Common use of Base Rental Clause in Contracts

Base Rental. 4.1 Section 2.02 of the Original Lease is amended to change the Base Rental to the amounts as follows: Subject to any Base Rental adjustments as set forth herein, Tenant hereby agrees to pay to Landlord a Base Rental per square foot, per year, payable in monthly installments, for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within the Leased Premises that Tenant is not using ("unused space"),the Base Rental for such space shall be suspended ("Base Rental Abatement") for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area of unused space multiplied by the per square foot Base Rent applicable to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement and the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein.

Appears in 1 contract

Sources: Lease Agreement (Acap Corp)

Base Rental. 4.1 Section 2.02 of the Original Lease is amended to change the Base Rental to the amounts as follows: Subject to any Base adjustments in accordance with Article 7 below, from and after the Rental adjustments as set forth herein, Commencement Date Tenant hereby agrees to shall pay to Landlord a base annual rental (herein called “Base Rental”) equal to the Base Rental Rate set forth in Article 16) above multiplied by the Rentable Floor Area of Demised Premises set forth in Article l (g) above; provided, however, as a rental concession granted by Landlord in order .to accommodate Tenant’s orderly growth in the Demised Premises, solely with respect to 50,797 square feet of Rentable Floor Area of the Demised Premises, Tenant shall pay Base Rental calculated at the annual rate of $[**] per square foot (instead of the annual rate of $[**] per square foot, per year, payable in monthly installments, ) for the Leased Premises as per period commencing on the following schedule: Rental Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect and continuing until the date which is nine (9) months after the Rental Commencement Date (the “Inducement Period”). The location of such 50,797 square feet of Rentable Floor Area of the Demised Premises shall be designated by Tenant in writing prior to any space within the Leased Premises that Tenant is not using ("unused space"),the Rental Commencement Date and may be comprised of two or more separate, non-contiguous areas of the Demised Premises. Such reduction in Base Rental for such space the Inducement’ Period shall be suspended ("Base Rental Abatement") for any day that applicable only if Tenant is does not using commence to occupy such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of 50,797 square feet of Rentable Floor Area for business operations during the Inducement Period, and in the event that Tenant does occupy any portion of such Net 50,797 square feet of Rentable Floor Area for business operations during the Inducement Period, then full Base Rental (calculated at the annual rate of unused space multiplied by the $[**] per square foot Base Rent applicable foot) shall commence only with respect to the Leased Premises at portion of such space occupied for business operations as and when such space is so occupied. The aforesaid reduction in Base Rental for the time in question, pro-rated per diem. Inducement Period shall be effective only if no monetary or material event of default by Tenant shall designate occur prior to or during the unused area Inducement Period, and if any such monetary or material event of space default shall occur prior to or during the Inducement Period, all Base Rental which would have become due and payable by providing a written notice Tenant to Landlord but for the reduction in Base Rental set forth in the foregoing proviso shall become immediately due and payable by Tenant to Landlord, specifying therein and the applicable number of square feet, the applicable amount of aforesaid reduction in Base Rental Abatement and shall be inapplicable for the date on which remaining portion of the non-use commencedInducement Period. SimilarlyAs an example to illustrate the calculation of monthly Base Rental during the Inducement Period, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space assuming that Tenant is returning does not commence to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use occupy any portion of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of 50,797 square feet of unused space existing from time Rentable Floor Area for business operations during the Inducement Period and that no monetary or material event of default by Tenant shall occur prior to time or during the Inducement Period, the monthly Base Rental during the Inducement Period shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month [**] calculated as follows: (60,000 SF x $[**] - 12) + (50,797 SF x [**] ÷ 12) = $[**]. [**] The asterisks denote that confidential portions of this exhibit have been omitted in final settlement reliance on Rule 24b-2 of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence Securities and Exchange Act of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 20021934. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed confidential portions have been submitted separately to the calendar year 2002. Landlord agrees to be diligent Securities and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth thereinExchange Commission.

Appears in 1 contract

Sources: Lease Agreement (Internap Network Services Corp)

Base Rental. 4.1 Section 2.02 of the Original Lease is amended to change the Base Rental to the amounts as follows: Subject to any Base Rental adjustments as set forth herein, Tenant hereby agrees to pay to Landlord a Base Rental Landlord, as base rental hereunder, ----------- one hundred and eighty (180) consecutive monthly payments of $42,218.57, together with any tax imposed by the State of Florida on rentals, commencing upon substantial completion of the Premises and issuance of the certificate of occupancy therefor. Said monthly sum is based upon an agreed annual base rental rate of $13.11 per square footfoot of rentable space and an agreed 38,644 --- square feet of rentable space determined from the Building Plans, per yearas modified herein. The parties recognize and agree that any Additional Improvements which may be approved and constructed by Landlord may increase the rentable space, payable and that the rental hereunder shall be adjusted according to the rental rate in monthly installments, effect at the time such Additional Improvements are turned over to Tenant. The rentable space which shall be used for purposes of calculating the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect base rental for any of any Additional Improvements hereunder shall be calculated and certified by Tenant's architect and presented to Landlord for its verification and approval prior to construction thereof. Landlord's approval of said plans for any space within the Leased Premises that Tenant is not using ("unused space"),the Base Rental for such Additional Improvements and calculation of additional rentable space shall be suspended ("Base Rental Abatement") rendered in its sole and absolute discretion. If Tenant shall commence occupancy of the Premises on a day other than the first day of a calendar month, then the base rental for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement month shall equal be prorated by dividing same by the number of square feet of such Net Rentable Area of unused space multiplied days in said month and multiplying by the per square foot Base Rent applicable to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, days remaining in said month and adding any tax imposed by the applicable amount State of Base Rental Abatement and the date Florida on which the non-use commencedrentals. Similarly, if Tenant resumes use of any space that has been designated as unused spaceIn such case, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to pay such space prorated base rental and the date on which base rental payment for the resumption of use of following month, together with applicable sales tax thereon, prior to taking occupancy, and such space commencedamount shall constitute Tenant's first monthly base rental payment. The All monthly rent base rental payments shall be adjusted to reflect such changes as they occurpayable in advance, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such spaceand, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice than as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet , shall be made on the 2nd floor first day of each month during the term of this lease. All such payments shall be made at: ▇/▇ ▇▇▇▇ ▇. ▇▇▇▇▇, Esq., ▇▇▇▇▇▇ & ▇▇▇▇▇, P.A., 22 ------------------------------------------------- ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as shown on Exhibit 4.2 ("Initial Unused Space")Landlord ------------------------------------------- shall hereafter designate in writing. Accordingly, A deposit toward the amount of rent first such monthly base rental payment and the first monthly common area maintenance charge set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time Paragraph 5 herein shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, paid by Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement 53,489.74 upon the signing of this Lease together with applicable sales tax thereon. Landlord acknowledges receipt of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to aforementioned prepayment together with applicable sales tax in the first sentence total amount of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein$57,234.02.

Appears in 1 contract

Sources: Lease (Speedcom Wireless Corp)

Base Rental. 4.1 Section 2.02 As Rent for the lease and use of the Original Lease is amended to change Premises, Tenant will pay Landlord or Landlord’s assigns, in 12 equal monthly installments on the first day of each calendar month, in advance and without deduction, abatement or setoff, the Base Rental to in the amounts as follows: Subject to any Base Rental adjustments as then applicable amount set forth hereinin Section I.N. hereof, Tenant in lawful money of the United States. All installments of Rent shall be paid to Landlord at the address set forth in Section 1.C. (or such other address as may be designated by Landlord from time to time). Landlord hereby agrees to pay provide Tenant with sufficient information necessary for Tenant to make all payments to Landlord a Base Rental per square footdue under this Lease via Automatic Clearing House (“ACH”) payment, per year, payable in monthly installments, for wire transfer or other form of electronic payment as may be requested by Tenant. If the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within is other than the Leased Premises that Tenant is not using ("unused space"),the first day of a calendar month or if this Lease expires or terminates on other than the last day of a calendar month, then the installments of Base Rental for such space month or months shall be suspended ("Base Rental Abatement") prorated and the installment or installments so prorated shall be paid in advance. Said installments for any day that Tenant is not using such space as herein set forth. The amount prorated month or months shall be calculated by multiplying the equal monthly installment by a fraction, the numerator of any Base Rental Abatement which shall equal be the number of square feet days of such Net Rentable Area the Term occurring during said commencement or expiration month, as the case may be, and the denominator of unused space multiplied by which shall be the per square foot Base number of days in said month. All past due installments of Rent applicable to or other payments specified in this Lease shall bear interest from the Leased Premises at the time in question, pro-rated per diem. first day which is five days after Tenant shall designate the unused area of space by providing receives a written notice from Landlord that the same is past due until payment is received at the rate (the “Interest Rate”) equal to Landlordthe lesser of (i) a per annum rate equal to the “prime rate” or “base rate” announced by JPMorgan Chase Bank or its successor, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement and the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time (“Prime Rate”) (or if the “prime rate” or “base rate” is discontinued, the rate announced by such bank as that being charged to its most creditworthy commercial borrowers), plus 2%, or (ii) the maximum contract interest rate per annum allowed by law; provided, however, if Tenant shall be deducted fail to pay any Rent when due and such failure shall occur more than two times in any 12-month period, upon the third such failure all past due Rent then owing shall bear interest at the Interest Rate from the total Net Rentable Area date due (without the requirement of notice from Landlord or the Leased Premises to arrive at the amount of Base Rental due for the corresponding monthfive day grace period). When making a designation of space to become unused space, or space that is being returned to use, as hereinabove providedIn addition, Tenant shall havepay Landlord upon demand a late charge in an amount equal to 5% of any installments of Rent or other payments specified herein if such Rent is not paid within five days after Tenant receives a notice from Landlord that the same is past due. The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or at law, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space and shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease be construed as liquidated damages or as limiting Landlord’s remedies in any manner. For purposes of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent making other payments due under this Third Lease Amendment beginning January 1(i.e. payments other than Base Rental, 2002Additional Rental and any other payments for which a specific time period for payment is specified in this Lease), unscheduled payments due from Tenant to Landlord hereunder shall be due hereunder 30 days after Tenant’s receipt of a written notice and crediting Tenant with an invoice therefor from Landlord (accompanied by receipts or other reasonably adequate documentation) specifying the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled due by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached heretoTenant. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein.

Appears in 1 contract

Sources: Lease Agreement (Inogen Inc)

Base Rental. 4.1 Section 2.02 of the Original Lease is amended to change the Base Rental to the amounts as follows: Subject to any Base Rental adjustments as set forth herein, Tenant (a) Lessee hereby agrees to pay to Landlord a Lessor, without setoff or deduction whatsoever, in accordance with the Schedule of Base Rental per square footRent attached hereto as EXHIBIT D ("Base Rental). Lessee shall also pay, per yearas additional rent [or Forecast Additional Rent ], all such other sums of money as shall become due from and payable in monthly installmentsby Lessee to Lessor under this Lease (Base Rental, any adjustment thereto pursuant to Section 4 hereof, and all such other sums of money due from and payable by Lessee pursuant to this Lease are sometimes hereinafter collectively called "rent"), for the Leased Premises nonpayment of which Lessor shall be entitled to exercise all such rights and remedies as per are herein provided in the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect case of the nonpayment of Base Rental. The annual Base Rental, together with any adjustment or increase thereto then in effect, shall be due and payable in advance in twelve (12) equal installments on the first 1st day of each calendar month during the term of this Lease, and Lessee hereby agrees so to any space within the Leased Premises that Tenant is not using ("unused space"),the pay such Base Rental for and any adjustment or increase thereto to Lessor at Lessor's address provided herein (or such space shall other address as may be suspended ("Base Rental Abatement") for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area of unused space multiplied designated by the per square foot Base Rent applicable to the Leased Premises at the time Lessor in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement and the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists writing from time to time) monthly, in advance, and without demand. Except If the term of this Lease commences on a day other than first (1st) day of a month or terminates on a day other than the last day of a month, then the installments of Base Rental and any adjustments thereto for temporary cubicle structures such month or office furnishings occupying such spacemonths shall be prorated, Tenant and the installment or installments so prorated shall not use be paid in advance. (b) In the event any such unused space for storage installment of the Base Rental, or any other purposes. The unused space for sums which may become owing by Lessee to Lessor under the provisions hereof are not received within Five (5) days after the due date thereof (without in any Base Rental Abatement applies on and following way implying Lessor's consent to such late payment), Lessee, to the Commencement Dateextent permitted by law, and which will continue agrees to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordinglypay, the amount in addition to said installment of rent set forth in Section 4.1 is the Base Rental per square foot or such other sums owed, a late payment charge equal to ten percent (10%) (Late Fee) of the installment of the Base Rental or such other sums owed. Notwithstanding the foregoing, the foregoing late charges shall not apply to any sums which have been advanced by Lessor to or for the Leased Premisesbenefit of Lessee pursuant to the provisions of this Lease, and the number of square feet of unused space existing from time it being understood that such sums shall bear interest, which Lessee hereby agrees to time shall be deducted from the total Net Rentable Area of the Leased Premises pay to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall haveLessor, at the time lesser of fifteen percent (15%) per annum or the maximum rate of interest permitted by law to be charged Lessee for the use or forbearance of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feetmoney. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein.

Appears in 1 contract

Sources: Lease Agreement (Gold Bond Resources Inc)

Base Rental. 4.1 Section 2.02 If Subtenant exercises its right of first opportunity to sublease the Original Lease is amended to change Expansion Floor, the Base Rental for the Expansion Floor shall be computed as an amount equal to the amounts fair market rental rate of the Expansion Floor as follows: Subject to any then improved, as if vacant, based on its use as general office space and taking into account all relevant provisions of this Lease. Sublandlord and Subtenant shall employ the procedure and timetable described below for the purpose of computing the fair market rental rate of the Expansion Floor and the Base Rental adjustments as set forth hereinproperly payable during the first Sublease Year of the extension term: (i) Not later than the three hundred fortieth (340th) day prior to the Anticipated Occupancy Date, Tenant hereby agrees Sublandlord shall deliver to pay Subtenant notice of its proposed Base Rental for the Expansion Floor. (ii) Not later than the three hundred thirty-fifth (335th) day prior to Landlord the Anticipated Occupancy Date, Subtenant shall send to Sublandlord notice of its proposed Base Rental for the Expansion Floor. (iii) In the event the parties negotiate and agree to a Base Rental per square footand have executed a written agreement establishing same on or before the three hundred twenty-fifth (325th) day prior to the Anticipated Occupancy Date, per yearthen said Base Rental shall be binding upon the parties. (iv) In the event the parties have failed to, payable in monthly installmentsexecute such an agreement by said date, for then Subtenant shall engage an appraiser, who is a member of the Leased Premises American Institute of Real Estate Appraisers (a "MAI Appraiser"), on or before the three hundred fifth (305th) day prior to the Anticipated Occupancy Date, and shall notify the Sublandlord thereof. In the event Subtenant does not engage a MAI Appraiser as per required above, then the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within Base Rental last proposed by the Leased Premises that Tenant is not using ("unused space"),the Sublandlord shall be deemed the Base Rental for such space the Expansion Floor. (v) Not later than the two hundred eighty-fifth (285th) day prior to the Anticipated Occupancy Date, Subtenant shall deliver to Sublandlord a copy of its appraiser's determination of the fair market rental as aforesaid. In the event Subtenant does not deliver a copy as aforesaid, then the Base Rental last proposed by Sublandlord shall be suspended ("deemed the Base Rental Abatement"for the Expansion Floor. (vi) for any In the event the parties negotiate and agree to a Base Rental, and have executed a written agreement establishing same on or before the two hundred seventieth (370th) day that Tenant is not using such space as herein set forth. The amount of any prior to the Anticipated Occupancy Date, then said Base Rental Abatement shall equal be binding upon the number of square feet of parties. (vii) In the event the parties have failed to execute such Net Rentable Area of unused space multiplied an agreement by said date, then Sublandlord shall engage a MAI Appraiser, on or before the per square foot Base Rent applicable two hundred sixty-fifth (265th) day prior to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement and the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Anticipated Occupancy Date, and which will continue to apply until changed by written notice shall notify the Subtenant thereof. In the event Sublandlord does not engage a MAI appraiser as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordinglyrequired above, the amount of rent set forth in Section 4.1 is then the Base Rental per square foot proposed by Subtenant's appraiser shall be deemed the Base Rental for the Leased Premises, and the number of square feet of unused space existing from time to time shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feetExpansion Floor. 4.3 Tenant has been paying rent based on (viii) No later than the lease of space existing two hundred forty-fifth (245th) day prior to the Effective Date Anticipated Occupancy Date, Sublandlord shall deliver to Subtenant a copy of this Third Lease Amendmentits appraiser's determination of the fair market rental as aforesaid. In the event Sublandlord does not deliver a copy as aforesaid, then the Base Rental last proposed by Subtenant's appraiser shall be deemed the Base Rental for the Expansion Floor. (ix) In the event the parties negotiate and agree to a Base Rental, and have executed a written agreement establishing same on or before the two hundred fortieth (240th) day prior to the Anticipated Occupancy Date, then said Base Rental shall be binding upon the parties. (x) In the event the parties have failed to execute such an agreement by said date, then the two (2) MAI Appraisers shall choose a third MAI Appraiser and notify Sublandlord and Subtenant of such choice. The parties shall share equally the cost of the three (3) appointed MAI Appraisers. In the event that said two (2) MAI Appraisers cannot agree on the choice of a third MAI Appraiser and notify the parties thereof by the two hundred thirty-fifth (235th) day prior to the Anticipated Occupancy Date, then the President of the Montgomery County Board of Realtors shall choose a third MAI Appraiser on or before the two hundred twenty-fifth (225th) day prior to the Anticipated Occupancy Date. (xi) Not later than the two hundred fifteenth (215th) day prior to the Anticipated Occupancy Date, the third appraiser shall determine the fair market rental rate of the Expansion Floor, as then improved, based on its use as general office space, by selecting as such fair market rental rate either (i) the fair market rental rate proposed by Subtenant's MAI Appraiser or (ii) the fair market rental rate proposed by Sublandlord's MAI Appraiser and submitting such determination to each party in writing. Based on said third MAI Appraiser's determination, Sublandlord and Subtenant shall promptly thereafter execute a written agreement establishing the aforesaid Base Rental, which rent shall be binding upon the parties. (xii) In no event shall the newly-established Base Rental for the period beginning January 1, 2002, Expansion Floor be less than the per-square-foot Base Rental then paid by Subtenant for the Subleased Premises. The Base Rental for the Expansion Floor shall be adjusted increased at the same times and by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with same percentage as the amount of rent that Tenant has paid Base Rental for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached heretoSubleased Premises. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein.

Appears in 1 contract

Sources: Sublease (Informax Inc)

Base Rental. 4.1 Section 2.02 of the Original Lease is amended to change the Base Rental to the amounts as follows: Subject to any Base Rental adjustments as set forth herein, (a) Tenant hereby agrees to pay to Landlord a as the base annual rental ("Base Rental per square foot, per year, payable in monthly installments, ---- Rental") for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within lease and use of the Leased Premises that Tenant is not using Premises, an annual amount equal to ------ the product of ("unused space"),the Base Rental for such space shall be suspended x) Twenty-Five and 35/100 Dollars ($25.35) ("Base Rental AbatementRate"), ---------------- multiplied by (y) for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area comprising the Leased Premises, subject to increase pursuant to subsection (b) below. From and after the expiration of unused space multiplied by the per square foot Initial Term (to the extent Tenant renews and extends this Lease pursuant to Section 7.1), Tenant agrees to pay Base Rent applicable to Rental for the Leased Premises at the Base Rental Rate determined in accordance with the provisions of Section 7.1, subject to increase pursuant to subsection (b) below. (b) The Base Rental payable under subsection (a) shall be adjusted from time to time in questionaccordance with the following provisions (any such adjustment hereinafter the "Base Rental Adjustment"): ---------------------- (i) Base Rental includes a component (the "Basic Cost Component") -------------------- attributable to Basic Costs (hereinafter defined) equal to $8.44 per square foot of Net Rentable Area in the Leased Premises. The Basic Cost Component is based on an estimate of Basic Costs to be incurred during calendar year 1999 as of the Effective Date. Prior to January 1 of each calendar year during the Term after the calendar year in which the Commencement Date occurs, pro-rated per diemor as soon thereafter as reasonably practical, Landlord shall provide an estimate of Basic Costs for the forthcoming calendar year. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of pay Base Rental Abatement for such forthcoming calendar year equal to the Base Rental set forth in subsection (a) above for such time period adjusted upward by an amount equal to the product of (A) the difference between the Basic Cost Component and the date on which coming calendar year's estimated Basic Costs per square foot of Net Rentable Area in the non-use commencedBuilding, multiplied by (B) the Net Rentable Area of the Leased Premises. (ii) By June 1 of each calendar year during Tenant's occupancy, or as soon thereafter as reasonably practical, Landlord shall furnish to Tenant a statement of Basic Costs for the previous calendar year or partial calendar year, as applicable, occurring during the Term. SimilarlyIf actual Basic Costs for such calendar year or partial calendar year, if Tenant resumes use of any space that has been designated as unused spaceapplicable, are greater than Landlord's estimate thereof pursuant to clause (i) above, Tenant shall designate be obligated to pay to Landlord within thirty (30) days of the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use delivery of such space commenced. The monthly rent payments statement a lump sum payment (which payment shall be adjusted deemed a payment of Rent hereunder for all purposes) equal to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount product of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following (x) the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth Net Rentable Area in Section 4.1 is the Base Rental per square foot for the Leased Premises, multiplied by (y) the amount by which actual Basic Costs per square foot of Net Rentable Area in the Building exceed Landlord's estimate thereof for such calendar year or partial calendar year, as applicable. If actual Basic Costs for such calendar year or partial calendar year, as applicable, are less than Landlord's estimate thereof pursuant to clause (i) above, Landlord shall promptly after delivery of such statement make a lump sum payment to Tenant (or at Landlord's option, Landlord may credit such lump sum amount against remaining Base Rental installments for the current calendar year) equal to the product of (A) the Net Rentable Area in the Leased Premises, multiplied by (B) the amount by which estimated Basic Costs per square foot of Net Rentable Area in the Building exceed the actual amount thereof (to the extent such excess was actually paid by Tenant, but in no event shall such payment or credit be in an amount which would result in Tenant paying Base Rental for the applicable calendar year in an amount less than the annual Base Rental specified in subsection (a) above). The effect of this reconciliation payment (the "Annual Reconciliation Payment") is that Tenant ----------------------------- will pay during the Term its proportionate share (as defined in clause (iii) below) of Basic Costs increases over the Basic Cost Component, and no more. Additionally, Landlord shall not collect from Tenant pursuant to this subsection (b)(ii) any increase in Base Rental in an amount which would result in Landlord collecting from all tenants in the number Building in any one (1) calendar year an amount in excess of square feet one hundred percent (100%) of unused space existing from time to time Basic Costs for such calendar year. The provisions of this subsection (ii) shall survive the expiration or earlier termination of this Lease. (iii) All increases in Basic Costs shall be deducted from paid by Tenant in the proportion that the Net Rentable Area of the Leased Premises bears to ninety-five percent (95%) of the total Net Rentable Area of the Leased Premises space leased or held for lease in the Building, or to arrive the total Net Rentable Area of space leased in the Building (if such total leased area is greater than ninety-five percent (95%) of the total Net Rentable Area of space leased or held for lease in the Building). (iv) Nothing contained in this subsection (b) shall be construed at any time so as to reduce the annual Base Rental payable hereunder below the amount set forth in subsection (a) above. (c) Basic Costs," as that term is used herein, shall ----------- consist of all Operating Expenses (defined below) of the Project as reasonably allocated by Landlord, computed on an accrual basis and determined in accordance with generally accepted accounting principles consistently applied. "Operating --------- Expenses," as that term is used herein, shall mean all expenses and costs (but -------- excluding charges separately paid by other tenants of the Project or other third parties other than through the payment of its share of operating expenses) of every kind and nature that Landlord shall pay or become obligated to pay because of or in connection with the ownership, maintenance, repair, and operation of the Project, including but not limited to, the following: (i) Wages, salaries, fees and all related expenses (including, without limitation, taxes, insurance, burdens and benefits and costs incurred in providing same) of all personnel engaged in the operation, maintenance, repair and access control of the Project and personnel who provide traffic control relating to ingress and egress to and from the Garage and surrounding public streets. (ii) Cost of all supplies, tools, equipment and materials, whether purchased or leased, used in the operation, maintenance, repair and/or access control of the Project. (iii) Cost of utilities for the Project, including but not limited to, water, steam, sewer, waste disposal, gas and electricity, and power for heating, lighting, air conditioning and ventilating the Project (including all Common Areas, General Common Areas and Service Areas). (iv) Management fees paid to the property manager for the management of the Project (provided, however, in no event shall Landlord include in Operating Expenses in any one calendar year a net management fee in excess of three percent (3%) of the gross revenues of the Project for such calendar year; and, provided further, however, in lieu thereof, Landlord may charge Tenant separately, and not as a part of Basic Costs, for a management fee contribution which shall not in any one (1) calendar year exceed three percent (3%) of the Base Rental due and the Base Rental Adjustment payable by Tenant for such calendar year) and the cost of all maintenance and service agreements for the corresponding month. When making Project and the equipment therein, including but not limited to, access control service, window cleaning, traffic control, janitorial service, landscape maintenance, and elevator maintenance. (v) Legal and accounting costs for the Project, including a designation reasonable allocation of space off-site costs, together with the costs of annual audits of the Project operating costs by certified public accountants. (vi) Cost of all insurance relating to become unused spacethe Project, including but not limited to, fire and extended coverage insurance, rental loss or abatement insurance, and casualty and liability insurance applicable to the Project and Landlord's personal property used in connection therewith, plus the cost of all deductible payments made by Landlord in connection therewith. (vii) Cost of repairs, replacements and general maintenance (excluding repairs, replacements and general maintenance paid for with proceeds of insurance or condemnation or by third parties). (viii) Any and all common area maintenance costs related to public areas, including without limitation, sidewalks and landscaping for the Project. (ix) All taxes, assessments and governmental charges, whether or not directly paid by Landlord, whether federal, state, county or municipal and whether they be by taxing districts or any Governmental Authority (defined in Section 5.7 hereof) presently taxing the Project or by others subsequently created, attributable to the Project or its operation and an allocation to the Project of the taxes, assessments and governmental charges for the roads which service the Complex, but excluding, however, taxes and assessments attributable to the personal property of tenants, federal and state taxes on income, death taxes, franchise taxes, and any taxes imposed or measured on or by the income of Landlord from the operation of the Project or imposed in connection with any change of ownership of the Project; provided, however, if the taxing authorities do not separately assess the Project, Landlord may make a reasonable allocation of the taxes, assessments or charges to give effect to this sentence, and provided further, however, that if at any time during the Term, the present method of taxation or assessment shall be so changed that the whole or any part of the taxes, assessments, levies, impositions or charges now levied, assessed or imposed on real estate and the improvements thereon shall be discontinued and as a substitute therefor, or space that is being returned to usein lieu of or in addition thereto, taxes, assessments, levies, impositions or charges shall be levied, assessed or imposed, wholly or partially, as hereinabove provideda capital levy or otherwise, Tenant shall haveon the rents received from the Project or the rents reserved herein or any part thereof, at the time of then such designationsubstitute or additional taxes, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything assessments, levies, impositions or charges, to the contrary contained hereinextent so levied, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior assessed or imposed with respect to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002Project, shall be adjusted deemed to be included within Operating Expenses. Consultation, accounting and legal fees and other fees and costs resulting from any challenge of tax assessments as reasonably allocated by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference Landlord also shall be settled by adjusting the amount included in Operating Expenses. Tenant hereby waives any and all rights under Legal Requirements to an administrative or judicial review of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount any determination of the invoice for appraised value of the years 1999-2000 by reducing same by 50%Project, which Tenant has paidincluding without limitation, any rights available under the Texas Tax Code (as amended). Regarding the invoice for the 2001 period, it It is agreed that Tenant will add be responsible for ad valorem taxes on its personal property and on the value of the leasehold improvements in the Leased Premises to its rent for the months extent that the same exceed Building Standard Improvements (defined in Exhibit C-2) (and if the taxing authorities do not separately assess Tenant's leasehold improvements, Landlord may make a reasonable allocation of Aprilthe ad valorem taxes allocated to the Project to give effect to this sentence). All taxes, 2002assessments and governmental charges shall be included in Operating Expenses in the calendar year in which such taxes, through Marchassessments or governmental charges are levied, 2003assessed or imposed without regard to when such taxes, assessments or governmental charges are payable; provided, however, in the case of special taxes and assessments which may be payable in installments, only the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "each installment accruing during a calendar year" referred to year shall be included in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year year. (x) Amortization of the cost, together with reasonable financing charges, of furnishing and installing capital investment items which are (1) included in the Basic Cost Component and any unamortized amount of such costs for subsequent years, (2) primarily for the purpose of reducing Operating Expenses or avoiding increases in Operating Expenses in Landlord's good faith estimate, (3) primarily for the purpose of promoting safety, (4) required to comply with the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. ss. 12101 et seq., or (5) required by Legal Requirements that become effective after the Commencement Date. All such costs shall be amortized over the useful life of the capital investment items with the useful life and amortization schedule being determined in accordance with generally accepted accounting principles. (xi) Costs of licenses, permits and inspection fees related to the Project. (xii) Any allocation of expenditures for service, repair, maintenance or operation of the Complex attributable to the Project, determined in accordance with generally accepted accounting principles. (xiii) Cost of an office in the Building or allocation of a central office in the Complex (if applicable) maintained for management of the Project (but not the costs reasonably allocable to any portion of such office used for leasing activities for the Project). Anything in the foregoing provisions hereof to the contrary notwithstanding, Operating Expenses shall not include the following: (A) Leasing commissions, attorneys' fees, costs, disbursements and other information expenses incurred in connection with negotiations for leases with tenants, other occupants, or prospective tenants or other occupants of the Project, or similar costs incurred in connection with disputes with tenants, other occupants, or prospective tenants or other occupants of the Project. (B) Non-cash items, such as set forth deductions for depreciation or obsolescence of the Project and the Project equipment, or interest on capital invested (except as provided in clause (x) above). (C) Payments of principal and interest or other finance charges made on any debt (except as provided in clause (x) above), and rental payments made under any ground or underlying lease or leases, except to the extent that a portion of such payments is expressly for ad valorem/real estate taxes or insurance premiums on the Project. (D) Costs incurred by Landlord in the sale, financing, refinancing, mortgaging, selling or change of ownership of the Project, including brokerage commissions, attorneys' and accountants' fees, closing costs, title insurance premiums, transfer taxes and interest charges. (E) Costs which are to be capitalized in accordance with generally accepted accounting principles not included under Section 2.03 3.2(c)(i) through (xiii). (F) Costs and expenses attributable to the initial construction of the Project. (G) Any penalty charges inccured by Landlord due to Landlord's late payment of taxes, utility bills or other amounts included in Operating Expenses except to the extent Landlord was contesting the payment of any such item in good faith. (H) Allowances and other costs and expenses incurred in fixturing, furnishing, renovating or otherwise improving, decorating or redecorating space for tenants or prospective tenants of the Building, or vacant leasable space in the Building (including permit, license and inspection costs but excluding normal maintenance, repair and replacement costs). (I) Cost of any political or charitable donations or contributions. (d) If an Annual Reconciliation Payment is due by Tenant to Landlord with respect to the immediately preceding calendar year pursuant to Section 3.2(b)(ii) above, Tenant, at its sole cost and expense, shall have the right (to be exercised by giving notice to Landlord within sixty (60) days after receipt of the Original Lease within statement of Basic Costs for such previous calendar year) to audit and/or inspect Landlord's books and records pertaining only to items affecting Basic Costs for such preceding calendar year; provided that such audit and/or inspection must be commenced and concluded by December 31 of the one hundred twenty (120) day period as set forth thereinyear following the year to which any such disputed item relates; and provided further that such audit and/or inspection does not unreasonably interfere with the conduct of Landlord's business. Notwithstanding the foregoing, if Tenant elects to audit and/or inspect Landlord's books and records to the failure extent permitted above, Landlord, in its sole discretion, may elect to furnish Tenant a copy of an audit prepared by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein.a certified public acc

Appears in 1 contract

Sources: Lease Agreement (Entrust Technologies Inc)

Base Rental. 4.1 Section 2.02 of the Original Lease is amended Tenant agrees to change pay the Base Rental to Landlord for each year during the amounts Lease Term as follows: Subject to any herein provided. Base Rental adjustments as set forth hereinfor the first month of the Lease Term shall be due and payable on the Commencement Date of this Lease, and Base Rental for each and every month during the Lease Term shall be due and payable in advance on the first day of the month. If the Commencement Date is a day other than the first day of a calendar month or in the event this Lease terminates on such other than the last day of a calendar month, then Base Rental for each month or months shall be prorated and the installment or installments so prorated shall be paid in advance. In the event that Tenant fails to make any payment of Base Rental or any other amount payable to Landlord hereunder within five (5) days after the date such payment becomes due and payable, after five (5) days prior notice to Tenant a late charge in an amount of $45.00 shall also become due and payable to Landlord by Tenant, such late charge being for Landlord’s administrative and other costs and is in addition to and cumulative with any other rights and remedies which Landlord may have hereunder with regard to the failure of Tenant to make any payment of Base Rental or any other sum due hereunder. Section 2.4. Tenant’s Proportionate Share of Operating Costs. Commencing [ * ], in addition to the payment of Base Rental, Tenant hereby agrees to shall pay to Landlord a Base Rental per square foot, per year, payable Tenant’s Proportionate Share of Operating Costs (as defined in monthly installments, for Article VIII of this lease and subject to the Leased Premises as per base year considerations noted in Exhibit E of this Lease) in accordance with the following scheduleprovisions: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within the Leased Premises that Tenant is not using ("unused space"),the Base Rental for such space shall be suspended ("Base Rental Abatement"a) for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area of unused space multiplied by the per square foot Base Rent applicable to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice pay to Landlord, specifying therein either (i) in the applicable number form of square feet, a lump sum payment due and payable in arrears upon five (5) days of demand by Landlord or (ii) in monthly installments of 1/12th each on a monthly basis contemporaneously with the applicable amount payment of Base Rental Abatement and the date on which the non-use commenced. SimilarlyRental, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing Landlord may from time to time shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequentlyelect, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure reasonably estimated by Landlord to provide said statement be Tenant’s Proportionate Share of all Operating Costs for each calendar year or portion thereof during the term of this Lease. [ * ] Indicates that information has been omitted and information within one hundred eighty (180) days shall result in Tenant's having no obligation filed separately with the Securities and Exchange Commission pursuant to pay the Tenant's Additional Rental Adjustment as set forth thereina request for confidential treatment.

Appears in 1 contract

Sources: Office Lease Agreement

Base Rental. 4.1 Section 2.02 of (a) From and after the Original Lease is amended Commencement Date, Tenant shall pay to change Landlord, without any set off or deduction whatsoever except as otherwise expressly provided in this Lease, the Base Rental Rental. Tenant shall also pay, as additional rent, Excess Basic Costs (hereinafter defined) and all other sums of money that become due and payable by Tenant to the amounts as follows: Subject Landlord under this Lease (Base Rental, any adjustment thereto pursuant to any Exhibit H attached hereto, Excess Basic Costs and all other sums of money due and payable by Tenant to Landlord under this Lease are sometimes hereinafter collectively called “rent”). Tenant shall also pay with each Base Rental adjustments payment the amount of any sales taxes assessed against rent. The annual Base Rental, as set forth hereinadjusted each year during the Lease Term pursuant to Exhibit H attached hereto, shall be due and payable in advance in twelve (12) equal installments on the first (1st) day of each calendar month during the Lease Term and any extensions or renewals thereof, and Tenant hereby agrees to pay Base Rental to Landlord a Base Rental per square foot, per year, payable at Landlord’s address provided herein (or such other address as may be designated by Landlord in monthly installments, for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within the Leased Premises that Tenant is not using ("unused space"),the Base Rental for such space shall be suspended ("Base Rental Abatement") for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area of unused space multiplied by the per square foot Base Rent applicable to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement and the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists writing from time to time) monthly, in advance, and without demand except as otherwise expressly provided in this Lease. Except for temporary cubicle structures or office furnishings occupying If the Lease Term commences on a day other than the first (1st) day of a month, then the first installment of Base Rental as adjusted pursuant hereto shall be prorated, based on thirty (30) days per month, and such spaceinstallment so prorated shall be paid in advance on the Commencement Date. (b) If Tenant fails to pay any regular monthly installment of rent by the tenth (10th) day of the month in which the installment is due, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following amount constituting rent within ten (10) days after the Commencement Datedue date therefor, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time there shall be deducted from the total Net Rentable Area added to such unpaid amount a late charge of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred percent (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 505%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease installment or amount due in order to compensate Landlord for the extra administrative expenses incurred; provided, however, that no such late charge shall mean be imposed on the first two delinquent payment in any calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth thereinyear.

Appears in 1 contract

Sources: Sublease Agreement (A. H. Belo Corp)

Base Rental. 4.1 Section 2.02 of the Original Lease is amended to change the Base Rental to the amounts as follows: Subject to any Base Rental adjustments as set forth herein, (a) Tenant hereby agrees to pay to Landlord a Base Rental per square footduring the Lease Term, per year, payable in monthly installments, for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within the Leased Premises that Tenant is not using ("unused space"),the Base Rental for such space shall be suspended ("Base Rental Abatement") for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area of unused space multiplied by the per square foot Base Rent applicable to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feetwithout any setoff or deductions whatsoever, the applicable amount Base Rental, and all other such sums of Base Rental Abatement and the date on which the non-use commenced. Similarlymoney as shall become due hereunder as additional rent, if Tenant resumes use of including, without limitation, any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning estimated Operating Expense payments pursuant to use by providing a written notice to Landlord, specifying therein the applicable number of square feetParagraph 6 hereof then in effect, the applicable amount of Base Rental Abatement that ceases Electric Service ▇▇▇▇▇▇▇▇ pursuant to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease AmendmentParagraph 7 hereof, and the rent for the period beginning January 1reserved parking spaces pursuant to Paragraph 14, 2002all of which are sometimes herein collectively called "rent" for the nonpayment of which Landlord shall be entitled to exercise all such rights and remedies as are herein provided in the case of the nonpayment of Base Rental. The Base Rental, together with any estimated Operating Expense payments pursuant to Paragraph 6 hereof, the Electric Service ▇▇▇▇▇▇▇▇ pursuant to Paragraph 7 hereof, and the rent for the reserved parking spaces pursuant to Paragraph 14, shall be adjusted by charging Tenant due and payable in advance monthly on the amount first day of rent due under each calendar month during the initial term of this Third Lease Amendment beginning January 1and any extensions or renewals thereof; provided, 2002however that Base Rental shall not commence until the Rent Commencement Date, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1hereby agrees to pay such Base Rental and any adjustments and ▇▇▇▇▇▇▇▇ thereto to Landlord at Landlord's address provided herein (or such other address as may be designated by Landlord in writing from time to time) monthly, 2002in advance, and without demand. If the difference term of this Lease commences on a day other than the first day of a month or terminates on a day other the day other than the last day of a month, then the installments of Base Rental and any adjustments and Initials: SK ------ ▇▇▇▇▇▇▇▇ thereto for such month or months shall be settled by adjusting prorated, based on the amount number of rent that days in such month. (b) If Tenant will shall fail to pay the Base Rental on or before the tenth (10th) day of the calendar month in which such Base Rental is due, Tenant shall be deemed to be "late", and Tenant shall pay to Landlord when Tenant makes its rent payment on demand a late charge equal to five percent ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 505%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "such Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth thereinRental.

Appears in 1 contract

Sources: Office Lease Agreement (Interphase Corp)

Base Rental. 4.1 Section 2.02 (a) Tenant covenants and agrees to pay during the Lease Term, to Landlord, without any setoff, abatement or deduction whatsoever (except as expressly set forth herein to the contrary), the Base Rental, and all such other sums of money as shall become due hereunder as additional rent, all of which are sometimes herein collectively called "rent." The covenant of ---- Tenant to pay rent is an independent covenant of the Original Lease and is amended not conditioned on Landlord's performance of its obligations under the Lease. In the event of nonpayment of any such rent, Landlord shall be entitled to change exercise all such rights and remedies as are herein provided in the case of the nonpayment of Base Rental. Except as otherwise provided herein, the annual Base Rental to for each calendar year or portion thereof during the amounts as follows: Subject to Lease Term, together with Tenant's Pro Rata Share of Basic Costs for the Building and Basic Costs for the Project, shall be automatically due and payable in advance in twelve (12) equal installments on the first day of each calendar month during the initial term of this Lease and any Base Rental adjustments as set forth hereinextensions or renewals hereof, and Tenant hereby agrees to pay such Base Rental and any adjustments thereto to Landlord a Base Rental per square foot, per year, payable at Landlord's address provided herein (or such other address as may be designated by Landlord in monthly installments, for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within the Leased Premises that Tenant is not using ("unused space"),the Base Rental for such space shall be suspended ("Base Rental Abatement") for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area of unused space multiplied by the per square foot Base Rent applicable to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement and the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists writing from time to time) monthly, in advance, and without any notice or demand. Except for temporary cubicle structures If the term of this Lease commences on a day other than the first day of a month or office furnishings occupying such spaceterminates on a day other than the last day of a month, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any then the installments of Base Rental Abatement applies and Basic Costs for such month or months shall be prorated, based on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of days in such month. The Base Rental due for the corresponding first partial month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002if any, shall be adjusted payable at the beginning of said period. All such payments shall be by charging a good and sufficient check (subject to collection). No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the amount correct installment of rent due under this Third Lease Amendment beginning January 1shall be deemed to be other than a payment on account of the earliest rent due hereunder, 2002nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and crediting Tenant with Landlord may accept such check or payment without prejudice to Landlord's right to recover the amount balance or pursue any other remedy provided by this Lease or applicable law. The acceptance by Landlord of an installment of rent that 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 has paid for the months beginning January 1, 2002, and the difference hereunder shall be settled by adjusting applied first to the amount earliest accrued and unpaid rent then outstanding. (b) All installments of rent that Tenant will pay to Landlord not paid when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 payable shall bear interest until paid at a per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed annum rate equal to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant lesser of (i) the statement comparing Prime Rate plus five percent (5%) or (ii) the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth thereinMaximum Rate.

Appears in 1 contract

Sources: Office Lease Agreement (Netsolve Inc)

Base Rental. 4.1 Section 2.02 (a) Tenant covenants and agrees to pay during the Lease Term, to Landlord, without any setoff or deduction whatsoever, the Base Rental, and all such other sums of money as shall become due hereunder as additional rent, all of which are sometimes herein collectively called "rent." In the event of nonpayment of any such rent, Landlord shall be entitled to exercise all such rights and remedies as are herein provided in the case of the Original Lease is amended to change nonpayment of Base Rental. Except as otherwise provided herein, the annual Base Rental for each calendar year or portion thereof during the Lease Term, together with any estimated adjustment thereto pursuant to Exhibit "C" hereof then in effect, shall be due and payable in advance in twelve (12) equal installments on the amounts as follows: Subject to first day of each calendar month during the initial term of this Lease and any Base Rental adjustments as set forth hereinextensions or renewals hereof, and Tenant hereby agrees to pay such Base Rental and any adjustments thereto to Landlord a Base Rental per square foot, per year, payable at address provided herein (or such other address as may be designated by Landlord in monthly installments, for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within the Leased Premises that Tenant is not using ("unused space"),the Base Rental for such space shall be suspended ("Base Rental Abatement") for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area of unused space multiplied by the per square foot Base Rent applicable to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement and the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists writing from time to time) monthly, in advance, and without demand. Except for temporary cubicle structures If the term of this Lease commences on a day other than the first day of a month or office furnishings occupying such spaceterminates on a day other than the last day of a month, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any then the installments of Base Rental Abatement applies and any adjustment thereto for such month or months shall be prorated, based on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of days in such month. The Base Rental due for the corresponding first partial month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002if any, shall be adjusted payable at the beginning of said period. All such payments shall be by charging a good and sufficient check (subject to collection) drawn on a bank acceptable to Landlord. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the amount correct installment of rent due under this Third Lease Amendment beginning January 1shall be deemed to be other than a payment on account of the earliest rent due hereunder, 2002nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and crediting Tenant with Landlord may accept such check or payment without prejudice to Landlord's right to recover the amount balance or pursue any other remedy provided by this Lease or applicable law. The acceptance by Landlord of an installment of rent that 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. If Tenant has paid for fails to timely pay any two (2) installments of rent in any consecutive twelve month period, Landlord may require Tenant to pay rent (as estimated by Landlord, if necessary) quarterly in advance, and, in such event, all future payments shall be made on or before the months beginning January 1, 2002due date in cash or by cashier's check or money order, and the difference delivery of Tenant's collectible personal or corporate check shall no longer constitute payment thereof. Any acceptance of Tenant's collectible personal or corporate check thereafter by Landlord shall not be construed as a waiver of the requirement that such payments be made in cash or by cashier's check or money order. All amounts received by Landlord from Tenant hereunder shall be settled by adjusting applied first to the amount earliest accrued and unpaid rent then outstanding. (b) All installments of rent that Tenant will pay not paid when due and payable shall bear interest until paid at a per annum rate equal to Landlord when Tenant makes its rent payment the lesser of ($12,526.22i) due to Landlord for April, as set forth in Exhibit 4.3 attached heretothe Prime Rate plus five percent (5%) or (ii) the Maximum Rate. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) The Base Rental payable hereunder shall be adjusted upward from time to time in accordance with the provisions of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent EXHIBIT "C" attached hereto and to use its best efforts incorporated herein for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth thereinall purposes.

Appears in 1 contract

Sources: Office Lease Agreement (Objectspace Inc)

Base Rental. 4.1 Section 2.02 a. Commencing on the Temporary Rent Commencement Date, the Annual Rent, Rent Adjustment, Electrical Charge and Tenant's Proportionate Share of any excess Expenses, Taxes and Insurance Costs as to the Temporary Premises only (which amounts shall be in addition to and not in lieu of the Original Lease is amended to change the Base Rental Annual Rent, Rent Adjustment, Electrical Charge and Tenant's Proportionate Share of any excess Expenses, Taxes and Insurance Costs payable as to the amounts Existing Premises) shall be determined in accordance with the provisions of this Paragraph 3. The Annual Rent, Rent Adjustment, Electrical Charge and Tenant's Proportionate Share of any excess Expenses, Taxes and Insurance Costs as follows: Subject to any Base Rental adjustments as set forth hereinthe Temporary Premises shall be payable in accordance with the timing and procedures applicable thereto pursuant to Article 3 of the Lease. b. During the Initial Temporary Lease Term, with respect to the Temporary Premises only, Tenant hereby agrees shall pay an annual amount (prorated based on the number of months in the Initial Temporary Lease Term) equal to pay to Landlord a Base Rental per square foot, per year, payable in monthly installments, the (i) Annual Rent Rate for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within the Leased Premises that Tenant is not using applicable period identified below, multiplied by ("unused space"),the Base Rental for such space shall be suspended ("Base Rental Abatement"ii) for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area comprising the Expansion Premises: Months 1 through 6 $25.00 Full Service Upon the expiration of unused space multiplied the Initial Temporary Lease Term, the lease term for the Temporary Premise shall continue thereafter on a month-to-month basis ("Month-to-Month Term") which basis shall be terminated upon 30 days' notice by either party ("Termination Date"). During the per square foot Base Rent applicable to the Leased Premises at the time in questionMonth-to-Month Term, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice pay monthly rent to Landlord, specifying therein with respect to the applicable number Temporary Premises only, as follows: (1) If, on or before December 31, 2013, Tenant and Landlord have fully-executed an amendment to the Lease regarding the expansion and extension of Tenant's lease of Suite 750 in the Building ("Suite 750 Amendment"), then the monthly rent shall be calculated on the basis of an Annual Rent equal to Twenty-Five and No/Dollars ($25.00) per rentable square feetfoot of the Temporary Premises. (2) If Tenant and Landlord have not fully-executed the Suite 750 Amendment but are then diligently negotiating the same, the applicable amount monthly rent for the month of Base Rental Abatement January 2014 shalt be calculated on the basis of an Annual Rent equal to Twenty-Five and No/Dollars ($25.00) per rentable square foot of the date on which Temporary Premises; (3) If Tenant and Landlord have not fully-executed the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate Suite 750 Amendment and are not then diligently negotiating the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feetsame, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments for the month of January 2014 shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet calculated on the 2nd floor as shown on Exhibit 4.2 basis of an Annual Rent equal to Thirty-Seven and 50/Dollars ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental $37.50) per rentable square foot for the Leased Premises, and the number of square feet of unused space existing from time to time shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Temporary Premises; (4) Notwithstanding anything to the contrary contained hereincontrary, if Tenant and Landlord have not fully-executed the Suite 750 Amendment by February I, 2014, the aggregate amount of space which Tenant will monthly rent for all months beginning February 1, 2014 and continuing on thereafter shall be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based calculated on the lease basis of space existing prior an Annual Rent equal to the Effective Date of this Third Lease Amendment, Thirty-Seven Dollars and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment 50/Dollars ($12,526.2237.50) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount per rentable square foot of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001Temporary Premises. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein.

Appears in 1 contract

Sources: Lease Agreement (Hallmark Financial Services Inc)

Base Rental. 4.1 Section 2.02 (a) Beginning with the Commencement Date, Tenant shall pay in advance to Landlord at Landlord's Address For Rental Payments, or at such other place as Landlord shall designate in writing, promptly, without demand, deduction or offset, on the first day of each month during the Original Lease is amended Term the Base Rental, which shall be adjusted from time to change time as provided in Paragraph 11 hereof. If the Term commences on a day other than the first day of a month, or terminates or expires on a day other than the last day of a month, the Base Rental for such partial month shall be prorated based upon the actual number of days in such a month. In the event the Base Rental to be paid hereunder, or other charges as hereinafter provided, is not received by Landlord by the seventh (7th) day of the month due, Landlord shall have the right to impose a late charge of three and one half percent (3.5%) of all amounts as follows: Subject to any Base Rental adjustments as set forth hereinpast due. Provided rental payments are received no later than the tenth (10) day of the month due, the Landlord will not impose an interest charge nor will rental payments be considered past due for one (1) rental payment per Lease Year. Such "grace periods" shall be on a non-cumulative basis for the Term of this Lease. (b) Simultaneously with the execution of this Lease, Tenant hereby agrees to shall pay to Landlord a Base Rental per square foot, per year, payable in monthly installments, for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In respect to any space within the Leased Premises that Tenant is not using ("unused space"),the Base Rental for such space Initial Installment. Such sum shall be suspended ("Base Rental Abatement") for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area of unused space multiplied applied by the per square foot Base Rent applicable Landlord to the Leased Premises at the time in question, pro-rated per diem. Tenant shall designate the unused area of space by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount first complete month's installment of Base Rental Abatement and as it becomes due hereunder. If the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant first month is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordinglyprorated, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time shall be deducted due promptly after Tenant's receipt of a notice from the total Net Rentable Area of the Leased Premises to arrive at Landlord stating the amount of Base Rental due for the corresponding said prorated month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feet. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein.

Appears in 1 contract

Sources: Lease Agreement (Infinity Property & Casualty Corp)

Base Rental. 4.1 Section 2.02 (a) As to the portion of the Original Lease is amended Remaining Premises located on Floors 9 through 20 of the Building, Tenant shall continue to change the pay Base Rental in accordance with Sections 2.1 and 2.2 of the Lease, without modification as a result of this Amendment. (b) Until February 28, 2003, as to the amounts portion of the Remaining Premises located on Floor 24 of the Building, and until August 31, 2003 as follows: Subject to any the portion of the Remaining Premises located on Floor 25 of the Building, Tenant shall pay Base Rental adjustments as set forth hereinin the Lease (including the First Amendment) without modification as a result of this Amendment. (c) Commencing March 1, 2003, as to the portion of the Remaining Premises located on Floor 24 of the Building, and September 1, 2003 as to the portion of the Remaining Premises located on Floor 25 of the Building, and continuing through and until the Expiration Date, Section 2.1 of the Lease and Section 4 of the First Amendment shall be amended to provide that Tenant hereby agrees shall be obligated to pay to Landlord a as the annual Base Rental per square foot, per year, payable in monthly installments, for the Leased Premises as per the following schedule: Commencement Date through: First year: $ 13.41 Second year: 14.61 Third year: 14.91 Fourth year: 15.66 Fifth year: 16.41 Sixth year: 15.26 Seventh year: 15.61 Eighth year: 15.96 Ninth year: 16.31 Tenth year: 16.66 4.2 In with respect to any space within the Leased portion of the Remaining Premises that Tenant is not using located on Floors 24 and 25 of the Building an amount equal to the product of ("unused space"),the x) an annual Base Rental for such space shall be suspended Rate equal to $23.50, multiplied by ("Base Rental Abatement"y) for any day that Tenant is not using such space as herein set forth. The amount of any Base Rental Abatement shall equal the number of square feet of such Net Rentable Area comprising the Remaining Premises located on Floors 24 and 25 of unused space multiplied by the per square foot Building: (d) All such Base Rent applicable Rental shall be payable in accordance with the provisions set forth in the Lease. (e) From and after the Expiration Date (to the Leased extent Tenant renews and extends the Lease pursuant to Section I of Exhibit B to the Lease), Tenant agrees to pay Base Rental for the Remaining Premises at the time Base Rate determined in question, pro-rated per diem. Tenant shall designate accordance with the unused area provisions of space by providing a written notice to Landlord, specifying therein the applicable number Section I of square feet, the applicable amount of Base Rental Abatement and the date on which the non-use commenced. Similarly, if Tenant resumes use of any space that has been designated as unused space, Tenant shall designate the unused space that Tenant is returning to use by providing a written notice to Landlord, specifying therein the applicable number of square feet, the applicable amount of Base Rental Abatement that ceases to apply to such space and the date on which the resumption of use of such space commenced. The monthly rent payments shall be adjusted to reflect such changes as they occur, and Additional Rental Adjustments shall apply only to Leased Premises less the amount of unused space that exists from time to time. Except for temporary cubicle structures or office furnishings occupying such space, Tenant shall not use any such unused space for storage or any other purposes. The unused space for which any Base Rental Abatement applies on and following the Commencement Date, and which will continue to apply until changed by written notice as aforesaid,is Two Thousand Two Hundred Thirty Three (2233) square feet on the 2nd floor as shown on Exhibit 4.2 ("Initial Unused Space"). Accordingly, the amount of rent set forth in Section 4.1 is the Base Rental per square foot for the Leased Premises, and the number of square feet of unused space existing from time to time shall be deducted from the total Net Rentable Area of the Leased Premises to arrive at the amount of Base Rental due for the corresponding month. When making a designation of space to become unused space, or space that is being returned to use, as hereinabove provided, Tenant shall have, at the time of such designation, a good faith expectation that such designated space will remain so classified for not less than three months. Notwithstanding anything B to the contrary contained herein, the aggregate amount of space which Tenant will be allowed to classify as unused space shall not exceed four thousand five hundred (4,500) square feetLease. 4.3 Tenant has been paying rent based on the lease of space existing prior to the Effective Date of this Third Lease Amendment, and the rent for the period beginning January 1, 2002, shall be adjusted by charging Tenant the amount of rent due under this Third Lease Amendment beginning January 1, 2002, and crediting Tenant with the amount of rent that Tenant has paid for the months beginning January 1, 2002, and the difference shall be settled by adjusting the amount of rent that Tenant will pay to Landlord when Tenant makes its rent payment ($12,526.22) due to Landlord for April, as set forth in Exhibit 4.3 attached hereto. 4.4 Landlord has sent an invoice to Tenant to charge for Tenant's share of increases in Building expenses for the years 1999-2000, and, subsequently, an invoice for January, 2001 through October, 2001. Landlord and Tenant have agreed to settle the amount of the invoice for the years 1999-2000 by reducing same by 50%, which Tenant has paid. Regarding the invoice for the 2001 period, it is agreed that Tenant will add to its rent for the months of April, 2002, through March, 2003, the amount of $2,000 per month in final settlement of the aforesaid invoice for 2001. 4.5 The "calendar year" referred to in the first sentence of Section 2.03 (a) of the Original Lease shall mean the calendar year commencing January 1, 2002. The "Base Year" established in Section 2.03 (c) of the Original Lease is hereby changed to the calendar year 2002. Landlord agrees to be diligent and to use its best efforts for provide to Tenant the statement comparing the Base Year's Operating Expenses and Operating Expenses for each such calendar year and other information as set forth in Section 2.03 (d) of the Original Lease within the one hundred twenty (120) day period as set forth therein, and the failure by Landlord to provide said statement and information within one hundred eighty (180) days shall result in Tenant's having no obligation to pay the Tenant's Additional Rental Adjustment as set forth therein.

Appears in 1 contract

Sources: Office Space Lease Agreement (FSP Phoenix Tower Corp)