in writing. Except as otherwise set forth herein, the obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than 5 days, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum. Tenant shall not be prorated obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be given 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) Landlord shall not be required to notify Purchaser give such notices more than twice in writing any calendar year or 4 times over the term of Seller’s intention the Lease. The provision for such late charge shall be in addition to commence all of Landlord's other rights and remedies hereunder or pursue any legal proceedings; at law 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 documentationconstrued as a penalty.
Appears in 2 contracts
Samples: Lease Agreement (Ikanos Communications), Lease Agreement (Ikanos Communications)
Base Rent. Purchaser will receive a credit at Closing for The first month’s Base Rent and the prorated amount Security Deposit shall be due and payable on delivery of all base or fixed rent payable pursuant an executed copy of this Lease to Landlord. Beginning on the Commencement Date (but subject to the Leases and all Additional Rents Base Rent Abatement described in Section 4(a)), Tenant shall pay to Landlord in advance, without demand, abatement, deduction or set-off (collectivelyexcept as may be expressly set forth in this Lease), “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 monthly installments of Base Rent as shown below on or before the Closing Datefirst day of each calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Delinquent Payments of Base 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 any fractional calendar 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 prorated. The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any Rent (as defined in Section 5) due Seller hereunder except for period attributable any abatement as may be expressly provided in this Lease. Base Rent payable during the Base Term is as follows: † subject to Seller’s ownership of the Property; and Base Rent Abatement set forth in Section 4(a) below. If the Commencement Date does not occur on November 1, 2016 because Tenant delivers the Early Commencement Date Notice to Landlord as provided furtherin Section 2, however, Seller (i) the dates in the table above shall be required revised to notify Purchaser reflect the actual Commencement Date that occurs before November 1, 2016. Such revisions shall be reflected in writing of Seller’s intention an amendment to commence or pursue any legal proceedings; this Lease promptly executed and delivered by Landlord and Tenant after request therefor by Landlord (iiwhich amendment shall be in form and substance reasonably acceptable to Landlord and Tenant) 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 documentationCommencement Date Amendment”).
Appears in 2 contracts
Samples: Lease Agreement (Arbutus Biopharma Corp), Lease Agreement (Arbutus Biopharma Corp)
Base Rent. Purchaser will receive a credit Lessee agrees to pay monthly as base rent during the term of this Lease the sum of money set forth in Section 1.8 of this Lease, which amount shall be payable to Lessor at Closing the address shown in Section 1.1 above or at such address that Lessor in writing shall notify Lessee. One
(1) monthly installment of rent shall be due and payable on the date of execution of this Lease by Lessee for the prorated amount of all base or fixed first month's rent and a like monthly installment shall be due and 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 first day of each calendar month succeeding the Commencement Date during the term of this Lease, without demand offset 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 businessreduction; provided, howeverif the Commencement Date should be a date other than the first day of a calendar month, the monthly rental set forth above shall be prorated to the end of that Seller hereby retains calendar month, and all succeeding installments of rent shall be payable on or before the first day of each succeeding calendar month during the term of this Lease. Unless otherwise specified, Lessee shall pay as additional rent all other sums due under this Lease at the same time and in the same manner as the base rent due hereunder. No payment by Lessee or receipt by Lessor of a lesser amount than the monthly installment of rents herein stipulated shall be deemed to be other than a payment on account of the earliest stipulated rent and/or additional rent; nor shall any endorsement of payment on any check or any letter accompanying any check or payment as rent be deemed an accord or satisfaction and Lessor may accept such check for payment without prejudice to Lessor's right to recover the balance of such rent and/or additional rent or to pursue any tenant other remedy provided in this Lease and/or 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 documentationapplicable law.
Appears in 2 contracts
Samples: Office Lease Agreement (Titan Exploration Inc), Office Lease Agreement (Pure Resources Inc)
Base Rent. Purchaser will receive a credit at Closing for Commencing on the prorated amount of all base or fixed rent payable pursuant Lease Commencement Date applicable to the Leases and all Additional Rents Initial Premises, Tenant shall pay, without prior notice or demand, base rent (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, to Landlord or collected byLandlord’s agent at the management office of the Project, Seller and attributable or, at Landlord’s option, at such other place as Landlord may from time to any period following time designate in writing, payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing Date. Delinquent first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever, except as otherwise specifically set forth in this Lease (provided that, for clarification purposes, Landlord and Tenant hereby acknowledge and agree that Tenant’s Base Rent obligations with regard to Must-Take Premises 1 and Must-Take Premises 2 shall not be prorated at Closingcommence until the Lease Commencement Date applicable to Must-Take Premises 1 and the Lease Commencement Date applicable to Must-Take Premises 2, respectively). All Tenant shall pay the Base Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) first, to Delinquent Rent owed due for the initial Premises (disregarding any Base Rent applicable to any initial Premises Basement Premises) for the first month in which following the Closing Date occurs (expiration of the “Closing Month”)Initial Premises Rent Abatement Period,” as that term is defined in Section 3.2.1, below, concurrently with Xxxxxx’s execution of this Lease. If any Rent payment date (iiincluding any Lease Commencement Date) secondfalls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, to the Rent for any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller fractional month shall accrue on a daily basis for the period prior from the date such payment is due to Closingthe end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Any Rent collected by Purchaser and due Seller will All other payments or adjustments required to be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser made under the terms of this Lease that require proration on a time basis shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in prorated on 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 documentationsame basis.
Appears in 2 contracts
Samples: Office Lease (ServiceTitan, Inc.), Office Lease (ServiceTitan, Inc.)
Base Rent. Purchaser will receive a credit at Closing for the prorated amount The first month’s Base Rent and Operating Expenses shall be due and payable upon execution of all base or fixed rent payable pursuant this Lease, which amounts shall be applied to the Leases first month when such amounts become due and all Additional Rents (collectivelypayable. Tenant shall pay to Landlord in advance, “Rent”) previously paid towithout demand, subsequent monthly installments of Base Rent on, or collected bybefore, Seller and attributable to any period the first day of each calendar month following the Closing DateCommencement Date (prorated for any fractional calendar month). Rents All payments by Tenant to Landlord (or to such other party or at such location as Landlord may from time to time specify in writing) shall be made by Electronic Fund Transfer or Automated Clearing House. The obligation of Tenant to pay Base Rent, Operating Expenses and other sums to Landlord and the obligations of Landlord under this Lease are “Delinquent” when they were independent obligations. Tenant shall not xxxxx, reduce, or set-off any amounts due prior and payable hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any installment of Base Rent, Operating Expenses, or other amounts due and payable for more than 5 days, in addition to all of Landlord’s other rights and remedies (and not as a penalty), Tenant shall pay to Landlord on demand a late charge equal to eight percent (8%) of such delinquent sum. If Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses, or other amount due and payable herein beyond 5 days after the Closing Datedue date thereof, and payment thereof has not been made after written notice as provided below, Tenant shall pay to Landlord on or before the Closing Datedemand a late charge equal to eight percent (8%) of such delinquent sum. Delinquent Rent Tenant shall not be prorated obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be given 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) such notice shall not be permitted to commence or pursue required more than twice in 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 pass12-through charges and any other tenant chargesmonth period. The provisions provision for such late charge shall be in addition to all of this Section 14.5 Landlord’s other rights and remedies hereunder or at law and shall survive the Closing and the delivery of not be construed as a penalty or as limiting Landlord’s remedies in any conveyance documentationmanner.
Appears in 2 contracts
Samples: Lease Agreement (RayzeBio, Inc.), Net Lease Agreement (RayzeBio, Inc.)
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount set forth on Page 1 of all base or fixed rent payable pursuant to this Lease. The first month’s Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall not be prorated at Closingprorated. All Rent collected payments required to be made by Purchaser Tenant to Landlord hereunder (or Seller to such other party as Landlord may from each tenant from and after Closing will be applied as follows: (itime to time specify in writing) 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 made by check or by Electronic Fund Transfer (“EFT”) of immediately available federal funds before 11:00 a.m., Eastern Time at such place, within the continental United States, as Landlord may from time to Purchasertime designate to Tenant in writing. Purchaser shall use reasonable efforts The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due Seller hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for period attributable more than 5 days, Tenant shall pay to Seller’s ownership Landlord on demand a late charge equal to five percent (5%) of the Property; and provided further, however, Seller (i) such delinquent sum. The provision for such late charge shall be required in addition to notify Purchaser in writing all of SellerLandlord’s intention to commence other rights and remedies hereunder or pursue any legal proceedings; at law 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 documentationconstrued as a penalty.
Appears in 2 contracts
Samples: Lease Agreement (Virobay Inc), Lease Agreement (Virobay Inc)
Base Rent. Purchaser will receive 4.1 From and after the Lease Commencement Date, Tenant shall pay the Base Rent in equal monthly installments in advance on the first day of each month during a credit at Closing Lease Year.
4.2 Notwithstanding the foregoing, provided no Event of Default by Tenant has occurred under this Lease, Landlord grants to Tenant an abatement of the Base Rent otherwise payable hereunder during the first Lease Year, which amount shall be credited toward the monthly installments of Base Rent payable for the first two (2) full calendar months of the Lease Term commencing on the Lease Commencement Date (the “Abatement Period”). Concurrently with Tenant’s execution of this Lease, Tenant shall pay an amount equal to one (1) monthly installment of the Base Rent payable during the first Lease Year, which amount shall be credited toward the monthly installment of Base Rent payable for the first full calendar month of the Lease Term following the Abatement Period. If the Lease Commencement Date is not the first day of a month, then the Base Rent from the Lease Commencement Date until the first day of the following month shall be prorated amount on a per diem basis at the rate of all base one thirtieth (1/30th) of the monthly installment of the Base Rent payable during the first Lease Year, and Tenant shall pay such prorated installment of the Base Rent on the day following the expiration of the Abatement Period.
4.3 All sums payable by Tenant under this Lease shall be paid to Landlord in legal tender of the United States, without setoff, deduction or fixed rent payable pursuant to demand (except as expressly set forth in this Lease), at the Leases and all Additional Rents (collectively, “Rent”) previously paid toLandlord Payment Address, or collected by, Seller to such other party or such other address as Landlord may designate in writing. Landlord’s acceptance of rent after it shall have become due 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 payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord’s rights hereunder. If any sum payable by Tenant under this Lease is paid by check which is returned due to insufficient funds, stop payment order, or otherwise, then: (a) such event shall be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from treated as a failure to pay such sum when due; and after Closing will (b) in addition to all other rights and remedies of Landlord hereunder, Landlord shall be applied as follows: entitled (i) firstto impose a returned check charge of Fifty Dollars ($50.00) to cover Landlord’s administrative expenses and overhead for processing, 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) to require that all future payments be remitted by wire transfer, money order, or cashier’s or certified check.
4.4 Landlord and Tenant agree that no rental or other payment for the use or occupancy of the Premises is or shall not be permitted to commence based in whole or pursue in part on the net income or profits derived by any legal proceedings against any tenant seeking eviction of such tenant person or entity from the Building or the termination Premises. Tenant will not enter into any sublease, license, concession or other agreement for any use or occupancy of the underlying LeasePremises which provides for a rental or other payment for such use or occupancy based in whole or in part on the net income or profits derived by any person or entity from the Premises so leased, used or occupied. “Additional Rents” Nothing in the foregoing sentence, however, shall mean be construed as permitting or constituting Landlord’s approval of any and all amounts due from tenants for operating expensessublease, common area maintenance chargeslicense, taxesconcession, shared utility charges, management fees, insurance costs, or other comparable expenses and pass-through charges and any other tenant charges. The use or occupancy agreement not otherwise approved by Landlord in accordance with the provisions of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentationArticle VII.
Appears in 2 contracts
Samples: Office Lease Agreement (IMARA Inc.), Office Lease Agreement (IMARA Inc.)
Base Rent. Purchaser will receive 3.1 Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all base America or, if directed by Landlord by electronic funds transfer or fixed rent payable similar wire transaction pursuant to the Leases and all Additional Rents instructions provided by Landlord, base rent (collectively, “Base Rent”) previously paid to, or collected by, Seller and attributable to any period following as set forth in Section 4A of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary payable in equal monthly installments in advance on or before the Closing first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Delinquent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. Base Rent and Additional Rent shall together be denominated “Rent.” Without limiting the foregoing, Tenant’s obligation to pay Rent shall not be prorated at Closing. All Rent collected discharged or otherwise affected by Purchaser any law or Seller from each tenant from regulation now or hereafter applicable to the Premises, or any other restriction on Tenant’s use, or (except as expressly provided herein) any casualty or taking, or any failure by Landlord to perform any covenant contained herein, or any other occurrence; and after Closing will be applied as follows: (i) firstTenant 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 Delinquent Rent owed for assert any defense in the month in which the Closing Date occurs (the “Closing Month”), (ii) second, nature of constructive eviction to any accrued Rents owing action seeking to Purchaserrecover rent. Tenant’s covenants contained herein are independent and not dependent, and (iii) third, to Delinquent Rents owing to Seller for Tenant hereby waives 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 benefit of any conveyance documentationstatute or judicial law to the contrary.
Appears in 2 contracts
Samples: Sublease (Jounce Therapeutics, Inc.), Sublease (Jounce Therapeutics, Inc.)
Base Rent. Purchaser will receive a credit at Closing Tenant shall pay Base Rent in the amount set forth on the first page of this Lease The Base Rent for calendar month November 2000 and the prorated amount first monthly installment of all base estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and, subject to Exhibit H. Tenant promises to pay to Landlord in advance, without demand, deduction or fixed rent payable pursuant to the Leases and all Additional Rents (collectivelyset-off, “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 monthly installments of Base Rent on or before the Closing Date. Delinquent first day of each calendar month succeeding the Commencement Date Payments of Base Rent for any fractional calendar month shall not be prorated at Closingprorated. All Rent collected payments required to be made by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) first, Tenant 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 Landlord hereunder shall be promptly remitted payable at such address as Landlord may specify from time to Purchasertime by written notice delivered in accordance herewith. Purchaser shall use reasonable efforts The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due Seller hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for period attributable more than five (5) days, Tenant shall pay to Seller’s ownership Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the Property; and provided furthercosts that Landlord will incur by reason of such late payment by Tenant Notwithstanding the foregoing, however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; and (ii) the late fee referenced above shall not be permitted charged with respect to commence or pursue the first two (2) occurrences (but not any legal proceedings against subsequent occurrence) during any 12-month period that tenant seeking eviction fails to make payment when due, until five (5) days after Landlord delivers written notice 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 chargesdelinquency to Tenant. The provisions provision for such late charge shall be in addition to all of this Section 14.5 Landlord’s other rights and remedies hereunder or at law and shall survive the Closing and the delivery of any conveyance documentationnot be construed as a penalty.
Appears in 2 contracts
Samples: Assignment of Lease, Assignment of Lease (Rackspace Inc)
Base Rent. Purchaser will receive a credit Commencing on the date set forth in Section 3.2 of the Summary (the “Lease Commencement Date”) (as the same may be delayed by the express provisions of this Lease), Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at Closing for the prorated amount management office of all base or fixed rent payable pursuant the Project, or, by wire transfer to the Leases and all Additional Rents address set forth in Section 11 of the Summary, or at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a check or wire transfer for currency which, at the time of payment, is legal tender for private or public debts in the United States of America, base rent (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing Datefirst day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever except as expressly set forth elsewhere in this Lease. Delinquent The Base 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 first full month in of the Lease Term which occurs after the Closing Date occurs expiration of any free rent period shall be paid at the time of Tenant’s execution of this Lease. If any Rent payment date (including the “Closing Month”)Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, (ii) second, to the Rent for any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller fractional month shall accrue on a daily basis for the period prior from the date such payment is due to Closingthe end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Any Rent collected by Purchaser and due Seller will All other payments or adjustments required to be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser made under the terms of this Lease that require proration on a time basis shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in prorated on 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 documentationsame basis.
Appears in 2 contracts
Samples: Office Lease (Dropbox, Inc.), Office Lease (Dropbox, Inc.)
Base Rent. Purchaser (A) Tenant shall pay to Landlord during the Term of the Lease the Base Rent, without notice or demand, in the monthly installments specified in Section 1, in advance on the first day of each calendar month of the Term.
(B) Base Rent, Additional Rent and all other sums payable by Tenant to Landlord hereunder shall be paid, without set-off or deduction, in lawful currency of the United States of America to Landlord at the address set forth in Section 1 hereof, or at such other address as Landlord may from time to time designate in writing to Tenant. Tenant hereby acknowledges that late payment by Tenant to Landlord of rent or other sums due hereunder will receive a credit at Closing for cause Landlord to incur costs not contemplated by this Lease, the prorated exact amount of all base or fixed rent payable pursuant which will be extremely difficult to the Leases and all Additional Rents (collectivelyascertain. Such costs include, “Rent”) previously paid but are not limited to, or collected by, Seller processing and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Dateaccounting charges, and payment thereof has not been made on late charges which may be imposed upon Landlord by terms of any mortgage or before trust deed covering the Closing DatePremises. Delinquent Rent Accordingly, if any installment of rent or any sum due from Tenant shall not be prorated at Closingreceived by Landlord or Landlord's designee within five (5) business days after said amount is due, then Tenant shall pay to Landlord a late charge of five (5%) percent of such overdue amount, plus any attorney’s reasonable fees and court costs incurred by Landlord by reason of Tenant's failure to pay rent and/or other charges when due to Landlord hereunder. All Rent collected by Purchaser or Seller from each tenant from The parties hereby agree that such late charges represent a fair 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 estimate of the Property; and provided further, however, Seller (i) shall be required to notify Purchaser in writing cost that Landlord will incur by reason 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 the late payment by Tenant. Acceptance of such tenant or late charges by the termination Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the underlying Leaseother rights and remedies granted hereunder. “Additional Rents” shall mean In addition, 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 not paid by Tenant within thirty (30) days after the same is due shall accrue interest at the annual rate of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentation12% per annum.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Base Rent. Purchaser will receive (A) Except as expressly set forth herein, Tenant shall pay to Landlord during the Term of the Lease the Base Rent in the annual amounts set forth in Section 1 above, without notice or demand, in equal monthly installments, in advance on the first day of each calendar month of the Term. The first month’s installment of the Base Rent shall be payable on the date hereof. If the Term commences other than on the first day of a credit at Closing calendar month, then the installments of Base Rent for the prorated first calendar month of the Term shall be adjusted proportionately based upon the actual number of days in such month.
(B) Except as expressly set forth herein, Base Rent, Additional Rent and all other sums payable by Tenant to Landlord hereunder shall be paid, without set-off or deduction, in lawful currency of the United States of America to Landlord at the address set forth in Section 1 hereof, or at such other address as Landlord may from time to time designate in writing to Tenant. Tenant hereby acknowledges that late payment by Tenant to Landlord of rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of all base or fixed rent payable pursuant which will be extremely difficult to the Leases and all Additional Rents (collectivelyascertain. Such costs include, “Rent”) previously paid but are not limited to, or collected by, Seller processing and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Dateaccounting charges, and payment thereof has not been made on late charges which may be imposed upon Landlord by terms of any mortgage or before trust deed covering the Closing DatePremises. Delinquent Rent Accordingly, if any installment of rent or any sum due from Tenant shall not be prorated at Closing. All Rent collected received by Purchaser Landlord or Seller from each tenant from and Landlord’s designee within five (5) days after Closing will be applied as follows: said amount is due, then Tenant shall pay to Landlord a late charge of five (i5%) 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 percent of its businesssuch overdue amount; provided, however, that Seller hereby retains with respect to the right to pursue first late payment of rent or sum due in 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 furthertwelve (12) month period, however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; and (ii) such late charge shall not be permitted due unless Tenant fails to commence or pursue any legal proceedings against any tenant seeking eviction pay Landlord the amount due within five (5) business days after Tenant has received written notice from Landlord of the amount past due. The parties hereby agree that such late charges represent a fair and reasonable estimate of the cost that Landlord will incur by reason of the late payment by Tenant. Acceptance of such tenant or late charges by the termination Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the underlying Lease. “Additional Rents” shall mean any other rights 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 documentationremedies granted hereunder.
Appears in 2 contracts
Samples: Sublease Agreement, Sublease Agreement (Verrica Pharmaceuticals Inc.)
Base Rent. Purchaser will receive a credit Tenant agrees to pay monthly as base rent during the term of this Lease the sum of money set forth in Section 1.4 of this Lease, which amount shall be payable to Landlord at Closing the address shown above. One monthly installment of rent shall be due and payable on the date of execution of this Lease by Tenant for the prorated amount of all base or fixed first month's rent and a like monthly installment shall be due and 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 first day of each calendar month succeeding the Rent Commencement Date during the term of this Lease; provided, if the Rent Commencement Date should be a date other than the first day of a calendar month, the monthly rental set forth above shall be prorated to the end of that calendar month, and all succeeding installments of rent shall be payable on or before the first day of each succeeding calendar month during the term of this Lease. Tenant shall pay, as additional rent, all other sums due under this Lease. Notwithstanding anything in this Lease to the contrary, if Landlord, for any reason whatsoever (other than Tenant's default), cannot deliver possession of the Premises to the Tenant on the Rent Commencement Date. Delinquent Rent , this Lease shall not be prorated at Closingvoid or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting therefrom, nor shall the expiration of the term be extended, but all rent shall be abated until Landlord delivers possession. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) firstbase rent, 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 additional rent and other sums due Seller for period attributable payable by Tenant pursuant to Seller’s ownership of the Property; this Lease are payable without demand and provided furtherwithout any reduction, howeverabatement, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to commence counterclaims 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 documentationsetoff.
Appears in 2 contracts
Samples: Lease Agreement (Insignia Systems Inc/Mn), Commercial Lease (Insignia Systems Inc/Mn)
Base Rent. Purchaser will receive Throughout the Lease Term, Tenant shall pay Base Rent in the amount set forth above. Tenant promises to pay to Landlord in advance, without demand, deduction or set-off (except as expressly set forth herein), monthly installments of Base Rent and Additional Rent on or before the first day of each calendar month commencing on the Commencement Date. If the Lease Term commences or expires on a credit date other than the first day or the last day of a calendar month, respectively, then the Rent payable for such partial calendar month shall be an amount equal to the monthly installment of Rent otherwise then in effect, divided by the number of days in the full calendar month during which the Lease Term commences or expires, respectively, and multiplied by the number of days in the partial calendar month after and including the Commencement Date or before and including the date of expiration, respectively, and provided, further that the Rent for any partial calendar month at Closing the commencement of the initial Lease Term shall be payable on the first day of the first full calendar month during the Lease Term. All sums, liabilities, obligations and other amounts which Tenant is required to pay or discharge pursuant to this Lease in addition to Base Rent, including without limitation Tenant’s Proportionate Share of the Site Operating Costs (as hereinafter defined), together with any interest, penalty, or other sum which may be added for late payment thereof, shall constitute additional rent hereunder (herein called “Additional Rent”). In the prorated amount event of any failure on the part of Tenant to pay or discharge any of the foregoing, after the expiration of all base applicable notice and cure periods (if any), Landlord shall have all rights, powers and remedies provided for herein (or fixed rent by law or equity or otherwise) in the case of nonpayment of Base Rent. All payments required to be made by Tenant to Landlord hereunder shall be payable pursuant at such address as Landlord may specify from time to the Leases time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and all Additional Rents Rent (collectively, sometimes hereinafter collectively referred to as “Rent”) previously paid toand the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, 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 set-off any Rent and other sums due Seller for period attributable to Seller’s ownership of the Property; and hereunder, except as specifically 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 documentationherein.
Appears in 2 contracts
Samples: Lease Agreement (Ulta Salon, Cosmetics & Fragrance, Inc.), Lease Agreement (Ulta Salon, Cosmetics & Fragrance, Inc.)
Base Rent. Purchaser will receive a credit at Closing Lessee shall pay to Lessor Base Rent on each Rent Payment Date during the Base Term in the amount set forth in the “Base Rent” column on Schedule 3.1 attached hereto and incorporated herein, and shall pay to Lessor Base Rent on each Rent Payment Date during any Renewal Term as prescribed by Article 5. Notwithstanding the payment schedule for Base Rent for the prorated Base Term as set forth on Schedule 3.1, the amounts of rent (other than Supplemental Rent) on account of the use of the Property which are allocated to each semi-annual period ending on August 14 or February 14 (for purposes of this Section 3.1 and Section 3.6, a “semi annual period”) during the Base Term shall equal the amounts set forth in the column of Schedule 3.1 titled “Allocated Rent” for such period. To the extent the Base Rent payable in any semi-annual period exceeds the Allocated Rent for such period, the amount of such excess shall be treated as a reduction in the cumulative Deferred Rent (as defined below) for all base or fixed rent payable pursuant prior semi-annual periods, and to the Leases and extent such excess exceeds the cumulative Deferred Rent for all Additional Rents prior semi-annual periods (collectively, the “Prepaid Rent”), the amount of such Prepaid Rent shall thereafter be treated as a reduction in the amount by which the Allocated Rent for future semi-annual periods exceeds the Base Rent payable in such semi-annual periods. To the extent that the Allocated Rent for any semi-annual period exceeds the Base Rent payable in such semi-annual period, the amount of such excess shall be treated as a reduction in cumulative Prepaid Rent (as defined above) previously paid for all prior semi-annual periods, and to the extent such excess exceeds the cumulative Prepaid Rent for all prior semi-annual periods (the “Deferred Rent”), the amount of such Deferred Rent shall thereafter be treated as a reduction in the amount by which the Base Rent payable in future semi-annual periods exceeds the Allocated Rent for such semi-annul periods. Neither the Prepaid Rent nor the Deferred Rent will bear interest. Lessor shall have no obligation to apply the Prepaid Rent to offset any obligation of Lessee other than Lessee’s liability for Allocated Rent. Lessee shall have no obligation to make any payment to Lessor on account of Allocated Rent other than the scheduled payments of Base Rent. The allocation of Allocated Rent is intended to constitute a specific allocation of rent under Treasury Regulation Section 1.467-1(c)(2)(ii)(A), and the existence, timing, and amount of, and any adjustments to, Allocated Rent, Prepaid Rent and Deferred Rent are intended to be utilized solely for such purpose. Notwithstanding anything herein to the contrary, neither the existence or collected byamount of, Seller and attributable or timing of adjustments to, Allocated Rent, Prepaid Rent or Deferred Rent shall in any way affect the timing, amount or unconditional nature of Lessee’s obligations to pay Base Rent or any period following other amounts payable under this Lease Agreement. In the Closing Date. Rents are “Delinquent” when they were due event of any other termination of the Lease prior to the Closing Datescheduled expiration of the Base Term, regardless of whether caused by the acts or omissions of Lessee or otherwise, then in addition to (and payment thereof has not been made on in substitution for) any other rights and remedies to which Lessor may be entitled under this Agreement or before otherwise, Lessor shall be entitled to retain the Closing Date. Delinquent then unapplied portion of the Prepaid 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 in consideration 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 loss incurred 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 Lessor as a result of such tenant or the early termination of the underlying Lease. “Additional Rents” shall mean any , it being agreed by the parties hereto that such portion of the Prepaid Rent and all amounts due from tenants for operating expenses, common area maintenance charges, taxes, shared utility charges, management fees, insurance costs, such other comparable expenses rights and pass-through charges and any other tenant charges. The provisions remedies to which Lessor is then entitled reflect the loss incurred by Lessor as a result of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentationsuch early termination.
Appears in 2 contracts
Samples: Lease Agreement (Vistra Energy Corp), Lease Agreement (Vistra Energy Corp)
Base Rent. Purchaser will receive Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the address set forth in Section 4.2 of the Summary, or, at Landlord’s option, at such other place as Landlord may from time to time designate by delivering written notice to Tenant at Tenant’s notice address as set forth herein, by a credit check or wire transfer for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Delinquent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. Notwithstanding anything to the contrary in this Lease, Tenant may at its election pay any Rent to Landlord by electronic transfer and Landlord shall provide Tenant with ACH information upon request from Tenant. Notwithstanding the foregoing or anything to the contrary herein, provided Tenant is not then in default under this Lease (beyond the expiration of any applicable notice and cure period), Tenant shall not be prorated at Closing. All obligated to pay fifty percent (50%) of the Base Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: fifty percent (i50%) first, to Delinquent Rent owed for of Tenant’s Share of Direct Expenses due under this Lease during months one (1) through twelve (12) of 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 businessinitial Lease Term; 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) Tenant shall be required obligated upon the Lease Commencement Date, and for all periods thereafter, 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. “pay all other Additional Rents” shall mean any and all amounts due from tenants for operating expensesRent payable under this Lease including, common area maintenance without limitation, parking 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.
Appears in 2 contracts
Samples: Office Lease (Artiva Biotherapeutics, Inc.), Office Lease (Artiva Biotherapeutics, Inc.)
Base Rent. Purchaser will receive a credit at Closing for (a) From and after the prorated amount of all base or fixed rent payable pursuant Lease Commencement Date, but subject 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 applicable Abatement Period set forth in which the Closing Date occurs (the “Closing Month”Section 4.2(a), (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 Credit Amount and any other tenant chargesrent abatement Tenant may be expressly entitled to pursuant to this Lease, Tenant shall pay the Initial Premises Base Rent in equal monthly installments in advance on the first day of each month during a Lease Year. The provisions If the Lease Commencement Date is not the first day of a month, then the Initial Premises Base Rent from the Lease Commencement Date until the first day of the following month shall be prorated on a per diem basis at the rate of one-thirtieth (1/30th) of the monthly installment of the Initial Premises Base Rent payable during the first Lease Year, and Tenant shall pay such prorated installment of the Initial Premises Base Rent on the Lease Commencement Date.
(b) Commencing on each applicable Must Take Commencement Date but subject to the applicable Abatement Period set forth in Section 4.2(b), the Rent Credit Amount and any other rent abatement Tenant may be expressly entitled to pursuant to this Section 14.5 Lease, hereof, Tenant shall survive pay, and Base Rent shall include, the Closing Must Take Expansion Premises Base Rent for such Must Take Expansion Premises. If any Must Take Commencement Date is not the first day of a month, then the applicable Must Take Expansion Premises Base Rent from the Must Take Commencement Date until the first day of the following month shall be prorated on a per diem basis at the rate of one-thirtieth (1/30th) of the monthly installment of the applicable Must Take Expansion Premises Base Rent payable during the applicable Lease Year, and Tenant shall pay such prorated installment of the delivery of any conveyance documentationMust Take Expansion Premises Base Rent on the Must Take Commencement Date.
Appears in 2 contracts
Samples: Office Lease, Office Lease (2U, Inc.)
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount set forth on Page 1 of all base or fixed rent payable pursuant to this Lease. The first month's Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall not be prorated at Closingprorated. All Rent collected payments required to be made by Purchaser Tenant to Landlord hereunder (or Seller to such other party as Landlord may from each tenant from and after Closing will be applied as follows: (itime to time specify in writing) 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 made by check or by Electronic Fund Transfer (“EFT”) of immediately available federal funds before 11:00 a.m., Eastern Time at such place, within the continental United States, as Landlord may from time to Purchasertime designate to Tenant in writing. Purchaser shall use reasonable efforts The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due Seller hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for period attributable more than 5 days, Tenant shall pay to Seller’s ownership Landlord on demand a late charge equal to 8 percent of the Property; and provided further, however, Seller (i) such delinquent sum. The provision for such late charge shall be required in addition to notify Purchaser in writing all of Seller’s intention to commence Landlord's other rights and remedies hereunder or pursue any legal proceedings; at law 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 documentationconstrued as a penalty.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (American Apparel, Inc)
Base Rent. Purchaser will receive a credit Tenant shall pay, without notice or demand, to Landlord or Landlord's agent at Closing for the prorated amount management office of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”) previously paid toProject, or collected byat such other place as Landlord may from time to time designate in writing, Seller and attributable to any period following in currency or check for currency which, at the Closing Date. Rents are “Delinquent” when they were due prior to time of payment, is legal tender for private or public debts in the Closing DateUnited States of America, and payment thereof has not been made base rent ("Base Rent") as set forth in Section 8 of the Summary, payable in equal monthly installments as set forth in Section 8 of the Summary in advance on or before the Closing first day of each and every month during the Lease Term, without any setoff or deduction whatsoever, except as expressly provided for herein. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant's execution of this Lease. If any rental payment date (including the Lease Commencement Date) falls on day of the month other than the first day of such month or if any rental payment is for period which is shorter than one month, then the rental for any such fractional month shall be proportionate amount of full calendar month's rental based on the proportion that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. Delinquent Rent All other payments or adjustments required to be made under the terms of this Lease that require proration on time basis shall not be prorated at Closingon the same basis. All Rent collected by Purchaser or Seller from each tenant from Notwithstanding anything to the contrary contained herein and after Closing will provided that Tenant faithfully performs all of the terms and conditions of this Lease, Landlord hereby agrees to [***] Premises only). During such [***] period, Tenant shall still be applied as follows: (i) first, to Delinquent Rent owed responsible for the month payment of all of its other monetary obligations under this Lease. In the event of default by Tenant under the terms of this Lease that results in which early termination pursuant to the Closing Date occurs (provisions of Article 19 of this Lease, then as part of the “Closing Month”)recovery set forth in Article 19 of this Lease, (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 Landlord shall be promptly remitted entitled to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course recovery of its businessthe monthly Base Rent that was [***] under the provisions of this Article 3; provided, however, that Seller hereby retains the right recoverable amount of monthly Base Rent that was [***] under this Article 3 shall, during each month during the initial Lease Term, be deemed reduced by an amount equal 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 total amount of the underlying Lease[***] monthly Base Rent. “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 [***] Confidential portions of this Section 14.5 shall survive document have been redacted and filed separately with the Closing and the delivery of any conveyance documentationCommission.
Appears in 2 contracts
Samples: Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)
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 Base 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 Rent Commencement Date occurs (or, if the “Closing Month”)Rent Commencement Date does not occur on the first day of a calendar month, Base Rent for the first full calendar month following the Rent Commencement Date) and the Security Deposit shall be due and payable concurrently with Tenant’s delivery of an executed copy of this Lease to Landlord. For the avoidance of doubt, Tenant shall not be required to pay Base Rent for the period commencing on the Commencement Date through the day immediately preceding the Rent Commencement Date. Tenant shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month during the Term hereof after the Rent Commencement Date, in lawful money of the United States of America, at Tenant’s election either (i) at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing, or (ii) second, via federally insured wire transfer (including ACH) pursuant to the wire instructions provided by Landlord. Payments of Base Rent for 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 fractional calendar month shall be promptly remitted prorated. The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any Rent (as defined in Section 5) due Seller hereunder except for period attributable any abatement as may be expressly provided in this Lease. Notwithstanding anything to Seller’s ownership of the Property; and provided furthercontrary contained in this Lease, howeverso long as Tenant is not then in Default (as defined in Section 20) under this Lease, Seller (i) Tenant shall not be required to notify Purchaser in writing of Seller’s intention pay Base Rent with respect 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 Premises for the period commencing on the first day of the underlying Lease2nd full calendar month immediately following the Rent Commencement Date through the last day of the 7th full calendar month immediately following the Rent Commencement (the “Abatement Period”). “Additional Rents” Tenant 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 chargesresume paying Base Rent with respect to the entire Premises on the day immediately following the expiration of the Abatement Period. The provisions of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentation.Net Lease Net Lease 9877 Xxxxxx/Cue - Page 4
Appears in 2 contracts
Samples: Lease Agreement (Cue Health Inc.), Lease Agreement (Cue Health Inc.)
Base Rent. Purchaser will receive Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the address set forth in Section 4.2 of the Summary, or, at Landlord’s option, at such other place as Landlord may from time to time designate by delivering written notice to Tenant at Tenant’s notice address as set forth herein, by a credit check or wire transfer for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term shall be paid at the time of Xxxxxx’s execution of this Lease. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Delinquent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. Notwithstanding anything to the contrary in this Lease, Tenant may at its election pay any Rent to Landlord by electronic transfer and Landlord shall provide Tenant with ACH information upon request from Tenant. Notwithstanding the foregoing or anything to the contrary herein, provided Tenant is not then in default under this Lease (beyond the expiration of any applicable notice and cure period), Tenant shall not be prorated at Closing. All obligated to pay fifty percent (50%) of the Base Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: fifty percent (i50%) first, to Delinquent Rent owed for of Tenant’s Share of Direct Expenses due under this Lease during months one (1) through twelve (12) of 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 businessinitial Lease Term; 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) Tenant shall be required obligated upon the Lease Commencement Date, and for all periods thereafter, 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. “pay all other Additional Rents” shall mean any and all amounts due from tenants for operating expensesRent payable under this Lease including, common area maintenance without limitation, parking 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.
Appears in 2 contracts
Samples: Office Lease (Artiva Biotherapeutics, Inc.), Office Lease (Artiva Biotherapeutics, Inc.)
Base Rent. Purchaser will receive 4.1 From and after the Rent Commencement Date, Tenant shall pay the Base Rent in equal monthly installments in advance on the first day of each month during a credit at Closing Lease Year. Table of Contents
4.2 Concurrently with Tenant’s execution of this Lease, Tenant shall pay an amount equal to one (1) monthly installment of the Base Rent payable during the first Lease Year, which amount shall be credited toward the monthly installment of Base Rent payable for the first (1st) full calendar month of the Lease Term following the Rent Commencement Date. If the Rent Commencement Date is not the first day of a month, then the Base Rent from the Rent Commencement Date until the first day of the following month shall be prorated amount on a per diem basis at the rate of all base one-thirtieth (1/30th) of the monthly installment of the Base Rent payable during the first Lease Year, and Tenant shall pay such prorated installment of the Base Rent on the Rent Commencement Date.
4.3 All sums payable by Tenant under this Lease shall be paid to Landlord in legal tender of the United States, without setoff, deduction or fixed rent payable pursuant to demand, except as otherwise provided herein, at the Leases and all Additional Rents (collectively, “Rent”) previously paid toLandlord Payment Address, or collected by, Seller to such other party or such other address as Landlord may designate in writing. Landlord’s acceptance of rent after it shall have become due 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 payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord’s rights hereunder. If any sum payable by Tenant under this Lease is paid by check which is returned due to insufficient funds, stop payment order, or otherwise, then: (a) such event shall be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from treated as a failure to pay such sum when due; and after Closing will (b) in addition to all other rights and remedies of Landlord hereunder, Landlord shall be applied as follows: entitled (i) firstto impose a returned check charge of Fifty Dollars ($50.00) to cover Landlord’s administrative expenses and overhead for processing, 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) to require that all future payments be remitted by wire transfer, money order, or cashier’s or certified check.
4.4 Landlord and Tenant agree that no portion of the Base Rent or other payment for the use or occupancy of the Premises is or shall not be based in whole or in part on the net income or profits derived by the Tenant, any permitted to commence assignee or pursue sublessee of Tenant or any legal proceedings against any tenant seeking eviction of such tenant other person or entity from the Building 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 documentationPremises.
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (Dendreon Corp)
Base Rent. Purchaser will receive a credit at Closing for Base Rent in the prorated amount of all base $42,750 and the Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Tenant shall pay to Landlord in advance, without demand, abatement, deduction or fixed rent payable pursuant to the Leases and all Additional Rents (collectivelyset-off, “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 monthly installments of Base Rent on or before the Closing Datefirst day of each calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Delinquent Payments of Base 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 any fractional calendar 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 prorated. The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any Rent (as defined in Section 5) due Seller hereunder except for period attributable any abatement as may be expressly provided in this Lease. Notwithstanding anything to Seller’s ownership of the Property; and provided furthercontrary contained in this Lease, however, Seller (i) Tenant shall be required to notify Purchaser pay Base Rent in writing the per square foot amounts set forth in page 1 (i) with respect to only 15,000 rentable square feet of Seller’s intention to commence or pursue any legal proceedings; the Premises commencing on the Commencement Date and continuing through the expiration of the 18th month of the Base Term, and (ii) shall not be permitted with respect to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or the termination only 19,000 rentable square feet of the underlying Premises commencing on the first day of the 19th month of the Base Term and continuing through the expiration of the 24th month of the Base Term. Tenant shall commence paying Base Rent with respect to the entire Premises on the first day of the 25th month of the Base Term. Notwithstanding anything to the contrary contained herein, so long as no monetary default by Tenant beyond applicable notice and cure periods is occurring as of the expiration of the term of that certain Lease Agreement between Tenant and XXX-00000 Xxxxx Xxxxxx Xxxxx, LLC, a Delaware limited liability, dated July 31, 2009 (as the same may have been or may in the future be amended, the “Other Lease”), Landlord shall provide Tenant with a credit in the amount of $221,336 (“Rent Credit”) toward Base Rent and Operating Expenses for the Premises first coming due during the Base Term. “Additional Rents” Tenant shall mean any commence paying Base Rent and all amounts due from tenants Operating Expenses for operating expensesthe Premises upon the earlier of (i) the exhaustion of the Rent Credit, 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 or (ii) immediately following delivery of any conveyance documentationwritten notice from Landlord providing that a monetary default by Tenant beyond applicable notice and cure periods is occurring as of the expiration of the term of the Other Lease.
Appears in 2 contracts
Samples: Lease Agreement (Fate Therapeutics Inc), Lease Agreement (Fate Therapeutics Inc)
Base Rent. Purchaser will Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit at Closing for the prorated amount of all base or fixed rent payable pursuant equal to the Leases and all Additional Rents (collectively, “Rent”) previously paid to, or collected by, Seller and attributable to any period following Monthly Base Rent multiplied by the Closing Date. Rents are “Delinquent” when they were due number of days in said calendar month prior to the Closing DateLease Commencement Date and divided by the number of days in such month, and payment thereof has not been made on or before the Closing Date. Delinquent Rent which credit 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) firsttoward the installment of Monthly Base Rent next due hereunder. Notwithstanding the foregoing, Landlord shall grant to Delinquent Tenant a “rent holiday” from the payment of the installments of Monthly Base Rent owed for the month in which first nine (9) months following the Closing Lease Commencement Date occurs (the “Closing MonthFree Rent Period”). During such Free Rent Period, (ii) second, to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller the Monthly Base Rent 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 entire Premises shall be promptly remitted abated (such rental abatement being hereinafter referred to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in as the ordinary course of its business“Free Rent Allowance”); 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) the Free Rent Period and the granting of the Free Rent Allowance as provided hereunder shall be required not affect the Lease Commencement Date pursuant to notify Purchaser in writing Section 2.A. hereof or Tenant’s obligation to pay the first installment of Seller’s intention to commence or pursue any legal proceedings; and Base Rent upon execution of this Lease as provided above, (ii) Tenant shall remain obligated during the Free Rent Period to perform all of Tenant’s obligations under this Lease except as expressly set forth above (including, but not be permitted to commence or pursue limited to, the payment of all Additional Rent coming due under this Lease), and (iii) in the event of any legal proceedings against any tenant seeking eviction of such tenant or the termination of this Lease by Landlord based upon a Default hereunder by Tenant, the underlying Lease. “Additional Rents” then unamortized portion of Base Rent which would have otherwise been due and payable hereunder during the Free Rent Period in the absence of the Free Rent Allowance shall mean any immediately become due 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 payable and any remaining Free Rent Allowance hereunder shall be of no force or effect. If the first day following the last day of the Free Rent Period (such date being hereinafter referred to as the “Rent Commencement Date”) is a date other tenant charges. The provisions than the first day of this Section 14.5 a month, then Monthly Base Rent for the period commencing with and including the Rent Commencement Date and ending on and including the day prior to the first day of the following month shall survive be prorated at the Closing rate of one-thirtieth (1/30th) of the Monthly Base Rent per day and shall be due and payable on the Rent Commencement Date and the delivery first full payment of any conveyance documentationMonthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.
Appears in 2 contracts
Samples: Office Lease (Cellular Biomedicine Group, Inc.), Office Lease (Cellular Biomedicine Group, Inc.)
Base Rent. Purchaser will receive 4.1 Lessee shall pay to Lessor a credit at Closing monthly rental (“Base Rent”) for the prorated Demised Premises and the Personal Property over and above all other and additional payments to be made by Lessee as provided in this Lease, in the amount set forth on Exhibit C attached hereto and made a part hereof. The payment of monthly Base Rent and Additional Rent (together with all base tax and insurance deposits required pursuant to Section 7.1) shall be due and payable in advance on the first day of each calendar month during the Term. Unless otherwise notified in writing, all payments of Rent shall be sent by wire directly to such account as Lessor has previously or fixed rent may in the future designate in writing from time to time. Base Rent and Additional Rent shall be referred to herein as “Rent.” The parties hereto acknowledge and agree that the Rent payable for May 2015 and prior periods are subject to payment as provided under the terms of Lease 1, Lease 2 and Lease 3, as applicable, and that the Base Rent schedule attached hereto as Exhibit C will commence on June 1, 2016.
4.2 The parties agree that the Base Rent that will be attributable collectively to the Crete Plus Five Leased Property is based on the parties’ assumption that Lessor shall purchase same pursuant to the Leases Purchase Agreement for an aggregate purchase price of Fifteen Million and all Additional Rents 00/100 Dollars ($15,000,000.00) plus any Closing Costs incurred by the applicable Lessor in connection therewith (collectively, the “RentPurchase Price”). The parties agree that the Base Rent due and payable under this Lease shall be increased immediately upon the closing of the acquisition of the Crete Plus Five Leased Property in an initial annualized amount equal to Nine Percent (9.0%) previously paid toof the Purchase Price, or collected by, Seller and attributable such amount to any period following increase at the Closing Datecommencement of each Lease Year by an amount equal to the same percentage that Base Rent payable hereunder would have increased had the Crete Plus Five Lease Property not been acquired. Rents are “Delinquent” when they were due Immediately prior to the closing of the Crete Plus Five Leased Property purchase and sale, Lessor shall deliver to Lessee a written statement setting forth the amount of the Purchase Price, including the amount of Closing DateCosts, and payment thereof has the amount of the adjusted Base Rent for the duration of the first Lease Year, which statement shall, without further action by Lessee, establish the Base Rent until the first adjustment date. In the event that the final total amount of the Purchase Price cannot been made on or before be determined as of the Closing Date. Delinquent date the Crete Plus Five Leased Property is acquired and subject to this Lease, the Base Rent shall not be prorated at Closingadjusted as of the date such final total Purchase Price is finally determined by Lessor, and Lessee shall immediately pay Lessor an amount equal to the difference between the Base Rent as of the date the Crete Plus Five Leased Property is acquired and subject to this Lease and the adjusted Base Rent for all periods preceding the date in which the final total Purchase Price is finally determined. All In the event the date the Crete Plus Five Leased Property is acquired and subject to this Lease shall be other than the first day of the month, Lessee shall pay to Lessor a pro rata portion of the Base Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) first, to Delinquent Additional Rent owed for the month and a pro rata portion of all tax, insurance and other deposits provided for in which this Lease.
4.3 Base Rent during the Closing Date occurs first Lease Year of the First Extended Term, if exercised, and the first Lease Year of the Second Extended Term, if exercised, shall be equal to nine percent (9%) of the “Closing Month”Appraised FMV (as hereinafter defined), which shall be determined after Lessee exercises each of its respective options. As used herein, the term “Appraised FMV” means the appraised fair market value of the Leased Property, as determined by a Qualified Appraiser (ii) secondas defined below), based on the assumption that the Leased Property will continue to any accrued Rents owing to Purchaserbe operated as a skilled nursing facility, assisted living facility or independent living facility, as applicable. The term “Qualified Appraiser” means an appraiser certified as an MAI appraiser or with equivalent certification, and mutually acceptable to Lessor and Lessee. In the event that Lessor and Lessee cannot reach agreement as to the Qualified Appraiser, Lessor and Lessee shall each choose a Qualified Appraiser who shall, within ten (iii10) third, business days of such selection meet and select a third Qualified Appraiser to Delinquent Rents owing to Seller for determine 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 businessApprised FMV; provided, however, that Seller hereby retains Base Rent during the right to pursue any tenant under the Leases for any Rent and other sums due Seller for period attributable to Seller’s ownership first Lease Year of the PropertyFirst Extended Term and the first Lease Year of the Second Extended Term shall not: (a) be less than the one hundred two percent (102%) of the Base Rent payable in the immediately preceding Lease Year; nor (b) increase by more than fifteen percent (15%) of the Base Rent payable during the immediately preceding Lease Year. The cost and provided further, however, Seller (i) expenses for each Qualified Appraiser 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 paid by Lessee. On the termination first anniversary of the underlying LeaseFirst Extended Term, and on each anniversary thereafter during the First Extended Term, the Base Rent shall increase by two percent (2.0%) over the Base Rent in effect for the prior Lease Year. “Additional Rents” On the first anniversary of the Second Extended Term, and on each anniversary thereafter during the Second Extended Term, the Base Rent shall mean any and all amounts due from tenants increase by two percent (2.0%) over the Base Rent in effect 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 documentationprior Lease Year.
Appears in 2 contracts
Samples: Master Lease (Assisted 4 Living, Inc.), Master Lease (Assisted 4 Living, Inc.)
Base Rent. Purchaser will receive 3.1. Tenant shall pay, without prior notice, demand, setoff or deduction, to Landlord or Landlord’s agent at the address set forth in Section 10 of the Summary, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 9 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 9 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing Datefirst (1st) day of each and every calendar month during the Lease Term, without any abatement, setoff or deduction whatsoever. Delinquent Rent In accordance with Section 29.25, this Article 3 shall be construed as though the covenants herein between Landlord and Tenant are independent and Tenant shall not be prorated at Closingentitled to any setoff of the Rent or other amounts owing to Landlord under this Article 3. All The Base 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 first full month in of the Lease Term which occurs after the Closing Date occurs expiration of any free rent period (the “Closing MonthInitial Base Rent”) shall be paid on or before November 10, 2008 (the “Initial Base Rent Payment Date”). Notwithstanding anything to the contrary contained in this Lease, (iiincluding without limitation, Section 19.1(a) secondbelow, Tenant’s failure to pay the Initial Base Rent on or before the Initial Base Rent Payment Date shall constitute a Default of Tenant without need for additional notice and opportunity to cure and interest shall accrue on any late payment of Initial Base Rent at the Default Rate without regard to any accrued Rents owing to Purchasergrace period provided under Section 25 below. If any Rent payment date (including the Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, and (iii) third, to Delinquent Rents owing to Seller the Rent for any fractional month shall be calculated on a daily basis for the period prior from the date such payment is due to Closingthe end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/30th of the applicable monthly Rent. Any Rent collected by Purchaser and due Seller will All other payments or adjustments required to be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser made under the terms of this Lease that require proration on a time basis shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in prorated on 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 documentationsame basis.
Appears in 2 contracts
Samples: Office Lease (Xenith Bankshares, Inc.), Office Lease (Xenith Bankshares, Inc.)
Base Rent. Purchaser will receive a credit at Closing (a) Subject to the provisions of this Paragraph 3.1, Tenant agrees to pay during the Term as Base Rent for the Premises the sums specified in the Basic Lease Information (as increased from time to time as provided in the Basic Lease Information or as may otherwise be provided in this Lease) ("Base Rent").
(b) Base Rent shall increase as set forth in the Basic Lease Information or as may otherwise be provided in this Lease.
(c) Except as expressly provided to the contrary herein, Base Rent shall be payable in equal consecutive monthly installments, in advance, without deduction or offset, commencing on the Term Commencement Date and continuing on the first day of each calendar month thereafter. However, the first full monthly installment of Base Rent shall be payable upon Tenant's execution of this Lease. If the Term Commencement Date is a day other than the first day of a calendar month, then the Rent for the Partial Lease Month (the "Partial Lease Month Rent") shall be prorated amount based on a month of 30 days. The Partial Lease Month Rent shall be payable by Tenant on the first day of the calendar month next succeeding the Term Commencement Date. Base Rent, all base or fixed forms of additional rent payable pursuant to the Leases hereunder by Tenant and all Additional Rents other amounts, fees, payments or charges payable hereunder by Tenant (collectively, “"Additional 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, each constitute rent payable hereunder (and shall sometimes collectively be referred to Delinquent Rent owed for the month in which the Closing Date occurs (the “Closing Month”herein as "Rent"), (ii) secondbe payable to Landlord in lawful money of the United States when due without any prior demand therefor, except as may be expressly provided to any accrued Rents owing to Purchaserthe contrary herein, and (iii) third, be payable to Delinquent Rents owing Landlord at Landlord's Remittance Address set forth in the Basic Lease Information or to Seller for the period prior such other person or to Closingsuch other place as Landlord may from time to time designate in writing to Tenant. Any Rent collected or other amounts payable to Landlord by Purchaser and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser Tenant hereunder for any fractional month shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course prorated based on a month 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 documentation30 days.
Appears in 2 contracts
Samples: Office Lease (E Comnetrix Inc), Office Lease (Account4 Com Inc)
Base Rent. Purchaser will receive (A) Tenant shall pay to Landlord during the Term of the Lease the Base Rent, without notice or demand, in the monthly installments specified in Section 1, in advance on the first day of each calendar month of the Term. The first month's installment of the Base Rent shall be payable upon the execution of this Lease. If the Term commences other than on the first day of a credit at Closing calendar month, then the installments of Base Rent for the prorated first calendar month of the Term shall be adjusted proportionately, and the aforesaid first installment paid by Tenant upon the execution of this Lease shall be initially applied to the first partial month of the Term, and the balance to the next month.
(B) Base Rent, Additional Rent and all other sums payable by Tenant to Landlord hereunder shall be paid, without set-off or deduction, in lawful currency of the United States of America to Landlord at the address set forth in Section 1 hereof, or at such other address as Landlord may from time to time designate in writing to Tenant. Tenant hereby acknowledges that late payment by Tenant to Landlord of rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of all base or fixed rent payable pursuant which will be extremely difficult to the Leases and all Additional Rents (collectivelyascertain. Such costs include, “Rent”) previously paid but are not limited to, or collected by, Seller processing and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Dateaccounting charges, and payment thereof has not been made on late charges, and late charges which may be imposed upon Landlord by terms of any mortgage or before trust deed covering the Closing DatePremises. Delinquent Rent Accordingly, if any installment of rent or any sum due from Tenant shall not be prorated at Closingreceived by Landlord or Landlord's designee within ten (10) days after said amount is due, then Tenant shall pay to Landlord a late charge of five (5%) percent of such overdue amount, plus any attorney's fees and court costs incurred by Landlord by reason of Tenant's failure to pay rent and/or other charges when due to Landlord by reason of Tenant's failure to pay rent and/or other charges when due hereunder. All Rent collected by Purchaser or Seller from each tenant from The parties hereby agree that such late charges represent a fair 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 estimate of the Property; and provided further, however, Seller (i) shall be required to notify Purchaser in writing cost that Landlord will incur by reason 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 the late payment by Tenant. Acceptance of such tenant or late charges by the termination Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the underlying Lease. “Additional Rents” shall mean any other rights 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 documentationremedies granted hereunder.
Appears in 1 contract
Base Rent. Purchaser will receive From and after the Lease Commencement Date, Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America or by Automated Clearing House (but only for so long as Landlord has agreed to accept payments by Automated Clearing House), base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing Datefirst day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever except as expressly set forth in this Lease. Delinquent The Base 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 initial Premises for the first full month of the Lease Term which occurs after the expiration of the Rent Abatement Period (defined in Section 3.2 below) shall be paid at the time of Tenant’s execution of this Lease except as expressly set forth herein. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Closing Date occurs (the “Closing Month”), (ii) second, to Rent for any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller fractional month shall accrue on a daily basis for the period prior from the date such payment is due to Closingthe end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Any Rent collected by Purchaser and due Seller will All other payments or adjustments required to be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser made under the terms of this Lease that require proration on a time basis shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in prorated on 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 documentationsame basis.
Appears in 1 contract
Samples: Office Lease (Airbnb, Inc.)
Base Rent. Purchaser will receive Tenant shall pay, without prior notice or demand, to Landlord or Landlord's agent at the management office of the Project, or, at Landlord's option, at such other place as Landlord may from time to time designate in writing, by a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to ("Base Rent") as set forth in Section 4 of the Leases and all Additional Rents (collectively, “Rent”) previously paid to, or collected by, Seller and attributable to any period following Summary in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing Datefirst day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever (except as expressly provided in this Lease). Delinquent Notwithstanding the foregoing, the inclusion of SMB Rent as Base Rent in Section 4 is limited to the initial Lease Term (and any holdover period), and shall not be prorated at Closingincluded in the calculation of Base Rent payable during any Option Term. All If any Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: payment date (iincluding the Lease Commencement Date) first, to Delinquent Rent owed for falls on a day of the month in other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Closing Date occurs (the “Closing Month”), (ii) second, to Rent for any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller fractional month shall accrue on a daily basis for the period prior from the date such payment is due to Closingthe end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Any Rent collected by Purchaser and due Seller will All other payments or adjustments required to be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser made under the terms of this Lease that require proration on a time basis shall be promptly remitted to Purchaserprorated on the same basis. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in Notwithstanding the ordinary course foregoing, as long as no Event of its business; provided, however, that Seller hereby retains the right to pursue any tenant Default exists under the Leases for any Rent and other sums due Seller for period attributable to Seller’s ownership Initial Lease as of the Property; and provided furtherLease Commencement Date, however, Seller (i) Base Rent payable by Tenant for the first partial month of the Lease Term pursuant to this Article 3 shall be required fully satisfied by Landlord's application (pursuant to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; and (iiSection 2.3, above) 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 base rent paid by Tenant for the last calendar month of the Initial 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 documentationas hereby terminated.
Appears in 1 contract
Samples: Lease (Nuvasive Inc)
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount set forth on Page 1 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 Datethis Lease. Rents are “Delinquent” when they were due prior to the Closing DateThe Security Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable by check on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. All payments (other than the first monthly installment of Base Rent, Operating Expenses and the Security Deposit) required to be made by Tenant to Landlord hereunder (or to such other party as Landlord may from time to time specify in writing) shall be made by Electronic Fund Transfer (“EFT”) of immediately available federal funds before 11:00 a.m., Eastern Time at such place, within the continental United States, as Landlord may from time to time designate to Tenant in writing. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of Operating Expenses beyond 5 days after the due date thereof, and after notice as provided below, Tenant shall pay to Landlord on demand a late charge equal to 7 percent of such delinquent sum. Tenant shall not be prorated obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be given 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) such notice shall not be permitted to commence or pursue required more than once in 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 pass12-through charges and any other tenant chargesmonth period. The provisions provision for such late charge shall be in addition to all of this Section 14.5 Landlord’s other rights and remedies hereunder or at law and shall survive the Closing and the delivery of not be construed as a penalty or as limiting Landlord’s remedies in any conveyance documentationmanner.
Appears in 1 contract
Samples: Lease Agreement (Sphere 3D Corp)
Base Rent. Purchaser will receive a credit at Closing for A. Tenant covenants and agrees to pay to Landlord during the prorated Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all base Base Rent and Additional Rent, as defined in Exhibit C, due hereunder and the full amount of all such other sums of money as shall become due under this Lease (including, without limitation, any services, goods or fixed rent payable pursuant to the Leases and materials furnished by Landlord at Tenant’s request), all Additional Rents (collectively, of which hereinafter may be collectively called “Rent”) previously .” Any such payments shall be paid toconcurrently with the payments of the Rent on which the tax is based. The Base Rent and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in advance in monthly installments of the first day of each calendar month during the Lease Term and any extensions or collected by, Seller and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Daterenewals hereof, and Tenant hereby agrees to pay such Base Rent and Additional Rent to Landlord without demand or any right of set-off or deduction whatsoever. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent and Additional Rent for such month or months shall be prorated, based on the number of days in such month. No payment thereof has not been made by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, nor shall any endorsement or before statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the Closing Datebalance or pursue any other available remedy. Delinquent The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be prorated at Closingconstrued to be a waiver of Landlord's right to declare a default for any other late payment. All Rent collected amounts received by Purchaser or Seller Landlord from each tenant from and after Closing will Tenant hereunder shall be applied as follows: first to the earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease.
B. To the extent allowed by law, all installments of Rent not paid within five (i5) firstdays of Rent due date shall bear interest at the Default Rate from the date due until paid. In addition, if Tenant fails to Delinquent pay any installment of Base Rent owed for the month in which the Closing Date occurs (the “Closing Month”), (ii) second, to and Additional Rent or any accrued Rents owing to Purchaserother item of Rent when due and payable hereunder, and (iii) third, Tenant fails to Delinquent Rents owing make such payment after written notice to Seller for the period prior to Closing. Any Rent collected by Purchaser Tenant 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 cure, a “Late Charge” equal to Seller’s ownership of the Property; and provided further, however, Seller five percent (i5%) 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 unpaid amount will be due 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 documentationpayable immediately by Tenant to Landlord.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount set forth above. The Security Deposit shall be due and payable on the date hereof, and the first monthly installment of all base or fixed rent Base Rent and estimated Operating Expenses (defined below) shall be due and payable pursuant to the Leases and all Additional Rents ten (collectively, “Rent”10) previously paid to, or collected by, Seller and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due days prior to the Closing Commencement Date. Tenant promises to pay to Landlord in advance, and payment thereof has not been made without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abatx, xxduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than 5 days, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum. Notwithstanding the foregoing, Tenant 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) firstobligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment, 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) such notice shall not be permitted to commence required more than twice in any 12-month period or pursue any legal proceedings against any tenant seeking eviction of such tenant or more than six (6) times over 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 chargesinitial Lease Term. The provisions provision for such late charge shall be in addition to all of this Section 14.5 Landlords other rights and remedies hereunder or at law and shall survive the Closing and the delivery of any conveyance documentationnot be construed as a penalty.
Appears in 1 contract
Base Rent. Purchaser will receive Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a credit wire transfer of immediately available funds or a check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing Datefirst day of each and every calendar month during the Lease Term, without any setoff or deduction except as expressly provided for in this Lease. Delinquent The Base Rent for the first full calendar month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. Notwithstanding the foregoing, so long as Tenant is not in default (beyond the expiration of any applicable notice and/or cure period) under the terms hereof, Tenant’s obligation to pay Base 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 abated for the second full calendar month in which through the Closing Date occurs seventh full calendar month of the Lease Term (the “Closing MonthAbatement Period”). Should Tenant default (beyond the expiration of any applicable notice and/or cure period) in its obligations hereunder at any time during the Lease Term and the Lease terminates as a result, (ii) second, to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller all unpaid Base Rent 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 Abatement Period shall be promptly remitted to Purchaserimmediately due and payable. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in During the ordinary course of its business; providedAbatement Period, 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) Tenant shall be required responsible for all other monetary obligations hereunder, including, without limitation, any obligations 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. “pay 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 documentationRent.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for Lessee shall pay Base Rent and other rent or charges, as the prorated amount same may be adjusted from time to time, to Lessor in lawful money of all base the United States, without notice, offset or fixed rent payable pursuant to the Leases and all Additional Rents (collectivelydeduction, “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 Dateday on which it is due under the terms of this Lease. Delinquent For purposes of this Lease, Base Rent and all other sums or charges due Lessor from Lessee hereunder may be collectively referred to from time to time as “Rent’ Rent for any period during the Term hereof which is for less than one (1) full month shall be prorated on the basis of a thirty (30) day month. If the Commencement Date does not occur on the first day of a calendar month, monthly Base Rent shall not adjust on the applicable anniversary of the Commencement Date and Lessee shall pay monthly Base Rent for the portion of the calendar month ending on the Expiration Date at the monthly Base Rent then in effect. Payment of Rent shall be prorated made to Lessor at Closingits 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. All Notwithstanding anything to the contrary contained in this Lease, Lessor and Lessee hereby agree that fifty percent (50%) of monthly Base Rent collected by Purchaser or Seller from each tenant from and after Closing will shall be applied as follows: abated for the first (1g) year of the Original Term; provided, that (i) firstLessee agrees that notwithstanding the foregoing monthly Base Rent abatement, 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, Lessee shall observe 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 perform all of the Property; other terms, covenants and provided furtherprovisions set forth in this Lease, howeverincluding without limitation, Seller (i) shall be payment of all other Rent required to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; be paid by Lessee under this Lease, and (ii) shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction in the event of such tenant or a Breach by Lessee under the terms of this Lease that results in termination of this Lease in accordance with the underlying provisions of Paragraph 13 hereof, then as a part of the recovery set forth in Paragraph 13 of this Lease. “Additional Rents” , Lessor 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 be entitled to the recovery of the then unamortized remaining balance of the Base Rent that was abated under the provisions of this Section 14.5 shall survive Paragraph 4.1 (such amortization being calculated on a straight line basis over the Closing entire Lease Term and such balance being determined as of the delivery date of any conveyance documentationsuch Breach).
Appears in 1 contract
Samples: Multi Tenant Industrial/Commercial Lease (Pfenex Inc.)
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount of all base or fixed rent payable pursuant to set forth above. The first month's Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. Tenant waives and releases all statutory liens and offset rights as to rent. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than 5 days, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum. Tenant shall not be prorated obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be given 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) such notice shall not be permitted to commence required more than once in any 12-month period or pursue any legal proceedings against any tenant seeking eviction of such tenant or at 3 times over the termination term of the underlying Lease. “Additional Rents” The provision for such late charge shall mean any be in addition to all of Landlord's other rights and all amounts due from tenants for operating expenses, common area maintenance charges, taxes, shared utility charges, management fees, insurance costs, other comparable expenses remedies hereunder or at law 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 documentationnot be construed as a penalty.
Appears in 1 contract
Samples: Lease Agreement (Atroad Inc)
Base Rent. Purchaser will receive a credit Tenant shall pay, without notice or demand, to Landlord at Closing for the prorated amount address set forth in Section 3 of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”) previously paid toSummary, or collected byat such other place as Landlord may from time to time designate in writing, Seller and attributable to any period following in currency or a check for currency which, at the Closing Date. Rents are “Delinquent” when they were due prior to time of payment, is legal tender for private or public debts in the Closing DateUnited States of America, and payment thereof has not been made base rent ("Base Rent") as set forth in Section 8 of the Summary, payable in equal monthly installments as set forth in Section 8 of the Summary in advance on or before the Closing first day of each and every month during the Lease Term, without any setoff or deduction whatsoever. Concurrently with Tenant's execution of this Lease, Tenant shall deliver to Landlord an amount equal to the Base Rent payable by Tenant for the Premises for the first (1st) full month of the Lease Term (i.e., $226,166.40). If any rental payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any rental payment is for a period which is shorter than one month, then the rental for any such fractional month shall be a proportionate amount of a full calendar month's rental based on the proportion that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. Delinquent Rent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall not be prorated at Closingon the same basis. All Rent collected by Purchaser or Seller from each tenant from Notwithstanding anything to the contrary contained herein and after Closing will be applied so long as follows: Tenant is not then in default under this Lease (beyond the expiration of all applicable notice and cure periods), Landlord hereby agrees (i) first, to Delinquent xxxxx Tenant's obligation to pay one hundred percent (100%) of Tenant's monthly Base 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 Fourth Floor Premises 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 first twelve (12) full months of the Property; and provided furtherinitial Lease Term, 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 xxxxx Tenant's obligation to pay fifty percent (50%) 843078.08/SD374622-00033/8-4-16/MLT/dek -6- GENESIS SSF - ONE TOWER PLACE[Achaogen, Inc.] of such tenant or Tenant's monthly Base Rent for the termination Third Floor Premises for the first twelve (12) full months of the underlying initial Lease Term (collectively the "Abated Rent"). During such abatement period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease. “Additional Rents” In the event of a default by Tenant under the terms of this Lease that results in early termination pursuant to the provisions of Article 19 of this Lease, then as a part of the recovery set forth in Article 19 of this Lease, Landlord 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 be entitled to the recovery of the unamortized amount of the Abated Rent that was abated under the provisions of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentationArticle 3.
Appears in 1 contract
Samples: Lease (Achaogen Inc)
Base Rent. Purchaser will receive a credit Tenant shall pay to Landlord, at Closing Landlord's Address for Payment of Rent designated in the Basic Lease Information, or at such other address as Landlord may from time to time designate in writing to Tenant for the payment of Rent, the Base Rent, without notice, demand, offset or deduction (except as otherwise provided herein), in advance, on the first day of each calendar month during the Term commencing on the Rent Commencement Date. Upon the execution of this Lease, Tenant shall pay to Landlord the Base Rent due for the first full calendar month during the Term after the Rent Commencement Date and any abatement period. If the Rent Commencement Date occurs on a date other than the first day of a month or the Term ends on a date other than the last day of a month, Base Rent shall be prorated amount on the basis of a thirty (30) day month. [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 14 Notwithstanding anything to the contrary contained herein and provided that Tenant faithfully performs all of the terms and conditions of this Lease, Landlord hereby agrees to abaxx Xxnant's obligation to pay monthly Base Rent for the first (1st) full month of the initial Lease Term. During such abatement period, Tenant shall still be responsible for the payment of all base or fixed rent payable of its other monetary obligations under this Lease, including Tenant's Percentage Share of Operating Expenses and Real Estate Taxes. In the event of a default by Tenant under the terms of this Lease that results in early termination pursuant to the Leases and all Additional Rents (collectivelyprovisions of Section 16.3 of this Lease, “Rent”) previously paid tothen as a part of the recovery set forth in such Section 16.3 of this Lease, or collected by, Seller and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due prior Landlord shall be entitled to the Closing Date, and payment thereof has not been made on or before recovery of the Closing Date. Delinquent monthly Base 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 was abated 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 documentation4.1.
Appears in 1 contract
Samples: Office Lease (Allos Therapeutics)
Base Rent. Purchaser will receive Tenant shall pay, without prior notice or demand, to Landlord or Landlord's agent at the address set forth in Section 4.2 of the Summary, or, at Landlord's option, at such other place as Landlord may from time to time designate by delivering written notice to Tenant at Tenant's notice address as set forth herein, by a credit check or wire transfer for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent ("Base Rent") as set forth in Section 4 of the Summary, payable pursuant to in equal monthly installments as set forth in Section 4 of 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 Summary in advance on or before the Closing Datefirst day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. Delinquent The Base 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 first full month in of the Lease Term shall be paid at the time of Tenant's execution of this Lease. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Closing Date occurs (the “Closing Month”), (ii) second, to Rent for any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller fractional month shall accrue on a daily basis for the period prior from the date such payment is due to Closingthe end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Any It is intended that this Lease be a "triple net lease," and that the Rent collected to be paid hereunder by Purchaser and due Seller Tenant will be promptly remitted to Seller. Any Rent collected received by Seller Landlord without any deduction or offset whatsoever by Tenant, foreseeable or unforeseeable, except as expressly set forth under Section 19.6 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.19.7.2
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for Tenant covenants to pay to Landlord, without notice, deduction, set-off or abatement of any kind, the prorated amount Base Rent in lawful money of all base or fixed rent payable pursuant to the Leases United States in consecutive monthly installments in advance commencing on the Commencement Date 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 thereafter on or before the Closing Datefirst day of each month during the term of the Lease. Delinquent Base Rent, Additional Rent defined below, and all other amounts due from Tenant under this Lease shall collectively be referred to as "Rent". Rent shall be payable to Landlord at Landlord's address shown at Paragraph 1.01 or such other place as Landlord may designate from time to time in writing. Anything to the contrary contained in this Lease notwithstanding, if the Commencement Date is other than the first day of a calendar month, the Base Rent and Additional Rent for such month shall be prorated on a per diem basis and the prorated Rent for such month, as well as the first full calendar month's Rent, shall be paid on or before the first day of the first full calendar month of the term of the Lease. The obligation to pay Rent hereunder is independent of each and every other term, covenant, and condition contained in this Lease. It is the practice, but not the obligation, of Landlord to submit to Tenant a statement for Rent due under the terms of this Lease. However, if Landlord fails to deliver such statement or discontinues such practice for any reason, it shall not be prorated at Closing. All deemed or construed to relieve Tenant of the obligation to pay 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; providedamounts, however, that Seller hereby retains the right to pursue any tenant under the Leases for any Rent manner and other sums due Seller for period attributable to Seller’s ownership of the Property; and provided further, however, Seller (i) shall be time 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 documentationhereunder.
Appears in 1 contract
Samples: Office Lease (Ebix Com Inc)
Base Rent. Purchaser will receive a credit at Closing for Sublessee shall pay to Sublessor, each month during the prorated amount of all base Term, without notice 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 Datedemand, and payment thereof has not been without any set-off, counterclaim, abatement or deduction whatsoever, Base Rent in equal monthly installments, on the first day of each and every calendar month during the Term, in lawful money of the United States of America, by check made on or before payable to Sublessor, except the Closing Date. Delinquent first full monthly installment of Base Rent shall not be prorated at Closingpaid upon execution of this Sublease. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) firstBase Rent, 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 Additional Rent and other sums and charges due Seller for period attributable to Seller’s ownership of the Property; and provided further, however, Seller (i) Sublessor under this Sublease shall be required paid by Sublessee at the office of Sublessor set forth above, or at such other place as Sublessor may designate, without any notice, setoff or deduction whatsoever. If the Term commences on a day other than the first day of a calendar month or terminates on a day other than the last day of a calendar month, monthly Base Rent and Additional Rent for the applicable month shall be prorated based on the number of days in such calendar month. Sublessee’s obligation 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 make such tenant or payments accruing during 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 Term hereof shall survive the Closing Expiration Date or sooner termination of this Sublease. In addition to Base Rent and Additional Rent required to be paid hereunder, Sublessee agrees to pay all invoices rendered by Underlying Landlord or Sublessor for charges incurred by Sublessor for services and materials or utilities supplied to the delivery Sublet Premises that are requested by Sublessee or that are attributable to Sublessee’s particular manner of use (for example, Sublessee shall pay the prevailing rate for after-hours HVAC requested by or used by Sublessee) (the “Special Costs”). In the event of non-payment of Additional Rent and/or Special Costs, Sublessor shall have all the rights and remedies provided for herein or the Underlying Lease in case of non-payment of Base Rent (or its equivalent term) in the Underlying Lease. If Sublessee shall fail to duly and timely pay any conveyance documentationinstallment of Base Rent or Additional Rent and/or Special Costs, Sublessee shall also pay to Sublessor a late charge(s) and interest charges due and payable from Sublessor to Underlying Landlord pursuant to the Underlying Lease, or, if no such charges are specified in the Underlying Lease, Sublessee shall pay to Sublessor a late charge of five percent (5%) of such overdue amount and interest shall accrue on said overdue amount at the rate of twelve percent (12%) per annum (or such maximum rate allowable by law) from the date such payment was due until same is paid, such interest and/or late charge to be payable as Additional Rent hereunder. The payment of such late charge and interest shall be in addition to all other rights and remedies available to Sublessor in the case of non-payment of all such amounts hereunder.
Appears in 1 contract
Samples: Sublease Agreement (Oncocyte Corp)
Base Rent. Purchaser will receive a credit Tenant shall pay, without notice or demand, to Landlord at Closing for the prorated amount address set forth in Section 3 of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”) previously paid toSummary, or collected byat such other place as Landlord may from time to time designate in writing, Seller and attributable to any period following in lawful money of the Closing Date. Rents are “Delinquent” when they were due prior to United States of America by ACH (Automated Clearing House) payment or wire transfer of funds or by check, base rent ("Base Rent") as set forth in Section 8 of the Closing DateSummary, and payment thereof has not been made payable in equal monthly installments as set forth in Section 8 of the Summary in advance on or before the Closing Datefirst day of each and every month during the Lease Term, without any setoff or deduction whatsoever, except as expressly provided in this Lease. Delinquent Concurrently with Tenant's execution of this Lease, Tenant shall deliver to Landlord an amount equal to the Base Rent shall not be prorated at Closing. All Rent collected payable by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) first, to Delinquent Rent owed Tenant for the Premises for the seventh (7th) full month of the Lease Term (i.e., $271,952.00). If any rental payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any rental payment is for a period which is shorter than one month, then the rental for any such fractional month shall be a proportionate amount of a full calendar month's rental based on the proportion that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. If the Closing Lease Commencement Date occurs falls on the first day of a month, the Base Rent delivered on the Effective Date shall be credited towards the first month's Base Rent (as defined in Article 4 below) payments. If the “Closing Month”)Lease Commencement Date is not on the first day of a month, (ii) secondthen, to any accrued Rents owing to Purchaseron the Lease Commencement Date, and (iii) third, to Delinquent Rents owing to Seller Tenant shall pay Base Rent for the period prior to Closing. Any from the Lease Commencement Date through the last day of the month, and the Base Rent collected by Purchaser and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser paid in advance on the Effective Date shall be promptly remitted credited towards Base Rent for the succeeding calendar month. All other payments or adjustments required to Purchaserbe made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. Purchaser Notwithstanding anything to the contrary contained herein and so long as no Event of Default exists under this Lease (beyond the expiration of all applicable notice and cure periods), Landlord hereby agrees to xxxxx Tenant's obligation to pay one hundred percent (100%) of Tenant's monthly Base Rent during the period which is the first (1st), second (2nd), third (3rd), fourth (4th), fifth (5th) and sixth (6th) full calendar months following the Lease Commencement Date (collectively the "Abated Rent"). During such abatement period, Tenant shall use reasonable efforts to collect Delinquent Rents owed to Seller in still be responsible for the ordinary course payment of all of its business; provided, however, that Seller hereby retains other monetary obligations under this Lease. In the right to pursue any tenant event of a default by Tenant under the Leases for any Rent and other sums due Seller for period attributable terms of this Lease that results in early termination pursuant to Seller’s ownership the provisions of Article 19 of this Lease, then as part of the Property; and provided furtherrecovery set forth in Article 19 of this Lease, however, Seller (i) Landlord shall be required entitled 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 recovery 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 unamortized amount of monthly Base Rent that was abated under the provisions of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentationArticle 3.
Appears in 1 contract
Samples: Lease (Janux Therapeutics, Inc.)
Base Rent. Purchaser will receive Tenant shall pay, without notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or at such other place as Landlord may from time to time designate in writing, in currency or a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 8 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 8 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing first day of each and every month during the Lease Term, without any setoff or deduction whatsoever, except as otherwise expressly provided in this Lease. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. If any rental payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any rental payment is for a period which is shorter than one month, then the rental for any such fractional month shall be a proportionate amount of a full calendar month’s rental based on the proportion that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. Delinquent Rent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall not be prorated on the same basis. If, at Closing. All any time, Tenant is in default of any monetary or other material term, condition or provision of this Lease (beyond applicable notice and grace periods) that results in a termination of the Lease as provided in Section 19.2 below, then to the fullest extent permitted by law, any express or implicit waiver by Landlord of Tenant’s requirement to pay Base Rent collected by Purchaser or Seller from each tenant during any period of time from and after Closing will be applied as follows: (i) first, to Delinquent Rent owed for the month in which the Closing Lease Commencement 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 null and void and Tenant shall immediately pay 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 Landlord all Base 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 so expressly 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 documentationimplicitly waived by Landlord.
Appears in 1 contract
Samples: Office Lease (Serena Software Inc)
Base Rent. Purchaser will receive A. Except as otherwise provided herein, Tenant shall pay as initial Base Rent to Landlord the Annual Base Rent as set forth in the Lease Schedule in equal monthly installments in advance on the first day of the first full calendar month and on the first day of each calendar month thereafter during the Term, and at the same rate for fractions of a credit at Closing for month if the prorated amount Term shall begin on any day except the first day or shall end on any day except the last day of all base a calendar month.
B. Any Base Rent or fixed rent payable pursuant recurring monthly Additional Rent due from Tenant to Landlord under this Lease not paid within ten (10) days after the date when first due, or any other non-recurring, separately-invoiced Additional Rent or other charge due from Tenant to Landlord under this Lease not paid within fifteen (15) days after the date when first due, shall incur a late fee equal to the Leases greater of: (a) fifty dollars ($50.00); or (b) seven percent (7%) of the amount not paid when due, but the payment of such late fee shall not excuse or cure any default by Tenant under this Lease. Tenant acknowledges that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payments by Tenant. Neither assessment nor acceptance of a late charge by Landlord shall constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies available to Landlord. The covenants herein to pay rent (both Base Rent and Additional Rent) shall be independent of any other covenant set forth in this Lease.
C. Base Rent and all Additional Rents of the rent provided herein shall be paid without demand, offset, deduction or abatement in lawful money of the United States of America to Alter Asset Management, L.L.C. (collectively, “Rentthe Management Agent”) previously paid toat the Rent Payment Address set forth in the Lease Schedule, or collected byas designated from time to time by written notice from Landlord. The Management Agent has full and complete authority to act on behalf of Landlord in connection with all dealings with Tenant, 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, 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) Management Agent shall not be permitted have the power to commence amend or pursue any legal proceedings against any tenant seeking eviction of such tenant or modify 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 terms of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentationLease.
Appears in 1 contract
Base Rent. Purchaser will receive Subject to Section 3.2, Tenant shall pay, without notice or demand except as otherwise expressly provided herein, to Landlord or Landlord’s agent at the management office of the Project, or at such other place as Landlord may from time to time designate in writing, in currency or a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 6 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 6 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing first day of each and every month during the Lease Term commencing on the Lease Commencement Date, without any setoff or deduction whatsoever except as otherwise expressly provided herein. Delinquent The Base 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 first full month in of the Lease Term during which Base Rent is payable shall be paid at the Closing Date occurs time of Tenant’s execution of this Lease. If any Rent payment date (including the “Closing Month”)Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, (ii) second, to the Rent for any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller fractional month shall accrue on a daily basis for the period prior from the date such payment is due to Closingthe end of such calendar month or to the end of the Lease Term (if sooner) at a rate per day which is equal to 1/365 of the Rent. Any Rent collected by Purchaser and due Seller will All other payments or adjustments required to be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser made under the terms of this Lease that require proration on a time basis shall be promptly remitted to Purchaserprorated on the same basis. 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) All payments received by Landlord from Tenant shall be required applied, if Landlord elects in its sole discretion, to notify Purchaser the oldest payment obligation owed by Tenant to Landlord, and no designation by Tenant, either in a separate writing of Seller’s intention to commence or pursue on a check or money order, shall modify this clause or have any legal proceedings; and (ii) shall not be permitted to commence force 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 documentationeffect.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for A. Tenant covenants and agrees to pay to Landlord during the prorated Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all base Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall become due under this Lease (including, without limitation, any charges for replacement of electric lamps and ballasts and any other services, goods or fixed rent payable pursuant to the Leases and materials furnished by Landlord at Tenant’s request), all Additional Rents (collectively, of which hereinafter may be collectively called “Rent”) previously .” In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid toto Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Base Rent and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in advance in monthly installments of the first day of each calendar month during the Lease Term and any extensions or collected by, Seller and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Daterenewals hereof, and Tenant hereby agrees to pay such Base Rent and Additional Rent to Landlord without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent and Additional Rent for such month or months shall be prorated, based on the number of days in such month. No payment thereof has not been made by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, nor shall any endorsement or before statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the Closing Datebalance or pursue any other available remedy. Delinquent The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be prorated at Closingconstrued to be a waiver of Landlord's right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied first to the earliest accrued and unpaid Rent collected then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease.
B. To the extent allowed by Purchaser law, all installments of Rent not paid when due shall bear interest at the Default Rate from the date due until paid. In addition, if Tenant fails to pay any installment of Base Rent and Additional Rent or Seller from each tenant from any other item of Rent when due and after Closing payable hereunder, a “Late Charge” equal to five percent (5%) of such unpaid amount will be applied as follows: (i) first, due and payable immediately by Tenant 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 documentationLandlord.
Appears in 1 contract
Samples: Office Lease
Base Rent. Purchaser will receive a credit at Closing Base Rent for the prorated amount first full calendar month of all base the Partial Abatement Period (as defined below) and the Security Deposit shall be due and payable concurrently with Tenant’s delivery of an executed copy of this Lease to Landlord. Tenant shall pay to Landlord in advance, without demand, abatement, deduction or fixed rent payable pursuant to the Leases and all Additional Rents (collectivelyset-off, “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 monthly installments of Base Rent on or before the Closing first day of each calendar month during the Term hereof after the Commencement Date, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing, or via federally insured wire transfer (including ACH) pursuant to the wire instructions provided by Landlord. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease. If Tenant fails to pay the full amount due for Rent under this Lease for any month, Landlord may apply any partial payment of Rent made by Tenant to the outstanding balance due in any manner Landlord determines, in its sole and absolute discretion. Notwithstanding anything to the contrary contained herein, so long as Tenant is not then in default under this Lease beyond any applicable notice and cure periods, for the period commencing on the Commencement Date (or, if the Commencement Date does not occur on the first day of a calendar month, then on the first day of the first full calendar month following the Commencement Date) through the expiration of the 9th full calendar month following the Commencement Date (the “Partial Abatement Period”), Tenant shall be required to pay Base Rent in the amount of $275,000.00 per month (which Base Rent is calculated on 50,000 rentable square feet of the Premises). Notwithstanding anything to the contrary contained herein, if the Commencement Date occurs on a day other than the first day of a calendar month, then, on the Commencement Date, Tenant shall pay to Landlord the prorated Base Rent due (which 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: (isubject to abatement pursuant to this paragraph) first, to Delinquent Rent owed for the calendar month in which the Closing Commencement Date occurs (occurs. Commencing on the “Closing Month”), (ii) second, to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller for day immediately following 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 expiration of the Property; Partial Abatement Period, Tenant shall commence paying the full amount of Base Rent set forth on Page 1. The parties hereby acknowledge agree that, notwithstanding that the rentable square footage of the Premises is approximately 84,321 rentable square feet, during the Base Term and provided furtherany Extension Terms, however, Seller (i) Tenant shall only be required to notify Purchaser in writing of Seller’s intention pay Base Rent with respect 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 77,000 rentable square feet 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 Premises and the delivery of any conveyance documentationBase Rent amount set forth on Page 1 was calculated based on 77,000 rentable square feet.
Appears in 1 contract
Base Rent. Purchaser will receive Lessee shall pay as base rent (the "Base Rent") the monthly rental amounts set forth on Schedule 4.1 as Base Rent beginning on the Commencement Date and on the eleventh day of each month thereafter during the Lease Term. In the event the obligation to begin paying Rent commences on a credit date which is not the eleventh day of a month or if the last day of the Lease Term is not the eleventh day of a month, the Rent shall be prorated on a per diem basis. Lessor shall open and maintain at Closing for a Collection Account Bank a demand deposit account "Collection Account". The Collection Account shall be assigned a separate and unique identification number by the prorated amount of all base or fixed rent payable Collection Account Bank and shall be opened and maintained in the name Continental Xxxxxxx Holdings, Inc., as Debtor, and Nomura Asset Capital Corporation, as Secured Party, pursuant to the Leases and Loan Agreement dated as of [insert date of Loan Agreement]." Lessee shall collect all Additional Rents (collectivelyother than security deposits) from the Premises and shall endorse all checks and deposit all such funds and other receipts, “Rent”) previously paid towithin one Business Day after receipt thereof, or collected bydirectly into the Collection Account for the Premises. Lessor shall open and maintain for the Premises a demand deposit account "Security Deposit Account". The Security Deposit Account shall be assigned a separate and unique identification number by the relevant Collection Account Bank and shall be opened and maintained in the name Continental Xxxxxxx Holdings, Seller Inc., as Debtor, and attributable Nomura Asset Capital Corporation, as Secured Party, pursuant to any period following the Loan Agreement dated as of [insert date of the Loan Agreement]" and on the Closing DateDate (and at all times thereafter), and Lessee shall cause all rents, revenues or income of any kind derived by Lessee or from the Premises to be deposited within one Business Day after receipt thereof, directly into the Collection Account for the Premises. Rents are “Delinquent” when they were due Lessee shall collect or, if applicable, shall instruct and cause the Manager to collect all security deposits with respect to the Premises and shall deposit or cause the deposit of all such funds and other receipts within one Business Day after receipt thereof, directly into the Security Deposit Account for the Premises. Lessee shall have no right of withdrawal from a Security Deposit Account except that, prior to the Closing DateCollection Account Bank's receipt of notice of the occurrence of an Event of Default hereunder or under the Loan Documents, and payment thereof has not been made on or before Lessor may withdraw funds from 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 Security Deposit Account for the month Premises to refund or apply security deposits as required by the related Leases or by applicable Legal Requirements, and, after delivery of such notice, Lender, on written request from Lessee with appropriate supporting materials, will direct the relevant Collection Account Bank to release funds from such Security Deposit Account to refund security deposits as required by the Leases or by applicable Legal Requirements. Lessor may designate a new financial institution to serve as a Collection Account Bank hereunder as provided in which the Closing Date occurs (Loan Agreement. Each Collection Account shall at all times be an Eligible Account. Lessee shall have any right of withdrawal from 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 ClosingCollection Account. 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 breach of this Section 14.5 by Lessee or Lessor shall survive the Closing and the delivery be an Event of any conveyance documentationDefault hereunder.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing The first month’s Base Rent (i.e., the Base Rent due 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 first full month following the Closing Base Rent Commencement Date) and the Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Rents are “Delinquent” when they were due prior to Commencing on the Closing Base Rent Commencement Date, and payment thereof has not been made Tenant shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the Closing Datefirst day of each calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Delinquent Payments of Base 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 any fractional calendar 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 prorated. The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any Rent (as defined in Section 5) due Seller hereunder except for period attributable any abatement as may be expressly provided in this Lease. In addition to Seller’s ownership the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, if Tenant so requests and subject to the terms of the Property; Work Letter, make available to Tenant the Supplemental Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and provided furthercontinuing thereafter on the first day of each month during the Base Term, howeverTenant shall pay the amount necessary to fully amortize the portion of the Supplemental Tenant Improvement Allowance actually funded by Landlord, Seller (i) if any, as Additional Rent in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the Commencement Date. Any of the Supplemental Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of this Lease shall be required paid to notify Purchaser Landlord in writing of Seller’s intention to commence a lump sum at the expiration 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 earlier termination of the underlying this 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.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for A. Tenant covenants and agrees to pay to Landlord during the prorated Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all base Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall become due under this Lease (including, without limitation, any charges for any other services, goods or fixed rent payable pursuant to the Leases and materials furnished by Landlord at Tenant’s request), all Additional Rents (collectively, of which hereinafter may be collectively called “Rent”) previously .” In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid toto Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Base Rent and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in advance in monthly installments on the first day of each calendar month during the Lease Term and any extensions or collected by, Seller and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Daterenewals hereof, and Tenant hereby agrees to pay such Base Rent and Additional Rent to Landlord without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent and Additional Rent for such month or months shall be prorated, based on the number of days in such month. No payment thereof has not been made by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, nor shall any endorsement or before statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the Closing Datebalance or pursue any other available remedy. Delinquent The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be prorated at Closingconstrued to be a waiver of Landlord’s right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied first to the earliest accrued and unpaid Rent collected then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease.
B. To the extent allowed by Purchaser law, all installments of Rent not paid when due shall bear interest at the Default Rate from the date due until paid. In addition, if Tenant fails to pay any installment of Base Rent or Seller from each tenant from Additional Rent or any other item of Rent when due and after Closing payable hereunder, a “Late Charge” equal to five percent (5%) of such unpaid amount will be applied as follows: (i) first, due and payable immediately by Tenant 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 documentationLandlord.
Appears in 1 contract
Base Rent. Purchaser will receive a credit Tenant shall pay, without notice or demand, to Landlord at Closing for the prorated amount address set forth in Section 3 of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”) previously paid toSummary, or collected byat such other place as Landlord may from time to time designate in writing, Seller and attributable to any period following in currency or a check for currency which, at the Closing Date. Rents are “Delinquent” when they were due prior to time of payment, is legal tender for private or public debts in the Closing DateUnited States of America, and payment thereof has not been made base rent ("Base Rent") as set forth in Section 8 of the Summary, payable in equal monthly installments as set forth in Section 8 of the Summary in advance on or before the Closing first day of each and every month during the Lease Term, without any setoff or deduction whatsoever. Concurrently with Tenant's execution of this Lease, Tenant shall deliver to Landlord an amount equal to the Base Rent payable by Tenant for the Premises for the fourth (4th) full month of the Lease Term (i.e., Three Hundred Twenty-Seven Thousand One Hundred Fifty-Seven and 60/100 Dollars ($327,157.60)). If any rental payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any rental payment is for a period which is shorter than one month, then the rental for any such fractional month shall be a proportionate amount of a full calendar month's rental based on the proportion that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. Delinquent Rent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall not be prorated at Closingon the same basis. All Notwithstanding anything to the contrary contained herein and so long as Tenant is not then in default under this Lease (beyond the expiration of all applicable notice and cure periods), Landlord hereby agrees to xxxxx Tenant's obligation to pay one hundred percent (100%) of Tenant's monthly Base 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 first three (3) full months of the Closing Date occurs initial Lease Term (the “Closing Month”"Abated Rent"). During such abatement period, (ii) second, to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller Tenant shall still be responsible for the period prior payment of all of its other monetary obligations under this Lease. In the event of a default by Tenant under the terms of this Lease that results in early termination pursuant to Closing. Any Rent collected by Purchaser and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser the provisions of Article 19 of this Lease, then as a part of the recovery set 879352.05/SD374622-00001/3-28-19/MLT/bp -5- GENESIS SSF - TWO TOWER PLACE[Fluidigm Corporation] forth in Article 19 of this Lease, Landlord shall be promptly remitted entitled to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course recovery of its business; provided, however, the unamortized portion of the Abated Rent that Seller hereby retains the right to pursue any tenant was abated 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 documentationArticle 3.
Appears in 1 contract
Samples: Lease (Fluidigm Corp)
Base Rent. Purchaser will receive a credit at Closing for the prorated amount (i) The first month’s Base Rent shall be due and payable on delivery of all base an executed copy of this Lease to Landlord. Except as provided herein, Tenant shall pay to Landlord in advance, without demand, abatement, deduction or fixed rent payable pursuant to the Leases and all Additional Rents (collectivelyset-off, “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 monthly installments of Base Rent on or before the Closing first day of each calendar month during the Term hereof after the Rent Commencement Date, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Delinquent During the first year of the Term, Tenant shall pay Base Rent shall not be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from only on the Initial Premises.
(ii) From and after Closing will be applied the earlier of (A) the first anniversary of the Rent Commencement Date or (B) the date Tenant commences occupancy and use of the Additional Office Premises, Tenant shall pay Base Rent on the Additional Office Premises, at the same rate as follows: (i) first, to Delinquent Base Rent owed for the month in which Initial Premises and at the Closing Date occurs time.
(iii) Commencing September 1, 2005 (the “Closing MonthAdditional Laboratory Commencement Date”), (ii) secondTenant shall commence paying Base Rent on the Additional Laboratory Premises as follows. Tenant shall be responsible for making any improvements to the Additional Laboratory Premises. Commencing on the Additional Laboratory Commencement Date, Tenant shall begin to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller pay Base Rent at the rate of Shell Rent for the period prior to ClosingAdditional Laboratory Premises. 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 Commencing on the ordinary course earlier of its business; provided, however, that Seller hereby retains (A) the right to pursue any tenant under the Leases for any Rent and other sums due Seller for period attributable to Seller’s ownership date of substantial completion of the Property; and provided furtherimprovements to the Additional Laboratory Premises or (B) June 1, however2006, Seller (i) Tenant shall be required to notify Purchaser in writing pay Base Rent on the Additional Laboratory Premises at the rate 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 LeaseImproved Rent. “Additional RentsShell Rent” shall mean $____ per rentable square foot per annum, on a triple net basis. “Improved Rent” shall mean $____ per rentable square foot per annum, on a triple net basis. Such Base Rent shall be adjusted annually as provided in Section 4 hereof, and shall further be adjusted for 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 portion of the Additional Tenant Improvement Allowance elected to be used by Tenant at any other tenant charges. The provisions of this Section 14.5 shall survive time during the Closing and the delivery of any conveyance documentationTerm.
Appears in 1 contract
Samples: Sublease (Atossa Genetics Inc)
Base Rent. Purchaser will receive Tenant shall pay, without prior notice or demand, to Landlord or Landlord's agent at the address set forth in Section 4.2 of the Summary, or, at Landlord's option, at such other place as Landlord may from time to time designate by delivering written notice to Tenant at Tenant's notice address as set forth herein, by a credit check or wire transfer for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent ("Base Rent") as set forth in Section 4 of the Summary, payable pursuant to in equal monthly installments as set forth in Section 4 of 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 Summary in advance on or before the Closing first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant's execution of this Lease. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/360 of the applicable annual Rent. Delinquent It is intended that this Lease be a "triple net lease," and that the Rent to be paid hereunder by Tenant will be received by Landlord without any deduction or offset whatsoever by Tenant, foreseeable or unforeseeable. Except as expressly provided to the contrary in this Lease, Landlord shall not be prorated at Closingrequired to make any expenditure, incur any obligation, or incur any liability of any kind whatsoever in connection with this Lease or the ownership, construction, maintenance, operation or repair of the Premises, Building or Project. All Rent collected by Purchaser other payments or Seller from each tenant from and after Closing will adjustments required to be applied as follows: (i) first, to Delinquent Rent owed for made under 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 terms of this Lease that require proration on a time basis shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in prorated on 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 documentationsame basis.
Appears in 1 contract
Base Rent. Purchaser will receive Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a credit wire transfer of immediately available funds or a check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing first day of each and every calendar month during the Lease Term, without any setoff or deduction except as expressly provided for in this Lease. The Base Rent for the first full calendar month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. If the Lease Commencement Date is not the first day of a month, Rent for the partial month commencing as of the Lease Commencement Date shall be prorated based upon the actual number of days in such month and shall be due and payable upon the Lease Commencement Date. Delinquent Rent All other payments required to be made under this Lease that require proration on a time basis shall not also be prorated at Closingbased upon the actual number of days in such month. All Notwithstanding anything to the contrary contained herein and provided that Tenant is not in then default under this Lease after expiration of applicable cure periods, Landlord hereby agrees to xxxxx Tenant’s obligation to pay Base 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 second (2nd) through and including the Closing Date occurs seventh (7th) full calendar months of the Lease Term. Such abated Base Rent may be referred to herein as the “Closing Month”)Abated Rent.” During such abatement period, (ii) second, to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller Tenant shall still be responsible for the period prior payment of all of its other monetary obligations under this Lease including, without limitation, any obligations to Closingpay Additional Rent. Any Rent collected In the event of a default by Purchaser and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser Tenant under the terms of this Lease that results in early termination of this Lease, then as a part of the recovery set forth in Section 19.2 below, Landlord shall be promptly remitted entitled 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 recovery of the Property; and provided further, however, Seller (i) unamortized portion of the Abated Rent. Amortization pursuant to the immediately preceding sentences shall be required to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; and calculated on an eighty-four (ii84) shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or the termination month amortization schedule commencing as of the underlying Lease. “Additional Rents” shall mean any Lease Commencement Date based upon equal monthly payments of principal and all amounts due from tenants for operating expensesinterest, 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 with interest imputed on the outstanding principal balance at the rate of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentationeight percent (8%) per annum.
Appears in 1 contract
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 Agreement of Purchase and Sale — 1000 Xxxxxxxx Xxxxxx Xxxxx Xx. Prospect IL(7) 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.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Northfield Laboratories Inc /De/)
Base Rent. Purchaser will receive a credit at Closing Base Rent payable 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 first full calendar month immediately following the Closing DateBuilding 3 Premises Abatement Period (as defined below) and the Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Rents are “Delinquent” when they were due prior Tenant shall pay to the Closing DateLandlord in advance, and payment thereof has not been made without demand, abatement (except for any abatement as may be expressly provided for in this Lease), deduction or set-off, monthly installments of Base Rent on or before the Closing Datefirst day of each calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Delinquent Payments of Base 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 any fractional calendar 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 prorated. The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any Rent (as defined in Section 5) due Seller hereunder except for period attributable any abatement as may be expressly provided for in this Lease. Notwithstanding anything to Seller’s ownership of the Property; and provided furthercontrary contained in this Lease, however, Seller (i) so long as Tenant is not in Default under this Lease, Base Rent payable with respect to the Building 3 Premises only shall be required to notify Purchaser in writing abated for the period commencing on the Commencement Date (or, if the Commencement Date does not occur DocuSign Envelope ID: FC2CC128-9822-4855-A001-C19E6B8CA968 Buildings B3 and B4/Singular - Page 5 on the first day of Seller’s intention to commence or pursue any legal proceedings; a calendar month, then as of the first day of the first full calendar month immediately following the Commencement Date) and continuing for the first 210 calendar days following the Commencement Date (the “Building 3 Premises Abatement Period”), and (ii) if Tenant has exercised the Building 4 Premises Acceleration Election, so long as Tenant is not in Default under this Lease, Base Rent payable with respect to the Building 4 Premises only shall be abated for the period commencing on the Building 4 Premises Commencement Date (or, if the Building 4 Premises Commencement Date does not occur on the first day of a calendar month, then as of the first day of the first full calendar month immediately following the Building 4 Premises Commencement Date) and continuing for the first 365 calendar days following the Building 4 Premises Commencement Date (the “Building 4 Premises Abatement Period”). Tenant shall commence paying Base Rent with respect to the Building 3 Premises on the calendar day following the Building 3 Premises Abatement Period (the “Rent Commencement Date”) and with respect to the Building 4 Premises on the calendar day following the Building 4 Premises Abatement Period. For the avoidance of doubt, if Tenant does not exercise the Building 4 Premises Acceleration Election, then Tenant shall commence paying Base Rent with respect to the Building 4 Premises on the Building 4 Premises Commencement Date and shall not be permitted entitled any abatement of Base Rent with respect 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 documentationBuilding 4 Premises.
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Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount of all base or fixed rent payable pursuant to set forth above. The first month’s Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and, except as otherwise set forth in this Lease, Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder (or to such other party as Landlord may from time to time specify in writing) shall be made by check or Electronic Fund Transfer (“EFT”) of immediately available federal funds before 11:00 a.m., Eastern Time, at such place, within the continental United States, as Landlord may from time to time designate to Tenant in writing. Except as otherwise set forth herein, the obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than 5 days, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum. Tenant shall not be prorated obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be given 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) Landlord shall not be required to notify Purchaser give such notices more than twice in writing any calendar year or 4 times over the term of Sellerthe Lease. The provision for such late charge shall be in addition to all of Landlord’s intention to commence other rights and remedies hereunder or pursue any legal proceedings; at law 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 documentationconstrued as a penalty.
Appears in 1 contract
Base Rent. Purchaser will receive A. Tenant shall pay to Landlord in advance, without demand, deduction or set off, except as provided in Section 55 and Section 14 of this Lease Agreement, a credit at Closing for sum (the prorated amount of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toequal to the amounts for the corresponding intervals as indicated on Schedule 1 attached hereto.
B. Installments of Base Rent shall be due monthly, or collected byin advance, Seller and attributable to any period on the first day of each calendar month following the Closing Rent Commencement 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 Base 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 Rent Commencement Date occurs shall be due and payable on the Rent Commencement Date and Base Rent for any partial month shall be prorated.
C. In addition to the foregoing Base Rent and the Additional Rent (as hereinafter defined) to be paid by Tenant pursuant to Section 6 below, Tenant agrees to pay to Landlord as Additional Rent all other sums payable by Tenant to Landlord hereunder, within ten (10) days after Landlord renders a statement therefor to Tenant. All Rent (as hereinafter defined) shall bear interest from five (5) days after the date due until paid at the greater of (i) two percent (2%) above the “Closing Monthprime rate” per annum of the JPMorgan Chase Bank, a New York banking corporation or its successor or such other “money center” as Landlord and Tenant may agree from time to time (“Chase”)) in effect on said due date (or if the “prime rate” be discontinued, the base reference rate then being used by Chase to define the rate of interest charged to commercial borrowers) or (ii) second, to any accrued Rents owing to Purchaser, and twelve percent (iii12%) 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 businessper annum; provided, however, that Seller hereby retains in no event shall the right rate of interest hereunder exceed the maximum non-usurious rate of interest (hereinafter called the “Maximum Rate”) permitted by applicable Laws. In addition thereto, if Tenant has failed to pursue any tenant under pay Rent within five (5) days after the Leases for any Rent and other sums due Seller for period attributable to Seller’s ownership date when due, then, Tenant shall pay Landlord a “Late Charge” of one percent (1%) of the Property; and provided furtheroverdue amount. Notwithstanding the foregoing, howeverwith respect to Tenant’s first late payment of Rent in a consecutive twelve (12) month period, Seller (i) Tenant shall not be required to notify Purchaser in writing pay the Late Charge with respect to such late payment. Tenant agrees that the Late Charge is not a penalty, and will compensate Landlord for costs not contemplated under this Lease Agreement that are impracticable or extremely difficult to fix. Landlord’s acceptance of Sellera Late Charge does not waive Tenant’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 documentationdefault.
Appears in 1 contract
Samples: Build to Suit Lease Agreement (Cardiovascular Systems Inc)
Base Rent. Purchaser will receive 3.1 In GeneralTenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing Datefirst day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever (except as may otherwise expressly permitted under this Lease). Delinquent Rent In the event that any invoice prepared by Landlord is inaccurate, such inaccuracy shall not constitute a waiver and Tenant shall be obligated to pay the amount set forth in this Lease. Acceptance of a payment which is less than the amount then due shall not be prorated at Closinga waiver of Landlord’s rights to the balance of such Rent, regardless of Landlord’s endorsement of any check so stating. All Rent collected by Purchaser or Seller from each tenant from and after Closing Payments will be applied first to accrued late charges, second to accrued interest as follows: set forth in this Lease, then to Base Rent and Tenant’s Share of Direct Expenses, and any remaining amount to any other outstanding charges or costs. The Base Rent for the first full month of the Lease Term which occurs after the expiration of any “free rent” period shall be paid at the time of Tenant’s execution of this Lease. If any payment of Rent is for a period which is shorter than one month, the Rent for any such fractional month shall accrue on a daily basis during such fractional month and shall total an amount equal to the product of (i) firsta fraction, to Delinquent Rent owed for the numerator of which is the number of days in such fractional month and the denominator of which is the actual number of days occurring in which the Closing Date occurs (the “Closing Month”)such calendar 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) the then-applicable monthly installment of Base Rent. All other payments or adjustments required to be made under the TCCs of this Lease that require proration on a time basis shall not be permitted prorated on the same basis. Without limitation on other obligations of Tenant which shall survive the expiration of the Lease Term, the obligations of Tenant to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or pay the Base Rent during the Lease Term as provided for in this Article 3 shall survive the expiration and sooner 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 documentationLease Term.
Appears in 1 contract
Samples: Lease (Athira Pharma, Inc.)
Base Rent. Purchaser will receive a credit at Closing for (a) Tenant shall pay to Landlord monthly installments of Base Rent in advance, without demand, abatement, deduction or offset, throughout 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 Lease Term on or before the Closing Datefirst day of each and every calendar month. Delinquent Installments of Base Rent for partial calendar months shall be prorated. Tenant shall be responsible for delivering all installments of Base Rent due hereunder to Landlord’s address set forth in Section 1.01 above, or any other address as may be designated by Landlord from time to time. The monthly installment of the Base Rent and estimated Operating Expenses (hereinafter defined) for the first (1st) full month of the initial Lease Term shall be paid at the time of Tenant’s execution of this Lease.
(b) Notwithstanding any contrary provisions set forth in this Article 3 and Section 1.01(a) above, Tenant shall not be prorated at Closing. All obligated to pay the monthly installments of Base 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 MonthBase Rent Abatement”) for the three (3) month period commencing on the first (1st) full calendar month of the Lease Term, and ending on the last day of the third (3rd) full calendar month of Lease Term (the “Abatement Period”). In connection with the foregoing, (iithe Base Rent Abatement provided to Tenant pursuant to this Section 3.01(b) secondduring the Base Rent Abatement Period shall not exceed an aggregate of $345,975.48. Tenant acknowledges and agrees that during such Base Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any Operating Expenses payable by Tenant pursuant to the terms of this Lease, which any accrued Rents owing Operating Expenses shall be payable during the Base Rent Abatement Period without regard to Purchaserthe Base Rent Abatement. Additionally, notwithstanding the foregoing, Tenant shall remain and be obligated to pay during the Base Rent Abatement Period all “Additional Rent,” as that term is defined in Section 3.02 below. The foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and (iii) third, for agreeing to Delinquent Rents owing to Seller for pay the period prior to Closingrent and performing the terms and conditions otherwise required under this Lease. Any Rent collected by Purchaser and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser If Tenant shall be promptly remitted in default under this Lease at any time during the Lease Term, and shall fail to Purchaser. Purchaser shall use reasonable efforts cure such default within the applicable notice and cure period, if any, permitted for cure pursuant to collect Delinquent Rents owed to Seller in Section 13.01 of this Lease, and as a result of such default, Landlord terminates this Lease, then 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 unamortized portion of the Property; and provided further, however, Seller (iBase Rent Abatement granted to Tenant pursuant to this Section 3.01(b) shall may be required considered when determining the remedies available to notify Purchaser in writing Landlord pursuant to the terms 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 Article 13 of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentationLease.
Appears in 1 contract
Samples: Industrial Building Lease (Real Good Food Company, Inc.)
Base Rent. Purchaser will receive a credit at Closing for Throughout the prorated Lease Term, Tenant shall pay Base Rent in the amount set forth above. Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of all base or fixed rent payable pursuant to the Leases Base Rent 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 Rent on or before the Closing first day of each calendar month commencing on the Commencement Date. Delinquent If the Lease Term commences or expires on a date other than the first day or the last day of a calendar month, respectively, then the Rent payable for such partial calendar month shall not be prorated an amount equal to the monthly installment of Rent otherwise then in effect, divided by the number of days in the full calendar month during which the Lease Term commences or expires, respectively, and multiplied by the number of days in the partial calendar month after and including the Commencement Date or before and including the date of expiration, respectively, and provided further that the Rent for any partial calendar month at Closingthe commencement of the Initial Lease Term shall be payable on the first day of the first full calendar month during the Lease Term. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) firstsums, to Delinquent Rent owed for the month in which the Closing Date occurs (the “Closing Month”)liabilities, (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 obligations and other sums due Seller for period attributable to Seller’s ownership of the Property; and provided further, however, Seller (i) shall be amounts which Tenant is required to notify Purchaser pay or discharge pursuant to this Lease in writing of Seller’s intention addition to commence Base Rent, including without limitation assessments 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 chargescharges due and payable to any applicable ownership associations, taxestogether with any interest, shared utility chargespenalty, management feesor other sum which may be added for late payment thereof, insurance costs, other comparable expenses and pass-through charges and any other tenant chargesshall constitute additional rent hereunder (herein called “Additional Rent”). The provisions of this Section 14.5 shall survive In the Closing and the delivery event of any conveyance documentation.failure on the part of Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided for herein (or by law or equity or otherwise) in the case of nonpayment of
Appears in 1 contract
Samples: Lease Agreement (Blue Rhino Corp)
Base Rent. Purchaser will receive a credit at Closing A. As part of the consideration for the prorated amount execution of all this Lease Agreement, Tenant covenants and agrees and promises to pay Landlord base or fixed rent payable pursuant according to the Leases and all Additional Rents following schedule (collectively, the “Base Rent”): The Base Rent shall be payable to Landlord at the address set forth in Section 31 below (or such other address as may be designated by Landlord in writing from time to time) previously paid toin monthly installments in legal tender of the United States of America, in advance, without demand, set-off or collected bycounterclaim except as herein expressly provided, 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 first day of each tenant from and after Closing will be applied as follows: (i) first, to Delinquent Rent owed for calendar month during 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 businessTerm hereof; provided, however, that Seller hereby retains the right first monthly payment of Base Rent shall be made on the Effective Date. If the Term of this Lease Agreement as described above commences on other than the first day of a calendar month or terminates on other than the last day of a calendar month, then the installments of Base Rent for such month or months shall be prorated and the installment or installments so prorated shall be paid in advance. The payment for such prorated month shall be calculated by multiplying the monthly installment by a fraction, the numerator of which shall be the number of days of the Term occurring during said commencement or termination month, as the case may be, and the denominator of which shall be the total number of days occurring in said commencement or termination month.
B. In addition to pursue any tenant under the Leases foregoing Base Rent and the Additional Rent to be paid by Tenant pursuant to Section 6 below, Tenant agrees to pay to Landlord as additional rent all charges for any Rent and services, goods or materials furnished by Landlord at Tenant’s request which are not required to be furnished by Landlord under this Lease Agreement, as well as other sums due Seller for period attributable payable by Tenant hereunder, within ten (10) days after Landlord renders a statement therefor to Seller’s ownership of the Property; and provided further, however, Seller Tenant. All Rent (ias hereinafter defined) 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.bear interest from
Appears in 1 contract
Samples: Lease Agreement (Georesources Inc)
Base Rent. Purchaser will receive a credit at Closing (a) Tenant shall pay the Annual Base Rent, as set forth in Exhibit C, to Landlord for the prorated Premises, payable in equal monthly installments in the amount of the Monthly Base Rent in advance on the first day of the Term and on the first day of each calendar month thereafter of the Term. Tenant's obligation to pay Rent and Additional Rent for the Phase 1 Space shall commence on the date of delivery of possession of the Phase 1 Space in accordance with Section 6(b)(i) (the "Phase 1 Space Rent Commencement Date"). If the Term shall begin on any date except the first day of a calendar month, or shall end on any day except the last day of a calendar month, then Monthly Base Rent for any such partial calendar month within the Term shall be prorated based on a 30-day month. Tenant's obligation to pay Rent and Additional Rent for the Phase 2 Space shall commence on the date of delivery of possession in accordance with Section 6(b)(i) of the Phase 2 Space (the "Phase 2 Space Rent Commencement Date"). If the Term shall end on any date except the last day of a calendar month, then Monthly Base Rent shall be prorated based on a 30-day month.
(b) Base Rent, Additional Rent (as hereinafter defined), Tax and Expense Estimate (as hereinafter defined) and all base other amounts becoming due from Tenant to Landlord hereunder (herein collectively called the "Rent") shall be paid in lawful money of the United States to Landlord at the office of Landlord at 000 Xxxxx Xxxxx Xxxxxx, Xxxxx 0000, Xxxxx, Xxxxxxx 00000, or fixed rent payable pursuant as otherwise designated from time to time by written notice from Landlord to Tenant. The payment of Rent hereunder is independent of each and every other covenant and agreement contained in this Lease, except as specifically provided herein. Tenant shall pay all applicable sales and use taxes on each installment or payment of Rent at the time payment is made.
(c) Notwithstanding anything in this Lease to the Leases contrary, upon the delivery of the Phase 1 Space for occupancy in compliance with the requirements of the Lease, including Sections 6 and 13, and until Landlord's delivery to Tenant of the Phase 2 Space in accordance with Sections 6 and 13, Monthly Base Rent for Phase 1 Space shall be $24,816.00 and Annual Base Rent for the first Lease Year shall be adjusted accordingly 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 determined on 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 basis 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 documentationPhase 1 Space Rentable Area.
Appears in 1 contract
Samples: Office Lease (Excal Enterprises Inc)
Base Rent. Purchaser will receive a credit at Closing (a) Commencing on the Phase I Rent Commencement Date, monthly installments of base rent for the prorated amount of all base or fixed rent payable pursuant to Phase I Property in the Leases amounts set forth on Schedule 1.09.2 attached hereto and all Additional Rents incorporated herein by reference (collectively, “Phase I Base Rent”) previously paid to(together with all applicable sales taxes thereon) shall be payable in advance on the first (1st) day of each and every month, without demand, set off or collected bydeduction.
(b) Commencing on the Phase II Rent Commencement Date, Seller monthly installments of base rent for the Phase II Property in the amounts set forth on Schedule 1.09.2 attached hereto and attributable to any period following incorporated herein by reference (“Phase II Base Rent”, and together with the Closing Date. Rents are Phase I Base Rent, the “Delinquent” when they were due prior Base Rent”) (together with all applicable sales taxes thereon) shall be payable in advance on the first (1st) day of each and every month, without demand, set off or deduction.
(c) Base Rent shall be subject to the Closing Datesame “late charge” assessed against any share of Aviation Annual Land Rent (as defined in Section 4.01 (A) of the Prime Lease) and interest on any amount delinquent more than 20 days shall accrue interest at the Default Rate until such delinquent payment is made. When rental payments are delivered by Tenant through the mails, and payment thereof has not been made Tenant shall mail such payments sufficiently in advance so that the Landlord will receive the payments on or before the Closing Date. Delinquent Rent shall not be prorated at Closing. All Rent collected by Purchaser first day of the calendar month (or Seller from each tenant from and after Closing will be applied as follows: (i) first, to Delinquent Rent owed for on or before 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 date in the ordinary course event the due date is other than the first day of its business; provideda calendar month). If Landlord shall pay any moneys, however, that Seller hereby retains the right to pursue or incur any tenant under the Leases for expenses in correction of any Rent and other sums due Seller for period attributable to Seller’s ownership violation of the Property; and provided further, however, Seller (i) shall be required to notify Purchaser in writing any covenant or 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 chargesobligation of Tenant either set forth or implied herein, the amounts so paid or incurred shall, at Landlord’s option and on notice to Tenant, be considered Additional Rent payable by Tenant and may be collected or enforced as by law provided in respect to rentals. The provisions of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentationTENANT SHALL NOT HAVE THE RIGHT TO WITHHOLD, XXXXX OR OFFSET RENT OR TO TERMINATE THIS LEASE EXCEPT AS EXPRESSLY PROVIDED HEREIN. TENANT HEREBY WAIVES AND RELEASES ANY AND ALL STATUTORY RIGHTS AND OFFSET RIGHTS TO THE CONTRARY, IF ANY, UNLESS CAUSED BY LANDLORD’S NEGLIGENCE.
Appears in 1 contract
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 Base 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 Rent Commencement 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 due and payable on or before the Rent Commencement Date. Tenant shall pay to PurchaserLandlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month during the Term hereof after the Rent Commencement Date, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course Payments of its business; provided, however, that Seller hereby retains the right to pursue any tenant under the Leases Base Rent for any fractional calendar month shall be prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any Rent (as defined in Section 5) due Seller hereunder except for any abatement as may be expressly provided in this Lease. Notwithstanding anything Net Lease 10151 Xxxxxx Canyon/Tandem - Page 4 to the contrary contained in this Lease, in no event shall Tenant be required to pay for Base Rent or Operating Expenses for any period attributable prior to Seller’s ownership the Rent Commencement Date. Notwithstanding anything to the contrary contained herein, so long as no Default has occurred and is continuing under this Lease, Tenant shall not be required to pay Base Rent with respect to the Premises for the period commencing on the later of the Property; and provided further, however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to commence the Rent Commencement Date, or pursue any legal proceedings; and (ii) February 1, 2017 (either, the “Abatement Commencement Date”), through the date that is 7 months after the Abatement Commencement Date (the “Abatement Period”). Tenant shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or resume, as applicable, paying Base Rent on the termination day immediately following the expiration 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 documentationAbatement Period.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount of all base or fixed rent payable pursuant to set forth above. The first month's Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. the obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. Tenant waives and releases all statutory liens and offset rights as to rent. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses beyond 5 days after the due date thereof, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum. Tenant shall not be prorated required to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be given 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) such notice shall not be permitted to commence required more than once in any 12-month period or pursue any legal proceedings against any tenant seeking eviction of such tenant or 3 times over the termination term 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 for such late charge shall be in addition to all of this Section 14.5 Landlord's other rights and remedies hereunder or at law and shall survive the Closing and the delivery of any conveyance documentationnot be construed as a penalty.
Appears in 1 contract
Samples: Lease Agreement (CVC Inc)
Base Rent. Purchaser will receive Pursuant to the terms of the Original Lease, Tenant delivered to Landlord the Security Deposit required under the Original Lease in the form of a credit at Closing Letter of Credit in the amount of $123,879.00 (the “Original Letter of Credit”), and delivered the first month’s Base Rent due under the Original Lease in the amount of $123,879.00. The balance of Base Rent due and payable under this Lease for the prorated first full calendar month, in the amount of all base or fixed rent $126,740.25 shall be due and payable pursuant concurrent with Tenant’s delivery of an executed copy of this Lease to Landlord. Landlord acknowledges and agrees that an amendment to the Leases and all Additional Rents (collectively, “Rent”) previously paid to, or collected by, Seller and attributable Original Letter of Credit to any period following increase the Closing Date. Rents are “Delinquent” when they were Original Letter of Credit by the balance of the Security Deposit due hereunder in the amount of $126,740.25 has been delivered to Landlord by Tenant prior to the Closing Datedate of this Lease. Tenant shall pay to Landlord in advance, and payment thereof has not been made without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the Closing Datefirst day of each calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing, or via federally insured wire transfer (including ACH) pursuant to the wire instructions provided by Landlord. Delinquent Payments of Base 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 any fractional calendar 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 prorated. The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any Rent (as defined in Section 5) due Seller hereunder except for period attributable any abatement as may be expressly provided in this Lease. Notwithstanding anything to Seller’s ownership of the Property; and provided furthercontrary contained in this Lease, howeverso long as Tenant is not then in Default (as defined in Section 20) under this Lease, Seller (i) Tenant shall not be required to notify Purchaser in writing of Seller’s intention pay Base Rent with respect 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 Premises for the period commencing on the first day of the underlying Lease2nd full calendar month after the Commencement Date through the last day of the 6th full calendar month after the Commencement Date (the “Abatement Period”). “Additional Rents” Tenant 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 resume paying full Base Rent on the first day of this Section 14.5 shall survive the Closing and seventh full calendar month after the delivery of any conveyance documentationCommencement Date.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing Beginning on the Lease Commencement Date, Tenant shall pay Base Rent in the amount set forth above. The approximation of square footage for the prorated amount Premises set forth on the first page of all base or fixed rent payable pursuant this Lease shall in no way affect the Base Rent specified on page one (1) above should any variance be found to exist between the Leases approximation and all Additional Rents (collectivelythe actual square footage. The first month's Base Rent, “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 DateSecurity Deposit, and payment the first monthly installment of estimated Operating Expenses (as hereinafter defined) shall be due and payable on the date hereof and Landlord's receipt thereof has shall be confirmed by Landlord in the Lease Commencement Agreement. Such amounts shall not be deemed to have been made paid by Tenant unless and until Landlord's receipt thereof is so confirmed. Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each and every calendar month succeeding the Lease Commencement Date. Delinquent Payments of Base 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) firstfor any fractional calendar month, to Delinquent Rent owed for including the month in which the Closing Lease Commencement Date occurs (the “Closing Month”)shall occur, (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 prorated based upon the number of days in each such partial month. All payments required to Purchaserbe made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. Purchaser shall use reasonable efforts The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abate, reduce, or set-off any rent due Seller hereunder exxxxx as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for period attributable more than five (5) days, Tenant shall pay to Seller’s ownership Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. Notwithstanding the foregoing, Landlord agrees to waive imposition of the Property; and above-described late charge on up to one (1) occasion in any twelve (12) month period, provided further, however, Seller Tenant tenders the overdue payment to Landlord within five (i5) business days after Tenant’s receipt of written notice from Landlord stating that the payment was not received when due. The provision for such late charge shall be required in addition to notify Purchaser in writing all of Seller’s intention to commence Landlord's other rights and remedies hereunder or pursue any legal proceedings; at law and (ii) shall not be permitted construed as a penalty. Notwithstanding anything in this Section 4 to commence or pursue any legal proceedings against any tenant seeking eviction the contrary, Landlord agrees to abate the monthly installments of such tenant or the termination Base Rent (but nxx xxy of the underlying Lease. “Additional Rents” shall mean any additional rent) due for the first thirteen (13) months of the Lease Term, for a total Base Rent abatement of One Million Seven Hundred Sixty Four Thousand One Hundred Sixty One 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 documentation80/100 Dollars ($1,764,161.80).
Appears in 1 contract
Samples: Lease Agreement (Systemax Inc)
Base Rent. Purchaser will receive Commencing as of the applicable Rent Commencement Date, Tenant shall pay, without prior notice or demand, to Landlord or Landlord's agent or, at Landlord's option, at such other place as Landlord may from time to time designate in writing, by a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the United States of America, base rent ("Base Rent") for the prorated amount of all base or fixed rent applicable Phase as calculated as set forth below, 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 in equal monthly installments in advance on or before the Closing first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. If any Rent payment date (including any Rent Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Delinquent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. The Base Rent shall not be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied calculated as follows: The Base Rent shall be calculated based on the cumulative rentable square feet within the Phase(s) delivered to Tenant (i) first, subject to Delinquent the occurrence of the applicable Rent owed for the month in which the Closing Date occurs (the “Closing Month”Commencement Date), (ii) second, provided that the Base Rent with respect 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 Phase shall be promptly remitted abated subject to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course terms and conditions of its business; provided, however, that Seller hereby retains the right to pursue any tenant under the Leases for any Rent Sections 6.2 and other sums due Seller for period attributable to Seller’s ownership 6.3 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 documentationSummary.
Appears in 1 contract
Samples: Office Lease (C3.ai, Inc.)
Base Rent. Purchaser will receive a credit at Closing All Rent payable by Tenant shall be without previous demand or notice therefor by Landlord and without set off or deduction. The Minimum Base Rent for the prorated amount Term shall be the sum of all base or fixed rent $1,227,093.64, which Rent shall be payable pursuant to in accordance with the Leases and all Additional Rents (collectivelyRent Schedule in paragraph 25, “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 payable in advance on or before the Closing Date. Delinquent first day of each calendar month during the Term of this Lease, unless the Term commences on a day other than the first day of a calendar month, in which event prorated 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 above rate until the end of the month in which the Closing Date occurs Lease Term commences shall be due and payable on the Commencement Date. Landlord agrees no more than two (the “Closing Month”), (ii2) secondtimes per calendar year, to provide Tenant with written notice if Landlord does not receive the monthly Rent by the tenth (10th) calendar day after Rent is due. In addition to such remedies as may be provided under the Default provisions of this Lease, if Tenant fails to make any accrued Rents owing payment of Rent or other sums required to Purchaserbe paid hereunder more than two times per calendar year and more than ten (10) calendar days after the date when payment is due, and Tenant shall pay to Landlord, as Additional Rent, a late charge of twelve percent (iii12%) thirdper annum of such amount remaining unpaid beginning on the first day of the month following the calendar month in which it is due, 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 businessuntil such amount is paid; provided, however, that Seller hereby retains should such late charge at any time violate any applicable law, 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) late charge shall be required reduced to notify Purchaser in writing the highest rate permitted by law. Landlord's acceptance of Seller’s intention to commence or pursue any legal proceedings; rent after it has become due and (ii) payable shall not be permitted excuse any delays with respect to commence future rental payments 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 constitute a waiver of any conveyance documentationLandlord's rights under this lease. Tenant shall also pay Landlord the sum of $50.00 for each and every check of Tenant returned for insufficient funds.
Appears in 1 contract
Samples: Office Lease (Capital Bank Corp)
Base Rent. Purchaser will receive a credit at Closing RESIDENT shall pay to LANDLORD $ for the prorated amount of all base or fixed rent payable pursuant to the Leases and all Additional Rents rental (collectively, “Base Rent”) previously of the Premises only, without deduction, which amount shall be paid toin equal installments of $ , 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 Closingfirst day of each month during the term of this Lease. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) firstrents, 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 applicable fees, shall be paid in full and for the exact amounts due by personal check (cash payments are not allowed), with the permission of LANDLORD, or by money order, to the LANDLORD at the LANDLORD Office as above written. Partial payments will be accepted at the sole discretion of the LANDLORD. The prorated rental from the date of move-in to the first day of the following month is $ . Resident hereby agrees to timely pay the base rent charges, which shall be collectible by LANDLORD as part of the Rent due under this Lease: If LANDLORD shall institute a summary proceedings action against RESIDENT based on a default in the payment of rent, then RESIDENT shall reimburse LANDLORD as such may be allowed by statute for the expenses incurred by LANDLORD, and that so long as the resident shall be a RESIDENT hereunder, the amount of such expenses shall be deemed to be additional rent and shall be due from the RESIDENT to the LANDLORD on the first day of the month following the incurring of such respective expenses. RESIDENT shall also pay to LANDLORD estimated property tax and insurance charges. The provisions Insurance charges paid by RESIDENT may at LANDLORD’S discretion include a portion of this Section 14.5 LANDLORD’S liability insurance premium that LANDLORD in its sole judgment deems attributable to the leased Premises. RESIDENT will only pay property taxes and insurance attributable to the leased Premises. Insurance proceeds shall survive be solely for the Closing benefit of LANDLORD. RESIDENT WILL NOT BE INSURED IN ANY MANNER AGAINST LOSS OR OTHERWISE NOR WILL RESIDENT RECEIVE ANY BENEFIT OR PROCEEDS FROM INSURANCE DESCRIBED IN THIS SECTION. At its discretion LANDLORD may reconcile and revise the delivery monthly payment amounts owed by RESIDENT. RESIDENT will immediately comply with revised monthly payment totals for estimated property taxes and insurance. RESIDENT shall pay within ninety (90) days any additional property tax or insurance charges requested by LANDLORD after being provided with a reconciliation of any conveyance documentation.such charges. RESIDENT shall have no right to audit, review, or request clarification of estimated charges. RESIDENT’S initial estimated charges as following: Monthly Insurance: Monthly Property Taxes:
Appears in 1 contract
Samples: Lease Purchase Agreement
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount set forth above. The first month's Base Rent, the cash portion 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent and Operating Expenses for any fractional calendar month shall not be prorated at Closingprorated. All Rent collected payments required to be made by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) first, Tenant 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 Landlord hereunder shall be promptly remitted payable at such address as Landlord may specify from time to Purchasertime by written notice delivered in accordance herewith. Purchaser shall use reasonable efforts The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due Seller hereunder except as may be expressly provided in this Lease. If Tenant is deliquent in any monthly installment of Base Rent or of estimated Opeating Expenses for period attributable more than 5 days, Tenant shall pay to Seller’s ownership Landlord on demand a late charge equal to 5 percent of the Property; and provided further, however, Seller (i) such deliquent sum. The provision for such late charge shall be required in addition to notify Purchaser in writing all of Seller’s intention to commence Landlord's other rights and remedies hereunder or pursue any legal proceedings; at law 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 chargesconstrued as a penalty. The provisions late charge provided for in this Paragraph 4 shall not accrue with respect to the first 2 occurrences of this Section 14.5 shall survive the Closing and the delivery deliquent payment in any consecutive 12-month period, so long as payment is made by Tenant within 5 days of any conveyance documentationwritten notice from Landlord to Tenant of Tenant's failure to pay an installment of Base Rent or estimated Operating Expenses as therein described.
Appears in 1 contract
Base Rent. Purchaser Commencing on the Rent Commencement Date with respect to each Portion of the Premises, Tenant shall commence paying with respect to such Portion of the Premises (and will receive a credit thereafter continue to pay with respect to such Portion of the Premises through the Expiration Date applicable to such Portion of the Premises), without prior notice or demand, to Landlord at Closing for the prorated amount of all base address or fixed rent payable pursuant to the Leases and all Additional Rents wiring instructions set forth in Section 13 of the Summary, or, at Landlord’s option, at such other address or wiring instructions as Landlord may from time to time designate in writing, by a check or wire transfer for currency which, at the time of payment, is legal tender for private or public debts in the United States of America, the base rent (collectively, “Base Rent”) previously paid toas set forth in Section 4 of the Summary with respect to such Portion of the Premises, 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 payable in equal monthly installments in advance on or before the Closing Datefirst day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. Delinquent The Base Rent for the first full month of the Lease Term with respect to the Tranche I Premises following the Rent Commencement Date for the Tranche I Premises shall not be prorated at Closingpaid within ten (10) business days after Tenant’s execution of this Lease. All If any payment of Rent collected by Purchaser or Seller from each tenant from is for a period which is shorter than one month, the Rent for any such fractional month shall accrue on a daily basis during such fractional month and after Closing will be applied as follows: shall total an amount equal to the product of (i) firsta fraction, to Delinquent Rent owed for the numerator of which is the number of days in such fractional month and the denominator of which is the actual number of days occurring in which the Closing Date occurs (the “Closing Month”)such calendar 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 the then-applicable monthly installment of Base Rent. All other payments or adjustments required to be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or made under 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 terms of this Section 14.5 Lease that require proration on a time basis shall survive be prorated on the Closing and the delivery of any conveyance documentationsame basis.
Appears in 1 contract
Samples: Sublease (Twilio Inc)
Base Rent. Purchaser will receive Tenant covenants to pay to Landlord during the term hereof, at Landlord's office at the address set forth in Paragraph (h) of Article 1 hereof or to such other persons or at such other places as directed from time-to-time by written notice to Tenant from Landlord, a credit at Closing monthly rental (hereinafter referred to as the "Base Rent") in the amount set forth in Paragraph (c) of Article 1 hereof (subject to adjustments as hereinafter provided IN THE LEASE ADDENDUM) due and payable without demand or offset or deduction (EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY HEREIN), in advance on the first day of each calendar month; except that if Commencement Date occurs on a day other than the 1st day of a calendar month, then the Base Rent 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 fraction for the month in which starting with the Closing Commencement Date occurs shall be paid on such Commencement Date, prorated on the basis of a thirty (the “Closing Month”)30) day month. If any installment of rent or any other charge due from Tenant is not received by Landlord or Landlord's designee WITHIN FIVE (5) DAYS OF when due then, at Landlord's election and upon Landlord's WRITTEN demand, Tenant shall pay to Landlord a late charge equal to fifteen TEN percent (ii10%) second, to any accrued Rents owing to Purchaserof such overdue amount, and (iii) third, to Delinquent Rents owing to Seller for in such event the period prior to Closing. Any Rent collected by Purchaser parties hereby agree that such late charge represents a fair 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 estimate 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 costs Landlord will incur by reason 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 documentationlate payment by Tenant.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for A. Tenant covenants and agrees to pay to Landlord during the prorated Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full 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 Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall become due Seller under this Lease (including, without limitation, any charges for period attributable to Seller’s ownership replacement of the Property; electric lamps 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 ballasts and any other tenant chargesservices, goods or materials furnished by Landlord at Tenant’s request), all of which hereinafter may be collectively called “Rent.” Rent payments shall be sent to: CB Xxxxxxx Xxxxx 0000 X. Xxxxxxxxxx Xxxxxxx, Xxxxx 000 Xxxx Xxxx Xxxx, XX 00000 Attn: Property Manager In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The provisions Base Rent and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in advance in monthly instalments of the first day of each calendar month during the Lease Term and any extensions or renewals hereof, and Tenant hereby agrees to pay such Base Rent and Additional Rent to Landlord without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the instalments of Base Rent and Additional Rent for such month or months shall be prorated, based on the number of days in such month. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Section 14.5 Lease.
B. To the extent allowed by law, all instalments of Rent not paid within five (5) days of when due shall survive bear interest at the Closing Default Rate from the date due until paid. In addition, if Tenant fails to pay any instalment of Base Rent and the delivery Additional Rent or any other item of any conveyance documentationRent when due and payable hereunder, a “Late Charge” equal to five percent (5%) of such unpaid amount will be due and payable immediately by Tenant to Landlord.
Appears in 1 contract
Base Rent. Purchaser will receive 4.1 Tenant shall pay Base Rent in advance, in equal monthly installments, the first payment to be made simultaneously with Tenant's execution of this Lease, and the second and subsequent monthly payments to be made on the first day of each and every calendar month following the Lease Commencement Date during the Lease Term. If the Lease Term begins on a credit at Closing date other than on the first day of a month, Base Rent for the month of commencement shall be prorated amount at the rate of one thirtieth (1/30th) of the monthly installment of Base Rent for each day. Tenant will pay all base rent to Landlord, at the office of Landlord, or fixed to such other party or to such other address as Landlord may designate from time to time by written notice to Tenant.
(a) Commencing on the first day of the second Lease Year and on the first day of each Lease Year thereafter during the Lease Term, annual Base Rent then in effect shall be increased by three percent (3%) over the Base Rent payable for the immediately preceding Lease Year.
(b) Commencing on the first day of the seventh (7th) Lease Year, annual Base Rent shall be reduced to a per annum rate equal to the sum of (i) the product of $25.50 multiplied by the rentable square feet comprising the Premises, net of the cost of electricity, and (ii) accumulated escalations as set forth in Section 4.2(a) above, which per annum rate shall be subject to adjustment in accordance with Section 4.2(a) above.
4.3 All sums payable by Tenant under this Lease shall be payable without demand, set-off or deduction and shall be paid to Landlord in immediately available funds in legal tender of the United States by wire transfer or by check (subject to collection), at the address to which notices to Landlord are to be given or to such other party or such other address as Landlord may designate in writing. Landlord's acceptance of rent after it shall have become due and payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord's rights.
4.4 All costs and expenses which Tenant assumes or agrees to pay to Landlord pursuant to this Lease, including without limitation, Operating Expenses and Real Estate Taxes (both as hereinafter defined), shall be deemed to be additional rent ("Additional Rent") and, in the Leases event of nonpayment thereof, Landlord shall have all the rights and all remedies provided for in case of nonpayment of rent, including assessment of interest and late payment fees. Base Rent and Additional Rents (collectivelyRent are sometimes referred to collectively herein as "rent."
4.5 If Tenant fails to make any payment of the Base Rent, “Rent”) previously paid to, Additional Rent or collected by, Seller and attributable any other sum payable 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 Landlord 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 date such payment is due and after Closing will be applied as follows: payable (i) first, without regard to Delinquent Rent owed for the month any grace period specified in which the Closing Date occurs (the “Closing Month”Section 21.1), then Tenant shall pay a late charge of three percent (ii3%) secondof the amount of such payment then due for each month such payment remains unpaid. Notwithstanding the foregoing, Landlord agrees to abaxx xxe first two (2) such late charges and interest thereon in any accrued Rents owing twelve (12) month period provided Tenant cures the late installment within five (5) days following written notice to PurchaserTenant that Landlord has not timely received such payment. In addition, such payment and such late fee shall bear interest at the Default Rate as set forth in Section 21.5 commencing on the fifth (5th) day after the date such payment was due to the date of payment thereof. Such late charge and interest shall constitute Additional Rent due hereunder, shall be paid with the next monthly installment of Base Rent coming due hereunder, shall constitute agreed liquidated damages and not penalties, 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 in addition to, and not in lieu of, all other rights and remedies provided to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller Landlord in the ordinary course of its business; providedthis Lease, howeverat law, 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 or 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 documentationequity.
Appears in 1 contract
Samples: Office Lease (Identix Inc)
Base Rent. Purchaser a) Commencing on the date (the “Rent Commencement Date”) shown under Item 5 of the BLI Rider through the end of the Lease Term, Tenant will receive a credit at Closing pay to Landlord as the base rent for the prorated amount Leased Premises (“Base Rent”) the amounts set forth in Item 5 of all base or fixed rent payable the BLI Rider (as adjusted each year commencing with the first (1st) anniversary of the Rent Commencement Date pursuant to the Leases and all Additional Rents (collectivelyprovisions of the BLI Rider). Base Rent shall be payable in advance on the first day of the calendar month in equal monthly installments of the amount set forth in Item 5 of the BLI Rider. Such rent shall be payable without any offset, demand, defense or deduction whatsoever, in lawful money of the United States of America, by wire transfer to Landlord’s account in accordance with the wiring instructions attached hereto as Exhibit “RentH”) previously paid to, or collected byelsewhere as designated from time to time by Landlord's written notice to Tenant, Seller and attributable to unless allowed by a court of law. Base Rent due for any period following partial month of occupancy at the Closing Date. Rents are “Delinquent” when they were due prior to beginning or end of 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 Lease Term will be applied as follows: prorated, such proration to be based on the actual number of days in the partial month.
b) If any monthly payment of Base Rent remains unpaid for five (i5) firstbusiness days after its due date, then Tenant shall pay to Delinquent Rent owed Landlord a late charge in an amount equal to five percent (5%) of the delinquent payment to compensate Landlord for the month in additional administrative expense and inconvenience of handling such late payments, 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 late charge shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course of its businessdue within ten (10) days after written demand therefor by Landlord; provided, however, that Seller hereby retains for the right to pursue first late payment of Base Rent in any tenant under the Leases for any Rent and other sums calendar year, no late charge shall be due Seller for period attributable to Seller’s ownership from Tenant unless Landlord has given Tenant written notice of the Property; unpaid Base Rent, and provided furtherTenant shall fail to pay such overdue Base Rent within three (3) business days thereafter. If Tenant pays any installment of Base Rent or any other sum by check to Landlord, then Tenant shall pay to Landlord, on demand, a processing and administrative fee of One Hundred and No/100 Dollars ($100.00) per returned check. Provided, however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; and (ii) this provision shall not be permitted construed as requiring Landlord to commence accept any late payment of Rent or pursue as a waiver of any legal proceedings against of Landlord's rights or remedies by virtue of Tenant not making timely payment of Rent hereunder, and Landlord's acceptance of late Rent and such late charge shall not be construed as constituting a waiver by Landlord of any tenant seeking eviction rights or remedies available to it in the event that Rent is not timely paid by Tenant on any one or more future occasions, including declaring Tenant in default under this Lease and pursuing all remedies available to it arising from such default, unless such late payment was made by Tenant during the applicable cure period.
c) Tenant shall pay Landlord interest on any Rent which remains unpaid for thirty (30) days after its due date at a rate equal to the lesser of such tenant twelve percent (12%) per annum or the termination maximum lawful rate (the “Default Rate”), which interest shall accrue from the date such Rent became due and payable to the date of the underlying payment thereof by Tenant. This provision shall not be construed as requiring Landlord to accept any late payment of Rent or as a waiver of any of Landlord's rights or remedies by virtue of Tenant not making timely payment of Rent hereunder, and Landlord's acceptance of late Rent and such interest shall not be construed as constituting a waiver by Landlord of any rights or remedies available to it in the event that Rent is not timely paid by Tenant on any one or more future occasions, including declaring Tenant in default under this Lease and pursuing all remedies available to it arising for such default, unless such late payment was made by Tenant during the applicable cure period.
d) For all purposes of this Lease. , the term “Additional RentsRent” shall mean any include all Base Rent (as adjusted and increased from time to time), charges or impositions thereon, Additional Rent (as hereinafter defined) and all amounts other payments due or which may become 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 documentationTenant to Landlord hereunder.
Appears in 1 contract
Samples: Office Lease Agreement (Lumber Liquidators Holdings, Inc.)
Base Rent. Purchaser will receive Tenant shall pay, without notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or at such other place as Landlord may from time to time designate in writing, in currency or a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all America, base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Base Rent”) previously paid toas set forth in Section 6 of the Summary, or collected by, Seller and attributable to any period following payable in equal monthly installments as set forth in Section 6 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary in advance on or before the Closing first day of each and every month during the Lease Term, without any setoff or any deduction whatsoever. The Base Rent for the seventh (7th) full month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease by certified or cashier’s check. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, then the Rent for any such fractional month shall be a proportionate amount of a full calendar month’s Rent based on the proportion that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. Delinquent Rent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall not be prorated at Closingon the same basis. All Rent collected payments received by Purchaser or Seller Landlord from each tenant from and after Closing will Tenant shall be applied as follows: (i) firstapplied, if Landlord elects in its sole discretion, to Delinquent Rent the oldest payment obligation owed for the month in which the Closing Date occurs (the “Closing Month”), (ii) second, by Tenant to any accrued Rents owing to PurchaserLandlord, and (iii) thirdno designation by Tenant, 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 either in a separate writing or on a check or money order, 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 modify this clause or have 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 force 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 documentationeffect.
Appears in 1 contract
Samples: Office Lease (Doma Holdings, Inc.)
Base Rent. Purchaser will receive a credit at Closing for (a) For the prorated period of the entire Term, Tenant shall pay to Landlord, without notice or demand, in advance, the amount of all base or fixed rent payable pursuant One Hundred Sixty Million Nine Hundred Twenty Thousand Dollars and 00/100 ($160,920,000.00) (the “Base Rent”). As provided in Section 3.06(a), immediately after Landlord’s receipt of the Base Rent, Landlord shall deposit the entire amount thereof into the Payment Escrow and Tenant is hereby directed to wire the Base Rent to the Leases Payment Escrow Agent on behalf of Landlord.
(b) The Base Rent shall be payable in one installment in immediately available funds on or before 11:00 A.M. Eastern Standard Time on June 30, 2007. Time shall be of the essence with respect to the payment of the Base Rent by such time and all Additional Rents date. The Base Rent shall be payable in currency which at the time of payment is legal tender for public and private debts in the United States of America, and shall be paid by Tenant on behalf of Landlord to the Payment Escrow Agent via ACH or the United States Federal Reserve Fed Wire System by not less than ten (collectively10) business days’ advance notice to Tenant. There shall be no apportionment of the Base Rent. Notwithstanding anything to the contrary contained in this Lease, “Rent”(x) previously paid to, or collected by, Seller and attributable to any period following in the Closing Date. Rents are “Delinquent” when they were due event the Term shall end on a date prior to the Closing Datescheduled Expiration Date or (y) if this Lease is rejected in bankruptcy or similar proceedings, and payment thereof has not been made on Landlord shall have no obligation to refund or to credit to Tenant any portion of the Base Rent, provided if this Lease is terminated by reason of a taking of all or substantially all of the Premises before the Closing Date. Delinquent Rent shall not Ground Lease Payment Escrow is required to be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) firstreleased hereunder, 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 then Tenant shall be promptly remitted entitled to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course payment 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 such escrowed amounts (i) but such payment shall be required credited against amounts Tenant would otherwise be entitled pursuant 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 documentationArticle 9).
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount of all base or fixed rent payable pursuant to set forth above. The first month's Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abatx, xxduce, or set-off any rent due hereunder except where expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than 5 days, Tenant shall pay to Landlord on demand a late charge equal to 3 percent of such delinquent sum. The provision for such late charge shall be in addition to all of Landlord's other rights and remedies hereunder or at law and shall not be prorated construed as a penalty. Notwithstanding the above, Tenant shall not be obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be give 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) such notice shall not be permitted to commence required more than twice in any 12-month period or pursue any legal proceedings against any tenant seeking eviction of such tenant or five times over the termination term 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.
Appears in 1 contract
Samples: Lease Agreement (Phase Metrics Inc)
Base Rent. Purchaser will receive a credit Tenant shall pay to Landlord (or Landlord’s designee) the annual base rent of Forty Thousand Dollars Seven Hundred Sixteen and 00/100 Dollars ($ 40, 716 .00 ) in each and every year of the Term in coin or currency which at Closing the time or times of payment is legal tender for public and private debts in 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 United States in monthly installments as follows: Three Thousand Three Hundred Ninety Three Dollars and 00/100 DOLLARS (i$3,393.00) firsteach in advance on the first day of every calendar month of the Term, to Delinquent Rent owed except for the first month’s rent which is due and payable on execution of this Lease. All such payments shall be made payable to Landlord or Landlord’s agent and shall be made at the office of the Building or at such other places and to such other parties as Landlord shall from time to time by written notice appoint. Base Rent shall be payable without any prior demand therefor and without any deductions or set-offs whatsoever. If the Term commences on a day other than the first day of the calendar month, or ends on a day other than the last day of the calendar month, the Base Rent for such fractional month shall be prorated on the basis of l/365th of the annual Base Rent for each day of such fractional month. Unpaid rent (or so much as may remain unpaid from time to time) shall bear interest at 18 % per annum from the date due until paid; and, in addition, if rent is not received by Landlord by the 5th of month in which the Closing Date occurs it is due, Tenant shall pay a late charge of $ 25.00. Both sums (the “Closing Month”), (iiinterest and late charge) second, are to any accrued Rents owing be paid by Tenant to Purchaser, and (iii) third, to Delinquent Rents owing to Seller reimburse Landlord for the period prior loss which Tenant agrees Landlord will incur by failure of Tenant to Closingpay its rent in a timely manner. 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 Landlord’s right to pursue receive such interest shall not, in any tenant way, limit any of Landlord’s other remedies 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 this lease or pursue any legal proceedings; and (ii) shall not be permitted to commence at law 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 documentationequity.
Appears in 1 contract
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 Base 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 Commencement Date occurs and the Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Tenant shall pay to Landlord in advance, without demand, abatement (the “Closing Month”except for any abatement as may be expressly provided for in this Lease), (ii) seconddeduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments of Base Rent for 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 fractional calendar month shall be promptly remitted prorated. The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any Rent (as defined in Section 5) due Seller hereunder except for any abatement as may be expressly provided for in this Lease. Notwithstanding anything to the contrary contained in this Lease, so long as Tenant is not in Default under this Lease, for the period attributable to Seller’s ownership commencing on the Commencement Date (or, if the Commencement Date does not occur on the first day of a calendar month, then as of the Property; and provided furtherfirst day of the first full calendar month immediately following the Commencement Date) through the last day of the 14th full calendar month following the Commencement Date (the “Partial Base Rent Abatement Period”), however, Seller (i) Tenant shall only be required to notify Purchaser in writing of Seller’s intention pay Base Rent with respect 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 only 50% of the underlying LeasePremises. “Additional Rents” Tenant 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 commence paying Base Rent with respect to the entire Premises on the first day of this Section 14.5 shall survive the Closing and 15th full calendar month following the delivery of any conveyance documentationCommencement Date.
Appears in 1 contract
Base Rent. Purchaser will receive a credit at Closing for the prorated amount of all (a) Subtenant shall pay to Sublandlord base or fixed rent payable pursuant to the Leases and all Additional Rents rental (collectively, “Base Rent”) previously paid to, or collected by, Seller and attributable to any period following for 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 Subleased Premises as follows: Base Rent shall be due and payable in equal monthly installments. Each such installment shall be due and payable in advance on the first day of each calendar month of the term hereof. If the term of this Sublease commences on a day other than the first day of a month or ends on a day other than the last day of a month, Base Rent for such month shall be prorated; prorated Base Rent for any such partial first month of the term hereof shall be paid on the date on which the term commences. Concurrently with its execution of this Sublease, Subtenant shall pay to Sublandlord the installment of Base Rent due for the first full calendar month within the term of this Sublease following the abatement period described in Section 3(c) below that falls within the first (1st) Sublease Year.
(b) All Base Rent and additional rent shall be paid without any notice, setoff or deduction whatsoever, and shall be paid to Sublandlord at its address set forth in Section 15 below or at such other place as Sublandlord may designate by notice to Subtenant.
(c) Notwithstanding anything to the contrary set forth above, so long as Subtenant is not in default hereunder beyond any applicable notice and cure period, Base Rent payable by Subtenant to Sublandlord as provided above shall be abated with respect to (i) firstthe first two (2) full calendar months following the Commencement Date, 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) the first two (2) calendar months of each of the second (2nd) through the fifth (5th) Sublease Year (collectively, the “Abated Rent”). If Subtenant shall fail to timely make any payments due hereunder more than two (2) times in any twelve (12) month period, then, in addition to any other remedies available to Sublandlord, Subtenant shall not be permitted entitled to commence or pursue any legal proceedings against any tenant seeking eviction of Abated Rent from and after such tenant or second payment default.
(d) Sublandlord and Subtenant stipulate that the termination rentable square footage of the underlying Lease. “Additional Rents” Subleased Premises shall mean any and be 6,300 for 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 purposes of this Section 14.5 Sublease and, notwithstanding any provision of the Prime Lease to the contrary, shall survive the Closing and the delivery of any conveyance documentationnot be subject to remeasurement.
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Base Rent. Purchaser will receive a credit at Closing for Commencing on the prorated amount of all base or fixed rent payable pursuant to date (the Leases and all Additional Rents ''Rent Commencement Date'') which is three (collectively, “Rent”3) previously paid to, or collected by, Seller and attributable to any period months following the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Lease Commencement Date, and payment thereof has not been made Tenant shall pay, without prior notice or demand, to Landlord or Landlord's agent at the management office of the Project, or, at Landlord's option, at such other place as Landlord may from time to time designate in writing, by a check (drawn on a bank having a branch office in Los Angeles, California) for currency which, at the time of payment, is legal tender for private or public debts in the United States of America, base rent (''Base Rent'') as set forth in Section 4 of the Summary, payable in equal monthly installments as set forth in Section 4 of the Summary in advance, on or before the Closing first day of each and every calendar month during the Lease Term, commencing on the Rent Commencement Date, without any setoff or deduction whatsoever. Delinquent The Base Rent for the first full month of the Lease Term which occurs after the expiration of any free rent period shall not be paid at the time of Tenant's execution of this Lease. If any Rent payment date (including the Rent Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Terrn at a rate per day which is equal to 1/365 of the applicable annual Rent. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated at Closingon the same basis. 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 2. Initial Three Month Period. Tenant may occupy the Premises for the month in which conduct of business after the Closing Lease Commencement Date occurs (and prior to the “Closing Month”), (ii) second, to any accrued Rents owing to PurchaserRent Commencement Date, and (iii) thirdall of the provisions oftl1is Lease shall be in full force and effect upon such occupancy, except that no Base Rent or additional rent for Direct Expenses pursuant to Delinquent Rents owing to Seller Article 4 shall be payable for the Premises for the period prior to Closing. Any the 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 businessCommencement Date; provided, however, that Seller hereby retains the right to pursue Tenant shall pay any tenant under the Leases parking charges due hereunder for any Rent parking for such Premises and other sums sundry expenses due Seller for period attributable to Seller’s ownership and payable hereunder as of the Property; and provided furtherdate that Tenant occupies the Premises, howeveror any portion thereof, Seller (i) shall be required to notify Purchaser in writing for the conduct 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 Leasebusiness. “4. 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 documentationRent.
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Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount set forth on Page 1 of all base or fixed rent payable pursuant to this Lease. The first month’s Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated. All payments (other than the first monthly installment of Base Rent, Operating Expenses and the Security Deposit) required to be made by Tenant to Landlord hereunder (or to such other party as Landlord may from time to time specify in writing) shall be made by Electronic Fund Transfer (“EFT”) of immediately available federal funds before 11:00 a.m., Pacific Time at such place, within the continental United States, as Landlord may from time to time designate to Tenant in writing. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of Operating Expenses beyond 5 days after the due date thereof, and after notice as provided below, Tenant shall pay to Landlord on demand a late charge equal to 8 percent of such delinquent sum. Tenant shall not be prorated obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be given 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) such notice shall not be permitted to commence or pursue required more than once in 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 pass12-through charges and any other tenant chargesmonth period. The provisions provision for such late charge shall be in addition to all of this Section 14.5 Landlord’s other rights and remedies hereunder or at law and shall survive the Closing and the delivery of not be construed as a penalty or as limiting Landlord’s remedies in any conveyance documentationmanner.
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Samples: Lease Agreement (Supernova Partners Acquisition Co II, Ltd.)
Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount set forth on the first page of all base or fixed rent payable pursuant to this Lease. The first month's Base Rent, 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 DateSecurity Deposit, and payment thereof has not been made the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall not be prorated at Closingprorated. All Rent collected payments required to be made by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) first, Tenant 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 Landlord hereunder shall be promptly remitted payable at such address as Landlord may specify from time to Purchasertime by written notice delivered in accordance herewith. Purchaser shall use reasonable efforts The obligation of Tenant 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 pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abatx, xxduce, or set-off any rent due Seller hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for period attributable more than five (5) days, Tenant shall pay to Seller’s ownership Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the Property; and provided further, however, Seller (i) costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be required in addition to notify Purchaser in writing all of Seller’s intention to commence Landlord's other rights and remedies hereunder or pursue any legal proceedings; at law 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 documentationconstrued as a penalty.
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Base Rent. Purchaser will receive a credit at Closing for (a) The Base Rent to be paid by Tenant under each Lease Supplement shall begin to accrue on the prorated amount Rent Commencement Date as specified in such Lease Supplement and shall be determined based upon the Pricing Grid attached hereto as Exhibit C. Tenant shall pay Base Rent by wire transfer in accordance with the terms of all base or fixed rent the Participation Agreement. Tenant shall be supplied with such bank account information as Tenant shall require to enable payment by wire transfer of federal funds. Tenant shall wire transfer to such account in accordance with the terms of the Participation Agreement until notified of any account change. Base Rent payments shall be due and 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: in arrears (i) firston the last day of each Rental Period selected by Tenant for a Portion (except that, with respect to Delinquent any Rental Period of six (6), nine (9) or twelve (12) months, Base Rent owed for with respect thereto shall be due and payable at the end of each three (3) month in which period during such Rental Period or, if such day is not a Business Day, the Closing Date occurs (the “Closing Month”following Business Day), (ii) second, on any date on which this Lease shall terminate as to any accrued Rents owing to PurchaserParcel, and (iii) thirdon any other date on which all or any portion of the Lease Investment Balance is paid, except that the last installment of Base Rent shall be payable on the last day of the Term (each such date shall be a “Rent Payment Date”), and Base Rent payments shall be made to Delinquent Rents owing to Seller for Landlord and Administrative Agent in accordance with the period terms of the Participation Agreement. No sooner than thirty (30) days or later than ten (10) days prior to Closingthe due date for any installment of Base Rent hereunder with respect to any Portion, Landlord and Administrative Agent each shall deliver to Tenant notices indicating the exact dollar amount of the Base Rent that is due on such due date to Landlord or Administrative Agent, as applicable, with respect to such Portion (an “Invoice”). Any If either Landlord or Administrative Agent fails to send an Invoice, Tenant shall pay the amount shown on the previous Invoice applicable to such portion from such Entity in accordance with the terms of the Participation Agreement. If Tenant’s payment of the amount shown on the previous Invoice is less than the Base Rent collected by Purchaser then due such Entity, Tenant shall pay the difference within ten (10) days after receipt of notice from such Entity of such shortfall. If Tenant’s payment of the amount shown on the previous Invoice exceeds the Base Rent then due such Entity, then (provided that no Event of Default has occurred and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser is continuing), such excess amount shall be promptly remitted credited to Purchaser. Purchaser shall use reasonable efforts the next installment of Base Rent due to collect Delinquent Rents owed such Entity with respect to Seller such Portion.
(b) Tenant may select the number and amounts of the Portions into which the Lease Investment Balance is to be divided and the Rental Period for each such Portion by delivering to Administrative Agent and Landlord, not less than three (3) Business Days prior to the Date of Lease and thereafter the last day of each Rental Period for a Portion and in accordance with Section 21.3, an irrevocable written notice in the ordinary course form of its businessExhibit D, appropriately completed (a “Notice of Rental Period Selection”), subject to the following:
(i) No Portion shall combine the Landlord Contribution with any part of the Rent Purchasers’ Contribution.
(ii) Each Portion shall be in a minimum amount of $2,500,000 or an integral multiple of $500,000 in excess thereof (except as otherwise provided below); provided, however, that Seller hereby retains the right total number of Portions outstanding at any time shall not exceed eight (8) with respect to pursue any tenant under the Leases for any Rent Purchasers’ Contribution and other sums due Seller for period attributable three (3) with respect to Seller’s ownership the Landlord Contribution (and, in the case of both the Rent Purchasers’ Contribution and the Landlord Contribution, one such Portion may be in the amount of the Propertyremaining balance of the Rent Purchasers’ Contribution or the Landlord Contribution, as the case may be, if such balance is less than $2,500,000 or is not an integral multiple of $500,000).
(iii) The initial and each subsequent Rental Period selected by Tenant for each Portion shall be one (1), two (2), three (3), six (6), nine (9) or twelve (12) months; and provided furtherprovided, however, Seller that (iA) each Rental Period shall begin and end on the eleventh (11th) day of the month or, if such day is not a Business Day, on the next following Business Day; (B) no Rental Period shall end after the Expiration Date; (C) no Rental Period shall be longer than one (1) month if a Default has occurred and is continuing at the time the Notice of Rental Period Selection is required to be delivered in accordance with this Section 7.1(b); and (D) each Rental Period for which Tenant fails to make a selection by delivering a Notice of Rental Period Selection in accordance with this Section 7.1(b) shall be required deemed to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; and be one (ii1) 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 documentationmonth.
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Samples: Master Lease of Land and Improvements (Adobe Systems Inc)
Base Rent. Purchaser will receive 3.1 Tenant shall pay, without prior notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a credit check for currency which, at Closing the time of payment, is legal tender for private or public debts in the prorated amount United States of all base America or, if directed by Landlord by electronic funds transfer or fixed rent payable similar wire transaction pursuant to the Leases and all Additional Rents instructions provided by Landlord, base rent (collectively, “Base Rent”) previously paid to, or collected by, Seller and attributable to any period following as set forth in Section 4 of the Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been made Summary payable in equal monthly installments in advance on or before the Closing first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. If any Rent payment date (including the Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Delinquent All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. Base Rent and Additional Rent shall together be denominated “Rent.” Without limiting the foregoing, Tenant’s obligation to pay Rent shall not be prorated at Closing. All Rent collected discharged or otherwise affected by Purchaser any law or Seller from each tenant from regulation now or hereafter applicable to the Premises, or any other restriction on Tenant’s use, or (except as expressly provided herein) any casualty or taking, or any failure by Landlord to perform any covenant contained herein, or any other occurrence; and after Closing will be applied as follows: (i) firstTenant 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 Delinquent Rent owed for assert any defense in the month in which the Closing Date occurs (the “Closing Month”), (ii) second, nature of constructive eviction to any accrued Rents owing action seeking to Purchaserrecover rent. Tenant’s covenants contained herein are independent and not dependent, and (iii) third, to Delinquent Rents owing to Seller for Tenant hereby waives 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 benefit of any conveyance documentationstatute or judicial law to the contrary.
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Base Rent. Purchaser will receive a credit at Closing The Base Rent to be paid by Tenant under any Lease Supplement shall begin to accrue on the Rent Commencement Date for such Lease Supplement. The first payment of Base Rent under any Lease Supplement shall be due thirty (30) days after the prorated amount Rent Commencement Date for such Lease Supplement. Tenant shall pay Base Rent by wire transfer. Landlord shall supply Tenant with such bank account information as Tenant shall require to enable payment by wire transfer of all base Federal funds or fixed rent payable pursuant by ACH transfer to the Leases account described in Section 1.10. ------------ Tenant shall wire transfer to such account until notified by Landlord of any account change. Rental payments shall be payable monthly in arrears on the twentieth (20th) day of each successive month, except that the last installment of Base Rent shall be payable on the last day of the Term (each such date shall be a "Rent Payment Date") and all Additional Rents Rental payments shall be made to Landlord or at such other place as Landlord may from time to time instruct. No sooner than thirty (collectively, “Rent”30) previously paid to, days or collected by, Seller and attributable to any period following the Closing Date. Rents are “Delinquent” when they were due later than ten (10) days prior to the Closing Datedue date for any installment of Base Rent hereunder, and Landlord shall deliver to Tenant a Notice indicating the exact dollar amount of the Base Rent that is due on such due date ("Invoice"). If Landlord fails to send the Invoice, Tenant shall pay the amount shown on the previous month's Invoice. If Tenant's payment thereof of the amount shown on the previous month's Invoice is less than the Base Rent due for such month, Tenant shall pay the difference within ten (10) days after receipt of notice from Landlord of such shortfall. If Tenant's payment of the amount shown on the previous month's Invoice exceeds the Base Rent due for such month, then (provided that no Event of Default 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 occurred which the Closing Date occurs (the “Closing Month”is continuing), (ii) second, Landlord shall credit such excess amount to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller for the period prior to Closing. Any next installment of Base 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 documentationdue.
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Base Rent. Purchaser will receive a credit at Closing for Tenant shall pay Base Rent in the prorated amount set forth in Addendum 1. The first month’s Base Rent and the first monthly installment of all base or fixed rent estimated Operating Expenses (as hereafter defined) shall be due and payable pursuant to on 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 Datedate hereof, and payment thereof has not been made Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Closing first day of each calendar month succeeding the Commencement Date. Delinquent Payments of Base Rent for any fractional calendar month shall be prorated based upon a thirty (30) day month. All payments required to be made by Tenant to Landlord hereunder (or to such other party as Landlord may from time to time specify in writing) shall be made by Electronic Fund Transfer (“EFT”) of immediately available federal funds before 11:00 a.m., Eastern Time, at such place, within the continental United States, as Landlord may from time to time designate to Tenant in writing at least five (5) business days in advance. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of Operating Expenses beyond 5 days after the due date thereof, and after notice as provided below, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum. Tenant shall not be prorated obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the delinquent payment (which may be given 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 any time during the month in which the Closing Date occurs (the “Closing Month”delinquency), (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) such notice shall not be permitted to commence or pursue required more than twice in 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 pass12-through charges and any other tenant chargesmonth period. The provisions provision for such late charge shall be in addition to all of this Section 14.5 shall survive the Closing and the delivery of any conveyance documentation.Landlord’s
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Base Rent. Purchaser will receive a credit at Closing As part of the consideration for the prorated amount execution of all this Lease Agreement, Lessee covenants and agrees and promises to pay as base or fixed rent payable pursuant to monthly installments in accordance with the Leases and all Additional Rents rental schedule set forth below (collectively, the “Base Rent”) previously paid toin legal tender of the United States of America payable to Lessor at the Building management office (or such other address as may be designated by Lessor in writing from time to time) in advance, or collected bywithout demand and without deduction, Seller and attributable to any period following on the Closing Date. Rents are “Delinquent” when they were due prior to first day of each calendar month during 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 businessTerm hereof; provided, however, that Seller hereby retains the right first monthly payment of Base Rent shall be made on the Effective Date of this Lease Agreement. Such Base Rent shall be subject to pursue any tenant under adjustments as hereinafter provided. After the Leases for any Rent and other sums due Seller for period attributable to Seller’s ownership 5th day of the Property; month in which rent is due, rent shall be considered delinquent and provided further, however, Seller (i) Lessee shall be required to notify Purchaser pay Lessor a sum equal to five percent (5%) of any monthly rental required to be paid by Lessee to Lessor under the terms hereof. The covenants by Lessee to pay rent under this Lease are independent of any other covenants of Lessor as set forth in writing this Lease. Lessee acknowledges that Lessor’s failure to provide written invoices shall in no way serve to waive any of SellerLessee’s intention obligations to commence pay Base Rental or pursue Additional Monthly Rent owing under the terms of the Lease. Months 1 to 12 $6,504.33 per month Months 13 to 24 $6,699.46 per month Months 25 to 36 $6,899.60 per month Months 37 to 48 $7,107.24 per month Months 49 to 60 $7,319.88 per month In addition to the foregoing rent, Lessee agrees to pay to Lessor all charges for any legal proceedings; and services, goods or materials furnished by Lessor at Lessee's request which are not required to be furnished by Lessor under this Lease Agreement within fifteen (ii15) days of the date on which a written invoice is delivered. Lessee acknowledges that Lessor’s failure to provide such written invoices shall not be permitted in no way serve to commence waive any of Lessee’s obligation to pay any other amounts owing under the terms of the Lease. All past due installments for all charges for any services, good, or pursue any legal proceedings against any tenant seeking eviction materials furnished shall bear interest at the rate of such tenant eighteen percent (18%) per annum or the termination highest lawful rate, whichever is less, from date due until paid; provided, however, in no event shall the rate of interest hereunder exceed the maximum non-usurious rate of interest (hereinafter called the “Maximum Rate”) permitted by the applicable laws of the underlying Lease. “Additional Rents” State of Texas or the United States of America, and to the extent that the Maximum Rate is determined by reference to the laws of the State of Texas, the Maximum Rate shall mean any be the weekly ceiling (as defined and all amounts due from tenants for operating expensesdescribed in Chapter 303 of the Texas Finance Code, 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 as amended) at the Closing and the delivery of any conveyance documentationapplicable time in effect.
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Base Rent. Purchaser will receive 4.1 Commencing on the Rent Commencement Date and during each Lease Year of the Lease Term, Tenant shall pay the Base Rent specified in the Rider attached hereto and made 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 Datepart hereof. 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 The Base Rent shall not be prorated at Closing. due and payable in equal monthly installments, without notice, demand, setoff or deduction, in advance on the first day of each month during each Lease Year.
4.2 All Rent collected sums payable 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 Tenant under this Lease shall be promptly remitted paid to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller Landlord 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 legal tender of the Property; United States by wire transfer (in accordance with wire transfer instructions contained on Schedule 4.2 attached hereto and provided furthermade a part hereof, however, Seller (i) shall as same may be required to notify Purchaser amended from time-to-time 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 accordance with 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 notice provisions of this Section 14.5 Lease) or by check drawn on a U.S. bank (subject to collection), at the address to which notices to Landlord are to be given or to such other party or such other address as Landlord may designate in writing. Landlord’s acceptance of rent after it shall survive the Closing have become due and the delivery payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any conveyance documentationof Landlord’s rights. Until further notice, it is agreed that Tenant shall pay all sums due under this Lease by wire transfer (with Tenant to pay the cost of wire transfer) to Landlord’s “lock-box account.” With respect to such wire transfers, Tenant shall bear the full risk of receipt of funds by 2:00 pm on the date due at Landlord’s depository bank. In the event that Landlord’s lender imposes special collection and bank account procedures on Landlord as a condition of Landlord’s financing, Tenant agrees to cooperate fully with Landlord in assisting Landlord in complying with such requirements and such modified terms shall be deemed to be made a part hereof.
Appears in 1 contract
Samples: Lease Agreement (Pc Connection Inc)