Common use of Base Rent Clause in Contracts

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit 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 the “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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.

Appears in 2 contracts

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

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months 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 equal advance, without demand, deduction or set-off, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during succeeding the TermRent 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 a▇▇▇▇, without noticereduce, 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 first exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date Rent, Operating Expenses or 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 the “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 sums due and payable hereunder during the Free Rent Period in the absence 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 Free Rent Allowance shall immediately become due and payable and any remaining Free Rent Allowance hereunder 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 no force Landlord’s other rights and remedies hereunder 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 law and shall not be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Dateconstrued as a penalty.

Appears in 2 contracts

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

Base Rent. Base Rent shall equal (a) As of the following amounts: *a period of nine (9) months Effective Date Tenant shall pay Base Rent for the Existing Premises in accordance with the following rent schedule. (The schedule below is the same as the Base Rent schedule listed in the Existing Lease with an extended period added to Landlord in equal monthly installments ("cover the full First Extension Term): Time Period Annual Base Rent Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that the first monthly installment Installment of Base Rent shall be paid upon execution of this Lease. If 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 actual Expansion Premises Rent Commencement Date if such date occurs on a date other earlier than July 1, 2020, but the first day final date shall remain the same. **Note: Provided Tenant is not in monetary default of a calendar monththe terms of this Lease, after expiration of any applicable notice and cure period, Tenant shall receive a credit equal have no obligation to the Monthly pay any Base Rent multiplied by attributable to: (i) the number first two (2) months 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 Expansion Premises, and only the Expansion Premises, following the Lease Expansion Premises Rent Commencement Date (the “Free Rent Expansion Premises Abatement Period”). During such Free Rent Period, the Monthly Base Rent for the entire Premises Tenant shall be abated (such rental abatement being hereinafter referred to as the “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 obligated 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, Share of Direct Expenses attributable 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 Expansion Premises 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateExpansion Premises Abatement Period.

Appears in 2 contracts

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

Base Rent. Base Rent shall equal 4.1 From and after the following amounts: *a period of nine (9) months Lease Commencement Date, Tenant shall pay the Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the a 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. Year. 4.2 Notwithstanding the foregoing, provided no Event of Default by Tenant has occurred under this Lease, Landlord shall grant grants to Tenant a “rent holiday” from the payment an abatement of the Base Rent otherwise payable hereunder during the first Lease Year, which amount shall be credited toward the monthly installments of Monthly Base Rent payable for the first nine two (92) full calendar months following of the Lease Term commencing on the Lease Commencement Date (the “Free Rent Abatement Period”). During such Free Rent PeriodConcurrently with Tenant’s execution of this Lease, Tenant shall pay an amount equal to one (1) monthly installment of the Monthly Base Rent payable during the first Lease Year, which amount shall be credited toward the monthly installment of Base Rent payable for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting first full calendar month of the Free Rent Allowance as provided hereunder shall not affect Lease Term following the Abatement Period. If 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 is 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 the Base Rent for from the period commencing with and including the Rent Lease Commencement Date and ending on and including the day prior to until the first day of the following month shall be prorated on a per diem basis at the rate of one-one thirtieth (1/30th) of the Monthly monthly installment of the Base Rent per payable during the first Lease Year, and Tenant shall pay such prorated installment of the Base Rent on the day and following the expiration of the Abatement Period. 4.3 All sums payable by Tenant under this Lease shall be paid to Landlord in legal tender of the United States, without setoff, deduction or demand (except as expressly set forth in this Lease), at the Landlord Payment Address, or to such other party or such other address as Landlord may designate in writing. Landlord’s acceptance of rent after it shall have become due and payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord’s rights hereunder. If any sum payable by Tenant under this Lease is paid by check which is returned due to insufficient funds, stop payment order, or otherwise, then: (a) such event shall be treated as a failure to pay such sum when due; and (b) in addition to all other rights and remedies 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 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 Rent Commencement Date and net income or profits derived by any person or entity from the first full 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 of Monthly Base Rent 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 applied to construed as permitting 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 installment provisions of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateArticle VII.

Appears in 2 contracts

Sources: Office Lease Agreement (IMARA Inc.), Office Lease Agreement (IMARA Inc.)

Base Rent. Tenant agrees to pay to Landlord without notice an annual “Base Rent”. The Base Rent shall equal will be payable at the following amounts: *annual rate shown in the 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 within the 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, representing payment of the monthly installment(s) of annual Base Rent and 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 period of nine (9) months 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 calculated on a pro rata basis (such proration to be based on the actual 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 Landlord be paid by Tenant 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 equal monthly installments ("Monthly the partial month. In addition to Base Rent") in advance , Tenant shall and hereby agrees to pay to Landlord on the first day of each calendar month during 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 Termprivilege of renting the Leased Premises or upon the amount of Rent (as defined below) collected therefor, without noticeany offset defense or deduction whatsoever, except that in lawful (legal tender for public or private debts) money of the first monthly installment United States of Base Rent America, at Landlord’s address or elsewhere as designated from time to time by Landlord’s written notice to Tenant. In addition, Tenant agrees to be fully responsible for the payment of documentary stamps, if any, due pursuant to this Lease. Nothing herein shall, however, be taken to require Tenant to pay any part of any Federal and State Taxes on income imposed upon Landlord. Tenant shall be paid upon execution required to pay Landlord interest on any Rent (as defined below) due that remains unpaid for five (5) days after its due date. Further, in the event (i) Tenant fails to pay Rent by the fifth (5th) day of the month in which such installment is due, 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 ten percent (10%) of the installment or sum due, in order to defray the costs to Landlord for additional administrative expenses incurred as a result of such late payments. For all purposes of this Lease. If , the Lease Commencement Date occurs on a date term “Rent” shall include all Base Rent, charges or impositions thereon, Additional Rent (as defined below), adjustments to Rent and any and all other than the first day of a calendar month, payments due or which may become due from 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 Land-lord hereunder. Notwithstanding Interest will be computed at the foregoing, Landlord shall grant maximum legal rate and will be deemed to Tenant a “rent holiday” accrue from the payment of the installments of Monthly Base fifth (5th) day after Rent is due and shall continue to accrue 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 long as the “Free Rent Allowance”); providedsum remains unpaid. Provided, however, this provision shall not be construed as requiring Landlord to accept any late payment of Rent or as a waiver of any of Landlord’s rights or remedies by virtue of Tenant’s not making timely payment of Rent hereunder, and Land-lord’s acceptance of late Rent and such interest shall not be construed as constituting a waiver by Landlord of any rights or remedies available to it in the event that (i) 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 Free Rent Period and the granting Basic Leasing Information of this Lease will increase annually on each yearly anniversary of the Free Rent Allowance Lease Term 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 stated therein. Tenant by acceptance and execution of this Lease as provided above, (ii) Tenant shall remain obligated during the Free Rent Period be deemed 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), have agreed to 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 received notice 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 Annual 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 each year of the following month Lease Term. Landlord shall not be prorated at the rate of one-thirtieth (1/30th) required to provide notice of the Monthly new Base Rent per day Rent; and shall be due and payable on Tenant must pay Landlord the Rent Commencement Date and the first full current monthly payment of Monthly Base Rent shall be applied to Rent, in accordance with the installment of Monthly Base Rent which is payable for schedule set forth in the first full month immediately following the Rent Commencement DateBasic Leasing Information.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement (Omnicomm Systems Inc)

Base Rent. Base 4.1 From and after the Rent shall equal the following amounts: *a period of nine (9) months Commencement Date, Tenant shall pay the Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during a Lease Year. Table of Contents 4.2 Concurrently with Tenant’s execution of this Lease, Tenant shall pay an amount equal to one (1) monthly installment of the Term, without notice, except that Base Rent payable during the first Lease Year, which amount shall be credited toward the monthly installment of Base Rent shall be paid upon execution payable for the first (1st) full calendar month of this Leasethe Lease Term following the Rent Commencement Date. If the Lease Rent 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 the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting of the Free Rent Allowance as provided hereunder shall is 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 the Base Rent for the period commencing with and including from the Rent Commencement Date and ending on and including the day prior to 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 monthly installment of the Base Rent per day and shall be due and payable on the Rent Commencement Date and during the first full payment Lease Year, and Tenant shall pay such prorated installment of Monthly the Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following on the Rent Commencement Date. 4.3 All sums payable by Tenant under this Lease shall be paid to Landlord in legal tender of the United States, without setoff, deduction or demand, except as otherwise provided herein, at the Landlord Payment Address, or to such other party or such other address as Landlord may designate in writing. Landlord’s acceptance of rent after it shall have become due and payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord’s rights hereunder. If any sum payable by Tenant under this Lease is paid by check which is returned due to insufficient funds, stop payment order, or otherwise, then: (a) such event shall be treated as a failure to pay such sum when due; and (b) in addition to all other rights and remedies 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 cashier’s or certified check. 4.4 Landlord and Tenant agree that no portion of the Base Rent or other payment for the use or occupancy of the Premises is or shall be based in whole or in part on the net income or profits derived by the Tenant, any permitted assignee or sublessee of Tenant or any other person or entity from the Building or the Premises.

Appears in 2 contracts

Sources: Office Lease Agreement, Office Lease Agreement (Dendreon Corp)

Base Rent. Base Subject to any Tenant Delay (which would result in Tenant paying Rent shall equal attributable to the following amounts: *a period number of nine days of Tenant Delay, as set forth below, offset day for day by the number of days of delay caused by Landlord), Tenant Allowance (9as defined in the Work Letter) months credits or other provisions set forth in this Lease, commencing on the Phase One Rent Commencement Date, and Phase Two Rent Commencement Dates, respectively, and throughout the Term of this Lease, Tenant shall pay Base Rent base rental for the Premises to Landlord as defined in the Schedule above in equal monthly installments ("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 advance 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 calendar month month, in advance, during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution Term of this Lease. If 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 Lease foregoing is not intended to waive Tenant’s rights against Landlord at law or in equity in the event of a breach by Landlord hereunder beyond applicable notice and cure periods. In the event that the Phase One Rent Commencement Date occurs or Phase Two Commencement Date shall commence on a date other than the first day of a calendar the month, Tenant Rent for such month shall receive a credit be prorated and such prorated amount (which shall be equal to the Monthly monthly Base Rent stated above and Additional Rent multiplied by a fraction, the numerator of which shall be the number of days in said calendar month prior to from the Lease 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 divided by the denominator of which shall be 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 the “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 Phase One Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the (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 “▇▇▇▇▇▇ New Manchester Building One, L.L.C.” and shall be delivered by Tenant to Landlord, on or before the due date, as follows: c/o Carter & Associates ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ or at such other place as Landlord may designate from time to time in writing to Tenant. Tenant shall be entitled to rely on any instructions from Landlord’s lenders to make payment of Rent to such lenders, in lieu of Landlord, without Tenant incurring any liability to Landlord therefor and in such event, shall satisfy Tenant’s corresponding Rent obligations to Landlord in such paid amounts. In the event Tenant shall fail to pay a monthly installment of Rent within five (5) days of the due date, a late charge of one percent (1%) of the amount due shall be paid to Landlord for each such late payment and the same shall be treated as Additional Rent. In addition, in the event that any check from Tenant for payment due under this Lease is returned by a bank for any reason, Tenant shall pay to Landlord a returned check charge of One Hundred Dollars ($100.00) together with such other fee charged by the bank returning the check. Should Tenant present a check to Landlord that is returned from Tenant’s bank for any reason, Landlord reserves the right to demand that all future rental payments be made in the form of cashiers’ checks. Tenant also agrees to pay Landlord interest at a rate of ten percent (10%) per annum (or, in any event hereunder, the maximum rate permitted by Applicable Law, whichever is less) on all Rent or other sums due hereunder that are not paid when such amounts are due and payable. All late charges, any returned check charges and any interest shall become Additional Rent and shall be due and payable immediately along with such other Rent or other sums due hereunder then in arrears. Nothing contained herein shall require Landlord to accept any tender of payment from Tenant for less than the full amount then due under this Lease, including any and all interest and attorneys’ fees that may then be due from Tenant in accordance with the express terms of this Lease. Landlord may elect to accept less than the full amount then due from Tenant hereunder; however, no payment by Tenant or receipt by Landlord of such lesser amount shall be deemed to be other than payment on account, and no restrictive endorsement or statement on any check or payment shall be deemed to alter the express provisions of this Lease, nor constitute an accord and satisfaction. Landlord may accept less than the full amount then due from Tenant without prejudice to Landlord’s right to recover the balance of the full amount then due, or to pursue any other remedies then available to Landlord under this Lease or Applicable Law. In all events, including but not limited to Landlord’s acceptance of a partial payment from Tenant, any payment accepted by Landlord from Tenant may be applied first to retire the oldest receivables due from Tenant hereunder, then to any current rental or other payment then due hereunder, and the balance, if any, will be returned promptly to Tenant. Any payments or charges due from Tenant to Landlord under this Lease shall be considered Rent for all purposes of this Lease.

Appears in 2 contracts

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

Base Rent. Base (a) From and after the Lease Commencement Date, but subject to the applicable Abatement Period set forth in Section 4.2(a), the Rent shall equal the following amounts: *a period of nine (9) months 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 to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Leasea Lease Year. 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 the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting of the Free Rent Allowance as provided hereunder shall is 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 the Initial Premises Base Rent for from the period commencing with and including the Rent Lease Commencement Date and ending on and including the day prior to 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 monthly installment of the Initial Premises Base Rent per day payable during the first Lease Year, and Tenant shall be due and payable pay such prorated installment of the Initial Premises Base Rent on the Rent Lease Commencement Date. (b) Commencing on each applicable Must Take Commencement Date but subject to the applicable Abatement Period set forth in Section 4.2(b), the Rent Credit Amount and the first full payment of Monthly 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 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 applied to prorated on a per diem basis at the rate of one-thirtieth (1/30th) of the monthly installment of Monthly the applicable Must Take Expansion Premises Base Rent which is payable for during the first full month immediately following applicable Lease Year, and Tenant shall pay such prorated installment of the Must Take Expansion Premises Base Rent on the Must Take Commencement Date.

Appears in 2 contracts

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

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent pay, without notice or demand, to Landlord or Landlord’s agent at the management office for the Building, or at such other place as Landlord may from time to time designate in writing, in cash or other immediately available good funds, base rent (“Base Rent”) as set forth in Section 8 of the Summary, payable in equal monthly installments ("Monthly Base Rent") as set forth in Section 8 of the Summary in advance on or before the first day of each calendar and every month starting on the Rent Commencement Date and continuing during the remainder of the Lease Term, without notice, except that any setoff or deduction whatsoever. The Base Rent and Additional Rent for the first monthly installment full month and partial month of the Lease Term in which Base Rent is payable hereunder shall be paid upon at the time of Tenant’s execution of this Lease. If any rental payment date (including the Lease Rent Commencement Date occurs Date) falls on a date day of the month other than the first day of such month or if any rental payment is for a period which is shorter than one month, then the rental for any such fractional month shall be a proportionate amount of a full calendar month, Tenant shall receive a credit equal to ’s rental based on the Monthly Base Rent multiplied by the number of days in said calendar month prior to the Lease Commencement Date and divided by proportion that the number of days in such month, fractional month bears to the number of days in the calendar month during which credit such fractional month occurs. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be applied toward prorated on the installment of Monthly Base Rent next due hereundersame basis. Notwithstanding the foregoingpreceding provisions of this Article 3 to the contrary, Landlord shall grant to provided that Tenant a “rent holiday” from is not in default under this Lease, the payment Base Rent due for the last full calendar month of the installments of Monthly Base Rent for the first nine (9) months following the Lease Commencement Date Term (the “Free Rent Abatement Period”) shall be fully abated (the “Abated Rent”). During such Free Tenant shall be required to pay Tenant’s Share of Operating Expenses, Tax Expenses, and Utilities Costs due pursuant to the terms of this Lease during the Rent Abatement Period. Furthermore, if a material default beyond any notice and cure period by Tenant shall occur during the Rent Abatement Period, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 Rent Commencement Date and the first full payment of Monthly Base Abated Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datedue and payable.

Appears in 1 contract

Sources: Lease (Atlas Crest Investment Corp.)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent in the amounts in the table of Base Rent set forth on the first page of this Lease. The 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 equal advance, without demand, deduction or set-off, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during succeeding the Term, without notice, except that Commencement Date in accordance with the table of Base Rent set forth on the first page of this Lease. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith, or, alternatively, by Automatic Clearing House pursuant to written instructions given by Landlord to Tenant. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date Rent, estimated Operating Expenses or other sums due and payable hereunder for more than the first day of a calendar monthfive (5) days, Tenant shall receive pay to Landlord on demand a credit late charge equal to the Monthly Base Rent multiplied by the number five percent (5%) 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 the “Free Rent Allowance”)delinquent sum; provided, however, that for the first two (i2) the Free Rent Period and the granting instances 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 failure to timely pay the first any installment of Base Rent upon execution 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 this Lease 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 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 provided abovea penalty. Additionally, (ii) Tenant shall remain obligated during the Free Rent Period pay to perform Landlord all of Tenant’s obligations under this Lease except as expressly set forth above (includingsales, but not limited touse, the payment of all Additional Rent coming due 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), 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.

Appears in 1 contract

Sources: Lease Agreement (Phunware, Inc.)

Base Rent. Tenant has delivered to Landlord a payment in the amount of $683,460.32 which as been applied against the Base Rent first coming due from Tenant under this Lease. Commencing on the Initial Commencement Date, Tenant shall equal pay full Base Rent with respect to ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ ▇ and Building 3. Commencing on the following amounts: *a period of nine (9) months Initial Building 4 Commencement Date with respect to the Initial Building 4 Premises and on the Remaining Building 4 Premises Rent Commencement Date with respect to the Remaining Building 4 Premises, Tenant shall pay Base Rent with respect to Building 4. Except as may be expressly provided for in this Lease, Tenant shall pay to Landlord in equal advance, without demand, abatement, deduction or set-off, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during the TermTerm hereof, without noticein lawful money of the United States of America, except that at the first monthly installment office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments of Base Rent for any fractional calendar month shall be paid upon execution prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Except as may be expressly provided for in this Lease, Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent (as defined in Section 5) due hereunder. If Notwithstanding anything to the Lease contrary contained in this Lease, commencing on the Building 5 Rent Commencement Date occurs and continuing thereafter on a date other than the first day of a calendar montheach month during the Term, Tenant shall receive a credit equal be required to the Monthly pay monthly Base Rent multiplied for Building 5 in the amount set forth on page 1 of this Lease, subject to increases as provided for in Section 4(a) hereof by the number Bi-Annual Rent Adjustment Percentage on every other anniversary of days in said calendar month prior to the Lease Initial 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 hereunderDate. Notwithstanding the foregoing, Landlord the first Bi-Annual Rent Adjustment with respect to Building 5 only shall grant to Tenant a “rent holiday” from not occur until November 1, 2015. Except as may otherwise be provided in Section 40, the payment Base Term of the installments of Monthly Base Rent for Lease with respect to Building 5 shall expire on 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 same day as the “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 Term with and including the Rent Commencement Date and ending on and including the day prior respect 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Dateoriginal Premises.

Appears in 1 contract

Sources: Lease Agreement (Illumina Inc)

Base Rent. Base (i) Beginning on the Rent shall equal the following amounts: *a period of nine (9) months Commencement Date, Tenant shall pay Landlord Base Rent to Landlord without demand, counterclaim, or set off in equal lawful money of the United States, monthly installments ("Monthly Base Rent") in advance advance, on or before the first day of each calendar month during the TermTerm of this Lease. Tenant shall pay Landlord upon ▇▇▇▇▇▇’s execution of this Lease, first month’s Base Rent. (ii) ▇▇▇▇▇▇ agrees to pay Landlord for the Premises, the following (collectively referred to as "Rent"): (a) Base Rent and (b) all additional sums, charges, or amounts of whatever nature ("Additional Rent") to be paid by Tenant to Landlord in accordance with this Lease. Commencing on the Rent Commencement Date, ▇▇▇▇▇▇ hereby agrees to pay to Landlord Base Rent, payable on or before the first day of each month in advance, without notice, except that deduction or set-off. No payment by ▇▇▇▇▇▇ or receipt by Landlord of a lesser amount than due hereunder shall be deemed to be other than on account of the first monthly earliest stipulated installment of Base Rent due hereunder. No endorsement or statement on any check or any letter accompanying any check or payment as Rent shall be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such Rent or pursue any other remedy provided in this Lease. (iii) All Rent to be paid upon execution by Tenant shall be paid as provided in this Lease, and the non- payment of any item when due shall constitute an Event of Default under the terms hereof. If Tenant shall fail to pay any Rent on or before the fifth (5th) day after the due date, then Tenant shall be assessed a late fee of five percent (5%) of the amount which is late each time the Rent is paid after the due date under the Lease. Any unpaid amounts shall also bear interest in the amount of one and one- half percent (1½%) per month. Tenant shall also pay to Landlord all expenses reasonably incurred in the collection of any such past due amounts, including but not limited to court costs and attorney fees. In the event that any check, bank draft, or other instrument given to Landlord for any payment under this Lease is dishonored for any reason whatsoever not attributable to Landlord more than twice during any calendar year, in addition to the aforementioned late fees, (i) Tenant shall be required to pay an administrative charge to Landlord based on the amount allowed by governing law, per event; (ii) Tenant shall replace such check with a cashier’s check or certified check within 24 hours of notice (oral or written) to Tenant by Landlord of the dishonor; and (iii) Landlord shall have the right to require all subsequent monthly installments of Rent to be paid by certified check. Nothing in this Section shall diminish or affect Landlord’s rights or remedies pursuant to this Lease, or otherwise be deemed to waive the payment of Rent when due under the terms of this Lease. If ▇▇▇▇▇▇ fails to pay Rent for the Lease Commencement Date occurs on a date other than final month of 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 foregoingTerm when due, Landlord shall grant be entitled to recover from 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 the “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)liquidated damages, and (iii) in the event of any termination of this Lease by Landlord based upon not as a Default hereunder by Tenantpenalty, 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 an amount equal 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.three

Appears in 1 contract

Sources: Office Lease

Base Rent. Base Rent for the Property shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance be increased on the first day of each calendar month during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit Extension Period to an amount 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 "fair rental value" of the installments Property as 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 the “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 Extension Period (which fair rental value determination may include increases in rent during the Extension Period), which fair rental value shall be prorated determined by Landlord in its sole but reasonable discretion, after evaluating, among other things, the rents at similar buildings in the rate 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 one-thirtieth such determination of fair rental value within thirty (1/30th30) days after Landlord's receipt of Tenant's notice exercising the Option. If Tenant shall dispute Landlord's determination of fair rental value for the Property, then Landlord and Tenant shall cooperate in good faith to arrive at a mutually agreeable Base Rent within thirty (30) days after receipt of Landlord's notice of fair rental value. If the Parties cannot agree, Tenant shall have the right to either (a) submit the issue of Landlord's reasonableness (but not the fair rental value) for neutral binding arbitration (and not by court action) to the American Arbitration Association in accordance with the rules of such Association then in effect, or (b) rescind Tenant's exercise of the Monthly Base Rent per applicable Option by delivery of written notice to Landlord within ten (10) days after said thirty (30) day negotiation period, in which event, this Lease shall terminate upon the expiration of the Lease Term or the first Extension Period, as applicable (unless sooner terminated in accordance herewith), and Tenant shall have no further right of option to extend 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, then fair rental value shall be due and payable on the Rent Commencement Date and amount previously determined by Landlord. If the first full payment arbitrators shall determine that Landlord acted unreasonably, then Landlord shall redetermine the fair rental value in its sole but reasonable discretion, provided that Tenant shall again have the right to challenge Landlord's reasonableness in the manner set forth above. In no event shall the arbitrators be permitted to determine rental value under this Lease. The decision of Monthly Base Rent the arbitrators shall be applied to binding upon both parties. Each party shall share equally the installment cost of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datearbitration process.

Appears in 1 contract

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

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant RESIDENT shall pay to LANDLORD $ for base rental (“Base Rent to Landlord Rent”) of the Premises only, without deduction, which amount shall be paid in equal monthly installments ("Monthly Base Rent") in advance of $ , on or before the first day of each calendar month during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution term of this Lease. If All rents, and any other applicable fees, shall be paid in full and for the Lease Commencement Date occurs on a date other than exact amounts due by personal check (cash payments are not allowed), with the first day permission of a calendar monthLANDLORD, Tenant shall receive a credit equal or by money order, to the Monthly Base Rent multiplied by LANDLORD at the number LANDLORD Office as above written. Partial payments will be accepted at the sole discretion 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 hereunderLANDLORD. Notwithstanding the foregoing, Landlord shall grant to Tenant a “rent holiday” The prorated rental from the payment date 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 the “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) move-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 is $ . Resident hereby agrees to timely pay the base rent charges, which shall be prorated at the rate of one-thirtieth (1/30th) collectible by LANDLORD as part of the Monthly Base Rent per day due under this Lease: If LANDLORD shall institute a summary proceedings action against RESIDENT based on a default in the payment of rent, then RESIDENT shall reimburse LANDLORD as such may be allowed by statute for the expenses incurred by LANDLORD, and that so long as the resident shall be a RESIDENT hereunder, the amount of such expenses shall be deemed to be additional rent and shall be due and payable from the RESIDENT to the LANDLORD on the Rent Commencement Date 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 LANDLORD’S discretion include a portion of LANDLORD’S liability insurance premium that LANDLORD in its sole judgment deems attributable to the first full payment of Monthly Base Rent leased Premises. RESIDENT will only pay property taxes and insurance attributable to the leased Premises. Insurance proceeds shall be applied to the installment of Monthly Base Rent which is payable solely for the first full month 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 RESIDENT. RESIDENT will immediately following the Rent Commencement Date.comply with revised monthly payment totals for estimated property taxes and insurance. RESIDENT shall pay within ninety (90) days any additional property tax or insurance charges requested by LANDLORD after being provided with a reconciliation of such charges. RESIDENT shall have no right to audit, review, or request clarification of estimated charges. RESIDENT’S initial estimated charges as following: Monthly Insurance: Monthly Property Taxes:

Appears in 1 contract

Sources: Lease Purchase Agreement

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 shall equal the following amounts: *a period of nine (9) months Rent, Tenant shall pay Base Rent in the amount set forth above. Although Tenant has been given the Premises free of the obligation to Landlord in equal monthly installments ("Monthly pay Base Rent") in advance on the first day of each calendar month Rent during the TermFree Rent Period, without noticeTenant shall otherwise observe, except that perform and obey all other obligations on its part to observe, perform and obey during such Free Rent Period. The first month's Base Rent and the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit 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 estimated Operating Expenses (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 as hereinafter referred to as the “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 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 Commencement Date and on or before the first full day of each and every calendar month for which payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following due succeeding the Rent Commencement Date. Payments of Base Rent for any fractional calendar month, including the month in which the Rent Commencement Date shall occur, shall be prorated based upon the number of days in each such partial month. All payments required to be made by Tenant 'to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than 5 days after written notice to Tenant that such amount is due, Tenant shall pay to Landlord on demand a late charge equal to two and one-half percent (2.5%) of such delinquent sum; provided, however, that no notice shall be required to be given to Tenant, and such late charge shall be automatically due, if Landlord has given such notice to Tenant once in the preceding twelve months. 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

Sources: Lease Agreement (United Stationers Supply Co)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9a) months Tenant shall pay the Annual Base Rent Rent, as set forth in Exhibit C, to Landlord for the Premises, payable in equal monthly installments ("in the amount of the Monthly Base Rent") Rent in advance on the first day of the Term and on the first day of each calendar month during thereafter of the Term, without notice, except that . Tenant's obligation to pay Rent and Additional Rent for the first monthly installment Phase 1 Space shall commence on the date of Base delivery of possession of the Phase 1 Space in accordance with Section 6(b)(i) (the "Phase 1 Space Rent shall be paid upon execution of this LeaseCommencement Date"). If the Lease Commencement Date occurs Term shall begin on a any date other than except the first day of a calendar month, Tenant or 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 the “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 end on any day 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 calendar month, then Monthly Base Rent for any such partial calendar month within 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 Term shall be prorated at based on a 30-day month. Tenant's obligation to pay Rent and Additional Rent for the rate Phase 2 Space shall commence on the date of one-thirtieth (1/30thdelivery of possession in accordance with Section 6(b)(i) of the Monthly Base Rent per day and shall be due and payable on Phase 2 Space (the "Phase 2 Space Rent Commencement Date and Date"). If the first full payment Term shall end on any date except the last day of a calendar month, then Monthly Base Rent shall be applied prorated based on a 30-day month. (b) Base Rent, Additional Rent (as hereinafter defined), Tax and Expense Estimate (as hereinafter defined) and all other amounts becoming due from Tenant to Landlord hereunder (herein collectively called the "Rent") shall be paid in lawful money of the United States to Landlord at the office of Landlord at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, or as otherwise designated from time to time by written notice from Landlord to Tenant. The payment of Rent hereunder is independent of each and every other covenant and agreement contained in this Lease, except as specifically provided herein. Tenant shall pay all applicable sales and use taxes on each installment or payment of Rent at the time payment is made. (c) Notwithstanding anything in this Lease to the installment contrary, upon the delivery of the Phase 1 Space for occupancy in compliance with the requirements of the Lease, including Sections 6 and 13, and until Landlord's delivery to Tenant of the Phase 2 Space in accordance with Sections 6 and 13, Monthly Base Rent which is payable for Phase 1 Space shall be $24,816.00 and Annual Base Rent for the first full month immediately following Lease Year shall be adjusted accordingly and all Additional Rent shall be determined on the Rent Commencement Datebasis of the Phase 1 Space Rentable Area.

Appears in 1 contract

Sources: Office Lease (Excal Enterprises 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 must be received by Landlord no later than 10:00 A.M. (San Francisco time) on the date it becomes due; if received after 10:00 A.M. it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Construction Period or Base Rental Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for the Construction Period ending on the Base Rental Commencement Date (if any) and for each Base Rental Period at least three (3) days prior to the Base Rent Commencement Date or Base Rental Date on which such period ends, but any failure by Landlord 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 purchase and all outstanding Additional Rent 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 following amounts: *a period of nine difference (9if any) months Tenant shall pay between (a) total Carrying Costs that would have been added to the Outstanding Construction Allowance on such date if the Construction Allowance available hereunder were not limited to the Maximum Construction Allowance, and (b) the Carrying Costs actually added on such date to the Outstanding Construction Allowance. The Base Rent to Landlord in for each Base Rental Period shall equal monthly installments ("Monthly Base Rent"A) in advance Stipulated Loss Value on the first day of each calendar month during such Base Rental Period, times (B) the TermEffective Rate with respect to such Base Rental Period, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit 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 times (C) the number of days in such monthBase Rental Period, which credit shall be applied toward divided by (D) three hundred sixty (360). Assume, only for the installment purpose of Monthly illustration: that a hypothetical Base Rent next due hereunderRental 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%. Notwithstanding Under such assumptions, 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 Periodhypothetical Base Rental Period will equal: $5,000,000 x 6% x 30/360, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date$25,000.

Appears in 1 contract

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

Base Rent. Commencing on the Lease Commencement Date, Tenant shall pay, without prior notice or demand, to Landlord at Landlord’s address set forth herein, or at such other place as Landlord may from time to time designate in writing, in currency of the United States of America, Base Rent and Additional Rent, without any setoff or deduction whatsoever. The Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord be paid in equal monthly installments ("Monthly Base Rent") as set forth in Section 4 of the Summary in advance on or before the first day of each and every calendar month during the Lease Term, without notice, except that . The Base Rent for the first monthly installment full month of Base Rent the Lease Term shall be paid upon at the time of ▇▇▇▇▇▇’s execution of this Lease. If the Lease Commencement Date occurs Term commences on a date day other than the first day of a calendar month or terminates on a day other than the last day of a calendar month, Tenant shall receive a credit equal to the Monthly monthly Base Rent multiplied by and Tenant’s Share of any Operating Expenses or Tax Expenses for the number of days in said calendar month prior to the Lease Commencement Date and divided by shall be prorated based on the number of days in such calendar month. All other payments or adjustments required to be made under the terms, 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 the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period covenants 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 conditions 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 that require proration on 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 time basis shall be prorated at on the rate same basis. Tenant shall pay and be liable for all rental, sales and use taxes, if any, imposed upon or measured by rent under applicable Law. If no specific time period is given for payment of one-thirtieth (1/30th) any item of the Monthly Base Rent, such item of Rent per day and shall be due and payable by Tenant within thirty (30) days after demand by Landlord. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease. Acceptance of a lesser amount than shall be due from Tenant to Landlord shall be considered a payment on account, and shall not be deemed a waiver of Landlord’s right to receive the full amount due, nor shall any endorsement or statement on any check or payment or any letter accompanying such check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to any other rights or remedies which Landlord may have against Tenant. No receipt of monies by Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Lease Term or of Tenant’s right of possession hereunder, or after the giving of any notice shall reinstate, continue or extend the Lease Term or affect any notice given Tenant prior to the receipt of such monies, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of the Premises, Landlord may receive and collect any Rent Commencement Date due, and the first full payment of Monthly Base said Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datenot waive or affect said notice, suit or judgment.

Appears in 1 contract

Sources: Office Lease (Cambium Networks Corp)

Base Rent. (a) The first month’s Base Rent and Security Deposit shall equal the following amounts: *a period be due and payable on delivery of nine (9) months an executed copy of this Lease to Landlord. Tenant shall pay Base Rent to Landlord in equal advance, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during the TermTerm hereof, without noticein lawful money of the United States of America, except at the office or address of Landlord for payment of Rent set 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 the first monthly installment Tenant is not in Default hereunder. Payments of Base Rent for any fractional calendar month shall be paid upon execution of prorated. Except as expressly provided in this Lease, Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent due hereunder. If the Lease Rent Commencement Date occurs on a date is other than the first day of a calendar month, Tenant shall receive a credit equal the difference between the first full calendar month’s Base Rent paid pursuant to the Monthly Base Rent multiplied by first sentence of this Section 3(a), and 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 prorated Base Rent for the fractional month in which the Rent Commencement Date occurs shall be applied by Landlord to the first nine (9) months following full calendar month after the Lease 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 “Free Rent Period”). During such Free Rent Period, the Monthly 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 herein. Base Rent adjustments for the entire Premises any fractional calendar month shall be abated prorated. (such rental abatement being hereinafter referred b) In addition to Base Rent, Tenant agrees to pay to Landlord as the additional rent (Free Rent AllowanceAdditional Rent); provided, however, that ): (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 and all other amounts Tenant assumes or agrees to pay under the Free Rent Period provisions of this Lease, including, without limitation, any and all other sums that may become due by reason of any default of Tenant or failure to comply with the granting agreements, terms, covenants and conditions of the Free Rent Allowance as provided hereunder shall not affect the this Lease Commencement Date pursuant to Section 2.A. hereof or be performed by Tenant, after any applicable notice and cure period. 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 and 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 are collectively referred to herein as the Rent Commencement DateRent) 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.

Appears in 1 contract

Sources: Lease Agreement (Blueprint Medicines Corp)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on On the first day of each calendar month 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 noticeoffset, except that the first monthly installment deduction prior notice or demand. The Base Rent is payable at Landlord's Rent Payment Address of , or at such other place or to such other person as Landlord may designate in writing from time to time. Payments of Base Rent shall for any partial calendar month will be paid prorated. SECTION 2: ADDITIONAL RENT. All sums payable by Tenant under this Lease other than Base Rent are "Additional Rent"; the term "Rent" includes both Base Rent and Additional Rent. Landlord will estimate in advance and charge to Tenant the following costs ("Total Operating Costs"), 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 may adjust its estimates of Total Operating Costs at any time based upon execution Landlord's experience and reasonable anticipation of this Leasecosts. If Such adjustments will be effective as of the next Rent payment date after notice to Tenant. "Occupancy Period" means the period from the time Tenant first enters the Premises, throughout the Lease Commencement Date occurs on a date other than Term and thereafter as long as Tenant remains in the first day Premises. After the end of a calendar month, Tenant shall receive a credit equal to each fiscal year during 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 foregoingTerm, Landlord shall grant will deliver 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 Periodstatement setting forth, in reasonable detail, the Monthly Base Rent for Total Operating Costs paid or incurred by Landlord during the entire Premises shall preceding fiscal year. Within thirty (30) days after Tenant's receipt of such statement, there will be abated an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (such rental abatement being hereinafter referred to as the “Free Rent Allowance”case may be); 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.

Appears in 1 contract

Sources: Triple Net Lease Agreement

Base Rent. Base Rent ▇▇▇▇▇▇ agrees to pay monthly as base rent during the term of this Lease the sum of money set forth in Section 1.4 of this Lease, which amount shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent be payable to Landlord in equal at the address shown above. One monthly installments ("Monthly Base Rent") in advance installment of base rent shall be due and payable on the date of execution of this Lease by Tenant for the first month's rent and a like monthly installment shall be due and payable on or before the first day of each calendar month succeeding the Rent Commencement Date defined below during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution term of this Lease. If ; provided, if the Lease Rent Commencement Date occurs on should be 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 monthly rental abatement being hereinafter referred to as the “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 (includingshall be prorated to the end of that calendar month, but not limited toand all succeeding installments of rent shall be payable on or before the first day of each succeeding calendar month during the term of this Lease. Tenant shall pay, the payment of as additional rent, all Additional Rent coming other sums due under this Lease. Notwithstanding anything in this Lease to the contrary, if Landlord, for any reason whatsoever (other than Tenant's default), and (iii) in cannot deliver possession of the event of any termination of Premises to the Tenant on the Commencement Date, this Lease by shall not be void or voidable, nor shall Landlord based upon a Default hereunder by Tenantbe liable to Tenant for any loss or damage resulting therefrom, nor shall the then unamortized portion of Base Rent which would have otherwise been due and payable hereunder during the Free Rent Period in the absence expiration of the Free Rent Allowance shall immediately become due and payable and any remaining Free Rent Allowance hereunder term be extended, but all rent shall be abated until Landlord delivers possession.Such date of no force or effect. If the first day following the last day delivery 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 possession 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date. All base rent, additional rent and other sums payable by Tenant pursuant to this Lease are payable without demand and without any reduction, abatement, counterclaims or setoff. Notwithstanding anything to the contrary herein, this Lease shall be null and void at Tenant's option, if Landlord has not delivered possession by July 1, 1997, and in such event, the Security Deposit and first month's rent shall be refunded to Tenant, in full, within ten (10) days.

Appears in 1 contract

Sources: Lease Agreement (Xata Corp /Mn/)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9a) months Tenant shall pay pay, commencing on the Entire Premises Commencement Date, the Annual Base Rent Rent, as set forth in Exhibit C, to Landlord for the Premises, payable in equal monthly installments ("in the amount of the Monthly Base Rent") Rent in advance on the first day of the Term and on the first day of each calendar month during thereafter of the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs Term shall begin on a any date other than except the first day of a calendar month, Tenant or 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 the “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 end on any day 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 calendar month, then Monthly Base Rent for any such partial calendar month within 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 Term shall be prorated based on a 30-day month. (b) Base Rent, Additional Rent (as hereinafter defined), Tax and Expense Estimate (as hereinafter defined) and all other amounts becoming due from Tenant to Landlord hereunder (herein collectively called the "Rent") shall be paid in lawful money of the United States to Landlord at the rate office of one-thirtieth Landlord at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, or as otherwise designated from time to time by written notice from Landlord to Tenant. The payment of Rent hereunder is independent of each and every other covenant and agreement contained in this Lease, except as specifically provided herein. Tenant shall pay all applicable sales and use taxes on each installment or payment of Rent at the time payment is made. (1/30thc) Notwithstanding anything in this Lease to the contrary, from the first to occur of the Monthly Floor Commencement Date for the mezzanine level space of the Premises or the Floor Commencement Date for the second floor space of the Premises until the Entire Premises Commencement Date, Tenant shall pay for either the mezzanine level space of the Premises or the second floor space of the Premises for which the Floor Commencement Date has occurred, as the case may be, Base Rent per day as specified on Exhibit C-1 attached hereto and shall be due made a part hereof and payable Additional Rent (as hereinafter defined) during such period prorated based on the Rent Commencement Date and proportion of the first full payment rentable area of Monthly Base Rent shall be applied the mezzanine level space in the Premises (i.e., 90,026 square feet) or the rentable area of the second floor space in the Premises (i.e., 48,972 square feet), as applicable, to the installment rentable area of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.Premises (i.e., 138,998 square feet)

Appears in 1 contract

Sources: Office Lease (Excal Enterprises Inc)

Base Rent. Base 4.1 From and after the Rent shall equal the following amounts: *a period of nine (9) months Commencement Date, Tenant shall pay the Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that a Lease Year. Landlord agrees to a▇▇▇▇ the first monthly installment seven (7) months of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar monthRent, 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 Operating Expenses 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 the “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 Real Estate Taxes 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. . 4.2 If the first day following the last day of the Free Rent Period (such date being hereinafter referred to as the “Rent Commencement Date”) Date is a date other than not the first day of a month, then Monthly the Base Rent for the period commencing with and including from the Rent Commencement Date and ending on and including the day prior to until the first day of the following month shall be prorated on a per diem basis at the rate of one-thirtieth one‑three hundred and sixty fifth (1/30th1/365th) of the Monthly annual Base Rent per day and shall be due and payable on the Rent Commencement Date and during the first full payment Lease Year, and Tenant shall pay such prorated installment of Monthly the Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following on the Rent Commencement Date. 4.3 All sums payable by Tenant under this Lease shall be paid to Landlord in legal tender of the United States, without setoff, deduction or demand, at the Landlord Payment Address, or to such other party or such other address as Landlord may designate in writing. Landlord's acceptance of rent after it shall have become due and payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord's rights hereunder. If any sum payable by Tenant under this Lease is paid by check which is returned due to insufficient funds, stop payment order, or otherwise, then: (a) such event shall be treated as a failure to pay such sum when due; and (b) in addition to all other rights and remedies of Landlord hereunder, Landlord shall be entitled to impose a returned check charge of to cover Landlord's administrative expenses and overhead for processing. 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 permitting 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

Sources: Office Lease Agreement (Alliance Data Systems Corp)

Base Rent. Tenant agrees to pay monthly as Base Rent during the Term of this Lease the sum set forth in Section 1.5 of this Lease, which amount shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent be payable to Landlord in equal monthly installments ("Monthly Base Rent") in advance on at the first day of each calendar month during the Term, without notice, except that the address shown above. The first monthly installment of Base Rent shall be paid upon execution due and payable to Landlord on the Commencement Date for the first month’s rent and each monthly installment of rent shall be due and payable on or before the first day of each calendar month succeeding the Commencement Date during the Term of this Lease. If , provided, if the Lease Commencement Date occurs on should be 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 monthly rental abatement being hereinafter referred to as the “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 (includingshall be prorated to the end of that calendar month during the term of this Lease. Tenant shall pay, but not limited toas additional rent, the payment of all Additional Rent coming other sums due under this Lease), and (iii) . Tenant shall pay the first Delivery Fee payment to Landlord immediately upon Landlord’s delivery of the Premises to Tenant. Notwithstanding anything in the event of any termination of this Lease by to the contrary, if 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 cannot deliver possession of the Free Rent Allowance Premises to the Tenant on the Delivery Date due to a holding over by a prior tenant, Tenant’s default, or casualty affecting the Premises, this Lease shall immediately become not be void 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 and payable and any remaining Free Rent Allowance hereunder shall be of no force or effect. If abated until Landlord delivers possession and the first day following the last day expiration date of the Free Rent Period 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 (such date being hereinafter referred to as 30) days after the “Rent Commencement Delivery Date”) is a date other than the first day of a month, then Monthly Base Rent for Tenant may terminate 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLease upon giving Landlord written notice.

Appears in 1 contract

Sources: Commercial Lease (Enpath Medical Inc)

Base Rent. Tenant shall pay an annual base rent (herein called “Base Rent”) to Landlord for the Premises which Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord be payable in equal monthly installments ("herein called “Monthly Base Rent") ”), in advance on the first day of each calendar month during of the TermTerm in the amounts set forth in, without noticeand in accordance with the provisions of, except that the first monthly installment of Base Rent shall be paid upon execution of Exhibit B, attached hereto and incorporated herein by this Leasereference thereto. If the Lease Commencement Date occurs Term shall begin on a any date other than except the first day, or shall end on any day except the last day of a calendar month, Base Rent shall be payable at a per diem rate based on the then current monthly payment. Base Rent, Additional Rent (as hereinafter defined), and all other amounts becoming due from Tenant to Landlord hereunder (herein collectively called the “Rent”) shall be paid in lawful money of the United States to Landlord at the office of Landlord, or as otherwise designated from time to time by written notice from Landlord to Tenant. Concurrently with the execution hereof and at Landlord’s request. 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, pay 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 the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting full calendar month of the Free Rent Allowance as provided hereunder shall not affect Term. Landlord may authorize Tenant to take possession of all or any part of the Lease Commencement Date Premises prior to the beginning of the Term. lf Tenant does take possession pursuant to Section 2.A. hereof or Tenant’s obligation to pay authority so given, all of the first installment of Base Rent upon execution covenants and conditions of this Lease as provided abovelease shall apply to and shall control such pre-Term occupancy, (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, to the payment of all Additional Rent coming due under this Lease)Rent, and (iii) as provided in the event of any termination of this Lease by Landlord based upon a Default hereunder by TenantFirst Addendum hereto. If applicable, 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 for such pre-Term occupancy 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 paid upon occupancy and on the first day of each calendar month thereafter at the rate set forth in Sections 1 and 2 hereof. If the Premises are occupied for a fractional 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 on a per diem basis for such fractional month. The payment of Rent hereunder is independent of each and every other covenant and agreement contained in this lease. If any payment of Rent is not received by Landlord within five (5) days after the rate of one-thirtieth date due, then Tenant shall pay Landlord a late charge equal to three percent (1/30th3%) of the Monthly Base Rent per day and shall be due and payable on the Rent Commencement Date and the first full payment amount of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datesaid delinquent payment.

Appears in 1 contract

Sources: Industrial/Office Building Lease (Haemonetics Corp)

Base Rent. A. Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall equal the following amounts: *a period become due under this Lease (including, without limitation, any charges for replacement of nine (9) months electric lamps and ballasts and any other services, goods or materials furnished by Landlord at Tenant's request), all of which hereinafter may be collectively called "RENT." In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Base Rent to Landlord and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in equal advance in monthly installments ("Monthly Base Rent") in advance on of the first day of each calendar month during the TermLease Term and any extensions or renewals hereof, without notice, except that the first monthly installment of and Tenant hereby agrees to pay such Base Rent shall be paid upon execution of this Leaseand Additional Rent to Landlord without demand. If the Lease Commencement Date occurs Term commences on a date day other than the first day of a calendar month or terminates on a day other than the last day of a month, Tenant shall receive a credit equal to then the Monthly installments of Base Rent multiplied by the number of days in said calendar and Additional Rent for such month prior to the Lease Commencement Date and divided by or months shall be prorated, based on the number of days in such month. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, which credit nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance or pursue any other available remedy. The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be construed to be a waiver of Landlord's right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied toward first to the installment earliest accrued and unpaid Rent then outstanding. Tenant's covenant to pay Rent shall be independent of Monthly Base every other covenant set forth in this Lease. B. To the extent allowed by law, all installments of Rent next not paid when due hereunder. Notwithstanding shall bear interest at the foregoing, Landlord shall grant to Tenant a “rent holiday” Default Rate 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”)date due until paid. During such Free Rent PeriodIn addition, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 if Tenant fails to pay the first any 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 and Additional Rent coming due under this Lease), and (iii) in the event or any other item 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 when 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 hereunder, a "LATE CHARGE" equal to five percent (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 (1/30th5%) of the Monthly Base Rent per day and shall such unpaid amount will be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied immediately by Tenant to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLandlord.

Appears in 1 contract

Sources: Office Lease (Integrated Information Systems Inc)

Base Rent. A. Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall equal the following amounts: *a period become due under this Lease (including, without limitation, any charges for replacement of nine (9) months electric lamps and ballasts and any other services, goods or materials furnished by Landlord at Tenant’s request), all of which hereinafter may be collectively called “Rent.” In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Base Rent to Landlord and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in equal advance in monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during the TermLease Term and any extensions or renewals hereof, without notice, except that the first monthly installment of and Tenant hereby agrees to pay such Base Rent shall be paid upon execution of this Leaseand Additional Rent to Landlord without demand. If the Lease Commencement Date occurs Term commences on a date day other than the first day of a calendar month or terminates on a day other than the last day of a month, Tenant shall receive a credit equal to then the Monthly installments of Base Rent multiplied by the number of days in said calendar and Additional Rent for such month prior to the Lease Commencement Date and divided by or months shall be prorated, based on the number of days in such month. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, which credit nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other available remedy. The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be construed to be a waiver of Landlord’s right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied toward first to the installment earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of Monthly Base every other covenant set forth in this Lease. If at any time during the Lease Term or any renewal or extension thereof a tax or excise on rents, or other tax however described, including a franchise tax, margin tax, business tax or any other tax, (except any federal or state income tax imposed upon Landlord) is levied or assessed against Landlord by any lawful taxing authority on account of Landlord’s interest in this Lease or the rents, revenues, receipts, or other charges reserved hereunder, as a substitute in whole or in part, or in addition to the general taxes described in this Section 5.A, or imposed in order to fund, in whole or in part, previously assessed taxes, Tenant agrees to pay to Landlord upon demand, and in addition to the rentals and other charges prescribed in this Lease, the amount of such tax or excise. In the event any such tax or excise is levied or assessed directly against Tenant, then Tenant shall be responsible for and shall pay same at such times and in such manner as the taxing authority shall require. B. To the extent allowed by law, all installments of Rent next not paid when due hereunder. Notwithstanding shall bear interest at the foregoing, Landlord shall grant to Tenant a “rent holiday” Default Rate 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”)date due until paid. During such Free Rent PeriodIn addition, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 if Tenant fails to pay the first any 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 and Additional Rent coming due under this Lease), and (iii) in the event or any other item 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 when due and payable hereunder during the Free Rent Period in the absence and such failure continues for more than five (5) Business Days after Tenant’s receipt 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 written notice thereof, a “Late Charge” equal to five percent (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 (1/30th5%) of the Monthly Base Rent per day and shall such unpaid amount will be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied immediately by Tenant to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLandlord.

Appears in 1 contract

Sources: Joint Venture Contribution and Formation Agreement (SEACOR Marine Holdings Inc.)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments prepay one ("Monthly Base Rent"1) in advance on the first day of each calendar month during the Term, without notice, except that the first monthly Month’s installment of Base Rent shall by the Execution Date, to be paid upon execution of applied against Base Rent first due under this Lease. If During the Term, Tenant shall pay all other Base Rent in advance, in monthly installments, on the first (1st) business day of each Month. Base Rent for any partial Month will be prorated. Landlord agrees, upon request by Tenant, to accept such payments electronically. Notwithstanding the foregoing, during the period of time beginning on the Lease Commencement Date occurs on a date other than and continuing through April 15, 2011 (the first day of a calendar month“Burnoff Date”), Tenant shall receive a credit equal to the conditional, partial abatement of $83,367.08 per month against Tenant’s Monthly Base Rent multiplied payments. On April 16, 2011, Tenant shall make a prorated Base Rent payment of $41,683.54 (representing one-half of the monthly abatement amount), and shall thereafter make Base Rent payments as otherwise provided in this Lease. Notwithstanding such partial abatement of Base Rent, (a) all other sums due under this Lease, including Additional Rent and the unabated portion of each monthly Base Rent installment (which unabated portion is $7,050.48) due and payable from the Lease Commencement Date through April 15, 2011, shall be payable as provided in this Lease, and (b) any increases in Base Rent set forth in this Lease shall occur on the dates scheduled therefor. Abatement of Base Rent is conditioned upon Tenant not being in monetary or other material Default beyond any applicable notice and cure period. If Tenant is in monetary or other material Default beyond any applicable notice and cure period, then in addition to Landlord’s other remedies, any further abatement of Base Rent for the Premises shall immediately cease and become void, and Tenant shall promptly pay to Landlord, in addition to all other amounts due to Landlord under this Lease and any other remedies available to Landlord, the unamortized portion, as of the date of the Default, of the total of all abated Base Rent for the Premises, which portion shall be determined by amortizing said total of abated rent at ten percent (10%) per annum over the number of days in said calendar month prior to period commencing on 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 the “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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Expiration Date.

Appears in 1 contract

Sources: Office Lease (Pinnacle Foods Finance LLC)

Base Rent. Base Rent due for the calendar month in which the Rent Commencement Date occurs (or, if the Rent Commencement Date does not occur on the first day of a calendar month, Base Rent for the first full calendar month following the Rent Commencement Date) shall equal the following amounts: *a period be due and payable concurrently with ▇▇▇▇▇▇’s delivery of nine (9) months an executed copy of this Lease to Landlord. Tenant shall pay Base Rent to Landlord in advance, without demand, abatement, deduction or set-off, equal monthly installments of Base Rent ("Monthly i.e., 1/12 of the annual Base Rent"Rent amount then in effect) in advance on or before the first day of each calendar month during the TermTerm hereof after the Rent Commencement Date, without noticein lawful currency of the United States of America, except that to the first monthly installment physical address designated by Landlord or by federally insured electronic fund transfer (“EFT”) via wire, Society for Worldwide Interbank Financial Communications (SWIFT) or automated clearing house (ACH) pursuant to the instructions provided by Landlord to Tenant (the “EFT Payment Instructions”). All EFT payments made by Tenant pursuant to this Section 3(a) must include a reference to ARE-Tech Square, LLC, as well as the address of the Building (i.e., ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, MA). Payments of Base Rent for any fractional calendar month shall be paid upon execution of this Leaseprorated. If Notwithstanding anything to the Lease contrary contained herein, if the Rent Commencement Date occurs on a date day other than the first day of a calendar month, then Tenant shall receive a credit equal pay to Landlord 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 prorated 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 the “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 partial 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 Rent Commencement Date and the first full payment of Monthly prepaid Base Rent delivered by Tenant pursuant to this first sentence of this Section 3(a) shall be applied to the installment of Monthly Base Rent which is payable for the first full calendar month immediately 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 shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided for in this Lease. Landlord and Tenant acknowledge and agree that (a) the rate of Base Rent reflected in the Basic Lease Provisions was determined taking into account the full amount of Tenant Improvement Allowance (as defined in the Work Letter) of $410.00 per rentable square foot of the Premises, and (b) if Tenant, subject to the terms of Section 6(b) of the Work Letter, elects not to use the full amount of the Tenant Improvement Allowance, then the rate of Base Rent payable per rentable square foot of the Premises shall be reduced by $0.75 per rentable square foot for every $10.00 of the Elected Base Allowance (as defined in Section 6(b) of the Work Letter) under $410.00 per rentable square foot of the Premises. For example, if Tenant elects an Elected Base Allowance of $350.00 per rentable square foot of the Premises, then the initial Base Rent payable under this Lease shall be reduced from $108.00 per rentable square foot of the Premises to $103.50 per rentable square foot of the Premises. Notwithstanding anything to the contrary contained in this Lease, so long as Tenant is not in default under this Lease beyond applicable notice and cure periods, Base Rent shall be abated for the period commencing on the Rent Commencement Date through the date that is 90 days after the Rent Commencement Date (the “Abatement Period”). The Abatement Period, the Fifth Amendment Premises Abatement Period (as defined in Section 39(a)) and the Seventh Amendment Premises Abatement Period (as defined in Section 39(b)) may be referred to collectively herein as the “Base Rent Abatement Periods”. Tenant shall commence paying 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 shall be required to pay Operating Expenses, Utilities and all other amounts due under the Lease during each of the Base Rent Abatement Periods. If Landlord has not delivered the New Project Amenities by the date that is 9 months after the Rent Commencement Date (the “Amenities Abatement Date”), then commencing on the Amenities Abatement Date, the Base Rent payable by Tenant under this Lease shall be reduced by an amount equal to 5% of the Base Rent then payable per rentable square foot of the Premises per month. If Landlord delivers the New Project Amenities after the Amenities Abatement Date (such date that Landlord delivers the New Project Amenities, the “New Project Amenities Delivery Date”), then commencing on the New Project Amenities Delivery Date, Base Rent shall be increased to the total amount of Base Rent that would have been payable under this Lease but for the reduction contemplated pursuant to the immediately preceding sentence.

Appears in 1 contract

Sources: Lease Agreement (Intellia Therapeutics, Inc.)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in advance, without demand, abatement, deduction or set-off, equal monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during the TermTerm hereof after the Rent Commencement Date, without noticein lawful currency of the United States of America, except that to the first monthly installment physical address designated by Landlord or by federally insured electronic fund transfer (“EFT”) via wire, Society for Worldwide Interbank Financial Communications (SWIFT) or automated clearing house (ACH) pursuant to the instructions provided by Landlord to Tenant (the “EFT Payment Instructions”). All EFT payments made by Tenant pursuant to this Section 3(a) must include a reference to ARE-MA Region No. 77, LLC as well as the address of the Building (i.e., ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Watertown, MA). Payments of Base Rent for any fractional calendar month shall be paid upon execution of this Leaseprorated. If Notwithstanding anything to the Lease contrary contained herein, if the Rent Commencement Date occurs on a date day other than the first day of a calendar month, then Tenant shall receive a credit equal pay to Landlord 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 prorated Base Rent for such partial month on 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 shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease. Notwithstanding anything to the contrary contained in this Lease, so long as Tenant is not in Default under the terms of this Lease (i) for the period of time commencing on the Rent Commencement Date through the calendar day immediately preceding the first nine (9) months following annual anniversary of the Lease Rent Commencement Date (the “Free Rent First Partial Abatement Period”). During such Free Rent Period, the Monthly Tenant shall only be required to pay Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting 45,000 rentable square feet 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, Premises and (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 of time 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.annual

Appears in 1 contract

Sources: Lease Agreement (Foghorn Therapeutics Inc.)

Base Rent. Base Rent shall equal (a) As of the following amounts: *a period of nine (9) months Effective Date Tenant shall pay Base Rent for the Existing Premises in accordance with the following rent schedule. (The schedule below is the same as the Base Rent schedule listed in the Existing Lease with an extended period added to Landlord in equal monthly installments ("cover the full First Extension Term): Time Period Annual Base Rent Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that the first monthly installment Installment of Base Rent shall be paid upon execution of this Lease. If 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 actual Expansion Premises Rent Commencement Date if such date occurs on a date other earlier than July 1, 2020, but the first day 304134396 v5 final date shall remain the same. **Note: Provided Tenant is not in monetary default of a calendar monththe terms of this Lease, after expiration of any applicable notice and cure period, Tenant shall receive a credit equal have no obligation to the Monthly pay any Base Rent multiplied by attributable to: (i) the number first two (2) months 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 Expansion Premises, and only the Expansion Premises, following the Lease Expansion Premises Rent Commencement Date (the “Free Rent Expansion Premises Abatement Period”). During such Free Rent Period, the Monthly Base Rent for the entire Premises Tenant shall be abated (such rental abatement being hereinafter referred to as the “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 obligated 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, Share of Direct Expenses attributable 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 Expansion Premises 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateExpansion Premises Abatement Period.

Appears in 1 contract

Sources: Lease (Precision Biosciences Inc)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments rent (herein called "Monthly Base Rent") in advance 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 Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 12:00 noon (San Francisco time) on the date it becomes due; if received after 12:00 noon it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Base Rent Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for each Base Rent Period at least fifteen (15) days prior to the Base Rent Date on which such period ends. Any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment, but absent such notice Tenant shall not be in default for any underpayment resulting therefrom if Tenant, in good faith, reasonably estimates the payment required, makes a timely payment of the amount so estimated and corrects any underpayment within three (3) Business Days after being notified by Landlord of the underpayment. 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 purchase (or if the date of 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 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 each calendar month during the Term, without notice, except that the first monthly installment of such Base Rent shall be paid upon execution of this Lease. If Period, times (B) 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 Collateral Percentage for such Base Rent multiplied by the number Period, times (C) twenty two and one-half basis points (0.225 of days in said calendar month prior to the Lease Commencement Date and divided by 1%), times (D) 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 divided by (such rental abatement being hereinafter referred to as the “Free Rent Allowance”E) three hundred sixty (360); provided, however, that PLUS (iA) 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 Stipulated Loss Value on the first day of a month, then Monthly 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 period commencing with and including the purpose of illustration: that a hypothetical Base Rent Commencement Date and ending on and including the day Period contains exactly ninety (90) days; that prior to the first day of the following month shall be prorated at the rate of one-thirtieth (1/30th) of the Monthly such Base Rent per day and shall be due and payable on Period a total of $31,500,000 of Qualified Payments have been received by Landlord, leaving a Stipulated Loss Value of $30,000,000 (the Rent Commencement Date and Initial Funding Advance of $61,500,000 less the first full payment Qualified Payments of Monthly $31,500,000); that the Collateral Percentage for such Base Rent shall be applied to Period is forty percent (40%); and that the installment of Monthly Effective Rate for the applicable Base Rent which Period is payable 6%. Under such assumptions, the Base Rent for the first full month immediately following the hypothetical Base Rent Commencement Date.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

Appears in 1 contract

Sources: Lease Agreement (Informix Corp)

Base Rent. Base Rent shall equal Beginning on the following amounts: *a period of nine (9) months Lease Commencement Date, Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance the amount set forth above. The approximation of square footage for the Premises set forth on the first day page of each calendar month during this Lease shall in no way affect the TermBase Rent specified on page one (1) above should any variance be found to exist between the approximation and the actual square footage. The first month's Base Rent, without noticethe Security Deposit, except that and the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit 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 estimated Operating Expenses (9as hereinafter defined) 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 the “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 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 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 prorated based upon the number of days in each such partial month. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the first full payment obligations of Monthly Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abate, reduce, or set-off any rent due hereunder e▇▇▇▇▇ as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than five (5) days, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. Notwithstanding the foregoing, Landlord agrees to waive imposition of the above-described late charge 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 payment was not received when due. The provision for such late charge shall be applied in addition to all of Landlord'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 installment contrary, Landlord agrees to abate the monthly installments of Monthly Base Rent which is payable (but n▇▇ ▇▇y of the additional rent) due for the first full month immediately following thirteen (13) months of the Lease Term, for a total Base Rent Commencement Dateabatement of One Million Seven Hundred Sixty Four Thousand One Hundred Sixty One and 80/100 Dollars ($1,764,161.80).

Appears in 1 contract

Sources: Lease Agreement (Systemax Inc)

Base Rent. (a) The annual base rent (the “Base Rent”) for the Premises payable by Tenant is set forth in Exhibit K. (b) Base Rent for the Premises shall equal the following amounts: *a period of nine be payable by Tenant in twelve (912) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on or before the first day of each calendar month during the Term, without notice, except that Term commencing on the applicable Rent Commencement Date (prorated in the case of the first monthly installment if the Rent Commencement Date is not the first day of Base Rent shall be paid upon the month) and on the first day of each calendar month thereafter. Upon the 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 deliver to Landlord a credit equal 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 Monthly 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 multiplied by the number of days in said calendar month prior or Additional Rent shall be payable with respect to the Lease period beginning on the First Portion of the 12th Floor Space Commencement Date and divided by ending on the number of days in such month, which credit shall be applied toward day preceding the installment of Monthly Base 12 th Floor Space Rent next due hereunderCommencement Date (as herein defined). Notwithstanding the foregoing, Landlord Tenant shall grant pay for electricity furnished to Tenant a “rent holiday” the Premises from and after the payment First Portion of the installments 12th Floor Space Commencement Date, the 9th Floor Space Commencement Date and the 11th Floor Space Commencement Date, respectively in accordance with the terms of Monthly Base Article 5 hereof. The 9th Floor Space Rent for Commencement Date shall mean the first nine 9th Floor Space Commencement Date; the 11th Floor Space Rent Commencement Date shall mean the 11th Floor Space Commencement Date; and the 12th Floor Space Rent Commencement Date (9with respect to both the First Portion of the 12th Floor Space and the Second Portion of the 12th Floor Space) shall mean the date which is five (5) consecutive calendar months following the Lease Second Portion of the 12th Floor Space Commencement Date. The 9th Floor Space Rent Commencement Date, the 11th Floor Space Rent Commencement Date (and the “Free 12th Floor Space Rent Period”). During such Free Rent Period, the Monthly Base Rent for the entire Premises Commencement Date shall be abated (such rental abatement being hereinafter referred to herein individually as the “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”. Notwithstanding the foregoing, in the event the ▇▇▇▇▇▇▇ Lease terminates prior to September 30, 2010, Tenant will pay rent and additional rent (on account of operating expenses and real estate taxes) is a date other than the first day of a month, then Monthly Base Rent to Landlord for the period commencing with 9th Floor Space in the amount as would be payable pursuant to that certain sublease dated July 18, 2002, between ▇▇▇▇▇▇▇ ▇▇▇▇▇, as Sublandlord, and including Man Group USA, Inc., as Subtenant, and the 9th Floor Space Rent Commencement Date and ending on and including will not occur until October 1, 2010; in the day event the Cornerstone Lease terminates prior to July 31, 2008, Tenant will pay rent and additional rent (on account of operating expenses and real estate taxes) to Landlord for the first day of 11th Floor Space in the following month shall amount as would be prorated at payable pursuant to that certain license agreement dated June 18, 2004, between Cornerstone, as Licensor, and Man Group USA Inc., as Licensee, and the rate of one-thirtieth (1/30th) of the Monthly Base Rent per day and shall be due and payable on the 11th Floor Space Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datewill not occur until August 1, 2008.

Appears in 1 contract

Sources: Lease (MF Global Ltd.)

Base Rent. 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 Security Deposit shall equal be due and payable on delivery of an executed copy of this Lease to Landlord. Commencing on the following amounts: *a period of nine (9) months Base Rent Commencement Date, Tenant shall pay Base Rent to Landlord in equal advance, without demand, abatement, deduction or set-off, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during the TermTerm hereof, without noticein lawful money of the United States of America, except that at the first monthly installment office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments of Base Building 1 (AOTC) / Kymera Therapeutics, Inc. - Page 6 Rent for any fractional calendar month shall be paid upon execution prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease. If In addition to the Lease Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, if Tenant so requests in 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 occurs and continuing thereafter on a date other than the first day of a calendar montheach month during the Base Term, Tenant shall receive 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 credit equal rate of 8% per annum over the Base Term, which interest shall begin to accrue on the Monthly Base Rent multiplied by Commencement Date. Any of the number Supplemental Tenant Improvement Allowance and applicable interest remaining unpaid as of days in said calendar month prior to the expiration or earlier termination of the Lease Commencement Date and divided by the number of days in such month, which credit shall be applied toward paid to Landlord in a lump sum at 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 the “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 expiration 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 earlier 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLease.

Appears in 1 contract

Sources: Lease Agreement (Kymera Therapeutics, Inc.)

Base Rent. Pursuant to Section 7.1 of the Lease, Landlord and Administrative Agent each shall deliver to Tenant an Invoice on a monthly basis for Base Rent due and owing on the next Rent Payment Date. The Invoice provided to Tenant by Administrative Agent shall indicate the exact dollar amount of the Rent Purchasers' Base Rent Interest that is due on such Rent Payment Date. The Invoice provided to Tenant by Landlord shall indicate the exact amount of the Landlord's Base Rent Interest that is due on such Rent Payment Date. If Landlord or Administrative Agent fails to send its respective Invoice, Tenant shall remit such sums for such next Rent Payment Date equal to the following amounts: *amount shown on the previous month's Invoice from the Entity failing to present a period timely Invoice for the Rent Payment Date in question. If Tenant's payment of nine (9) months the amount shown on the previous month's Invoice is less than Base Rent due for such month, Tenant shall pay the difference within ten (10) days 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 excess amount shall be credited to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that the first monthly next installment of Base Rent shall be paid upon execution of this Leasedue to the Entities to which such excess amount was paid. 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 send 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 the “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 amount of Base Rent upon execution specified by Landlord in its Invoice as Landlord's Base Rent Interest pursuant to Landlord's Wire Transfer Instructions in accordance with Section 7.1 of this Lease as provided above, (ii) the Lease. Tenant shall remain obligated during send 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 amount of Base Rent which would have otherwise been due and payable hereunder during specified by the Free Administrative Agent in its Invoice as Rent Period Purchasers' Base Rent Interest pursuant to Administrative Agent's Wire Transfer Instructions in the absence accordance with Section 7.1 of the Free Lease. Tenant shall make all payments of Base 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 in lawful money of the Free United States and in same day or immediately available funds not later than 12:00 noon (New York Time) on each Rent Period (such date being hereinafter referred Payment Date. Administrative Agent shall forward to as each Rent Purchaser its pro rata share of the Rent Commencement Date”) is a date other than the first day of a month, then Monthly Purchasers' 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateInterest received from Tenant.

Appears in 1 contract

Sources: Master Lease of Land and Improvements (Adobe Systems 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 Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 12:00 noon (San Francisco time) on the date it becomes due; if received after 12:00 noon it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Base Rent Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for each Base Rent Period at least fifteen (15) days prior to the Base Rent Date on which such period ends. Any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment, but absent such notice Tenant shall not be in default for any underpayment resulting therefrom if Tenant, in good faith, reasonably estimates the payment required, makes a timely payment of the amount so estimated and corrects any underpayment within three (3) Business Days after being notified by Landlord of the underpayment. 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 purchase (or if the date of 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 due Landlord under the Purchase Agreement. Base Rent shall accrue for each day of the first Base Rent Period, and the total Base Rent for the first Base Rent Period shall equal the following amounts: *a period sum of nine (9) months Tenant shall pay Base Rent to Landlord in for all days during such period. The Base Rent accruing for each day during such period shall equal: (1) (A) $49,500,000, times (B) one minus the Collateral Percentage for the first Base Rent Period, times (C) the sum of (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 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 monthly installments the sum of: ("Monthly Base Rent"1) in advance (A) Stipulated Loss Value on the first day of each calendar month during the Term, without notice, except that the first monthly installment of such Base Rent shall be paid upon execution of this Lease. If Period, times (B) one minus 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 Collateral Percentage for such Base Rent multiplied by Period, times (C) the number sum of days in said calendar month (i) the Effective Rate for such Base Rent Period and (ii) the Spread calculated on the tenth (10th) Business Day prior to the Lease Commencement Date and divided by day upon which such Base Rent Period commences, times (D) 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 divided by (such rental abatement being hereinafter referred to as the “Free Rent Allowance”E) three hundred sixty (360); provided, however, that PLUS (i2) 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, (iiA) 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 Stipulated Loss Value on the first day of a month, then Monthly 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 period commencing with and including the purpose of illustration: that a hypothetical Base Rent Commencement Date and ending on and including the day 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 following month shall be prorated 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%. 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 $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 rate Effective Rate. Landlord has agreed to such reduction in the Base Rent to provide Tenant with the economic equivalent of one-thirtieth (1/30th) interest on such Collateral, and in return Tenant has agreed to the provisions of the Monthly Pledge Agreement that excuse the actual payment of interest on the Accounts. By incorporating such reduction of Base Rent per day into the formulas above, and shall be due by providing for noninterest bearing Accounts in the Pledge Agreement, the parties will avoid an unnecessary and payable on cumbersome periodic exchange of equal payments. It is not, however, the Rent Commencement Date and the first full payment intent of Monthly Landlord or Tenant to understate Base Rent shall be applied 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 for purposes of any financial reports that this Lease requires of Tenant from time to the installment of Monthly time, Tenant may report Base Rent which is payable for as if there had been no such reduction and as if the first full month immediately following Collateral from time to time required by the Rent Commencement DatePledge Agreement had been maintained in Accounts bearing interest at the Effective Rate.

Appears in 1 contract

Sources: Lease Agreement (3com Corp)

Base Rent. A. Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall equal the following amounts: *a period become due under this Lease (including, without limitation, any charges for replacement of nine (9) months electric lamps and ballasts and any other services, goods or materials furnished by Landlord at Tenant’s request), all of which hereinafter may be collectively called “Rent.” In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Base Rent to Landlord and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in equal advance in monthly installments ("Monthly Base Rent") in advance on of the first day of each calendar month during the TermLease Term and any extensions or renewals hereof, without notice, except that the first monthly installment of and Tenant hereby agrees to pay such Base Rent shall be paid upon execution of this Leaseand Additional Rent to Landlord without demand. If the Lease Commencement Date occurs Term commences on a date day other than the first day of a calendar month or terminates on a day other than the last day of a month, Tenant shall receive a credit equal to then the Monthly installments of Base Rent multiplied by the number of days in said calendar and Additional Rent for such month prior to the Lease Commencement Date and divided by or months shall be prorated, based on the number of days in such month. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, which credit nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other available remedy. The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be construed to be a waiver of Landlord’s right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied toward first to the installment earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of Monthly Base every other covenant set forth in this Lease. B. To the extent allowed by law, all installments of Rent next not paid when due hereunder. Notwithstanding shall bear interest at the foregoing, Landlord shall grant to Tenant a “rent holiday” Default Rate 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”)date due until paid. During such Free Rent PeriodIn addition, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 if Tenant fails to pay the first any 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 and Additional Rent coming due under this Lease), and (iii) in the event or any other item 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 when 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 hereunder, a “Late Charge” equal to five percent (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 (1/30th5%) of the Monthly Base Rent per day and shall such unpaid amount will be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied immediately by Tenant to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.Landlord,

Appears in 1 contract

Sources: Office Lease (Wageworks, Inc.)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments rent (herein called "Monthly Base Rent") in advance 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 Leased Property pursuant to the Purchase Agreement, any Base Rent for the month ending on the date of purchase and all outstanding Additional Rent 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 if the Construction Allowance available hereunder were not limited to the Maximum Construction Allowance, and (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 each calendar month during such Base Rental Period, times (B) the TermEffective Rate with respect to such Base Rental Period, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit 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 times (C) the number of days in such monthBase Rental Period, which credit shall be applied toward divided by (D) three hundred sixty (360). Assume, only for the installment purpose of Monthly illustration: that a hypothetical Base Rent next due hereunderRental 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%). Notwithstanding Under such assumptions, 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 Periodhypothetical Base Rental Period will equal: $300,000,000 x 6% x 30/360, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date$1,500,000.

Appears in 1 contract

Sources: Lease Agreement (Genentech Inc)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments rent (herein called "Monthly Base Rent") in advance 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 Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 12:00 noon (San Francisco time) on the date it becomes due; if received after 12:00 noon it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Base Rent Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for each Base Rent Period at least fifteen (15) days prior to the Base Rent Date on which such period ends. Any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment, but absent such notice Tenant shall not be in default for any underpayment resulting therefrom if Tenant, in good faith, reasonably estimates the payment required, makes a timely payment of the amount so estimated and corrects any underpayment within three (3) Business Days after being notified by Landlord of the underpayment. 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 purchase (or if the date of 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 due Landlord under the Purchase Agreement. Base Rent shall accrue for each day of the first Base Rent Period, and the total Base Rent for the first Base Rent Period shall equal the sum of Base Rent for all days during such period. The Base Rent accruing for each day during such period shall equal: (1) (A) $74,800,000, times (B) one minus the Collateral Percentage for the first Base Rent Period, times (C) the sum of (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 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 each calendar month during the Term, without notice, except that the first monthly installment of such Base Rent shall be paid upon execution of this Lease. If Period, times (B) one minus 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 Collateral Percentage for such Base Rent multiplied by Period, times (C) the number sum of days in said calendar month (i) the Effective Rate for such Base Rent Period and (ii) the Spread calculated on the tenth (10th) Business Day prior to the Lease Commencement Date and divided by day upon which such Base Rent Period commences, times (D) 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 divided by (such rental abatement being hereinafter referred to as the “Free Rent Allowance”E) three hundred sixty (360); provided, however, that PLUS (i2) 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, (iiA) 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 Stipulated Loss Value on the first day of a month, then Monthly 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 period commencing with and including the purpose of illustration: that a hypothetical Base Rent Commencement Date and ending on and including the day 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 following month shall be prorated 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%. 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 $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 rate Effective Rate. Landlord has agreed to such reduction in the Base Rent to provide Tenant with the economic equivalent of one-thirtieth (1/30th) interest on such Collateral, and in return Tenant has agreed to the provisions of the Monthly Pledge Agreement that excuse the actual payment of interest on the Accounts. By incorporating such reduction of Base Rent per day into the formulas above, and shall be due by providing for noninterest bearing Accounts in the Pledge Agreement, the parties will avoid an unnecessary and payable on cumbersome periodic exchange of equal payments. It is not, however, the Rent Commencement Date and the first full payment intent of Monthly Landlord or Tenant to understate Base Rent shall be applied 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 for purposes of any financial reports that this Lease requires of Tenant from time to the installment of Monthly time, Tenant may report Base Rent which is payable for as if there had been no such reduction and as if the first full month immediately following Collateral from time to time required by the Rent Commencement DatePledge Agreement had been maintained in Accounts bearing interest at the Effective Rate.

Appears in 1 contract

Sources: Lease Agreement (3com Corp)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance the amount set forth above. The Security Deposit shall be due and payable on the date hereof, and the first day of each calendar month during the Term, without notice, except that month's Base Rent and the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit 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 estimated Additional 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 the “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 Common Area Land shall be due and payable on the Rent Commencement Date and Date. Tenant promises to pay to Landlord in advance, without demand, deduction or set-off (except as expressly provided in this Lease), monthly installments of Base Rent on or before the first full payment day of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full each calendar month immediately following 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 from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce or set-off any rent due hereunder except as may be expressly provided in this Lease. 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 $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 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 and Tenant. If the measured square footage of the Building (as finally determined under this paragraph) is equal to or greater than 600,000 square feet, then the Lease shall not be amended or modified.

Appears in 1 contract

Sources: Lease Agreement (Barnesandnoble Com Inc)

Base Rent. Base Rent rent at the commencement of the applicable renewal term of this --------- lease shall equal be at the following amounts: *a fair market rental rate for the premises determined as of the date of commencement of the renewal period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of question. During each calendar month during the Termrenewal period, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If increased by four percent (4%) over the Lease Commencement Date occurs on a date other than previous year's base rent, and in determining the first day of a calendar monthfair market rental rate for the Premises for such option period, 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 increase shall be applied toward the installment of Monthly Base Rent next due hereundertaken into account. Notwithstanding the foregoing, Landlord shall grant to Tenant a “rent holiday” from the payment of the installments of Monthly Base Rent The fair market rental rate 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 established by written agreement of Landlord and Tenant on or before the one hundred and fiftieth (150th) day preceding the Expiration Date of the then-current Lease term. Absent such agreement, such fair market rental abatement being hereinafter referred rate shall be determined by arbitration as follows: Either party may commence the process by appointing an arbitrator who shall be a member of the Appraisers' Institute and shall not have been employed or engaged by either Landlord or Tenant during the three (3) year period preceding the date for which the fair market rental rate is to as be determined and shall have had at least ten (10) year's experience in leasing buildings similar to the “Free Rent Allowance”); providedBuilding in the geographic area of the Premises. Such commencing party shall promptly notify the other party of the identity of the arbitrator selected and shall instruct the other party to appoint an arbitrator and to notify the commencing party of the identity of such arbitrator within the ten (10) day period following the date of such other party's receipt of the commencing party's notice. Such arbitrator shall have the qualifications described above. The two arbitrators shall, howeverwithin thirty (30) days after both have been appointed, that (i) select a third similarly qualified arbitrator. The decision of any two of the Free Rent Period three arbitrators in writing shall be binding on both Landlord and Tenant. Should no two arbitrators be able to agree within 30 days after the appointment of the third arbitrator, the report of the arbitrators most favorable to Landlord and the granting report of the Free Rent Allowance as provided hereunder shall not affect the Lease Commencement Date pursuant arbitrators most favorable 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 both be disregarded and 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 report of the Free Rent Allowance shall immediately become due and payable and any remaining Free Rent Allowance hereunder arbitrator shall be of no force or effectbinding on both landlord and Tenant. If Fair market value must be determined to reflect the first day following the last day of the Free Rent Period (such date being hereinafter referred to as the “Rent Commencement Date”) fact that rent 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 adjusted at the rate of one-thirtieth four percent (1/30th4%) per year. Should either Landlord or Tenant fail to appoint an arbitrator within ten (10) days after receiving written notice from the other to do so, the arbitrator selected by the other party shall act for both and his decision in writing shall be binding upon both Landlord and ▇▇▇▇▇▇. The fair market rental value so established shall continue in effect during such renewal period. In no event will the rent for the renewal period be less than rent prior to the renewal. Each party shall bear the cost of the Monthly Base Rent per day and shall be due and payable on the Rent Commencement Date arbitrator it selects, and the first full payment two parties shall share equally the cost of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datethird arbitrator.

Appears in 1 contract

Sources: Lease Agreement (Pure Atria Corp)

Base Rent. Tenant shall pay an annual base rent (herein called "Base Rent") to Landlord for the Premises which Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord be payable in equal monthly installments ("herein called 'Monthly Base Rent") ), in advance on the first day of each calendar month during of the TermTerm in the amounts set forth in, without notice, except that and in accordance with the first monthly installment of Base Rent shall be paid upon execution of provisions of. Exhibit B. attached hereto and incorporated herein by this Leasereference thereto. If the Lease Commencement Date occurs Term shall begin on a any date other than except the first day, or shall end on any day except the last day of a calendar month, Base Rent shall be payable at a per diem rate based on the then current monthly payment. Base Rent, Additional Rent (as hereinafter defined), and all other amounts becoming due from Tenant to Landlord hereunder (herein collectively called the "Rent") shall be paid in lawful money of the United States to Landlord at the office of Landlord, or as otherwise designated from time to time by written notice from Landlord to Tenant. Concurrently with the execution hereof and at Landlord's request, 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, pay 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 full calendar month of the Lease Commencement Date (Term. Landlord may authorize Tenant to take possession of all or any part of the “Free Rent Period”)Premises prior to the beginning of the Term. During If Tenant does take possession pursuant to authority so given. all of the covenants and conditions of this lease shall apply to and shall control such Free Rent Period, the Monthly Base pre-Term occupancy. Rent for the entire Premises such pre-Term occupancy shall be abated (such rental abatement being hereinafter referred to as the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period paid upon occupancy 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 on the first day of each calendar month thereafter at the rate set forth in Sections 1 and 2 hereof, If the Premises are occupied for a fractional 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 on a per day and shall be due and payable on the Rent Commencement Date and the first full diem basis for such fractional month. The payment of Monthly Base Rent shall be applied to the installment hereunder is independent of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Dateeach and every oilier covenant and agreement contained in this lease.

Appears in 1 contract

Sources: Office Lease (Mypoints Com Inc)

Base Rent. A. Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall equal the following amounts: *a period become due under this Lease (including, without limitation, any charges for replacement of nine (9) months electric lamps and ballasts and any other services, goods or materials furnished by Landlord at Tenant’s request), all of which hereinafter may be collectively called “Rent.” In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Base Rent to Landlord and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in equal advance in monthly installments ("Monthly Base Rent") in advance on of the first day of each calendar month during the TermLease Term and any extensions or renewals hereof, without notice, except that the first monthly installment of and Tenant hereby agrees to pay such Base Rent shall be paid upon execution of this Leaseand Additional Rent to Landlord without demand. If the Lease Commencement Date occurs Term commences on a date day other than the first day of a calendar month or terminates on a day other than the last day of a month, Tenant shall receive a credit equal to then the Monthly installments of Base Rent multiplied by the number of days in said calendar and Additional Rent for such month prior to the Lease Commencement Date and divided by or months shall be prorated, based on the number of days in such month. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, which credit nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other available remedy. The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be construed to be a waiver of Landlord’s right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied toward first to the installment earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of Monthly Base every other covenant set forth in this Lease. B. To the extent allowed by law, all installments of Rent next not paid when due hereunder. Notwithstanding shall bear interest at the foregoing, Landlord shall grant to Tenant a “rent holiday” Default Rate from the payment of the installments of Monthly Base Rent for the first nine (9) months date immediately following the Lease Commencement Date (the “Free Rent Period”)end of any applicable grace and cure periods provided herein. During such Free Rent PeriodIn addition, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 if Tenant fails to pay the first any 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 and Additional Rent coming due under this Lease), and (iii) in or any other item of Rent by the event date immediately following the end of any termination of this Lease by Landlord based upon applicable grace and cure periods provided herein, 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 “Late Charge” equal to three percent (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 (1/30th3%) of the Monthly Base Rent per day and shall such unpaid amount will be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied immediately by Tenant to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLandlord.

Appears in 1 contract

Sources: Office Lease Agreement (Quest Resource Corp)

Base Rent. From and after the Rent Commencement Date, Tenant shall 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 shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") Schedule set forth below, in advance on or before the first (1st) day of each calendar and every month during the Term, without notice, any setoff or deduction whatsoever except that the first monthly installment of Base Rent shall be paid upon execution of as expressly set forth herein. As used in this Lease. If , the Lease term “Rent Commencement Date occurs on a Date” means the 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 that is nine (9) months following after the Lease 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 days. The period of time elapsing between the Commencement Date and the Rent Commencement Date is referred to as 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 “Free Rent PeriodFirst Adjustment Date”) and on each subsequent anniversary of the First Adjustment Date (each, an “Adjustment Date”). During such Free Rent Period, as set forth in the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred Schedule set forth below. The First Adjustment Date is anticipated to as the “Free Rent Allowance”); providedoccur on January 1, however, that (i) the Free Rent Period and the granting of the Free Rent Allowance as provided hereunder shall not affect the Lease 2018. Commencement Date pursuant to Section 2.A. hereof or Tenant’s obligation to pay the first installment 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 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 Abatement 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 is subject to as the “Rent Commencement Date”Paragraph 5(h) 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datebelow.

Appears in 1 contract

Sources: Lease Agreement (Neophotonics Corp)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent in the amount set forth on Page 1 of this Lease. The first month's Base Rent, the Final Month Gross Rent Deposit (the “Final Deposit”), and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant promises to pay to Landlord in equal advance, without demand, deduction or set-off (except as may be expressly provided in this Lease), monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during succeeding the TermCommencement Date. For clarification purposes, without notice, except that payment of the first month’s Base Rent payable on the date hereof shall be credited against the first full monthly installment of Base Rent due and payable under this Lease after the Commencement Date and free Base Rent period(s). Payments of Base Rent for any fractional calendar month shall be paid upon execution prorated. All payments required to be made by Tenant to Landlord hereunder (or to such other party as Landlord may from time to time specify in writing) shall be made by check or by Electronic Fund Transfer (“EFT”) of immediately available federal funds before 11:00 a.m., Eastern Time at such place, within the continental United States, as Landlord may from time to time designate to Tenant in writing. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of Operating Expenses beyond 5 business days after the Lease Commencement Date occurs on a due date other than the first day of a calendar monththereof, and after notice as provided below, Tenant shall receive pay to Landlord on demand a credit late charge equal to 5 percent of such delinquent sum. Tenant shall not be obligated to pay the Monthly Base Rent multiplied by the number of late charge until Landlord has given Tenant 5 business 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 written notice of the installments of Monthly Base Rent for delinquent payment (which may be given at any time during 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 the “Free Rent Allowance”delinquency); provided, however, that (i) the Free Rent Period and the granting of the Free Rent Allowance as provided hereunder such notice shall not affect the Lease Commencement Date pursuant be required more than once in any 12-month period. The provision for such late charge shall be in addition 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), Landlord's other rights and (iii) in the event of any termination of this Lease by Landlord based upon a Default remedies 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 law and shall not be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Dateconstrued as a penalty or as limiting Landlord's remedies in any manner.

Appears in 1 contract

Sources: Lease Agreement (Systemax Inc)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base to Landlord, at Landlord's Address for Payment of Rent designated in the Basic Lease Information, or at such other address as Landlord may from time to Landlord time designate in equal monthly installments ("Monthly writing to Tenant for the payment of Rent, the Base Rent") , without notice, demand, offset or deduction (except as otherwise provided herein), in advance advance, on the first day of each calendar month during the Term, without notice, except that Term commencing on the first monthly installment of Base Rent shall be paid upon Commencement Date. Upon the execution of this Lease, Tenant shall pay to Landlord the Base Rent due for the first full calendar month during the Term after the Rent Commencement Date and any abatement period. If the Lease Rent Commencement Date occurs on a date other than the first day of a calendar month or the Term ends on a date other than the last day of a month, Tenant Base Rent shall receive be prorated on the basis of a credit equal thirty (30) day month. [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 14 Notwithstanding anything to the Monthly Base Rent multiplied by contrary contained herein and provided that Tenant faithfully performs all of the number terms and conditions 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 foregoingthis Lease, Landlord shall grant hereby agrees to Tenant a “rent holiday” from the payment of the installments of Monthly aba▇▇ ▇▇nant's obligation to pay monthly Base Rent for the first nine (91st) months following full month of the initial Lease Commencement Date (the “Free Rent Period”)Term. During such Free Rent Periodabatement period, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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, still be responsible for the payment of all Additional Rent coming due of its other monetary obligations under this Lease), including Tenant's Percentage Share of Operating Expenses and (iii) in Real Estate Taxes. In the event of any termination a default by Tenant under the terms of this Lease by 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 based upon a Default hereunder by Tenant, shall be entitled to the then unamortized portion recovery of the monthly Base Rent which would have otherwise been due and payable hereunder during that was abated under the Free Rent Period in the absence provisions 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datethis Section 4.1.

Appears in 1 contract

Sources: Office Lease (Allos Therapeutics)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent in the amount set forth in the Basic Lease Provisions. The third month's Base Rent, 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 equal advance, without demand, deduction or set-off, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during succeeding the TermCommencement Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligation of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abate, without noticereduce, or set-off any rent due hereunder except that the first as may be ex▇▇▇▇▇ly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than 5 business days, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum. The provision for such late charge shall be paid upon execution in addition to all of Landlord's other rights and remedies hereunder or at law and shall not be construed as a penalty. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this LeaseLease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance or pursue any other available remedy. If the Lease Commencement Date occurs The acceptance by Landlord of an installment of Rent on a date other than after the first day due date 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 the “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 be construed to Section 2.A. hereof or Tenant’s obligation be a waiver of Landlord's right 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 declare a default for 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datelate payment.

Appears in 1 contract

Sources: Lease Agreement (Pods Inc)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9a) months Tenant shall pay Base Rent to Landlord during the Term of the Lease the Base Rent, without notice or demand, in equal the monthly installments ("Monthly Base Rent") specified in Section 1, in advance on the first day of each calendar month during of the Term, without notice, except that the . The first monthly month's installment of Base Rent shall be paid payable upon full execution of this Lease. If the Lease Commencement Date occurs on a date Term commences other than on 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 then 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 calendar month of the Lease Commencement Date (the “Free Rent Period”). During such Free Rent Period, the Monthly Base Rent for the entire Premises Term shall be abated (such rental abatement being hereinafter referred to as the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period adjusted proportionately 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 aforesaid first installment of Base Rent paid by Tenant upon the execution of this Lease shall be initially applied to the first partial month of the Term, and the balance to the next month. b) Base Rent, Additional Rent and all other sums payable by Tenant to Landlord hereunder shall be paid, without set-off or deduction, except as specifically provided abovebelow, (iiin lawful currency of the United States of America to Landlord at the address set forth in Section 1 hereof, or at such other address as Landlord may from time to time designate in writing to Tenant. c) Tenant shall remain obligated during hereby acknowledges that late payment by Tenant to Landlord of rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the Free Rent Period exact amount of which will be extremely difficult to perform all of Tenant’s obligations under this Lease except as expressly set forth above (includingascertain. Such costs include, but are not limited to, the payment of all Additional Rent coming due under this Lease)processing and accounting charges, and (iii) in the event late charges which may be imposed upon Landlord by terms of any termination mortgage or trust deed covering the Premises. Accordingly, if any installment of this Lease rent or any sum due from Tenant shall not be received by Landlord based upon or Landlord's designee within five (5) business days after said amount is due, then Tenant shall pay to Landlord a Default hereunder late charge of three (3%) percent of such overdue amount, plus reasonable attorney's fees and court costs, if any, incurred by Landlord by reason of Tenant's failure to pay rent and/or other charges when due hereunder. The parties hereby agree that such late charges represent a fair and reasonable estimate of the cost that Landlord will incur by reason of the late payment by Tenant. Acceptance of such late charges by the Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, the then unamortized portion of Base Rent which would have otherwise been due and payable hereunder during the Free Rent Period in the absence nor prevent Landlord from exercising any of the Free Rent Allowance shall immediately become due other rights 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Dateremedies granted hereunder.

Appears in 1 contract

Sources: Lease Agreement (Viropharma Inc)

Base Rent. A. Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall equal the following amounts: *a period become due under this Lease (including, without limitation, any charges for replacement of nine (9) months electric lamps and ballasts and any other services, goods or materials furnished by Landlord at Tenant's request), all of which hereinafter may be collectively called "RENT." In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Base Rent to Landlord and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in equal advance in monthly installments ("Monthly Base Rent") in advance on of the first day of each calendar month during the TermLease Term and any extensions or renewals hereof, without notice, except that the first monthly installment of and Tenant hereby agrees to pay such Base Rent shall be paid upon execution of this Leaseand Additional Rent to Landlord without demand. If the Lease Commencement Date occurs Term commences on a date day other than the first day of a calendar month or terminates on a day other than the last day of a month, Tenant shall receive a credit equal to then the Monthly installments of Base Rent multiplied by the number of days in said calendar and Additional Rent for such month prior to the Lease Commencement Date and divided by or months shall be prorated, based on the number of days in such month. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, which credit nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance or pursue any other available remedy. The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be construed to be a waiver of Landlord's right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied toward first to the installment earliest accrued and unpaid Rent then outstanding. Tenant's covenant to pay Rent shall be independent of Monthly Base every other covenant set forth in this Lease. B. To the extent allowed by law, all installments of Rent next not paid when due hereunder. Notwithstanding shall bear interest at the foregoing, Landlord shall grant to Tenant a “rent holiday” Default Rate 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”)date due until paid. During such Free Rent PeriodIn addition, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 if Tenant fails to pay the first any 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 and Additional Rent coming due under this Lease), and (iii) in the event or any other item 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 when 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 hereunder, a "LATE CHARGE" equal to five percent (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 (1/30th5%) of the Monthly Base Rent per day and shall such unpaid amount will be due and payable on the immediately by Tenant to Landlord. C. The Additional Rent Commencement Date and the first full payment of Monthly Base Rent payable hereunder shall be applied to adjusted from time-to-time in accordance with the installment provisions of Monthly Base Rent which is payable EXHIBIT D attached hereto and incorporated herein for the first full month immediately following the Rent Commencement Dateall purposes.

Appears in 1 contract

Sources: Short Term Lease Agreement (Intelliready Inc /Co/)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9a) months Tenant shall pay Base Rent in the amount set forth on the first page of this Lease. The fourth month’s Base Rent and the Security Deposit, shall be due and payable on the earlier of (i) date Tenant 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 equal advance, without demand, deduction or set-off, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during succeeding the TermCommencement Date. Payments of Base Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, without noticereduce, 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 first exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date Rent, estimated Operating Expenses or 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 the “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 sums due and payable hereunder during the Free Rent Period in the absence for more than five (5) days, Tenant shall pay to Landlord on demand a late charge equal to $5,000.00. The parties agree that such late charge represents a fair and reasonable estimate of the Free Rent Allowance shall immediately become due and payable and any remaining Free Rent Allowance hereunder 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 no force Landlord’s other rights and remedies hereunder or effectat 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. If Commencing on the first day following the last day of third month after following the Free Rent Period (such date being hereinafter referred to as the “Rent Commencement Date, Tenant shall make Base Rent payments as otherwise provided in the Lease. Notwithstanding such abatement of Base Rent (i) is a date all other than sums due under the first day of a monthLease, 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 Monthly 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 period commencing with and including the Rent Commencement Date and ending on and including the day prior to the first day full amount of the following month shall be prorated at the rate of one-thirtieth (1/30th) of the Monthly all Base Rent per day and shall be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Dateherein abated.

Appears in 1 contract

Sources: Lease Agreement (Intcomex Holdings, LLC)

Base Rent. For the period commencing on the Base Rent Commencement Date through June 13, 2012, an annual amount equal to $ 71,006,686, which amount shall equal increase by ten percent (10%) on June 14, 2012 and June 14, 2017, subject to reduction as hereinafter provided in connection with the following amounts: *termination of a period of nine (9) months Tenant shall pay Leased Property. Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") for each Fiscal Year shall be payable in advance in twelve (12) equal installments, on the first ninth (9th) day of each calendar month during 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, without noticea “Rental Period”), except provided that the first monthly installment and last payments of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs prorated as to any partial Rental Period, based 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 within the Lease Commencement Date Term during such Rental Period and divided by the number of days in such monthRental Period. Tenant hereby agrees to make any reasonable changes with respect to the definitions of “Rent Payment Date” or “Rental Period,” including, which credit shall without limitation, changing the Rent Payment Date and Rental Period, as may be applied toward the installment of Monthly Base Rent next due hereunderrequested in connection with any Landlord’s Debt. Notwithstanding the foregoing, Landlord Base Rent in respect of the period from and including the Commencement Date to but not including the Base Rent Commencement Date shall grant to Tenant a “rent holiday” from equal the First Rental Period Base Rent. The first Rent Payment Date shall be, and the first installment payment of the installments of Monthly Base Rent for the first nine (shall be payable on, July 9) months following the Lease Commencement Date , 2007 (the “Free Base Rent PeriodCommencement Date”). During such Free Rent Period, the Monthly Base Rent for the entire Premises which payment shall be abated (such rental abatement being hereinafter referred to as the “Free Rent Allowance”); provided, however, that include (i) the Free Rent First Rental 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, and (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 respect 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 Rental Period (such date being hereinafter referred to as the “Rent Commencement Date”) is a date other than the first day of a monthbeginning July 9, then Monthly Base Rent for the period commencing with and including the Rent Commencement Date 2007 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 Rent Commencement Date and the first full payment of Monthly August 8, 2007. Base Rent shall be applied to reduced by the installment of Monthly applicable Base Rent Reduction Amount applicable to any Leased Property with respect to which this Lease is payable for terminated on the first full month immediately following the Rent Commencement Dateapplicable Property Removal Date as provided in Section 1.8.

Appears in 1 contract

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

Base Rent. 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 Security Deposit shall equal be due and payable on delivery of an executed copy of this Lease to Landlord. Commencing on the following amounts: *a period of nine (9) months Base Rent Commencement Date, Tenant shall pay Base Rent to Landlord in equal advance, without demand, abatement, deduction or set-off, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during the TermTerm hereof, without noticein lawful money of the United States of America, except that at the first monthly installment 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. Building 1 (AOTC) / Kymera Therapeutics, Inc. - Page 6 Payments of Base Rent for any fractional calendar month shall be paid upon execution prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease. If In addition to the Lease Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, if Tenant so requests in 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 occurs and continuing thereafter on a date other than the first day of a calendar montheach month during the Base Term, Tenant shall receive 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 credit equal rate of 8% per annum over the Base Term, which interest shall begin to accrue on the Monthly Base Rent multiplied by Commencement Date. Any of the number Supplemental Tenant Improvement Allowance and applicable interest remaining unpaid as of days in said calendar month prior to the expiration or earlier termination of the Lease Commencement Date and divided by the number of days in such month, which credit shall be applied toward paid to Landlord in a lump sum at 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 the “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 expiration 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 earlier 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLease.

Appears in 1 contract

Sources: Lease Agreement (Kymera Therapeutics, Inc.)

Base Rent. A. Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall equal the following amounts: *a period become due under this Lease (including, without limitation, any charges for replacement of nine (9) months electric lamps and ballasts and any other services, goods or materials furnished by Landlord at Tenant’s request), all of which hereinafter may be collectively called “Rent.” In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Base Rent to Landlord and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in equal advance in monthly installments ("Monthly Base Rent") in advance on of the first day of each calendar month during the TermLease Term and any extensions or renewals hereof, without notice, except that the first monthly installment of and Tenant hereby agrees to pay such Base Rent shall be paid upon execution of this Leaseand Additional Rent to Landlord without demand. If the Lease Commencement Date occurs Term commences on a date day other than the first day of a calendar month or terminates on a day other than the last day of a month, Tenant shall receive a credit equal to then the Monthly installments of Base Rent multiplied by the number of days in said calendar and Additional Rent for such month prior to the Lease Commencement Date and divided by or months shall be prorated, based on the number of days in such month. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, which credit nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance or pursue any other available remedy. The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be construed to be a waiver of Landlord's right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied toward first to the installment earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of Monthly Base every other covenant set forth in this Lease. B. To the extent allowed by law, all installments of Rent next not paid when due hereunder. Notwithstanding shall bear interest at the foregoing, Landlord shall grant to Tenant a “rent holiday” Default Rate 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”)date due until paid. During such Free Rent PeriodIn addition, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 if Tenant fails to pay the first any 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 and Additional Rent coming due under this Lease), and (iii) in the event or any other item 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 when 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 hereunder, a “Late Charge” equal to five percent (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 (1/30th5%) of the Monthly Base Rent per day and shall such unpaid amount will be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied immediately by Tenant to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLandlord.

Appears in 1 contract

Sources: Office Lease

Base Rent. Base Rent shall equal (a) During the following amounts: *a period of nine (9) months Original Lease Term and the Renewal Term, if applicable, Tenant shall pay Base Rent to Landlord in equal monthly installments annual fixed rent (the "Monthly Annual Base Rent") in advance an amount equal to the Fair Market Rent (as hereinafter defined) as of the date (the "Rent Appraisal Date") which is not less than sixty (60) days prior to (i) the Commencement Date, with respect to the first five (5) years of the Original Lease Term or the entire six (6) years of the Original Lease Term if Tenant exercises its early Lease termination right in accordance with Section 2.2.A. of this Lease, (ii) the commencement of the sixth (6th) Lease Year, with respect to the remainder of the Original Lease Term if Tenant does not exercise its early Lease termination right in accordance with Section 2.2.A. of this Lease, and (iii) the commencement of the Renewal Term, with respect to the Renewal Term. The Annual Base Rent shall be payable in monthly installments, in advance, on the first day of each and every calendar month during the Lease Term and the Renewal Term, if applicable, without noticenotice or demand and without any set-off, except that abatement or deduction whatsoever, at the office of Landlord stated in Section 1, or at such other place as Landlord may designate from time to time in writing. The first monthly installment of Annual Base Rent shall be due and payable at the time of the execution of this Lease. Such first monthly installment of Annual Base Rent shall be in the amount due for the first month of the Original Lease Term. The first monthly installment of Annual Base Rent shall be credited by Landlord against the first monthly installment of Annual Base Rent shall be paid upon execution of this Leasedue during the Lease Term. If the Lease Commencement Date occurs Term shall commence on a date day other than the first day of a calendar month, Tenant or shall receive end on other than the last day of a credit equal to calendar month, then the Monthly monthly installment of Annual Base Rent multiplied by the number of days in said calendar due for such partial month prior to the Lease Commencement Date and divided by the number of days in such month, which credit shall be applied toward pro-rated. (b) For the installment purposes of Monthly Base Rent next due hereunder. Notwithstanding this Article, the foregoingterm "Fair Market Rent" shall mean the then annual fair market rental rate that would be paid by a willing tenant, Landlord shall grant not compelled to Tenant lease, and accepted by a “rent holiday” from willing landlord, not compelled to lease, for the payment Demised Premises as of the installments pertinent date, considering (a) that Additional Rent shall continue to be payable during the 10-year period of Monthly Base Rent for the first nine Original Lease Term or the 5-year period of the Renewal Term, as applicable, without any changes in this Lease relating to Additional Rent, (9b) months following the Lease Commencement Date age and quality of the Building as of such date, (c) the “Free Rent Period”). During length of the applicable Term, and (d) such Free Rent Period, the Monthly Base Rent for the entire Premises other factors that Landlord and Tenant reasonably agree shall be abated relevant at the applicable date. Fair Market Rent shall be determined by mutual agreement between Landlord and Tenant (such rental abatement being hereinafter referred based upon the above factors) and shall be set forth in a writing to as the “Free Rent Allowance”)be executed by Landlord and Tenant; provided, however, that (i) the Free Rent Period and the granting failure of the Free Rent Allowance as provided hereunder either party to execute such writing shall not affect the Lease Commencement Date pursuant to Section 2.A. hereof or Tenant’s obligation to pay the first installment determination 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateFair Market Rent.

Appears in 1 contract

Sources: Lease (Ha Lo Industries Inc)

Base Rent. 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 Security Deposit shall equal be due and payable on delivery of an executed copy of this Lease to Landlord. Commencing on the following amounts: *a period of nine (9) months Base Rent Commencement Date, Tenant shall pay Base Rent to Landlord in equal advance, without demand, abatement, deduction or set-off, monthly installments ("Monthly of Base Rent") in advance Rent on or before the first day of each calendar month during the TermTerm hereof, without noticein lawful money of the United States of America, except that at the first monthly installment office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments of Base Rent for any fractional calendar month shall be paid upon execution prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease. If In addition to the Lease Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, if Tenant so requests 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 occurs and continuing thereafter on a date other than the first day of a calendar montheach month during the Base Term, Tenant shall receive 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 credit equal to rate of 8% per annum over 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 monthTerm, which credit interest shall be applied toward begin to accrue on the installment of Monthly Base Rent next due hereunderCommencement Date. Notwithstanding the foregoing, Landlord shall grant to Tenant a “rent holiday” from the payment Any 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 Supplemental Tenant Improvement Allowance and applicable interest remaining unpaid as the “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 expiration 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 earlier 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 paid to as the “Rent Commencement Date”) is Landlord in 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 lump sum at the rate expiration or earlier termination of one-thirtieth (1/30th) of the Monthly Base Rent per day and shall be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Datethis Lease.

Appears in 1 contract

Sources: Lease Agreement (Werewolf Therapeutics, Inc.)

Base Rent. Base Rent shall equal (a) During the following amounts: *a period of nine (9) months Original Lease Term and each Renewal Term, if applicable, Tenant shall pay Base Rent to Landlord in equal monthly installments annual fixed rent (the "Monthly Annual Base Rent") in advance an amount equal to the Fair Market Rent (as hereinafter defined) as of the date (the "Rent Appraisal Date") which is not less than sixty (60) days prior to (i) the Commencement Date, with respect to the Original Lease Term, (ii) the commencement of the First Renewal Term, with respect to the First Renewal Term, and (iii) the commencement of the Second Renewal Term, with respect to the Second Renewal Term. The Annual Base Rent shall be payable in monthly installments, in advance, on the first day of each and every calendar month during the Lease Term and each Renewal Term, if applicable, without noticenotice or demand and without any set-off, except that abatement or deduction whatsoever, at the office of Landlord stated in Section 1, or at such other place as Landlord may designate from time to time in writing. The first monthly installment of Annual Base Rent shall be due and payable at the time of the execution of this Lease. Such first monthly installment of Annual Base Rent shall be in the amount due for the first month of the Original Lease Term. The first monthly installment of Annual Base Rent shall be credited by Landlord against the first monthly installment of Annual Base Rent shall be paid upon execution of this Leasedue during the Lease Term. If the Lease Commencement Date occurs Term shall commence on a date day other than the first day of a calendar month, Tenant or shall receive end on other than the last day of a credit equal to calendar month, then the Monthly monthly installment of Annual Base Rent multiplied by the number of days in said calendar due for such partial month prior to the Lease Commencement Date and divided by the number of days in such month, which credit shall be applied toward pro-rated. (b) For the installment purposes of Monthly Base Rent next due hereunder. Notwithstanding this Article, the foregoingterm "Fair Market Rent" shall mean the then annual fair market rental rate that would be paid by a willing tenant, Landlord shall grant not compelled to Tenant lease, and accepted by a “rent holiday” from willing landlord, not compelled to lease, for the payment Demised Premises as of the installments pertinent date, considering (a) that Additional Rent shall continue to be payable during each 5-year period of Monthly Base Rent for the first nine Term without any changes in this Lease relating to Additional Rent, (9b) months following the Lease Commencement Date age and quality of the Building as of such date, (c) the “Free Rent Period”). During length of the applicable Term, and (d) such Free Rent Period, the Monthly Base Rent for the entire Premises other factors that Landlord and Tenant reasonably agree shall be abated relevant at the applicable date. Fair Market Rent shall be determined by mutual agreement between Landlord and Tenant (such rental abatement being hereinafter referred based upon the above factors) and shall be set forth in a writing to as the “Free Rent Allowance”)be executed by Landlord and Tenant; provided, however, that (i) the Free Rent Period and the granting failure of the Free Rent Allowance as provided hereunder either party to execute such writing shall not affect the Lease Commencement Date pursuant to Section 2.A. hereof or Tenant’s obligation to pay the first installment determination 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateFair Market Rent.

Appears in 1 contract

Sources: Real Property Put and Option Agreement (Ha Lo Industries Inc)

Base Rent. Base Rent shall equal 4.1 From and after the following amounts: *a period of nine (9) months Lease Commencement Date, Tenant shall pay the Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during a Lease Year. 4.2 Notwithstanding the Termforegoing, without noticeprovided no Event of Default by Tenant has occurred under this Lease, except that Landlord grants to Tenant an abatement of the Base Rent otherwise payable hereunder for the first one and one-half (11⁄2) calendar months of the Lease Term (the “Abatement Period”). Concurrently with ▇▇▇▇▇▇’s execution of this Lease, Tenant shall pay an amount equal to one (1) monthly installment of the Base Rent payable during the first Lease Year, which amount shall be credited toward the monthly installment of Base Rent shall be paid upon execution payable for the first full calendar month of this Leasethe Lease Term following the expiration of the Abatement Period. 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 the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting of the Free Rent Allowance as provided hereunder shall is 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 the Base Rent for from the period commencing with and including the Rent Lease Commencement Date and ending on and including the day prior to until the first day of the following month shall be prorated on a per diem basis at the rate of one-one thirtieth (1/30th) of the Monthly monthly installment of the Base Rent per day 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 sums payable by Tenant under this Lease shall be paid to Landlord 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 designate in writing. ▇▇▇▇▇▇▇▇’s acceptance of rent after it shall have become due and payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord’s rights hereunder. If any sum payable by Tenant under this Lease is paid by check which is returned due to insufficient funds, stop payment order, or otherwise, then: (a) such event shall be treated as a failure to pay such sum when due; and (b) in addition to all other rights and remedies 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 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 Rent Commencement Date and net income or profits derived by any person or entity from the first full 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 of Monthly Base Rent 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 applied to construed as permitting 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 installment provisions of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateArticle VII.

Appears in 1 contract

Sources: Office Lease Agreement (Bicara Therapeutics Inc.)

Base Rent. (a) Subtenant shall pay to Sublandlord base rental (“Base Rent”) for the Subleased Premises as follows: Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord be due and payable in equal monthly installments ("Monthly Base Rent") installments. Each such installment shall be due and payable in advance on the first day of each calendar month during of the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Leaseterm hereof. If the Lease Commencement Date occurs term of this Sublease commences on a date day other than the first day of a calendar month, Tenant shall receive month or ends on 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 the “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 last 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 such month shall be prorated; prorated at the rate of one-thirtieth (1/30th) Base Rent for any such partial first month of the Monthly Base Rent per day and term hereof shall be due and payable paid on the Rent Commencement Date and date on which the first full payment term commences. Concurrently with its execution of Monthly Base Rent this Sublease, Subtenant shall be applied pay to Sublandlord the installment of Monthly Base Rent which is payable due for the first full calendar month immediately within the term of this Sublease following the abatement period described in Section 3(c) below that falls within the first (1st) Sublease Year. (b) All Base Rent and additional rent shall be paid without any notice, setoff or deduction whatsoever, and shall be paid to Sublandlord at its address set forth in Section 15 below or at such other place as Sublandlord may designate by notice to Subtenant. (c) Notwithstanding anything to the contrary set forth above, so long as Subtenant is not in default hereunder beyond any applicable notice and cure period, Base Rent payable by Subtenant to Sublandlord as provided above shall be abated with respect to (i) the first two (2) full calendar months following the Commencement Date, and (ii) the first two (2) calendar months of each of the second (2nd) through the fifth (5th) Sublease Year (collectively, the “Abated Rent”). If Subtenant shall fail to timely make any payments due hereunder more than two (2) times in any twelve (12) month period, then, in addition to any other remedies available to Sublandlord, Subtenant shall not be entitled to any Abated Rent from and after such second payment default. (d) Sublandlord and Subtenant stipulate that the rentable square footage of the Subleased Premises shall be 6,300 for all purposes of this Sublease and, notwithstanding any provision of the Prime Lease to the contrary, shall not be subject to remeasurement.

Appears in 1 contract

Sources: Sublease Agreement (Capitalsource Inc)

Base Rent. A. Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall equal the following amounts: *a period become due under this Lease (including, without limitation, any charges for replacement of nine (9) months electric lamps and ballasts and any other services, goods or materials furnished by Landlord at Tenant’s request which are not otherwise included in Additional Rent), all of which hereinafter may be collectively called “Rent.” In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority upon Rent paid hereunder by Tenant, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. B. The Base Rent to Landlord and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in equal advance in monthly installments ("Monthly Base Rent") in advance on of the first day of each calendar month during the TermLease Term and any extensions or renewals hereof, without notice, except that the first monthly installment of and Tenant hereby agrees to pay such Base Rent shall be paid upon execution of this Leaseand Additional Rent to Landlord without demand. If the Lease Commencement Date occurs Term commences on a date day other than the first day of a calendar month or terminates on a day other than the last day of a month, Tenant shall receive a credit equal to then the Monthly installments of Base Rent multiplied by the number of days in said calendar and Additional Rent for such month prior to the Lease Commencement Date and divided by or months shall be prorated, based on the number of days in such month. C. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, which credit nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other available remedy. The acceptance by Landlord of an installment of Rent on a date after the due date of such payment shall not be construed to be a waiver of Landlord’s right to declare a default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied toward first to the installment earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of Monthly Base every other covenant set forth in this Lease. D. To the extent allowed by law, all installments of Rent next not paid when due hereunder. Notwithstanding shall bear interest at the foregoing, Landlord shall grant to Tenant a “rent holiday” Default Rate 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”)date due until paid. During such Free Rent PeriodIn addition, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “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 if Tenant fails to pay the first any 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 and Additional Rent coming due under this Lease), and (iii) in the event or any other item 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 within 10 days after 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 hereunder, a “Late Charge” equal to five percent (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 (1/30th5%) of the Monthly Base Rent per day and shall such unpaid amount will be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied immediately by Tenant to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLandlord.

Appears in 1 contract

Sources: Office Lease Agreement (Outdoor Channel Holdings Inc)

Base Rent. “Annual Base Rent Rent” shall equal be calculated based on the following amounts: *a period product of nine (9) months 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 to Landlord in accordance with the above table, payable in equal monthly installments ("Monthly Base Rent") also set forth in advance the table above), in advance, without notice or demand and without setoff or deduction, beginning on the Commencement Date and continuing on the first (1st) day of each calendar month thereafter during the Lease Term; provided however, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease, Tenant shall pay to Landlord an amount equal to Three Hundred One Thousand Four Hundred Eighty and 96/100 Dollars ($301,480.96) to be held by Landlord and applied toward the first six (6) monthly installments of Annual Base Rent due during the Lease Term and, pending the application of such monthly installments to Annual Base Rent, such installment shall be deemed to be a security deposit under this Lease and may be held by Landlord as security for Tenant’s obligations under this Lease. If the Lease Commencement Date occurs on a date shall be other than the first (1st) day of a calendar month, Tenant shall receive a credit equal to then 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 prorated monthly 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 Annual 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 partial calendar month shall be abated (such rental abatement being hereinafter referred to as paid directly by Tenant on the “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 Date. Except as expressly set forth above (includingprovided otherwise, but not limited toAnnual Base Rent, the payment of all Additional Rent coming due under this Lease(as defined herein), and (iii) in the event monthly installments 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 Rent Commencement Date and the first full payment of Monthly Annual Base Rent shall be applied collectively referred to the installment as “Rent” throughout this Lease. Tenant acknowledges that Landlord does not invoice for Annual Base Rent, and Tenant 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 establish an automatic debit arrangement in order to electronically pay all installments of Monthly Annual Base Rent which is payable for on or before the first full month immediately following the Rent Commencement Datedue date. Tenant shall provide written bank confirmation of such debit arrangement upon request y Landlord.

Appears in 1 contract

Sources: Lease Agreement (NeuBase Therapeutics, Inc.)

Base Rent. The Base Rent effective as of the Relocation Date shall equal the following amountsbe: *a Provided that Tenant is not in default of the Lease beyond any applicable grace period of nine (9) months at any time during the abatement period, Tenant shall pay have a Rent credit in the amount of the Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on owed for the first day of each three full calendar month during months following the TermRelocation Date, without notice, except that which credit shall be applied to the first monthly installment installments of Base Rent shall be paid upon execution of this Leasedue for those months. If Accordingly, if the Lease Commencement Relocation Date occurs on a date day other than the first day of a calendar the 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 prorated Rent for the first nine (9) months 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 of the Lease Term following the Lease Commencement Relocation Date (and shall expire on 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 the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting last day of the Free Rent Allowance as provided hereunder shall not affect third full calendar month of the Lease Commencement Date pursuant to Section 2.A. hereof or Tenant’s obligation to pay Term following the first installment of Base Rent upon execution of this Lease as provided above, (ii) Relocation Date. Tenant shall remain obligated liable for all additional rent owed under the Lease during the Free Rent Period to perform all of Tenant’s obligations under this Lease except as expressly set forth above (includingrent abatement period, such as, but not limited to, the payment Tenant’s Allocated Share 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 Operating Costs. The abatement of Base Rent which would have otherwise been due provided for herein (“Free Rent”) is conditioned upon Tenant’s full and payable hereunder timely performance of all of its obligations under the Lease. At any time during the Free Lease Term, if Tenant is in default under the Lease beyond any applicable grace period provided therefor, then the abatement of Base Rent Period in the absence of the Free Rent Allowance provided for herein shall immediately become void, and Tenant shall promptly pay to Landlord, in addition to all other amounts due and payable and any remaining Free Rent Allowance hereunder shall be to Landlord under the Lease, the full amount 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 all 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 herein abated. Base Rent per day and shall be due and payable on the Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Dateamounts do not include applicable sales tax.

Appears in 1 contract

Sources: Lease Agreement (FlexShopper, Inc.)

Base Rent. a) Commencing on the date (the “Rent Commencement Date”) shown under Item 5 of the BLI Rider through the end of the Lease Term, Tenant will pay to Landlord as the base rent for the Leased Premises (“Base Rent”) the amounts set forth in Item 5 of the BLI Rider (as adjusted each year commencing with the first (1st) anniversary of the Rent Commencement Date pursuant to the provisions of the BLI Rider). Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") be payable in advance on the first day of each the calendar month during in equal monthly installments of the Termamount set forth in Item 5 of the BLI Rider. Such rent shall be payable without any offset, without noticedemand, except that defense or deduction whatsoever, in lawful money of the first monthly installment United States of America, by wire transfer to Landlord’s account in accordance with the wiring instructions attached hereto as Exhibit “H”, or elsewhere as designated from time to time by Landlord's written notice to Tenant, unless allowed by a court of law. Base Rent shall be paid upon execution due for any partial month of this Lease. If occupancy at the beginning or end of the Lease Commencement Date occurs Term will be prorated, such proration to be based 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 actual number of days in said calendar month prior the partial month. b) If any monthly payment of Base Rent remains unpaid for five (5) business days after its due date, then Tenant shall pay to Landlord a late charge in an amount equal to five percent (5%) of the Lease Commencement Date delinquent payment to compensate Landlord for the additional administrative expense and divided by the number inconvenience of days in handling such monthlate payments, which credit late charge 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 within ten (910) 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 the “Free Rent Allowance”)days after written demand therefor by Landlord; provided, however, that (i) for the Free first late payment of Base Rent Period and the granting in any calendar year, no late charge shall be due from Tenant unless Landlord has given Tenant written notice of the Free Rent Allowance as provided hereunder unpaid Base Rent, and Tenant shall not affect the Lease Commencement Date pursuant to Section 2.A. hereof or Tenant’s obligation fail to pay the first such overdue Base Rent within three (3) business days thereafter. If Tenant pays any installment of Base Rent upon execution or any other sum by check to Landlord, then Tenant shall pay to Landlord, on demand, a processing and administrative fee of One Hundred and No/100 Dollars ($100.00) per returned check. Provided, however, this provision shall not be construed as requiring Landlord to accept any late payment of Rent or as a waiver of any of Landlord's rights or remedies by virtue of Tenant not making timely payment of Rent hereunder, and Landlord's acceptance of late Rent and such late charge 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 as provided aboveand pursuing all remedies available to it arising from such default, (iiunless such late payment was made by Tenant during the applicable cure period. c) Tenant shall remain obligated during pay Landlord interest on any Rent which remains unpaid for thirty (30) days after its due date at a rate equal to the Free lesser of twelve percent (12%) per annum or the maximum lawful rate (the “Default Rate”), which interest shall accrue from the date such Rent Period became due and payable to perform all the date of the payment thereof by Tenant’s obligations . This provision shall not be construed as requiring Landlord to accept any late payment of Rent or as a waiver of any of Landlord's rights or remedies by virtue of Tenant not making timely payment of Rent hereunder, and Landlord's acceptance of late Rent and such interest shall not be construed as constituting a waiver by Landlord of any rights or remedies available to it in the event that Rent is not timely paid by Tenant on any one or more future occasions, including declaring Tenant in default under this Lease except as expressly set forth above (includingand pursuing all remedies available to it arising for such default, but not limited tounless such late payment was made by Tenant during the applicable cure period. d) For all purposes of this Lease, the payment of term “Rent” shall include all Base Rent (as adjusted and increased from time to time), charges or impositions thereon, Additional Rent coming (as hereinafter defined) and all other payments 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 or which would have otherwise been due and payable hereunder during the Free Rent Period in the absence of the Free Rent Allowance shall immediately may 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 from Tenant 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateLandlord hereunder.

Appears in 1 contract

Sources: Office Lease Agreement (Lumber Liquidators Holdings, Inc.)

Base Rent. Tenant shall continue paying Base Rent shall equal with respect to the following amounts: *a period of nine (9) months Original Premises, Expansion Premises and Second Expansion Premises as set forth in Exhibit A to the Fifth Amendment through December 31, 2025. Notwithstanding anything to the contrary contained in the Lease, on the Sixth Amendment Adjustment Date, Tenant shall pay commence paying Base Rent with respect to Landlord the entire Premises in equal monthly installments the amount of $39.00 per rentable square foot of the Premises per year. Base Rent with respect to the entire Premises shall thereafter be increased on each annual anniversary of the Sixth Amendment Adjustment Date ("Monthly each, a “Sixth Amendment Rent Adjustment Date”) by multiplying the Base Rent payable immediately before such Sixth Amendment Rent Adjustment Date by 3% (the “Sixth Amendment Rent Adjustment Percentage”) and adding the resulting amount to the Base Rent payable immediately before such Sixth Amendment Rent Adjustment Date. Base Rent") , as so adjusted, shall thereafter be due as provided herein. Notwithstanding anything to the contrary contained herein, so long as Tenant is not in advance on Default under the first day of each calendar month during the TermLease, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit 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 the “Free Rent Allowance”); provided, however, that during (i) the Free Rent Period and period commencing on January 1, 2026, through March 31, 2026 (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 “Initial 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 LeaseAbatement Period”), and (iiiii) in the event of any termination of this Lease by Landlord based upon a Default hereunder by Tenantperiod commencing on January 1, 2027, through March 31, 2027 (the “Subsequent Base Rent Abatement Period”; with the Initial Base Rent Abatement Period, collectively, the then unamortized portion of Base Rent which Abatement Periods”). Tenant shall commence paying full Base Rent on the day immediately following the expiration of the Initial Base Rent Abatement Period and the Subsequent Base Rent Abatement Period, as applicable. For the avoidance of doubt, during the Base Rent Abatement Periods, Tenant shall be required to pay administration rent each month equal to the amount of the administration rent that Tenant would have otherwise been due and payable hereunder during the Free Rent Period required to pay 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 there 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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement DateAbatement Periods.

Appears in 1 contract

Sources: Lease Agreement (Humacyte, Inc.)

Base Rent. Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments rent (herein called "Monthly Base Rent") in advance 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 Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 12:00 noon (San Francisco time) on the date it becomes due; if received after 12:00 noon it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Base Rent Period (or portion thereof) ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for each Base Rent Period at least fifteen (15) days prior to the Base Rent Date on which such period ends. Any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment, but absent such notice Tenant shall not be in default for any underpayment resulting therefrom if Tenant, in good faith, reasonably estimates the payment required, makes a timely payment of the amount so estimated and corrects any underpayment within three (3) Business Days after being notified by Landlord of the underpayment. For all Base Rent Periods subject to a LIBOR Period Election of one month, two months or three months, Base Rent shall be due in one installment on the Base Rent Date upon which the Base Rent Period ends. For Base Rent Periods subject to a LIBOR Period Election of six months, Base Rent shall be payable in two installments, with the first installment becoming due on the Base Rent Date that occurs on the first Business Day of the third calendar month following the commencement of such Base Rent Period, and 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 the Property pursuant to 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 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 each calendar month during the Term, without notice, except that the first monthly installment of such Base Rent shall be paid upon execution Period, times (B) one minus the sum of this Lease. If the Lease Commencement Date occurs on a date other than the first day Certificate of a calendar month, Tenant shall receive a credit equal to the Monthly Deposit Collateral Percentage for such Base Rent multiplied by Period and the number Securities Collateral Percentage for such Base Rent Period, times (C) the sum of days in said calendar month (i) the Effective Rate for such Base Rent Period and (ii) the Spread calculated on the tenth (10th) Business Day prior to the Lease Commencement Date and divided by day upon which such Base Rent Period commences, times (D) the number of days in such month, which credit shall be applied toward the installment of Monthly Base Rent next due hereunderPeriod, 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). Notwithstanding To ease the foregoingadministrative 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 shall grant has agreed to such reduction in the Base Rent to provide Tenant a “rent holiday” from 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 installments Accounts. By incorporating such reduction of Monthly Base Rent into the formula above, and by providing for noninterest bearing Accounts in the Pledge Agreement, the parties will avoid an unnecessary and cumbersome periodic exchange of equal payments. It is not, however, the intent of Landlord or Tenant to understate Base Rent or interest for financial reporting purposes. Accordingly, for purposes of determining Tenant's compliance with the affirmative financial covenants set forth in subparagraph 9.(ac), and for purposes of any financial reports that this Lease requires of Tenant from time to time, Tenant may report Base Rent as if there had been no such 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, only for the purpose of illustration of the calculation of Base Rent: that after the Carrying Costs Accrual Termination Date, a hypothetical Base Rent Period contains exactly ninety (90) days; that, after taking into account all Qualified Payments, the Stipulated Loss Value on the first day of such Base Rent Period is $50,000,000; that the Certificate of Deposit Collateral Percentage for such Base Rent Period is twenty percent (20%); 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 first nine (9) months following the Lease Commencement Date (the “Free Rent Period”). During such Free Rent Period, the Monthly hypothetical Base Rent for the entire Premises shall be abated Period will equal: $50,000,000 x 50% x (such rental abatement being hereinafter referred to as the “Free Rent Allowance”); provided5.5% + 0.5%) x 90/360, howeveror $375,000, that PLUS $50,000,000 x 20% x .225% x 90/360, or $5,625, PLUS $50,000,000 x 30% x (i5.5% + .225%) 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 x 90/360, or Tenant’s obligation to pay the first installment of Base Rent upon execution of this Lease as provided above$214,687.5, (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 Rent Commencement Date and the first full payment of Monthly Base Rent shall be applied to the installment of Monthly Base Rent which is payable for the first full month immediately following the Rent Commencement Date.= $595,312.5

Appears in 1 contract

Sources: Lease Agreement (3com Corp)