Common use of Base Rent Clause in Contracts

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the 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 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 2 contracts

Samples: Lease Agreement (MetaMorphix Inc.), Sublease (MetaMorphix Inc.)

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Base Rent. Tenant shall pay 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 installments on each Base Rent in Date through the amount set forth on end of the second page Term. Each payment of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses must be received by Landlord no later than 12:00 noon (as hereafter definedSan Francisco time) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments 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 on or before shall represent rent allocable to the first day of each calendar month succeeding the Rent Commencement Date. Payments of 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 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 each Base Rent Period at least fifteen (15) days prior to the effective date 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 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 change Base Rent Period, and with the second installment becoming due on the Base Rent Date upon which the Base Rent Period ends. Notwithstanding the foregoing, if Tenant or any Applicable Purchaser purchases Landlord's interest in address. The obligation of Tenant the Property pursuant to pay the Purchase Agreement, any accrued unpaid Base Rent and all outstanding Additional Rent shall be due on the date of purchase in addition to the purchase price and other sums to due Landlord under the Purchase Agreement. The Base Rent for each Base Rent Period shall equal the sum of: (1) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) one minus the sum of the Certificate of Deposit Collateral Percentage for such Base Rent Period and the obligations Securities Collateral Percentage for such Base Rent Period, times (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 day upon which such Base Rent Period commences, times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS (2) (A) Stipulated Loss Value on the first day of such Base Rent 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 (ii) 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). To ease the administrative burden of this Lease and the Pledge Agreement, clause (2) in the formula above for calculating Base Rent reflects a reduction in the Base Rent equal to the interest that would accrue on any Cash Collateral required by the Pledge Agreement from time to time if the Accounts (as defined in the Pledge Agreement) bore interest at the Effective Rate. Landlord has agreed to such reduction in the Base Rent to provide Tenant with the economic equivalent of interest on such Cash Collateral, and in return Tenant has agreed to 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 under 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 are independent obligations. requires of Tenant shall have no right at any from time to axxxxtime, reduceTenant may report Base Rent as if there had been no such reduction 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, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord only for the purpose of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, illustration of the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment calculation of Base Rent: that after the Carrying Costs Accrual Termination Date, Operating Expenses or other sums due and payable hereunder a hypothetical Base Rent Period contains exactly ninety (90) days; that, after five (5) days from Tenant’s receipt taking into account all Qualified Payments, the Stipulated Loss Value on the first day of notice from Landlord such Base Rent Period is $50,000,000; that the Certificate of Deposit Collateral Percentage for such payment Base Rent Period is past due, Tenant shall pay to Landlord a late charge equal to five twenty percent (520%); 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 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 addition to all of Landlord’s other rights and remedies hereunder x 90/360, or at law and shall not be construed as a penalty.$375,000, PLUS $50,000,000 x 20% x .225% x 90/360, or $5,625, PLUS $50,000,000 x 30% x (5.5% + .225%) x 90/360, or $214,687.5, = $595,312.5

Appears in 2 contracts

Samples: Lease Agreement (3com Corp), Lease Agreement (3com Corp)

Base Rent. Commencing upon the Commencement Date, Tenant covenants and agrees to pay Landlord at the address set forth in Section 3.2, or such other place as Landlord shall designate in writing, rent on the Premises as set forth on Exhibit “B”, attached hereto and incorporated herein by reference (the “Base Rent”). Landlord and Tenant agree that the initial schedule of Base Rent attached to this Lease on the Effective Date is an estimate based on the Final Budget found in the Development Agreement. Upon determination of the Actual Cost (as defined in the Development Agreement), if a cost savings in, or deduction against, the cost of construction is realized, and Tenant is entitled to a reduction in Base Rent pursuant to Article 8 of the Development Agreement, then, pursuant to the terms of the Development Agreement, Landlord and Tenant shall pay enter into a lease amendment to set forth a revised Base Rent schedule pursuant to a revised Exhibit “B”. As set forth on Exhibit “B”, Base Rent shall increase by two percent (2.0%) annually over the Base Rent in effect during the amount set forth immediately preceding Lease Year, commencing on the first day of the second page of this LeaseLease Year, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and continuing on the first monthly installment (1st) day of estimated Operating Expenses (each succeeding Lease Year. Rent, as hereafter defined) defined below, shall be due and payable on the date hereofCommencement Date and on the first (1st) day of the calendar month following the Commencement Date, and Tenant promises to pay to Landlord for each calendar month of the Term thereafter in advance, without demand, deduction offset or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Rent Commencement Datededuction. Payments of Base Rent for For any fractional calendar month period, Rent 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 prorated on a daily basis based on the number of days 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyapplicable month.

Appears in 2 contracts

Samples: Triple Net Lease Agreement, Triple Net Lease Agreement (American Realty Capital Properties, Inc.)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000a) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable on the date hereof, and delivery of an executed copy of this Lease to Landlord. Tenant promises to shall 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 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. Notwithstanding the foregoing, Base Rent for the 6-month period commencing on the Commencement DateDate shall be adjusted to be $18,390.67 per month for such 6-month period, provided that Tenant is not in Default hereunder, and after such 6-month period Base Rent shall be at the rate stated above in the Basic Lease Provisions, subject to adjustment each year on the Adjustment Date as provided below. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required If the Rent Commencement Date is other than the first day of a calendar month, the difference between the first full calendar month’s Base Rent paid pursuant to be made by Tenant to Landlord hereunder the first sentence of this Section 3(a), and the prorated Base Rent for the fractional month in which the Rent Commencement Date occurs, 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 applied by Landlord to Tenant at least fifteen (15) days prior to the effective date of such change first full calendar month after the Rent Commencement Date. Except as expressly provided in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Section 2 above or Section 15 below, Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent Rent due hereunder except where expressly hereunder. Base Rent shall be increased on each anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as otherwise provided in this Leaseherein. Base Rent adjustments for any fractional calendar month shall be prorated. (b) In addition to Base Rent, Tenant acknowledges that late payment by Tenant 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 Section 4), and (ii) any rent due hereunder will cause Landlord and all other amounts Tenant assumes or agrees to incur costs not contemplated by pay under the provisions of this Lease, the exact amount of such casts being extremely difficult including, without limitation, any and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or all other sums that may become due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment any default of Tenant or failure to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after any applicable notice and cure period. The provision for such late charge shall be in addition Tenant’s obligation to all of Landlord’s other rights pay Base Rent and remedies Additional Rent hereunder or at law and shall not be construed are collectively referred to herein as a penalty“Rent”.

Appears in 2 contracts

Samples: Lease Agreement (Eleven Biotherapeutics, Inc.), Lease Agreement (Eleven Biotherapeutics, Inc.)

Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent in for the amount set forth on the second page of this LeaseTemporary Space, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent plus applicable state sales and the first monthly use taxes, with each such installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Rent Commencement period 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. Payments All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for any fractional calendar month 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 or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be proratedSeptember 30, 2012. All payments required If Landlord elects not to 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 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 entitled to the effective date of such change in address. The obligation of Abated Base Rent, and Tenant to shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to this Section, as more particularly described herein, and Tenant’s Share of Expenses and Taxes and all other rent and other sums to Landlord costs and charges specified in 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. 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 casts being extremely difficult and impractical to determine. Thereforeas amended hereby, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums shall remain as due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay pursuant to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate the provisions 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 rights and remedies hereunder or at law and shall not be construed Lease, as a penaltyamended hereby.

Appears in 2 contracts

Samples: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)

Base Rent. Subject to any Tenant shall pay Base 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 amount Work Letter) credits or other provisions set forth in this Lease, commencing on the second page Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, subject Tenant shall pay base rental for the Premises to adjustment 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 Remeasurement reveals event that the Premises consist Phase One Rent Commencement Date or Phase Two Commencement Date shall commence on a date other than the first day of less than fifteen thousand the month, Rent for such month shall be prorated and such prorated amount (15,000) square feet. The first month’s 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 first monthly installment denominator of estimated Operating Expenses (as hereafter definedwhich shall be the number of days in such month) shall be due and payable on the date hereofPhase 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 promises to pay to Landlord in advanceLandlord, 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. 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 due date, as follows: c/o Carter & Associates 0000 Xxxxxxxxx Xxxxxx, X.X. Xxxxxxx, Xxxxxxx 00000 or at such address other place as Landlord may specify. designate 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 writing 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligationsTenant. Tenant shall have no right at be entitled to rely on any time instructions from Landlord’s lenders to axxxxmake payment of Rent to such lenders, reducein lieu of Landlord, or set-off without Tenant incurring any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant liability to Landlord of any rent due hereunder will cause 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 incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any pay a monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after 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’s receipt of notice from Landlord that such Tenant for payment due under this Lease is past duereturned by a bank for any reason, Tenant shall pay to Landlord a late returned check charge equal of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to five 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 (510%) 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 delinquent sumlesser 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. The parties agree that such late charge represents a fair and reasonable estimate Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the costs that 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 incur by reason of such late payment by be returned promptly to Tenant. The provision for such late charge Any payments or charges due from Tenant to Landlord under this Lease shall be in addition to considered Rent for all purposes of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythis Lease.

Appears in 2 contracts

Samples: Standard Industrial Lease Agreement, Standard Industrial Lease (Wells Real Estate Investment Trust Ii Inc)

Base Rent. Commencing upon the Ground Lease Commencement Date and continuing through the earlier of (1) eighteen (18) months following the Ground Lease Commencement Date or (2) the date the Tenant shall pay provides written notice to the Landlord that Tenant has completed its environmental site preparation work (the “Base Rent Adjustment Date”), the base rent for the Site (“Base Rent”) shall BE [***] per annum, payable in equal installments of [***] per month and after the amount set forth Base Rent Adjustment Date shall thereafter be [***] per annum, payable in equal installments of [***] per month, adjusted upward five years after the date on which the Base Rent increases to [***] per annum and every five (5) years thereafter during the Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period from the Base Rent Adjustment Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Except for the first payment of Base Rent hereunder on the second page of this LeaseGround Lease Commencement Date, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month; provided, however, that: (i) the first monthly installment payment of estimated Operating Expenses (as hereafter defined) Base Rent shall be due and payable on ten (10) days following the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a 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 other than the first day of each calendar month succeeding the Rent Commencement Date. Payments month, the first payment 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be in addition a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (ii) the first payment of Base Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period in order to all permit the Tenant to calculate the CPI Percentage Increase, as set forth below and (iii) the last payment of Landlord’s other rights Base Rent shall be in a prorated amount for the period of time between the immediately preceding first day of the month and remedies hereunder or at law and shall not be construed as a penaltythe last day of the Term.

Appears in 2 contracts

Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)

Base Rent. (a) From and after the Lease Commencement Date, but subject to the applicable Abatement Period set forth in Section 4.2(a), the Rent Credit Amount and any other rent abatement Tenant may be expressly entitled to pursuant to this Lease, Tenant shall pay the Initial Premises Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, equal monthly installments of Base Rent in advance on or before the first day of each calendar month succeeding during a Lease Year. If the Lease Commencement Date is not the first day of a month, then the Initial Premises Base Rent from the Lease Commencement Date until the first day of the following month shall be prorated on a per diem basis at the rate of one-thirtieth (1/30th) of the monthly installment of the Initial Premises Base Rent payable during the first Lease Year, and Tenant shall pay such prorated installment of the Initial Premises Base Rent on the Lease Commencement Date. (b) Commencing on each applicable Must Take Commencement Date but subject to the applicable Abatement Period set forth in Section 4.2(b), the Rent Commencement Date. Payments of Credit Amount and any other rent abatement Tenant may be expressly entitled to pursuant to this Lease, hereof, Tenant shall pay, and Base Rent shall include, the Must Take Expansion Premises Base Rent for such Must Take Expansion Premises. If any fractional calendar Must Take Commencement Date is not the first day of a month, then the applicable Must Take Expansion Premises Base Rent from the Must Take Commencement Date until the first day of the following month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable prorated on a per diem basis 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 rate of rent shall be delivered by Landlord to Tenant at least fifteen one-thirtieth (151/30th) days prior to of the effective date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of the applicable Must Take Expansion Premises Base RentRent payable during the applicable Lease Year, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate prorated installment 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 rights and remedies hereunder or at law and shall not be construed as a penaltyMust Take Expansion Premises Base Rent on the Must Take Commencement Date.

Appears in 2 contracts

Samples: Office Lease, Office Lease (2U, Inc.)

Base Rent. Throughout the Lease Term, Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feetabove. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent and Additional Rent on or before the first day of each calendar month succeeding commencing on the Rent Commencement Date. Payments If the Lease Term commences or expires on a date other than the first day or the last day of Base a calendar month, respectively, then the Rent payable for any fractional such partial calendar month shall be proratedan amount equal to the monthly installment of Rent otherwise then in effect, divided by the number of days in the full calendar month during which the Lease Term commences or expires, respectively, and multiplied by the number of days in the partial calendar month after and including the Commencement Date or before and including the date of expiration, respectively, and provided further that the Rent for any partial calendar month at 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 part of Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided for herein (or by law or equity or otherwise) in the case of nonpayment of Base Rent. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify. 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 other sums Additional Rent (sometimes hereinafter collectively referred to Landlord as "Rent") and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyhereunder.

Appears in 2 contracts

Samples: Lease (Blue Rhino Corp), Lease (Blue Rhino Corp)

Base Rent. Tenant From and after the Initial Premises Commencement Date, during each month of the Term of this Sublease, Subtenant shall pay as base rent for the Premises (“Base Rent”) as follows: 61 - 72 115,466 $5.88 $678,830.07 *Provided that Subtenant is not in default beyond applicable notice and cure periods of the terms and conditions of this Sublease, Sublandlord agrees to xxxxx the obligation of Subtenant to pay Base Rent in for months 7-18 of the amount set forth Term (the “Conditional Rent”). Notwithstanding the foregoing, however, during such abatement period, Subtenant shall be responsible for the payment of all Additional Rent allocable to the Premises then subleased hereunder. In the event of a default by Subtenant beyond any applicable notice and cure periods and the expiration or earlier termination of this Sublease, Sublandlord shall be entitled to recover the unamortized portion of the Conditional Rent (i.e., the unamortized portion of the Conditional Rent shall be deemed not to have been abated, and shall become immediately due and payable as unpaid Rent earned, but due at the time of such default). *The above chart assumes that the Expansion Premises Commencement Date occurs on the second page first day of the twenty-fifth (25th) month of the Term of this LeaseSublease. If the Expansion Premises Commencement Date occurs on an earlier or later date, subject the above chart shall be deemed adjusted to adjustment in provide for Subtenant to pay Base Rent on the event increased square footage commencing on the Remeasurement reveals that the Expansion Premises consist of less than fifteen thousand (15,000) square feetCommencement Date only. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Additional Rent shall be due and payable on the date hereof, and Tenant promises paid to pay to Landlord in advance, Sublandlord without demand, deduction or deduction, set-offoff or counterclaim, monthly installments of Base Rent in advance on or before the first day of each calendar month succeeding during the Rent Commencement Date. Payments Term 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 this Sublease, and in the address for payment event 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 a partial rental month, Base Rent and other sums Additional Rent shall be prorated on the basis of a 365-day year. If Base Rent or Additional Rent abates under the Master Lease as to Landlord and a portion of the obligations of Landlord Premises as to which this Sublease has commenced, Base Rent or Additional Rent, as the case may be, shall xxxxx on a pro-rata basis under this Lease are independent obligationsSublease. Tenant shall have no right at any time If Sublandlord does not deliver the Lab Space to axxxxSubtenant in the required condition on or before December 31, reduce2020, 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge Subtenant shall be entitled to a day-for-day credit in addition its Base Rent and Additional Rent obligations (calculated on a pro-rata rentable square foot basis) for the period commencing on January 1, 2021 and ending on the date on which Sublandlord delivers the Lab Space to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltySubtenant in the required condition.

Appears in 2 contracts

Samples: Sublease (Sutro Biopharma, Inc.), Sublease (Five Prime Therapeutics, Inc.)

Base Rent. (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 amount Existing Lease with an extended period added to cover the full First Extension Term): Time Period Annual Base Rent Monthly Installment of Base Rent Annual Base Rent per Rentable Square Foot (b) Notwithstanding anything contained in the Lease to the contrary, commencing on the Expansion Premises Rent Commencement Date and continuing through the First Extension Term Expiration Date, Tenant shall, at the time and 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 second page actual Expansion Premises Rent Commencement Date if such date occurs on a date earlier than July 1, 2020, but the final date shall remain the same. **Note: Provided Tenant is not in monetary default of the terms of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist after expiration of less than fifteen thousand (15,000) square feet. The first month’s Base Rent any applicable notice and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofcure period, 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. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at obligation to pay any time to axxxxBase Rent attributable to: (i) the first two (2) months of for the Expansion Premises, reduceand only the Expansion Premises, or set-off any rent due hereunder except where expressly provided in this Leasefollowing the Expansion Premises Rent Commencement Date (the “Expansion Premises Abatement Period”). Tenant acknowledges that late payment by Tenant shall be obligated to Landlord pay all of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt Share of notice from Landlord that such payment is past due, Tenant shall pay Direct Expenses attributable to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyExpansion Premises during the Expansion Premises Abatement Period.

Appears in 2 contracts

Samples: Lease Agreement (Precision Biosciences Inc), Lease (Precision Biosciences Inc)

Base Rent. Tenant shall agrees to pay to Landlord without notice an annual “Base Rent”. The Base Rent will be payable at the annual rate shown in the amount Basic Leasing Information of this Lease without any offset, defense or deduction whatsoever, in lawful (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 will be adjusted for increases as set forth on within the second page Basic Leasing Information of this Lease. Landlord, upon execution of this Lease by Landlord and Tenant, hereby acknowledges payment by Tenant of the “Initial Payment” as shown in the Basic Leasing Information of this Lease, subject to adjustment in representing payment of the event the Remeasurement reveals that the Premises consist monthly installment(s) of less than fifteen thousand (15,000) square feet. The first month’s annual Base Rent and the first monthly installment of estimated Operating Expenses Additional Rent (as hereafter defined) ), together with the sales tax thereon. The total Base Rent is payable in monthly installments on the first day of each calendar month. If the Term commences on any day of a month other than the first day, Tenant shall pay Landlord the full monthly Base Rent as provided for herein for such commencement month, and thereafter the sum which should have actually been paid for said first month shall be due and payable calculated on a pro rata basis (such proration to be based on the date hereofactual number of days in the commencement month), and the difference shall be credited as a reduction in the next month’s installment of annual Base Rent to be paid by Tenant promises hereunder on the first day of the next succeeding month. Base Rent for any partial month of occupancy at the end of the Term of this Lease will be prorated, such proration to be based on the actual number of days in the partial month. In addition to Base Rent, Tenant shall and hereby agrees 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 a sum equal to any sales tax, tax on rentals, and any other governmental charges, taxes and/or impositions now in existence or hereafter imposed based upon the privilege of renting the Leased Premises or upon the amount of Rent Commencement Date. Payments (as defined below) collected therefor, without any offset defense or deduction whatsoever, in lawful (legal tender for public or private debts) money 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 the United States of America, at such Landlord’s address or elsewhere as Landlord may specify. designated from time to time by Landlord’s written notice delivered in accordance herewithto Tenant. Any change in In addition, Tenant agrees to be fully responsible for the address for payment of rent shall documentary stamps, if any, due pursuant to this Lease. Nothing herein shall, however, be delivered by Landlord taken to Tenant at least fifteen (15) days prior to the effective date of such change in address. The obligation of require Tenant to pay Base Rent any part of any Federal and other sums to Landlord and the obligations of Landlord under this Lease are independent obligationsState Taxes on income imposed upon Landlord. Tenant shall have no right at be required to pay Landlord interest on any time to axxxx, reduce, or set-off any rent Rent (as defined below) 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after remains unpaid for five (5) days from Tenant’s receipt after its due date. Further, in the event (i) Tenant fails to pay Rent by the fifth (5th) day of notice from Landlord that the month in which such payment installment is past due, Tenant shall pay or (ii) any other sums owed to Landlord pursuant to the terms of this Lease within five (5) days after accrual thereof or billing therefor, there will be added to such unpaid sum a late charge equal to five ten percent (510%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the installment or sum due, in order to defray the costs that to Landlord will incur by reason for additional administrative expenses incurred as a result of such late payment by Tenantpayments. The 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 for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as requiring Landlord to accept any late payment of Rent or as a penaltywaiver 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. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in the amount set forth equal monthly installments ("Monthly Base Rent") in advance on the second page first day of this Leaseeach calendar month during the Term, subject to adjustment in the event the Remeasurement reveals without notice, except that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit equal to the Monthly Base Rent multiplied by the number of days in said calendar month prior to the Lease Commencement Date and divided by the number of days in such month, which credit shall be applied toward the installment of Monthly Base Rent next due hereunder. Notwithstanding the foregoing, Landlord shall grant to Tenant a “rent holiday” from the payment of the installments of Monthly Base Rent for the first nine (9) months following the Lease Commencement Date (the “Free Rent Period”). During such Free Rent Period, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as hereafter definedthe “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting of the Free Rent Allowance as provided hereunder shall not affect the Lease Commencement Date pursuant to Section 2.A. hereof or Tenant’s obligation to pay the first installment of Base Rent upon execution of this Lease as provided above, (ii) Tenant shall remain obligated during the Free Rent Period to perform all of Tenant’s obligations under this Lease except as expressly set forth above (including, but not limited to, the payment of all Additional Rent coming due under this Lease), and (iii) in the event of any termination of this Lease by Landlord based upon a Default hereunder by Tenant, the then unamortized portion of Base Rent which would have otherwise been due and payable hereunder during the Free Rent Period in the absence of the Free Rent Allowance shall immediately become due and payable and any remaining Free Rent Allowance hereunder shall be of no force or effect. If the first day following the last day of the Free Rent Period (such date being hereinafter referred to as the “Rent Commencement Date”) is a date other than the first day of a month, then Monthly Base Rent for the period commencing with and including the Rent Commencement Date and ending on and including the day prior to the first day of the following month shall be prorated at the rate of one-thirtieth (1/30th) of the Monthly Base Rent per day and shall be due and payable on the date hereof, Rent Commencement Date and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments the first full payment of Monthly Base Rent on or before shall be applied to the installment of Monthly Base Rent which is payable for the first day of each calendar full month succeeding immediately following 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 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 2 contracts

Samples: Office Lease (Cellular Biomedicine Group, Inc.), Office Lease (Cellular Biomedicine Group, Inc.)

Base Rent. Pursuant to Section 7.1 of the Lease, Landlord and Administrative Agent each shall deliver to Tenant shall pay an Invoice on a monthly basis for Base Rent in the amount set forth due and owing on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feetnext Rent Payment Date. The first month’s Invoice provided to Tenant by Administrative Agent shall indicate the exact dollar amount of the Rent Purchasers' Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be Interest that is due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base such Rent on or before the first day of each calendar month succeeding the Rent Commencement Payment Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required The Invoice provided 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 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. 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, indicate the exact amount of the Landlord's Base Rent Interest that is due on such casts being extremely difficult and impractical Rent Payment Date. If Landlord or Administrative Agent fails to determinesend its respective Invoice, Tenant shall remit such sums for such next Rent Payment Date equal to the amount shown on the previous month's Invoice from the Entity failing to present a timely Invoice for the Rent Payment Date in question. ThereforeIf Tenant's payment of the amount shown on the previous month's Invoice is less than Base Rent due for such month, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five shall pay the difference within ten (510) days from Tenant’s after receipt of notice from Landlord or Administrative Agent of such shortfall. If Tenant's payment of the amount shown on the previous month's Invoice exceeds the Base Rent due for such month, then (provided that no Event of Default has occurred which is continuing), such payment is past due, excess amount shall be credited to the next installment of Base Rent due to the Entities to which such excess amount was paid. Tenant shall pay send the amount of Base Rent specified by Landlord in its Invoice as Landlord's Base Rent Interest pursuant to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate Landlord's Wire Transfer Instructions in accordance with Section 7.1 of the costs that Landlord will incur Lease. Tenant shall send the amount of Base Rent specified by reason the Administrative Agent in its Invoice as Rent Purchasers' Base Rent Interest pursuant to Administrative Agent's Wire Transfer Instructions in accordance with Section 7.1 of such late payment by the Lease. Tenant shall make all payments of Base Rent in lawful money of the United States and in same day or immediately available funds not later than 12:00 noon (New York Time) on each Rent Payment Date. Administrative Agent shall forward to each Rent Purchaser its pro rata share of the Rent Purchasers' Base Rent Interest received from Tenant. The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 1 contract

Samples: Master Lease of Land and Improvements (Adobe Systems Inc)

Base Rent. a. Except as set forth herein, commencing on the Expansion Effective Date, all obligations for Common Area Costs, Real Estate Taxes, Landlord’s Insurance Costs and all other charges 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 timing of increases. b. Notwithstanding the foregoing to the contrary, Base Rent for the Expansion Space shall be calculated in accordance with the 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 pay 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 amount Lease, and (b) any increases in Base Rent set forth in the Lease shall occur on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feetdates scheduled therefore. The first month’s 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 first monthly installment Lease. If at any time during the Expansion Term an Event of estimated Operating Expenses (as hereafter defined) Default by Tenant occurs, then the abatement of Base Rent provided for in this provision shall be due and payable on the date hereofimmediately become void, and Tenant promises to shall promptly pay to Landlord in advanceLandlord, 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. 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 other amounts due to Landlord under the Lease, the full amount of Landlordall Base Rent herein abated. c. The Base Year with respect to the Expansion Space only shall be deemed to be calendar year 2006. d. Tenant’s other rights and remedies hereunder or at law and Share with respect to the Expansion Space shall not be construed as a penalty1.19%.

Appears in 1 contract

Samples: Office Lease Agreement (Immucor Inc)

Base Rent. Commencing on the Rent Commencement Date, it being understood and agreed that Tenant shall have and enjoy the Premises from the Lease Commencement Date until the Rent Commencement Date (the "Free Rent Period"} without the obligation to pay Base Rent, Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that above. Although Tenant has been given the Premises consist free of less than fifteen thousand (15,000) square feetthe obligation to pay Base Rent during the Free Rent Period, 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 's Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter hereinafter defined) } shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the 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 proratedprorated 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. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent due hereunder except where as may be 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 casts being extremely difficult and impractical to determine. Therefore, if If Tenant is delinquent in any monthly installment of Base Rent, Rent or of estimated Operating Expenses or other sums due and payable hereunder for more than 5 days after five (5) days from Tenant’s receipt of written notice from Landlord to Tenant that such payment amount is past due, Tenant shall pay to Landlord on demand a late charge equal to five two and one-half percent (52.5%) of such delinquent sum. The parties agree ; provided, however, that no notice shall be required to be given to Tenant, and such late charge represents a fair and reasonable estimate of shall be automatically due, if Landlord has given such notice to Tenant once in the costs that Landlord will incur by reason of such late payment by Tenantpreceding twelve months. The provision for such late charge shall be in addition to all of Landlord’s 's other rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 1 contract

Samples: Lease Agreement (United Stationers Supply Co)

Base Rent. (a) Tenant shall pay Base Rent in the amount amounts set forth on the second first page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s initial monthly Base Rent Rent, the Security Deposit, and the first initial monthly installment of Tenant’s Proportionate Share of the estimated Operating Expenses (as hereafter defined) increase over the Base Year (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the 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 address as Landlord may specify. 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 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 axxxxxxxxx, 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 casts 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 after for more than five (5) days from Tenant’s receipt of notice from Landlord that such payment is past duedays, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be deemed to be rent, and the right to require it shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as for a penaltypayment failure of Tenant, including the right to charge interest on the past due amount.

Appears in 1 contract

Samples: Lease Agreement (Avi Biopharma Inc)

Base Rent. Tenant shall pay monthly Base Rent in the amount amounts set forth on the second first page of this Lease, subject to adjustment . The Prepaid Rent (as set forth in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter definedBasic Lease Provisions above) shall be due and payable on the date hereof, 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, without demand, deduction or set-offoff (except as otherwise expressly set forth 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 prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligationsobligations and shall constitute rent. Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-set- off any rent due hereunder except where expressly provided in this Lease and shall not be 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 Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts 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 after for more than five (5) days from Tenant’s receipt of notice from Landlord that such payment is past duedays, Tenant shall pay to Landlord within thirty (30) days after receipt of written demand a late charge equal to five percent (5%) of such delinquent sum; provided, however, that no late charge shall be imposed with respect to the first (1st) late payment of rent in any 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 costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be deemed to be rent, and the right to require it shall be in addition to all of Landlord’s 's other rights and remedies hereunder or at law and shall not be construed as for a penaltypayment failure of Tenant, including the right to charge interest on the past due amount.

Appears in 1 contract

Samples: Lease Agreement (Bloom Energy Corp)

Base Rent. Beginning on the Lease Commencement Date, Tenant shall pay Base Rent in the amount set forth above. The approximation of square footage for the Premises set forth on the second first page of this Lease, subject Lease shall in no way affect the Base Rent specified on page one (1) above should any variance be found to adjustment in exist between the event approximation and the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) actual square feetfootage. The first month’s 's Base Rent Rent, the Security Deposit, and the first monthly installment of estimated Operating Expenses (as hereafter hereinafter defined) shall be due and payable on the date hereof, hereof and Landlord's receipt thereof shall be confirmed by Landlord in the Lease Commencement Agreement. Such amounts shall not be deemed to have been paid by Tenant unless and until Landlord's receipt thereof is so confirmed. Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each and every calendar month succeeding the Rent Lease Commencement Date. Payments of Base Rent for any fractional calendar month, including the month in which the Lease Commencement Date shall occur, shall be proratedprorated 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. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxabate, reduce, or set-off any rent due hereunder except where exxxxx as may be 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 casts being extremely difficult and impractical to determine. Therefore, if If Tenant is delinquent in any monthly installment of Base Rent, Rent or of estimated Operating Expenses or other sums due and payable hereunder after for more than five (5) days from Tenant’s receipt of notice from Landlord that such payment is past duedays, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such Notwithstanding the foregoing, Landlord agrees to waive imposition of the above-described late charge represents a fair and reasonable estimate on up to one (1) occasion in any twelve (12) month period, provided Tenant tenders the overdue payment to Landlord within five (5) business days after Tenant’s receipt of written notice from Landlord stating that the costs that Landlord will incur by reason of such late payment by Tenantwas not received when due. The provision for such late charge shall be in addition to all of Landlord’s 's other rights and remedies hereunder or at law and shall not be construed as a penalty. Notwithstanding anything in this Section 4 to the contrary, Landlord agrees to abate the monthly installments of Base Rent (but nxx xxy of the additional rent) due for the first thirteen (13) months of the Lease Term, for a total Base Rent abatement of One Million Seven Hundred Sixty Four Thousand One Hundred Sixty One and 80/100 Dollars ($1,764,161.80).

Appears in 1 contract

Samples: Lease Agreement (Systemax Inc)

Base Rent. Tenant shall pay Base Rent in for the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Property shall be due and payable increased on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Rent Commencement Date. Payments Extension Period to an amount equal to the "fair rental value" of the Property as of the first day of the Extension Period (which fair rental value determination may include increases in rent during the Extension Period), which fair rental value shall be determined by Landlord in its sole but reasonable discretion, after evaluating, among other things, the rents at similar buildings in the same general geographic area, but in no event shall the Base Rent be less than the then current Base Rent being paid by Tenant. Landlord shall notify Tenant in writing of such determination of fair rental value within thirty (30) days after Landlord's receipt of Tenant's notice exercising the Option. If Tenant shall dispute Landlord's determination of fair rental value for any fractional calendar month the Property, then Landlord and Tenant shall be proratedcooperate in good faith to arrive at a mutually agreeable Base Rent within thirty (30) days after receipt of Landlord's notice of fair rental value. All payments required If the Parties cannot agree, Tenant shall have the right to be made either (a) submit the issue of Landlord's reasonableness (but not the fair rental value) for neutral binding arbitration (and not by Tenant court action) to the American Arbitration Association in accordance with the rules of such Association then in effect, or (b) rescind Tenant's exercise of the applicable Option by delivery of written notice to Landlord hereunder within ten (10) days after said thirty (30) day negotiation period, in which event, this Lease shall be payable at such address terminate upon the expiration of the Lease Term or the first Extension Period, as Landlord may specify. from time to time by written notice delivered applicable (unless sooner terminated 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no further right at any time of option to axxxxextend the Lease Term. Tenant shall exercise such right of arbitration by delivering written notice of such election within thirty (30) days after receipt of Landlord's notice of fair rental value. If the arbitrators shall decide that Landlord's determination of fair rental value was reasonable, reducethen fair rental value shall be the amount previously determined by Landlord. If the arbitrators shall determine that Landlord acted unreasonably, or set-off any rent due hereunder except where expressly then Landlord shall redetermine the fair rental value in its sole but reasonable discretion, provided that Tenant shall again have the right to challenge Landlord's reasonableness in the manner set forth above. In no event shall the arbitrators be permitted to determine rental value under 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate decision of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge arbitrators shall be in addition to all binding upon both parties. Each party shall share equally the cost of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythe arbitration process.

Appears in 1 contract

Samples: Industrial Real Estate Lease (All American Semiconductor Inc)

Base Rent. Tenant RESIDENT shall pay to LANDLORD $ for base rental (“Base Rent in the amount set forth on the second page Rent”) of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) only, without deduction, which amount shall be due and payable on the date hereof, and Tenant promises to pay to Landlord paid in advance, without demand, deduction or set-off, monthly equal installments of Base Rent $ , on or before the first day of each calendar month succeeding during the term of this Lease. All rents, and any other applicable fees, shall be paid in full and for the exact amounts due by personal check (cash payments are not allowed), with the permission of LANDLORD, or by money order, to the LANDLORD at the LANDLORD Office as above written. Partial payments will be accepted at the sole discretion of the LANDLORD. The prorated rental from the date of move-in to the first day of the following month is $ . Resident hereby agrees to timely pay the base rent charges, which shall be collectible by LANDLORD as part of the Rent Commencement Date. Payments due under this Lease: If LANDLORD shall institute a summary proceedings action against RESIDENT based on a default in the payment of Base Rent rent, then RESIDENT shall reimburse LANDLORD as such may be allowed by statute for any fractional calendar month the expenses incurred by LANDLORD, and that so long as the resident shall be prorated. All payments required a RESIDENT hereunder, the amount of such expenses shall be deemed to be made by Tenant to Landlord hereunder additional rent and shall be payable due from the RESIDENT to the LANDLORD on the first day of the month following the incurring of such respective expenses. RESIDENT shall also pay to LANDLORD estimated property tax and insurance charges. Insurance charges paid by RESIDENT may at such address as Landlord may specifyLANDLORD’S discretion include a portion of LANDLORD’S liability insurance premium that LANDLORD in its sole judgment deems attributable to the leased Premises. from time RESIDENT will only pay property taxes and insurance attributable to time by written notice delivered in accordance herewiththe leased Premises. Any change in the address for payment of rent Insurance proceeds shall be delivered solely for the benefit of LANDLORD. RESIDENT WILL NOT BE INSURED IN ANY MANNER AGAINST LOSS OR OTHERWISE NOR WILL RESIDENT RECEIVE ANY BENEFIT OR PROCEEDS FROM INSURANCE DESCRIBED IN THIS SECTION. At its discretion LANDLORD may reconcile and revise the monthly payment amounts owed by Landlord to Tenant at least fifteen RESIDENT. RESIDENT will immediately comply with revised monthly payment totals for estimated property taxes and insurance. RESIDENT shall pay within ninety (1590) days prior to the effective date any additional property tax or insurance charges requested by LANDLORD after being provided with a reconciliation of such change in addresscharges. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant RESIDENT shall have no right at any time to axxxxaudit, reducereview, or set-off any rent due hereunder except where expressly provided in this Leaserequest clarification of estimated charges. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed RESIDENT’S initial estimated charges as a penalty.following: Monthly Insurance: Monthly Property Taxes:

Appears in 1 contract

Samples: Lease Purchase Agreement

Base Rent. Tenant shall pay (a) During 2023, Base Rent in shall be payable only with respect to the amount set forth on the second page of this LeaseOriginal Premises, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand and all Rent payable by Tenant during 2023 (15,000) square feet. The first month’s both Base Rent and the first monthly installment Tenant’s Proportionate Share of estimated Operating Expenses (as hereafter definedTaxes, Insurance Premiums, and Common Area Costs) shall be abated by [***] from the amount shown as due and payable on in Section 1.1(b) of the date hereofLease, and Tenant promises in Section 9.1 (the total amount of such abatement, together with the amount of abated rent contemplated by Section (b) below, referred to pay as the “Abated Rent”). In the event that Xxxxxx has already paid Rent to Landlord in advance2023 that did not include the aforementioned abatement, without demandLandlord shall issue Tenant a credit in the month immediately following the execution of this Amendment in an amount equal to the 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, deduction or set-off2024, monthly installments of Base Rent shall be payable only with respect to the Relocation Premises, in the following amounts during the remainder of the Term: Lease Months Annual BaseRent PSF MonthlyBase Rent AnnualBase Rent *Base Rent (together with Tenant’s Proportionate Share of Taxes, Insurance Premiums, and Common 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 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 first day 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 amend this Lease within thirty (30) days after the date of each calendar month succeeding exercise, to revise the Base Rent Commencement Date. Payments schedule in subsection (b) above to reflect Tenant paying the portions of Base Rent for any fractional calendar month which Xxxxxx has elected to convert from Abated Rent. If Tenant converts less than all of the Abated Rent into an addition to the Tenant Relocation Allowance, the amount which is converted shall be proratedpayable as Base Rent pro rata over the seven (7) month rent abatement period shown in subsection (b) above. All payments required (e) In addition, Tenant shall have the one-time option to increase the amount of the Tenant Relocation Allowance by an additional amount not to exceed [***] per square foot of the Relocation Premises, for a total of an additional [***], to be made used solely for the cost of the Relocation Premises Work, with the amount so elected by Tenant to Landlord hereunder shall be payable included in Base Rent, amortized at such address as Landlord a rate of [***] per annum over the portion of the Term in which Tenant pays Base Rent pursuant to subsection (b) above. Such option may specify. from time to time be exercised by Tenant by written notice delivered in accordance herewith. Any change in to Landlord given on or before the address for date upon which Tenant is to commence payment of rent Base Rent pursuant to subsection (b) above, as such date may be modified pursuant to the terms of subsection (d) above. If Tenant exercises such option, Landlord and Tenant shall be delivered by Landlord to Tenant at least fifteen amend this Lease within thirty (1530) days prior to after the effective date of such change in address. The obligation of Tenant exercise, to pay revise the Base Rent and other sums schedule in subsection (b) above to Landlord and reflect Tenant 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 increase 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate effective as of the costs that Landlord will incur by reason first date upon which Tenant is to commence payment of Base Rent pursuant to subsection (b) above, as such late payment by Tenant. The provision for such late charge shall date may be in addition modified pursuant to all the terms of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltysubsection (d) above.

Appears in 1 contract

Samples: Office Lease Agreement (Cardlytics, Inc.)

Base Rent. Commencing as of the earlier of (i) Tenant’s occupancy of the Additional Premises for the conduct of business (which shall exclude any “skeleton” crew initially setting up Tenant’s operations in the Substitute Premises), or (ii) ninety (90 days after the Additional Premises Commencement Date (such date, the “Additional Premises Rent Commencement Date”) and continuing through the Lease Expiration Date, Tenant shall pay Base Rent for the Additional Premises pursuant to the Lease in the amount following amounts: Additional Premises Rent Commencement Date – 09/30/19* $ 67,602.60 10/01/19 – 09/30/20 $ 69,630.68 10/01/20 – 09/30/21 $ 71,719.60 10/01/21 – 09/30/22 $ 73,871.19 10/01/22 – 06/30/23 $ 76,087.32 *Provided that Tenant is not then in Default of the Lease, as amended, beyond any applicable notice and cure period set forth in the Lease, Landlord hereby agrees that Tenant shall not be required to pay Base Rent with respect to the Additional Premises for the period commencing on the second page Additional Premises Rent Commencement Date and ending two (2) months thereafter (the “AP Rent Abatement Period”). The total amount of this Base Rent abated during the AP Rent Abatement Period with respect to the Additional Premises shall not exceed $135,205.20 (the “AP Rent Abatement”). Notwithstanding the foregoing, during the AP Rent Abatement Period, Tenant shall remain obligated to pay, in accordance with the terms of the Lease, subject to adjustment as amended, (i) Tenant’s Share of Building Direct Expenses, and (ii) any and all taxes and other charges as set forth in Section 4.5 of the event the Remeasurement reveals Original Lease. Tenant acknowledges and agrees that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base foregoing AP Rent Abatement has been granted to Tenant as additional consideration for entering into this Amendment and for agreeing to pay the Rent and performing the first monthly installment of estimated Operating Expenses (terms and conditions otherwise required under the Lease, as hereafter defined) amended. If Tenant shall be due and payable on in Default under the date hereofLease, as amended, prior to the end of the AP Rent Abatement Period, and shall fail to cure such Default within the notice and cure period, if any, permitted for cure pursuant to the Lease, as amended, and Landlord elects to terminate the Lease because of such Default, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, as amended, to require that Tenant promises shall immediately become obligated to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base all Rent on or before abated hereunder during the first day of each calendar month succeeding the AP 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 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 Abatement Period with respect to the effective AP Rent Abatement, with interest as provided pursuant to the Lease from the date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and would have otherwise been due but for 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 abatement 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyherein.

Appears in 1 contract

Samples: Office Lease (CrowdStrike Holdings, Inc.)

Base Rent. A. Tenant shall pay to Landlord annual fixed rent (“Base Rent”) with respect to the Premises according to the Base Rent schedule attached hereto as Exhibit B. Except as otherwise expressly specified herein and subject to any credits against Base Rent as set forth in this Lease or in the amount set forth on the second page of this LeaseWorkletter, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, equal monthly installments of Base Rent over such year, each installment being payable in advance on or before the first day of each and every calendar month succeeding during the Term, except that if Tenant’s obligation to pay Base Rent Commencement Datecommences on a day other than the first day of a calendar month, or ends on a day other than the last day of a calendar month, Base Rent for such month shall be prorated by multiplying same by a fraction, the numerator of which is the number of days with respect to which Base Rent is payable during such calendar month and the denominator of which is the total number of days within such calendar month. Payments Any amounts paid in advance on account of the Base Rent for a particular month which are in excess of the actual Base Rent payable for such month shall be credited against the monthly installment of Base Rent for any fractional calendar month next due hereunder or, if no further Base Rent is then due hereunder, shall be proratedrepaid to Tenant within thirty (30) days thereafter. B. For purposes of this Lease, the term “Additional Rent” shall mean Tenant’s Pro Rata Share of Taxes in excess of Taxes which became due and were paid during the Base Year (as defined in Section 3(C)) (“Tenant’s Tax Payment”), Tenant’s Pro Rata Share of Operating Expenses in excess of Operating Expenses paid during the Base Year (“Tenant’s Operating Expense Payment”), and any other amounts which Tenant is or becomes obligated to pay Landlord under this Lease. All payments required Base Rent and Additional Rent are sometimes hereinafter referred to be made by Tenant collectively as “Rent,” and all remedies applicable to Landlord hereunder the non-payment of Base Rent shall be payable applicable thereto. Rent shall be paid in good funds by check (including Tenant’s uncertified personal check) or ACH or wire transfer in currency which at the time or times of payment represents legal tender for public and private debts in the United States of America, at any office maintained by Landlord or its agent at the Property, or at such address other place in the United States of America as Landlord may specify. from time reasonably designate by notice to time by written notice delivered in accordance herewith. Any change in the Tenant, including without limitation any “lock box” or other address established for payment of rent shall be delivered in connection with any financing secured by Landlord to Tenant at least fifteen (15) days prior the Building. Except to the effective date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except where extent otherwise expressly provided in this Lease, Rent shall be paid without any prior demand or notice therefor and without any deduction, set-off or counterclaim, or relief from any valuation or appraisement laws. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs Any Rent which is not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five paid within ten (510) days of being due shall bear interest from Tenant’s receipt of notice from Landlord that such payment is past duethe date due until the date paid at the Default Rate (as defined below); and, in addition, Tenant shall pay to Landlord a late charge for any Rent payment which is paid more than ten (10) days after its due date equal to five percent (5%) 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 addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltypayment.

Appears in 1 contract

Samples: Office Lease (Vivid Seats Inc.)

Base Rent. Tenant shall continue to pay Base Rent for the Original Premises as provided for in the Lease. The “Expansion Space Rent Commencement Date” shall be the earlier of: (i) the date Tenant conducts any business in the Expansion Space or any part thereof, or (ii) January 1, 2012; provided that Landlord delivers the Expansion Space to Tenant on or before January 1, 2012. If delivery of the Expansion Space occurs after January 1, 2012, then the Expansion Space Rent Commencement Date shall be the actual delivery date. Commencing on the Expansion Space Rent Commencement Date, Tenant shall pay Base Rent for the Expansion Space in the amount set forth on of $34.48 per rentable square foot of the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Expansion Space per annum which Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, equal monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term. In no event shall Tenant’s mere occupancy of the 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, 2012, cause the Expansion Space Rent Commencement DateDate to occur prior to January 1, 2012. Payments of On May 1, 2012, Base Rent for any fractional calendar month the Expansion Space shall be proratedincreased to $35.51 per rentable square foot of the Expansion Space per annum. All payments required to be made by Tenant to Landlord hereunder 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 at for the Expansion Space immediately before such address as Landlord may specify. from time to time Expansion Space Adjustment Date by written notice delivered in accordance herewith. Any change in the address for payment Rent Adjustment Percentage of rent shall be delivered by Landlord to Tenant at least fifteen (15) days prior 3% and adding the resulting amount to the effective date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and payable for 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. 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 Expansion Space immediately before such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyExpansion Premises Adjustment Date.

Appears in 1 contract

Samples: Lease Agreement (Phaserx, Inc.)

Base Rent. Tenant shall pay Base Rent in Buyer will receive a credit at Closing for the prorated amount set forth on of all base or fixed rent payable pursuant to the second page of this LeaseLeases and all Additional Rents (collectively, subject “Rent”) previously paid to, or collected by, Seller and attributable to adjustment in any period following the event Closing Date. Rents are “Delinquent” when they were due prior to the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofClosing Date, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent payment thereof has not been made on or before the first day of each calendar month succeeding the Rent Commencement Closing Date. Payments Delinquent Rent shall 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, to Delinquent Rent owed for the month in which the Closing Date occurs (the “Closing Month”) attributable to Buyer’s period of Base ownership, (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 for any fractional calendar month collected by Buyer and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Buyer shall be proratedpromptly remitted to Buyer. All payments required Buyer shall use reasonable efforts for a period of three (3) months to be made by Tenant collect Delinquent Rents owed 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 Seller in the address ordinary course of its business, provided that Buyer shall in no event be obligated to initiate eviction or litigation proceedings. “Additional Rents” shall mean any and all amounts due from Tenants for payment of rent shall be delivered by Landlord to 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 at charges. At least fifteen five (155) days prior to the effective date 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 “Operating Expenses”) incurred by Seller from the beginning of the then-current calendar year (and if the prior calendar year has not been prorated, also for said prior year) (or, if different, such change 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 addressthe 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). Notwithstanding the foregoing, to the extent that the CAM Reconciliation reveals that Seller has over-collected Operating Expenses from any Tenant such that, if the end of the operating expense year under the Leases was the Closing Date, Seller would be obligated to refund money to such Tenant (an “Over Collection”), rather than collect additional money from such Tenant (an “Under Collection”), said Over Collection shall be paid by Seller to Buyer at the Closing as a settlement statement credit; provided, in the event of an Under Collection, the amount of the Under Collection shall be paid by Buyer to Seller outside of escrow within 5 Business Days after receipt from the applicable Tenant in connection with the year-end Operating Expense reconciliation process. The obligation provisions of Tenant to pay Base Rent and other sums to Landlord this Section 10.3 shall survive the Closing 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. Tenant acknowledges that late payment by Tenant to Landlord delivery of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyconveyance documentation.

Appears in 1 contract

Samples: Real Estate Sales Contract (Industrial Income Trust Inc.)

Base Rent. (a) Tenant shall pay monthly Base Rent in the amount amounts set forth on the second first page of this Lease, subject to adjustment . The Prepaid Rent (as set forth in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter definedBasic Lease Provisions above) shall be due and payable on the date hereof, 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, 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. 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. specify from time to time by written notice delivered in accordance herewith. Any change in ; provided, however, Tenant shall have the address for payment of right to pay rent shall be delivered by Landlord electronically pursuant to Tenant at least fifteen (15) days prior to the effective date of such change in addressLandlord’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 obligationsobligations and shall constitute rent. Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent due hereunder except where expressly provided in this Lease, and shall not be 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 Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts 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 after five for more than [***] (5[***]) days from Tenant’s receipt of notice from Landlord that such payment is past duedays, Tenant shall pay to Landlord on demand a late charge equal to five [***] percent (5[***]%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be deemed to be rent, and the right to require it shall be in addition to all of Landlord’s 's other rights and remedies hereunder or at law for a payment failure of Tenant, including the 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, Tenant shall be credited with the payment of monthly Base Rent with respect to the Premises for the first [***] ([***]) full calendar months of 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 aggregate. Such Base Rent Credit shall not be construed as a penaltyreduce or limit any other amounts which are otherwise payable by Tenant under this Lease (including, without limitation, Operating Expenses).

Appears in 1 contract

Samples: Lease Agreement (Sana Biotechnology, Inc.)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page For purposes of this Lease, subject to adjustment the “Base Rent Commencement Date” shall mean the later of (a) forty-five (45) days following Substantial Completion of the Leasehold Improvement Work for the North Building (as defined in the event Construction Addendum), and (b) November 1, 2008; provided that Substantial Completion of the Remeasurement reveals that Leasehold Improvement Work has been achieved. Commencing on the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent Commencement Date, Tenant hereby covenants and agrees to pay “Base Rent” in accordance with the first monthly installment of estimated Operating Expenses (as hereafter defined) Base Rent schedule set forth in Exhibit “D,” attached hereto and made a part hereof. Base Rent shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, paid without demand, deduction set off or set-offdeduction, except as otherwise expressly set forth in this Lease, to Landlord at the address set forth in this Lease or such other address as Landlord directs in writing, and shall be paid in advance in equal monthly installments of Base Rent on or before the first day of each month in lawful United States currency, 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 payable hereunder. If the Base Rent Commencement Date should be a date other than the first day of a calendar month, the monthly rental applicable to the first full calendar month succeeding will also apply to the Rent Commencement Date. Payments of Base Rent for any fractional initial partial calendar month and will be prorated to the end of the partial calendar month. As provided in, and subject to the terms of, the Construction Addendum, if any Tenant Delay delays Substantial Completion of the Leasehold Improvement Work, then Substantial Completion of the Leasehold Improvement Work shall be prorated. All payments required deemed 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate Substantial Completion of the costs that Landlord will incur by reason of such late payment by Tenant. The provision Leasehold Improvement Work would have been achieved, but for such late charge shall be in addition to all of Tenant Delay, as reasonably determined by Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 1 contract

Samples: Lease Agreement (Office Depot Inc)

Base Rent. As of the Substitution Effective Date, the schedule of Base Rent set forth in the Lease shall be deleted and the Base Rent payable with respect to the Premises during the remainder of the current Term and the Extended Term shall be the 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 terms 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, the schedule set forth above with respect to the payment of any installment(s) of Base Rent for the 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, as amended hereby, Tenant shall pay be entitled to an abatement of a portion of Tenant’s Base Rent in the amount set forth on of $32,587.50 per month for two consecutive full calendar months immediately following the second page Substitution Effective Date (the “Base Rent Abatement Period”). The total amount of this 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 abated, and all Additional Rent and other costs and charges specified in the Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) amended hereby, shall be remain as due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the 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 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 pursuant to the effective date provisions of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyamended hereby.

Appears in 1 contract

Samples: Lease Agreement (Rackable Systems, Inc.)

Base Rent. The Base Rent to be paid by Tenant under each Lease Supplement shall begin to accrue on the Rent Commencement Date as specified in such Lease Supplement. Tenant shall pay Base Rent by wire transfer in accordance with the amount set forth terms of the Participation Agreement. Tenant shall be supplied with such bank account information as Tenant shall require to enable payment by wire transfer of Federal funds. Tenant shall wire transfer to such account in accordance with the terms of the Participation Agreement until notified of any account change. Base Rent payments shall be payable monthly in arrears on the second page fifteenth (15th) day of this Leaseeach successive month, subject to adjustment in the event the Remeasurement reveals except that the Premises consist last installment of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the last day of the Term (each such date hereof, shall be a "Rent Payment Date") and Tenant promises to pay Base Rent payments shall be made 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. 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 and Administrative Agent in accordance herewithwith the terms of the Participation Agreement. Any change in the address for payment of rent shall be delivered by Landlord to Tenant at least fifteen No sooner than thirty (1530) days or later than ten (10) days prior to the effective due date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at for any time to axxxx, 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base RentRent hereunder, Operating Expenses Landlord and Administrative Agent each shall deliver to Tenant Notices indicating the exact dollar amount of the Base Rent that is due on such due date to Landlord or other sums Administrative Agent, as applicable (an "Invoice"). If either Landlord or Administrative Agent fails to send an Invoice, Tenant shall pay the amount shown on the previous month's Invoice from such Entity in accordance with the terms of the Participation Agreement. If Tenant's payment of the amount shown on the previous month's Invoice is less than the Base Rent due and payable hereunder after five such Entity for such month, Tenant shall pay the difference within ten (510) days from Tenant’s after receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) Entity of such delinquent sumshortfall. The parties agree that such late charge represents a fair and reasonable estimate If Tenant's payment of the costs that Landlord will incur by reason of amount shown on the previous month's Invoice exceeds the Base Rent due such late payment by Tenant. The provision Entity for such late charge month, then (provided that no Event of Default has occurred which is continuing), such excess amount shall be in addition credited to all the next installment of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltyBase Rent due to such Entity.

Appears in 1 contract

Samples: Master Lease of Land and Improvements (Adobe Systems Inc)

Base Rent. The Base Rent effective as of the Relocation Date shall be: *Provided that Tenant is not in default of the Lease beyond any applicable grace period at any time during the abatement period, Tenant shall pay Base have a Rent credit in the amount set forth on of the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and owed for the first monthly installment of estimated Operating Expenses (as hereafter defined) three full calendar months following the Relocation Date, which credit shall be due and payable on applied to the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent due for those months. Accordingly, if the Relocation Date occurs on or before a day other than the first day of each the month, the prorated Rent for the first partial month of the Lease Term shall be due on the Relocation Date and the rent abatement period shall commence on the first day of the first full calendar month succeeding of the Rent Commencement Lease Term following the Relocation Date and shall expire on the last day of the third full calendar month of the Lease Term following the Relocation Date. Payments 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 any fractional calendar month shall be proratedherein (“Free Rent”) is conditioned upon Tenant’s full and timely performance of all of its obligations under the Lease. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at At any time to axxxx, 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, during the exact amount of such casts being extremely difficult and impractical to determine. ThereforeLease Term, if Tenant is delinquent in default under the Lease beyond any monthly installment applicable grace period provided therefor, then the abatement of Base RentRent provided for herein shall immediately become void, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall promptly pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be Landlord, in addition to all other amounts due to Landlord under the Lease, the full amount of Landlord’s other rights and remedies hereunder or at law and shall all Base Rent herein abated. Base Rent amounts do not be construed as a penaltyinclude applicable sales tax.

Appears in 1 contract

Samples: Lease Agreement (FlexShopper, Inc.)

Base Rent. Tenant shall pay Base Rent in for the amount set forth on first full calendar month immediately following the second page expiration of this Leasethe Abatement Period (as defined below) (or, subject to adjustment in if the event first month immediately following the Remeasurement reveals that expiration of the Premises consist Abatement Period is not a full calendar month, then the first full calendar month immediately following the expiration of less than fifteen thousand (15,000the Abatement Period) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable concurrently with Tenant’s delivery of an executed copy of this Lease to Landlord. Such prepaid Base Rent shall be applied to Base Rent payable commencing on the date hereof, and immediately following the expiration of the Abatement Period (as defined below). Tenant promises to shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term hereof after the Rent Commencement DateDate (subject to the Abatement Period), in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing, or via federally insured wire transfer (including ACH) pursuant to the wire instructions provided by Landlord. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxabxxx, reduce, or set-off any rent Rent (as defined in Section 5) due hereunder except where for any abatement as may be expressly provided in this Lease. Notwithstanding anything contained herein to the contrary, so long as Tenant acknowledges that late payment by Tenant to Landlord of is not then in default under this Lease (beyond any rent due hereunder will cause Landlord to incur costs not contemplated by this Leaseapplicable notice or cure periods), Base Rent shall be abated for the exact amount of such casts being extremely difficult and impractical to determine. Thereforeperiod commencing on the Rent Commencement Date (or, if Tenant is delinquent in any monthly installment the Rent Commencement Date does not occur on the first day of Base Renta calendar month, Operating Expenses or then on the first day of the first full calendar month following the Rent Commencement Date) through the expiration of the 3rd full calendar month following the Rent Commencement Date (the “Abatement Period”). Notwithstanding anything to the contrary contained herein, if the Rent Commencement Date occurs on a day other sums due and payable hereunder after five (5) days from Tenant’s receipt than the first day of notice from Landlord that such payment is past duea calendar month, then, on the Rent Commencement Date, Tenant shall pay to Landlord a late charge equal to five percent the prorated Base Rent due (5%) 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 addition to all of Landlord’s other rights and remedies hereunder or at law and which shall not be construed as subject to abatement pursuant to this paragraph) for the calendar month in which the Rent Commencement Date occurs. Tenant shall commence paying full Base Rent with respect to the entire Premises on the day immediately following the expiration of the Abatement Period. For the avoidance of doubt, Tenant acknowledges and agrees that if the Rent Commencement Date does not occur on the first day of a penaltycalendar month, Tenant will, on the Rent Commencement Date, pay Landlord the Base Rent due for such partial month.

Appears in 1 contract

Samples: Lease Agreement (Vaxcyte, Inc.)

Base Rent. From and after the Rent Commencement Date, Tenant shall pay pay, without notice or demand, to Landlord, or at such other place as Landlord may from time to time designate in writing at least ten (10) business days before the effective date of the change in the Rent payment address, in cash or other immediately available good funds, base rent (“Base Rent”), payable in monthly installments as set forth in the Base Rent in the amount Schedule set forth on the second page of this Leasebelow, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent advance on or before the first (1st) day of each calendar and every month succeeding during the Rent Commencement DateTerm, without any setoff or deduction whatsoever except as expressly set forth herein. 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 As used 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 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. 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 term “Rent Commencement Date” means the date that is nine (9) months after the Commencement Date. The Rent Commencement Date is anticipated to be October 1, 2017 (the “Target Rent Commencement Date”), provided that if the Delivery Date occurs after the Anticipated Delivery Date, then for each day after the Anticipated Delivery Date that elapses until the actual Delivery Date occurs, the Rent Commencement Date shall be extended by the same number of such casts being extremely difficult days. The period of time elapsing between the Commencement Date and impractical the Rent Commencement Date is referred to determineas the “Base Rent Abatement Period.” Base Rent shall increase by three (3%) on the first day of the first full calendar month that is twelve (12) months after the Commencement Date (the “First Adjustment Date”) and on each subsequent anniversary of the First Adjustment Date (each, an “Adjustment Date”), as set forth in the Base Rent Schedule set forth below. ThereforeThe First Adjustment Date is anticipated to occur on January 1, if Tenant is delinquent in any monthly installment 2018. Commencement Date until Rent Commencement Date $0.00 (Abated)* Rent Commencement Date until First Adjustment Date $144,000.00 First Rent Adjustment Date until Second Adjustment Date $148,320.00 Second Adjustment Date until Third Adjustment Date $152,769.60 Third Adjustment Date until Fourth Adjustment Date $157,352.69 Fourth Adjustment Date until Fifth Adjustment Date $162,073.27 Fifth Adjustment Date until Sixth Adjustment Date $166,935.47 Sixth Adjustment Date until Seventh Adjustment Date $171,943.53 Seventh Adjustment Date until Eighth Adjustment Date $177,101.84 Eighth Adjustment Date until Ninth Adjustment Date $182,414.89 Ninth Adjustment Date until Tenth Adjustment Date $187,887.34 Tenth Adjustment Date until Expiration Date $193,523.96 *The abatement of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5Rent during the Base Rent Abatement Period is subject to Paragraph 5(h) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltybelow.

Appears in 1 contract

Samples: Lease Agreement (Neophotonics Corp)

Base Rent. Tenant shall pay (a) Base Rent in for the amount set forth on first full month of the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent Term and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable on the date hereof, and delivery of an executed copy of this Lease to Landlord. Tenant promises to shall pay to Landlord in advance, without demand, deduction or set-off, equal monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term hereof, in lawful money of the United States of America, at the office or address of Landlord for payment of Rent Commencement Dateset forth above. 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 Except as Landlord may specify. from time to time by written notice delivered expressly provided 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Section 15 below, Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent Rent due hereunder except where expressly hereunder. Base Rent shall be increased on each anniversary of the Commencement Date (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as otherwise provided in this Leaseherein. Base Rent adjustments for any fractional calendar month shall be prorated. (b) In addition to Base Rent, Tenant acknowledges that late payment by Tenant 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 Section 4), and (ii) any rent due hereunder will cause Landlord and all other amounts Tenant assumes or agrees to incur costs not contemplated by pay under the provisions of this Lease, the exact amount of such casts being extremely difficult including, without limitation, any and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or all other sums that may become due by reason of any default of Tenant or failure to comply with the agreements, terms, covenants and payable hereunder conditions of this Lease to be performed by Tenant, after five (5) days from any applicable notice and cure period. Tenant’s receipt obligation to pay Base Rent and Additional Rent hereunder is collectively referred to herein as “Rent”. (c) Landlord shall, subject to the terms of notice from Landlord that such payment is past dueSection 2, make available to Tenant the Additional Tenant Improvement Allowance. Commencing on the first day of the calendar month following Landlord’s first disbursement of the Additional Tenant Improvement Allowance, and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize on a straight line basis the portion of the Additional Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof and shall only accrue on the amounts actually disbursed,. Any of the Additional Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a late charge equal to five percent (5%) lump sum at the expiration or earlier termination 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 addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythis Lease.

Appears in 1 contract

Samples: Lease Agreement (Seres Health, Inc.)

Base Rent. Tenant shall pay 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 installments on each Base Rent in Date through the amount set forth on end of the second page Term. Each payment of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses must be received by Landlord no later than 12:00 noon (as hereafter definedSan Francisco time) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments 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 on or before shall represent rent allocable to the first day of each calendar month succeeding the Rent Commencement Date. Payments of Base Rent Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due 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 each Base Rent Period at least fifteen (15) days prior to the effective 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. If Tenant or any other Applicable Purchaser purchases Landlord's interest in the Leased Property pursuant to the Purchase Agreement, any Base Rent for the three (3) months ending on the date of such change in address. The obligation purchase (or if the date of Tenant to pay Purchase is not a Base Rent Date, then pro rated Base Rent for the Base Rent Period which included the date of purchase) and all outstanding Additional Rent shall be due on the Designated Sale Date in addition to the purchase price and other sums to due Landlord under the Purchase Agreement. Base Rent shall accrue for each day of the first Base Rent Period, and the obligations total Base Rent for the first Base Rent Period shall equal the sum of Landlord under this Lease are independent obligationsBase Rent for all days during such period. Tenant The Base Rent accruing for each day during such period shall have no right at any time to axxxxequal: (1) (A) $74,800,000, reducetimes (B) one minus the Collateral Percentage for the first Base Rent Period, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord times (C) the sum of any rent due hereunder will cause Landlord to incur costs not contemplated by (i) the Effective Rate for such day and (ii) the Spread calculated on the date of this Lease, divided by (D) three hundred sixty (360); PLUS (2) (A) $74,800,000, times (B) the exact amount Collateral Percentage for the first Base Rent Period, times (C) twenty-two and one-half basis points (22.5/100 of 1%), divided by (D) three hundred sixty (360) The Base Rent for each Base Rent Period after the first Base Rent Period shall equal the sum of: (1) (A) Stipulated Loss Value on the first day of such casts being extremely difficult Base Rent Period, times (B) one minus the Collateral Percentage for such Base Rent Period, times (C) the sum of (i) the Effective Rate for such Base Rent Period and impractical (ii) the Spread calculated on the tenth (10th) Business Day prior to determinethe day upon which such Base Rent Period commences, times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS (2) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) the 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) Assume, only for the purpose of illustration: that a hypothetical Base Rent Period contains exactly ninety (90) days; that prior to the first day of such Base Rent Period a total of $44,800,000 of Qualified Payments have been received by Landlord, leaving a Stipulated Loss Value of $30,000,000 (the Initial Funding Advance of $74,800,000 less the Qualified Payments of $44,800,000); that the Collateral Percentage for such Base Rent Period is forty percent (40%); and that the Effective Rate for the applicable Base Rent Period is 6%. ThereforeUnder such assumptions, the Base Rent for the hypothetical Base Rent Period will equal: $30,000,000 x 60% x 6% x 90/360, or $270,000, PLUS $30,000,000 x 40% x .225% x 90/360, or $6,750 = $276,750 To ease the administrative burden of this Lease and the Pledge Agreement, clause (2) in the formulas above for calculating Base Rent reflects a reduction in the Base Rent equal to the interest that would accrue on any Collateral required by the Pledge Agreement from time to time if the Accounts (as defined in the Pledge Agreement) bore interest at the Effective Rate. Landlord has agreed to such reduction in the Base Rent to provide Tenant is delinquent with the economic equivalent of interest on such Collateral, and in any monthly installment return Tenant has agreed to the provisions of the Pledge Agreement that excuse the actual payment of interest on the Accounts. By incorporating such reduction of Base RentRent into the formulas above, Operating Expenses 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 other sums due 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 8.(ac), and payable hereunder after five (5) days for purposes of any financial reports that this Lease requires of Tenant from Tenant’s receipt of notice from Landlord that such payment is past duetime to time, Tenant shall pay may report Base Rent as if there had been no such reduction and as if the Collateral from time to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of time required by the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be Pledge Agreement had been maintained in addition to all of Landlord’s other rights and remedies hereunder or Accounts bearing interest at law and shall not be construed as a penaltythe Effective Rate.

Appears in 1 contract

Samples: Lease Agreement (3com Corp)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent (i.e., the Base Rent due for the first full month following the Base Rent Commencement Date) and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Commencing on the date hereofBase Rent Commencement Date, and Tenant promises to shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent Commencement Dateset forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Building 1 (AOTC) / Kymera Therapeutics, Inc. - Page 6 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent Rent (as defined in Section 5) due hereunder except where for any abatement as may be expressly provided in this Lease. In addition to the Tenant acknowledges that late payment by Tenant to Improvement Allowance (as defined in the Work Letter), Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Thereforeshall, if Tenant is delinquent so requests in any monthly installment writing and subject to the terms of the Work Letter, make available to Tenant the Supplemental Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past dueTerm, Tenant shall pay the amount necessary to fully amortize the portion of the Supplemental Tenant Improvement Allowance actually funded by Landlord, if any, as Additional Rent in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the Commencement Date. Any of the Supplemental Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a late charge equal to five percent (5%) lump sum at the expiration or earlier termination 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 addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythis Lease.

Appears in 1 contract

Samples: Lease Agreement (Kymera Therapeutics, Inc.)

Base Rent. Tenant shall pay 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 in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less must be received by Landlord no later than fifteen thousand 10:00 A.M. (15,000San Francisco time) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments 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 or before the first day date on which the installment is due. Landlord shall notify Tenant in writing of each calendar month succeeding the Rent Commencement Date. Payments of Base Rent due 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 Construction Period ending on the Base Rental Commencement Date (if any) and for payment of rent shall be delivered by Landlord to Tenant each Base Rental Period at least fifteen three (153) days prior to the effective Base Rent Commencement Date or Base Rental Date on which such period ends, but any failure by Landlord 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 Leased Property pursuant to the Purchase Agreement, any Base Rent for the month (or shorter period) ending on the date of such change purchase and all outstanding Additional Rent shall be due on the Designated Payment Date in address. The obligation of Tenant addition to pay Base Rent the purchase price and other sums to Landlord and the obligations of due Landlord under this Lease are independent obligationsthe Purchase Agreement. Tenant The Base Rent payable on the Base Rental Commencement Date shall equal the difference (if any) between (a) total Carrying Costs that would have no right at any time been added to axxxxthe Outstanding Construction Allowance on such date if the Construction Allowance available hereunder were not limited to the Maximum Construction Allowance, reduceand (b) the Carrying Costs actually added on such date to the Outstanding Construction Allowance. The Base Rent for each Base Rental Period shall equal (A) Stipulated Loss Value on the first day of such Base Rental Period, times (B) the Effective Rate with respect to such Base Rental Period, times (C) the number of days in such Base Rental Period, divided by (D) 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 first day of such Base Rental Period, after the entire Construction Allowance had been funded, and after deducting a total of $13,200,000 of Qualified Payments received by Landlord, the 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 assumptions, the Base Rent for the hypothetical Base Rental Period will equal: $5,000,000 x 6% x 30/360, 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty$25,000.

Appears in 1 contract

Samples: Lease Agreement (Cypress Semiconductor Corp /De/)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feetabove. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable on the date hereof, and the first month's Base Rent and the first monthly installment of estimated Additional Rent for Common Area Land shall be due and payable on the Rent Commencement Date. Tenant promises to pay to Landlord in advance, without demand, deduction or set-offoff (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 address in the United States as Landlord may specify. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, reduce, reduce or set-off any rent due hereunder except where as may be expressly provided in this Lease. Tenant acknowledges that late payment 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 have Landlord's project architect measure the square footage of the Building from dripline to dripline on each side of 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 actual measured square footage of the Building, the monthly Base Rent under the Lease shall be reduced (both retroactively and for the remainder of the Lease Term) by Tenant $3.48 per year for each square foot by which the Building is less than 600,000 square feet, and Tenant's Project Proportionate Share and Additional Rent for the Common Area Land shall be 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 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 any rent due hereunder will cause 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 paragraph and the third architect's measurement of the square footage of the Building shall be final and binding on both Landlord to incur costs not contemplated by and Tenant. If the measured square footage of the Building (as finally determined under this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant paragraph) is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of or greater than 600,000 square feet, then 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 rights and remedies hereunder or at law and Lease shall not be construed as a penaltyamended or modified.

Appears in 1 contract

Samples: Lease Agreement (Barnesandnoble Com Inc)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent (i.e., the Base Rent due for the first full month following the Base Rent Commencement Date) and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Commencing on the date hereofBase Rent Commencement Date, and Tenant promises to shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent Commencement Dateset forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments of Base Building 1 (AOTC) / Kymera Therapeutics, Inc. - Page 6 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent Rent (as defined in Section 5) due hereunder except where for any abatement as may be expressly provided in this Lease. In addition to the Tenant acknowledges that late payment by Tenant to Improvement Allowance (as defined in the Work Letter), Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Thereforeshall, if Tenant is delinquent so requests in any monthly installment writing and subject to the terms of the Work Letter, make available to Tenant the Supplemental Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past dueTerm, Tenant shall pay the amount necessary to fully amortize the portion of the Supplemental Tenant Improvement Allowance actually funded by Landlord, if any, as Additional Rent in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the Commencement Date. Any of the Supplemental Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a late charge equal to five percent (5%) lump sum at the expiration or earlier termination 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 addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythis Lease.

Appears in 1 contract

Samples: Lease Agreement (Kymera Therapeutics, Inc.)

Base Rent. (a) Tenant shall pay Base Rent in the amount set forth on the second first page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first fourth month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit, shall be due and payable on the earlier of (i) date hereofTenant first enters the Premises pursuant to Exhibit G or (ii) the date the Premises are delivered to Tenant pursuant to Exhibit C, 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. 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. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, 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 casts 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 after for more than five (5) days from Tenant’s receipt of notice from Landlord that such payment is past duedays, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum$5,000.00. 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 addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penalty. (b) Notwithstanding the foregoing paragraph, Base Rent shall be conditionally abated for the first three (3) months of the initial Lease Term. Commencing on the first day following the third month after following the Commencement Date, Tenant shall make Base Rent payments as otherwise provided in the Lease. Notwithstanding such abatement of Base Rent (i) all other sums due under the Lease, including payment for utilities, shall be payable as provided in the Lease, and (ii) any increases in Base Rent set forth in the Lease shall occur on the dates scheduled therefor. If at any time during the Lease Term, Tenant has failed to pay any amounts due and owning to Landlord within thirty (30) days after written notice from Landlord that such amounts are past due, then the abatement of Base Rent provided for in this Paragraph 4(b) shall immediately become void, and Tenant shall promptly pay to Landlord, in addition to all other amounts due to Landlord under this Lease, the full amount of all Base Rent herein abated.

Appears in 1 contract

Samples: Lease Agreement (Intcomex Holdings, LLC)

Base Rent. (a) Tenant shall pay Base Rent in the amount amounts set forth on the second first page of this Lease, subject to adjustment . The Prepaid Rent (as set forth in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter definedBasic Lease Provisions above) shall be due and payable on the date hereofhereof (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 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 address as Landlord may specify. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligationsobligations and shall constitute rent. Tenant shall have no right at any time to axxxxxxxxx, 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 casts 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 after for more than five (5) days from after Tenant’s 's receipt of written notice thereof from Landlord that such payment is past dueLandlord, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be deemed to be rent, and the right to require it shall be in addition to all of Landlord’s 's other rights and remedies hereunder for a payment failure of Tenant, including the 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, Tenant shall be credited with the payment of monthly Base Rent with respect to the Premises for the first (1st) through seventh (7th) full calendar months of the initial 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 at law limit any other amounts which are otherwise payable by Tenant under this Lease (including, without limitation, Operating Expenses). Tenant understands and agrees that the foregoing Base Rent Credit is conditioned upon Tenant's not 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 not be construed as a penaltyimmediately become null and void.

Appears in 1 contract

Samples: Lease Agreement (Vitamin Shoppe, Inc.)

Base Rent. Tenant Subtenant shall pay Base Rent in to Sublandlord each month during the amount set forth on the second page Term of this LeaseSublease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofbase rent, and Tenant promises to pay to Landlord in advance, without demand, deduction on or set-off, monthly installments before the 1st of each month thereafter (“Base Rent”) per month pursuant to the following schedule: Period During Term Monthly Installment of Base Rent on or before Commencement Date – May 31, 2023 $189,828.60 June 1, 2023 – May 31, 2024 $195,523.46 June 1, 2024 – May 31, 2025 $201,389.16 June 1, 2025 – May 31, 2026 $207,430.84 June 1, 2026 – May 31, 2027 $213,653.76 4.2 Expenses and Taxes. Subtenant shall pay to Sublandlord all Operating Expenses and Real Property Taxes which Sublandlord is responsible to pay under the Master Lease during the Term. If Master Landlord charges Sublandlord an estimated amount such Operating Expenses and/or Real Property Taxes, Subtenant shall pay such estimated amount of the first day of each month. Sublandlord shall deliver to Subtenant any estimated statement of Operating Expenses and/or Real Property Taxes it receives from Master Landlord. Sublandlord promptly deliver to Subtenant any Annual Statement it receives from Master Landlord, and if Subtenant has underpaid any Operating Expenses and Real Property Taxes for such calendar month succeeding year in which the Rent Commencement DateAnnual Statement applies, Subtenant shall pay such underpayment to Sublandlord within thirty (30) days following delivery of such Annual Statement to Subtenant. Payments of Base Rent for any fractional calendar month If Subtenant overpaid Operating Expenses and Real Property Taxes, Subtenant shall be proratedentitled to a credit of such overpaid amount; provided however, if Master Landlord refunds such overpayment, Sublandlord shall deliver such refund to Subtenant within thirty (30) days following Subtenant’s receipt of such refund from Master Landlord. All payments required Upon written request from Subtenant, Sublandlord, shall exercise the right to be made by Tenant review and/or audit Master Landlord’s books and records with respect to Landlord hereunder shall be payable at such address as Landlord may specify. from time Operating Expenses pursuant to time by written notice delivered Section 3.2(c) of the Original Lease for Subtenant’s benefit, provided that Subtenant is not in accordance herewith. Any change in the address for payment Default, Subtenant notifies Sublandlord of rent shall be delivered by Landlord its request to Tenant review and/or audit Master Landlord’s books and records at least fifteen thirty (1530) days prior to the effective date end of the ninety (90) day period set forth in Section 3.2(c) of the Original Lease, and Subtenant shall be responsible for the actual costs of such change in address. The obligation of Tenant audit (except to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except 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, extent the exact amount cost of such casts being extremely difficult and impractical audit is paid by Master Landlord pursuant to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyMaster Lease).

Appears in 1 contract

Samples: Sublease Agreement (Sumo Logic, Inc.)

Base Rent. Tenant shall pay Base Rent to Landlord, in the amount set forth advance on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding commencing on the Rent Commencement Date (as hereinafter defined), without further notice or demand and without offset or deduction, the monthly installments of rent specified in the Basic Lease Information (the "BASE RENT"). As used herein, "RENT COMMENCEMENT DATE" means the earlier to occur of the Commencement Date or April 1, 1998. Tenant understands and agrees that Base Rent and Additional Rent shall accrue and be payable hereunder commencing on the Rent Commencement Date irrespective of whether or not the Term has commenced by such date and that Landlord would not have entered into this Lease but for Tenant's willingness to pay Base Rent and Additional Rent to Landlord commencing on the Rent Commencement Date. Payments of The Base Rent under this Paragraph 4(a) shall be adjusted, as stated below, on April 1 of each year during the Term commencing on April 1, 1999 to reflect percentage increases in the cost of living. The Consumer Price Index (U.S. Department of Labor Consumer Price Index (all items) for Urban Wage Earners and Clerical Workers, San Francisco Bay Area (1982-1984=100), hereinafter referred to as the "INDEX") published for the month immediately preceding each such adjustment date (each, an "ADJUSTMENT INDEX") and the Index published for the month immediately preceding the Commencement Date of this Lease ("BASE INDEX") shall be compared and the percentage difference between the Adjustment Index and the Base Index shall be determined. The initial Base Rent specified in the Basic Lease Information shall be increased by adding to said initial Base Rent the percentage amount of said initial Base Rent equal to the percentage difference between the Base Index and the applicable Adjustment Index; provided, however, in no event shall the initial Base Rent hereunder be increased by less than four percent (4%) or more than seven percent (7%) for any fractional calendar month one year. When the adjusted Base Rent is determined after each adjustment date, Landlord shall give Tenant written notice indicating the amount thereof and the method of computation. If the Consumer Price Index is changed or discontinued, Landlord shall substitute an official index published by the Bureau of Labor Statistics or its successor or similar governmental agency as may then be in existence and shall be proratedmost nearly equivalent thereto. 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 Upon execution 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent the Prepaid Rent and first monthly installment of estimated Additional Rent (5%) 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 addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penalty.hereinafter defined)

Appears in 1 contract

Samples: Lease Agreement (General Magic Inc)

Base Rent. (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 amount Existing Lease with an extended period added to cover the full First Extension Term): Time Period Annual Base Rent Monthly Installment of Base Rent Annual Base Rent per Rentable Square Foot (b) Notwithstanding anything contained in the Lease to the contrary, commencing on the Expansion Premises Rent Commencement Date and continuing through the First Extension Term Expiration Date, Tenant shall, at the time and 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 second page actual Expansion Premises Rent Commencement Date if such date occurs on a date earlier than July 1, 2020, but the 304134396 v5 final date shall remain the same. **Note: Provided Tenant is not in monetary default of the terms of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist after expiration of less than fifteen thousand (15,000) square feet. The first month’s Base Rent any applicable notice and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofcure period, 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. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at obligation to pay any time to axxxxBase Rent attributable to: (i) the first two (2) months of for the Expansion Premises, reduceand only the Expansion Premises, or set-off any rent due hereunder except where expressly provided in this Leasefollowing the Expansion Premises Rent Commencement Date (the “Expansion Premises Abatement Period”). Tenant acknowledges that late payment by Tenant shall be obligated to Landlord pay all of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt Share of notice from Landlord that such payment is past due, Tenant shall pay Direct Expenses attributable to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyExpansion Premises during the Expansion Premises Abatement Period.

Appears in 1 contract

Samples: Lease (Precision Biosciences Inc)

Base Rent. Tenant shall pay deliver to Landlord, concurrent with Xxxxxx’s delivery of an executed copy of this Lease to Landlord, the Base Rent due for the calendar month in which the amount set forth Rent Commencement Date occurs (or, if the Rent Commencement Date does not occur on the second page first day of this Leasea calendar month, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and for the first monthly installment of estimated Operating Expenses (as hereafter defined) full calendar month following the Rent Commencement Date). Tenant shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term hereof after the Rent Commencement Date, in lawful currency of the United States of America, to the physical address designated by Landlord for the payment of Rent set forth above or by federally insured electronic fund transfer (“EFT”) via wire, Society for Worldwide Interbank Financial Communications (SWIFT) or automated clearing house (ACH) pursuant to the instructions provided by Landlord to Tenant (the “EFT Payment Instructions”). All EFT payments made by Tenant pursuant to this Section 3(a) must include a reference to 000 Xxxxxxx Xxxxxx LP, as well as the address of the Building (i.e., 000 Xxxxxxx Xxxxxxxxx, Xxxxx Xxx Xxxxxxxxx, Xxxxxxxxxx). Payments of Base Rent for any fractional calendar month shall be prorated. All payments required Notwithstanding anything to be made the contrary contained herein, if the Rent Commencement Date occurs on a day other than the first day of a calendar month, then Tenant shall pay to Landlord the prorated Base Rent for such partial month on the Rent Commencement Date and the prepaid Base Rent delivered by Tenant pursuant to Landlord hereunder the first sentence of this Section 3(a) 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 applied to the effective date of such change in addressfirst full calendar month following the Rent Commencement Date. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant Multi-Tenant Office611 Gateway – Suite 900/Rigel Pharmaceuticals - Page 4 shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent Rent (as defined in Section 3(b)) due hereunder except where for any abatement as may be 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 1 contract

Samples: Lease Agreement (Rigel Pharmaceuticals Inc)

Base Rent. Tenant shall continue pay Base Rent for the Existing Premises in accordance with Section 4(a) of the First Amendment. As of the Effective Date Section 4(b) of the First Amendment which provides the Base Rent for the Expansion Premises is hereby deleted in its entirety and replaced with the following: (b) Notwithstanding anything contained in the amount Lease to the contrary, commencing on the Expansion Premises Rent Commencement Date and continuing through the First Extension Term Expiration Date, Tenant shall, at the time and 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 304420096.3 schedule, plus any applicable tax thereon: *Note: Notwithstanding the above table, the dates of the time periods set forth therein will be adjusted based on the second page actual Expansion Premises Rent Commencement Date if such date occurs on a date earlier than July 1, 2020, but the final date shall remain the same. **Note: Provided Tenant is not in monetary default of the terms of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist after expiration of less than fifteen thousand (15,000) square feet. The first month’s Base Rent any applicable notice and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofcure period, 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. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at obligation to pay any time to axxxxBase Rent attributable to: (i) the first two (2) months of for the Expansion Premises, reduceand only the Expansion Premises, or set-off any rent due hereunder except where expressly provided in this Leasefollowing the Expansion Premises Rent Commencement Date (the “Expansion Premises Abatement Period”). Tenant acknowledges that late payment by Tenant shall be obligated to Landlord pay all of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt Share of notice from Landlord that such payment is past due, Tenant shall pay Direct Expenses attributable to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltyExpansion Premises during the Expansion Premises Abatement Period.

Appears in 1 contract

Samples: Lease (Precision Biosciences Inc)

Base Rent. During the initial Lease Term, Tenant shall pay 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 initial Lease Term. In the event a Default by Tenant occurs during the initial Lease Term and Landlord terminates this Lease or Tenant’s possession as a result thereof pursuant to Paragraph 14.2.1 below, then the unamortized portion of the 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 include such unamortized portion of the Abated Rent in the amount set forth on 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 second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less Commencement Date is other than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment (1st) day of estimated Operating Expenses (as hereafter defined) shall be due and payable a calendar month, the Abatement Period will begin on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each the first full month following the Commencement Date and will end on the last day of the eighth (8th) full calendar month succeeding of the Rent Commencement Date. Payments of initial Lease Term, and the Base Rent payable for any fractional calendar the partial month in which the Commencement Date occurs shall be prorated. All payments required to be made paid 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 Commencement Date. Notwithstanding such conditional abatement of Base Rent as provided above, commencing as of the Commencement Date, and thereafter continuing during the Lease Term, as such change in address. The obligation of Lease Term may be extended, Tenant shall be obligated to pay Base Rent and other sums Tenant’s percentage share of Operating Expenses pursuant to the terms of the Lease below. (Paragraph 4) Within ten (10) days following the execution of this Lease by 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent the sum of $292,055.54, which shall be credited against the Base Rent payable during the ninth (5%9th) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate full calendar month of the costs initial Lease Term.” (b) Landlord acknowledges that Tenant has already paid to Landlord will incur by reason 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 ($528.80) and such late payment by Tenant. The provision for such late charge shall be in addition to all credited against the Base Rent payable during the ninth (9th) full calendar month of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythe initial Lease Term.

Appears in 1 contract

Samples: Net Lease Agreement (Rambus Inc)

Base Rent. Tenant shall agrees to pay monthly as Base Rent in during the amount term of this Lease the sum of money set forth on the second page in Section 1.5 of this Lease, subject which amount will be payable to adjustment in Landlord at the event the Remeasurement reveals that the Premises consist address shown above. Monthly installments of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofpayable, 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 during the Rent term of this Lease; provided that if the Commencement Date. Payments Date should be a date other than the first day of a calendar month, the monthly Base Rent for any fractional calendar month shall be prorated. All payments required prorated on a daily basis to be made by Tenant to Landlord hereunder the end of that calendar month, and shall be payable at such address as Landlord may specify. from time to time by written notice delivered in accordance herewith. Any change in on or before the address for payment Commencement Date 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 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. Tenant acknowledges that late payment by Tenant to Landlord of any rent shall pay, as additional rent, all other sums due hereunder will cause Landlord to incur costs not contemplated by under this Lease. 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 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, Landlord shall notify Tenant, in writing, on or before July 1, 1999, and the Commencement Date shall be extended to the actual substantial completion date. In such event, Landlord shall provide Tenant with not less than forty-five (45) days prior written notice of the anticipated substantial completion date. If, subject to force majeure or Tenant caused delays, the exact amount of such casts being extremely difficult Building and impractical Premises are not substantially complete and ready for Tenant's occupancy by August 1, 1999, Landlord shall pay to determine. ThereforeTenant, if Tenant is delinquent in any monthly as a credit against the first installment of Base RentRent and additional rent payable hereunder, Operating Expenses an amount equal to $500.00 for each day thereafter until the Building and the Premises are substantially complete and ready for Tenant's occupancy. If, subject to force majeure or other sums due Tenant caused delays, the Building and payable hereunder after five (5) days from Premises are not substantially complete and ready for Tenant’s receipt of notice from Landlord that such payment is past due's occupancy by September 1, 1999, Tenant shall pay have the option to terminate this Lease by written notice to Landlord a late charge equal after September 1, 1999 and prior to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate substantial completion 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 rights Building and remedies hereunder or at law and shall not be construed as a penaltyPremises.

Appears in 1 contract

Samples: Lease (Fair Isaac & Company Inc)

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Base Rent. Tenant shall pay Base Rent in the amount amounts in the table of Base Rent set forth on the second first page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s installment of Base Rent payable for the first (1st) Lease Month, the Security Deposit, and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the Commencement Date in accordance with the table of Base Rent Commencement Dateset 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. specify from time to time by written notice delivered in accordance herewith. Any change in the address for payment of rent shall be delivered , or, alternatively, by Automatic Clearing House pursuant to written instructions given by Landlord to Tenant at least fifteen (15) days prior to the effective date of such change in addressTenant. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, 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 casts 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 after for more than five (5) days from Tenant’s receipt of notice from Landlord that such payment is past duedays, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of 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 hereunder in any twelve (12) consecutive calendar month period, Landlord shall waive the aforementioned late charge if Tenant pays such delinquent installment or other sum within five (5) days following Landlord’s delivery of written notice to Tenant regarding the same. 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 represents 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 rights and remedies hereunder or at law and shall not be construed as a penalty. Additionally, Tenant shall pay to Landlord all sales, use, transaction privilege, or other excise tax that may at any time be levied or imposed upon, or measured by, any amount payable by Tenant under this Lease.

Appears in 1 contract

Samples: Lease Agreement (Phunware, Inc.)

Base Rent. Tenant The “Commencement Date” shall mean the date on which the Substantial Completion Date (as defined in Exhibit B) occurs. Lessor and Lessee will confirm in writing the Commencement Date. Subject to any Project Delays (as defined in Exhibit B), commencing on the later of the Commencement Date or April 1, 2023 (the “Rent Commencement Date”), Lessee shall pay to Lessor as base annual rent an amount equal to the Final Cost multiplied by NINE AND TWENTY-FIVE HUNDREDTHS PERCENT (9.25%) (“Base Rent Rent”), payable to Lessor in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, twelve equal monthly installments of Base Rent in advance on or before the first day of each calendar month succeeding during the Term at such place as Lessor shall designate from time to time in writing, without offset, deduction or demand. By way of example, in the event the Final Cost is $10,000,000, the annual Base Rent Commencement Dateshall be $925,000, payable in monthly installments of $77,083.33. Payments of Base Rent for any fractional calendar period during the Term which is less than one (1) month shall be proratedpaid in a pro rata portion of the monthly rental installment amount. All payments required Lessor shall deliver notice to Lessee of Lessor’s calculation of the Base Rent at the same time Lessor delivers notice to Lessee that Lessor’s Work is substantially complete (the “Base Rent Notice”). In addition, Lessee acknowledges that all costs and expenses comprising the Final Cost which are used in the calculation of Base Rent may not be made by Tenant available at the time Lessor delivers notice that Lessor’s Work is complete, therefore, Lessor shall have the right, for a period of six (6) months after Lessor delivers the Base Rent Notice, to Landlord hereunder shall be payable at such address as Landlord may specify. from time to time by deliver written notice delivered in accordance herewithto Lessee (the “Adjusted Base Rent Notice”) adjusting Base Rent to reflect the actual Final Cost. Any change in the address for payment of rent Lessee 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 other sums to Landlord and as set forth in the obligations Adjusted Monthly Rent Notice on the first day 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenantmonth immediately following Lessee’s receipt of notice from Landlord that such payment is past duethe Adjusted Base Rent Notice and, Tenant in addition, Lessee shall pay to Landlord a late charge Lessor the incremental difference in Base Rent for any prior months in the event Base Rent as set forth in the Adjusted Base Rent Notice is greater than the Base Rent set forth in the Base Rent Notice. In the event such incremental difference in Base Rent is greater than $20,000, it may be paid in six equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of installments over 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 rights and remedies hereunder or at law and shall not be construed as a penaltysix months following the Adjusted Monthly Base Rent Notice.

Appears in 1 contract

Samples: Charter School Lease

Base Rent. Tenant shall pay Base Rent for the Suite 2600 and 2700 Expansion Space shall be calculated separate and apart from the Base Rent payable for the Original Premises, the 28th Floor Expansion Space, the Second Amendment Expansion Space, the 34th Floor Expansion Space and the 35th Floor Expansion Space during the Suite 2600 and 2700 Lease Term. Effective as of the Rent Commencement Date (as defined and qualified in Sections 7(b) and 10 of the Work Letter), Base Rent for the Suite 2600 and 2700 Expansion Space shall be as set forth in the amount set forth following schedule: Months/PeriodCommencing on theRent Commencement Date Annual Base Rent MonthlyInstallmentsof Base Rent AnnualRental Rate perRentable Square Foot 73 until theLease Termination Date $1,052,180.25 $87,681.69 $42.99 *Gross Base Rent shall be prorated for any partial month in which the second page of this LeaseRent Commencement Date occurs. Notwithstanding the foregoing, subject Landlord hereby agrees to adjustment xxxxx in full Tenant's obligation to pay the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and Direct Expenses due during the first monthly installment of estimated Operating Expenses second (as hereafter defined2nd) shall be due and payable through eighth (8th) full calendar months starting on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar the first full month succeeding following the Rent Commencement Date. Payments Date (the "Abatement Months") (such amount 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 abated Base Rent and Direct Expenses being hereinafter collectively referred to as the "Abated Amount"). During such Abatement Months, Tenant will still be responsible for the payment of all other sums to Landlord monetary obligations due under the Amended Lease. The anticipated Rent Commencement Date of May 1, 2015 shall be extended one (1) day for each day Tenant is actually delayed in designing, permitting and the obligations constructing its Tenant Improvements in, and moving into, Suite 2600 and Suite 2700 because of Landlord under this Lease are independent obligations. Delays or Force Majeure Events as set forth in Exhibit B but not beyond the date Tenant shall have commences business operations from Suite 2600 and Suite 2700 but in no right at any time to axxxxevent will the Rent Commencement Date occur earlier than May 1, 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty2015.

Appears in 1 contract

Samples: Office/Retail Lease (KBS Real Estate Investment Trust II, Inc.)

Base Rent. 4.1 From and after the Lease Commencement Date, Tenant shall pay the Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, equal monthly installments of Base Rent in advance on or before the first day of each month during a Lease Year. 4.2 Notwithstanding the foregoing, provided no Event of Default by Tenant has occurred under this Lease, Landlord grants to Tenant an abatement of the Base Rent otherwise payable hereunder for the first one and one-half (11⁄2) calendar month succeeding months of the Lease Term (the “Abatement Period”). Concurrently with Xxxxxx’s execution of this Lease, Tenant shall pay an amount equal to one (1) monthly installment of the Base Rent Commencement Date. Payments payable during the first Lease Year, which amount shall be credited toward the monthly installment of Base Rent payable for any fractional the first full calendar month of the Lease Term following the expiration of the Abatement Period. If the Lease Commencement Date is not the first day of a month, then the Base Rent from the Lease Commencement Date until the first day of the following month shall be prorated. prorated on a per diem basis at the rate of one thirtieth (1/30th) of the monthly installment of the Base Rent payable during the first Lease Year, and Tenant shall pay such prorated installment of the Base Rent on the Lease Commencement Date. 4.3 All payments required to be made sums payable by Tenant under this Lease shall be paid to Landlord hereunder shall be payable in legal tender of the United States, without setoff, deduction or demand, at the Landlord Payment Address, or to such other party or such other address as Landlord may specifydesignate in writing. from time to time by written notice delivered in accordance herewith. Any change in the address for payment Xxxxxxxx’s acceptance of rent after it shall be delivered have become due and payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord’s rights hereunder. If any sum payable by 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time is paid by check which is returned due to axxxxinsufficient funds, reducestop payment order, 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 Leaseotherwise, the exact amount of then: (a) such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge event shall be treated as a failure to pay such sum when due; and (b) in addition to all of Landlord’s other rights and remedies hereunder of Landlord hereunder, Landlord shall be entitled (i) to impose a returned check charge of Fifty Dollars ($50.00) to cover Landlord’s administrative expenses and overhead for processing, and (ii) to require that all future payments be remitted by wire transfer, money order, or at law cashier’s or certified check. 4.4 Landlord and Tenant agree that no rental or other payment for the use or occupancy of the Premises is or shall be based in whole or in part on the net income or profits derived by any person or entity from the Building or the Premises. Tenant will not enter into any sublease, license, concession or other agreement for any use or occupancy of the Premises which provides for a rental or other payment for such use or occupancy based in whole or in part on the net income or profits derived by any person or entity from the Premises so leased, used or occupied. Nothing in the foregoing sentence, however, shall be construed as a penaltypermitting or constituting Landlord’s approval of any sublease, license, concession, or other use or occupancy agreement not otherwise approved by Landlord in accordance with the provisions of Article VII.

Appears in 1 contract

Samples: Office Lease Agreement (Bicara Therapeutics Inc.)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before On the first day of each calendar month succeeding during the Lease Term, Tenant will pay to Landlord the 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 Commencement Dateis 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 fractional partial calendar month shall will be prorated. SECTION 2: ADDITIONAL RENT. All payments required to be made sums payable 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 under this Lease other than Base Rent are "Additional Rent"; 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 term "Rent" includes both Base Rent and other sums Additional Rent. Landlord will estimate in advance and charge to Tenant the following costs ("Total Operating Costs"), 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 not 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 and the obligations may adjust its estimates of Landlord under this Lease are independent obligations. Tenant shall have no right Total Operating Costs at any time based upon Landlord's experience and reasonable anticipation of costs. Such adjustments will be effective as of the next Rent payment date after notice to axxxxTenant. "Occupancy Period" means the period from the time Tenant first enters the Premises, reducethroughout the Lease Term and thereafter as long as Tenant remains in the Premises. After the end of each fiscal year during the Term, or set-off any rent due hereunder except where expressly provided Landlord will deliver to Tenant a statement setting forth, 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 Leasereasonable detail, the exact amount Total Operating Costs paid or incurred by Landlord during the preceding fiscal year. Within thirty (30) days after Tenant's receipt of such casts being extremely difficult statement, there will be an adjustment between Landlord and impractical Tenant, with payment to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five credit given by Landlord (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of as 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 rights and remedies hereunder or at law and shall not be construed as a penaltycase may be).

Appears in 1 contract

Samples: Triple Net Lease Agreement

Base Rent. Tenant shall pay (a) $27.00 per rentable square foot of the Premises beginning on the Rent Commencement Date for the Existing Premises. Base Rent will be increased on each anniversary of the Rent Commencement Date for the Existing Premises by $0.75 per rentable square foot of the Premises. Base Rent for each part of the Premises will be the Base Rent that is in effect at the amount set forth time Base Rent begins for that part (subject to the abatement in Section 1.9(b)) as it may increase on each such anniversary. (b) Base Rent and Additional Rent due for the second page first 180 days with respect to each portion of the Premises shall be abated (the “Abated Rent Period”); however, if for any day during the Abated Rent Period Tenant is entitled to have any Base Rent or Additional Rent for that day abated (in whole or in part) pursuant to any express provisions of the Lease, including, without limitation, under Sections 18 or 19 of this Lease, subject then (i) Tenant shall be entitled to adjustment in apply the event amount of such abatement to which it would have been entitled but for the Remeasurement reveals that Abated Rent Period to the Premises consist next due payments of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and Additional Rent until said amount is fully exhausted and (ii) the first monthly installment Expiration Date will be extended for the number of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments days of such abated Base Rent on or before the first day Additional Rent. If an Event of each calendar month succeeding the Rent Commencement Date. Payments of Base Rent for Default occurs, then 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 other sums Additional Rent abatement (prorated on a per diem basis) applicable to Landlord any days during which such Event of Default continues shall be forfeited by Tenant until such default is cured, whereupon Tenant’s entitlement to the Base Rent and Additional Rent abatement shall resume for the obligations then remaining balance of Landlord under this Lease are independent obligationsany periods to which the Base Rent and Additional Rent abatement applies. Tenant shall have no right If at any time to axxxx, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord during the Term an Event of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past dueDefault occurs, Tenant shall pay to Landlord a late charge equal to five percent (5%) owe Landlord, as an element 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 its damages, in addition to all of Landlord’s other rights amounts, the abated Base Rent and remedies hereunder or at law and shall not be construed as a penaltyAdditional Rent.

Appears in 1 contract

Samples: Office Lease (Thayer Ventures Acquisition Corp)

Base Rent. Tenant shall pay Base Rent in the amount amounts in the table of Base Rent set forth on the second first page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent payable for the sixth (6th) Lease Month, the Security Deposit, and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding the sixth (6th) Lease Month in accordance with the table of Base Rent Commencement Dateset 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. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, 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 casts 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 after five for more than seven (57) days from Tenant’s receipt of notice from Landlord that such payment is past duedays, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of 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 (10) 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 represents 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 rights and remedies hereunder or at law and shall not be construed as a penalty. Additionally, Tenant shall pay to Landlord all sales, use, transaction privilege, or other excise tax that may at any time be levied or imposed upon, or measured by, any amount payable by Tenant under this Lease.

Appears in 1 contract

Samples: Lease Agreement (Systemax Inc)

Base Rent. Beginning on the Term Commencement Date, Tenant shall pay Base Rent Landlord monthly base rent in the initial amount in the Basic Lease Terms which shall be payable monthly in arrears on or before the last day of each and every calendar month (“Base Monthly Rent”) provided, however, (i) any prepaid Rent is due and payable upon execution of this Lease as and to the extent set forth in Section 4 below and (ii) if the last day of the Term does not occur on the second page last day of a calendar month (due to either expiration or earlier termination of this Lease), Base Monthly Rent for the final month of the Term shall be payable on or before the last day of the Term. If this Lease provides for postponement or suspension of monthly rental payments or for one or more periods of “free” rent or other rent concessions (collectively, “Abated Rent”), Tenant shall be credited with having paid all of the Abated Rent on the expiration of the Term only if Tenant has (i)occupied all or substantially all of the Premises for the entire Term, and (ii) fully, faithfully and punctually performed all of Tenant’s obligations, including, without limitation, the payment of all Rent (other than the Abated Rent) and all other monetary obligations, and has surrendered the Premises in the condition required by this Lease. Upon the occurrence of a Tenant Default (as defined in Section 18, below) that results in the termination of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Abated Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be immediately become due and payable in full, and the Lease shall be enforced as if there were no Abated Rent or other Rent concession. In such case, Abated Rent shall be calculated based on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base full initial 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 prorated. All payments required to be made by Tenant to Landlord hereunder shall be that would have otherwise been 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 absence of rent shall be delivered by Landlord such Abated Rent. For purposes of Section 467 of the Internal Revenue Code, the parties to Tenant at least fifteen (15) days prior this Lease hereby agree to allocate the stated rents, provided herein, to the effective date periods which correspond to the actual Rent payments as provided under the terms and conditions of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 1 contract

Samples: Industrial Lease

Base Rent. Tenant shall pay (a) Base Rent in for the amount set forth on the second page of this Lease, subject first month which Tenant is required to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s pay Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Commencing on the date hereofRent Commencement Date, and Tenant promises to shall 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 during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent Commencement Dateset forth above. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent Rent due hereunder except where expressly hereunder. (b) Base Rent shall be increased on each annual anniversary of the Rent Commencement Date during the Term (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated. “CPI Adjustment Percentage” means (i) a fraction, stated as a percentage, the numerator of which shall be the Index for the calendar month 3 months before the month in this Lease. Tenant acknowledges that late payment by Tenant to Landlord which the Adjustment Date occurs, and the denominator of any rent due hereunder will cause Landlord to incur costs not contemplated by which shall be the Index for the calendar month 3 months before the last Adjustment Date or, if no prior Base Rent adjustment has been made, 3 months before the first day of the first full month during the Term of this Lease, less (ii) 1.00. “Index” means the exact amount “Consumer Price Index-All Urban Consumers-MD, DC & VA Metropolitan Area, All Items” compiled by the U.S. Department of Labor, Bureau of Labor Statistics, (1982-84 = 100). If a substantial change is made in the Index, the revised Index shall be used, subject to such casts being extremely difficult and impractical adjustments as Landlord may reasonably deem appropriate in order to determinemake the revised Index comparable to the prior Index. ThereforeIf the Bureau of Labor Statistics ceases to publish the Index, if then the successor or most nearly comparable index, as reasonably determined by Landlord, shall be used, subject to such adjustments as Landlord may reasonably deem appropriate in order to make the new index comparable to the Index. Landlord shall give Tenant is delinquent in any monthly installment of written notice indicating the Base Rent, Operating Expenses or other sums due as adjusted pursuant to this Section, and payable hereunder after five (5) days from Tenant’s receipt the method of notice from Landlord that such payment is past due, computation and Tenant shall pay to Landlord a late charge an amount equal to five percent (5%) any underpayment of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur Base Rent by reason of such late payment by Tenant. The provision for such late charge shall be in addition to all Tenant within 15 days of Landlord’s other rights and remedies hereunder or at law and notice to Tenant. Failure to deliver such notice shall not be construed as a penaltyreduce, xxxxx, waive or diminish Tenant’s obligation to pay the adjusted Base Rent.

Appears in 1 contract

Samples: Lease Agreement (Voyager Pharmaceutical Corp)

Base Rent. Tenant shall pay 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 installments on each Base Rent in Date through the amount set forth on end of the second page Term. Each payment of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses must be received by Landlord no later than 12:00 noon (as hereafter definedSan Francisco time) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments 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 on or before shall represent rent allocable to the first day of each calendar month succeeding the Rent Commencement Date. Payments of 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 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 each Base Rent Period at least fifteen (15) days prior to the effective date 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 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 change Base Rent Period, and with the second installment becoming due on the Base Rent Date upon which the Base Rent Period ends. Notwithstanding the foregoing, if Tenant or any Applicable Purchaser purchases Landlord's interest in address. The obligation of Tenant the Property pursuant to pay the Purchase Agreement, any accrued unpaid Base Rent and all outstanding Additional Rent shall be due on the date of purchase in addition to the purchase price and other sums to due Landlord under the Purchase Agreement. The Base Rent for each Base Rent Period shall equal the sum of: (1) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) one minus the sum of the Certificate of Deposit Collateral Percentage for such Base Rent Period and the obligations Securities Collateral Percentage for such Base Rent Period, times (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 day upon which such Base Rent Period commences, times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS (A) Stipulated Loss Value on the first day of such Base Rent 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 (ii) 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). To ease the administrative burden of this Lease and the Pledge Agreement, clause (2) in the formula above for calculating Base Rent reflects a reduction in the Base Rent equal to the interest that would accrue on any Cash Collateral required by the Pledge Agreement from time to time if the Accounts (as defined in the Pledge Agreement) bore interest at the Effective Rate. Landlord has agreed to such reduction in the Base Rent to provide Tenant with the economic equivalent of interest on such Cash Collateral, and in return Tenant has agreed to 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 under 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 are independent obligations. requires of Tenant shall have no right at any from time to axxxxtime, reduceTenant may report Base Rent as if there had been no such reduction 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, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord only for the purpose of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, illustration of the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment calculation of Base Rent: that after the Carrying Costs Accrual Termination Date, Operating Expenses or other sums due and payable hereunder a hypothetical Base Rent Period contains exactly ninety (90) days; that, after five (5) days from Tenant’s receipt taking into account all Qualified Payments, the Stipulated Loss Value on the first day of notice from Landlord such Base Rent Period is $50,000,000; that the Certificate of Deposit Collateral Percentage for such payment Base Rent Period is past due, Tenant shall pay to Landlord a late charge equal to five twenty percent (520%); 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 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 addition to all of Landlord’s other rights and remedies hereunder x 90/360, or at law and shall not be construed as a penalty.$375,000, PLUS $50,000,000 x 20% x .225% x 90/360, or $5,625, PLUS $50,000,000 x 30% x (5.5% + .225%) x 90/360, or $214,687.5, = $595,312.5

Appears in 1 contract

Samples: Lease Agreement (3com Corp)

Base Rent. “Annual Base Rent” shall be calculated based on the product of the rentable square footage of the Leased Premises as stated in Section 1.2 of this Lease multiplied by the rental rate set forth in the table below. Tenant shall pay to Landlord during the Lease Term Annual Base Rent in accordance with the amount above table, 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 second page Commencement Date and continuing on the first (1st) day of each calendar month thereafter during the Lease Term; provided however, that upon execution of this Lease, subject Tenant shall pay to adjustment in 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 event the Remeasurement reveals that the Premises consist first six (6) monthly installments of less than fifteen thousand (15,000) square feet. The first month’s 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 estimated Operating Expenses 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 hereafter defined) defined herein), and the monthly installments of Annual Base Rent shall be due and payable on the date hereofcollectively referred to as “Rent” throughout this Lease. Tenant acknowledges that Landlord does not invoice for Annual Base Rent, and Tenant promises agrees to timely pay all rent without any statement, invoice, or reminder from Landlord. Landlord shall provide separate wiring instructions. For this purpose, Tenant agrees to Landlord establish an automatic debit arrangement in advance, without demand, deduction or set-off, monthly order to electronically pay all installments of Annual 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 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligationsdue date. 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. 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 provide written bank confirmation of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 debit arrangement upon request y Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 1 contract

Samples: Lease Agreement (NeuBase Therapeutics, Inc.)

Base Rent. Tenant shall agrees to pay monthly as Base Rent in during the amount Term of this Lease the sum set forth on the second page in Section 1.5 of this Lease, subject which amount shall be payable to adjustment in Landlord at the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feetaddress shown above. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Base Rent shall be due and payable to Landlord on the date hereof, Commencement Date for the first month’s rent and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, each monthly installments installment of Base Rent rent shall be due and payable on or before the first day of each calendar month succeeding the Rent Commencement Date. Payments Date during the Term of Base Rent for any fractional this Lease, provided, if the Commencement Date should be a date other than the first day of a calendar month, the monthly rental set forth above shall be prorated to the end of that 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 during the address for payment term 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 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. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Leaseshall pay, the exact amount of such casts being extremely difficult and impractical to determine. Thereforeas additional rent, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or all other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, under this Lease. Tenant shall pay the first Delivery Fee payment to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate immediately upon Landlord’s delivery of the costs that Landlord will incur by reason of such late payment by Premises to Tenant. The provision for such late charge shall be Notwithstanding anything in addition this Lease to all the contrary, if Landlord cannot deliver possession of Landlordthe Premises to the Tenant on the Delivery Date due to a holding over by a prior tenant, Tenant’s other rights and remedies hereunder default, or at law and casualty affecting the Premises, this Lease shall not be construed as a penaltyvoid or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting therefrom, but the Delivery Fee and all rents and other amounts due hereunder shall be abated until Landlord delivers possession and the expiration date of the 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.

Appears in 1 contract

Samples: Commercial Lease (Enpath Medical Inc)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000i) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofdelivery of an executed copy of this Lease to Landlord. Except as provided herein, and Tenant promises to shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term hereof after the Rent Commencement Date. Payments , in lawful money of Base the United States of America, at the office of Landlord for payment of Rent for any fractional calendar month shall be prorated. All payments required set forth above, or to be made by Tenant to Landlord hereunder shall be payable such other person or at such address other place as Landlord may specify. from time to time by written notice delivered designate in accordance herewithwriting. Any change in During the address first year of the Term, Tenant shall pay Base Rent only on the Initial Premises. (ii) From and after the earlier of (A) the first anniversary of the Rent Commencement Date or (B) the date Tenant commences occupancy and use of the Additional Office Premises, Tenant shall pay Base Rent on the Additional Office Premises, at the same rate as Base Rent for payment of rent the Initial Premises and at the time. (iii) Commencing September 1, 2005 (the “Additional Laboratory Commencement Date”), Tenant shall commence paying Base Rent on the Additional Laboratory Premises as follows. Tenant shall be delivered by Landlord to Tenant at least fifteen (15) days prior responsible for making any improvements to the effective date of such change in addressAdditional Laboratory Premises. The obligation of Commencing on the Additional Laboratory Commencement Date, Tenant shall begin to pay Base Rent and other sums at the rate of Shell Rent for the Additional Laboratory Premises. Commencing on the earlier of (A) the date of substantial completion of the improvements to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxAdditional Laboratory Premises or (B) June 1, 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due2006, Tenant shall pay to Landlord Base Rent on the Additional Laboratory Premises at the rate of Improved Rent. “Shell Rent” shall mean $____ per rentable square foot per annum, on a late charge equal to five percent (5%) of such delinquent sumtriple net basis. The parties agree that such late charge represents “Improved Rent” shall mean $____ per rentable square foot per annum, on a fair triple net basis. Such Base Rent shall be adjusted annually as provided in Section 4 hereof, and reasonable estimate shall further be adjusted for any portion of the costs that Landlord will incur Additional Tenant Improvement Allowance elected to be used by reason of such late payment by Tenant. The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or Tenant at law and shall not be construed as a penaltyany time during the Term.

Appears in 1 contract

Samples: Sublease (Atossa Genetics Inc)

Base Rent. A. Tenant shall pay to Landlord annual fixed rent (“Base Rent”) with respect to the Premises according to the Base Rent in the amount set forth schedule attached hereto as Exhibit E and made a part hereof based on the second page Rentable Area of this Leasethe Premises, subject to adjustment remeasurement of such Rentable Area by Landlord as provided in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand Section 1(A)(2). Except as otherwise expressly specified herein (15,000including, without limitation, Section 2(C) square feet. The first month’s and Section 4(G), Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable in equal monthly installments, each installment being payable in advance on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each and every calendar month succeeding during the Term, except that if Tenant’s obligation to pay Base Rent Commencement Datecommences on a day other than the first day of a calendar month, or ends on a day other than the last day of a calendar month, Base Rent for such month shall be prorated by multiplying same by a fraction, the numerator of which is the number of days with respect to which Base Rent is payable during such calendar month and the denominator of which is the total number of days within such calendar month. Payments Subject to the express terms and conditions set forth in Section 1(A)(1) above, if the Rentable Area of the Premises shall change during any calendar month, monthly Base Rent shall be prorated on the basis of the Base Rent payable per square foot of Rentable Area for the portion of such calendar month before and after such change in the Rentable Area. Any amounts paid on account of the Base Rent for a particular month which are in excess of the actual Base Rent payable for such month shall be credited against the monthly installment of Base Rent for any fractional calendar month next due hereunder or, if no further Base Rent is then due hereunder, shall be proratedrepaid to Tenant within thirty (30) days thereafter. B. For purposes of this Lease, the term “Additional Rent” shall mean Tenant’s Pro Rata Share of Taxes, Tenant’s Pro Rata Share of Operating Expenses and any other amounts (other than Base Rent) which Tenant is or becomes obligated to pay Landlord under this Lease. All payments required Base Rent and Additional Rent are sometimes hereinafter referred to be made by Tenant collectively as “Rent,” and all remedies applicable to Landlord hereunder the non-payment of Base Rent shall be payable applicable thereto. Rent shall be paid in good funds by check (including Tenant’s uncertified personal check) or ACH or wire transfer in currency which at the time or times of payment represents legal tender for public and private debts in the United States of America, at such address place in the United States of America as Landlord may specify. from time designate by notice to time by written notice delivered in accordance herewith. Any change in the Tenant, including without limitation any “lock box” or other address established for payment of rent shall be delivered in connection with any financing secured by Landlord to Tenant at least fifteen (15) days prior the Building. Except to the effective date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except where extent otherwise expressly provided in this Lease, Rent shall be paid without any prior demand or notice therefor and without any deduction, set-off or counterclaim, or relief from any valuation or appraisement laws. Any Rent which is not paid when due shall bear interest from the date due until the date paid at the Default Rate (as defined below); and, in addition, Tenant acknowledges that shall pay Landlord a late charge for any Rent 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant which is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after paid more than five (5) business days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge after its due date equal to five three percent (53%) of such delinquent sum. The parties agree that payment Notwithstanding the foregoing, no 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 default interest or late charge shall be in addition to all due or owing for the first delinquent payment of Landlord’s other rights and remedies hereunder Base Rent or at law and shall not be construed for the first delinquent payment of Additional Rent so long as a penaltysuch first delinquent amount is fully paid within thirty (30) days after the due date thereof.

Appears in 1 contract

Samples: Lease Agreement (Exicure, Inc.)

Base Rent. Tenant shall pay For the period commencing on the Base Rent in the Commencement Date through June 13, 2012, an annual amount set forth equal to $ 71,006,686, which amount shall increase by ten percent (10%) on the second page of this LeaseJune 14, 2012 and June 14, 2017, subject to adjustment reduction as hereinafter provided in connection with the event the Remeasurement reveals that the Premises consist termination of less than fifteen thousand (15,000) square feeta Leased Property. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) for each Fiscal Year shall be due and payable in advance in twelve (12) equal installments, on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the first ninth (9th) day of each calendar month succeeding 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 partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days in such 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 requested in connection with any Landlord’s Debt. Notwithstanding the foregoing, Base Rent in respect of the period from and including the Commencement Date to but not including the Base Rent Commencement Date shall equal the First Rental Period Base Rent. The first Rent Payment Date shall be, and the first installment payment of Base Rent shall be payable on, July 9, 2007 (the “Base Rent Commencement Date. Payments of Base Rent for any fractional calendar month ”), which payment 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 include (i) 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 First Rental Period Base Rent and other sums (ii) Base Rent in respect of the Rental Period beginning July 9, 2007 and ending August 8, 2007. Base Rent shall be reduced by the applicable Base Rent Reduction Amount applicable to Landlord and the obligations of Landlord under any Leased Property with respect to which 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 is terminated on the applicable Property Removal Date as 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penaltySection 1.8.

Appears in 1 contract

Samples: Master Lease Agreement (Cheeseburger-Ohio, Limited Partnership)

Base Rent. Tenant shall pay Base to Landlord, at Landlord's Address for Payment of Rent designated in the amount set forth on Basic Lease Information, or at such other address as Landlord may from time to time designate in writing to Tenant for the second page payment of this LeaseRent, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand Base Rent, without notice, demand, offset or deduction (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (except as hereafter defined) shall be due and payable on the date hereofotherwise provided herein), 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 during the Term commencing on the Rent Commencement Date. Payments Upon the execution 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord the Base Rent due for the first full calendar month during the Term after the Rent Commencement Date and any abatement period. If the Rent Commencement Date occurs on a late charge equal date other than the first day of a month or the Term ends on a date other than the last day of a month, Base Rent shall be prorated on the basis of a thirty (30) day month. [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 14 Notwithstanding anything to five percent (5%) of such delinquent sum. The parties agree the contrary contained herein and provided that such late charge represents a fair and reasonable estimate Tenant faithfully performs all of the costs terms and conditions of this Lease, Landlord hereby agrees to abaxx Xxnant's obligation to pay monthly Base Rent for the first (1st) full month of the initial Lease Term. During such abatement period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including Tenant's Percentage Share of Operating Expenses and Real Estate Taxes. In the event of a default by Tenant under the terms of this Lease that results in early termination pursuant to the provisions of Section 16.3 of this Lease, then as a part of the recovery set forth in such Section 16.3 of this Lease, Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be in addition entitled to all the recovery of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythe monthly Base Rent that was abated under the provisions of this Section 4.1.

Appears in 1 contract

Samples: Office Lease (Allos Therapeutics)

Base Rent. Tenant shall pay 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 installments on each Base Rent in Date through the amount set forth on end of the second page Term. Each payment of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses must be received by Landlord no later than 12:00 noon (as hereafter definedSan Francisco time) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments 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 on or before shall represent rent allocable to the first day of each calendar month succeeding the Rent Commencement Date. Payments of Base Rent Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due 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 each Base Rent Period at least fifteen (15) days prior to the effective 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. If Tenant or any other Applicable Purchaser purchases Landlord's interest in the Leased Property pursuant to the Purchase Agreement, any Base Rent for the Base Rent Period ending on the date of such change in address. The obligation purchase (or if the date of Tenant to pay Purchase is not a Base Rent Date, then pro rated Base Rent for the Base Rent Period which included the date of purchase) and all outstanding Additional Rent shall be due on the Designated Sale Date in addition to the purchase price and other sums to Landlord and the obligations of due Landlord under this Lease are independent obligationsthe Purchase Agreement. Tenant The Base Rent for each Base Rent Period shall equal the sum of: (1) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) the Collateral Percentage for such Base Rent Period, times (C) twenty two and one-half basis points (0.225 of 1%), times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) one minus the Collateral Percentage for such Base Rent Period, times (C) the Effective Rate for such Base Rent Period, times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360). Assume, only for the purpose of illustration: that a hypothetical Base Rent Period contains exactly ninety (90) days; that prior to the first day of such Base Rent Period a total of $31,500,000 of Qualified Payments have no right at any time to axxxxbeen received by Landlord, reduceleaving a Stipulated Loss Value of $30,000,000 (the Initial Funding Advance of $61,500,000 less the Qualified Payments of $31,500,000); that the Collateral Percentage for such Base Rent Period is forty percent (40%); and that the Effective Rate for the applicable Base Rent Period is 6%. Under such assumptions, the Base Rent for the hypothetical Base Rent Period will equal: $30,000,000 x 60% x 6% x 90/360, 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$270,000, the exact amount of such casts being extremely difficult and impractical to determine. ThereforePLUS $30,000,000 x 40% x .225% x 90/360, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty.$6,750 = $276,750

Appears in 1 contract

Samples: Lease Agreement (Informix Corp)

Base Rent. 2.01 In addition to Tenant’s obligation to pay Base Rent for the Original Premises, Tenant shall pay Landlord Base Rent for the Expansion Space as follows: Expansion Effective Date – Expansion Space Termination Date $ 46.00 $ 80,599.67 Base Rent for any partial month, if any, shall be prorated. All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease. 2.02 Notwithstanding anything in this Section to the contrary, so long as Tenant is not in Default, Tenant shall be entitled to an abatement of Base Rent in the amount set forth of (a) $80,599.67 per month for the period commencing on the second page Expansion Effective Date and continuing through the date (the “Expansion Space Trigger Date”) which is the earlier to occur of this Lease(i) June 1, subject 2015, and (ii) the date Tenant takes occupancy of the Expansion Space and commences to adjustment in conduct Tenant’s usual and customary business therein, (b) $53,766.34 per month for the event period beginning on the Remeasurement reveals that Expansion Space Trigger Date and ending on the Premises consist last day of less than fifteen thousand the 6th full calendar month following the Expansion Space Trigger Date, and (15,000c) square feet$26,933.00 per month for the period commencing on the first day of the 7th full calendar month following the Expansion Space Trigger Date and ending on the Expansion Space Termination Date (the “Base Rent Abatement Period”). The first month’s amount of Base Rent and abated during the first monthly installment Base Rent Abatement Period shall herein be referred to as the “Abated Base Rent”. The balance of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent payable for (i) the period commencing on or before the Expansion Space Trigger Date and ending on the last day of the 6th full calendar month following the Expansion Space Trigger Date (i.e., $26,833.33 per month) and (ii) the period commencing on the first day of each the 7th full calendar month succeeding following 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 Expansion Space Trigger Date and ending on the Expansion Space Termination Date (i.e., $53,666.67 per month) (each, a “Remaining Monthly Balance”) shall be payable at such address as Landlord may specify. from time to time by written notice delivered in accordance herewith. Any change in with 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate terms 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 rights and remedies hereunder or at law and shall not be construed as a penaltyLease.

Appears in 1 contract

Samples: Office Lease Agreement (Rapid7 Inc)

Base Rent. Tenant shall (a) On each Base Rent Payment Date until the end of the Lease Term, Lessee agrees to pay Base Rent monthly in advance; provided, that Lxxxxx’s payment on the first Base Rent Payment Date shall include the prorated Base Rent amount attributable to the period from the Base Rent Commencement Date to such Base Rent Payment Date. (b) Lessor shall provide a completed Form Lease Supplement to Lessee approximately [***] prior to the anticipated Occupancy Date. Within the Lease Supplement Review Period, Lessee shall provide any comments it has to such submitted Form Lease Supplement; provided, however, that absent manifest error, the completed Form Lease Supplement provided by Lessor shall be accepted by Lessee. If Lxxxxx notifies Lessor that it disputes any of the information included in the amount submitted Form Lease Supplement within the Lease Supplement Review Period, then the Parties will review any such dispute in accordance with the provisions set forth in Section 15.8(a). If Lxxxxx notifies Lessor that it does not dispute any of the information included in the submitted Form Lease Supplement, or if Lessee does not respond to Lessor’s submitted Form Lease Supplement before the expiration of the Lease Supplement Review Period, such submitted Form Lease Supplement shall be accepted by the Parties as the Occupancy Date Lease Supplement. On the Occupancy Date, the Occupancy Date Lease Supplement shall automatically update this Lease Agreement and be binding on the second page of this Lease, subject Parties. (c) Lessor shall provide a completed Form Lease Supplement to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable Lessee on the date hereofthat Full Facility Completion is achieved for the Facility. Within the Lease Supplement Review Period, and Tenant promises Lessee shall provide any comments it has to pay such submitted Form Lease Supplement; provided, however, that absent manifest error, the completed Form Lease Supplement provided by Lessor shall be accepted by Lessee. If Lessee notifies Lessor that it disputes any of the information included in the submitted Form Lease Supplement within the Lease Supplement Review Period, then the Parties will review any such dispute in accordance with the provisions set forth in Section 15.8(a). If Lxxxxx notifies Lessor that it does not dispute any of the information included in the submitted Form Lease Supplement, or if Lessee does not respond to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or Lessor’s submitted Form Lease Supplement before the first day expiration of each calendar month succeeding the Rent Commencement Date. Payments of Base Rent for any fractional calendar month Lease Supplement Review Period, such submitted Form Lease Supplement shall be proratedaccepted by the Parties as the Full Facility Completion Lease Supplement. 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 On the effective date of such change Full Facility Completion Lease Supplement, such Full Facility Completion Lease Supplement shall automatically update this Lease Agreement and be binding on the Parties. (d) Lessor shall provide a completed Form Lease Supplement to Lessee on the EPC Final Completion Date. Within the Lease Supplement Review Period, Lessee shall provide any comments it has to such submitted Form Lease Supplement; provided, however, that absent manifest error, the completed Form Lease Supplement provided by Lessor shall be accepted by Lessee. If Lessee notifies Lessor that it disputes any of the information included in addressthe submitted Form Lease Supplement within the Lease Supplement Review Period, then the Parties will review any such dispute in accordance with the provisions set forth in Section 15.8(a). The obligation If Lxxxxx notifies Lessor that it does not dispute any of Tenant the information included in the submitted Form Lease Supplement, or if Lessee does not respond to pay Lessor’s submitted Form Lease Supplement before the expiration of the Lease Supplement Review Period, such submitted Form Lease Supplement shall be accepted by the Parties as the EPC Final Completion Lease Supplement. On the Full Base Rent and other sums to Landlord and the obligations of Landlord under Commencement Date, such EPC Final Completion Lease Supplement shall automatically update this Lease are independent obligationsAgreement and be binding on the Parties. (e) If [***] Lessor shall provide a completed Form Lease Supplement to Lessee indicating [***] approximately [***] prior to the date of such reduction. Tenant Within the Lease Supplement Review Period, Lessee shall have no right at provide any time comments it has to axxxxsuch submitted Form Lease Supplement; provided, reducehowever, that absent manifest error, the completed Form Lease Supplement provided by Lessor shall be accepted by Lessee. If Lessee notifies Lessor that it disputes any of the information included in the submitted Form Lease Supplement within the Lease Supplement Review Period, then the Parties will review any such dispute in accordance with the provisions set forth in Section 15.8(a). If Lxxxxx notifies Lessor that it does not dispute any of the information included in the submitted Form Lease Supplement, or set-off if Lessee does not respond to Lessor’s submitted Form Lease Supplement before the expiration of the Lease Supplement Review Period, such submitted Form Lease Supplement shall be accepted by the Parties as the Reserve Reduction Lease Supplement. On the effective date of such Reserve Reduction Lease Supplement, such Reserve Reduction Lease Supplement shall automatically update this Lease Agreement and be binding on the Parties. (f) If [***] Lessor shall provide a completed Form Lease Supplement to Lessee indicating [***] approximately [***] prior to the anticipated Excess Land Option Closing Date or other Excess Land sales closing date. Within the Lease Supplement Review Period, Lessee shall provide any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges comments it has to such submitted Form Lease Supplement; provided, however, that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Leaseabsent manifest error, the exact amount completed Form Lease Supplement provided by Lessor shall be accepted by Lessee. If Lessee notifies Lessor that it disputes any of the information included in the submitted Form Lease Supplement within the Lease Supplement Review Period, then the Parties will review any such casts being extremely difficult and impractical dispute in accordance with the provisions set forth in Section 15.8(a). If Lxxxxx notifies Lessor that it does not dispute any of the information included in the submitted Form Lease Supplement, or if Lessee does not respond to determineLessor’s submitted Form Lease Supplement before the expiration of the Lease Supplement Review Period, such submitted Form Lease Supplement shall be accepted by the Parties as the Excess Land Sale Lease Supplement. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses On the Excess Land Option Closing Date or other sums due Excess Land sale closing date, the Excess Land Sale Lease Supplement shall automatically update this Lease Agreement and payable hereunder after five be binding on the Parties. (5g) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty.[***]

Appears in 1 contract

Samples: Master Lease Agreement (Novus Capital Corp)

Base Rent. Commencing as of the Expanded Premises Commencement Date and continuing throughout the Lease Term as extended pursuant to the definition of Lease Expiration Date set forth in Section 9.4 of the Original Summary, as modified in Clause (a) of Section 1 of this Third Amendment above, Tenant shall pay Base Rent pay, in accordance with the amount set forth on the second page provisions of this LeaseSection 5, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the 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 the entire Premises (i.e., the Existing Premises as expanded by Tenant to Landlord hereunder shall be payable at such address the Expansion Space) 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 follows: (15a) days prior to the effective date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past dueExpanded Premises Commencement Date, Tenant shall pay to Landlord a late charge equal the monthly installments of Base Rent attributable to five percent the Existing Premises, at the applicable rate set forth in Section 10 of the Original Summary (5%as modified by Clause (b) of Section 1 of this Third Amendment above) and (b) commencing on the Expanded Space Commencement Date, and continuing thereafter until the Lease Expiration Date set forth in Clause (a) of Section 1 of this Third Amendment above, Tenant shall pay the monthly installments of Base Rent in the amounts set forth in Section 10 of the Original Summary as modified by Clause (b) of Section 1 of this Third Amendment above (with any partial month of Base Rent for the Existing Premises and the Existing Premises as expanded by the Expansion Space for the calendar month in which the Expanded Premises Commencement Date occurs to be prorated, if at all, in accordance with Section 3.1 of the Original Lease). Tenant’s abatement of Base Rent for months 29 and 30 of the initial Lease Term of the Lease (as set forth in Section 9 of the Original Summary and without regard to the Second Amendment or this Third Amendment) shall apply to Base Rent payable for the Existing Premises only during such delinquent summonths, regardless of whether the Expanded Premises Commencement Date occurs prior to the 29th month of the Lease Term (as set forth in Section 9 of the Original Summary and without regard to the Second Amendment or this Third Amendment). The parties Landlord and tenant hereby agree that such late charge represents a fair and reasonable estimate the rent abatement contained in Section 3.2 of the costs Original Lease shall not apply to the Expansion Space, and that Landlord will incur by reason the amortization of such late payment by Tenant. The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and abated rent shall not be construed as a penaltymodified by the extension of the Lease Term pursuant to this Third Amendment.

Appears in 1 contract

Samples: Lease (GenMark Diagnostics, Inc.)

Base Rent. 4.1 During each Lease Year of the Lease Term, Tenant shall pay the Base Rent in the amount set forth as shown on the second page of this LeaseAddendum I, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feetattached hereto. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent on or before the Lease Commencement Date and on the first day of each month thereafter during each Lease Year. On the first day of the second Lease Year and on the first day of every Lease year thereafter during the Lease Term, the Base Rent shall be adjusted, on account of increases in the cost of living and in lieu of Tenant’s obligation to pay increases in operating charges (but not real estate taxes) with respect to the Building, as follows: the Base Rent in effect as of the last day of the immediately preceding Lease Year shall be increased by the product of (a) the Base Rent Annual Escalation Percentage (as defined in Section 1.1), multiplied by (b) the Base Rent so then in effect. Each adjusted rental shall remain in effect until the next adjustment pursuant to this Section. Concurrently with Tenant’s execution of this Lease, Tenant shall pay an amount equal to one (1) monthly installment of the Base Rent payable for the first full calendar month succeeding of the Rent Lease Term. If the Lease Commencement Date. Payments Date is a day other than the first day of a month, then the Base Rent for any fractional calendar from the Lease Commencement Date until the first day of the following month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable prorated on a per diem basis 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 rate of rent shall be delivered by Landlord to Tenant at least fifteen one-thirtieth (151/30th) days prior to of the effective date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base RentRent payable during the first Lease Year, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay such prorated installment of Base Rent in advance on the Lease Commencement Date. 4.2 All sums payable by Tenant under this Lease, whether or not stated to be Base Rent, additional Rent, or otherwise, shall be paid to Landlord, without notice or demand and without deduction, counterclaim or set off of any amount of for any reason whatsoever, to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty.c/o Blake Construction Co., Inc., 0000 Xxxxxxxxxxx Xxxxxx, X.X., Xxxxx 0000, Xxxxxxxxxx, X.X.

Appears in 1 contract

Samples: Lease Agreement (Mega Group Inc)

Base Rent. Tenant shall continue to pay Base Rent for the Existing Premises in accordance with the amount set forth existing terms and provisions of the Lease applicable thereto. Commencing on the Expansion Date and continuing throughout the remainder of the Term, Tenant shall also pay Base Rent for the Expansion Premises. Accordingly, the Base Rent payable for only the Expansion Premises (2,616 rsf) shall be as follows: * plus any sales, use or other applicable tax. ± Notwithstanding the foregoing, the Base Rent attributable to the Expansion Premises shall be abated for the first sixty (60) days following the Expansion Date (such period, the “Abatement Period”; the abatement amount being estimated to be [***] per month the first month of such abatement and [***] for the second page month of this Leasesuch abatement, for an estimated total abatement of [***], subject to adjustment if the Expansion Date does not occur on August 1, 2018; the actual amount to be abated after the Expansion Date is determined being referred to herein, collectively, as the “Abated Amount”); provided, however, that if at any time during the remaining Term of the Lease, Tenant fails to timely cure a monetary default under the Lease beyond any applicable notice and cure period, then, at Landlord’s option (exercised in Landlord’s sole and absolute discretion), the event unamortized portion of the Remeasurement reveals that Abated Amount (amortized on a straight-line basis over the Premises consist Term of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter definedLease following the Expansion Date) shall be immediately become null and void and such unamortized portion of the Abated Amount shall become immediately due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments Landlord. The abatement 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 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 attributable to the effective date Expansion Premises provided during the Abatement Period shall not relieve Tenant from the performance of such change in address. The Tenant’s other obligations under the Lease, including, without limitation, the obligation of Tenant to pay Base Rent in full and on a timely basis all other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxcharges, 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from including Tenant’s receipt Proportionate Share of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sumIncreased Operating Costs and all rent for the Existing Premises. 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 addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penalty.[***] Confidential Treatment Requested

Appears in 1 contract

Samples: Lease (Catalyst Pharmaceuticals, Inc.)

Base Rent. (a) Tenant shall agrees to pay during each month of the Lease Term as Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that (“Base Rent”) for the Premises consist the sums shown for such periods in Item 5 of less than fifteen thousand the Basic Lease Provisions. (15,000b) square feet. The first month’s Except as expressly provided to the contrary herein, Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofin consecutive monthly installments, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-offoffset, monthly installments of Base Rent commencing on or before the Commencement Date and continuing on the first day of each calendar month succeeding thereafter until the Rent Commencement Dateexpiration of the Lease Term. Payments The first full monthly installment of Base Rent for any fractional calendar month shall be prorated. All payments required 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 be made by Tenant to Landlord hereunder Paragraph 3(e) shall be payable at such address as Landlord may specify. from time to time by written notice delivered in accordance herewith. Any change in upon the address for payment Commencement Date of rent shall be delivered by Landlord to Tenant at least fifteen (15) days prior to the effective date of such change in addressthis Lease. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at If the commencement date for any time to axxxx, reduceExpansion Space (as defined in Paragraph 21(a) hereof) is a day other than the first day of a calendar month, or set-off 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 calculated on a per diem basis. In the event Landlord delivers to Tenant and Tenant accepts possession of any rent due hereunder except where expressly provided in Expansion Space pursuant to Paragraph 21, prior to the commencement date therefor, Tenant agrees it shall be bound by and subject to all terms, covenants, conditions and obligations of this Lease. Tenant acknowledges that late payment Lease during the period between the date possession is accepted by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Leaseand the commencement date, other than the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment payment of Base Rent, Operating Expenses or other sums due and payable hereunder after five in the same manner as if delivery had occurred on the commencement date. (5c) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate for all purposes hereunder the Premises shall be stipulated to contain the number of square feet of Rentable Area described in Item 3 of the costs that Landlord will incur by reason Basic Lease Provisions. As used herein, “Rentable Area” shall mean the rentable area of such late payment by Tenant. The provision for such late charge shall be space in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythe Building calculated generally in accordance with the WDCAR methodology.

Appears in 1 contract

Samples: Office Lease (Carlyle Group L.P.)

Base Rent. Tenant shall pay Base Rent in Notwithstanding any provision of the amount set forth on Existing Lease to the second page contrary and commencing as of this Lease, subject to adjustment in the event earlier of (i) one hundred fifty (150) days after the Remeasurement reveals that the applicable Option B Expansion Premises consist of less than fifteen thousand Commencement Date and (15,000ii) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereofthat Tenant occupies the Option B Expansion Premises (or portion thereof) for the conduct of Tenant's business (the earlier of such dates, 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 "Option B Expansion Premises 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 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 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. 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due"), Tenant shall pay to Landlord a late charge the Base Rent for the Option B Expansion Premises as follows: a) the Base Rent per rentable square foot payable by Tenant with respect to the Option B Expansion Premises shall be equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate the Base Rent per rentable square foot applicable to the Original Premises initially leased under the Existing Lease as provided in Section 4.1 of the costs that Existing Lease through May 31, 2022; and b) Commencing on June 1, 2022 and continuing through the Expiration Date (as defined in Section 3 of this First Amendment), Base Rent for the entire Premises, including the Original Premises and the Option B Expansion Premises, shall increase annually on each June 1st in the amount of $0.75 per square foot of rentable area. When the Option B Expansion Premises Commencement Date and the Option B Expansion Premises Rent Commencement Date have been determined, Landlord will incur and Tenant shall enter into a Commencement Date Agreement, which shall set forth the Option B Expansion Premises Commencement Date, the Option B Expansion Premises Rent Commencement Date, the Base Rent payable by reason of such late payment Tenant and any other items reasonably requested by Tenant. The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 1 contract

Samples: Lease (Everbridge, Inc.)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000a) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable on the date hereof, and delivery of an executed copy of this Lease to Landlord. Tenant promises to shall 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 during the Term hereof, in lawful money of the United States of America, at the office or address of Landlord for payment of Rent Commencement Dateset forth above. Notwithstanding the foregoing, (i) Base Rent for months 1 through 6 of the Base Term shall be adjusted to $17,437.50 per month for such 6-month period, and (ii) Base Rent for months 7 through 12 of the Base Term shall be adjusted to $34,875.00 per month for such 6-month period; provided that Tenant is not in Default hereunder. 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 Except as Landlord may specify. from time to time by written notice delivered expressly provided 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Lease, Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent Rent due hereunder except where expressly hereunder. If the Rent Commencement Date is other than the first day of a calendar month, the difference between the first full calendar month’s Base Rent paid pursuant to the first sentence of this Section 3(a), and the prorated Base Rent for the fractional month in which the Rent Commencement Date occurs shall be applied by Landlord to the first full calendar month after the Rent Commencement Date. Base Rent shall increase to $63,363.73 per month commencing on the first anniversary of the Commencement Date. Commencing on the second anniversary of the Commencement Date, Base Rent shall be increased on each anniversary of the Commencement Date (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as otherwise provided in this Leaseherein. Base Rent adjustments for any fractional calendar month shall be prorated. (b) In addition to Base Rent, Tenant acknowledges that late payment by Tenant 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 Section 4), and (ii) any rent due hereunder will cause Landlord and all other amounts Tenant assumes or agrees to incur costs not contemplated by pay under the provisions of this Lease, the exact amount of such casts being extremely difficult including, without limitation, any and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or all other sums that may become due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment any default of Tenant or failure to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after any applicable notice and cure period. The provision for such late charge shall be in addition Tenant’s obligation to all of Landlord’s other rights pay Base Rent and remedies Additional Rent hereunder or at law and shall not be construed are collectively referred to herein as a penalty“Rent”.

Appears in 1 contract

Samples: Lease Agreement (Blueprint Medicines Corp)

Base Rent. Tenant shall pay 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 installments on each Base Rent in Date through the amount set forth on end of the second page Term. Each payment of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses must be received by Landlord no later than 12:00 noon (as hereafter definedSan Francisco time) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments 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 on or before shall represent rent allocable to the first day of each calendar month succeeding the Rent Commencement Date. Payments of Base Rent Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due 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 each Base Rent Period at least fifteen (15) days prior to the effective 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. If Tenant or any other Applicable Purchaser purchases Landlord's interest in the Leased Property pursuant to the Purchase Agreement, any Base Rent for the three (3) months ending on the date of such change in address. The obligation purchase (or if the date of Tenant to pay Purchase is not a Base Rent Date, then pro rated Base Rent for the Base Rent Period which included the date of purchase) and all outstanding Additional Rent shall be due on the Designated Sale Date in addition to the purchase price and other sums to due Landlord under the Purchase Agreement. Base Rent shall accrue for each day of the first Base Rent Period, and the obligations total Base Rent for the first Base Rent Period shall equal the sum of Landlord under this Lease are independent obligationsBase Rent for all days during such period. Tenant The Base Rent accruing for each day during such period shall have no right at any time to axxxxequal: (1) (A) $49,500,000, reducetimes (B) one minus the Collateral Percentage for the first Base Rent Period, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord times (C) the sum of any rent due hereunder will cause Landlord to incur costs not contemplated by (i) the Effective Rate for such day and (ii) the Spread calculated on the date of this Lease, divided by (D) three hundred sixty (360); PLUS (2) (A) $49,500,000, times (B) the exact amount Collateral Percentage for the first Base Rent Period, times (C) twenty two and one- half basis points (22.5/100 of 1%), divided by (D) three hundred sixty (360) The Base Rent for each Base Rent Period after the first Base Rent Period shall equal the sum of: (1) (A) Stipulated Loss Value on the first day of such casts being extremely difficult Base Rent Period, times (B) one minus the Collateral Percentage for such Base Rent Period, times (C) the sum of (i) the Effective Rate for such Base Rent Period and impractical (ii) the Spread calculated on the tenth (10th) Business Day prior to determinethe day upon which such Base Rent Period commences, times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS (2) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) the Collateral Percentage for such Base Rent Period, times (C) twenty two and one-half basis points (0.225 of 1%), times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360) Assume, only for the purpose of illustration: that a hypothetical Base Rent Period contains exactly ninety (90) days; that prior to the first day of such Base Rent Period a total of $19,500,000 of Qualified Payments have been received by Landlord, leaving a Stipulated Loss Value of $30,000,000 (the Initial Funding Advance of $49,500,000 less the Qualified Payments of $19,500,000); that the Collateral Percentage for such Base Rent Period is forty percent (40%); and that the Effective Rate plus the Spread for the applicable Base Rent Period is 6%. ThereforeUnder such assumptions, the Base Rent for the hypothetical Base Rent Period will equal: $30,000,000 x 60% x 6% x 90/360, or $270,000, PLUS $30,000,000 x 40% x .225% x 90/360, or $6,750 = $276,750 To ease the administrative burden of this Lease and the Pledge Agreement, clause (2) in the formulas above for calculating Base Rent reflects a reduction in the Base Rent equal to the interest that would accrue on any Collateral required by the Pledge Agreement from time to time if the Accounts (as defined in the Pledge Agreement) bore interest at the Effective Rate. Landlord has agreed to such reduction in the Base Rent to provide Tenant is delinquent with the economic equivalent of interest on such Collateral, and in any monthly installment return Tenant has agreed to the provisions of the Pledge Agreement that excuse the actual payment of interest on the Accounts. By incorporating such reduction of Base RentRent into the formulas above, Operating Expenses 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 other sums due 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 8.(ac), and payable hereunder after five (5) days for purposes of any financial reports that this Lease requires of Tenant from Tenant’s receipt of notice from Landlord that such payment is past duetime to time, Tenant shall pay may report Base Rent as if there had been no such reduction and as if the Collateral from time to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of time required by the costs that Landlord will incur by reason of such late payment by Tenant. The provision for such late charge shall be Pledge Agreement had been maintained in addition to all of Landlord’s other rights and remedies hereunder or Accounts bearing interest at law and shall not be construed as a penaltythe Effective Rate.

Appears in 1 contract

Samples: Lease Agreement (3com Corp)

Base Rent. Tenant shall pay 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 the Base Rental Commencement Date and 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. (San Francisco time) 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 Construction Period ending on the Base Rental Commencement Date (if any) and of the Base Rent due for each Base Rental Period at least five (5) Business Days prior to the Base Rental Commencement Date or Base Rental Date on which such period ends, but any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment. If Tenant or any Applicable Purchaser purchases Landlord's interest in the amount set forth Leased Property pursuant to the Purchase Agreement, any Base Rent for the month ending on the second page date of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base purchase and all outstanding Additional Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due on the Designated Payment Date in addition to the purchase price and other sums due Landlord under the Purchase Agreement. The Base Rent payable on the Base Rental Commencement Date shall equal the difference (if any) between (a) total Carrying Costs that would have been added to the Outstanding Construction Allowance on such date hereofif the Construction Allowance available hereunder were not limited to the Maximum Construction Allowance, and Tenant promises (b) the Carrying Costs actually added on such date to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of the Outstanding Construction Allowance. The Base Rent for each Base Rental Period shall equal (A) Stipulated Loss Value on or before the first day of each calendar month succeeding such Base Rental Period, times (B) the Rent Commencement DateEffective Rate with respect to such Base Rental Period, times (C) the number of days in such Base Rental Period, divided by (D) three hundred sixty (360). Payments Assume, only for the purpose of illustration: that a hypothetical Base Rental Period contains exactly thirty (30) days; that on the first day of such Base Rental Period Stipulated Loss Value is $300,000,000; and that the Effective Rate computed with respect to the applicable Base Rental Period is six percent (6%). Under such assumptions, the 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 hypothetical Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduceRental Period will equal: $300,000,000 x 6% x 30/360, 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty$1,500,000.

Appears in 1 contract

Samples: Lease Agreement (Genentech Inc)

Base Rent. Tenant shall pay Base Rent for the month in which the amount set forth Commencement Date occurs (or, if the Commencement Date does not occur on the second page first day of a calendar month, Base Rent for the first full calendar month following the Commencement Date) and the Security Deposit shall be due and payable concurrently with Tenant’s delivery of an executed copy of this Lease, subject Lease to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feetLandlord. The first month’s Base Rent and for the month in which the 47 Wxxxxxx Premises Rent Commencement Date occurs (or, if the 47 Wxxxxxx Premises Rent Commencement Date does not occur on the first monthly installment day of estimated Operating Expenses (as hereafter defineda calendar month, Base Rent for the first full calendar month following the 47 Wxxxxxx Premises Rent Commencement Date) shall be due and payable on the date hereof, and 47 Wxxxxx Premises Commencement Date. Tenant promises to shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term hereof after the Commencement Date with respect to the 45 Wxxxxxx Premises and after the 47 Wxxxxxx Premises Rent Commencement DateDate with respect to the 47 Wiggins Premises, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing, or via federally insured wire transfer (including ACH) pursuant to the wire instructions provided by Landlord. 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 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 Rent (as defined in Section 5) due hereunder except where for any abatement as may be 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the 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 rights and remedies hereunder or at law and shall not be construed as a penalty.

Appears in 1 contract

Samples: Lease Agreement (Stoke Therapeutics, Inc.)

Base Rent. Tenant shall Subtenant covenants and agrees to pay Sublandlord Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction set off or set-offdeduction, except as expressly provided for herein, in equal monthly installments of Base Rent installments, on or before the first day of each and every calendar month succeeding during the Sublease Term, monthly base rent (“Base Rent”) as follows: Period Monthly Rate/RSF Monthly Base Rent Commencement Date. Payments SCD – 12/30/2022 $ 1.20 $ 20,400.00 Notwithstanding the foregoing Base Rent schedule, Subtenant shall be entitled to an abatement of Base Rent for during the period commencing on the Sublease Commencement Date and expiring on May 31, 2021 (the “Abatement Period”), in the amount of $20,400.00 per month (collectively, the “Abatement”). In the event of a monetary default by Subtenant under this Sublease in the form of a failure to pay Base Rent or any fractional calendar month other amounts due under this Sublease during the Sublease Term beyond any applicable notice and cure periods, such Abatement shall be proratedamortized on a straight-line basis and any unamortized amounts of the Abatement at the time of default shall become immediately due and payable. All payments required Further, should Subtenant be in default beyond any applicable notice and cure periods under this Sublease at the time any installment of the Abatement is otherwise due to be made applied, such installment of the Abatement will not be provided until the default has been cured by Tenant Subtenant. Other than as set forth in this paragraph, Subtenant shall pay any and all other Base Rent and Additional Rent or any sum of money due of Subtenant under this Sublease during the Abatement Period. Base Rent plus any other charges due from Subtenant under this Sublease are hereinafter collectively referred 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 “Rent.” Subtenant hereby acknowledges that if any monthly payment of rent Rent or any monies due hereunder from Subtenant shall not be delivered received by Landlord to Tenant at least Sublandlord within fifteen (15) days prior to the effective date of such change in address. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxx, reduce, or set-off any rent due hereunder except 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 casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past due, Tenant then Subtenant shall pay to Landlord the Sublandlord a late charge equal to five percent (5%) of such delinquent sumthe amount due. The parties agree that such late charge represents a fair and reasonable estimate In the event Subtenant fails to pay Rent following the expiration of the costs that Landlord will incur notice and cure period set forth in Article X of this Sublease, Subtenant shall also be responsible for the payment of interest on such outstanding amount charged at the lesser of (i) the rate of ten percent (10%) per annum, or (ii) the maximum rate permissible by reason of such late payment by Tenantlaw. The provision Base Rent for such late charge any partial months during the Sublease Term shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltyprorated.

Appears in 1 contract

Samples: Office Sublease (Project Angel Parent, LLC)

Base Rent. Tenant shall pay Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) Security Deposit shall be due and payable 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 date hereoffirst day of a calendar month, and Base Rent for the first full calendar month following the Rent Commencement Date) shall be paid by Tenant promises to Landlord no later than thirty (30) days prior to the Rent Commencement Date. Tenant shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month succeeding during the Term hereof after the Rent Commencement Date, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing, or via federally insured wire transfer (including ACH) pursuant to the wire instructions provided by Landlord. 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 other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to axxxxxxxxx, reduce, or set-off any rent Rent (as defined in Section 5) due hereunder except where for any abatement as may be expressly provided in this Lease. Notwithstanding the foregoing to the contrary, provided Tenant acknowledges that late payment 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 Landlord 34,825.5 rentable square feet and the Base Rent shall be abated for the remaining 11,608.5 rentable square feet of any rent due hereunder will cause Landlord to incur costs not contemplated by this Leasethe Premises. For the avoidance of doubt, the exact amount of such casts being extremely difficult foregoing partial abatement during the Partial Base Rent Abatement Period shall only apply with respect to the Base Rent and impractical Tenant shall remain obligated to determine. Therefore, if Tenant is delinquent pay in any monthly installment of Base Rent, Operating Expenses or full for all other sums due and payable hereunder after five (5) days from Tenant’s receipt of notice from Landlord that such payment is past dueowing under the Lease, Tenant shall pay including Additional Rent, with respect to Landlord a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate the entirety of the costs that Landlord will incur by reason rentable square feet of such late payment by Tenant. The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penaltythe Premises.

Appears in 1 contract

Samples: Lease Agreement (Nurix Therapeutics, Inc.)

Base Rent. (a) The annual base rent (the “Base Rent”) for the Premises payable by Tenant shall pay is set forth in Exhibit K. (b) Base Rent in the amount set forth on the second page of this Lease, subject to adjustment in the event the Remeasurement reveals that for the Premises consist of less than fifteen thousand (15,000) square feet. The first month’s Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and by Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, twelve (12) equal monthly installments of Base Rent in advance on or before the first day of each calendar month succeeding during the Term commencing on the applicable Rent Commencement Date (prorated in the case of the first installment if the Rent Commencement DateDate is not the first day of the month) and on the first day of each calendar month thereafter. Payments Upon the execution of this Lease, Tenant shall deliver to Landlord a Guaranty executed by MF Global Limited, an entity whose shares are publicly traded on the New York Stock Exchange in the form annexed hereto as Exhibit J. (c) Notwithstanding anything to the contrary provided elsewhere in this Lease, but except as otherwise provided in this Subsection (c), and subject to the penultimate sentence of Section 1.03, no Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder or Additional Rent shall be payable at such address with respect to the period beginning on the First Portion of the 12th Floor Space Commencement Date and ending on the day preceding the 12 th Floor Space Rent Commencement Date (as Landlord may specifyherein defined). Notwithstanding the foregoing, Tenant shall pay for electricity furnished to the Premises from time to time by written notice delivered and after the First Portion of the 12th Floor Space Commencement Date, the 9th Floor Space Commencement Date and the 11th Floor Space Commencement Date, respectively in accordance herewith. Any change in with the address for payment terms of rent shall be delivered by Landlord to Tenant at least fifteen (15) days prior to the effective date of such change in addressArticle 5 hereof. The obligation of Tenant to pay Base 9th Floor Space Rent and other sums to Landlord Commencement Date shall mean the 9th Floor Space Commencement Date; the 11th Floor Space Rent Commencement Date shall mean the 11th Floor Space Commencement Date; and the obligations 12th Floor Space Rent Commencement Date (with respect to both the First Portion of Landlord under this Lease are independent obligations. Tenant the 12th Floor Space and the Second Portion of the 12th Floor Space) shall have no right at any time to axxxx, 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, mean the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant date which is delinquent in any monthly installment of Base Rent, Operating Expenses or other sums due and payable hereunder after five (5) days from Tenant’s receipt consecutive calendar months following the Second Portion of notice from Landlord that such payment is past duethe 12th Floor Space Commencement Date. The 9th Floor Space Rent Commencement Date, the 11th Floor Space Rent Commencement Date and the 12th Floor Space Rent Commencement Date shall be referred to herein individually as a “Rent Commencement Date”. Notwithstanding the foregoing, in the event the Xxxxxxx Lease terminates 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 late charge equal for the 9th Floor Space in the amount as would be payable pursuant to five percent that certain sublease dated July 18, 2002, between Xxxxxxx Xxxxx, as Sublandlord, and Man Group USA, Inc., as Subtenant, and the 9th Floor Space Rent Commencement Date will not occur until October 1, 2010; in the event the Cornerstone Lease terminates prior to July 31, 2008, Tenant will pay rent and additional rent (5%on account of operating expenses and real estate taxes) of such delinquent sum. The parties agree to Landlord for the 11th Floor Space in the amount as would be payable pursuant to that such late charge represents a fair certain license agreement dated June 18, 2004, between Cornerstone, as Licensor, and reasonable estimate of Man Group USA Inc., as Licensee, and the costs that Landlord 11th Floor Space Rent Commencement Date 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 rights and remedies hereunder or at law and shall not be construed as a penaltyoccur until August 1, 2008.

Appears in 1 contract

Samples: Lease (MF Global Ltd.)