Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 2 contracts
Samples: Standard Industrial Lease Agreement, Standard Industrial Lease (Wells Real Estate Investment Trust Ii Inc)
Base Rent. Subject Tenant agrees to pay to Landlord without notice an annual “Base Rent”. The Base Rent will be payable at the annual rate shown in the Basic Leasing Information of this Lease without any Tenant Delay offset, defense or deduction whatsoever, in lawful (which would result in Tenant paying legal tender for public or private debts) money of the United States of America, at Landlord’s address or elsewhere as designated from time to time by Landlord’s written notice to Tenant. The Base Rent attributable to the number of days of Tenant Delay, will be adjusted for increases as set forth belowwithin the Basic Leasing Information of this Lease. Landlord, offset day for day upon execution of this Lease by Landlord and Tenant, hereby acknowledges payment by Tenant of the number of days of delay caused by Landlord), Tenant Allowance (“Initial Payment” as defined shown in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term Basic Leasing Information of this Lease, Tenant shall pay base rental for representing payment of the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”installment(s) (of annual Base Rent and Additional RentRent (as hereafter defined), as defined below, are hereinafter collectively referred to as “Rent”)together with the sales tax thereon. Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, The total Base Rent only is payable in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly installments on the first day of each calendar month, in advance, during . If the Term commences on any day of this Lease. a month other than the first day, Tenant shall pay to Landlord all the full monthly Base Rent, Additional RentRent as provided for herein for such commencement month, and all other charges due thereafter the sum which should have actually been paid for said first month shall be calculated on a pro rata basis (such proration to be based on the actual number of days in the commencement month), and owing the difference shall be credited as a reduction in the next month’s installment of annual Base Rent to be paid by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the next succeeding month, . Base Rent for such any partial month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through occupancy at the end of the Term of this Lease will be prorated, such month, inclusive of both days, and proration to be based on the denominator of which shall be the actual number of days in such the partial month) . In addition to Base Rent, Tenant shall be due and payable hereby agrees to pay to Landlord on the Phase One Rent Commencement Date first day of each calendar month a sum equal to any sales tax, tax on rentals, and (unless otherwise provided any other governmental charges, taxes and/or impositions now in this Lease) Phase Two Rent Commencement Date, respectively. All payments existence or hereafter imposed based upon the privilege of renting the Leased Premises or upon the amount of Rent (as defined below) collected therefor, without any offset defense or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building Onededuction whatsoever, L.L.C.” and shall be delivered by Tenant to in lawful (legal tender for public or private debts) money of the United States of America, at Landlord, on ’s address or before the due date, elsewhere as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate designated from time to time in writing by Landlord’s written notice to Tenant. In addition, Tenant agrees to be fully responsible for the payment of documentary stamps, if any, due pursuant to this Lease. Nothing herein shall, however, be taken to require Tenant to pay any part of any Federal and State Taxes on income imposed upon Landlord. Tenant shall be entitled required to rely pay Landlord interest on any instructions from Landlord’s lenders to make payment of Rent to such lenders(as defined below) due that remains unpaid for five (5) days after its due date. Further, in lieu the event (i) Tenant fails to pay Rent by the fifth (5th) day of Landlordthe month in which such installment is due, without Tenant incurring or (ii) any liability other sums owed to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations pursuant to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment terms of Rent this Lease within five (5) days of the due dateafter accrual thereof or billing therefor, there will be added to such unpaid sum a late charge of one percent (1%) of the amount due shall be paid equal to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (orof the installment or sum due, in any event hereunder, order to defray the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require costs to Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord additional administrative expenses incurred as a result of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfactionlate payments. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for For all purposes of this Lease, the term “Rent” shall include all Base Rent, charges or impositions thereon, Additional Rent (as defined below), adjustments to Rent and any and all other payments due or which may become due from Tenant to Land-lord hereunder. Interest will be computed at the maximum legal rate and will be deemed to accrue from the fifth (5th) day after Rent is due and shall continue to accrue for as long as the sum remains unpaid. Provided, however, this provision shall not be construed as requiring Landlord to accept any late payment of Rent or as a waiver of any of Landlord’s rights or remedies by virtue of Tenant’s not making timely payment of Rent hereunder, and Land-lord’s acceptance of late Rent and such interest shall not be construed as constituting a waiver by Landlord of any rights or remedies available to it in the event that Rent is not timely paid by Tenant on any one or more future occasions, including declaring Tenant in default under this Lease and pursuing all remedies available to it arising from such default. The Base Rent as specified in the Basic Leasing Information of this Lease will increase annually on each yearly anniversary of the Lease Term as stated therein. Tenant by acceptance and execution of this Lease shall be deemed to have agreed to and received notice of the Annual Base Rent for each year of the Lease Term. Landlord shall not be required to provide notice of the new Base Rent; and Tenant must pay Landlord the current monthly payment of Base Rent, in accordance with the schedule set forth in the Basic Leasing Information.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Omnicomm Systems Inc)
Base Rent. Subject Tenant shall pay to any Tenant Delay Landlord, in advance on the first day of each month of the Term, without further notice or demand and without abatement, offset (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, except as expressly set forth below, offset day for day by the number of days of delay caused by Landlordherein), Tenant Allowance (as defined rebate, credit or deduction for any reason whatsoever, the monthly installments of rent specified in the Work Letter) credits or other provisions set forth in this Lease, commencing on Basic Lease Information (the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term “Base Rent”). Upon execution of this Lease, Tenant shall pay base rental the Prepaid Base Rent, specified in the Basic Lease Information to be applied toward Base for the Premises to Landlord as defined month of the Term specified in the Schedule above Basic Lease Information. Notwithstanding anything herein to the contrary, Tenant shall be excused from the obligation of paying the Base Rent (but not any other amounts) due hereunder for the Phase I Premises for the first six (6) full calendar months following the Commencement Date (expected to be April through September 2019), in equal monthly installments, ( the aggregate amount of $2,130,026.52 (the “Excused Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding However, should a Default occur prior to the foregoing, if Landlord is unable to deliver possession full application of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant DelayExcused Base Rent, then in addition to such application of the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Excused Base Rent only shall be tolled until such time as the Default is cured, and in the amount attributable to the number of days in the Tenant Delay as event that Landlord properly exercises Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of terminate this Lease except, pursuant to Paragraph 25 below as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the a result of a Tenant DelayDefault by Tenant, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Pro-Rated Excused Base Rent only in the amount attributable to the number shall no longer be excused and shall become an obligation of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Renthereunder, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days seek recovery of the due date, a late charge of one percent (1%) Pro-Rated Excused Base Rent as part of the amount due shall be paid damages to which Landlord for each such late payment and is otherwise entitled pursuant to the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than As used herein, the full term “Pro-Rated Excused Base Rent” shall mean an amount computed by dividing the Excused Base Rent by one hundred twenty (120) and then due from multiplying the resulting quotient by the number of months which would have remained in the Term as of the month of such Default by Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 2 contracts
Samples: Lease Agreement (10x Genomics, Inc.), Lease Agreement (10X Genomics, Inc.)
Base Rent. Subject to any Tenant Delay (which would result shall pay Base Rent in Tenant paying Rent attributable to the number of days of Tenant Delay, as amount set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term second page of this Lease, Tenant shall pay base rental for subject to adjustment in the event the Remeasurement reveals that the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”consist of less than fifteen thousand (15,000) (square feet. The first month’s Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each first monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount estimated Operating Expenses (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such monthhereafter defined) shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Rent Commencement Date Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify. from time to time by written notice delivered in accordance herewith. Any change in the address for payment of rent shall be delivered by Landlord to Tenant at least fifteen (15) days prior to the effective date of such change in address. The obligation of Tenant to pay Base Rent and (unless otherwise other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except where expressly provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered Tenant acknowledges that late payment by Tenant to LandlordLandlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, on or before the due dateexact amount of such casts being extremely difficult and impractical to determine. Therefore, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time if Tenant is delinquent in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of the due date, a late charge of one percent (1%) of the amount due shall be paid to notice from Landlord for each that such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonpast due, Tenant shall pay to Landlord a returned check late charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check equal to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten five percent (105%) per annum (or, of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on addition to all Rent of Landlord’s other rights and remedies hereunder or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent at law and shall not be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of construed as a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasepenalty.
Appears in 2 contracts
Samples: Sublease (MetaMorphix Inc.), Lease Agreement (MetaMorphix Inc.)
Base Rent. Subject Tenant agrees to any Tenant Delay (which would result in Tenant paying Rent attributable to pay monthly as base rent during the number term of days this Lease the sum of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions money set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term Section 1.6 of this Lease, Tenant which amount shall pay base rental for the Premises be payable to Landlord as defined in at the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”)address shown above. Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on or before the first day of each month, in advance, calendar month succeeding the Commencement Date during the Term term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that if the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on should be a date other than the first day of the a calendar month, Rent for such month the monthly rental set forth above shall be prorated to the end of that calendar month, and such prorated amount (which all succeeding installments of rent shall be equal payable on or before the first day of each succeeding calendar month during the term of this Lease. Tenant shall pay, as additional rent, all other sums due under this Lease. Notwithstanding anything in this Lease to the monthly Base Rent stated above 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 Additional Rent multiplied by a fractionready for Tenant's occupancy, this Lease shall not be void or voidable, nor shall Landlord be liable for any loss or damage resulting therefrom, nor shall the numerator expiration of which the 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 number of days from equal to the Phase One Rent Commencement Date or the Phase Two Rent Commencement Datedelays caused by Tenant), Landlord shall pay to Tenant, as applicablea credit against the first installments of rent and additional rent payable hereunder, through an amount equal to $500.00 for each day thereafter until the end 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 month, inclusive of both days, and the denominator of which date shall be extended by the number of days equal to the delays caused by Tenant), Tenant shall have the option, in such month) shall be due its absolute and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Dateunfettered discretion, respectively. All payments of Rent or any other sum due under to terminate this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability written notice to Landlord therefor given at any time prior to substantial completion of the Premises and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amountsTenant 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 shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under may thereafter terminate this Lease is returned by a bank for any reasonwritten notice to the other, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reasongiven on or before May 25, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease1995.
Appears in 2 contracts
Samples: Lease (Fair Isaac & Company Inc), Lease (Fair Isaac & Company Inc)
Base Rent. Subject In consideration of the lease of the Premises pursuant to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined Base Rent in the Schedule above applicable amount set forth in Article I payable in equal monthly installments, ( installments of one-twelfth of the “annual Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises which shall be upon all of the terms and conditions of this Lease except, paid without offset or deduction for any reason (except as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth expressly provided in this Lease), each monthly installment of Rent shall be due and payable promptly in advance, on the first day of each month, in advance, calendar month during the Term of this Lease. Tenant shall pay hereof, subject to Landlord all Base Rent, Additional Rentthe following, and all other charges due and owing by Tenant under this Lease withoutalso on the Term Commencement Date, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence should it be on a date any day other than the a first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to a proportionate part of the monthly Base Rent stated shall be paid for such month. Notwithstanding the foregoing, Tenant shall (i) have no obligation to pay Base Rent that would otherwise be payable during the first five (5) months of the Lease Term (the “Initial Free Rent Period”), and (ii) receive an abatement of fifty percent (50%) of the next successive thirteen (13) months of Base Rent that would otherwise be payable during the next successive thirteen (13) months of the Lease Term (the “Partial Rent Abatement Period”). During the Initial Free Rent Period, the free rent set forth above is for Base Rent and Additional Rent multiplied for Taxes and/or Operating Costs; provided that in all events Tenant shall pay the cost of utilities supplied to the Premises during the Initial Free Rent Period and for any services directly contracted for by a fractionthe Tenant. During the Partial Rent Abatement Period, the numerator rent abatement set forth above is for Base Rent only and Tenant shall pay all Additional Rent, including but not limited to Additional Rent for Taxes and/or Operating Costs, and for the cost of which utilities supplied to the Premises during the Partial Rent Abatement Period and for any services directly contracted for by the Tenant. Base Rent and Additional Rent shall be paid when due hereunder either (a) by wire transfer and/or an “electronic funds transfer” system (“EFT”) arranged by and among Tenant, Tenant’s bank and Landlord with Tenant submitting to Landlord at the number time of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end Tenant’s execution and delivery of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease to Landlord a completed ACH electronic fund transfer form similar to the one attached hereto as Exhibit D and sufficient to allow Landlord to make such transfers, or (b) by check sent to Landlord’s office at Landlord’s Address or at such other place as Landlord shall from time to time designate in writing. If Tenant is using checks, rent checks shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenantwriting. The parties hereto acknowledge and agree that the obligations owing by Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that Section are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due rent reserved under this Lease, including any and for all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due purposes hereunder, and are rent reserved within the balance, if any, will be returned promptly to Tenant. Any payments meaning of Section 502(b)(6) of the Bankruptcy Code or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leaseany successor provision thereto.
Appears in 2 contracts
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Subtenant shall pay Base Rent attributable to for the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, Expansion Premises commencing on April 1, 2021 (the Phase One “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 Sublease; provided, however, Subtenant shall 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 amounts and Phase Two in the manner described in Section 3(a) of the Sublease through March 31, 2021. On and after April 1, 2021, Subtenant shall pay Base Rent for the Existing Premises in the amounts set forth on Exhibit A hereto and in the manner described in Section 3(a)(ii) of the Sublease. 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 DatesDate shall be delayed one day for each day Subtenant’s occupancy of the Expansion Premises is delayed beyond April 1, respectively, and throughout the Term 2021 as a result of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”)such Delay Event. Notwithstanding the foregoing, if Landlord is unable to deliver possession of in no event shall the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Expansion Rent Commencement Date be delayed beyond December 1May 31, 2004 2021. For the avoidance of doubt, as the result used herein “occupying” means all personnel who can perform their job at home are permitted to return to their places of a Tenant Delay, then employment in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy thereforoffice buildings. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day As of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fractiondate hereof, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged Order issued by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reasonCounty of Santa Xxxxx Public Health Department dated October 5, Landlord reserves the right to demand 2020 which requires that all future rental payments be made in 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 form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseExpansion Premises.
Appears in 2 contracts
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to Throughout the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this LeaseLease Term, Tenant shall pay base rental for Base Rent in the Premises amount set forth above. Tenant promises to pay to Landlord as defined in the Schedule above in equal advance, without demand, deduction or set-off, monthly installments, ( the “Base Rent”) (installments of Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant Rent on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during calendar month commencing on the Commencement Date. If the Lease Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, commences or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence expires on a date other than the first day or the last day of the a calendar month, respectively, then the Rent payable for such partial calendar month shall be prorated and such prorated an amount (which shall be equal to the monthly Base installment of Rent stated above and Additional Rent multiplied otherwise then in effect, divided by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) the full calendar month during which the Lease Term commences or expires, respectively, and multiplied by the number of days in the partial calendar month after and including the Commencement Date or before and including the date of expiration, respectively, and provided further that the Rent for any partial calendar month at the commencement of the Initial Lease Term shall be payable on the first day of the first full calendar month during the Lease Term. All sums, liabilities, obligations and other amounts which Tenant is required to pay or discharge pursuant to this Lease in addition to Base Rent, including without limitation assessments or common area maintenance charges due and payable to any applicable ownership associations, together with any interest, penalty, or other sum which may be added for late payment thereof, shall constitute additional rent hereunder (herein called "Additional Rent"). In the event of any failure on the Phase One Rent Commencement Date part of Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided for herein (unless otherwise provided or by law or equity or otherwise) in this Lease) Phase Two Rent Commencement Date, respectivelythe case of nonpayment of Base Rent. All payments of Rent or any other sum due under this Lease shall required to be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or Landlord hereunder shall be payable at such other place address as Landlord may designate specify from time to time by written notice delivered in writing to Tenantaccordance herewith. The obligation of Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Base Rent within five and Additional Rent (5sometimes hereinafter collectively referred to as "Rent") days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge obligations of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, set-off any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then Rent due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 2 contracts
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental Landlord rent (herein called "Base Rent") in arrears, in currency that at the time of payment is legal tender for the Premises to Landlord as defined public and private debts in the Schedule above United States of America, in equal monthly installments on each Base Rent Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 12:00 noon (San Francisco time) on the date it becomes due; if received after 12:00 noon it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Base Rent Period (or portion thereof) ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for each Base Rent Period at least fifteen (15) days prior to the Base Rent Date on which such period ends. Any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment, but absent such notice Tenant shall not be in default for any underpayment resulting therefrom if Tenant, in good faith, reasonably estimates the payment required, makes a timely payment of the amount so estimated and corrects any underpayment within three (3) Business Days after being notified by Landlord of the underpayment. For all Base Rent Periods subject to a LIBOR Period Election of one month, two months or three months, Base Rent shall be due in one installment on the Base Rent Date upon which the Base Rent Period ends. For Base Rent Periods subject to a LIBOR Period Election of six months, Base Rent shall be payable in two installments, ( with the “Base Rent”) (first installment becoming due on the Base Rent Date that occurs on the first Business Day of the third calendar month following the commencement of such Base Rent Period, and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”)with the second installment becoming due on the Base Rent Date upon which the Base Rent Period ends. Notwithstanding the foregoing, if Landlord is unable Tenant or any Applicable Purchaser purchases Landlord's interest in the Property pursuant to deliver possession the Purchase Agreement, any accrued unpaid Base Rent and all outstanding Additional Rent shall be due on the date of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then purchase in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay purchase price and other sums due Landlord on under the Phase One Rent Commencement Date, Purchase Agreement. The Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no for each Base Rent or Additional Rent with respect to such early occupancy period, but Tenant Period shall be liable for equal the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January sum of:
(1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly ) (A) Stipulated Loss Value on the first day of each monthsuch Base Rent Period, in advance, during times (B) one minus the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day sum of the month, Rent Certificate of Deposit Collateral Percentage for such month shall be prorated Base Rent Period and the Securities Collateral Percentage for such prorated amount Base Rent Period, times (which shall be equal C) the sum of (i) the Effective Rate for such Base Rent Period and (ii) the Spread calculated on the tenth (10th) Business Day prior to the monthly day upon which such Base Rent stated above and Additional Rent multiplied by a fractionPeriod commences, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be times (D) the number of days in such monthBase Rent Period, divided by (E) shall be due and payable three hundred sixty (360); PLUS
(2) (A) Stipulated Loss Value on the Phase One first day of such Base Rent Commencement Date Period, times (B) the Certificate of Deposit Collateral Percentage for such Base Rent Period, times (C) twenty-two and one-half basis points (22.5/100 of 1%), times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS
(3) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) the Securities Collateral Percentage for such Base Rent Period, times (C) the sum of (i) the Effective Rate for such Base Rent Period and (unless otherwise provided ii) twenty-two and one-half basis points (22.5/100 of 1%), times (D) the number of days in this Leasesuch Base Rent Period, divided by (E) Phase Two Rent Commencement Date, respectivelythree hundred sixty (360). All payments To ease the administrative burden of Rent or any other sum due under this Lease shall be made payable and the Pledge Agreement, clause (2) in the formula above for calculating Base Rent reflects a reduction in the Base Rent equal to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered the interest that would accrue on any Cash Collateral required by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate Pledge Agreement from time to time if the Accounts (as defined in writing the Pledge Agreement) bore interest at the Effective Rate. Landlord has agreed to Tenant. such reduction in the Base Rent to provide Tenant shall be entitled with the economic equivalent of interest on such Cash Collateral, and in return Tenant has agreed to rely on any instructions from Landlord’s lenders to make the provisions of the Pledge Agreement that excuse the actual payment of interest on the Accounts. By incorporating such reduction of Base Rent into the formula above, and by providing for noninterest bearing Accounts in the Pledge Agreement, the parties will avoid an unnecessary and cumbersome periodic exchange of equal payments. It is not, however, the intent of Landlord or Tenant to understate Base Rent or interest for financial reporting purposes. Accordingly, for purposes of determining Tenant's compliance with the affirmative financial covenants set forth in subparagraph 9.(ac), and for purposes of any financial reports that this Lease requires of Tenant from time to time, Tenant may report Base Rent as if there had been no such lendersreduction and as if the Cash Collateral from time to time required by the Pledge Agreement had been maintained in Accounts bearing interest at the Effective Rate. Assume, in lieu only for the purpose of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days illustration of the due datecalculation of Base Rent: that after the Carrying Costs Accrual Termination Date, a late charge hypothetical Base Rent Period contains exactly ninety (90) days; that, after taking into account all Qualified Payments, the Stipulated Loss Value on the first day of one such Base Rent Period is $50,000,000; that the Certificate of Deposit Collateral Percentage for such Base Rent Period is twenty percent (120%); that the Securities Collateral Percentage for such Base Rent Period is thirty percent (30%); that the Effective Rate for the applicable Base Rent Period is 5.5%; and that the Spread for the applicable Base Rent Period is 0.5%. Under such assumptions, the Base Rent for the hypothetical Base Rent Period will equal: $50,000,000 x 50% x (5.5% + 0.5%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In additionx 90/360, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonor $375,000, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars PLUS $50,000,000 x 20% x .225% x 90/360, or $5,625, PLUS $50,000,000 x 30% x ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (105.5% + .225%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then duex 90/360, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events$214,687.5, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.= $595,312.5
Appears in 2 contracts
Samples: Lease Agreement (3com Corp), Lease Agreement (3com Corp)
Base Rent. Subject In addition to any Tenant Delay (which would result in Tenant paying Tenant’s obligation to pay Base Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in Original Premises, during the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligationsTemporary Space Term, Tenant shall pay Landlord on the Phase One Rent Commencement Date, sum of $11,603.00 per month as Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1Temporary Space, 2004 plus applicable state sales and December 1use taxes, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord with each such installment payable on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on or before the first day of each month, in advance, month during the Term of this Leaseperiod beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. Tenant shall pay to Landlord all All such Base Rent, Additional Rentplus applicable state sales and use taxes, and all other charges due and owing shall be payable by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that accordance with the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day terms of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal Lease. Notwithstanding anything to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided contrary in this Lease) Phase Two Rent Commencement DateSection 2, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on any instructions from Landlord’s lenders or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to make payment of Rent to such lendersthe contrary, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due Temporary Space Termination Date shall be paid September 30, 2012. If Landlord elects not to Landlord for each such late payment lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the checkTenant. Should Tenant present a check Only Base Rent shall be abated pursuant to Landlord that is returned from this Section, as more particularly described herein, and Tenant’s bank for any reason, Landlord reserves the right to demand that Share of Expenses and Taxes and all future rental payments be made other rent and other costs and charges specified in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (orLease, in any event hereunderas amended hereby, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be remain as due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord pursuant to accept any tender the provisions of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leaseas amended hereby.
Appears in 2 contracts
Samples: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)
Base Rent. Subject For the period commencing on the Base Rent Commencement Date 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 termination of a Leased Property. Base Rent for each Fiscal Year shall be payable in advance in twelve (12) equal installments, on the 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 as to any Tenant Delay (which would result in Tenant paying Rent attributable to partial Rental Period, based on the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout within the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent during such Rental Period and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall Rental 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 due requested in connection with any Landlord’s Debt. Notwithstanding the foregoing, Base Rent in respect of the period from and payable on including the Phase One 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 payable on, July 9, 2007 (unless otherwise provided in this Lease) Phase Two the “Base Rent Commencement Date”), respectivelywhich payment shall include (i) the First Rental Period Base Rent and (ii) Base Rent in respect of the Rental Period beginning July 9, 2007 and ending August 8, 2007. All payments of Base Rent or any other sum due under this Lease shall be made payable reduced by the applicable Base Rent Reduction Amount applicable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant any Leased Property with respect to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under which this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by terminated on the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made applicable Property Removal Date as provided in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseSection 1.8.
Appears in 1 contract
Samples: Master Lease Agreement (Cheeseburger-Ohio, Limited Partnership)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined Base Rent in the Schedule above amounts in equal monthly installments, ( the “Base Rent”) (table of Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term page of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly The Base Rent stated above and Additional Rent multiplied by a fractionpayable for the sixth (6th) Lease Month, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both daysSecurity Deposit, and the denominator first monthly installment of which shall be the number of days in such monthestimated Operating Expenses (as hereafter defined) shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent Commencement Date on or before the first day of each calendar month succeeding the sixth (6th) Lease Month in accordance with the table of Base Rent set forth on the first page of this Lease. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and (unless otherwise 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 where expressly provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered Tenant acknowledges that late payment by Tenant to LandlordLandlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, on or before the due dateexact amount of such costs being extremely difficult and impractical to determine. Therefore, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time if Tenant is delinquent in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than seven (57) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasondays, Tenant shall pay to Landlord on demand a returned check late charge equal to five percent (5%) of One Hundred Dollars such delinquent sum; provided, however, Tenant shall not incur such late charge with respect to the first late payment during any calendar year so long as Tenant pays the amount due within ten ($100.0010) together with days after receipt of written notice that such payment was not made when due. In addition, all payments required of Tenant hereunder which are more than 30 days past due shall bear interest from the date due until paid at the lesser of fifteen percent or the maximum lawful rate of interest. The parties agree that such late charge and interest represent a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be in addition to all of Landlord’s other fee charged by the bank returning the checkrights and remedies hereunder or at law and shall not be construed as a penalty. Should Additionally, Tenant present a check shall pay to Landlord that is returned from Tenant’s bank for any reasonall sales, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (oruse, in any event hereundertransaction privilege, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder excise tax that are not paid when such amounts are due and payable. All late chargesmay at any time be levied or imposed upon, or measured by, any returned check charges and any interest shall become Additional Rent and shall be due and amount payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from by Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Systemax Inc)
Base Rent. Subject to any (a) The annual base rent (the “Base Rent”) for the Premises payable by Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions is set forth in this Lease, Exhibit K.
(b) Base Rent for the Premises shall be payable by Tenant in twelve (12) equal monthly installments in advance on or before the first day of each calendar month during the Term commencing on the Phase One applicable Rent Commencement Date, and Phase Two Date (prorated in the case of the first installment if the Rent Commencement Dates, respectively, Date is not the first day of the month) and throughout on the Term first day of each calendar month thereafter. Upon the execution of this Lease, Tenant shall pay base rental for the Premises deliver to Landlord as defined a Guaranty executed by MF Global Limited, an entity whose shares are publicly traded on the New York Stock Exchange in the Schedule above form annexed hereto as Exhibit J.
(c) Notwithstanding anything to the contrary provided elsewhere in equal monthly installmentsthis Lease, ( but except as otherwise provided in this Subsection (c), and subject to the “Base Rent”) (penultimate sentence of Section 1.03, no Base Rent or Additional Rent shall be payable with respect to the period beginning on the First Portion of the 12th Floor Space Commencement Date and Additional Rent, ending on the day preceding the 12 th Floor Space Rent Commencement Date (as defined below, are hereinafter collectively referred to as “Rent”herein defined). Notwithstanding the foregoing, if Landlord is unable Tenant shall pay for electricity furnished to deliver possession the Premises from and after the First Portion of the Phase One Premises to Tenant on or before January 112th Floor Space Commencement Date, 2004 due to a Tenant Delaythe 9th Floor Space Commencement Date and the 11th Floor Space Commencement Date, then respectively in addition to accordance with the Phase One terms of Article 5 hereof. The 9th Floor Space Rent Commencement Date obligations, Tenant shall pay Landlord on mean the Phase One 9th Floor Space Commencement Date; the 11th Floor Space Rent Commencement Date shall mean the 11th Floor Space Commencement Date; and the 12th Floor Space Rent Commencement Date (with respect to both the First Portion of the 12th Floor Space and the Second Portion of the 12th Floor Space) shall mean the date which is five (5) consecutive calendar months following the Second Portion of the 12th Floor Space Commencement Date. The 9th Floor Space Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One 11th Floor Space Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two the 12th Floor Space Rent Commencement Date shall be referred to herein individually as a “Rent Commencement Date, respectively”. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before Notwithstanding the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In additionforegoing, in the event that any check from Tenant for payment due under this the Xxxxxxx Lease is returned by a bank for any reasonterminates prior to September 30, 2010, Tenant shall will pay rent and additional rent (on account of operating expenses and real estate taxes) to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by for the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made 9th Floor Space in the form of cashiers’ checks. Tenant also agrees amount as would be payable pursuant to pay Landlord interest at a rate of ten percent (10%) per annum (orthat certain sublease dated July 18, in any event hereunder2002, the maximum rate permitted by Applicable Lawbetween Xxxxxxx Xxxxx, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on accountas Sublandlord, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this LeaseMan Group USA, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then dueInc., or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunderas Subtenant, and the balance9th Floor Space Rent Commencement Date will not occur until October 1, if any2010; in the event the Cornerstone Lease terminates prior to July 31, 2008, Tenant will be returned promptly to Tenant. Any payments or charges due from Tenant pay rent and additional rent (on account of operating expenses and real estate taxes) to Landlord under this Lease shall for the 11th Floor Space in the amount as would be considered payable pursuant to that certain license agreement dated June 18, 2004, between Cornerstone, as Licensor, and Man Group USA Inc., as Licensee, and the 11th Floor Space Rent for all purposes of this LeaseCommencement Date will not occur until August 1, 2008.
Appears in 1 contract
Samples: Lease (MF Global Ltd.)
Base Rent. Subject Lessee shall pay to Lessor Base Rent on each Rent Payment Date during the Base Term in the amount set forth in the "Base Rent" column on Schedule 3.1 attached hereto and incorporated herein, and shall pay to Lessor Base Rent on each Rent Payment Date during any Tenant Delay (which would result in Tenant paying Renewal Term as prescribed by Article 5. Notwithstanding the payment schedule for Base Rent attributable to for the number of days of Tenant Delay, Base Term as set forth on Schedule 3.1, the amounts of rent (other than Supplemental Rent) on account of the use of the Property which are allocated to each semi-annual period ending on August 14 or February 14 (for purposes of this Section 3.1 and Section 3.6, a "semi annual period") during the Base Term shall equal the amounts set forth in the column of Schedule 3.1 titled "Allocated Rent" for such period. To the extent the Base Rent payable in any semi-annual period exceeds the Allocated Rent for such period, the amount of such excess shall be treated as a reduction in the cumulative Deferred Rent ( as defined below) for all prior semi-annual periods, offset day and to the extent such excess exceeds the cumulative Deferred Rent for day by all prior semi-annual periods (the number of days of delay caused by Landlord"Prepaid Rent"), Tenant Allowance the amount of such Prepaid Rent shall thereafter be treated as a reduction in the amount by which the Allocated Rent for future semi-annual periods exceeds the Base Rent payable in such semi-annual periods. To the extent that the Allocated Rent for any semi-annual period exceeds the Base Rent payable in such semi-annual period, the amount of such excess shall be treated as a reduction in cumulative Prepaid Rent (as defined above) for all prior semi-annual periods, and to the extent such excess exceeds the cumulative Prepaid Rent for all prior semi-annual periods (the "Deferred Rent"), the amount of such Deferred Rent shall thereafter be treated as a reduction in the Work Letter) credits or amount by which the Base Rent payable in future semi-annual periods exceeds the Allocated Rent for such semi-annul periods. Neither the Prepaid Rent nor the Deferred Rent will bear interest. Lessor shall have no obligation to apply the Prepaid Rent to offset any obligation of Lessee other provisions set forth in this Lease, commencing than Lessee's liability for Allocated Rent. Lessee shall have no obligation to make any payment to Lessor on account of Allocated Rent other than the Phase One scheduled payments of Base Rent. The allocation of Allocated Rent Commencement Dateis intended to constitute a specific allocation of rent under Treasury Regulation Section 1.467-1(c)(2)(ii)(A), and Phase Two Rent Commencement Datesthe existence, respectivelytiming, and throughout amount of, and any adjustments to, Allocated Rent, Prepaid Rent and Deferred Rent are intended to be utilized solely for such purpose. Notwithstanding anything herein to the Term contrary, neither the existence or amount of, or timing of this Leaseadjustments to, Tenant Allocated Rent, Prepaid Rent or Deferred Rent shall in any way affect the timing, amount or unconditional nature of Lessee's obligations to pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”)or any other amounts payable under this Lease Agreement. Notwithstanding In the foregoing, if Landlord is unable to deliver possession event of any other termination of the Phase One Premises Lease prior to Tenant on the scheduled expiration of the Base Term, regardless of whether caused by the acts or before January 1, 2004 due to a Tenant Delayomissions of Lessee or otherwise, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only (and not in the amount attributable substitution for) any other rights and remedies to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall which Lessor may be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant entitled under this Lease withoutAgreement or otherwise, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant Lessor shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In retain the event Tenant shall fail to pay a monthly installment of Rent within five (5) days then unapplied portion of the due date, Prepaid Rent in consideration for the loss incurred by Lessor as a late charge result of one percent (1%) such early termination of the amount due shall be paid to Landlord for each Lease, it being agreed by the parties hereto that such late payment portion of the Prepaid Rent and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged rights and remedies to which Lessor is then entitled reflect the loss incurred by the bank returning the check. Should Tenant present Lessor as a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord result of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leaseearly termination.
Appears in 1 contract
Samples: Lease Agreement (Txu Corp /Tx/)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable Except as otherwise expressly provided herein to the number contrary, Subtenant covenants and agrees during the Term to pay Base Rent and Additional Rent (as 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 hereafter designate in writing. Base Rent and Additional Rent shall be paid in lawful money of days the United States, without notice, demand, set-off, abatement or deduction whatsoever (except to the extent any abatement is permitted under the Master Lease), at the times and in the manner herein specified. For the purposes of Tenant Delaythis Sublease, the term “Additional Rent” shall have the same meaning and amounts as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing Master Lease and shall be payable by Subtenant on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and entire Subleased Premises throughout the Term of this Lease, Tenant Sublease beginning on the Sublease Commencement Date. Base Rent shall pay base rental for the Premises to Landlord as defined in the Schedule above be paid in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rentin advance, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each monthand every month throughout the Term, in advanceaccordance with the Schedule of Base Rent set forth below, during commencing on the Term Sublease Commencement Date. Contemporaneously with the execution of this Lease. Tenant Sublease, Subtenant shall pay to Landlord all 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 RentRent 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 RentRent for the initial partial month of the Term shall be prorated based upon the number of calendar days in such month, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that shall be payable on the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periodsSublease Commencement Date. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day any installment of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and or of Additional Rent multiplied by a fractionis not paid when due, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant Subtenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunderSublandlord, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due charges under Sections 4.2 and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance 31 of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Master Lease.
Appears in 1 contract
Base Rent. Subject Tenant covenants and agrees to any Tenant Delay pay to Landlord, without prior demand and without offset, deduction or abatement, base rent for the full Lease Term in the amount (which would result in Tenant paying Rent attributable to the number before Cost of days Living Increases) of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord$307,473.75 (“Base Rent”), for a Minimum annual Base Rent of $102,491.25 before adjustments. For each twelve month period following the preceding twelve full months of the Lease Term, Tenant Allowance shall pay as Additional Rent any such amount as may be necessary to increase the annual Base Rent (calculated upon a rate of $9.05 per rentable square foot) by three percent (3%) in excess of the prior twelve month period. Tenant shall further pay as defined Additional Rent any sales or use tax imposed on rents collected by Landlord or any tax on rents in lieu of ad valorem taxes on the Work LetterBuilding, even though laws imposing such taxes attempt to require Landlord to pay the same. If any such sales or use tax shall be imposed upon Landlord, and Landlord shall be prohibited by applicable law from collecting the amount of such tax from Tenant as Additional Rent. then Landlord, upon sixty (60) credits or other provisions set forth in days prior written notice to Tenant, may terminate this Lease, commencing unless Tenant legally can and does in fact reimburse Landlord for such tax. Unless expressly otherwise provided herein, Rent (as hereinafter defined) shall commence on the Phase One Rent earlier of: (i) sixty days following the Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout ; (ii) occupancy of the Term Premises by Tenant. For the purposes of this Lease, Tenant shall pay base rental for the installation or storage of the computer system in the conference room area does not define occupying the Premises, (iii) the date Landlord has the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rentready for occupancy by Tenant, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding such date is adjusted under the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balanceWorkletter, if any, will be returned promptly attached hereto; or (iv) the date Landlord could have had the Premises ready had there been no Delays attributable to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 1 contract
Samples: Net Lease (TopBuild Corp)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined Base Rent in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise amounts set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term page of this Lease. Tenant shall promises to pay to Landlord all in advance, without demand, deduction or set-off, monthly installments of Base Rent, Additional Rent, and all other charges due and owing Rent on or before the first business day of each calendar month succeeding the Commencement Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease withoutare independent obligations and shall constitute rent. Tenant shall have no right at any time to xxxxx, counterclaim, deduction, prior demandreduce, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord set-off any rent due hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise except where expressly provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall not be delivered excused from paying any rent due hereunder for any reason whatsoever, except as expressly set forth to the contrary in this Lease. Tenant acknowledges that late payment by Tenant to LandlordLandlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, on or before the due dateexact amount of such costs being extremely difficult and impractical to determine. Therefore, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time if Tenant is delinquent in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasondays, Tenant shall pay to Landlord on demand a returned check late charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check equal to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten five percent (105%) per annum (or, in any event hereunder, of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the maximum rate permitted costs that Landlord will incur by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when reason of such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount Xxxxxx. The late charge shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunderrent, and the balance, if any, will be returned promptly right to Tenant. Any payments or charges due from Tenant to Landlord under this Lease require it shall be considered Rent in addition to all of Landlord’s other rights and remedies for all purposes a payment failure of this LeaseTenant, including the right to charge interest on the past due amount.
Appears in 1 contract
Base Rent. Subject A. Tenant covenants and agrees to any pay to Landlord for the Leased Premises base rent ("Base Rent") at the rate of thirty-four cents (34 cents) per square foot per month (the "Base Rent Rate"), in advance, in equal monthly installments of $114,147.86 per month ($1,369,744.32 per year). Landlord and Tenant Delay (which would result acknowledge that the foregoing monthly and annual amounts are based on the assumption that the Labeltech Space constitutes 2,279 square feet. At the time Landlord and Tenant determine the actual square footage of the Labeltech Space as provided in Tenant paying Paragraph 1(B) above, the monthly and annual Base Rent attributable amounts will be adjusted accordingly. Further, at such time as the Labeltech Space is added to the number Leased Premises in accordance with the provisions of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by LandlordParagraph 1(B), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall will pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rentwith respect thereto at the Base Rent Rate. Base Rent shall be payable, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession in lawful money of the Phase One Premises to Tenant United States, on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, calendar month during the Lease Term, except that the rental payment for any fractional calendar month at the commencement or end of the Lease Term of this Lease. Tenant shall pay be prorated.
B. All sums, charges and other payments to Landlord all Base Rent, Additional Rent, and all other charges due and owing be made by Tenant under any of the provisions of this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, supplemental rent ("Supplemental Rent"). Base Rent and no restrictive endorsement or statement on any check or payment Supplemental Rent shall be deemed collectively referred to alter the express provisions of this Lease, nor constitute an accord and satisfaction. herein as "Rent".
C. All Rent payable to Landlord may accept less than the full amount then due from shall be paid by Tenant without prejudice to Landlord at Landlord’s right to recover the balance of the full amount then due's address specified herein, or to pursue any such other remedies then available person and/or at such other address as Landlord may direct by notice to Tenant.
D. It is the purpose and intent of Landlord and Tenant that the Rent payable hereunder shall be absolutely net to Landlord under this Lease and that Tenant shall pay, without notice or Applicable Law. In demand (except as otherwise provided herein) and without abatement or set-off, all eventscosts, including but not limited Impositions (subject to Landlord’s acceptance the provisions of a partial payment from TenantParagraph 5 hereof), any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunderinsurance premiums, then to any current rental or other payment then due hereunderwater, gas and electric light and power bills, and other utilities, taxed, levied or charged against the balanceLeased Premises for and during the Lease Term and any extensions thereof, if anyand all other expenses and obligations of any kind and nature relating to the Leased Premises, will be returned promptly except to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasethe extent expressly provided herein.
Appears in 1 contract
Samples: Lease Agreement (Modus Media International Holdings Inc)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “The first full calendar month’s Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on to Landlord at least 10 days prior to the Commencement Date. Tenant shall pay Landlord the difference between the prepaid Base Rent and the Fixed Monthly Rent (as hereinafter defined) payable for the first month of the Term within 30 days following receipt of Landlord’s invoice for Fixed Monthly Rent first payable under this Lease (the “FMR Invoice”). The term “Fixed Monthly Rent” shall mean the aggregate monthly installments of Adjusted Base Rent (as defined in Section 4 below) and Equipment Rent (if any). On or before the first day of each month, in advance, during calendar month of the Term following Tenant’s receipt of this Lease. the FMR Invoice, Tenant shall pay to Landlord all Base Rentin advance, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior without demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount abatement (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, except as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided expressly permitted in this Lease) Phase Two Rent Commencement Date), respectively. All payments 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 any to such other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 person or at such other place as Landlord may designate from time to time designate in writing writing. Payments of Fixed Monthly Rent for any fractional calendar month shall be prorated. The obligation of Tenant to Tenantpay 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 entitled expressly provided in this Lease (and except for Tenant’s right to rely 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 as a component of Fixed Monthly Rent for the Premises for the period commencing on any instructions from Landlord’s lenders the first day of the 7th full month of the Base Term 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 make provide for the payment of TI Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Equipment Rent obligations to Landlord in such paid amountsonly. In the event Tenant shall fail resume paying full Base Rent on the first day of 17th month of the Term. Tenant shall continue to pay a monthly installment of all TI Rent, Equipment Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment Rent due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by during the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Base Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseAbatement Period.
Appears in 1 contract
Samples: Lease Agreement (Verenium Corp)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying a) The annual Base Rent attributable to during the number Lease Term of days of Tenant Delay, this Lease shall as set forth in the Lease Agreement Summary, and during any Renewal Lease Term shall be as calculated pursuant to Paragraph 35 below, offset day for day and shall be payable by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant installments on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all the first monthly installment, or portion thereof for an occupancy of less than one month, on the Commencement Date. Proration of Base Rent, Additional RentRent for an occupancy of less than one month shall be on the basis of a month of thirty days.
(b) All Base rent due herein, and all other charges due and owing Additional Rent (as defined below), shall be paid in U.S. funds by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence check drawn on a date other than U.S. bank at the first day office of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 Landlord or at such other place as designated by Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlordtime, without any prior demand and without any deduction or set-off whatsoever promptly on the dates due. If any check(s) drawn by Tenant incurring are not honored when presented on more than two (2) occasions in any liability period of twelve (12) consecutive months, Landlord may, by written notice to Tenant and in addition to any other remedy available to Landlord therefor and in such eventas provided herein or at law, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand require that all future rental payments of Base Rent and Additional Rent be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent paid by electronic funds transfer or by bank or certified check.
(10%c) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or All other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease lease, including, but not limited to Operating Expenses (as defined below), repairs, maintenance, real estate taxes, insurance, roof maintenance and management fees (if any), shall be considered Rent treated as additional rent (“Additional Rent” and together with Base Rent, “Rent”) and Landlord shall have the same remedies for all purposes non-payment as for non-payment of this LeaseBase Rent.
Appears in 1 contract
Samples: Lease Agreement (PharMEDium Healthcare Holdings, Inc.)
Base Rent. Subject Tenant shall pay an annual base rent (annual base rent is hereinafter referred to any Tenant Delay (which would result as "Base Rent" and monthly installments of Base Rent are hereinafter referred to as "Monthly Base Rent") to Landlord for the Premises in Tenant paying Rent attributable to the number of days of Tenant Delay, monthly installments as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined described in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term Reference Data page of this Lease, Tenant shall pay base rental for in advance on the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession first day of the Phase One Premises to Term and on the first day of each calendar month thereafter of the Term, and at the same rate for fractions of a month if the Term begins on any day except the first day of a calendar month or ends on any day except the last day of a calendar month. Provided that (i) Tenant on or before January 1, 2004 due to a is the original Tenant Delay, named herein; (ii) Tenant is not then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all default under any of the terms and conditions of this Lease exceptand the Lease be and remains in full force and effect, and (iii) Tenant is then in actual, physical possession of the entire Premises, then Tenant shall be granted a credit towards Base Rent as follows: Lease Month Amount of Credit 1 $ 10,057.13 2 $ 10,057.13 7 $ 10,057.13 14 $ 10,057.13 (the above four (4) Lease Months during which Tenant is being granted a credit towards Base Rent as described above is hereinafter referred to as the applicable space“First Rent Credit Term”, with Tenant herein acknowledging that this particular Base Rent credit is only being given in the amounts described above and only for Lease Months one (1), two (2), seven (7) and fourteen (14) as described above). In addition, during the period commencing on the Commencement Date and ending and expiring on March 31, 2011 (the “Second Rent Credit Term”), Tenant shall pay no be granted an additional credit towards Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable of $8,379.67 per Lease Month during the Second Rent Credit Term, such credit sum to be applied on a pro rata basis for any partial month occurring during such Second Rent Credit Term based on the number of days in any such partial month. The aforementioned credits towards Base Rent to be granted to Tenant as described in this Section 3.1 during the Tenant Delay First Rent Credit Term and Second Rent Credit Term are herein collectively referred to as the "Rent Credit". In the event the amount of any Rent Credit to be applied in any one Lease Month is greater than the amount of the Monthly Base Rent otherwise payable during such Lease Month, the difference between the amount of the Rent Credit to be applied towards such Lease Month and the amount of the Monthly Base Rent otherwise payable during such Lease Month, shall be applied as a credit against the Monthly Base Rent payable for the Phase Two Premises as Landlord’s sole remedy therefornext following Lease Month. Unless otherwise set forth in this Lease, each monthly installment In the event that on the date any amount of Rent shall Credit is to be due and payable promptly on the first day of each monthapplied, in advance, or at any time thereafter during the Term of this Lease. Lease Tenant shall pay to Landlord all Base Rentis (x) not the original Tenant named herein, Additional Rent, (y) in default under any of the terms and all other charges due and owing by Tenant under conditions of this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing Lease is not intended to waive Tenant’s rights against Landlord at law in full force and effect or (z) not in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day actual, physical possession of the monthentire Premises, then the Rent for such month Credit theretofore applied against Base Rent or thereafter to be applied against Base Rent shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both daysentirely forfeited, and the denominator equivalent amount of which any such Rent Credit theretofore applied to the Base Rent shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered immediately remitted by Tenant to Landlord, on or before the due date, Landlord as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leaseadditional rent.
Appears in 1 contract
Samples: Office Lease (Careadvantage Inc)
Base Rent. (a) Subject to any the provisions of this Paragraph 3.1, Tenant Delay agrees to pay during the Term as Base Rent for the Premises the sums specified in the Basic Lease Information (which would result as increased from time to time as provided in Tenant paying the Basic Lease Information or as may otherwise be provided in this Lease)("Base Rent").
(b) Base Rent attributable to the number of days of Tenant Delay, shall increase as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits Basic Lease Information or other provisions set forth as may otherwise be provide in this Lease.
(c) Except as expressly provided to the contrary herein, Base Rent shall be payable in equal consecutive monthly installments, in advance, without deduction or offset, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly continuing on the first day of each monthcalendar month thereafter. However, in advance, during the Term first full monthly installment of Base Rent shall be payable upon Tenant's execution of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that If the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Term Commencement Date or Phase Two Commencement Date shall commence on is a date day other than the first day of the a calendar month, then the Rent for such month the Partial Lease Month (the "Partial Lease Month Rent") shall be prorated and such prorated amount (which based on a month of 30 days. The Partial Lease Month Rent shall be equal payable by Tenant on the first day of the calendar month next succeeding the Term Commencement Date. Base Rent, all forms of additional rent payable hereunder by Tenant and all other amounts, fees, payments or charges payable hereunder by Tenant (collectively, "Additional Rent") shall (i) each constitute rent payable hereunder (and shall sometimes collectively be referred to herein as "Rent"), (ii) be payable to Landlord in lawful money of the United States when due without any prior demand therefore, except as may be expressly provided to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both dayscontrary herein, and the denominator of which shall (iii) be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant Landlord at Landlord's Remittance Address set forth in the Basic Lease Information or to Landlord, on such other person or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at to such other place as Landlord may designate from time to time designate in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Any Rent or other sums due amounts payable to Landlord by Tenant hereunder that are not paid when such amounts are due and payable. All late charges, for any returned check charges and any interest shall become Additional Rent and fractional month shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender prorated based on a month of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease30 days.
Appears in 1 contract
Samples: Office Lease (Business Bancorp /Ca/)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Lettera) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined Base Rent in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise amounts set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term page of this Lease. Tenant shall pay to Landlord all The initial monthly Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both daysSecurity Deposit, and the denominator initial monthly installment of which shall be Tenant’s Proportionate Share of the number of days in such monthestimated Operating Expenses (as hereafter defined) increase over the Base Year (as hereafter defined) shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and (unless otherwise other sums to Landlord shall constitute rent 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 where expressly provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered Tenant acknowledges that late payment by Tenant to LandlordLandlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, on or before the due dateexact amount of such costs being extremely difficult and impractical to determine. Therefore, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time if Tenant is delinquent in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasondays, Tenant shall pay to Landlord on demand a returned check late charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check equal to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten five percent (105%) per annum (or, in any event hereunder, of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the maximum rate permitted costs that Landlord will incur by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when reason of such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount Tenant. The late charge shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunderrent, and the balance, if any, will be returned promptly right to Tenant. Any payments or charges due from Tenant to Landlord under this Lease require it shall be considered Rent in addition to all of Landlord’s other rights and remedies for all purposes a payment failure of this LeaseTenant, including the right to charge interest on the past due amount.
Appears in 1 contract
Samples: Lease Agreement (Avi Biopharma Inc)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Leaseabove. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) The Security Deposit shall be due and payable on the Phase One date hereof, and the first month's Base Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a first monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become estimated Additional Rent and for Common Area Land shall be due and payable immediately along with on the Rent Commencement Date. Tenant promises to pay to Landlord in advance, without demand, deduction or set-off (except as expressly provided in this Lease), monthly installments of Base Rent on or before the first day of each calendar month succeeding the Rent Commencement Date. Payments of Base Rent for any fractional calendar month shall be appropriately prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such other address in the United States as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent or 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 then except as may be expressly provided in arrearsthis Lease. Nothing contained herein Within ten (10) days after the Substantial Completion of the Building Shell (as defined in Addendum 2), Landlord, at Landlord's cost and expense, shall require Landlord have Landlord's project architect measure the square footage of the Building from dripline to accept any tender dripline on each side of payment from Tenant for the exterior of the outer walls of the Building. If the measured square footage of the Building (as finally determined under this paragraph) is less than 600,000 square feet, then this Lease shall be amended to reflect the full amount then due actual measured square footage of the Building, the monthly Base Rent under this Leasethe Lease shall be reduced (both retroactively and for the remainder of the Lease Term) by $3.48 per year for each square foot by which the Building is less than 600,000 square feet, including any and all interest Tenant's Project Proportionate Share and attorneys’ fees that may then Additional Rent for the Common Area Land shall be due from Tenant adjusted accordingly (both retroactively and for the remainder of the Lease Term). Within 5 days after Landlord's architect determines the square footage of the Building in accordance with the express method contained in the first sentence of this paragraph, Landlord shall cause Landlord's project architect to certify to Landlord and Tenant in writing such determination of the square footage of the Building. Tenant's architect may review such certification and if Tenant's architect disputes such measurement, then Landlord's project architect and Tenant's architect shall use good faith efforts to try and resolve the dispute over the measurement. In connection therewith, Tenant's architect shall have the right to measure the Building in accordance with the method of measurement set forth in the first sentence of this paragraph. If the two architects are unable to resolve the dispute over the measurement within 15 days, then the two architects shall choose a third architect who is impartial and independent and the third architect shall measure the total square footage of the Building in accordance with the terms of this Lease. Landlord may elect to accept less than paragraph and the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord third architect's measurement of such lesser amount the square footage of the Building shall be deemed to be other than payment final and binding on account, both Landlord and no restrictive endorsement or statement on any check or payment shall be deemed to alter Tenant. If the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance measured square footage of the full amount then due, or to pursue any other remedies then available to Landlord Building (as finally determined under this Lease paragraph) is equal to or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereundergreater than 600,000 square feet, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall not be considered Rent for all purposes of this Leaseamended or modified.
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Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined Base Rent in the Schedule above in equal monthly installments, ( the “Base Rent”) (amount set forth above. The first month’s Base Rent and Additional Rentthe Security Deposit, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder (or to such other party as Landlord may from time to time specify in writing) shall be made by 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 (unless otherwise other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or If Tenant is delinquent in any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Base Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonmore than 5 days, Tenant shall pay to Landlord on demand a returned check late charge of One Hundred Dollars equal to four ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (104%) per annum (or, percent of such delinquent sum. The provision for such late charge shall be in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on addition to all Rent of Landlord’s other rights and remedies hereunder or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent at law and shall not be due and payable immediately along with such other Rent or other sums due hereunder then in arrearsconstrued as a penalty. Nothing Notwithstanding anything to the contrary contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; howeverherein, no payment by Tenant or receipt by Landlord of such lesser amount Base Rent shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this for the last four (4) months of the Lease Term; provided however, that if Tenant extends the Lease Term as provided in Addendum 2 herein, the period during which no Base Rent shall be considered Rent for all purposes due shall be the last four (4) moths of this Leasethe Extension Term.
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Base Rent. Subject Tenant agrees to any Tenant Delay (which would result in Tenant paying pay monthly as Base Rent attributable to during the number Term of days of Tenant Delay, as set forth below, offset day for day by this Lease the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions sum set forth in Section 1.5 of this Lease, commencing which amount shall be payable to Landlord at the address shown above. The first monthly installment of Base Rent shall be due and payable to Landlord on the Phase One Rent Commencement Date, Date for the first month’s rent and Phase Two Rent each monthly installment of rent shall be due and payable on or before the first day of each calendar month succeeding the Commencement Dates, respectively, and throughout Date during the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoingprovided, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall should be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the a calendar month, Rent for such month the monthly rental set forth above shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive that calendar month during the term of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenderspay, in lieu of Landlordas additional rent, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from . Tenant in accordance with shall pay the express terms of this Lease. first Delivery Fee payment to Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to immediately upon Landlord’s right to recover the balance delivery of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly Premises to Tenant. Any payments Notwithstanding anything in this Lease to the contrary, if Landlord cannot deliver possession of the Premises to the Tenant on the Delivery Date due to a holding over by a prior tenant, Tenant’s default, or charges due from Tenant to Landlord under casualty affecting the Premises, this Lease shall not be considered Rent void or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting therefrom, but the Delivery Fee and all purposes rents and other amounts due hereunder shall be abated until Landlord delivers possession and the expiration date of this Leasethe Lease shall be extended by the corresponding number of days that the Commencement Date is postponed. Provided, however, if Landlord does not deliver possession of the Premises to Tenant within thirty (30) days after the Delivery Date, then Tenant may terminate the Lease upon giving Landlord written notice.
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Base Rent. Subject Tenant agrees to any Tenant Delay (which would result in Tenant paying pay to Landlord the Base Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Leasethe Basic Lease Information, commencing on the Phase One Rent Commencement Datewithout prior notice or demand, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, and every calendar month during the Term of this Lease. Tenant shall pay to Landlord all Term, except that Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than for the first day full calendar month in which Base Rent is payable shall be paid prior to February 1, 2017 and Base Rent for any partial month at the beginning of the month, Term shall be paid on the Commencement Date. Base Rent for such any partial month at the beginning or end of the Term shall be prorated and such prorated amount (which shall be equal to based on the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the actual number of days in such the month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided . Notwithstanding anything in this LeaseLease to the contrary, so long as no Event of Default (as defined in Section 15.1 below) Phase Two Rent Commencement Datethen exists, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders an abatement of Base Rent with respect to make payment the Premises in the monthly amount of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In $445,280.35 for the event Tenant shall fail to pay a monthly installment of Rent within five first six (56) days full months of the due date, a late charge initial Term (the “Rent Abatement Period“). The maximum total amount of one percent (1%) of Base Rent abated with respect to the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant Premises in accordance with the express terms foregoing shall equal $2,671,682.10 (the “Abated Base Rent“). If an Event of Default occurs at any time during the Rent Abatement Period, then Tenant’s right to receive the Abated Base Rent shall toll (and Tenant shall be required to pay Base Rent during such period of any Event of Default) until Tenant has cured the same, and at such time Tenant shall be entitled to receive any unapplied Abated Base Rent until fully applied. Only Base Rent shall be abated pursuant to this Section, as more particularly described herein, and Tenant’s Share of Operating Costs and Taxes and all other Rent and other costs and charges specified in this Lease shall remain as due and payable pursuant to the provisions of this Lease. Landlord may elect If the Basic Lease Information provides for any change in Base Rent by reference to accept less than years or months (without specifying particular dates), the full amount then due from Tenant hereunder; however, no payment by Tenant change will take effect on the applicable annual or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance monthly anniversary of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but Commencement Date (which might not limited to Landlord’s acceptance be the first day of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasecalendar month).
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Samples: Lease Agreement (FireEye, Inc.)
Base Rent. (a) Subject to any the provisions of Paragraph 2(b) and this Paragraph 3.1, Tenant Delay agrees to pay during the Term as Base Rent for the Premises the sums specified in the Basic Lease Information (which would result as increased from time to time as provided in Tenant paying the Basic Lease Information or as may otherwise be provided in this Lease) ("BASE RENT").
(b) Base Rent attributable to the number of days of Tenant Delay, shall increase as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits Basic Lease Information or other provisions set forth as may otherwise be provided in this Lease.
(c) Except as expressly provided to the contrary herein, Base Rent shall be payable in equal consecutive monthly installments, in advance, without deduction or offset, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly continuing on the first day of each monthcalendar month thereafter. However, the first installment of Base Rent in advance, during the amount of $17,442 shall be payable by Tenant simultaneously with the execution of this Lease by Landlord and Tenant. If the Term of this LeaseCommencement Date is a day other than the Scheduled Commencement Date, then Landlord shall credit Tenant's December Base Rent in an amount equal to $1,162.80 per day for each day commencing on November 17, 1999 until the Term Commencement Date. Tenant shall pay to Landlord all Base Rent, Additional Rent, all forms of additional rent payable hereunder by Tenant and all other amounts, fees, payments or charges due and owing payable hereunder by Tenant under this Lease without(collectively, counterclaim"ADDITIONAL RENT") shall (i) each constitute rent payable hereunder (and shall sometimes collectively be referred to herein as "RENT"), deduction(ii) be payable to Landlord in lawful money of the United States when due without any prior demand therefor, prior demandexcept as may be expressly provided to the contrary herein, or set off, in legal tender; provided, that the foregoing is not intended and (iii) be payable to waive Tenant’s rights against Landlord at law or in equity Landlord's Remittance Address set forth in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date Basic Lease Information or Phase Two Commencement Date shall commence on a date to such other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal person or to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time designate in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Any Rent or other sums due amounts payable to Landlord by Tenant hereunder that are not paid when such amounts are due and payable. All late charges, for any returned check charges and any interest shall become Additional Rent and fractional month shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender prorated based on a month of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease30 days.
Appears in 1 contract
Samples: Office Lease (Intraware Inc)
Base Rent. Subject to any The Base Rent payable by Tenant Delay for the Premises during each Renewal Term shall be ninety-five percent (which would result in Tenant paying Rent attributable to the number 95%) of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance Market Rate (as defined in the Work Letterbelow) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises Premises, valued as of the commencement of such Renewal Term; provided, however, that in no event shall the annual Base Rent payable by Tenant for any year of the Renewal Terms be less than the annual Base Rent payable by Tenant during the twelve (12) month period immediately preceding the commencement of such Renewal Term (without regard to Landlord as defined in the Schedule above in equal monthly installments, ( the any abatements of Rent on account of casualty or otherwise) (“Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “RentFloor”). Notwithstanding As used herein, the foregoingterm “Market Rate” shall mean the annual amount of Base Rent that a willing tenant would pay, if Landlord is unable and that a willing landlord would accept, at arm’s length, for space comparable to deliver possession the Premises within the Project or other comparable first class office projects in the vicinity of the Phase One Premises Project (the “Comparison Projects”), based upon binding lease transactions for tenants in the Comparison Projects that, where possible, commence or are to Tenant on commence within six (6) months prior to or before January 1within six (6) months after the commencement of the Renewal Term (“Comparison Leases”). Comparison Leases shall include renewal and new non-renewal tenancies, 2004 due but shall exclude subleases and leases of space subject to a Tenant Delay, then in addition another tenant’s expansion rights. Rental rates payable under Comparison Leases shall be adjusted to account for variations between this Lease and the Comparison Leases with respect to: (i) the length of the Renewal Term compared to the Phase One Rent Commencement Date obligationslease term of the Comparison Leases; (ii) rental structure, Tenant shall pay Landlord on including, without limitation, rental rates per rentable square foot (including type, gross or net, and if gross, adjusting for base year or expense stop), additional rental, escalation provisions, all other payments and escalations; (iii) the Phase One Rent Commencement Date, Base Rent only in size of the amount attributable Premises compared to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession size of the Phase One Premises to Tenant upon substantial completion premises of the Comparison Leases; (iv) free rent, moving expenses and other cash payments, allowances or other monetary concessions affecting the rental rate; (v) the age and quality of construction of the Building; and (vi) leasehold improvements thereto. If Landlord substantially completes and/or allowances, including the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004amounts thereof in renewal leases, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In additiontaking into account, in the event that any check from Tenant for payment due under case of renewal leases (including this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunderLease), the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord value of existing leasehold improvements to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leaserenewal tenant.
Appears in 1 contract
Samples: Lease (Pericom Semiconductor Corp)
Base Rent. Subject Tenant shall pay to any Tenant Delay Landlord, as rent for the Premises, in advance, on the first day of each calendar month, commencing on the Commencement Date (which would result in Tenant paying Rent attributable but subject to the number of days of Tenant DelayBase Rent conditional abatement referred to in Paragraph 1.10 above) and continuing throughout the Lease Term, as the Base Rent set forth belowin Paragraph 1.10 above (and Paragraph 3.3 above, offset day if applicable). Base Rent shall be prorated, based on thirty (30) days per month, for day by any partial month during the number of days of delay caused by Landlord)Lease Term. Base Rent shall be payable, Tenant Allowance (except as defined in the Work Letter) credits or other provisions otherwise expressly set forth in this Lease, commencing on without deduction, offset, prior notice or demand in lawful money of the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises United States to Landlord at the address herein specified for purposes of notice or to such other persons or such other places as defined Landlord may designate in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”)writing. Notwithstanding the foregoing, at Tenant’s request Landlord shall provide Landlord’s banking information (“Landlord’s ACH Account Information”) so that Tenant can pay Base Rent and Additional Rent (as defined below) by Electronic Funds Transfer (EFT) as an Automated Clearing House (“ACH”) transaction. Any such ACH transfers shall be paid by Tenant, from Tenant’s account in a bank or financial institution designated by Tenant and credited to Landlord’s bank account as Landlord shall have designated in Landlord’s ACH Account Information. Tenant shall not be in default of Tenant’s obligation to pay Base Rent and/or Additional Rent if Landlord is unable to deliver possession of and for so long as Tenant shall timely comply with ACH transfer requirements and accurately state Landlord’s ACH Account Information. However, if Tenant shall have timely complied with ACH transfer requirements, but the Phase One Premises to Tenant on applicable funds shall thereafter have been misdirected or before January 1, 2004 due to a Tenant Delaynot accounted for properly by the recipient bank designated by Landlord, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay reasonably cooperate with Landlord on in an effort to recover the Phase One Rent Commencement Date, Base Rent only in misdirected funds and the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord same shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, not relieve Tenant’s or its approved subtenant’s early occupancy of obligation to make the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, payment so transferred (but Tenant shall not be liable required to be out-of-pocket the applicable payment amount in a duplicate amount due to such misdirected payment or payment not accounted for properly by the cost of utilities consumed by Tenant recipient bank), but shall toll the due date for such payment until the applicable funds shall have been located and deposited in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periodsbank account. In the event that Landlord elects to designate a different bank or financial institution into which any ACH transfer is to be deposited, written notification of such change and the Phase One Rent Commencement Date or Phase Two Commencement Date required documents, instruments, authorizations, and any modified Landlord’s ACH Account Information, must be delivered to Tenant no later than 30 days prior to the date such change is to become effective. Tenant shall commence on make a date other than verbal confirmation with the first day Landlord party identified in Paragraph 1.14 of this Lease (who is Xxxx Xxxxxx as of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator date of which shall be the number execution of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent upon receiving the initial ACH or any other sum due under this Lease shall be made payable new ACH account information to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before verify the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days accuracy of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasesame.
Appears in 1 contract
Samples: Lease Agreement (Rambus Inc)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to set forth above. The first month's Base Rent, the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004Security Deposit, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each first monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount estimated Operating Expenses (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such monthhereafter defined) shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and (unless otherwise 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) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled waives and releases all statutory liens and offset rights as to rely on rent. If Tenant is delinquent in any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Base Rent within five (5) or of estimated Operating Expenses beyond 5 days of after the due datedate thereof, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated after notice as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonprovided below, Tenant shall pay to Landlord on demand a returned check late charge equal to 5 percent of One Hundred Dollars ($100.00) together with such other fee charged by delinquent sum, to help defray the bank returning the check. Should Tenant present a check additional costs and expenses to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checksprocessing such late payment. Tenant also agrees shall not be obligated to pay the late charge until Landlord interest has given Tenant 3 days written notice of the delinquent payment (which may be given at a rate of ten percent (10%) per annum (orany time during the delinquency); provided, however, that such notice shall not be required more than twice in any event hereunder, 12-month period or four times over the maximum rate permitted by Applicable Law, whichever is less) on Lease Term. The provision for such late charge shall be in addition to all Rent of Landlord's other rights and remedies hereunder or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent at law and shall not be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of construed as a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasepenalty.
Appears in 1 contract
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay to Landlord base rental rent for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “("Base Rent”") (as specified on the Basic Lease Term Sheet during the Primary Lease Term. All installments of Base Rent and Additional Rentshall be payable in advance, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Datefirst day of each calendar month during the Lease Term, Base Rent only in except that the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each first monthly installment of Base Rent shall be due and payable promptly on the first day of each month, in advance, during the Term upon execution of this LeaseLease by Tenant. Tenant All Base Rent and Additional Rent (as hereinafter defined), (collectively, "Rent") shall pay to Landlord all Base Rentbe paid without notice, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaimdemand, deduction, prior demandoffset, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount abatement (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, except as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise expressly provided in this Lease) Phase Two Rent Commencement Date), respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to at Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 's address or at such other place as Landlord may designate from time-to-time to time designates in writing to Tenantwriting. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of In no event will the total Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall by Tenant during any Lease Year ever be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due Base Rent plus Tenant's Pro Rata Share of Operating Expenses under Paragraph 5. Notwithstanding anything to the contrary, Tenant may occupy the Premises and defer payment of Base Rent and Tenant's Pro Rata Share of Operating Expenses for a period commencing on the Commencement Date and terminating May 31, 1999 (the "Deferred Rent Period"). Rents payable hereunder are allocable to, and will be accrued by the parties during, their fiscal periods in which the same is actually paid. No portion of the Base Rent paid by Tenant during periods after the expiration of the Deferred Rent Period will be allocated to such Deferred Rent Period, nor is such Rent intended to be allocable to the Deferred Rent Period. If at any time during the Term, an Event of Default occurs, Tenant owes Landlord, in addition to all other amounts, Base Rent and Tenant's Pro Rata Share of Operating Expenses deferred pursuant to this LeaseParagraph during the Deferred Rent Period. Tenant, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, has no payment by Tenant or receipt by Landlord obligation to pay the deferred amounts if no Event of such lesser amount shall be deemed Default occurs prior to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance expiration of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseTerm.
Appears in 1 contract
Samples: Office Lease (Esoft Inc)
Base Rent. Subject In addition to any Tenant Delay (which would result in Tenant paying Tenant’s obligation to pay Base Rent attributable to for the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this LeaseOriginal Premises, Tenant shall pay base rental Landlord Base Rent for the Premises Temporary Space in an amount equal to $7,240.75 per month. All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding the foregoing to the contrary, Landlord as defined in hereby agrees to waive Tenant’s obligation to pay Base Rent for the Schedule above in equal monthly installments, ( Temporary Space for the Temporary Space Term (the “Abated Base Rent”) (); provided, however, if for any reason the 10th Floor Amendment is not fully executed and delivered by Landlord and Tenant prior to the Temporary Space Termination Date, then Tenant shall pay to Landlord on the Temporary Space Termination Date an amount equal to the Abated Base Rent. Such amount shall be deemed additional Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”)under the Lease. Notwithstanding the foregoing, if (i) the 10th Floor Amendment is not executed and delivered by Landlord is unable prior to deliver possession of the Phase One Premises Temporary Space Termination Date, for any reason other than delays by Tenant, or Tenant’s bad faith in negotiating the 10th Floor Amendment, and/or (ii) there are delays in delivering the Substitution Space to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to by the Phase One Rent Commencement Temporary Space Termination Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the which are not caused by Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession (collectively, “Excused Delay”), the Temporary Space Term will be deemed extended for the period of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004such Excused Delay, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of shall not be required to pay the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Abated Rent or Additional Rent with respect solely due to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Excused Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Velti PLC)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying a) During 2023, Base Rent attributable shall be payable only with respect to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement DateOriginal Premises, and Phase Two all Rent Commencement Dates, respectively, and throughout the Term of this Lease, payable by Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) during 2023 (both Base Rent and Additional RentTenant’s Proportionate Share of Taxes, Insurance Premiums, and Common Area Costs) shall be abated by [***] from the amount shown as defined due and payable in Section 1.1(b) of the Lease, and in Section 9.1 (the total amount of such abatement, together with the amount of abated rent contemplated by Section (b) below, are hereinafter collectively referred to as the “Abated Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that Xxxxxx has already paid Rent to Landlord in 2023 that did not include the Phase One Rent Commencement Date or Phase Two Commencement Date aforementioned abatement, Landlord shall commence on issue Tenant a date other than credit in the first day month immediately following the execution of the month, Rent for such month shall be prorated and such prorated this Amendment in an amount (which shall be equal to the monthly abatement that Xxxxxx would have received if this Amendment had been signed prior to Xxxxxx’s payment of any Rent in 2023.
(b) Commencing on January 1, 2024, Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be payable only with respect to the number Relocation Premises, in the following amounts during the remainder of days from the Phase One Term: Lease Months Annual BaseRent PSF MonthlyBase Rent Commencement Date or the Phase Two AnnualBase Rent Commencement Date*Base Rent (together with Tenant’s Proportionate Share of Taxes, as applicable, through the end of such month, inclusive of both daysInsurance Premiums, and the denominator of which shall be the number of days in such monthCommon Area Costs) shall be abated during the first seven (7) calendar months.
(c) In the event that Tenant shall commit an Event of Default under the Lease, any Abated Rent shall at such time become due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, in addition to any other remedies available to Landlord under the Lease.
(d) Tenant shall have the one-time option to convert all or any portion of the Base Rent portion of the Abated Rent arising from subsection (b) above, in the total amount of [***], into an addition to the Tenant Relocation Allowance to be used solely for the cost of the Relocation Premises Work, such option to be exercised by written notice to Landlord given on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing date which is thirty (30) days after the Final Cost Proposal for the Relocation Premises Work has been delivered to Tenant. If Tenant exercises such option, Landlord and Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent amend this Lease within five thirty (530) days after the date of exercise, to revise the Base Rent schedule in subsection (b) above to reflect Tenant paying the portions of Base Rent which Xxxxxx has elected to convert from Abated Rent. If Tenant converts less than all of the due dateAbated Rent into an addition to the Tenant Relocation Allowance, a late charge of one percent (1%) of the amount due which is converted shall be paid to Landlord for each such late payment and payable as Base Rent pro rata over the same shall be treated as Additional Rentseven (7) month rent abatement period shown in subsection (b) above. (e) In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay have the one-time option to Landlord increase the amount of the Tenant Relocation Allowance by an additional amount not to exceed [***] per square foot of the Relocation Premises, for a returned check charge total of One Hundred Dollars ($100.00) together an additional [***], to be used solely for the cost of the Relocation Premises Work, with such other fee charged the amount so elected by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reasonbe included in Base Rent, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest amortized at a rate of ten percent (10%) [***] per annum over the portion of the Term in which Tenant pays Base Rent pursuant to subsection (orb) above. Such option may be exercised by Tenant by written notice to Landlord given on or before the date upon which Tenant is to commence payment of Base Rent pursuant to subsection (b) above, in any event hereunder, as such date may be modified pursuant to the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of subsection (d) above. If Tenant exercises such option, Landlord and Tenant shall amend this Lease. Landlord may elect Lease within thirty (30) days after the date of exercise, to accept less than revise the full amount then due from Base Rent schedule in subsection (b) above to reflect Tenant hereunder; howeverthe increase in Base Rent, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance effective as of the full amount then duefirst date upon which Tenant is to commence payment of Base Rent pursuant to subsection (b) above, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant as such date may be applied first modified pursuant to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes terms of this Leasesubsection (d) above.
Appears in 1 contract
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable The Subtenant shall pay a fixed minimum monthly rent ( the "Base Rent" ) to the number Sublandlord, its successors and assigns , during the said term hereby granted , of days of Tenant Delay, as set forth below, offset day for day by Fifty Two Thousand ($52,000 ) U.S. Dollars plus the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits corresponding value added tax that may be due pursuant to Mexican or other provisions set forth applicable law to be payable in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly advance on the first day of each and every month commencing on November 1, 1999 and ending on July 1, 2007 . The first month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all 's Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both daysSecurity Deposit, and the denominator first monthly installment of which shall be the number of days in such month) estimated Operating Expenses shall be due and payable on the Phase One date hereof, and Subtenant promises to pay to Sublandlord in advance, without demand, deduction or set-off, monthly installments of Base Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, estimated Operating Expenses on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or first day of each calendar month succeeding the commencement date of the term. Payments of Base Rent and 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 other place address and in such manner (including, without limitation, bank wire transfer) as Landlord Sublandlord may designate specify from time to time by written notice delivered in writing to Tenantaccordance herewith. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment The obligation of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail Subtenant to pay a Base Rent and other sums to Sublandlord and the obligations of Sublandlord under this Sublease are independent obligations. Subtenant 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 Sublease. If Subtenant is delinquent in any monthly installment of Base Rent within or of estimated Operating Expenses for more than five (5) days of the due datebusiness days, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant Subtenant shall pay to Landlord a returned check charge Sublandlord, on demand, interest thereon at the rate provided for in the Head Lease. All payments required to be made by Subtenant to Sublandlord hereunder shall carry the corresponding value added tax, as applicable, which shall be Subtenant's obligation. The Base Rent and any other amounts payable by Subtenant to Sublandlord hereunder may be paid in Dollars, currency of One Hundred Dollars ($100.00) together with such other fee charged the United States of America or its equivalent in Mexican currency on the 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 bank returning Banco de Mexico in the checkOfficial Daily of the Federation on the date of payment. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments amounts received by Sublandlord in Mexican currency be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Leaserequired United States of America equivalency on the date of receipt, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with Subtenant will, upon demand, pay the express terms of this Lease. Landlord may elect difference to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseSublandlord.
Appears in 1 contract
Samples: Sublease Agreement (McMS Inc)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent The Security Deposit shall be due and payable promptly concurrently with Tenant’s delivery of an executed copy of this Lease to Landlord. Base Rent for the month in which the Rent Commencement Date occurs (or, if the Rent Commencement Date does not occur on the first day of each a calendar month, in advance, during Base Rent for the Term of this Leasefirst full calendar month following the Rent Commencement Date) shall be paid by Tenant to Landlord no later than thirty (30) days prior to the Rent Commencement Date. Tenant shall pay to Landlord all Base Rentin advance, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior without demand, abatement, deduction or set set-off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law monthly installments of Base Rent on or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than before the first day of each calendar month during the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to Term hereof after the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicablein lawful money of the United States of America, through at the end office of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments Landlord for payment of Rent set forth above, or any to such other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 person or at such other place as Landlord may designate from time to time designate in writing writing, or via federally insured wire transfer (including ACH) pursuant to Tenantthe wire instructions provided by Landlord. Tenant Payments of Base Rent for any fractional calendar month shall be entitled prorated. The obligation of Tenant to rely on any instructions from Landlord’s lenders to make payment of pay Base Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability and other sums to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge obligations of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or Applicable Lawset-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease. In Notwithstanding the foregoing to the contrary, provided Tenant is not in default under the Lease, for the time period from the Rent Commencement Date through the day immediately preceding the 1-year anniversary of the Rent Commencement Date (the “Partial Base Rent Abatement Period”), the Base Rent payable by Tenant shall be partially abated so that during this time period Tenant shall pay Base Rent with respect to 34,825.5 rentable square feet and the Base Rent shall be abated for the remaining 11,608.5 rentable square feet of the Premises. For the avoidance of doubt, the foregoing partial abatement during the Partial Base Rent Abatement Period shall only apply with respect to the Base Rent and Tenant shall remain obligated to pay in full for all eventsother sums due and owing under the Lease, including but not limited Additional Rent, with respect to Landlord’s acceptance the entirety of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and rentable square feet of the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeasePremises.
Appears in 1 contract
Base Rent. Subject Buyer will receive a credit at Closing for the prorated amount of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”) previously paid to, or collected by, Seller and attributable to any Tenant Delay (which would result in Tenant paying Rent attributable period following the Closing Date. Rents are “Delinquent” when they were due prior to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Closing Date, and Phase Two payment thereof has not been made on or before the Closing Date. Delinquent Rent Commencement Datesshall not be prorated at Closing. All Rent collected by Buyer or Seller from each Tenant from and after Closing will be applied as follows: (i) first, respectivelyto Delinquent Rent owed for the month in which the Closing Date occurs (the “Closing Month”) attributable to Buyer’s period of ownership, (ii) second, to any accrued Rents owing to Buyer, and throughout the Term of this Lease(iii) third, Tenant shall pay base rental to Delinquent Rents owing to Seller for the Premises period prior to Landlord as defined Closing. Any Rent collected by Buyer and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Buyer shall be promptly remitted to Buyer. Buyer shall use reasonable efforts for a period of three (3) months to collect Delinquent Rents owed to Seller in the Schedule above ordinary course of its business, provided that Buyer shall in equal monthly installmentsno event be obligated to initiate eviction or litigation proceedings. “Additional Rents” shall mean any and all amounts due from Tenants for operating expenses, ( common area maintenance charges, taxes, shared utility charges, management fees, insurance costs, other comparable expenses and pass-through charges and any other Tenant charges. At least five (5) days prior to the Closing Date, Seller shall provide Buyer with a reasonably detailed reconciliation for each Tenant showing all common area maintenance charges, property taxes, insurance and other operating cost pass-throughs payable by Tenants (collectively, the “Base RentOperating Expenses”) incurred by Seller from the beginning of the then-current calendar year (Base Rent and Additional if the prior calendar year has not been prorated, also for said prior year) (or, if different, such Tenants’ then-current annual billing period for Operating Expenses, and if the prior period has not been prorated, also for said prior period) through the Closing Date, and any Operating Expense estimates or charges collected by Seller during the same period of time and relating to such Tenant, all in the form customarily submitted to each Tenant (the “CAM Reconciliation”). To the extent that Seller has received as of the Closing any monthly or periodic payments of Operating Expenses allocable to periods subsequent to Closing, the same shall be prorated and Buyer shall receive a credit therefor at the Closing. With respect to any monthly or periodic payments of Operating Expenses received by Buyer after the Closing allocable to Seller prior to Closing, Buyer shall promptly pay the same to Seller (subject to the provisions above relating to Delinquent Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, to the extent that the CAM Reconciliation reveals that Seller has over-collected Operating Expenses from any Tenant such that, if Landlord is unable to deliver possession the end of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to operating expense year under -15- the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on Leases was the Phase One Rent Commencement Closing Date, Base Rent only in the amount attributable Seller would be obligated to the number of days in the refund money to such Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to (an “Over Collection”), rather than collect additional money from such Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1(an “Under Collection”), 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises said Over Collection shall be upon all of paid by Seller to Buyer at the terms and conditions of this Lease except, Closing as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tendersettlement statement credit; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In an Under Collection, the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day amount of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due Under Collection shall be paid by Buyer to Landlord for each such late payment and Seller outside of escrow within 5 Business Days after receipt from the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from applicable Tenant in accordance connection with the express terms of this Leaseyear-end Operating Expense reconciliation process. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express The provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than Section 10.3 shall survive the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, Closing and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes delivery of this Leaseany conveyance documentation.
Appears in 1 contract
Samples: Real Estate Sales Contract
Base Rent. Subject Tenant shall pay to any Tenant Delay Landlord, as rent for the Premises, in advance, on the first day of each calendar month, commencing on the Commencement Date (which would result in Tenant paying Rent attributable but subject to the number of days of Tenant Delayconditional Base Rent abatement referred to in Paragraph 1.10 above) and continuing throughout the Lease Term, as the Base Rent set forth belowin Paragraph 1.10 above (and Paragraph 3.4 above, offset day if applicable). Base Rent shall be prorated, based on thirty (30) days per month, for day by any partial month during the number of days of delay caused by Landlord)Lease Term. Base Rent shall be payable, Tenant Allowance (except as defined in the Work Letter) credits or other provisions otherwise expressly set forth in this Lease, commencing on without deduction, offset, prior notice or demand in lawful money of the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises United States to Landlord at the address herein specified for purposes of notice or to such other persons or such other places as defined Landlord may designate in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”)writing. Notwithstanding the foregoing, at Tenant’s request Landlord shall provide Landlord’s banking information (“Landlord’s ACH Account Information”) so that Tenant can pay Base Rent and Additional Rent (as defined below) by Electronic Funds Transfer (EFT) as an Automated Clearing House (“ACH”) transaction. Any such ACH transfers shall be paid by Tenant, from Tenant’s account in a bank or financial institution designated by Tenant and credited to Landlord’s bank account as Landlord shall have designated in Landlord’s ACH Account Information. Tenant shall not be in default of Tenant’s obligation to pay Base Rent and/or Additional Rent if Landlord is unable to deliver possession of and for so long as Tenant shall timely comply with ACH transfer requirements and accurately state Landlord’s ACH Account Information. However, if Tenant shall have timely complied with ACH transfer requirements, but the Phase One Premises to Tenant on applicable funds shall thereafter have been misdirected or before January 1, 2004 due to a Tenant Delaynot accounted for properly by the recipient bank designated by Landlord, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay reasonably cooperate with Landlord on in an effort to recover the Phase One Rent Commencement Date, Base Rent only in misdirected funds and the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord same shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, not relieve Tenant’s or its approved subtenant’s early occupancy of obligation to make the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, payment so transferred (but Tenant shall not be liable required to be out-of-pocket the applicable payment amount in a duplicate amount due to such misdirected payment or payment not accounted for properly by the cost of utilities consumed by Tenant recipient bank), but shall toll the due date for such payment until the applicable funds shall have been located and deposited in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periodsbank account. In the event that Landlord elects to designate a different bank or financial institution into which any ACH transfer is to be deposited, notification of such change and the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other required documents, instruments, authorizations, and any modified Landlord’s ACH Account Information, must be delivered to Tenant no later than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal 30 days prior to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of date such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable change is to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leaseeffective.
Appears in 1 contract
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental Landlord rent (herein called "Base Rent") in arrears, in currency that at the time of payment is legal tender for the Premises to Landlord as defined public and private debts in the Schedule above United States of America, in equal monthly installments on each Base Rent Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 12:00 noon (San Francisco time) on the date it becomes due; if received after 12:00 noon it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Base Rent Period (or portion thereof) ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for each Base Rent Period at least fifteen (15) days prior to the Base Rent Date on which such period ends. Any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment, but absent such notice Tenant shall not be in default for any underpayment resulting therefrom if Tenant, in good faith, reasonably estimates the payment required, makes a timely payment of the amount so estimated and corrects any underpayment within three (3) Business Days after being notified by Landlord of the underpayment. For all Base Rent Periods subject to a LIBOR Period Election of one month, two months or three months, Base Rent shall be due in one installment on the Base Rent Date upon which the Base Rent Period ends. For Base Rent Periods subject to a LIBOR Period Election of six months, Base Rent shall be payable in two installments, ( with the “Base Rent”) (first installment becoming due on the Base Rent Date that occurs on the first Business Day of the third calendar month following the commencement of such Base Rent Period, and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”)with the second installment becoming due on the Base Rent Date upon which the Base Rent Period ends. Notwithstanding the foregoing, if Landlord is unable Tenant or any Applicable Purchaser purchases Landlord's interest in the Property pursuant to deliver possession the Purchase Agreement, any accrued unpaid Base Rent and all outstanding Additional Rent shall be due on the date of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then purchase in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay purchase price and other sums due Landlord on under the Phase One Rent Commencement Date, Purchase Agreement. The Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no for each Base Rent or Additional Rent with respect to such early occupancy period, but Tenant Period shall be liable for equal the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January sum of:
(1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly ) (A) Stipulated Loss Value on the first day of each monthsuch Base Rent Period, in advance, during times (B) one minus the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day sum of the month, Rent Certificate of Deposit Collateral Percentage for such month shall be prorated Base Rent Period and the Securities Collateral Percentage for such prorated amount Base Rent Period, times (which shall be equal C) the sum of (i) the Effective Rate for such Base Rent Period and (ii) the Spread calculated on the tenth (10th) Business Day prior to the monthly day upon which such Base Rent stated above and Additional Rent multiplied by a fractionPeriod commences, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be times (D) the number of days in such monthBase Rent Period, divided by (E) shall be due and payable three hundred sixty (360); PLUS
(A) Stipulated Loss Value on the Phase One first day of such Base Rent Commencement Date Period, times (B) the Certificate of Deposit Collateral Percentage for such Base Rent Period, times (C) twenty-two and one-half basis points (22.5/100 of 1%), times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS
(3) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) the Securities Collateral Percentage for such Base Rent Period, times (C) the sum of (i) the Effective Rate for such Base Rent Period and (unless otherwise provided ii) twenty-two and one-half basis points (22.5/100 of 1%), times (D) the number of days in this Leasesuch Base Rent Period, divided by (E) Phase Two Rent Commencement Date, respectivelythree hundred sixty (360). All payments To ease the administrative burden of Rent or any other sum due under this Lease shall be made payable and the Pledge Agreement, clause (2) in the formula above for calculating Base Rent reflects a reduction in the Base Rent equal to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered the interest that would accrue on any Cash Collateral required by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate Pledge Agreement from time to time if the Accounts (as defined in writing the Pledge Agreement) bore interest at the Effective Rate. Landlord has agreed to Tenant. such reduction in the Base Rent to provide Tenant shall be entitled with the economic equivalent of interest on such Cash Collateral, and in return Tenant has agreed to rely on any instructions from Landlord’s lenders to make the provisions of the Pledge Agreement that excuse the actual payment of interest on the Accounts. By incorporating such reduction of Base Rent into the formula above, and by providing for noninterest bearing Accounts in the Pledge Agreement, the parties will avoid an unnecessary and cumbersome periodic exchange of equal payments. It is not, however, the intent of Landlord or Tenant to understate Base Rent or interest for financial reporting purposes. Accordingly, for purposes of determining Tenant's compliance with the affirmative financial covenants set forth in subparagraph 9.(ac), and for purposes of any financial reports that this Lease requires of Tenant from time to time, Tenant may report Base Rent as if there had been no such lendersreduction and as if the Cash Collateral from time to time required by the Pledge Agreement had been maintained in Accounts bearing interest at the Effective Rate. Assume, in lieu only for the purpose of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days illustration of the due datecalculation of Base Rent: that after the Carrying Costs Accrual Termination Date, a late charge hypothetical Base Rent Period contains exactly ninety (90) days; that, after taking into account all Qualified Payments, the Stipulated Loss Value on the first day of one such Base Rent Period is $50,000,000; that the Certificate of Deposit Collateral Percentage for such Base Rent Period is twenty percent (120%); that the Securities Collateral Percentage for such Base Rent Period is thirty percent (30%); that the Effective Rate for the applicable Base Rent Period is 5.5%; and that the Spread for the applicable Base Rent Period is 0.5%. Under such assumptions, the Base Rent for the hypothetical Base Rent Period will equal: $50,000,000 x 50% x (5.5% + 0.5%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In additionx 90/360, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonor $375,000, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars PLUS $50,000,000 x 20% x .225% x 90/360, or $5,625, PLUS $50,000,000 x 30% x ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (105.5% + .225%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then duex 90/360, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events$214,687.5, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.= $595,312.5
Appears in 1 contract
Samples: Lease Agreement (3com Corp)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined Base Rent in the Schedule above amounts in equal monthly installments, ( the “Base Rent”) (table of Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term page of this Lease. Tenant shall pay to Landlord all The installment of Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than payable for the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction1st) Lease Month, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both daysSecurity Deposit, and the denominator first monthly installment of which shall be the number of days in such monthestimated Operating Expenses (as hereafter defined) shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date in accordance with the table of Base Rent set forth on the first page of this Lease. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith, or, alternatively, by Automatic Clearing House pursuant to written instructions given by Landlord to Tenant. The obligation of Tenant to pay Base Rent and (unless otherwise 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 where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) Phase Two Rent Commencement Datedays, respectively. All payments Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of Rent such delinquent sum; provided, however, for the first two (2) instances of Tenant’s failure to timely pay any installment of Base Rent, estimated Operating Expenses or any other sum due under this Lease hereunder in any twelve (12) consecutive calendar month period, Landlord shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by waive the aforementioned late charge if Tenant to Landlord, on pays such delinquent installment or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent sum within five (5) days following Landlord’s delivery of written notice to Tenant regarding the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rentsame. In addition, all payments required of Tenant hereunder which are more than 30 days past due shall bear interest from the date due until paid at the lesser of fifteen percent or the maximum lawful rate of interest. The parties agree that such late charge and interest represent a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be in the event that any check from Tenant for payment due under this Lease is returned by addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a bank for any reasonpenalty. Additionally, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reasonall sales, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (oruse, in any event hereundertransaction privilege, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder excise tax that are not paid when such amounts are due and payable. All late chargesmay at any time be levied or imposed upon, or measured by, any returned check charges and any interest shall become Additional Rent and shall be due and amount payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from by Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Phunware, Inc.)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined monthly Base Rent in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise amounts set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term page of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or The Prepaid Rent (as set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity forth in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such monthBasic Lease Provisions above) shall be due and payable on the Phase One upon Tenant's execution and delivery of this Lease (and shall be applied against Base Rent Commencement Date and Operating Expenses first coming due under this Lease). Tenant promises to pay to Landlord in advance, without demand, deduction or set-off (unless except as otherwise provided expressly set forth in this Lease) Phase Two ), monthly installments of Base Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or first day of each calendar month succeeding the Commencement Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such other place address as Landlord may designate specify from time to time by written notice delivered in writing accordance herewith. The obligation of Tenant to Tenantpay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations and shall constitute rent. Tenant shall have no right at any time to xxxxx, reduce, or set- off any rent due hereunder except where expressly provided in this Lease and shall not be entitled excused from paying any rent due hereunder for any reason whatsoever, except as expressly set forth to rely on any instructions from Landlord’s lenders to make the contrary in this Lease. Tenant acknowledges that late payment of Rent to such lenders, in lieu of Landlord, without by Tenant incurring any liability to Landlord therefor of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a any monthly installment of Rent within Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasondays, Tenant shall pay to Landlord within thirty (30) days after receipt of written demand a returned check late charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check equal to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten five percent (105%) per annum of such delinquent sum; provided, however, that no late charge shall be imposed with respect to the first (or, 1st) late payment of rent in any event hereunder, twelve (12)- month period unless such failure shall continue for more than five (5) business days after notice from Landlord. The parties agree that such late charge represents a fair and reasonable estimate of the maximum rate permitted costs that Landlord will incur by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when reason of such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount Tenant. The late charge shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunderrent, and the balance, if any, will be returned promptly right to Tenant. Any payments or charges due from Tenant to Landlord under this Lease require it shall be considered Rent in addition to all of Landlord's other rights and remedies for all purposes a payment failure of this LeaseTenant, including the right to charge interest on the past due amount.
Appears in 1 contract
Samples: Lease Agreement (Bloom Energy Corp)
Base Rent. Subject Tenant shall continue to any Tenant Delay (which would result in Tenant paying pay Base Rent attributable to for the number of days of Tenant Delay, Original Premises as set forth below, offset day provided for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One . The “Expansion Space Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout ” shall be the Term of this Lease, earlier of: (i) the date Tenant shall pay base rental for the Premises to Landlord as defined conducts any business in the Schedule above in equal monthly installmentsExpansion Space or any part thereof, ( or (ii) January 1, 2012; provided that Landlord delivers the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises Expansion Space to Tenant on or before January 1, 2004 due to a Tenant Delay2012. If delivery of the Expansion Space occurs after January 1, 2012, then in addition to the Phase One Expansion Space Rent Commencement Date obligationsshall be the actual delivery date. Commencing on the Expansion Space Rent Commencement Date, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only for the Expansion Space in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession $34.48 per rentable square foot of the Phase One Premises to Tenant upon substantial completion Expansion Space per annum which Base Rent shall be payable in equal monthly installments on or before the first day of each calendar month during the Term. In no event shall Tenant’s mere occupancy of the improvements thereto. If Landlord substantially completes the Phase One Premises Expansion Space for storage purposes or for Tenant’s construction or installation of Expansion Space Tenant Improvements, Alterations, Tenant Property or Removable Installations prior to January 1, 20042012, and/or cause the Phase Two Premises prior Expansion Space Rent Commencement Date to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises occur prior to January 1, 2004 and December 2012. On May 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date2012, Base Rent only in for the Expansion Space shall be increased to $35.51 per rentable square foot of the Expansion Space per annum. Commencing on May 1, 2013, and continuing thereafter on May 1st of each year during the Base Tern (each, an “Expansion Space Adjustment Date”), Base Rent for the Expansion Space shall be increased by multiplying the Base Rent payable for the Expansion Space immediately before such Expansion Space Adjustment Date by the Rent Adjustment Percentage of 3% and adding the resulting amount attributable to the number of days in the Tenant Delay Base Rent payable for the Phase Two Expansion Space immediately before such Expansion Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Adjustment Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Phaserx, Inc.)
Base Rent. Subject (a) Tenant agrees to any Tenant Delay pay during each month of the Lease Term as Base Rent (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding for the foregoing, if Landlord is unable to deliver possession Premises the sums shown for such periods in Item 5 of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition Basic Lease Provisions.
(b) Except as expressly provided to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Datecontrary herein, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of payable in consecutive monthly installments, in advance, without demand, deduction or offset, commencing on the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly continuing on the first day of each month, in advance, during calendar month thereafter until the Term expiration of the Lease Term. The first full monthly installment of Base Rent and of Tenant’s Proportionate Share Office (as defined below) and Tenant’s Proportionate Share Building (as defined below) of applicable estimated Operating Expenses due pursuant to Paragraph 3(e) shall be payable upon the Commencement Date of this Lease. The obligation of Tenant shall to pay Base Rent and other sums to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant the obligations of Landlord under this Lease without, counterclaim, deduction, prior demand, or set off, are independent obligations. If the commencement date for any Expansion Space (as defined in legal tender; provided, that the foregoing Paragraph 21(a) hereof) is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date day other than the first day of the a calendar month, or the Lease Term expires on a day other than the last day of a calendar month, then the Rent for such partial month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by calculated on a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amountsper diem basis. In the event Landlord delivers to Tenant and Tenant accepts possession of any Expansion Space pursuant to Paragraph 21, prior to the commencement date therefor, Tenant agrees it shall fail be bound by and subject to pay a monthly installment all terms, covenants, conditions and obligations of Rent within five (5) days of this Lease during the due period between the date possession is accepted by Tenant and the commencement date, a late charge other than the payment of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Base Rent. In addition, in the event same manner as if delivery had occurred on the commencement date.
(c) The parties agree that any check from Tenant for payment due under this all purposes hereunder the Premises shall be stipulated to contain the number of square feet of Rentable Area described in Item 3 of the Basic Lease is returned by a bank for any reasonProvisions. As used herein, Tenant “Rentable Area” shall pay to Landlord a returned check charge mean the rentable area of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made space in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant Building calculated generally in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseWDCAR methodology.
Appears in 1 contract
Samples: Office Lease (Carlyle Group L.P.)
Base Rent. Subject (a) Tenant shall pay to any Tenant Delay (which would result in Tenant paying Rent attributable to Landlord from and after the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout Date during the Term of this Lease, Tenant shall pay base rental Lease as "Base Rent" for the Premises to Landlord as defined Premises, the monthly amount specified in the Schedule above in equal monthly installments, ( the “Base Rent”Basic Lease Information.
(b) (Base Rent and Additional Rentshall be paid to Landlord, as defined belowin advance, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each monthcalendar month during the Term, in advance, except that Base Rent for the initial full month during the Term for which Base Rent is due shall be paid upon the execution of this Lease. Tenant Lease (provided that such payment shall pay be subject to Landlord all Base Rentadjustment payment or reimbursement, Additional Rentas applicable, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event the actual Rentable Area of a breach by Landlord hereunder beyond applicable notice and cure periodsthe Premises is determined to be other than as set forth in the Basic Lease Information). In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence Term commences on a date day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above for the first and Additional Rent multiplied by a fraction, last fractional months of the numerator of which Term shall be the number appropriately prorated.
(c) All sums of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, money due to Landlord under this Lease not specifically characterized as applicable, through the end of such month, inclusive of both daysrental shall constitute additional rent, and if any such sum is not paid when due it shall nonetheless be collectible as additional rent with the denominator next installment of which Base Rent thereafter falling due, but nothing contained herein shall be deemed to suspend or delay the number payment of days in such month) shall be any sum of money at the time it becomes due and payable on the Phase One Rent Commencement Date hereunder, or to limit any other remedy of Landlord
(d) Tenant hereby acknowledges that late payment by Tenaxx xx Landlord of rent and (unless otherwise provided in other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease) Phase Two Rent Commencement Date, respectivelythe exact amount of which will be difficult to ascertain. All payments Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of Rent any trust deed covering the Premises. Accordingly, if any installment of rent or any other sum sums due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall not be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to received by Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five ten (510) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to following written notice from Landlord for each such late payment and that the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasondue, Tenant shall pay to Landlord a returned check late charge equal to the greater of One Hundred Dollars (i) 6% of such overdue amount or (ii) $100.00. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenaxx. Xxceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. If a late charge becomes payable for three (3) together with such other fee charged payments of any element of rent within any twelve (12) month period, all subsequent payments of rent shall immediately and automatically become payable by the bank returning the checkTenant quarterly, in advance, instead of monthly. Should Tenant present acknowledges that its payment of Base Rent and additional rent is a check condition to Landlord's obligation to perform any of its covenants under this Lease.
(e) Any amount due to Landlord that is returned pursuant to this Lease, if not paid when due, shall bear interest from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest date due until paid at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.the
Appears in 1 contract
Samples: Office Lease (Act Networks Inc)
Base Rent. Subject to The Base Rent effective as of the Relocation Date shall be: *Provided that Tenant is not in default of the Lease beyond any Tenant Delay (which would result in Tenant paying Rent attributable to applicable grace period at any time during the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Leaseabatement period, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base have a Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only credit in the amount attributable of the Base Rent owed for the first three full calendar months following the Relocation Date, which credit shall be applied to the number installments of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy perioddue for those months. Accordingly, but Tenant shall be liable for if the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Relocation Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence occurs on a date day other than the first day of the month, the prorated Rent for such the first partial month shall be prorated and such prorated amount (which shall be equal to of the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) Lease Term shall be due and payable on the Phase One Rent Commencement Relocation Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments the rent abatement period shall commence on the first day of Rent or any other sum due under this the first full calendar month of the Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” Term following the Relocation Date and shall be delivered by expire on the last day of the third full calendar month of the Lease Term following the Relocation Date. Tenant shall remain liable for all additional rent owed under the Lease during the rent abatement period, such as, but not limited to, Tenant’s Allocated Share of Operating Costs. The abatement of Base Rent provided for herein (“Free Rent”) is conditioned upon Tenant’s full and timely performance of all of its obligations under the Lease. At any time during the Lease Term, if Tenant is in default under the Lease beyond any applicable grace period provided therefor, then the abatement of Base Rent provided for herein shall immediately become void, and Tenant shall promptly pay to Landlord, on or before the in addition to all other amounts due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such eventunder the Lease, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and of all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this LeaseBase Rent herein abated. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but Base Rent amounts do not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leaseinclude applicable sales tax.
Appears in 1 contract
Samples: Lease Agreement (FlexShopper, Inc.)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing Commencing on the Phase One Rent Commencement Date, it being understood and Phase Two agreed that Tenant shall have and enjoy the Premises from the Lease Commencement Date until the Rent Commencement Dates, respectively, and throughout Date (the Term of this Lease"Free Rent Period"} without the obligation to pay Base Rent, Tenant shall pay base rental for Base Rent in the amount set forth above. Although Tenant has been given the Premises free of the obligation to Landlord as defined in pay Base Rent during the Schedule above in equal monthly installmentsFree Rent Period, ( the “Base Rent”) (Tenant shall otherwise observe, perform and obey all other obligations on its part to observe, perform and obey during such Free Rent Period. The first month's Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each first monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount estimated Operating Expenses (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) hereinafter defined} shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each and every calendar month for which payment is due succeeding the Rent Commencement Date. Payments of Base Rent for any fractional calendar month, including the month in which the Rent Commencement Date shall occur, shall be prorated based upon the number of days in each such partial month. All payments required to be made by Tenant 'to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and (unless otherwise 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) Phase Two Rent Commencement Date, respectively. All payments of Rent or If Tenant is delinquent in any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Base Rent within five (5) or of estimated Operating Expenses for more than 5 days of the due date, a late charge of one percent (1%) of the after written notice to Tenant that such amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasondue, Tenant shall pay to Landlord on demand a returned check late charge equal to two and one-half percent (2.5%) of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should delinquent sum; provided, however, that no notice shall be required to be given to Tenant, and such late charge shall be automatically due, if Landlord has given such notice to Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made once in the form preceding twelve months. The provision for such late charge shall be in addition to all of cashiers’ checks. Tenant also agrees to pay Landlord interest Landlord's other rights and remedies hereunder or at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent law and shall not be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of construed as a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasepenalty.
Appears in 1 contract
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental Landlord rent (herein called "BASE RENT") in arrears, in currency that at the time of payment is legal tender for public and private debts in the United States of America, in monthly installments on each Base Rental Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 10:00 A.M. (San Francisco time) on the date it becomes due; if received after 10:00 A.M. it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Construction Period or Base Rental Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for the Premises Construction Period ending on the Base Rental Commencement Date (if any) and for each Base Rental Period at least three (3) days prior to the Base Rent Commencement Date or Base Rental Date on which such period ends, but any failure by Landlord as defined to so notify Tenant shall not constitute a waiver of Landlord's right to payment. If Tenant or any other Applicable Purchaser purchases Landlord's interest in the Schedule above in equal monthly installmentsLeased Property pursuant to the Purchase Agreement, ( the “Base Rent”) (any Base Rent for the month (or shorter period) ending on the date of purchase and all outstanding Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding Rent shall be due on the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then Designated Payment Date in addition to the Phase One purchase price and other sums due Landlord under the Purchase Agreement. The Base Rent payable on the Base Rental Commencement Date obligationsshall equal the difference (if any) between (a) total Carrying Costs that would have been added to the Outstanding Construction Allowance on such date if the Construction Allowance available hereunder were not limited to the Maximum Construction Allowance, Tenant shall pay Landlord and (b) the Carrying Costs actually added on such date to the Phase One Rent Commencement Date, Outstanding Construction Allowance. The Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord for each Base Rental Period shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly equal (A) Stipulated Loss Value on the first day of each monthsuch Base Rental Period, in advancetimes (B) the Effective Rate with respect to such Base Rental Period, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount times (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be C) the number of days in such monthBase Rental Period, divided by (D) shall be due and payable three hundred sixty (360). Assume, only for the purpose of illustration: that a hypothetical Base Rental Period contains exactly thirty (30) days; that on the Phase One Rent Commencement Date first day of such Base Rental Period, after the entire Construction Allowance had been funded, and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments after deducting a total of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered $13,200,000 of Qualified Payments received by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at resulting Stipulated Loss Value is $5,000,000; and that the Effective Rate computed with respect to the applicable Base Rental Period is 6%. Under such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunderassumptions, the maximum rate permitted by Applicable Law, whichever is less) on all Base Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then duehypothetical Base Rental Period will equal: $5,000,000 x 6% x 30/360, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease$25,000.
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Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Lettera) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined Base Rent in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise amounts set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term page of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or The Prepaid Rent (as set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity forth in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such monthBasic Lease Provisions above) shall be due and payable on the Phase One date hereof (and shall be applied against Base Rent, Operating Expenses and rental tax first due under this Lease), and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, except as otherwise expressly provided herein, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and (unless otherwise other sums to Landlord and the obligations of Landlord under this Lease are independent obligations and shall constitute rent. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except where expressly provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered Tenant acknowledges that late payment by Tenant to LandlordLandlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, on or before the due dateexact amount of such costs being extremely difficult and impractical to determine. Therefore, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time if Tenant is delinquent in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) days after Tenant's receipt of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check written notice thereof from Tenant for payment due under this Lease is returned by a bank for any reasonLandlord, Tenant shall pay to Landlord on demand a returned check late charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check equal to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten five percent (105%) per annum (or, in any event hereunder, of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the maximum rate permitted costs that Landlord will incur by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when reason of such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount Tenant. The late charge shall be deemed to be other than payment on accountrent, and no restrictive endorsement or statement on any check or payment the right to require it shall be deemed in addition to alter all of Landlord's other rights and remedies for a payment failure of Tenant, including the express provisions right to charge interest on the past due amount.
(b) Subject to the terms and conditions of this Paragraph 4(b), provided that Tenant is not then in default under this Lease after its receipt of notice and the expiration of the applicable cure period set forth herein, 680272v7 and has not been in default under this Lease, nor constitute an accord and satisfaction. Landlord may accept less than Tenant shall be credited with the payment of monthly Base Rent with respect to the Premises for the first (1st) through seventh (7th) full amount then due from Tenant without prejudice to Landlord’s right to recover the balance calendar months of the full amount then dueinitial Lease Term only (collectively, the "Base Rent Credit"), in all cases as and when the same becomes due and payable. No such Base Rent Credit shall reduce or to pursue limit any other remedies then available to Landlord amounts which are otherwise payable by Tenant under this Lease or Applicable Law(including, without limitation, Operating Expenses). In all events, including but Tenant understands and agrees that the foregoing Base Rent Credit is conditioned upon Tenant's not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord being in default under this Lease beyond any applicable notice and cure period set forth herein. Accordingly, upon the occurrence of any default under this Lease which continues beyond the applicable notice and cure period set forth herein, any Base Rent Credit remaining to be credited shall be considered Rent for all purposes of this Leaseimmediately become null and void.
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Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to During the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord)Lease Term, Tenant Allowance will pay to Landlord in lawful United States Currency as the base rent for the Premises (as defined in "Base Rent") the Work Letter) credits or other provisions amounts set forth in this Leasethe BLI Rider, commencing beginning on the Phase One Rent Commencement DateDate with same being payable without demand, and Phase Two Rent Commencement Datessetoff or deduction, respectivelyin advance, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during equal monthly installments of the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or amounts set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity forth in the event of a breach by Landlord hereunder beyond BLI Rider plus applicable notice sales and cure periods. In the event that the Phase One Rent Commencement Date other such taxes as are now or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectivelylater enacted. All payments of Rent or Base Rent, Overhead Rent, (and Security Deposits if subsequently applicable during the Lease Term), and any other sum sums due from Tenant under this Lease shall be made payable by automated clearing house transfer to “Xxxxxx New Manchester Building Onesuch account as may be designated (or re-designated from time to time) by Landlord's written notice. Tenant shall deliver to Landlord any documents, L.L.C.” instrument, authorizations or certificates required by Landlord to give effect to an automated debiting system whereby any and all payments by Tenant of Rent shall be delivered debited monthly from Tenant's account in a bank or financial institution designated by Tenant and credited to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place 's bank account as Landlord may shall designate from time to time in writing to Tenantby written notice. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenderspromptly pay all service fees and other charges connected therewith, in lieu of Landlordincluding, without Tenant incurring limitation, any liability to Landlord therefor and charges resulting from insufficient funds in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts's bank account or any charges imposed upon Landlord. In the event that Tenant shall fail elects to pay designate a monthly installment different bank or financial institution from which any Rent under the Lease is automatically debited, notification of Rent within five such change and required documents, instruments, authorizations and certificates must be received by Landlord not later than thirty (530) days of prior to the due date, a late charge of one percent (1%) of the amount due date such change is to become effective. Tenant agrees that it shall be paid remain responsible to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge all payments of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord charges pursuant to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including even if Tenant's bank account is incorrectly debited in any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Leasegiven month. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount Such Rent shall be deemed immediately payable to be other than payment on account, Landlord upon written demand and no restrictive endorsement or statement on any check or payment failure to so pay subject to the grace provisions set forth in Section 3 shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance Event of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseDefault.
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Samples: Lease (DBT Online Inc)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying As of the Substitution Effective Date, the schedule of Base Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, Lease shall be deleted and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent payable with respect to such early occupancy period, but Tenant the Premises during the remainder of the current Term and the Extended Term shall be liable for the cost of utilities consumed following: 07/01/04 – 06/30/05 $ 10.26 $ 37,149.75 07/01/05 – 06/30/06 $ 10.54 $ 38,163.58 07/01/06 – 06/30/07 $ 9.55 $ 34,578.96 07/01/07 – 06/30/08 $ 9.84 $ 35,629.00 07/01/08 – 06/30/09 $ 10.13 $ 36,679.04 All such Base Rent shall be payable by Tenant in accordance with the Phase One Premises and/or Phase Two Premises prior to January 1terms of the Lease. Landlord and Tenant acknowledge that the foregoing schedule is based on the assumption that the Substitution Effective Date is the Target Substitution Effective Date. If the Substitution Effective Date is other than the Target Substitution Effective Date, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition schedule set forth above with respect to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, payment of any installment(s) of Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise Substitution Space shall be appropriately adjusted on a per diem basis to reflect the actual Substitution Effective Date and the actual Substitution Effective Date shall be set forth in a confirmation letter to be prepared by Landlord. However, the effective date of any increases or decreases in the Base Rent rate shall not be postponed as a result of an adjustment of the Substitution Effective Date as provided above. Notwithstanding anything in this Section IV or the Lease to the contrary, so long as Tenant is not in default under the Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each monthas amended hereby, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment an abatement of Rent to such lenders, in lieu a portion of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Base Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due of $32,587.50 per month for two consecutive full calendar months immediately following the Substitution Effective Date (the “Base Rent Abatement Period”). The total amount of Base Rent abated during the Base Rent Abatement Period shall equal $65,175.00 (the “Abated Base Rent”). During the Base Rent Abatement Period, only Base Rent shall be paid to Landlord for each such late payment abated, and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and other costs and charges specified in the Lease, as amended hereby, shall be remain as due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord pursuant to accept any tender the provisions of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leaseas amended hereby.
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Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to a) As annual base rent for the number use and occupancy of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in Leased Premises during the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Leaseinitial term, Tenant shall pay base rental for the Premises to Landlord rent pursuant to the schedule attached as defined in the Schedule above Exhibit "D." The annual base rent is to be payable in equal monthly installments, ( the “("Monthly Base Rent”") (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly advance on the first day of each month, in advance, and every month during the Term initial or extended term of this Lease. , except that Tenant shall pay the first installment of Monthly Base Rent upon the execution of this Lease.
(b) Tenant agrees to pay as supplemental base rent for the use of said Leased Premises an amount equal to ten percent (10%) of any Monthly Base Rent payment which is not received by Landlord all within five (5) days of the date said Monthly Base RentRent is due; except that because this charge is imposed in order to deter "frequent" offences, Additional Rent, Landlord agrees to waive any such supplemental base rent once during each calendar year of the Lease term and all any renewal terms. Said supplemental base rent shall be in addition to any other charges amounts due and owing by Tenant under this Lease.
(c) If this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence commences on a date day other than the first day of the month, Rent the first and last monthly installments of rent provided for such month in Paragraph 8(a) shall be prorated adjusted and such prorated amount (which pro-rated so that Tenant shall be equal to only pay rent for the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the actual number of days in such the first and last months of said term; but for all other months, Tenant shall pay the full monthly installment on the first day of each and every month.
(d) Rent shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered mailed by Tenant to Landlord at Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 's principal place of business or at such other place as Landlord may designate from time to time in writing to Tenantwriting. Tenant Rent shall be entitled to rely on any instructions from payable promptly without deduction or setoff or prior demand thereof by Landlord’s lenders to make payment of Rent to such lenders. All payments shall be in U.S. dollars, in lieu of Landlordcash or by check, without Tenant incurring any liability all checks subject to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasecollection.
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Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term page of this Lease. Tenant shall pay to Landlord all The first payable month's Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both daysSecurity Deposit, and the denominator first payable monthly installment of which shall be the number of days in such monthestimated Operating Expenses (as hereafter defined) shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent, in accordance with the Monthly Base Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlordtable, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or first day of each calendar month succeeding the Rent Commencement Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such other place address as Landlord may designate specify from time to time by written notice delivered in writing accordance herewith. Tenant shall have no right at any time to Tenantxxxxx, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) days after written notice from Landlord, provided, however, that Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of only one percent (1%) of the amount due such written notice per calendar year and thereafter no written notice shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonrequired, Tenant shall pay to Landlord on demand a returned check late charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check equal to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten five percent (105%) per annum (or, of such delinquent sum. The provision for such late charge shall be in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on addition to all Rent of Landlord's other rights and remedies hereunder or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent at law and shall not be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of construed as a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasepenalty.
Appears in 1 contract
Base Rent. Subject Tenant agrees to any Tenant Delay (which would result in Tenant paying pay monthly as Base Rent attributable to during the number term of days this Lease the sum of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions money set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term Section 1.5 of this Lease, Tenant shall pay base rental for the Premises which amount will be payable to Landlord as defined in at the Schedule above in equal monthly installments, ( the “address shown above. Monthly installments of Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly payable, in advance, on or before the first day of each month, in advance, calendar month during the Term term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, Lease- provided that if the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Commencement-Date or Phase Two Commencement Date shall commence on should be a date other than the first day of the a calendar month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above shall be prorated on a daily basis to the end of that calendar month, and Additional Rent multiplied shall be payable on or before the Commencement Date of this Lease. Tenant shall pay, as additional rent, all other sums due under this Lease. Based on Tenant's approval of the floor plan as depicted in EXHIBIT C by a fractionMarch 17, 1997, the numerator Landlord agrees that upon Landlord's receipt of a building permit allowing it to construct the Building, Landlord will promptly commence construction of the Building and Premises and shall diligently pursue construction thereof in order to have the Building and the Premises substantially complete on the Commencement Date. For the purposes of this provision, substantially complete shall mean that the Building and Premises are substantially completed in accordance with the approved construction documents and the requirements of the 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 shall punchlist and minor completion items Landlord agrees to promptly complete. If, prior to June 15, 1997, Landlord determines that it will not be able to deliver the number of days from Building and Premises to Tenant in the Phase One Rent Commencement Date or condition required by the Phase Two Rent Commencement Date, as applicableLandlord shall notify Tenant, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlordwriting, on or before June 15, 1997, and the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant Commencement Date shall be entitled extended to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in the actual substantial completion date. In such event, Landlord shall satisfy provide Tenant with not less than forty-five (45) days prior written notice of the anticipated substantial completion date. If, subject to force majeure or Tenant caused delays (including Tenant’s corresponding Rent obligations '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 in such paid amounts. In shall pay to Tenant, as a credit against the event Tenant shall fail to pay a monthly first installment of Base Rent within five (5) days of the due dateand additional rent payable hereunder, a late charge of one percent (1%) of the an amount due shall be paid equal to Landlord $500.00 for each such late payment day thereafter until the Building and the same shall be treated as Additional RentPremises are substantially complete and ready for Tenant's occupancy. In additionIf, in subject to force majeure or Tenant caused delays (including Tenant's failure to approve the event that any check from Tenant floor plan by March 1, 1997), the Building and Premises are not substantially complete and ready for payment due under this Lease is returned Tenant's occupancy by a bank for any reasonNovember 1, 1997, Tenant shall pay have the option to terminate this Lease by written notice to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check after November 1, 1997 and prior to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance substantial completion of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, Building and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeasePremises.
Appears in 1 contract
Samples: Lease (Fair Isaac & Company Inc)
Base Rent. Subject Buyer will receive a credit at Closing for the prorated amount of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”) previously paid to, or collected by, Seller or Selling Subsidiary and attributable to any Tenant Delay (which would result in Tenant paying Rent attributable period following the Closing Date. Rents are “Delinquent” when they were due prior to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Closing Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is payment thereof has not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be been made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, Closing Date. Delinquent Rents shall be identified as of the Closing Date. All Rent collected by Buyer or Seller from each Tenant from and after Closing will be applied as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx(i) first, X.X. Xxxxxxxto Delinquent Rent owed for the month in which the Closing Date occurs (the “Closing Month”), Xxxxxxx 00000 (ii) second, to any accrued Rents owing to Buyer, and (iii) third, to Delinquent Rents owing to Seller for the period prior to Closing. Any Rent collected by Buyer and due Seller or at such other place as Landlord may designate from time Selling Subsidiary will be remitted to time in writing to TenantSeller monthly. Tenant Any Rent collected by Seller or Selling Subsidiary and due Buyer shall be entitled promptly remitted to rely on Buyer. Buyer shall use reasonable efforts to collect Delinquent Rents more than thirty (30) days past billing owed to Seller or Selling Subsidiary in the ordinary course of its business (which shall not include any instructions from Landlord’s lenders obligation to make payment pursue eviction or other legal remedies against Tenant) for a period of Rent ninety (90) days. Notwithstanding anything to the contrary contained herein, Seller reserves all claims and causes of action against Tenants who owe Delinquent Rents more than thirty (30) days past billing and Seller may commence and prosecute a contract action against Tenants after Closing to collect such lendersDelinquent Rents more than thirty (30) days past billing, in lieu provided no such action shall seek termination of Landlordthe Lease, without Tenant incurring eviction of a Tenant, or any liability to Landlord therefor and in such event, shall satisfy levy against a Tenant’s corresponding Rent obligations to Landlord interest in its Lease and no such paid amounts. In the event Tenant action shall fail to pay a monthly installment of Rent within five be commenced sooner than ninety (590) days of after the Closing Date. “Additional Rents” shall mean any and all amounts due datefrom Tenants for operating expenses, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late common area maintenance charges, any returned check Real Estate Taxes, shared utility charges, management fees, insurance costs, other comparable expenses and pass-through charges and any interest other Tenant charges. Buyer shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant receive a credit for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance prorated portion of the full amount then due, or Buyer’s Commissions attributable to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance the period of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire time between the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, Effective Date and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseClosing Date as more particularly set forth in Section 7.2.
Appears in 1 contract
Samples: Real Estate Sales Contract (Silver Bay Realty Trust Corp.)
Base Rent. Subject to any Tenant Delay For purposes of this Lease, the “Base Rent Commencement Date” shall mean the later of (which would result in Tenant paying Rent attributable to a) forty-five (45) days following Substantial Completion of the number of days of Tenant Delay, as set forth below, offset day Leasehold Improvement Work for day by the number of days of delay caused by Landlord), Tenant Allowance North Building (as defined in the Construction Addendum), and (b) November 1, 2008; provided that Substantial Completion of the Leasehold Improvement Work Letter) credits has been achieved. Commencing on the Base Rent Commencement Date, Tenant hereby covenants and agrees to pay “Base Rent” in accordance with the Base Rent schedule set forth in Exhibit “D,” attached hereto and made a part hereof. Base Rent shall be paid without demand, set off or other provisions deduction, except as otherwise expressly set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in at the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise address set forth in this LeaseLease or such other address as Landlord directs in writing, each monthly installment of Rent and shall be due and payable promptly paid in advance in equal monthly installments on the first day of each monthmonth in lawful United States currency, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, together with any and 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 due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that payable hereunder. If the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Base Rent Commencement Date or Phase Two Commencement Date shall commence on should be a date other than the first day of the a calendar month, Rent for such the monthly rental applicable to the first full calendar month shall will also apply to the initial partial calendar month and will be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such the partial calendar month, inclusive of both days. As provided in, and subject to the denominator of which shall be terms of, the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement DateConstruction Addendum, respectively. All payments of Rent or if any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days Delay delays Substantial Completion of the due dateLeasehold Improvement Work, a late charge of one percent (1%) then Substantial Completion of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount Leasehold Improvement Work shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance date that Substantial Completion of the full amount then dueLeasehold Improvement Work would have been achieved, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all eventsbut for such Tenant Delay, including but not limited to as reasonably determined by Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Office Depot Inc)
Base Rent. Subject Buyer will receive a credit at Closing for the prorated amount of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”) previously paid to, or collected by, Seller and attributable to any Tenant Delay (which would result in Tenant paying Rent attributable period following the Closing Date. Rents are “Delinquent” when they were due prior to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Closing Date, and Phase Two payment thereof has not been made on or before the Closing Date. Delinquent Rent Commencement Datesshall not be prorated at Closing. All Rent collected by Buyer or Seller from each Tenant from and after Closing will be applied as follows: (i) first, respectivelyto Delinquent Rent owed for the month in which the Closing Date occurs (the “Closing Month”) attributable to Buyer’s period of ownership, (ii) second, to any accrued Rents owing to Buyer, and throughout the Term of this Lease(iii) third, Tenant shall pay base rental to Delinquent Rents owing to Seller for the Premises period prior to Landlord as defined Closing. Any Rent collected by Buyer and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Buyer shall be promptly remitted to Buyer. Buyer shall use reasonable efforts for a period of three (3) months to collect Delinquent Rents owed to Seller in the Schedule above ordinary course of its business, provided that Buyer shall in equal monthly installmentsno event be obligated to initiate eviction or litigation proceedings. “Additional Rents” shall mean any and all amounts due from Tenants for operating expenses, ( common area maintenance charges, taxes, shared utility charges, management fees, insurance costs, other comparable expenses and pass-through charges and any other Tenant charges. At least five (5) days prior to the Closing Date, Seller shall provide Buyer with a reasonably detailed reconciliation for each Tenant showing all common area maintenance charges, property taxes, insurance and other operating cost pass-throughs payable by Tenants (collectively, the “Base RentOperating Expenses”) incurred by Seller from the beginning of the then-current calendar year (Base Rent and Additional if the prior calendar year has not been prorated, also for said prior year) (or, if different, such Tenants’ then-current annual billing period for Operating Expenses, and if the prior period has not been prorated, also for said prior period) through the Closing Date, and any Operating Expense estimates or charges collected by Seller during the same period of time and relating to such Tenant, all in the form customarily submitted to each Tenant (the “CAM Reconciliation”). To the extent that Seller has received as of the Closing any monthly or periodic payments of Operating Expenses allocable to periods subsequent to Closing, the same shall be prorated and Buyer shall receive a credit therefor at the Closing. With respect to any monthly or periodic payments of Operating Expenses received by Buyer after the Closing allocable to Seller prior to Closing, Buyer shall promptly pay the same to Seller (subject to the provisions above relating to Delinquent Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, to the extent that the CAM Reconciliation reveals that Seller has over-collected Operating Expenses from any Tenant such that, if Landlord is unable to deliver possession the end of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to operating expense year under the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on Leases was the Phase One Rent Commencement Closing Date, Base Rent only in the amount attributable Seller would be obligated to the number of days in the refund money to such Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to (an “Over Collection”), rather than collect additional money from such Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1(an “Under Collection”), 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises said Over Collection shall be upon all of paid by Seller to Buyer at the terms and conditions of this Lease except, Closing as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tendersettlement statement credit; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In an Under Collection, the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day amount of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due Under Collection shall be paid by Buyer to Landlord for each such late payment and Seller outside of escrow within 5 Business Days after receipt from the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from applicable Tenant in accordance connection with the express terms of this Leaseyear-end Operating Expense reconciliation process. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express The provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than Section 10.3 shall survive the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, Closing and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes delivery of this Leaseany conveyance documentation.
Appears in 1 contract
Samples: Real Estate Sales Contract (Industrial Income Trust Inc.)
Base Rent. Subject to any (a) Tenant Delay shall pay monthly Base Rent in the amounts set forth on the first page of this Lease. The Prepaid Rent (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth belowin the Basic Lease Provisions above) shall be due and payable upon Tenant's execution and delivery of this Lease (and shall be applied against Base Rent and Operating Expenses first coming due under this Lease). Tenant promises to pay to Landlord in advance, offset without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date. Payments of Base Rent for day any fractional calendar month shall be prorated. All payments required to be made by the number of days of delay caused Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by Landlord)written notice delivered in accordance herewith; provided, however, Tenant Allowance (as defined in shall have the Work Letter) credits right to pay rent electronically pursuant to Landlord’s ACH procedures. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations and shall constitute rent. Tenant shall have no right at any time to xxxxx, reduce, or other provisions set forth set-off any rent due hereunder except where expressly provided in this Lease, commencing on and shall not be excused from paying any rent due hereunder for any reason whatsoever, except as expressly set forth to the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of contrary in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than [***] ([***]) days, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in on demand a late charge equal monthly installments, ( the “Base Rent”to [***] percent ([***]%) (Base Rent of such delinquent sum. The parties agree that such late charge represents a fair and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession reasonable estimate of the Phase One Premises costs that Landlord will incur by reason of such late payment by Tenant. The late charge shall be deemed to Tenant on or before January 1be rent, 2004 due and the right to a Tenant Delay, then require it shall be in addition to all of Landlord's other rights and remedies for a payment failure of Tenant, including the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord right to charge interest on the Phase One Rent Commencement Date, Base Rent only in the amount attributable past due amount.
(b) Subject to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease exceptParagraph 4(b), as to the applicable spaceprovided that Tenant is not then in default under this Lease, Tenant shall pay no be credited with the payment of monthly Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable the Premises for the cost first [***] ([***]) full calendar months of utilities consumed by Tenant the initial Lease Term only (collectively, the "Base Rent Credit"), in each case as and when the same becomes due and payable, for a total Base Rent Credit equal to Eight Hundred Fifteen Thousand Nine Hundred Sixty-Five and No/100 Dollars ($815,965.00) in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectivelyaggregate. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Such Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless Credit shall not reduce or limit any other amounts which are otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlordincluding, without Tenant incurring any liability to Landlord therefor and in such eventlimitation, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseOperating Expenses).
Appears in 1 contract
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, a. Except as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Leaseherein, commencing on the Phase One Rent Commencement Expansion Effective Date, and Phase Two Rent Commencement Datesall obligations for Common Area Costs, respectivelyReal Estate Taxes, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, Insurance Costs and all other charges due applicable to the Original Premises during the Lease Term shall be applicable to the Expansion Space during the Expansion Term calculated at the same rates, amounts and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that timing of increases.
b. Notwithstanding the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the monthcontrary, Base Rent for such month the Expansion Space shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant calculated in accordance with the express terms following: Notwithstanding the foregoing to the contrary, Base Rent for the Expansion Space only shall be conditionally abated from April 1, 2006 until August 31, 2006. Commencing upon September 1, 2006, Tenant shall make Base Rent payments for the Expansion Space as otherwise provided above. Notwithstanding such abatement of Base Rent (a) all other sums due under the Lease, including Base Rent for the Original Premises and Additional Rent and Operating Costs for the entire Premises shall be payable as provided in the Lease, and (b) any increases in Base Rent set forth in the Lease shall occur on the dates scheduled therefore. The abatement of Base Rent provided for in this provision is conditioned upon Tenant’s full and timely performance of all of its obligations under the Lease. If at any time during the Expansion Term an Event of Default by Tenant occurs, then the abatement of Base Rent provided for in this provision shall immediately become void, and Tenant shall promptly pay to Landlord, in addition to all other amounts due to Landlord may elect to accept less than under the Lease, the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount all Base Rent herein abated.
c. The Base Year with respect to the Expansion Space only shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment calendar year 2006.
d. Tenant’s Share with respect to the Expansion Space shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease1.19%.
Appears in 1 contract
Samples: Office Lease Agreement (Immucor Inc)
Base Rent. Subject (a) Base Rent for the first full month of the Base Term and the Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Tenant shall pay to Landlord in advance, equal monthly installments of Base Rent on or before the first day of each calendar month during the Term hereof, in lawful money of the United States of America, at the office or address of Landlord for payment of Rent set forth above. Payments of Base Rent for any fractional calendar month shall be prorated. Except as expressly provided in Section 15 below, Tenant Delay shall have no right at any time to xxxxx, reduce, or set-off any Rent due hereunder. Base Rent shall be increased on each anniversary of the Commencement Date (which would result in Tenant paying each an “Adjustment Date”) by multiplying the Base Rent attributable payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the number of days of Tenant DelayBase Rent payable immediately before such Adjustment Date. Base Rent, as set forth belowso adjusted, offset day shall thereafter be due as otherwise provided herein. Base Rent adjustments for day by the number of days of delay caused by Landlord)any fractional calendar month shall be prorated.
(b) In addition to Base Rent, Tenant Allowance agrees to pay to Landlord as additional rent (“Additional Rent”): (i) Tenant’s Share of Project Operating Expenses and Tenant’s Percentage Share (Science Facility) of Science Facility Operating Expenses (each as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement DateSection 4), and Phase Two Rent Commencement Dates, respectively, (ii) any and throughout all other amounts Tenant assumes or agrees to pay under the Term provisions of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installmentsincluding, ( the “Base Rent”) (Base Rent without limitation, any and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession all other sums that may become due by reason of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number any default of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premisesfailure to comply with the agreements, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms terms, covenants and conditions of this Lease exceptto be performed by Tenant, after any applicable notice and cure period. Tenant’s obligation to pay Base Rent and Additional Rent hereunder is collectively referred to herein as “Rent”.
(c) Landlord shall, subject to the applicable spaceterms of Section 2, make available to Tenant shall pay no Base Rent or the Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectivelyImprovement Allowance. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord Commencing on the Phase Two Rent Commencement Date, Base Rent only in first day of the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as calendar month following Landlord’s sole remedy therefor. Unless otherwise set forth in this Leasefirst disbursement of the Additional Tenant Improvement Allowance, each monthly installment of Rent shall be due and payable promptly continuing thereafter on the first day of each month, in advance, month during the Term of this Lease. Base Term, Tenant shall pay the amount necessary to Landlord all Base Rentfully amortize on a straight line basis the portion of the Additional Tenant Improvement Allowance actually funded by Landlord, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set offif any, in legal tender; providedequal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof and shall only accrue on the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periodsamounts actually disbursed,. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day Any of the month, Rent for such month shall be prorated Additional Tenant Improvement Allowance and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, applicable interest remaining unpaid as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) expiration or earlier termination of the amount due Lease shall be paid to Landlord for each such late payment and in a lump sum at the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent expiration or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes earlier termination of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Seres Health, Inc.)
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to During the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Leaseinitial Lease Term, Tenant shall pay base rental monthly Base Rent for the Premises to Landlord in accordance with the schedule set forth below: * The Base Rent payable during each of the first eight (8) full calendar months of the initial Lease Term (the “Abatement Period”) is actually Two Hundred Ninety-two Thousand Fifty-five and 54/100 Dollars ($292,055.54) per month; however, Landlord agrees that such monthly Base Rent during the Abatement Period (the “Abated Rent”) shall be conditionally abated so long as no Default by Tenant (as defined in Paragraph 14 below) occurs and is uncured during the Schedule above in equal monthly installments, ( initial Lease Term. In the “Base Rent”) (Base Rent event a Default by Tenant occurs during the initial Lease Term and Additional Rent, Landlord terminates this Lease or Tenant’s possession as defined a result thereof pursuant to Paragraph 14.2.1 below, are hereinafter collectively referred to as “Rent”). Notwithstanding then the foregoing, if Landlord is unable to deliver possession unamortized portion of the Phase One Premises Abated Rent (which Abated Rent shall be amortized over a period of one hundred twenty (120) months) shall become immediately due and payable following written demand of Landlord and Landlord shall be entitled to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to include such unamortized portion of the Phase One Abated Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable of rentals that it is otherwise entitled to recover from Tenant under Paragraph 14.2(d) below and under California Civil Code Section 1951.2. For sake of clarification, if the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as is other than the result first (1st) day of a Tenant Delaycalendar month, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly Abatement Period will begin on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that first full month following the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence and will end on a date other than the first last day of the montheighth (8th) full calendar month of the initial Lease Term, and the Base Rent payable for such the partial month in which the Commencement Date occurs shall be prorated and such prorated amount (which shall be equal paid by Tenant to Landlord prior to the monthly Commencement Date. Notwithstanding such conditional abatement of Base Rent stated above and Additional Rent multiplied by a fractionas provided above, commencing as of the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through and thereafter continuing during the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due dateTerm, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxxsuch Lease Term may be extended, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled obligated to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy pay Tenant’s corresponding Rent obligations percentage share of Operating Expenses pursuant to Landlord in such paid amountsthe terms of the Lease below. In the event Tenant shall fail to pay a monthly installment of Rent within five (5Paragraph 4) Within ten (10) days following the execution of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonLandlord and Tenant, Tenant shall pay to Landlord a returned check charge the sum of One $292,055.54, which shall be credited against the Base Rent payable during the ninth (9th) full calendar month of the initial Lease Term.”
(b) Landlord acknowledges that Tenant has already paid to Landlord the amount of $291,526.74 to be credited against the Base Rent payable during the ninth (9th) full calendar month of the initial Lease Term. Not later than thirty (30) days following the execution of this First Amendment, Tenant shall pay to Landlord an additional Five Hundred Twenty-eight and 80/100 Dollars ($100.00528.80) together with and such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter credited against the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than Base Rent payable during the ninth (9th) full amount then due from Tenant without prejudice to Landlord’s right to recover the balance calendar month of the full amount then due, or to pursue any other remedies then available to Landlord under this initial Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseTerm.
Appears in 1 contract
Samples: Net Lease Agreement (Rambus Inc)
Base Rent. Subject Tenant agrees to any Tenant Delay (which would result in Tenant paying pay monthly as Base Rent attributable to during the number term of days this Lease the sum of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions money set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term Section 1.5 of this Lease, Tenant shall pay base rental for the Premises which amount will be payable to Landlord as defined in at the Schedule above in equal monthly installments, ( the “address shown above. Monthly installments of Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly payable, in advance, on or before the first day of each month, in advance, calendar month during the Term term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, provided that if the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on should be a date other than the first day of the a calendar month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be prorated on a daily basis to the number end of days from that calendar month, and shall be payable on or before the Phase One Rent Commencement Date or of this Lease. Tenant shall pay, as additional rent, all other sums due under this Lease. Landlord will promptly commence construction of the Phase Two Rent Building and Premises and shall diligently pursue construction thereof in order to have the Building and the Premises substantially complete on the Commencement Date. For the purposes of this provision, "substantially complete" shall mean that the Building and Premises are substantially completed in accordance with the approved construction documents and the requirements of the 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. If, prior to June 15, 1999, Landlord determines that it will not be able to deliver the Building and Premises to Tenant in the condition required by the anticipated Commencement Date, as applicableLandlord shall notify Tenant, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlordwriting, on or before July 1, 1999, and the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant Commencement Date shall be entitled extended to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in the actual substantial completion date. In such event, Landlord shall satisfy provide Tenant with not less than forty-five (45) days prior written notice of the anticipated substantial completion date. If, subject to force majeure or Tenant caused delays, the Building and Premises are not substantially complete and ready for Tenant’s corresponding Rent obligations 's occupancy by August 1, 1999, Landlord shall pay to Landlord in such paid amounts. In Tenant, as a credit against the event Tenant shall fail to pay a monthly first installment of Base Rent within five (5) days of the due dateand additional rent payable hereunder, a late charge of one percent (1%) of the an amount due shall be paid equal to Landlord $500.00 for each such late payment day thereafter until the Building and the same shall be treated as Additional RentPremises are substantially complete and ready for Tenant's occupancy. In additionIf, in subject to force majeure or Tenant caused delays, the event that any check from Tenant Building and Premises are not substantially complete and ready for payment due under this Lease is returned Tenant's occupancy by a bank for any reasonSeptember 1, 1999, Tenant shall pay have the option to terminate this Lease by written notice to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check after September 1, 1999 and prior to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance substantial completion of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, Building and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeasePremises.
Appears in 1 contract
Samples: Lease (Fair Isaac & Company Inc)
Base Rent. Subject (a) As of the Effective Date Tenant shall pay Base Rent for the Existing Premises in accordance with the following rent schedule. (The schedule below is the same as the Base Rent schedule listed in the Existing Lease with an extended period added to any Tenant Delay cover the full First Extension Term): Time Period Annual Base Rent Monthly Installment of Base Rent Annual Base Rent per Rentable Square Foot
(which would result b) Notwithstanding anything contained in Tenant paying Rent attributable the Lease to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Leasecontrary, commencing on the Phase One Expansion Premises Rent Commencement Date and continuing through the First Extension Term Expiration Date, Tenant shall, at the time and Phase Two in the manner provided in the Lease, pay to Landlord as Base Rent for the Expansion Premises, the amounts set forth in the following rent schedule, plus any applicable tax thereon: Time Period* Annual Base Rent Monthly Installment of Base Rent Annual Base Rent per Rentable Square Foot *Note: Notwithstanding the above table, the dates of the time periods set forth therein will be adjusted based on the actual Expansion Premises Rent Commencement DatesDate if such date occurs on a date earlier than July 1, respectively2020, and throughout but the Term 304134396 v5 final date shall remain the same. **Note: Provided Tenant is not in monetary default of the terms of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession after expiration of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond any applicable notice and cure periods. In period, Tenant shall have no obligation to pay any Base Rent attributable to: (i) the event that first two (2) months of for the Phase One Expansion Premises, and only the Expansion Premises, following the Expansion Premises Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than (the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to TenantExpansion Premises Abatement Period”). Tenant shall be entitled obligated to rely on any instructions from Landlord’s lenders to make payment pay all of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations Share of Direct Expenses attributable to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of Expansion Premises during the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this LeaseExpansion Premises Abatement Period.
Appears in 1 contract
Samples: Lease (Precision Biosciences Inc)
Base Rent. Subject to any Tenant Delay (which would result “Annual Base Rent” shall be calculated based on the product of the rentable square footage of the Leased Premises as stated in Tenant paying Rent attributable to the number Section 1.2 of days of Tenant Delay, as set forth below, offset day for day this Lease multiplied by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions rental rate set forth in this Leasethe table below. Tenant shall pay to Landlord during the Lease Term Annual Base Rent in accordance with the above table, commencing payable in equal monthly installments (also set forth in the table above), in advance, without notice or demand and without setoff or deduction, beginning on the Phase One Rent Commencement DateDate and continuing on the first (1st) day of each calendar month thereafter during the Lease Term; provided however, and Phase Two Rent Commencement Dates, respectively, and throughout the Term that upon execution of this Lease, Tenant shall pay base rental for the Premises to Landlord an amount equal to Three Hundred One Thousand Four Hundred Eighty and 96/100 Dollars ($301,480.96) to be held by Landlord and applied toward the first six (6) monthly installments of Annual Base Rent due during the Lease Term and, pending the application of such monthly installments to Annual Base Rent, such installment shall be deemed to be a security deposit under this Lease and may be held by Landlord as security for Tenant’s obligations under this Lease. If the Commencement Date shall be other than the first (1st) day of a calendar month, then the prorated monthly installment of Annual Base Rent for such partial calendar month shall be paid directly by Tenant on the Commencement Date. Except as expressly provided otherwise, Annual Base Rent, Additional Rent (as defined in herein), and the Schedule above in equal monthly installments, ( the “Base Rent”) (installments of Annual Base Rent and Additional Rent, as defined below, are hereinafter shall be collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of ” throughout this Lease. Tenant shall pay to acknowledges that Landlord all does not invoice for Annual Base Rent, Additional Rentand Tenant agrees to timely pay all rent without any statement, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demandinvoice, or set offreminder from Landlord. Landlord shall provide separate wiring instructions. For this purpose, Tenant agrees to establish an automatic debit arrangement in legal tender; provided, that the foregoing is not intended order to waive Tenant’s rights against Landlord at law or in equity in the event electronically pay all installments of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Annual Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a provide written bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord confirmation of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to debit arrangement upon request y Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.
Appears in 1 contract
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to On the number first day of days of Tenant Delay, as set forth below, offset day for day by each calendar month during the number of days of delay caused by Landlord)Lease Term, Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall will pay base rental for the Premises to Landlord as defined in the Schedule above Base Rent, plus applicable sales or use tax thereon, in equal monthly installments, ( in lawful money of the “United States, in advance and without offset, deduction prior notice or demand. The Base Rent is payable at Landlord's Rent Payment Address of , or at such other place or to such other person as Landlord may designate in writing from time to time. Payments of Base Rent for any partial calendar month will be prorated. SECTION 2: ADDITIONAL RENT. All sums payable by Tenant under this Lease other than Base Rent are "Additional Rent”) ("; the term "Rent" includes both Base Rent and Additional Rent. Landlord will estimate in advance and charge to Tenant the following costs ("Total Operating Costs"), as defined below, which Tenant will pay with the Base Rent on a monthly basis throughout the Occupancy Period: (a) all Real Property Taxes for which Tenant is liable hereunder; (b) all utility costs (to the extent utilities are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoingnot separately metered) for which Tenant is liable hereunder; (c) all insurance premiums for which Tenant is liable hereunder; and (d) all Operating Expenses for which Tenant is liable hereunder, if any. Landlord is unable to deliver possession may adjust its estimates of Total Operating Costs at any time based upon Landlord's experience and reasonable anticipation of costs. Such adjustments will be effective as of the Phase One Premises next Rent payment date after notice to Tenant. "Occupancy Period" means the period from the time Tenant on or before January 1first enters the Premises, 2004 due to a throughout the Lease Term and thereafter as long as Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only remains in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy thereforPremises. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through After the end of such montheach fiscal year during the Term, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable Landlord will deliver to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lendersa statement setting forth, in lieu of Landlordreasonable detail, without Tenant incurring any liability to the Total Operating Costs paid or incurred by Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amountsduring the preceding fiscal year. In the event Tenant shall fail to pay a monthly installment of Rent within five Within thirty (530) days after Tenant's receipt of the due datesuch statement, a late charge of one percent (1%) of the amount due shall there will be paid an adjustment between Landlord and Tenant, with payment to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt credit given by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter (as the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord case may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasebe).
Appears in 1 contract
Samples: Triple Net Lease Agreement
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to During the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy therefor. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such month) shall be due and payable on the Phase One Rent Commencement Date and (unless otherwise provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonTerm, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars as rental for the Premises the Base Rent described in Section 1.07 above, subject to the following adjustments ($100.00herein collectively called the "Rent Adjustments"):
(A) together with such other fee charged by During each twelve (12) month period subsequent to the bank returning first complete twelve (12) month period occurring during the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunderLease Term, the maximum rate permitted Base Rent payable by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease as described in Section 1.07 shall be considered increased to the sum of (i) Base Rent payable during the immediately previous 12-month period; plus (ii) two and one-half (2.5%) percent of Base Rent payable during such immediately previous 12-month period.
(B) During each calendar year during the Lease Term, the Base Rent payable by Tenant to Landlord, as adjusted pursuant to Section 4.02(A) above, shall be increased by Tenant's Percentage Share of the Property Taxes for all purposes such year (the "Tax Adjustment").
(C) During each calendar year during the Lease Tenn, the Base Rent payable by Tenant to Landlord, as adjusted pursuant to Section 4.02(A) above, also shall be increased by Tenant's Percentage Share of this Leasethe Operating Expenses paid or incurred by Landlord during such year (the "Operating Expense Adjustment").
(D) During each calendar year during the Lease Term, the Base Rent payable by Tenant to Landlord, as adjusted pursuant to Section 4.02(A) above, also shall be increased by Tenant's Percentage Share of the Insurance Expenses for such year (the "Insurance Adjustment").
(E) The Tax Adjustment, the Operating Expense Adjustment and the Insurance Adjustment are hereinafter referred to collectively as the "Tax, Operating Expense and Insurance Adjustments".)
Appears in 1 contract
Base Rent. Subject to any Tenant Delay (which would result in Tenant paying Rent attributable to the number of days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (as defined in the Work Letter) credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments, ( the “Base Rent”) (Base Rent and Additional Rent, as defined below, are hereinafter collectively referred to as “Rent”). Notwithstanding the foregoing, if Landlord is unable to deliver possession of the Phase One Premises to Tenant on or before January 1, 2004 due to a Tenant Delay, then in addition to the Phase One Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase One Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay as Landlord’s sole remedy thereforset forth above. Landlord shall deliver possession of the Phase One Premises to Tenant upon substantial completion of the improvements thereto. If Landlord substantially completes the Phase One Premises prior to January 1, 2004, and/or the Phase Two Premises prior to December 1, 2004The first month's Base Rent, and Tenant or its approved subtenant occupies either of such Premises, Tenant’s or its approved subtenant’s early occupancy of the Phase One Premises and Phase Two Premises shall be upon all of the terms and conditions of this Lease except, as to the applicable space, Tenant shall pay no Base Rent or Additional Rent with respect to such early occupancy period, but Tenant shall be liable for the cost of utilities consumed by Tenant in the Phase One Premises and/or Phase Two Premises prior to January 1, 2004 and December 1, 2004, respectively. Should the Phase Two Rent Commencement Date be delayed beyond December 1, 2004 as the result of a Tenant Delay, then in addition to the Phase Two Rent Commencement Date obligations, Tenant shall pay Landlord on the Phase Two Rent Commencement Date, Base Rent only in the amount attributable to the number of days in the Tenant Delay for the Phase Two Premises as Landlord’s sole remedy therefor. Unless otherwise set forth in this Lease, each first monthly installment of Rent shall be due and payable promptly on the first day of each month, in advance, during the Term of this Lease. Tenant shall pay to Landlord all Base Rent, Additional Rent, and all other charges due and owing by Tenant under this Lease without, counterclaim, deduction, prior demand, or set off, in legal tender; provided, that the foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of the month, Rent for such month shall be prorated and such prorated amount estimated Operating Expenses (which shall be equal to the monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days from the Phase One Rent Commencement Date or the Phase Two Rent Commencement Date, as applicable, through the end of such month, inclusive of both days, and the denominator of which shall be the number of days in such monthhereafter defined) shall be due and payable on the Phase One date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off (except as otherwise set forth in the Lease), monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and (unless otherwise 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 where expressly provided in this Lease) Phase Two Rent Commencement Date, respectively. All payments of Rent or If Tenant is delinquent in any other sum due under this Lease shall be made payable to “Xxxxxx New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Base Rent within five (5) beyond 10 days of after the due datedate thereof, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated after notice as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reasonprovided below, Tenant shall pay to Landlord on demand a returned check late charge equal to 5 percent of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checksdelinquent sum. Tenant also agrees shall not be obligated to pay the late charge until Landlord interest has given Tenant 10 days written notice of the delinquent payment (which may be given at a rate of ten percent (10%) per annum (orany time during the delinquency); provided, however, that such notice shall not be required more than twice in any event hereunder, 12-month period or four times over the maximum rate permitted by Applicable Law, whichever is less) on term of the Lease. The provision for such late charge shall be in addition to all Rent of Landlord's other rights and remedies hereunder or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent at law and shall not be due and payable immediately along with such other Rent construed as a penalty or other sums due hereunder then as limiting Landlord's remedies in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Leasemanner.
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