Base Rent. 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 in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Term.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Laidlaw Energy Group, Inc.), Purchase and Sale Agreement (Laidlaw Energy Group, Inc.)
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof), Tenant Subtenant 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 Expansion Premises commencing on April 1, 2021 (the “Expansion Rent Commencement Date”) in the amounts set forth on Exhibit A hereto and in the manner described in Section 3(a)(ii) of the Term Sublease; provided, however, Subtenant shall be prorated deliver the first month’s payment of Base Rent with respect to the Expansion Premises to Sublandlord concurrently with its execution of this Amendment. Subtenant shall continue to pay Base Rent for the Existing Premises in the proportion that amounts and in the number of days this Lease is manner described in effect during such partial month bears to the total number of days in such month. Base Rent due for the last month Section 3(a) of the Term shall be similarly prorated if the Expiration Date does not fall on the last day of the monthSublease through March 31, 2021. Base Rent shall accrue on a monthly basisOn and after April 1, but shall not be payable by Tenant until (i) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXII2021, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 Subtenant shall pay Base Rent in advance on for 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Existing Premises in the condition required by this Lease amounts set forth on or before Exhibit A hereto and in the expiration manner described in Section 3(a)(ii) of the TermSublease. Notwithstanding anything to the contrary herein, if a shelter-in-place order (an “Order”) issued by a federal, California state or local governmental agency with jurisdiction over the Expansion Premises prohibits Subtenant from either (i) occupying the Expansion Premises or (ii) performing improvements and/or installing furniture, fixtures and equipment in the Expansion Premises and Subtenant does not actually occupy the Expansion Premises such that it delays Subtenant’s initial occupancy (a “Delay Event”), then the Expansion Rent Commencement Date shall be delayed one day for each day Subtenant’s occupancy of the Expansion Premises is delayed beyond April 1, 2021 as a result of such Delay Event. Notwithstanding the foregoing, in no event shall the Expansion Rent Commencement Date be delayed beyond May 31, 2021. For the avoidance of doubt, as used herein “occupying” means all personnel who can perform their job at home are permitted to return to their places of employment in office buildings. As of the date hereof, the Order issued by the County of Santa Xxxxx Public Health Department dated October 5, 2020 which requires that all businesses require that “all personnel carry out their job functions remotely if they are able to so”, is considered an Order which prohibits occupying the Expansion Premises.
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Base Rent. During Tenant agrees to pay monthly as base rent during the term of this Lease Term (as it may the sum of money set forth in Section 1.6 of this Lease, which amount shall be extended pursuant to Article III hereof), Tenant shall pay payable to Landlord as rent for at the Premises address shown above. One monthly installment shall be due and payable on or before the Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for any reason. If first day of each calendar month succeeding the Commencement Date is during the term of this Lease; provided, if the Commencement Date should be a date other than the first day of a calendar month, Base Rent for the first month of the Term monthly rental set forth above shall be prorated in the proportion that the number of days this Lease is in effect during such partial month bears to the total number end of days in such that calendar month. Base Rent due for the last month , and all succeeding installments of the Term rent shall be similarly prorated if the Expiration Date does not fall payable 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 before the first day of each succeeding calendar 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 term of this Lease. Base Rent 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 Commencement Date, substantially complete and other payments pursuant to ready for Tenant's occupancy, this Lease shall not be credited to the purchase price under the Purchase Agreement. Tenant void or voidable, nor shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to the Purchase Agreement and holds over beyond Landlord be liable for any loss or damage resulting therefrom, nor shall the expiration of the Term of this Lease or does not surrender term be extended, but all rent and additional rent shall be abated until Landlord delivers possession; provided that if the Premises are not substantially complete and ready for Tenant's occupancy by the later of: (i) September 1, 1995, or (ii) the date one hundred twenty (120) days after Landlord secures a building permit from the City of Arden Hills, which Landlord shall diligently pursue, (except by reason of force majeure or Tenant caused delays, including failure to approve plans and specifications for the Premises by April 12, 1995, in which case such date shall be extended by the condition required number of days equal to the delays caused by this Lease Tenant), Landlord shall pay to Tenant, as a credit against the first installments of rent and additional rent payable hereunder, an amount equal to $500.00 for each day thereafter until the Premises are substantially complete and ready for Tenant's occupancy; and provided that if the Premises are not substantially complete and ready for Tenant's occupancy on or before October 1, 1995 (except by reason of force majeure or Tenant caused delays, in which case such date shall be extended by the expiration number of days equal to the delays caused by Tenant), Tenant shall have the option, in its absolute and unfettered discretion, to terminate this Lease by written notice to Landlord given at any time prior to substantial completion of the TermPremises and Tenant taking occupancy of the Premises. In the event Landlord, despite due diligence, is unable to secure a building permit by May 15, 1995, Landlord shall so notify Tenant, and either Landlord or Tenant may thereafter terminate this Lease by written notice to the other, given on or before May 25, 1995.
Appears in 2 contracts
Base Rent. During In consideration of the leasing aforesaid, and subject to the terms, provisions and conditions of this Lease Term (as it may be extended pursuant to Article III hereofincluding, without limitation, this Section 1.1), Tenant agrees to pay to Landlord, by wire transfer of immediately available funds to Landlord as follows: MB Financial Bank ABA # 000000000 for credit to the account of Lake Forest Landmark Company, LLC Account # 00000000 or at such other place as Landlord from time to time may designate in writing to Tenant (such modified payment instructions being effective only as to payments due to Landlord after the expiration of ten (10) business days after delivery of such written notice to Tenant), an annual base rental commencing on January 1, 2019 (the “Rent Commencement Date”) and continuing throughout the Term, based on the RSF of the Premises and the annual base rental rate set forth in the schedule of Base Rent below. The “RSF” for the Building and the Premises are as set forth in Recital A hereof and Recital C hereof, respectively, and were determined by Landlord in accordance with the methods of measuring rentable area as described in the “Standard Method for Measuring Floor Area in Office Buildings” approved by the American National Standards Institute, Inc. and the Building Owners and Managers Association International (ANSI/BOMA Z65.1-2017), consistently applied (“BOMA Standards”). Upon completion of the Initial Work (as defined below), Landlord shall re-determine the RSF of the Premises based on BOMA Standards and notify Tenant of such calculation in writing (“Landlord’s RSF Determination”), and subject to the remaining provisions of this paragraph, any applicable adjustments shall be deemed to have been made based on such re-determined RSF (including an adjustment of Base Rent, Tenant’s Pro Rata Share of Real Estate Taxes and Tenant’s Pro Rata Share of Operating Expenses). Tenant shall have ten (10) days to review Landlord’s RSF Determination and to notify Landlord whether it agrees or disagrees with the calculations with respect thereto. If Tenant fails to notify Landlord in writing of its disagreement with Landlord’s RSF Determination within such ten (10) day period, then the size of the Premises shall be conclusively deemed to be the size set forth in Landlord’s RSF Determination. If Tenant timely notifies Landlord in writing of its disagreement with Landlord’s RSF Determination, then Landlord and Tenant shall use diligent, good faith efforts to agree upon the RSF of the Premises within ten (10) days after Tenant delivers its notice of disagreement. If Landlord and Tenant fail to so agree, then Tenant shall have the right, by delivering written notice to Landlord prior to the end of such ten (10) day period, to have the RSF of the Premises determined by a reputable third architect reasonably acceptable to Landlord through field measurement (using the BOMA standards described above), which determination shall be conclusive and binding on the parties. Tenant shall bear the cost of such third party architect unless, based on such field measurement, the RSF of the Premises, as so determined by such third party architect, differs from that set forth in Landlord’s RSF Determination by more than three percent (3%), in which event Landlord will bear the cost of such third party architect. If Tenant fails to notify Landlord in writing of its intention to re-measure the space within the ten (10) day period described above, then the RSF of the Premises as set forth in Landlord’s RSF Determination shall be final and conclusive. Upon the final determination of the RSF of the Premises in accordance with the provisions set forth above, Landlord and Tenant shall execute an amendment to this Lease reflecting the final RSF of the Premises and any related required modifications to this Lease as a result thereof, including modifications of Base Rent, Tenant’s Pro Rata Share of Real Estate Taxes and Tenant’s Pro Rata Share of Operating Expenses. From and after the Rent Commencement Date through the expiration of the Initial Term, Tenant will pay to Landlord as rent an annual base rental for the Premises as follows (it being agreed that the amounts set forth below for the “Annual Base Rent” and the “Monthly Base Rent” assume that the Premises will contain 31,209 RSF): Lease Year Annual Base Rental Rate per RSF Annual Base Rent described Monthly Base Rent 1 (with respect to the partial Lease Year from Rent Commencement Date through June 30, 2019) $18.00 $561,762.00 $46,813.50 2 (July 1, 2019 through June 30, 2020) $18.50 $577,366.50 $48,113.88 3 (July 1, 2020 through June 30, 2021) $19.00 $592,971.00 $49,414.25 4 (July 1, 2021 through June 30, 2022) $19.50 $608,575.50 $50,714.63 5 (July 1, 2022 through June 30, 2023) $20.00 $624,180.00 $52,015.00 6 (with respect to the partial Lease Year from July 1, 2023 through December 31, 2023) $20.50 $639,784.50 $53,315.38 The aforesaid annual rental amounts are sometimes herein referred to as the “Base Rent,” and will be payable monthly, in Section 1.05advance, without noticein equal monthly installments, demand, abatement, deduction or offset commencing on the Rent Commencement Date and continuing on the first day of each and every month thereafter for any reasonthe next succeeding months during the balance of the Term. If the Rent Commencement Date is a date other than the first day of a the calendar monthmonth in which the same occurs, Base Rent monthly rent for the first month of the Term shall will be prorated in based upon the proportion ratio that the number of days this Lease is in effect during the Term within 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Term.
Appears in 1 contract
Samples: Office Lease (Depomed Inc)
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof), Tenant Lessee shall pay to Landlord Lessor as rent Base Rent for the Premises the Base Rent described annual sum specified in Section 1.05Article I, Paragraph 1.01 of the Basic Lease Provisions, payable in consecutive monthly installments, in advance, on or before the first day of each and every calendar month during the term of this Lease without notice, demand, abatementnotice or offset; provided, deduction or offset for any reason. If however, that if the Commencement Date is shall be a day other than the first day of a calendar month, the Base Rent installment for the such first fractional month of the Term shall be prorated in on the proportion that basis of the number of days during the month this Lease is was in effect during such partial month bears in relation to the total number of days in such month. The Initial Base Rent due herein is acknowledged to be based on the estimated Rentable Square Feet of the Premises and shall be confirmed in the Acceptance of Premises Amendment after the construction of the Premises. The Prepaid Rent as specified in Article I, Paragraph 1.01, shall be applied towards the first monthly installment of the Base Rent. Lessee's Initial Net Rent Base as specified in Article I, Paragraph 1.01, Item D of the Basic Lease Provisions is subject to annual adjustments at the end of each Lease Year (as hereinafter defined) to reflect a two percent (2%) increase. Commencing the second Lease Year, Lessee shall pay as additional rent to Lessor an amount determined by multiplying the Net Rent by 1.02. The resulting Net Rent amount, plus the Operating Expense Stop, will be the Base Rent for the last month second Lease Year. For each Lease Year thereafter, the Net Rent computation will be the same. As used in this Paragraph, the term "Lease Year" shall mean each succeeding twelve months commencing with the first day of the Term shall be similarly prorated initial term hereof; provided, however, that if the Expiration Date does not fall date on which the Lease term commences is other than the first day of the calendar month, then the first Lease Year shall commence on the date of the month following the commencement of the Lease term and end 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and payable and twelfth full calendar month occurring 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Term.
Appears in 1 contract
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof), Tenant shall pay to Landlord as rent a) A total of [***] for the Premises the first Lease Year payable in equal monthly installments of [***]. The Base Rent described shall be increased annually commencing on the first day of the second Lease Year in Section 1.05accordance with the following schedule: LEASE YEAR TOTAL ANNUAL BASE RENT MONTHLY INSTALLMENT ------------------- ------------------------------------------------ [***] [***] [***] Except as hereafter provided, without noticethe above rent schedule shall take effect on the first day of the first Lease Year, demandwhich shall be April 1, abatement, deduction or offset for any reason. If 2000 unless the Space B Commencement Date is deferred past April 1, 2000 pursuant to the express terms of EXHIBIT B, in which event the first day of the First Lease Year shall be the Space B Commencement Date unless the Space B Commencement Date is a day other than the first day of a calendar month, in which case the first day of the first Lease Year shall be the first day of the calendar month occurring immediately after the Space B Commencement Date. In addition to Base Rent payable under the above rent schedule, Tenant shall make a payment to Landlord on April 1, 2000 in respect of its use and occupancy of Space A in the amount of [***] (for the period prior to and including March 31, 2000). If the Space B Commencement Date is for any reason deferred past April 1, 2000 pursuant to the express terms of EXHIBIT B, Tenant will beginning on April 1, 2000, pay Monthly Base Rent for Space A at a rate of [***] per month for Space A, until the first month of the Term shall be prorated in the proportion that the number of 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 first Lease Year, at which time the above rent schedule shall accrue on a monthly basis, but shall not be payable by Tenant until (i) Tenant's purchase of apply to the Premises pursuant to as a whole. In addition, on the Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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. ThereafterSpace B Commencement Date, Tenant shall pay Base Rent in advance on for Space B for the period between the Space B Commencement Date and the first day of each month during the Term hereof (first Lease Year at the same per square foot rental rate as extended) until in effect for the sooner first Lease Year, calculated for Space B on a PER DIEM basis. By way of example, if the closing Space B Commencement Date is March 15, 2000, Tenant will, in addition to the [***] payment for Space A which is due on April 1, 2000, and the Base Rent payment of [***] which is due on April 1, 2000 under the Purchase Agreement or expiration above rent schedule, make a payment 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises for Space B in the condition required by this Lease amount of [***], for the 17-day period from March 15, 2000 to March 31, 2000, inclusive, which payment will be due and payable on or before the expiration of the TermMarch 15, 2000.
Appears in 1 contract
Samples: Pathnet Telecommunications Inc
Base Rent. Base rent at the commencement of the applicable renewal term of this --------- lease shall be at the fair market rental rate for the premises determined as of the date of commencement of the renewal period in question. During each renewal period, Base Rent shall be increased by four percent (4%) over the Lease Term (as it may be extended pursuant to Article III hereof)previous year's base rent, Tenant shall pay to Landlord as rent and in determining the fair market rental rate for the Premises the Base Rent described in Section 1.05for such option period, without notice, demand, abatement, deduction or offset for any reasonsuch increase shall be taken into account. If the Commencement Date is other than the first day of a calendar month, Base Rent The fair market rental rate for the first month Premises shall be established by written agreement of Landlord and Tenant on or before the one hundred and fiftieth (150th) day preceding the Expiration Date of the Term then-current Lease term. Absent such agreement, such fair market rental rate shall be prorated determined by arbitration as follows: Either party may commence the process by appointing an arbitrator who shall be a member of the Appraisers' Institute and shall not have been employed or engaged by either Landlord or Tenant during the three (3) year period preceding the date for which the fair market rental rate is to be determined and shall have had at least ten (10) year's experience in leasing buildings similar to the Building in the proportion geographic area of the Premises. Such commencing party shall promptly notify the other party of the identity of the arbitrator selected and shall instruct the other party to appoint an arbitrator and to notify the commencing party of the identity of such arbitrator within the ten (10) day period following the date of such other party's receipt of the commencing party's notice. Such arbitrator shall have the qualifications described above. The two arbitrators shall, within thirty (30) days after both have been appointed, select a third similarly qualified arbitrator. The decision of any two of the three arbitrators in writing shall be binding on both Landlord and Tenant. Should no two arbitrators be able to agree within 30 days after the appointment of the third arbitrator, the report of the arbitrators most favorable to Landlord and the report of the arbitrators most favorable to Tenant shall both be disregarded and the report of the remaining arbitrator shall be binding on both landlord and Tenant. Fair market value must be determined to reflect the fact that rent is adjusted at the number rate of four percent (4%) per year. Should either Landlord or Tenant fail to appoint an arbitrator within ten (10) days this Lease is after receiving written notice from the other to do so, the arbitrator selected by the other party shall act for both and his decision in writing shall be binding upon both Landlord and Xxxxxx. The fair market rental value so established shall continue in effect during such partial month bears renewal period. In no event will the rent for the renewal period be less than rent prior to the total number of days in such monthrenewal. Base Rent due for Each party shall bear the last month cost of the Term arbitrator it selects, and the two parties shall be similarly prorated if share equally the Expiration Date does not fall on the last day cost 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termthird arbitrator.
Appears in 1 contract
Samples: Letter Agreement (Pure Atria Corp)
Base Rent. 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 Property shall be increased on the first day of a calendar month, Base Rent for the Extension Period to an amount equal to the "fair rental value" of the Property as of the first month of the Term shall be prorated in the proportion that the number of 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. Extension Period (which fair rental value determination may include increases in rent during the Extension Period), which fair rental value shall be determined by Landlord in its sole but reasonable discretion, after evaluating, among other things, the rents at similar buildings in the same general geographic area, but in no event shall the Base Rent be less than the then current Base Rent being paid by Tenant. Landlord shall accrue on a monthly basis, but shall not be payable by notify Tenant until in writing of such determination of fair rental value within thirty (i30) days after Landlord's receipt of Tenant's purchase notice exercising the Option. If Tenant shall dispute Landlord's determination of fair rental value for the Premises pursuant Property, then Landlord and Tenant shall cooperate in good faith to arrive at a mutually agreeable Base Rent within thirty (30) days after receipt of Landlord's notice of fair rental value. If the Parties cannot agree, Tenant shall have the right to either (a) submit the issue of Landlord's reasonableness (but not the fair rental value) for neutral binding arbitration (and not by court action) to the Purchase Option described American Arbitration Association in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises accordance with the Purchase Option, under the Purchase Agreement attached hereto as Exhibit Erules of such Association then in effect, or (iiib) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and payable and thereafter, any Base Rent coming due shall be immediately payable notwithstanding the delayed payment contemplated by this Section 4.01. Upon rescind Tenant's exercise of the Purchase Option, all Base Rent accrued and owing through the date applicable Option by delivery 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 Closingwritten notice to Landlord within ten (10) days after said thirty (30) day negotiation period, in accordance with the terms of the Purchase Agreement. Thereafterwhich event, 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 this Lease shall not be credited to the 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 holds over beyond terminate upon the expiration of the Lease Term or the first Extension Period, as applicable (unless sooner terminated in accordance herewith), and Tenant shall have no further right of this option to extend the Lease or does not surrender Term. Tenant shall exercise such right of arbitration by delivering written notice of such election within thirty (30) days after receipt of Landlord's notice of fair rental value. If the Premises arbitrators shall decide that Landlord's determination of fair rental value was reasonable, then fair rental value shall be the amount previously determined by Landlord. If the arbitrators shall determine that Landlord acted unreasonably, then Landlord shall redetermine the fair rental value in its sole but reasonable discretion, provided that Tenant shall again have the right to challenge Landlord's reasonableness in the condition required by manner set forth above. In no event shall the arbitrators be permitted to determine rental value under this Lease on or before the expiration Lease. The decision of the Termarbitrators shall be binding upon both parties. Each party shall share equally the cost of the arbitration process.
Appears in 1 contract
Samples: Industrial Real Estate Lease (All American Semiconductor Inc)
Base Rent. During For purposes of this Lease, the Lease Term “Base Rent Commencement Date” shall mean the later of (a) forty-five (45) days following Substantial Completion of the Leasehold Improvement Work for the North Building (as it may be extended pursuant to Article III hereofdefined in the Construction Addendum), Tenant shall pay to Landlord as rent for and (b) November 1, 2008; provided that Substantial Completion of the Premises Leasehold Improvement Work has been achieved. Commencing on the Base Rent described Commencement Date, Tenant hereby covenants and agrees to pay “Base Rent” in Section 1.05, accordance with the Base Rent schedule set forth in Exhibit “D,” attached hereto and made a part hereof. Base Rent shall be paid without notice, demand, abatementset off or deduction, deduction except as otherwise expressly set forth in this Lease, to Landlord at the address set forth in this Lease or offset for such other address as Landlord directs in writing, and shall be paid in advance in equal monthly installments on the first day of each month in lawful United States currency, together with any reasonand all rental, sales or use taxes levied by any governmental body having authority upon the use or occupancy of the Premises and any rent or other charges payable hereunder. If the Base Rent Commencement Date is should be a date other than the first day of a calendar month, Base Rent for the monthly rental applicable to the first full calendar month will also apply to the initial partial calendar month and will be prorated to the end of the Term shall be prorated in the proportion that the number of days this Lease is in effect during such partial month bears calendar month. As provided in, and subject to the total number of days in such month. Base Rent due for terms of, the last month Construction Addendum, if any Tenant Delay delays Substantial Completion of the Term shall be similarly prorated if the Expiration Date does not fall on the last day Leasehold Improvement Work, then Substantial Completion 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 Leasehold Improvement Work shall be deemed earned and shall become due and payableto be the date that Substantial Completion of the Leasehold Improvement Work would have been achieved, but for such Tenant may pay such accrued Base RentDelay, 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required reasonably determined by this Lease on or before the expiration of the TermLandlord.
Appears in 1 contract
Samples: Lease Agreement (Office Depot Inc)
Base Rent. 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 twelve (12) months of the Renewal Term shall be the greater of (i) the Base Rent scheduled for the final month of the Term initial Lease Term, or (ii) the fair market base rental value of the Premises; Base Rent shall increase by three percent (3%) each twelve (12) months. As used herein, the fair market base rental value of the Premises is defined as the amount of base monthly rental, which a willing and fully informed lessee would pay and which a willing and fully informed lessor would accept for minimum rental of the Premises on the terms set forth in this Lease for a sixty (60) month term as of the first day of the Renewal Term. In determining the fair market base rental value, reference may be made to other recent leases in the Building and/or in other buildings owned or managed by Lessor. Lessor and Lessee shall attempt, in good faith, to agree upon the fair market base rental value of the Premises. If they are unable to agree by the one hundred eightieth (180th) day prior to the Expiration Date of the Lease Term, then, within ten (10) days thereafter, Lessor and Lessee shall (x) each submit in writing their respective offer of fair market base rental value, and (y) jointly appoint an MAI or other qualified appraiser, who shall deliver, within thirty (30) days after appointment, his or her written letter of opinion as to which of the two figures submitted by Lessor and Lessee is closest to the fair market base rental value of the Premises effective as of the date the rental adjustment is to occur, which opinion shall be prorated in deemed to be the proportion that fair market base rental value of the number of days this Lease Premises. If such fair market base rental value is in effect during such partial month bears to the total number of days in such month. less than Base Rent due for the last month of the initial Lease Term, then Base Rent for the Renewal Term shall be similarly prorated if the Expiration Date does same as for the last month of the initial Lease Term. The fee of the appraiser shall be paid by the party whose offered figure is not fall selected by the appraiser. In the event the parties are unable to agree on the last appraiser within the ten day period, then within ten (10) days thereafter the parties shall each appoint their own appraiser (each an "Initial Appraiser") at their own expense. Within ten (10) days thereafter, the Initial Appraisers shall together appoint a third qualified appraiser. If either party fails to timely notify the other of its appointment of an Initial Appraiser, the remaining Initial Appraiser shall be deemed the appraiser hereunder. If for any reason, the fair market base rental value of the Premises is not determined prior to the first day of the month. Base Rent Renewal Term, this Lease shall accrue on a monthly basisnevertheless remain in effect, but shall not be payable by Tenant and during the interim period until (i) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXIIsuch rental rate is finally determined, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 Lessee shall pay Base Rent in advance on an amount equal to the first day of each amount which was scheduled to be paid for the final full month during the Term hereof (as extended) until the sooner of the closing under initial Lease Term. Any accrued payment shortage, together with interest at the Purchase Agreement or expiration rate of nine percent (9%) per annum on unpaid amounts from the applicable dates, shall be made within ten (10) days of the Term and Tenant's surrender determination of the Premises in accordance with the requirements of this Lease. Base Rent and other payments pursuant to this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termrenewal rental rate.
Appears in 1 contract
Samples: Lease (Merix Corp)
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof), Tenant Sublessee shall pay to Landlord Sublessor the following amounts annually as base rent for (the Premises the "Base Rent"): ---------------------------------------------------------- --------------------------- Dates Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for any reason. If the ---------------------------------------------------------- --------------------------- Commencement Date is other than until September 8, 2006 (the first day end of a calendar month$ 483,500.16 per year the 8th lease year under the Prime Lease) ---------------------------------------------------------- --------------------------- From September 9, Base Rent for 2006 (the first month beginning of the Term 9th lease $ 515,198.16 per year year) until Expiration Date ---------------------------------------------------------- --------------------------- In addition, Sublessee shall pay as additional rent hereunder ("Additional Rent") Sublessee's Share (as hereinafter defined) of amounts from time to time payable by Sublessor as "Tenant" as Additional Rent under the Prime Lease, including without limitation amounts for Real Estate Tax Escalation, Operating Cost Escalation and Park Common Expenses, in each case as defined in the Prime Lease. "Sublessee's Share" is 51.52% of what Sublessor is obligated to pay for such costs. Because Sublessor pays 35.22% of such costs ("Tenant's Proportionate Share" in the Prime Lease), Sublessee is required to pay 18.15% of the total of such costs under the Prime Lease. In addition, either (a) Sublessee shall pay as Additional Rent an allocation of amounts due for payment for electricity, water, gas, HVAC and other utility charges with respect to the Subleased Premises as equitably determined by Sublessor and Sublessee or (b) at Sublessor's election, the Subleased Premises shall be prorated in the proportion that the number of days this Lease is in effect during such partial month bears separately metered at Sublessor's sole cost and expense and Sublessee shall pay all utility charges directly 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 monthutility providers. 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 equal monthly installments in advance on the date that is five (5) days before the first day of each calendar month during without demand, deduction, offset or abatement, at the Term hereof (address of Sublessor, or at such other place 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 LeaseSublessor may designate. Base Rent shall be pro rated for any partial month. Sublessee shall pay monthly estimates of Operating Cost Escalation. Real Estate Tax Escalation and other payments pursuant Park Common Expenses, as applicable from time to this Lease shall not be credited time, on the date that is five days prior to the purchase price under the Purchase Agreementfirst day of each calendar month. Tenant Sublessee shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does all other Additional Rent to Sublessor not acquire the Premises pursuant to the Purchase Agreement and holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termless than five (5) business days after demand from Sublessor.
Appears in 1 contract
Samples: Sublease (Antigenics Inc /De/)
Base Rent. During The amount of Lessee's monthly base rental payments shall be dependent upon whether Lessor obtains the Lease Term (as it may be extended pursuant funding for the Improvement Loan. In the event that Lessor provides to Article III hereof)Lessee the funding for the Improvement Loan prior to the Rent Commencement Date, Tenant Lessee shall pay to Landlord Lessor, beginning on the Rent Commencement Date, the amounts set forth under Column A of Exhibit A-1, "Schedule of Monthly Base Rental Payments", as rent its Base Rent. In the event that Lessor does not provide the funding for the Premises Improvement Loan, Lessee shall pay to Lessor, beginning on the Rent Commencement Date, the amounts set forth under Column B of Exhibit A-1, "Schedule of Monthly Base Rental Payments", as its Base Rent. In the event that Lessor provides the funding for the Improvement Loan subsequent to the Rent described Commencement Date, the amount of the Improvement Loan proceeds payable by Lessor to Lessee shall be reduced by Twenty Thousand Dollars ($20,0000) for each month after the Rent Commencement Date. Upon the providing of the Improvement Loan proceeds by Lessor to Lessee, Lessee shall, in Section 1.05the succeeding month and every month thereafter, without noticepay the amounts set forth under Column A of Exhibit A-l, demand"Schedule of Monthly Base Rental Payments" as its Base Rent. For example, abatement, deduction or offset for any reason. If if the Rent Commencement Date is other than November 1, 1991 and if on December 30, 1991 Lessor provides to Lessee funding for the first day Improvement Loan, the amount of a calendar monththe Improvement Loan proceeds would be $535,000.00 and, beginning January 1, 1992 (Month 3), Lessee's Monthly Base Rent would be $21,381.00. Upon execution of this Lease, Lessee shall pay Lessor Twenty-One Thousand Three Hundred Eighty-One no/100 dollars ($21,381.00) as Base Rent for the first month of the Term shall be prorated in the proportion that the number of days this Lease which rent is in effect during such partial month bears to the total number of days in such monthdue. 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 in lawful money 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, United States to Lessor at the Closing, address stated herein or to such other persons or at such other places as Lessor may designate 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termwriting.
Appears in 1 contract
Base Rent. Tenant shall pay, without notice or demand, to Landlord or Landlord’s agent at the management office of the Building, or at such other place as Landlord may from time to time designate in writing, monthly installments of base rent (“Base Rent”) as set forth in Section 8 of the Summary, in advance on or before the first day of each and every month during the Lease Term, without any setoff or deduction whatsoever. Notwithstanding anything to the contrary contained herein, and provided that Tenant is not in monetary or material default beyond any applicable notice, grace or cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay monthly Base Rent for the first six (6) full months of the initial Lease Term. During such abatement periods, Tenant shall still be responsible for the 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 the provisions of Section 19.1 of this Lease, then as a part of the recovery set forth in Section 20 of this Lease, Landlord shall be entitled to the recovery of the monthly Base Rent abated under the provisions of this Article 3 pro-rated to take into account that portion of time the Lease was in effect. The Base Rent for the first full month of the Lease Term (as it may be extended pursuant to Article III hereof)or if the first full month of the Lease Term is within a free rent period, Tenant shall pay to Landlord as rent for the Premises then the Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for the first full month which occurs after the expiration of any reasonfree rent period) shall Health Management Systems Corporate Point be paid at the time of Tenant’s execution of this Lease. If any rental or other payment date (including the Lease Commencement Date is Date) falls on a day of the month other than the first day of such month or if any rental or other payment is for a period which is shorter than one month, then the rental or other payment for any such fractional month shall be a proportionate amount of a full calendar month, Base Rent for the first month of the Term shall be prorated in ’s rental or other payment based on the proportion that the number of days this Lease is in effect during such partial fractional 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 calendar 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termwhich such fractional month occurs.
Appears in 1 contract
Samples: Office Lease (HMS Holdings Corp)
Base Rent. During Commencing as of the Expanded Premises Commencement Date and continuing throughout the Lease Term (as it may be extended pursuant to Article III hereof)the definition of Lease Expiration Date set forth in Section 9.4 of the Original Summary, as modified in Clause (a) of Section 1 of this Third Amendment above, Tenant shall pay, in accordance with the provisions of this Section 5, Base Rent for the entire Premises (i.e., the Existing Premises as expanded by the Expansion Space) as follows: (a) prior to the Expanded Premises Commencement Date, Tenant shall pay to Landlord as rent for the Premises the monthly installments of Base Rent described attributable to the Existing Premises, at the applicable rate set forth in Section 1.0510 of the Original Summary (as modified by Clause (b) of Section 1 of this Third Amendment above) and (b) commencing on the Expanded Space Commencement Date, without noticeand continuing thereafter until the Lease Expiration Date set forth in Clause (a) of Section 1 of this Third Amendment above, demand, abatement, deduction or offset for Tenant shall pay the monthly installments of Base Rent in the amounts set forth in Section 10 of the Original Summary as modified by Clause (b) of Section 1 of this Third Amendment above (with any reason. If the Commencement Date is other than the first day partial month of a calendar month, Base Rent for the first month of Existing Premises and the Term shall be prorated in Existing Premises as expanded by the proportion that the number of days this Lease is in effect during such partial month bears to the total number of days in such month. Base Rent due Expansion Space for the last calendar month of in which the Term shall Expanded Premises Commencement Date occurs to 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, orprorated, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 Closingall, in accordance with the terms Section 3.1 of the Purchase AgreementOriginal Lease). Thereafter, Tenant shall pay Tenant’s abatement of Base Rent in advance on for months 29 and 30 of the first day initial Lease Term of each month during the Term hereof Lease (as extended) until the sooner set forth in Section 9 of the closing under Original Summary and without regard to the Purchase Agreement Second Amendment or expiration this Third Amendment) shall apply to Base Rent payable for the Existing Premises only during such months, regardless of whether the Expanded Premises Commencement Date occurs prior to the 29th month of the Lease Term and Tenant's surrender (as set forth in Section 9 of the Premises Original Summary and without regard to the Second Amendment or this Third Amendment). Landlord and tenant hereby agree that the rent abatement contained in accordance with Section 3.2 of the requirements Original Lease shall not apply to the Expansion Space, and that the amortization of this Lease. Base Rent and other payments abated rent shall not be modified by the extension of the Lease Term pursuant to this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the TermThird Amendment.
Appears in 1 contract
Samples: Lease (GenMark Diagnostics, Inc.)
Base Rent. During Tenant agrees to pay monthly as Base Rent during the term of this Lease Term (as it may the sum of money set forth in Section 1.5 of this Lease, which amount will be extended pursuant to Article III hereof), Tenant shall pay payable to Landlord as rent for at the Premises the address shown above. Monthly installments of Base Rent described shall be due and payable, in Section 1.05advance, without notice, demand, abatement, deduction on or offset for any reason. If before the Commencement first day of each calendar month during the term of this Lease- provided that if the Commencement-Date is should be a date other than the first day of a calendar month, Base Rent for the first month of the Term shall be prorated in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due prorated on a daily basis to the end of that calendar month, and payable and thereafter, any Base Rent coming due shall be immediately payable notwithstanding on or before the delayed payment contemplated by Commencement Date of this Section 4.01Lease. Upon Tenant shall pay, as additional rent, all other sums due under this Lease. Based on Tenant's exercise approval of the Purchase Optionfloor plan as depicted in EXHIBIT C by March 17, all Base Rent accrued and owing through 1997, the date Landlord agrees that upon Landlord's receipt of Tenant's exercise a building permit allowing it to construct the Building, Landlord will promptly commence construction of the Purchase Option shall be deemed earned Building and Premises and shall become due diligently pursue construction thereof in order to have the Building and payablethe Premises substantially complete on the Commencement Date. For the purposes of this provision, but Tenant may pay such accrued Base Rent, together with any additional base rent which accrues thereafter, at substantially complete shall mean that the Closing, Building and Premises are substantially completed 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 approved construction documents and Tenant's surrender of the Premises in accordance with the requirements of this Leasethe City of Arden Hills, subject only to punchlist and minor completion items that will not prevent Tenant from occupying and commencing operations within the Premises, which punchlist and minor completion items Landlord agrees to promptly complete. Base Rent and other payments pursuant If, prior to this Lease shall June 15, 1997, Landlord determines that it will not be credited able to deliver the purchase price under the Purchase Agreement. Building and Premises to 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease the Commencement Date, Landlord shall notify Tenant, in writing, on or before June 15, 1997, and the expiration Commencement Date shall be extended to the actual substantial completion date. In such event, Landlord shall provide Tenant with not less than forty-five (45) days prior written notice of the Termanticipated substantial completion date. If, subject to force majeure or Tenant caused delays (including Tenant's failure to approve the floor plan by March 17, 1997), the Building and Premises are not substantially complete and ready for Tenant's occupancy by September 1, 1997, Landlord shall pay to Tenant, as a credit against the first installment of Base Rent and additional rent payable hereunder, an amount equal to $500.00 for each day thereafter until the Building and the Premises are substantially complete and ready for Tenant's occupancy. If, subject to force majeure or Tenant caused delays (including Tenant's failure to approve the floor plan by March 1, 1997), the Building and Premises are not substantially complete and ready for Tenant's occupancy by November 1, 1997, Tenant shall have the option to terminate this Lease by written notice to Landlord after November 1, 1997 and prior to substantial completion of the Building and Premises.
Appears in 1 contract
Base Rent. During The Subtenant shall pay a fixed minimum monthly rent ( the Lease Term "Base Rent" ) to the Sublandlord, its successors and assigns , during the said term hereby granted , of Fifty Two Thousand (as it $52,000 ) U.S. Dollars plus the corresponding value added tax that may be extended due pursuant to Article III hereof), Tenant shall pay Mexican or other applicable law 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 in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 and every month during commencing on November 1, 1999 and ending on July 1, 2007 . The first month's Base Rent, the Term hereof (as extended) until Security Deposit, and the sooner first monthly installment of estimated Operating Expenses shall be due and payable on the date hereof, and Subtenant promises to pay to Sublandlord in advance, without demand, deduction or set-off, monthly installments of Base Rent and estimated Operating Expenses on or before the first day of each calendar month succeeding the commencement date of the closing under the Purchase Agreement or expiration term. Payments of the Term Base Rent and Tenant's surrender of the Premises estimated Operating Expenses for any fractional calendar month shall be prorated. All payments required to be made by Subtenant to Sublandlord hereunder shall be payable at such address and in such manner (including, without limitation, bank wire transfer) as Sublandlord may specify from time to time by written notice delivered in accordance with the requirements herewith. The obligation of this Lease. Subtenant to pay Base Rent and other payments pursuant sums to Sublandlord and the obligations of Sublandlord under this Lease Sublease are independent obligations. Subtenant shall not have no right at any time to xxxxx, reduce, or set-off any rent due hereunder, except as may be credited to the purchase price under the Purchase Agreementexpressly provided in this Sublease. Tenant If Subtenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than five (5) business days, Subtenant shall pay holdover rent to Sublandlord, on demand, interest thereon at the rate provided for in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant Head Lease. All payments required to be made by Subtenant to Sublandlord hereunder shall carry the Purchase Agreement corresponding value added tax, as applicable, which shall be Subtenant's obligation. The Base Rent and holds over beyond the expiration any other amounts payable by Subtenant to Sublandlord hereunder may be paid in Dollars, currency of the Term United States of this Lease America or does not surrender its equivalent in Mexican currency on the Premises date payment is received by Sublandlord, at the sell rate of exchange for debts denominated in foreign exchange and payable in Mexico, published by the Banco de Mexico in the condition required by this Lease on or before the expiration Official Daily of the TermFederation on the date of payment. Should the amounts received by Sublandlord in Mexican currency be less than the required United States of America equivalency on the date of receipt, Subtenant will, upon demand, pay the difference to Sublandlord.
Appears in 1 contract
Samples: Sublease Agreement (McMS Inc)
Base Rent. During The Tenant agrees to pay, as the Base Rent for this Lease and use of the Premises, as they are from time to time constituted, commencing on the Interim Rent Commencement Date or the Rent Commencement Date, as the case may be, and continuing through the Initial Term as provided under Section 3.01 hereinabove, an amount per square feet of Rentable Area of the Premises based upon the annual rental rates specified below, multiplied by the Rentable Area of the Premises, and applied to the specific time periods specified below (the “Base Rent”). The annual rental rates set forth below shall apply to the Initial Premises (as it constituted on the Effective Date) and shall commence on the Term Commencement Date, except with respect to Interim Rent. Any space added to the Premises, as may be extended occur from time to time pursuant to Article III hereof)hereinabove, Tenant shall pay bear annual rental rates as stated in such Article III. Amount of Annual rental Lease Months Rate for Initial Premises Months 1 — 12 [**REDACTED**] Months 13 — 24 [**REDACTED**] Months 25 — 36 [**REDACTED**] Months 37 — 48 [**REDACTED**] Months 49 — 60 [**REDACTED**] Months 61 — 72 [**REDACTED**] Months 73 — 84 [**REDACTED**] Months 85 — 96 [**REDACTED**] Months 97 — 108 [**REDACTED**] Months 109 — 120 [**REDACTED**] Months 121 — 132 [**REDACTED**] All rental rates are full service (except as set forth herein) rates that include parking (with respect to Landlord as rent the Initial Premises) for the Premises Tenant as described herein and are shown without regard to the Base applicable Additional Rent described and without regard to all required Sales Taxes (as defined hereinbelow) on all charges deemed as rents under Florida law in Section 1.05effect from time to time. All monthly periods show the monthly intervals computed from the Term Commencement Date. By way of example without limitation, without notice, demand, abatement, deduction or offset for any reason. If if the Term Commencement Date is other than the first day of a calendar monthwere January 1, Base Rent for the first month of the Term shall be prorated in the proportion that the number of 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 basis2012, but shall not be payable by Tenant until (i) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued then no Base Rent shall be immediately due for the months of January 2012 through December 2012. Interim Rent shall be due and payable and thereafterin advance from the Interim Rent Commencement Date through the Term Commencement Date, any Base at which time the twelve (12) month Rent coming due abatement period aforesaid shall be immediately payable notwithstanding in effect. At the delayed payment contemplated by this end of such twelve (12) month period, the Rent Commencement Date shall occur as described in Section 4.011.01(iii). Upon Tenant's exercise of the Purchase OptionAll Interim Rent (including without limitation Interim Rents attributable to a Tenant Delay, all Base Rent accrued and owing through the date of Tenant's exercise of the Purchase Option if applicable), 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, payable in accordance with the terms of this Lease, including the Purchase AgreementWork Letter. ThereafterFurther, the Tenant shall pay Base Rent in advance on the Term Commencement Date, the Rent due for the Initial Partial Month, if any, which shall equal a prorata portion (based on a per diem 365-day/year basis) of the amount of the monthly Base Rent due for the first day of each the thirteenth (13th) month during the Term hereof (as extended) until the sooner of the closing under the Purchase Agreement or expiration of the Initial Term and Tenant's surrender of the Premises in accordance with the requirements of this Lease. Base Rent and other payments pursuant to this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termas specified hereinabove.
Appears in 1 contract
Samples: Disturbance and Attornment Agreement (EverBank Financial Corp)
Base Rent. During Section 4: It is hereby acknowledged and agreed that Base Rent was paid in the Lease Term amount and manner provided in the initial lease through October, 2014, and that it was agreed by the parties that commencing November 2014 and thereafter that Tenant would pay Base Rent calculated in an annual amount and rate equal to ten (10%) percent of the amounts budgeted as it may be extended reflected on Exhibit B and amendments to Exhibit B from time to time pursuant to Article III hereof)change orders also referenced on Exhibit B and amendments thereto from time to time as additional portions of the Building space was constructed and completed by Landlord and made available by Landlord to Tenant for occupancy, for each year, or portion of each year on a prorated basis, for the remainder of the first five (5) years of the initial term of this Lease. It is further acknowledged and agreed that payment of Base Rent for the term of this Lease through March 31, 2016 is reflected on Exhibit A-l, and that such Base Rent has been calculated and paid in the manner described above incorporating agreed change orders 1 through 8, but that additional Base Rent attributable to agreed change order 9 incorporated in the calculation of Base Rent for the months of January, February and March 2016 has not been paid, and that, upon execution of this Amended Lease, Tenant shall pay execute amended Exhibit B, “effective 12-8-15,” incorporating agreed change order 9, and that such additional Base Rent in the amount of $10,491.00 shall be paid by Tenant to Landlord as rent for with the Premises payment of the Base Rent described for April 2016. It is further acknowledged and agreed that all construction by Landlord as herein defined has been completed, the entirety of the Demised Premises made available to Tenant in Section 1.05the manner herein provided as of March 31, without notice2016, demandand upon the execution of this Amended Lease the parties shall execute amended Exhibit B, abatement“effective 3-31-16,” incorporating agreed change order 10 in the calculation of Base Rent, deduction or offset and that commencing April 1, 2016, and for any reason. If the Commencement Date is other than remainder of the first five (5) years of the initial term of this Lease the Base Rent shall be an annual amount of $2,474,644.00 per year, payable in monthly installments of $206,220.00 each, commencing April 1, 2016 and on the first day of a calendar montheach month thereafter until and unless further modified. It is further agreed that copies of Exhibit B attached to the initial lease and copies of all amended Exhibits B shall be, and are, attached hereto and referenced herein collectively as “Exhibit B.” For and during each of the remaining two (2) five (5) year periods of the initial term of this Lease all Base Rent for the first month all purposes may be modified by Landlord, not to exceed an increase for each such successive five (5) year period of ten (10%) per cent of the Term shall be prorated in the proportion that the number amount and rate of days this Lease is such Base Rent in effect during such partial month bears to upon the total number of days in such month. Base Rent due for the last month expiration of the Term shall be similarly prorated if the Expiration Date does not fall on the last day of the monthimmediately preceding five (5) year period. 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued All such Base Rent shall be immediately paid in equal monthly installments and shall be due and 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 calendar month during the Term hereof (as extended) term hereof. All required rental payments shall be made to Belpre IV, LLC, 1000 Xxxxx Xxxxxxx Xxxx, Xxxxxx, Xxxx Xxxxxxxx 00000, and shall continue to be made at this address until the sooner Landlord advises of the closing under the Purchase Agreement or expiration any change 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termaddress.
Appears in 1 contract
Samples: Lease (Global Medical REIT Inc.)
Base Rent. During the Lease Term (as it may be extended pursuant Subtenant covenants and agrees to Article III hereof), Tenant shall pay to Landlord as rent for the Premises the Sublandlord Base Rent described in Section 1.05advance, without notice, demand, abatementset off or deduction, deduction or offset except as expressly provided for any reason. If the Commencement Date is other than herein, in equal monthly installments, on the first day of a each and every calendar monthmonth during the Sublease Term, monthly base rent (“Base Rent”) as follows: Period Monthly Rate/RSF Monthly Base Rent for SCD – 12/30/2022 $ 1.20 $ 20,400.00 Notwithstanding the first foregoing Base Rent schedule, Subtenant shall be entitled to an abatement of Base Rent during the period commencing on the Sublease Commencement Date and expiring on May 31, 2021 (the “Abatement Period”), in the amount of $20,400.00 per month (collectively, the “Abatement”). In the event of a monetary default by Subtenant under this Sublease in the form of a failure to pay Base Rent or any other amounts due under this Sublease during the Sublease Term beyond any applicable notice and cure periods, such Abatement shall be amortized on a straight-line basis and any unamortized amounts of the Term Abatement at the time of default shall become immediately due and payable. Further, should Subtenant be prorated in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond any applicable notice and cure periods under Article XV hereofthis Sublease at the time any installment of the Abatement is otherwise due to be applied, orsuch installment of the Abatement will not be provided until the default has been cured by Subtenant. Other than as set forth in this paragraph, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon Subtenant shall pay any default beyond applicable notice and cure periods, all accrued other Base Rent shall be immediately and Additional Rent or any sum of money due and payable and thereafter, any Base Rent coming due shall be immediately payable notwithstanding the delayed payment contemplated by of Subtenant under 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 Sublease 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 LeaseAbatement Period. Base Rent and plus any other payments pursuant charges due from Subtenant under this Sublease are hereinafter collectively referred to this Lease as “Rent.” Subtenant hereby acknowledges that if any monthly payment of Rent or any monies due hereunder from Subtenant shall not be credited to the purchase price under the Purchase Agreement. Tenant received by Sublandlord within fifteen (15) days after such payment is due, then Subtenant shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant Sublandlord a late charge equal to five percent (5%) of the Purchase Agreement and holds over beyond amount due. In the event Subtenant fails to pay Rent following the expiration of the Term notice and cure period set forth in Article X of this Lease Sublease, Subtenant shall also be responsible for the payment of interest on such outstanding amount charged at the lesser of (i) the rate of ten percent (10%) per annum, or does not surrender (ii) the Premises in maximum rate permissible by law. Base Rent for any partial months during the condition required by this Lease on or before the expiration of the TermSublease Term shall be prorated.
Appears in 1 contract
Base Rent. During The first full calendar month’s Base Rent shall be due and payable to Landlord at least 10 days prior to the Lease Term (as it may be extended pursuant to Article III hereof), Commencement Date. Tenant shall pay to Landlord as rent for the Premises difference between the prepaid Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for any reason. If and the Commencement Date is other than the first day of a calendar month, Base Fixed Monthly Rent (as hereinafter defined) payable for the first month of the Term shall be prorated in the proportion that the number within 30 days following receipt of days Landlord’s invoice for Fixed Monthly Rent first payable under this Lease is in effect during such partial month bears to (the total number “FMR Invoice”). The term “Fixed Monthly Rent” shall mean the aggregate monthly installments of days in such month. Adjusted Base Rent due for (as defined in Section 4 below) and Equipment Rent (if any). On or before the last first day of each calendar month of the Term shall be similarly prorated if the Expiration Date does not fall on the last day following Tenant’s receipt 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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. ThereafterFMR Invoice, Tenant shall pay to Landlord in advance, without demand, abatement (except as expressly permitted in this Lease), deduction or set-off, monthly installments of Fixed Monthly Rent, 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 Fixed Monthly Rent for any fractional calendar month shall be prorated. The obligation of Tenant to pay Fixed Monthly Rent and other sums to Landlord and the obligations of Landlord under this Lease (excluding the payment of the allowance amounts on which the TI Rent and the Equipment Rent are based) are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any Fixed Monthly Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease (and except for Tenant’s right to prepay the Equipment Rent as provided in Section 4 below). Notwithstanding anything to the contrary contained herein, so long as no Default has occurred or is continuing under this Lease, Tenant shall not be required to pay Base Rent in advance as a component of Fixed Monthly Rent for the Premises for the period commencing on the first day of each the 7th full month during the Term hereof (as extended) until the sooner of the closing under the Purchase Agreement or expiration of the Base Term and Tenant's surrender of the Premises in accordance with the requirements of this Lease. Base Rent and other payments pursuant to this Lease shall not be credited to the 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 holds over beyond through the expiration of the 16th month of the Base Term (“Base Rent Abatement Period”), and Fixed Monthly Rent shall be adjusted accordingly during such period to provide for the payment of this Lease or does not surrender TI Rent and Equipment Rent only. Tenant shall resume paying full Base Rent on the Premises in the condition required by this Lease on or before the expiration first day of 17th month of the Term. Tenant shall continue to pay all TI Rent, Equipment Rent and Additional Rent due under this Lease during the Base Rent Abatement Period.
Appears in 1 contract
Samples: Lease Agreement (Verenium Corp)
Base Rent. During Commencing on the Lease Term (as it may be extended pursuant to Article III hereof)B4 Commencement Date, and continuing throughout the B4 Expansion Term, 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, annual Base Rent for the first month Building 4 Expansion Space (the “Building 4 Base Rent”) in an amount which shall be determined in accordance with that certain formula set forth in Section 1.4.2.1 of the Term shall be prorated in the proportion Lease; provided, however, Landlord and Tenant hereby agree that the number subject annual rate of days this return for purposes of such calculation as set forth in item (iii) in Section 1.4.2.1 of the Lease shall equal eight and 31/100 percent (8.31%) (i.e., the rate which is in effect during such partial month bears 375 basis points over the interest rate applicable to the total number ten (10) year treasury note as of October 31, 2005). Based upon Landlord’s then-existing estimate of the B4 Project Costs and resulting Building 4 Base Rent, Landlord shall, on or before the date which is sixty (60) days in such month. prior to the B4 Commencement Date, provide written notice to Tenant of the then-anticipated initial Building 4 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. “Initial B4 Base Rent Estimate”). Subject to the immediately following sentence, Tenant shall accrue on a initially pay to Landlord monthly basis, but shall not be payable by Tenant until (i) Tenant's purchase installments of Initial B4 Base Rent Estimate as the Premises B4 Base Rent initially due and owing pursuant to the Purchase Option described terms of the Lease. Within ninety (90) days following the B4 Commencement Date, Landlord shall deliver to Tenant a notice (a “B4 Base Rent Memorandum ”) substantially in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement form attached hereto as Exhibit EB, or (iii) setting forth the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 actual Building 4 Base Rent, together with any additional base rent which accrues thereafterTenant shall execute and return to Landlord within ten (10) business days after receipt thereof, at and Landlord and Tenant shall, within thirty (30) days following the Closingdate Landlord delivers the B4 Base Rent Memorandum to Tenant, in accordance reconcile the amount that should have been paid by Tenant based on the actual Building 4 Base Rent with the terms amount actually paid by Tenant based on the Initial B4 Base Rent Estimate; provided, however, to the extent that Tenant audits Landlord’s determination 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 B4 Project Costs pursuant to this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Term.to
Appears in 1 contract
Samples: Lease (Intuit Inc)
Base Rent. 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 Property shall be prorated in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 increased on the first day of each month Extension Period to an amount equal to the "fair market rental value" of the Property as of the first day of the applicable Extension Period (which fair market rental value determination may include increases in rent during the Term hereof Extension Period), which fair market rental value shall be determined by Landlord in its reasonable discretion, after evaluating, among other things, the rents at similar projects in the same general geographic area, but in no event shall the Base Rent be less than the then current Base Rent being paid by Tenant. Landlord shall notify Tenant in writing of such determination of fair market rental value within thirty (30) days after Xxxxxxxx's receipt of Tenant's notice exercising the applicable Option. If Tenant shall dispute Landlord's determination of fair market rental value for the Property, then Landlord and Tenant shall negotiate in good faith to arrive at a mutually agreeable Base Rent within thirty (30) days after Xxxxxx's receipt of Landlord's statement. If the parties cannot agree within such thirty (30) day period, then Tenant may elect to either: (i) accept in writing the fair market rent, as extendedset forth in Landlord's statement; or (ii) until give written notice ("Appraisal Notice") to Landlord that Tenant desires to have the sooner fair market rent determined by appraisal pursuant to the procedures set forth herein. If Tenant does not deliver an Appraisal Notice to Landlord within thirty (30) days after Landlord's delivery of Landlords statement to Tenant, Tenant shall be deemed to have accepted Landlord's statement of the closing under the Purchase Agreement or expiration fair market rent. Within fifteen (15) days after Xxxxxxxx's receipt of the Term and Tenant's surrender of the Premises Appraisal Notice in accordance with this Section, Landlord and Tenant shall agree upon a list of five (5) independent, unaffiliated real estate brokers with at least five (5) years' full-time experience brokering commercial properties within ten (10) miles of the requirements Project. Within five: (5) days after agreement upon the list of brokers, Landlord and Tenant shall meet and each shall have the right to disqualify two (2) of the brokers by alternating their respective rights of disqualification until only one (1) broker ("Broker") has not been disqualified by either Landlord or Xxxxxx. Within thirty (30) days after the appointment of the Broker, the parties shall each submit their determination of the fair market rent to the Broker and the Broker shall independently determine the fair market rent. The fair market rent shall equal the fair market rent submitted by Landlord or Tenant that is closest to the fair market rent determined by the Broker. The Broker shall not divulge to Landlord or Tenant the fair market rent determined by the Broker until both parties instruct it to do so in writing. If the parties fail to select the five (5) qualified brokers or the Broker, a Broker shall be selected by the (then-Presiding Judge of the Superior Court of the State of California of the County in which the Property is located, acting in his individual judicial capacity. Each party shall pay one-half of the Broker's fee and costs. The determination of the Broker in accordance with this Section 17.03 shall be final and binding on the parties and a judgment may be rendered thereon in a court of competent jurisdiction. During the period requiring the adjustment of Base Rent to fair market rent, Tenant shall pay, as Base Rent pending such determination, the Base Rent in effect for the Property immediately prior to such adjustment; provided, however, that upon the determination of the applicable fair market rent, Tenant shall pay Landlord the difference between the amount of Base Rent Tenant actually paid and fair market rent immediately upon the determination of fair market rent. Landlord and Xxxxxx have signed this Lease at the place and on the dates specified adjacent to their signatures below and have initialed all Riders which are attached to or incorporated by reference in this Lease. Base Rent and other payments pursuant to this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease "LANDLORD" Signed on or before the expiration of the Term____________, 2000 BUCKHEAD INDUSTRIAL PROPERTIES, INC., a Maryland corporation By: /s/ Xxxx Xxxxxx ---------------------------------- Its: VICE PRESIDENT ---------------------------------- By: __________________________________ Its: __________________________________
Appears in 1 contract
Samples: Trimedyne Inc
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof), Tenant shall pay Expense Stop and Base Rent, adjusted from time to time as described below, to the Landlord as rent for on the Premises first day of each calendar month or part thereof during the Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for any reasonTerm. If either the Commencement Date is Term or rent commences on a day other than the first day of a calendar month, Base Rent for the first month of the Term shall be prorated in the proportion that the number of 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 or ends on a day other than the last day of a calendar month, then the monthrent for the fractional month shall be appropriately prorated. Expense Stop and Base Rent shall accrue on be paid to Landlord, without deduction or offset, at Landlord's Address, or to such other person or at such other place as Landlord may from time to time designate in writing. Effective as of the third (3rd) anniversary of the Commencement Date, the Base Rent shall be adjusted according to the proportion of (1) the Consumer Price Index for All Urban Consumers for San Francisco-Oakland, California, as published by the Bureau of Labor Statistics of the United States Department of Labor ("CPI-U") published most recently prior to such third anniversary date, to (1i) CPI-U published most recently prior to the Commencement Date; provided, however, that as a monthly basis, but result of such adjustment the Base Rent shall not be increased by more than twelve percent (12%), nor reduced. On the fourth (4th) anniversary of the Commencement Date, the Base Rent shall again be adjusted according to the proportion of (A) CPI-U published most recently prior to such fourth (4th) anniversary date, to (B) CPI-U published most recently prior to the date of the last adjustment of Base Rent; provided, however, that as a result of such adjustment the Base Rent as previously adjusted shall not be increased by more than four percent (4%), nor reduced. In the event of a change in the manner or method of computing CPI-U, Landlord and Tenant shall endeavor to agree on a mutually acceptable substitute price index and a date as of which such substitute price index shall take effect. Any and all additional amounts payable by Tenant until (i) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXII, (ii) a Landlord hereunder whether or not identified as additional rent and any amount payable by Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, to Landlord under the Purchase Work Agreement attached hereto as Exhibit EC, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Optionshall be considered additional rent. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and payable and thereafter, any Base Rent coming due shall be immediately payable notwithstanding earned in proportion to the delayed payment contemplated by this Section 4.01. Upon Tenant's exercise amount of square footage 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 Premises which accrues thereafter, at the Closing, is substantially complete (in accordance with the terms of the Purchase Agreement. ThereafterExhibit C) or when occupied, Tenant shall pay Base Rent whichever is first 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termtime.
Appears in 1 contract
Samples: Lease (Large Scale Biology Corp)
Base Rent. 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 to Landlord in accordance with the schedule set forth on the Basic Lease Information sheet and in the manner described below. Tenant shall pay the Net Rent (consisting of Base Rent plus, when applicable in accordance with Section 1.053.4 below, Tenant’s Proportionate Share of Basic Operating Costs) in monthly installments on or before the first day of each calendar month during the Term and any extensions or renewals thereof, in advance without notice, demanddemand and without any reduction, abatement, deduction counterclaim or offset setoff, in lawful money of the United States at Landlord’s address specified on the Basic Lease Information sheet or at such other address as may be designated by Landlord in the manner provided for any reasongiving notice under Section 9.11 hereof. If the Commencement Date is Term commences on other than the first day of a month, then the Base Rent provided for such partial month shall be prorated based upon a thirty (30)-day month and the prorated installment shall be paid on the first day of the calendar month next succeeding the Term Commencement Date together with the other amounts payable on that day. If the Term terminates on other than the last day of a calendar month, Base then the Net Rent provided for the first such partial month of the Term shall be prorated based upon a thirty (30)-day month and the prorated installment shall be paid on the first day of the calendar month in which the proportion that date of termination occurs. Tenant’s Proportionate Share of Basic Operating Costs. Commencing on the number Term Commencement Date and continuing through the remainder of days this Lease is in effect the Term, Tenant shall pay to Landlord Tenant’s Proportionate Share of Basic Operating Costs. During the first Computation Year, on or before the first day of each month during such partial month bears Computation Year, Tenant shall pay to Landlord one-twelfth (1/12th) of Landlord’s estimate of the total number of days amount payable by Tenant under Section 3.4(a) as set forth in such monthLandlord’s written notice to Tenant. Base Rent due for During the last month of the Term each Computation Year (or as soon thereafter as practicable), Landlord shall be similarly prorated if the Expiration Date does not fall on the last day give Tenant notice of Landlord’s estimate of the month. Base Rent shall accrue on a monthly basis, but shall not be amount payable by Tenant until (iunder Section 3.4(a) Tenant's purchase of for the Premises pursuant to the Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, following Computation Year. On or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 before 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 this Lease shall not be credited to the purchase price under the Purchase Agreement. following Computation Year, Tenant shall pay holdover rent to Landlord one-twelfth (1/12) of such estimated amount, provided that if Landlord fails to give such notice in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to the Purchase Agreement and holds over beyond the expiration last month of the Term of this Lease or does not surrender prior year, then Tenant shall continue to pay on the Premises in the condition required by this Lease on or before the expiration basis of the Termprior year’s estimate until the first day of the calendar month next succeeding the date such notice is given by Landlord; and from the first day of the calendar month following the date such notice is given, Tenant’s payments shall be adjusted so that the estimated amount for that Computation Year will be fully paid by the end of that Computation Year. If at any time or times Landlord determines that the amount payable under Section 3.4(a) for the current Computation Year will vary from its estimate given to Tenant, Landlord, by written notice to Tenant, may revise its estimate for such Computation Year, and subsequent payments by Tenant for such Computation Year shall be based upon such revised estimate.
Appears in 1 contract
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof)Term, Tenant Subtenant 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 in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 ClosingSublandlord, in accordance with the terms of this Sublease, base rent ("Base Rent") for the Purchase Agreement. ThereafterSubleased Premises in monthly installments in an amount equal to the product of (i) $1.75 per rentable square foot of the Subleased Premises per month, Tenant multiplied by (ii) the rentable square footage of the Subleased Premises (as verified pursuant to Section 4.4 below following the substantial completion of the "Demising Work," as those terms are defined in Section 4.3 below); provided, however, until such time as the verification of the rentable square footage of the Subleased Premises has occurred pursuant to Section 4.4 below, Subtenant shall pay Base Rent in advance on the estimated amount of $10,500.00 per month (i.e., $1.75 per rentable square foot of the Subleased Premises multiplied by 6,000 rentable square feet), subject to reconciliation upon such verification. Within thirty (30) days following such verification, Subtenant shall pay to Sublandlord any deficiency in prior payments of Base Rent relating to the period from and after the Commencement Date through the date that the next installment of Base Rent is paid by Subtenant, or, if Subtenant shall have overpaid Base Rent during such period, then Subtenant shall be entitled to a credit against the next succeeding installment(s) of Base Rent in an amount equal to such overpayment (or if no installments of Base Rent remain due hereunder, then Sublandlord shall refund such overpayment to Subtenant within thirty (30) days after such verification). The Base Rent for the first day of each full calendar month during the Term hereof (as extended) until the sooner of the closing under the Purchase Agreement or expiration of the Term and Tenantshall be paid at the time of Subtenant's surrender of the Premises in accordance with the requirements execution of this LeaseSublease. Any and all amounts payable by Subtenant to Sublandlord pursuant to the terms of this Sublease (other than Base Rent) are herein collectively referred to as "Additional Rent," and Base Rent and Additional Rent are herein collectively referred to as "Rent." Except as otherwise expressly provided herein, all Rent shall be payable by Subtenant without notice, demand, setoff or deduction, either (a) by a check for currency which, at the time of payment, is legal tender for private or public debts in the United States of America, to Sublandlord at the place set forth as Sublandlord's address for notices hereunder or, at Sublandlord's option, to such other payments pursuant party or at such other place as Sublandlord may from time to this Lease shall not be credited time designate in a written notice to the 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 Subtenant, or (b) by electronic transfer of U.S. funds pursuant to the Purchase Agreement and holds over beyond following instructions, or pursuant to such other instructions as Sublandlord may from time to time designate in a written notice to Subtenant: Beneficiary Name: Google Inc. Bank Name: Xxxxx Fargo ABA Routing #: 000000000 Bank Account #: 4375669785 If the expiration Term begins or ends on a day other than the first or last day of a month or if any Rent is otherwise payable for a period which is shorter than one month, the Rent for such partial month shall be prorated on the basis of a thirty (30) day month. At any time during the Term, Sublandlord may deliver to Subtenant a notice in the form as set forth in Exhibit B, attached hereto, as a confirmation only of the Term information set forth therein, which Subtenant shall execute and return to Sublandlord within five (5) days of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termreceipt thereof.
Appears in 1 contract
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof), Tenant shall pay deliver to Landlord as rent for the Premises Landlord, concurrent with Txxxxx’s delivery of an executed copy of this Lease to Landlord, the Base Rent described due for the calendar month in Section 1.05which the day immediately following the expiration of the Subsequent Abatement Period occurs (or, without notice, demand, abatement, deduction or offset for any reason. If the Commencement Date is other than if such date does not occur on the first day of a calendar month, Base Rent for the first full calendar month following the date in which the day immediately following the expiration of the Term shall be prorated in the proportion that the number of days this Lease is in effect during such partial month bears to the total number of days in such monthSubsequent Abatement Period occurs). 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent in advance on or before the first day of each calendar month during the Term hereof (as extended) until after the sooner of the closing under the Purchase Agreement or expiration of the Term and Tenant's surrender DOCVARIABLE #DNDocID \* MERGEFORMAT 758013178.6 Net Multi-Tenant Laboratory 800 Xxxxxxxxxx Xxxx – Xxxxx 000/Xxxxx Tx - Page 4 Subsequent Abatement Period, in lawful currency of the Premises in accordance with United States of America, to the requirements physical address designated by Landlord or by federally insured electronic fund transfer (“EFT”) via wire, Society for Worldwide Interbank Financial Communications (SWIFT) or automated clearing house (ACH) pursuant to the instructions provided by Landlord to Tenant (the “EFT Payment Instructions”). All EFT payments made by Tenant pursuant to this Section 3(a) must include a reference to ARE-San Francisco No. 63, LLC as well as the address of the Building (i.e., 800 Xxxxxxxxxx Xx.). Payments of Base Rent for any fractional calendar month shall be prorated. Notwithstanding anything to the contrary contained herein, if the expiration of the Subsequent Abatement Period occurs on a day other than the first day of a calendar month, then Tenant shall pay to Landlord the prorated Base Rent for such partial month on the day immediately following the expiration of the Subsequent Abatement Period and the prepaid Base Rent delivered by Tenant pursuant to this first sentence of this LeaseSection 3(a) shall be applied to the first full calendar month following the expiration of the Subsequent Abatement Period. The obligation of Tenant to pay Base Rent and other payments pursuant 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 hereunder except for any abatement as may be expressly provided in this Lease. Notwithstanding anything to the contrary contained herein, so long as Tenant is not then in Default under this Lease, Tenant shall not be credited required to pay Base Rent for the purchase price under period commencing on the Purchase AgreementRent Commencement Date through the date that is 365 days after the Rent Commencement Date (the “Subsequent Abatement Period”). Tenant shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire commence paying full Base Rent on the Premises pursuant to the Purchase Agreement and holds over beyond day immediately following the expiration of the Term Subsequent Abatement Period. For the avoidance of this doubt, Tenant shall be required to pay Operating Expenses and all other amounts payable under the Lease or does not surrender during the Premises in the condition required by this Lease on or before the expiration of the TermSubsequent Abatement Period.
Appears in 1 contract
Base Rent. During Tenant shall pay to Landlord, at 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 (as it may be extended pursuant to Article III hereof)commencing on the Rent Commencement Date. Upon the execution of this Lease, 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 due for the first full calendar month during the Term after the Rent Commencement Date and any reasonabatement period. If the Rent Commencement Date is occurs on a date other than the first day of a calendar month or the Term ends on a date other than the last day of a month, Base Rent shall be prorated 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 Term initial Lease Term. During such abatement period, Tenant shall still be prorated in responsible for the proportion that payment of all of its other monetary obligations under this Lease, including Tenant's Percentage Share of Operating Expenses and Real Estate Taxes. In the number event of days a default by Tenant under the terms of this Lease is that results 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 early termination pursuant to the Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and payable and thereafter, any Base Rent coming due shall be immediately payable notwithstanding the delayed payment contemplated by this provisions of 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 16.3 of this Lease. , then as a part of the recovery set forth in such Section 16.3 of this Lease, Landlord shall be entitled to the recovery of the monthly Base Rent and other payments pursuant to this Lease shall not be credited to the purchase price that was abated 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 holds over beyond the expiration of the Term provisions of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the TermSection 4.1.
Appears in 1 contract
Samples: Office Lease (Allos Therapeutics)
Base Rent. During 5.1 Commencing on the Commencement Date, Tenant agrees to pay during the Lease Term Term, to Landlord, without any set off or deduction whatsoever (except as it may be extended pursuant to Article III hereofotherwise expressly provided in this Lease), Tenant shall pay to Landlord and as rent for the Premises an independent covenant, the Base Rent described and all such other sums of money as shall become due hereunder as additional rent, all of which are sometimes herein collectively called “rent”, for the nonpayment of which Landlord shall be entitled to exercise all such rights and remedies as are herein provided in Section 1.05the case of the nonpayment of Base Rent. Notwithstanding anything to the contrary contained in this Lease, Tenant’s obligation to pay rent as to the First Floor Space shall not commence until (i) Landlord has delivered possession of the First Floor Space to Tenant with the Tenant Improvements in the First Floor Space Substantially Completed, and (ii) to the extent applicable, a certificate of occupancy has been issued for the Tenant Improvements in the First Floor Space, or the governmental authority has furnished equivalent evidence that Tenant may legally use and occupy the First Floor Space for its office operation. The annual Base Rent for each calendar year or portion thereof during the Lease Term, together with any estimated adjustment thereto pursuant to Paragraph 6 hereof then in effect, shall be due and payable in advance, without noticedemand or setoff, demandin twelve (12) equal installments on the first day of each calendar month during the initial term of this Lease and any extensions or renewals thereof, abatementand Tenant hereby agrees to pay such Base Rent and any adjustments thereto to Landlord at Landlord’s address provided in Pxxxxxxxx 00, deduction Xxxxxxxxxxxx 36.12(a) (or offset for any reasonsuch other address as may be designated by Landlord in writing from time to time). If the Commencement Date is term of this Lease 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 month, then the installments of Base Rent and any adjustments thereto for the first such month of the Term or months shall be prorated in prorated, based on the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Term.
Appears in 1 contract
Base Rent. During Tenant agrees to pay monthly as base rent during the term of this Lease Term (as it may the sum of money set forth in Section 1.4 of this Lease, which amount shall be extended pursuant to Article III hereof), Tenant shall pay payable to Landlord as rent for at the Premises address shown above. One monthly installment shall be due and payable on or before the Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for any reason. If first day of each calendar month succeeding the Commencement Date is during the term of this Lease; provided, if the Commencement Date should be a date other than the first day of a calendar month, Base Rent for the first month of the Term monthly rental set forth above shall be prorated in the proportion that the number of days this Lease is in effect during such partial month bears to the total number end of days in such that calendar month. Base Rent due for the last month , and all succeeding installments of the Term rent shall be similarly prorated if the Expiration Date does not fall payable 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 before the first day of each succeeding calendar 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 term of this Lease. Base Rent and Tenant shall pay, as additional rent, all other payments pursuant 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 Commencement Date, this Lease shall not be credited to the purchase price under the Purchase Agreement. Tenant void or voidable, nor shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to the Purchase Agreement and holds over beyond Landlord be liable for any loss or damage resulting therefrom, nor shall the expiration of the Term term be extended, but all rent shall be abated until Landlord delivers possession. Notwithstanding the above, in the event Landlord has not delivered the Premises to the Tenant on or before September 1, 1996 due to non-Tenant caused delays, Tenant may terminate this Lease with no further obligation. Landlord and Tenant agree that the base rental rate contained herein is based on construction costs estimated at $566,390.00. Tenant agrees to contribute $75,000.00 towards construction of the Premises, payable to Landlord in $25,000.00 lump sum payments, the first payable upon Lease execution by both parties, the second payable thirty (30) days following Lease execution, and the third due sixty (60) days after Lease execution. Construction cost increases or savings of $30,000.00 or less above or below the estimated construction cost of $566,390.00 shall he amortized at nine percent (9%) over the original term of this Lease and added or does not surrender subtracted from the Premises monthly base rental. Tenant improvement cost savings above $30,000.00 shall benefit the Landlord, and additional tenant improvement costs of more than $30,000.00 over $566,390.00 shall be paid to Landlord upon finalization of tenant improvement costs, at which time Landlord end Tenant agree to enter into a Lease addendum depicting the new base rental rate, if such rate is adjusted as contained in the condition required by this Lease on or before the expiration of the Termsection.
Appears in 1 contract
Samples: Lease Terms (Intranet Solutions Inc)
Base Rent. During Subject to the Lease Term (as it may be extended pursuant to Article III hereof)abatement provisions set forth below and the satisfaction of all of the contingencies set forth in Paragraph 8 below, Tenant the Sublessee shall pay to Landlord as the Sublessor base rent for in monthly installments, each installment payable in the Premises amounts set forth below in advance on the first (1st) day of each month during the term of this Sublease, commencing on the Commencement Date (the “Base Rent”). The annual amount of the Base Rent described due by the Sublessee to the Sublessor for the first year of this Sublease shall be $554,800.00 payable in Section 1.05, without notice, demand, abatement, deduction equal monthly installments of $46,233.33 payable in advance or offset for any reasonbefore the first (1st) day of each month. If Commencing on the first anniversary of the first (1st) day of the month occurring immediately following the Commencement Date is other than and on each anniversary of such date during the first day term of a calendar monththis Sublease, the Base Rent shall increase by 1.89% per year in excess of the Base Rent for the first month immediately preceding year. Base Rent for partial months of this Sublease shall be prorated. All Base Rent and all other amounts due under this Sublease shall be paid by the Sublessee in advance without notice, set-off or deduction except as expressly provided in this Sublease, in lawful money of the Term United States to the Sublessor, at X00 X00000 Xxxxxxxxx Xxxxxxx Xxxx, Xxxxxxxx, Xxxxxxxxx 53188-1013 or such other address as the Sublessor may from time to time designate in writing to the Sublessee. The Sublessor hereby irrevocably authorizes the Sublessee, upon receipt of written notice from the Master Landlord that a default has occurred under the Master Lease, to make all Base Rent payments and other payments due hereunder directly to the Master Landlord pursuant to the terms of the Subordination, Non-disturbance, Attornment, Renewal and Option to Purchase Agreement between the Master Landlord and the Sublessee (the “SNDA”), and any such payments made to the Master Landlord in accordance with such notice shall be prorated credited against all Base Rent payments and other payments due under this Sublease; provided however that such payments shall also be applied against and credited to the amounts due by the Sublessor under the Master Lease so long as the Master Lease remains in the proportion effect. It is understood and agreed that the number of days this Lease is in effect during such partial month bears Sublessee shall also be responsible for all sales tax or other tax on rentals, if any, due with respect to the total number rentals due hereunder, which amounts shall be due along with the applicable monthly installments of days in rent hereunder, if such montha tax were ever enacted, provided that such other taxes shall not encompass income, franchise, estate, or other similar taxes. The Sublessor shall forward such taxes as paid by the Sublessee to the applicable taxing authority and upon request by the Sublessee, the Sublessor shall provide evidence of such payment to the Sublessee. Notwithstanding any provision to the contrary contained herein, the Base Rent shall be abated for, and the Sublessee shall not be obligated to pay the Base Rent due for the last seven (7) month period commencing on the date that all of the Term contingencies set forth in Paragraph 8 below have been satisfied, except for the contingency for the Sublessee to obtain the BEIP Grant, and ending on the date that is seven (7) months immediately following such date; provided however, that such abatement shall be similarly prorated not affect the Sublessee’s obligation to pay any other amounts or perform any other obligations under this Sublease; and further provided that if the Expiration Date does not fall on the last day of the month. Base Rent Sublessee shall accrue on a monthly basis, but shall not be payable by Tenant until (i) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXII, (ii) a Tenant default at any time beyond any applicable notice and cure periods under Article XV hereofthis Sublease and the Sublessor exercises its remedies with respect to such default by terminating this Sublease, or, if Tenant exercises terminating the Purchase Option, under the Purchase Agreement attached hereto as Exhibit ESublessee’s right to possession, or (iii) otherwise, then the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and payable and thereafter, any Base Rent coming due shall be immediately payable notwithstanding the delayed payment contemplated by rent abatement provided under 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 this Lease paragraph shall not be credited to effective and the purchase price Sublessee shall be responsible for payment immediately of all amounts due under the Purchase Agreement. Tenant shall pay holdover this Sublease as though there were no provisions for rent in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to the Purchase Agreement and holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termabatement.
Appears in 1 contract
Samples: Deed of Lease Agreement (American Bank Note Holographics Inc)
Base Rent. During For the Lease Term (as it may be extended pursuant to Article III hereof), Tenant shall pay to Landlord as rent for the Premises period commencing on 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 through June 13, 2012, an annual amount equal to $ 71,006,686, which amount shall increase by ten percent (10%) on June 14, 2012 and June 14, 2017, subject to reduction as hereinafter provided in connection with the first day termination of a calendar month, Leased Property. Base Rent for each Fiscal Year shall be payable in advance in twelve (12) equal installments, on the first ninth (9th) day of each calendar month of the Term (the “Rent Payment Date”), provided that if such ninth (9th) day is not a Business Day, then the Rent Payment Date shall be the immediately preceding Business Day. Base Rent shall be paid for the period of the ninth (9th) of each month (or, if applicable, the Commencement Date) through the eighth (8th) of the next month (or, if applicable, the expiration of the Term) (each, a “Rental Period”), provided that the first and last payments of Base Rent shall be prorated in the proportion that as to any partial Rental Period, based on the number of days this Lease is in effect within the Term during such partial month bears to Rental Period and the total number of days in such monthRental Period. Tenant hereby agrees to make any reasonable changes with respect to the definitions of “Rent Payment Date” or “Rental Period,” including, without limitation, changing the Rent Payment Date and Rental Period, as may be requested in connection with any Landlord’s Debt. Notwithstanding the foregoing, Base Rent due for the last month in respect of the Term period from and including the Commencement Date to but not including the Base Rent Commencement Date shall equal the First Rental Period Base Rent. The first Rent Payment Date shall be, and the first installment payment of Base Rent shall be similarly prorated if payable on, July 9, 2007 (the Expiration Date does not fall on “Base Rent Commencement Date”), which payment shall include (i) the last day First Rental Period Base Rent and (ii) Base Rent in respect of the monthRental Period beginning July 9, 2007 and ending August 8, 2007. Base Rent shall accrue on a monthly basis, but shall not be payable reduced by Tenant until (i) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and payable and thereafter, Reduction Amount applicable to any Base Rent coming due shall be immediately payable notwithstanding the delayed payment contemplated by Leased Property with respect to which 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 Lease is terminated on the first day of each month during the Term hereof (applicable Property Removal Date as extended) until the sooner of the closing under the Purchase Agreement or expiration of the Term and Tenant's surrender of the Premises provided in accordance with the requirements of this Lease. Base Rent and other payments pursuant to this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Term1.8.
Appears in 1 contract
Samples: Master Lease Agreement (Cheeseburger-Ohio, Limited Partnership)
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof), Tenant shall pay deliver to Landlord as rent for the Premises Landlord, concurrent with Txxxxx’s delivery of an executed copy of this Lease to Landlord, the Base Rent described due for the calendar month in Section 1.05which the day immediately following the expiration of the Subsequent Abatement Period occurs (or, without notice, demand, abatement, deduction or offset for any reason. If the Commencement Date is other than if such date does not occur on the first day of a calendar month, Base Rent for the first full calendar month following the date in which the day immediately following the expiration of the Term shall be prorated in the proportion that the number of days this Lease is in effect during such partial month bears to the total number of days in such monthSubsequent Abatement Period occurs). 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent in advance on or before the first day of each calendar month during the Term hereof (as extended) until after the sooner expiration of DOCVARIABLE #DNDocID \* MERGEFORMAT 758013178.6 Net Multi-Tenant Laboratory 800 Xxxxxxxxxx Xxxx – Xxxxx 000/Xxxxx Tx - Page 4 the Subsequent Abatement Period, in lawful currency of the closing under United States of America, to the Purchase Agreement physical address designated by Landlord or by federally insured electronic fund transfer (“EFT”) via wire, Society for Worldwide Interbank Financial Communications (SWIFT) or automated clearing house (ACH) pursuant to the instructions provided by Landlord to Tenant (the “EFT Payment Instructions”). All EFT payments made by Tenant pursuant to this Section 3(a) must include a reference to ARE-San Francisco No. 63, LLC as well as the address of the Building (i.e., 800 Xxxxxxxxxx Xx.). Payments of Base Rent for any fractional calendar month shall be prorated. Notwithstanding anything to the contrary contained herein, if the expiration of the Term and Tenant's surrender Subsequent Abatement Period occurs on a day other than the first day of a calendar month, then Tenant shall pay to Landlord the prorated Base Rent for such partial month on the day immediately following the expiration of the Premises in accordance with Subsequent Abatement Period and the requirements prepaid Base Rent delivered by Tenant pursuant to this first sentence of this LeaseSection 3(a) shall be applied to the first full calendar month following the expiration of the Subsequent Abatement Period. The obligation of Tenant to pay Base Rent and other payments pursuant 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 hereunder except for any abatement as may be expressly provided in this Lease. Notwithstanding anything to the contrary contained herein, so long as Tenant is not then in Default under this Lease, Tenant shall not be credited required to pay Base Rent for the purchase price under period commencing on the Purchase AgreementRent Commencement Date through the date that is 365 days after the Rent Commencement Date (the “Subsequent Abatement Period”). Tenant shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire commence paying full Base Rent on the Premises pursuant to the Purchase Agreement and holds over beyond day immediately following the expiration of the Term Subsequent Abatement Period. For the avoidance of this doubt, Tenant shall be required to pay Operating Expenses and all other amounts payable under the Lease or does not surrender during the Premises in the condition required by this Lease on or before the expiration of the TermSubsequent Abatement Period.
Appears in 1 contract
Base Rent. During Tenant shall pay Base Rent in the Lease Term amount set forth on Page 1 of this Lease. The first month's Base Rent, the Final Month Gross Rent Deposit (the “Final Deposit”), and the first monthly installment of estimated Operating Expenses (as it 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 (except as may be extended pursuant expressly provided in this Lease), monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date. For clarification purposes, payment of the first month’s Base Rent payable on the date hereof shall be credited against the first full monthly installment of Base Rent due and payable under this Lease after the Commencement Date and free Base Rent period(s). Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to Article III hereof)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 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 business days after the due date thereof, and after notice as provided below, 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 reasonon demand a late charge equal to 5 percent of such delinquent sum. 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 in the proportion that the number of 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 Tenant shall not be payable by obligated to pay the late charge until Landlord has given Tenant until (i) Tenant's purchase 5 business days written notice of the Premises pursuant to the Purchase Option described in Article XXII, delinquent payment (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon which may be given at any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 time 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 this Lease delinquency); provided, however, that such notice shall not be credited required more than once in any 12-month period. The provision for such late charge shall be in addition to the purchase price under the Purchase Agreement. Tenant all of Landlord's other rights and remedies hereunder or at law and shall pay holdover rent not be construed as a penalty or as limiting Landlord's remedies in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to the Purchase Agreement and holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termany manner.
Appears in 1 contract
Samples: Lease Agreement (Systemax Inc)
Base Rent. During The base rent under the Direct Lease Term for the first year of the five-year term subject to the First Extension Option (the "First Extension Term") shall be the greater of (i) the base rent paid by Sublandlord under Year 5 of the Lease, or (ii) the "Market Rent," which shall mean the rate per square foot of rentable area then being paid for comparable facilities in Leominster, Massachusetts, taking into consideration market rents, the term of the Lease, the treatment of operating expenses, the absence of broker commissions, and the amount or lack of a tenant improvement allowance, as it the case may be. In years 2, 3, 4 and 5 of the First Extension Term, the base rent shall be extended pursuant subject to Article III hereofan annual consumer price index adjustment equal to the annual percentage increase in the "Price Index" as defined in Section 4.1(B)(i) of the Lease. If Prime Landlord and Subtenant are unable to agree upon the base rent within sixty days of the exercise of the option (the "Rent Negotiation Deadline"), Tenant the Market Rent shall pay be determined by an appraisal process, as follows. Each party shall choose a "Qualified Appraiser" (defined as "an independent, licensed and accredited member of the "Association" (defined below)) who shall determine the appropriate "Market Rent" on its behalf and submit the same to Landlord as rent the other Qualified Appraiser (together with the information forming the basis for such determination) within thirty (30) days after the Premises Rent Negotiation Deadline (with each party paying the Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for any reasonfee of its own appraiser). If the Commencement Date is other than two Qualified Appraisers do not agree on the first day Market Rent within fifteen (15) days thereafter, then the two Qualified Appraisers shall promptly jointly select a third Qualified Appraiser. If the two Qualified Appraisers cannot agree on the identify of the third Qualified Appraiser within five (5) days, then the third Qualified Appraiser shall be selected by the most senior officer of the Association (defined as the Leominster chapter of the American Institute of Real Estate Appraisers or its successor, or if there shall be no successor, a calendar monthprofessional organization having a function, Base standards and qualifications similar thereto). Within thirty (30) days after his appointment, the third Qualified Appraiser shall select one of the two initially submitted appraisals as the Market Rent applicable for the first month of the Term First Extension Term, and such selection shall be prorated in binding upon the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termparties.
Appears in 1 contract
Samples: Prime Landlord, Tenant and Subtenant Agreement (Dt Industries Inc)
Base Rent. During Landlord and Tenant acknowledge and agree that, effective as of the Lease Term (as it may be extended pursuant to Article III hereof)beginning of the third month following the Expansion Premises Occupancy Date, 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, commence paying Annual Base Rent for the first month Expansion Premises ("Expansion Premises Base Rent"), in addition to the Base Rent payable for the Initial Premises as described in Section 2.2 of the Term shall be prorated in Lease and on the proportion that the number of days this Lease is in effect during such partial month bears to the total number of days in such month. same terms and conditions described therein, which Annual Expansion Premises 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 period beginning on the first day of each the third month following the Expansion Premises Occupancy Date to, through and including February 28, 2010, shall be Four Hundred Seventy-Three Thousand, Eight Hundred Seventeen and 50/100 Dollars ($473,817.50)on an annual basis. Thereafter, commencing on March 1, 2010, and continuing through the Extended Term, the Expansion Premises Base Rent shall be the product of multiplying (i) the Expansion Premises Base Rent payable for the preceding Lease Year (the preceding twelve-month period ending March 1) by (ii) the CPI Increase during the Term hereof preceding Lease Year; provided, however, in no year shall the CPI Increase exceed two percent (as extended2%) of the Base Rent for the preceding Lease Year of the Extended Term. As of the Expansion Premises Occupancy Date, the total Base Rent payable by Tenant under the Lease shall be the sum of (aa) the Base Rent then in effect under the Lease with respect to the Initial Premises, plus (bb) the Expansion Premises Base Rent for the Expansion Premises (provided that Expansion Premises Base Rent shall not commence until the sooner beginning of the closing under third month following the Purchase Agreement or expiration Expansion Premises Occupancy Date), but in each instance subject to those increases as described in the Lease, as amended hereby (in Section 2.2 of the Term Lease with respect to the Initial Premises and Tenant's surrender in this paragraph of the Premises in accordance Amendment with the requirements of this Lease. Base Rent and other payments pursuant to this Lease shall not be credited respect to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the TermExpansion Premises).
Appears in 1 contract
Base Rent. During Except as otherwise expressly provided herein to the Lease contrary, Subtenant covenants and agrees during the Term to pay Base Rent and Additional Rent (as it hereinafter defined) to Sublandlord at JDS Uniphase, c/o The Staubach Company, Real Estate Administration, 00000 Xxxxxx Xxxxxxx, Xxxxx 000, Xxxxxxx, XX 00000, Attn: Xxx Xxxxx or at such other address as Sublandlord may be extended pursuant to Article III hereof), Tenant shall pay to Landlord as rent for the Premises the hereafter designate in writing. Base Rent described and Additional Rent shall be paid in Section 1.05lawful money of the United States, without notice, demand, abatementset-off, abatement or deduction or offset for whatsoever (except to the extent any reasonabatement is permitted under the Master Lease), at the times and in the manner herein specified. If For the purposes of this Sublease, the term “Additional Rent” shall have the same meaning and amounts as set forth in the Master Lease and shall be payable by Subtenant on the entire Subleased Premises throughout the Term of this Sublease beginning on the Sublease Commencement Date is other than Date. Base Rent shall be paid in equal monthly installments, in advance, on the first day of a calendar montheach and every month throughout the Term, in accordance with the Schedule of Base Rent set forth below, commencing on the Sublease Commencement Date. Contemporaneously with the execution of this Sublease, Subtenant shall pay to Sublandlord the sum of Twenty-two Thousand Five Hundred Thirty and no/100 Dollars ($22,530.00) which Sublandlord shall apply to Subtenant’s obligation for Base Rent for the twelfth (12th) month of the Term pursuant to the Schedule of Base Rent set forth below. The Additional Rent shall be paid to Sublandlord in monthly installments and otherwise as and when required by the Master Lease. If the Sublease Commencement Date is not the first day of the calendar month, then Additional Rent for the initial partial month of the Term shall be prorated in the proportion that based upon the number of days this Lease is in effect during such partial month bears to the total number of calendar days in such month, and shall be payable on the Sublease Commencement Date. In the event that any installment of Base Rent due for or of Additional Rent is not paid when due, Subtenant shall pay to Sublandlord, the last month charges under Sections 4.2 and 31 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 Master Lease. Base Rent and other payments pursuant to this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Term.
Appears in 1 contract
Base Rent. During The “Commencement Date” shall mean the Lease Term date on which the Substantial Completion Date (as it may be extended pursuant defined in Exhibit B) occurs. Lessor and Lessee will confirm in writing the Commencement Date. Subject to Article III hereofany Project Delays (as defined in Exhibit B), Tenant commencing on the later of the Commencement Date or April 1, 2023 (the “Rent Commencement Date”), Lessee shall pay to Landlord Lessor as base annual 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 in the proportion that the number of days this Lease is in effect during such partial month bears an amount equal 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 Final Cost multiplied by Tenant until NINE AND TWENTY-FIVE HUNDREDTHS PERCENT (i9.25%) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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, payable to Lessor in accordance with the terms of the Purchase Agreement. Thereafter, Tenant shall pay Base Rent twelve equal monthly installments in advance on the first day of each calendar month during the Term hereof (at such place as extended) until Lessor shall designate from time to time in writing, without offset, deduction or demand. By way of example, in the sooner event the Final Cost is $10,000,000, the annual Base Rent shall be $925,000, payable in monthly installments 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$77,083.33. Base Rent for any period during the Term which is less than one (1) month shall be paid in a pro rata portion of the monthly rental installment amount. Lessor shall deliver notice to Lessee of Lessor’s calculation of the Base Rent at the same time Lessor delivers notice to Lessee that Lessor’s Work is substantially complete (the “Base Rent Notice”). In addition, Lessee acknowledges that all costs and other payments pursuant to this Lease shall expenses comprising the Final Cost which are used in the calculation of Base Rent may not be credited available at the time Lessor delivers notice that Lessor’s Work is complete, therefore, Lessor shall have the right, for a period of six (6) months after Lessor delivers the Base Rent Notice, to deliver written notice to Lessee (the purchase price under “Adjusted Base Rent Notice”) adjusting Base Rent to reflect the Purchase Agreementactual Final Cost. Tenant Lessee shall pay holdover rent Base Rent as set forth in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to Adjusted Monthly Rent Notice on the Purchase Agreement and holds over beyond the expiration first day of the Term month immediately following Lessee’s receipt of this Lease or does not surrender the Premises Adjusted Base Rent Notice and, in addition, Lessee shall pay to Lessor the incremental difference in Base Rent for any prior months in the condition required by this Lease on or before event Base Rent as set forth in the expiration of Adjusted Base Rent Notice is greater than the TermBase Rent set forth in the Base Rent Notice. In the event such incremental difference in Base Rent is greater than $20,000, it may be paid in six equal installments over the six months following the Adjusted Monthly Base Rent Notice.
Appears in 1 contract
Samples: Charter School Lease
Base Rent. During Commencing on the Lease Base Rent Commencement Date and, except as otherwise expressly provided herein in Section 8.01(a), continuing thereafter for the Term (as it may be extended pursuant to Article III hereof)of the Lease, Tenant shall pay to Landlord the Landlord, as base rent for (“Base Rent”) the Premises the following amounts per annum [***]: Rent Year Annual Base Rent described in Section 1.05[***] Additional Annual Base Rent [***] Rent Year 1 – (i.e., without notice, demand, abatement, deduction or offset for any reason. If the Base Rent Commencement Date is other than through end of Initial Rent Period) [***] [***] Rent Year 2 [***] [***] Rent Year 3 [***] [***] Rent Year 4 [***] [***] Rent Year 5 [***] [***] Rent Year 6 [***] [***] Rent Year 7 through each remaining Rent Year during the first day of a calendar month, Term and Extension Options The annual Base Rent for the first immediately preceding Rent Year, adjusted by the change in the Index for the immediate twelve month period using the Index formula as set out herein. Upon the approval of the Term Approved Master Plan, the parties shall calculate the annual Base Rent [***]. An example of the calculation for determining the annual Base Rent based on the foregoing chart [***] is attached hereto as Exhibit D. At the end of Rent Year 6, (i.e., prior to the beginning of Rent Year 7) and at the end of each Rent Year thereafter, the annual Base Rent for the next succeeding Rent Year shall be prorated calculated by multiplying the annual Base Rent for the just ended Rent Year by the quotient obtained by dividing the Index for the most recent month available (“Base Month”) by the Index for the month one year prior to that most recent CONFIDENTIAL TREATMENT HAS BEEN REQUESTED BY MGM RESORTS INTERNATIONAL. THIS REDACTED VERSION OMITS CONFIDENTIAL INFORMATION, DENOTED BY ASTERISKS: [***]. A REFERENCE COPY, INCLUDING THE TEXT OMITTED FROM THIS REDACTED VERSION, HAS BEEN DELIVERED TO THE SECURITIES AND EXCHANGE COMMISSION. Index, provided, however, that such adjusted annual Base Rent shall not in any event be less than the proportion that the number of days this Lease is annual Base Rent in effect during on the day before the commencement of such partial month bears to next succeeding Rent Year. If, in any year, the total number of days in such month. Index is not yet available for the Base Month, the adjusted annual Base Rent due shall be calculated using the Index of the most recent month available and subsequently adjusted and trued up when the Index for the last month of the Term shall be similarly prorated if the Expiration Date does not fall on the last day of the monthBase Month is available. Base Rent shall accrue on a be paid by electronic funds transfer in equal monthly basis, but shall not be payable by Tenant until (i) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 installments in advance on the first day of each and every month during except that the Term hereof (first installment shall be made on the Base Rent Commencement Date. Payments of Base Rent shall be prorated as extended) until appropriate for a partial month at the sooner beginning of and the end of the closing under Term. For any month in which the Purchase Agreement or expiration of the Term and Tenant's surrender of the Premises in accordance with the requirements of this Lease. annual Base Rent and other payments pursuant to this Lease shall not be credited to changes based on the purchase price under the Purchase Agreement. chart above, Tenant shall pay holdover rent Base Rent for the prior Rent Year ending during such month prorated based on the number of days of such prior Rent Year occurring in accordance with Section 21.03 hereof if Tenant does not acquire such month and shall pay Base Rent for the Premises pursuant to current Rent Year starting in such month based on the Purchase Agreement and holds over beyond the expiration number of the Term days of this Lease or does not surrender the Premises such current Rent Year occurring in the condition required by this Lease on or before the expiration of the Termsuch month.
Appears in 1 contract
Samples: MGM Resorts International
Base Rent. During Tenant has delivered to Landlord a payment in the Lease Term (amount of $683,460.32 which as it been applied against the Base Rent first coming due from Tenant under this Lease. Commencing on the Initial Commencement Date, Tenant shall pay full Base Rent with respect to Xxxxxxxx 0, Xxxxxxxx 0 and Building 3. Commencing on the Initial Building 4 Commencement Date with respect to the Initial Building 4 Premises and on the Remaining Building 4 Premises Rent Commencement Date with respect to the Remaining Building 4 Premises, Tenant shall pay Base Rent with respect to Building 4. Except as may be extended pursuant to Article III hereof)expressly provided for in this Lease, Tenant shall pay to Landlord as rent for the Premises the Base Rent described in Section 1.05advance, without notice, demand, abatement, deduction or offset for any reason. If the Commencement Date is other than set-off, monthly installments of Base Rent on or before the first day of a each calendar monthmonth 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 the first any fractional calendar month of the Term shall be prorated in prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the proportion that the number obligations of days Landlord under this Lease is are independent obligations. Except as may be expressly provided for 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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. ThereafterLease, Tenant shall pay Base have no right at any time to xxxxx, reduce, or set-off any Rent (as defined in advance Section 5) due hereunder. Notwithstanding anything to the contrary contained in this Lease, commencing on the Building 5 Rent Commencement Date and continuing thereafter on the first day of each month during the Term hereof (as extended) until Term, Tenant shall be required to pay monthly Base Rent for Building 5 in 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 amount set forth on page 1 of this Lease, subject to increases as provided for in Section 4(a) hereof by the Bi-Annual Rent Adjustment Percentage on every other anniversary of the Initial Commencement Date. Base Notwithstanding the foregoing, the first Bi-Annual Rent and other payments pursuant Adjustment with respect to this Lease Building 5 only shall not occur until November 1, 2015. Except as may otherwise be credited provided in Section 40, the Base Term of the Lease with respect to Building 5 shall expire on the same day as the Base Term with respect to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termoriginal Premises.
Appears in 1 contract
Samples: Lease Agreement (Illumina Inc)
Base Rent. During the Lease Term (as it may be extended pursuant to Article III hereof)Section 4: Commencing July 31, 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 in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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. Thereafter2014, Tenant shall pay Base Rent in an annual amount and rate of $39.38 per square foot for the portion of the gross building area of the Building available for occupancy by Tenant for the emergency room facilities (“Emergency Room Phase”) and endoscopy facilities (“Endoscopy Phase”), as designated on Exhibit A or as amended by change order in accordance herewith, from and after the date of such availability of each such phase for each year of the first five (5) years of the initial term of this Lease, or each year of the remainder of the first five (5) years of the initial term of this Lease from and after such date of availability, as the case may be. Also commencing July 31, 2014, Tenant shall further pay Base Rent in an amount and rate of $10,000.00 per month for the first two (2) years of the initial term of this Lease, until and unless adjusted as herein provided, for the remaining portions of the area of the Building shell space designated for Tenant’s use for physicians’ offices on Exhibit A or as amended by change order in accordance herewith. Provided, that, as physicians’ offices are constructed by Landlord upon Tenant’s written order, provided to Landlord during said two (2) year period, for construction of the same, Tenant shall pay Base Rent in an annual amount and rate of $21.50 per square foot for such completed office space (“Tenant Physicians’ Offices”) from and after the date it is made available by Landlord to Tenant for occupancy for such purposes for each year of the remainder of the first five (5) years of the initial term of this Lease, and if such Tenant Physicians’ Offices are made available during said two (2) year period, then from and after each such date of availability, the initial $10,000.00 monthly Base Rent for the entirety of the shell space designated for Tenant’s use for physicians’ offices shall be reduced ratably for the remainder of said two (2) year period from and after each such date of availability based upon the percentage of total space completed for Tenant Physicians’ Offices as of each such date. Provided, that commencing July 31, 2016 Tenant’s obligation to pay rent for any of the space designated for Tenant’s use for physicians’ offices which has not been occupied or made available for Tenant Physicians’ Offices, or for which a written order for construction of the same has not been received by Landlord, as of such date, shall cease and Landlord may rent the same for its benefit and for such purposes and upon such terms as Landlord may determine, subject only to such restrictions as may apply by the terms of this Lease or otherwise. For and during each of the remaining two (2) five (5) year periods of the initial term of this Lease all Base Rent for the Emergency Room Phase, Endoscopy Phase and Tenant Physicians’ Offices may be modified by Landlord, not to exceed an increase for each such successive five (5) year period by ten (10%) per cent of the amount and rate of such Base Rent in effect upon the expiration of the immediately preceding five (5) year period. Provided, that in the event the cost of construction pursuant to change orders required by Section 5 hereof, exceeds the total project cost reflected on Exhibit B hereto, all of the Base Rent due and to become due hereunder shall be increased for the initial term of this Lease, commencing on the respective commencement dates for payment of rent herein provided, by an amount equal to ten (10%) per cent of the increase in such cost of construction in excess of said total project cost. Such Base Rent shall be paid in equal monthly installments and shall be due and payable in advance on the first day of each calendar month, being the first day of each lease month hereunder, during the term hereof. The first month’s rent is due and payable to Landlord July 31, 2014, and all required rental payments shall be made to Belpre IV, LLC, 1000 Xxxxx Xxxxxxx Xxxx, Xxxxxx, Xxxx Xxxxxxxx 00000, and shall continue to be made at this address until Landlord advises of any change of address. Provided, that in the event of the availability of any portions of the Building for occupancy occurring during a lease month based upon the commencement date of this Lease, the Base Rent for the remaining portion of such month shall be prorated and due on such date of availability, and subsequent monthly installments of said Base Rent shall be due and payable in advance on the first day of each lease month during the Term hereof (as extended) until the sooner remainder 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termsuch term.
Appears in 1 contract
Samples: Lease (Global Medical REIT Inc.)
Base Rent. 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 1.05pay, without noticeoffset, demanddemand or counterclaim, abatementas base rent (hereafter referred to as the "Base Rent") for each Lease Year the sums identified on the attached Exhibit C, deduction or offset for any reasonRent Schedule. If In the Commencement Date is other than event that the first day of a calendar month, Base Rent for the first month total rentable area of the Term shall be prorated Building changes in the proportion that the number process of 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 obtaining approval 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit EAmended Site Plan, or (iii) is otherwise determined to be different from the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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, square footage set forth in Paragraph 1 hereof in accordance with the terms procedure set forth therein, Landlord shall prepare an Amended and Restated Rent Schedule based upon the actual rentable square footage of the Purchase AgreementBuilding as determined in accordance with Paragraph 1 hereof. ThereafterTenant hereby agrees to execute such Amended and Restated Rent Schedule, or to provide Landlord with written notice of its objections thereto, within seven (7) calendar days of its presentation by Landlord, time being of the essence. Should Tenant fail to do so, the Amended and Restated Rent Schedule shall pay Base conclusively be deemed approved by Tenant. Should Tenant timely object to the Amended and Restated Rent Schedule by written notice to Landlord served in accordance with the provisions hereof, Landlord will evaluate Tenant's objections and determine, in the exercise of its discretion, whether any change in the Amended and Restated Rent Schedule is warranted; Landlord's determination in this regard, shall be binding upon Tenant, provided such determination is made in good faith. The monthly installments shall be payable in advance on the first day of each and every month during the Term hereof at the office of TransDulles Center, Inc., c/o The Xxxx Xxxxxxx Company, 0000 Xxxxxxxx Xxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxxx 00000, or by wire transfer routed to: Fleet Bank, Boston, Massachusetts, ABA # 000000000, Account Name: TransDulles Center, Inc., Account Number: 9427834304, or at such other place as Landlord may hereafter designate in writing, except that the first such installment, in the amount of Ninety Thousand Nine Hundred Ninety One Dollars and Fifty Cents (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 $90,991.51), shall be due contemporaneously with the requirements execution of this Lease. Base Rent and checks are to be made payable to TransDulles Center, Inc., or such other payments pursuant to this Lease shall not be credited to the purchase price under the Purchase Agreement. Tenant shall pay holdover rent person, firm or corporation as Landlord may hereafter designate in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to the Purchase Agreement and holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termwriting.
Appears in 1 contract
Base Rent. 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 1.05Landlord, 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 in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 commencing on the Rent Commencement Date (as hereinafter defined), without further notice or demand and without offset or deduction, the monthly installments of rent specified in the Basic Lease Information (the "BASE RENT"). As used herein, "RENT COMMENCEMENT DATE" means the earlier to occur of the Commencement Date or April 1, 1998. Tenant understands and agrees that Base Rent and Additional Rent shall accrue and be payable hereunder commencing on the Rent Commencement Date irrespective of whether or not the Term has commenced by such date and that Landlord would not have entered into this Lease but for Tenant's willingness to pay Base Rent and Additional Rent to Landlord commencing on the Rent Commencement Date. The Base Rent under this Paragraph 4(a) shall be adjusted, as stated below, on April 1 of each year during the Term hereof commencing on April 1, 1999 to reflect percentage increases in the cost of living. The Consumer Price Index (U.S. Department of Labor Consumer Price Index (all items) for Urban Wage Earners and Clerical Workers, San Francisco Bay Area (1982-1984=100), hereinafter referred to as extendedthe "INDEX") until published for the sooner month immediately preceding each such adjustment date (each, an "ADJUSTMENT INDEX") and the Index published for the month immediately preceding the Commencement Date of this Lease ("BASE INDEX") shall be compared and the closing under percentage difference between the Purchase Agreement Adjustment Index and the Base Index shall be determined. The initial Base Rent specified in the Basic Lease Information shall be increased by adding to said initial Base Rent the percentage amount of said initial Base Rent equal to the percentage difference between the Base Index and the applicable Adjustment Index; provided, however, in no event shall the initial Base Rent hereunder be increased by less than four percent (4%) or expiration more than seven percent (7%) for any one year. When the adjusted Base Rent is determined after each adjustment date, Landlord shall give Tenant written notice indicating the amount thereof and the method of computation. If the Term Consumer Price Index is changed or discontinued, Landlord shall substitute an official index published by the Bureau of Labor Statistics or its successor or similar governmental agency as may then be in existence and Tenant's surrender of the Premises in accordance with the requirements shall be most nearly equivalent thereto. Upon execution of this Lease. Base Rent and other payments pursuant to this Lease shall not be credited to the purchase price under the Purchase Agreement. , Tenant shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire to Landlord the Premises pursuant to the Purchase Agreement Prepaid Rent and holds over beyond the expiration first monthly installment of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Term.estimated Additional Rent (as hereinafter defined)
Appears in 1 contract
Samples: Lease Agreement (General Magic Inc)
Base Rent. During 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 wire transfer of immediately available funds or a check 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 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 (as it may shall be extended pursuant to Article III hereof), Tenant shall pay to Landlord as rent for paid at the Premises the Base Rent described in Section 1.05, without notice, demand, abatement, deduction or offset for any reasontime of Tenant’s execution of this Lease. If the Lease Commencement Date is other than not the first day of a calendar month, Base Rent for the first partial month commencing as of the Term Lease Commencement Date shall be prorated in based upon the proportion that the actual number of days in such month and shall be due and payable upon the Lease Commencement Date. All other payments required to be made under this Lease is in effect during such partial month bears to that require proration on a time basis shall also be prorated based upon the total actual number of days in such month. 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 due for the last month second (2nd) through and including the seventh (7th) full calendar months of the Term Lease Term. Such abated Base Rent may be referred to herein as 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 including, without limitation, any obligations to pay Additional Rent. In the event of a default by 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 similarly prorated if entitled to the Expiration Date does not fall on the last day recovery of the month. Base Rent shall accrue on a monthly basis, but shall not be payable by Tenant until (i) Tenant's purchase unamortized portion of the Premises Abated Rent. Amortization pursuant to the Purchase Option described in Article XXII, immediately preceding sentences shall be calculated on an eighty-four (ii84) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto month amortization schedule commencing as Exhibit E, or (iii) of the Lease otherwise terminates or expires without Tenant having exercised Commencement Date based upon equal monthly payments of principal and interest, with interest imputed on the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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, outstanding principal balance at the Closing, in accordance with the terms rate of the Purchase Agreement. Thereafter, Tenant shall pay Base Rent in advance on the first day of each month during the Term hereof eight percent (as extended8%) 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 this Lease shall not be credited to the 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 holds over beyond the expiration of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termper annum.
Appears in 1 contract
Samples: Lease (Ligand Pharmaceuticals Inc)
Base Rent. 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 5: Commencing on 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 in the proportion that the number of 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 Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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. ThereafterDate, Tenant shall pay Base Rent in an annual amount and rate of $49.31 per square foot (“Effective Rate”) for the amount of square footage of the gross building area of the Building that i) is occupied by Tenant from and after the date of such occupancy, and/or ii) is available for Tenant’s occupancy hereunder on December 1, 2019 and thereafter. Tenant shall also continue to pay Interim Rent in the amount of $10,000.00 per month until the earlier of the date that Tenant occupies 25% of the gross building area of the Building or December 1, 2019. Provided, that from and after December 1, 2019, Tenant shall pay an annual amount and rate of Base Rent of $27.57 per square foot (“Alternate Rate”) for the portions of the gross building area not available for Tenant’s occupancy hereunder on December 1, 2019 and thereafter (“Unavailable Additional Area”), until further adjusted as herein provided. Provided further, that as portions of the Unavailable Additional Area are thereafter constructed by Landlord and made available for Tenant’s occupancy hereunder during the one (1) year period from and after December 1, 2019, Tenant shall pay Base Rent at the Effective Rate for such additionally completed portions from and after the date or dates such additionally completed portions are made available by Landlord to Tenant for occupancy hereunder, and from and after each such date of availability the Alternative Rate of Base Rent for the portions of the Unavailable Additional Area not then completed shall continue until completed and made available for Tenant’s occupancy hereunder or until December 1, 2020, whichever first occurs. Provided further, that commencing on the date all of the Unavailable Additional Area is completed and made available for Tenant’s occupancy hereunder or December I, 2020, whichever first occurs, and thereafter, Tenant shall pay Base Rent at the Effective Rate, calculated as herein provided, for the entire 80,000 square foot gross building area of the Building. Further provided, that said Effective Rate of $49.31 for Base Rent is based and dependent upon the total budgeted project cost for the demolition and construction required hereby, exclusive of special buildout items described on Exhibit C, not exceeding $39,449,500.00 as initially calculated and budgeted by Tenant and Landlord as described on Exhibit B hereto (“initial total budgeted project cost”), and (i) in the event the total budgeted project cost, exclusive of said special buildout items, pursuant to change order or orders required by Section 6 hereof and/or other amendments and modifications to said total budgeted project cost, exceeds $39,449,500.00, or (ii) in the event Landlord constructs or provides any of the special buildout items described on Exhibit C, such Effective Rate of Base Rent shall be increased for the gross building area to which it is applicable for each year, or applicable portion thereof, by an amount per square foot equal to either (i) ten (10%) per cent of the amount by which such total budgeted project cost exceeds the initial total budgeted project cost of $39,449,500.00, or (ii) ten (10%) percent of the amount of the cost of the construction or providing of any of said special buildout items by Landlord as budgeted by Landlord from time to time, as the case may be. For example, in the event such excess total budgeted project cost, or such budgeted cost of said special buildout items, equals $800,000.00, the Effective Rate of Base Rent shall increase by $1.00 per square foot ($80,000.00 % 80,000 = $1.00) over and above the previously established Effective Rate of Base Rent, in this example, assuming the previously established Effective Rate is $49.31, resulting in an Effective Rate of Base Rent of $50.31 per square foot ($49.31 + $1.00 = $50.31) during the period from and after such adjustment. Further provided, that similar adjustments reducing the Effective Rate of Base Rent shall be made in the event the aforesaid initial total budgeted project cost, pursuant to change order or orders required by Section 6 hereof and/or other amendments and modifications to said initial total budgeted project cost, is reduced to less than $39,449,500.00, based upon deletion of material items, the budgeted cost for which is readily identifiable. Further provided, however, that if Landlord has incurred costs attributable to and in reliance upon such deleted items having been previously budgeted, Tenant shall pay such costs to Landlord pursuant to and on the terms of Landlord’s invoice to Tenant therefor. All of the aforesaid adjustments shall be made at the Commencement Date and at each date thereafter that an additional portion of the gross building area is completed and either occupied by Tenant or made available for Tenant’s occupancy hereunder as provided above, the cost of which results in an increase or decrease in the total budgeted project cost, as the case may be, and/or special buildout items are completed by Landlord and made available for Tenant’s use hereunder, as the case may be (“Adjustment Date”). Additionally provided, that for and during each of the last two (2) five (5) year periods of the initial term of this Agreement and Lease all Base Rent may be additionally modified by Landlord, not to exceed an additional increase for each such successive five (5) year period of ten (10%) per cent of the amount and rate of such Base Rent in effect upon the expiration of the immediately preceding five (5) year period. All of such rent shall be paid in monthly installments and shall be due and payable in advance on the first day of each lease month hereunder, during the term hereof. The first month’s payment of such rent is due and payable to Landlord on the Commencement Date, and all required rental payments shall be made to Minnite Family, LLC, 1000 Xxxxx Xxxxxxx Xxxx, Xxxxxx, Xxxx Xxxxxxxx 00000, and shall continue to be made at this address until Landlord advises of any change of address. Provided, that in the event of the occupancy, or availability of any portions of the Building for occupancy, occurring during a lease month based upon the Commencement Date of this Agreement and Lease, the Base Rent at the Effective Rate, for the remaining portion of such month, shall be prorated and due on such date of such occupancy or availability, and subsequent monthly installments of said Base Rent shall be due and payable in advance on the first day of each lease month during the Term hereof (as extended) until the sooner remainder of the closing under the Purchase Agreement such term, and either Interim Rent or expiration of the Term and Tenant's surrender of the Premises in accordance with the requirements of this Lease. Base Rent at the Alternative Rate, as the case may be, shall be prorated and other payments pursuant to this Lease shall not be credited to adjusted accordingly for the 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 holds over beyond the expiration remaining portion of the Term of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termsuch month.
Appears in 1 contract
Samples: Lease (Global Medical REIT Inc.)
Base Rent. During For the Lease Term (as it may be extended pursuant to Article III hereof)first year of this Lease, Tenant shall pay to Landlord as rent in good funds representing lawful currency of the United States 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 payment of a calendar month, Base Rent for the first month of the Term shall be prorated in the proportion that the number of 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 debts monthly basis, but shall not be payable by Tenant until (i) Tenant's purchase of the Premises pursuant to the Purchase Option described in Article XXII, (ii) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued Base Rent shall be immediately due and 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 unless a different period of time and method of payment is hereinafter provided Base Rent of $51,776 per month. The first twelve-month period in which rent is herein payable and each twelve-month period thereafter is hereinafter referred to as a “Lease Year”. The first Lease Year shall commence on the Term hereof (as extended) until the sooner first day of the closing under the Purchase Agreement or expiration of the Term and Tenant's surrender of the Premises in accordance with the requirements term of this Lease, January 1, 2017, and shall end on December 31, 2017. For the second Lease Year and for each Lease Year thereafter, the monthly Base Rent shall be adjusted so that it is equal to the monthly Base Rent in effect at the end of the immediately preceding Lease Year multiplied by a fraction, the numerator of which shall be the Consumer Price Index (CPI-U) (1982-1984 = 100) for the immediately preceding December, and other payments pursuant the denominator of which shall be the Consumer Price Index for the month of December immediately preceding the beginning of the prior Lease Year. As used herein, the Consumer Price Index means the Consumer Price Index – All Cities Average Urban Wage Earners as published by the Bureau of Labor Statistics of the Department of Labor of the United States, or if no longer published, that index as determined by Landlord which most closely reflects the components of the Consumer Price Index (CPI-U). The Base Rent, as adjusted, shall remain in effect until the next adjustment period and shall be paid in twelve equal monthly installments. In no event shall the monthly Base Rent, as adjusted, be less than the monthly Base Rent for the period immediately prior to this Lease shall such adjustment period. In the event that the amount of such adjustment cannot be credited calculated prior to the purchase price under effective date thereof, the Purchase Agreementmonthly Base Rent for the period prior to the effective date of such adjustment shall continue to be paid by Tenant. As soon as Tenant shall be notified of the amount of the adjustment, Tenant shall, within thirty (30) days, pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire the Premises pursuant to the Purchase Agreement Landlord the difference between the monthly Base Rent, as adjusted, for all monthly periods occurring in whole or in part after the date such adjustment was to be effective and holds over beyond the expiration of monthly Base Rent actually paid. Thereafter the Term of this Lease or does not surrender monthly Base Rent, as adjusted, shall be payable by the Premises in the condition required by this Lease on or before the expiration of the TermTenant as herein provided.
Appears in 1 contract
Samples: Lease Between Metropark (Capital Properties Inc /Ri/)
Base Rent. During Lessee shall pay Base Rent and other rent or charges, as the Lease Term (as it same may be extended pursuant adjusted from time to Article III hereof)time, Tenant shall pay to Landlord as rent for Lessor in lawful money of the Premises the Base Rent described in Section 1.05United States, without notice, demandoffset or deduction, abatementon or before the day on which it is due under the terms of this Lease. For purposes of this Lease, deduction Base Rent and all other sums or offset charges due Lessor from Lessee hereunder may be collectively referred to from time to time as “Rent’ Rent for any reasonperiod 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 is other than does not occur on the first day of a calendar month, monthly Base Rent shall adjust on the applicable anniversary of the Commencement Date and Lessee shall pay monthly Base Rent for the first month portion of the Term shall be prorated in the proportion that the number of days this Lease is in effect during such partial calendar 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 ending on the Expiration Date does not fall on at the last day of the month. monthly Base Rent then in effect. Payment of Rent shall accrue on a monthly basis, but shall not be payable by Tenant until (i) Tenant's purchase of the Premises pursuant made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee. Notwithstanding anything to the Purchase Option described contrary contained in Article XXIIthis Lease, Lessor and Lessee hereby agree that fifty percent (ii50%) a Tenant default beyond applicable notice and cure periods under Article XV hereof, or, if Tenant exercises the Purchase Option, under the Purchase Agreement attached hereto as Exhibit E, or (iii) the Lease otherwise terminates or expires without Tenant having exercised the Purchase Option. Upon any default beyond applicable notice and cure periods, all accrued of monthly Base Rent shall be immediately due and payable and thereafterabated for the first (1g) year of the Original Term; provided, any that (i) Lessee agrees that notwithstanding the foregoing monthly Base Rent coming due abatement, Lessee shall be immediately payable notwithstanding the delayed payment contemplated by this Section 4.01. Upon Tenant's exercise observe and perform all of the Purchase Optionother Initial MB Initial terms, covenants and provisions set forth in this Lease, including without limitation, payment of all Base other Rent accrued required to be paid by Lessee under this Lease, and owing through (ii) in the date event of Tenant's exercise a Breach by Lessee under the terms 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, this Lease that results in termination of this Lease in accordance with the terms provisions of Paragraph 13 hereof, then as a part of the Purchase Agreement. Thereafter, Tenant shall pay Base Rent recovery set forth 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 Paragraph 13 of this Lease. , Lessor shall be entitled to the recovery of the then unamortized remaining balance of the Base Rent and other payments pursuant to this Lease shall not be credited to the purchase price that was abated under the Purchase Agreement. Tenant shall pay holdover rent in accordance with Section 21.03 hereof if Tenant does not acquire provisions of this Paragraph 4.1 (such amortization being calculated on a straight line basis over the Premises pursuant to the Purchase Agreement entire Lease Term and holds over beyond the expiration such balance being determined as of the Term date of this Lease or does not surrender the Premises in the condition required by this Lease on or before the expiration of the Termsuch Breach).
Appears in 1 contract
Samples: Attornment Agreement (Pfenex Inc.)