Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates: (i) Base rent ("Base Rent") to be paid in monthly installments in the amounts set forth in Item 4 of the Schedule, in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease. (ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Share of Expenses and Taxes for any calendar year. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statement, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("“Base Rent"”) to be paid in monthly installments in the amounts amount set forth in Item 4 11 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("“Adjustment Rent"”) in an amount equal to Tenant's ’s Proportionate Share of (a) the increase in Expenses for any calendar year over the Base Expenses and (b) the increase in Taxes for any calendar yearyear over the Base Taxes. Prior to each calendar year, or as soon as reasonably possible, Landlord shall reasonably estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such reasonable estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After Within one hundred twenty (120) days after the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Such report shall be certified as accurate by Landlord’s chief financial officer. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expiredexpired or terminated, provided but only to the extent that such excess exceeds any amounts due from Tenant is not then in default to Landlord hereunder, in either case without interest to Tenant.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designatesLandlord:
(i) Base rent ("“Base Rent"”) to be paid in monthly installments in the amounts set forth described in Item 4 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent to Landlord upon Tenant’s execution of this Lease, the installment of Base Rent which is due for the first month of the Term for which Base Rent is due.
(ii) Adjustment Additional rent ("Adjustment Rent"“Tenant Reimbursement Amount”) in an annual amount equal to the sum of (A) Tenant's ’s Proportionate Share of Expenses and for each calendar year, plus (B) Tenant’s Proportionate Share of Taxes for any each calendar year. Prior to each calendar year, or as soon as reasonably possible, Landlord shall furnish Tenant with Landlord’s good faith estimate and notify Tenant of the amount of Adjustment Rent due Tenant Reimbursement Amount that will accrue for such calendar year, and Tenant shall pay Landlord one-twelfth (1/12111) of such estimate on the first day of each month during such calendar year, except that Tenant shall pay to Landlord upon Tenant’s execution of this Lease, the installment of estimated Tenant Reimbursement Amount which is owing for the first month of the Term for which Tenant Reimbursement Amount is due. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After The initial monthly estimated Tenant Reimbursement Amount is described in the Schedule. Within 120 days after the end of each calendar year, Landlord shall deliver to Tenant a statement (the “Annual Reconciliation”) setting forth the actual Expenses and Taxes for such calendar year and a statement of the total amount of Adjustment Rent estimated Tenant Reimbursement Amount that Tenant has paid and is payable for such calendar year. Within thirty (30) days after receipt of such statementAnnual Reconciliation, Tenant shall pay to Landlord the amount of Adjustment Rent due Tenant Reimbursement Amount owing for such calendar year minus any payments of all estimated Adjustment Rent made Tenant Reimbursement Amount paid by Tenant for such calendar year. If Tenant's the total estimated payments of Adjustment Rent exceed Tenant Reimbursement Amount paid by Tenant for such calendar year exceeds the amount due Landlord of Tenant Reimbursement Amount owing for such calendar year, then Landlord shall apply such excess as a credit against Tenant's other obligations future payments required of Tenant under this Lease or promptly refund such excess to Tenant if the Term has already expiredended, provided Tenant is not then in default Default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base Commencing on the Commencement Date, base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 of 7of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first one full month's Base Rent upon execution of this Lease which shall be applied against the first full month of Base Rent due under this Lease. The amounts set forth in the Base Rent Schedule (i.e., Item 7 of the Schedule) represent annualized amounts, and if any Lease Year is longer or shorter than twelve (12) full months, the annual Base Rent payable for such Lease Year shall be prorated accordingly, based upon the number of days in such Lease Year. Base Rent for any partial month during the Term shall be prorated on a daily basis based upon a thirty (30)-day month and shall be paid in advance.
(ii) Adjustment Commencing on January 1, 2010, Tenant shall pay Landlord adjustment rent ("Adjustment Rent") in an amount equal to the sum of (a) Tenant's Proportionate Share of the amount by which Expenses and for each calendar year during the Term exceed Expenses for calendar year 2009 (the "Base Year"), plus (b) Tenant's Proportionate Share of the amount by which Taxes for any each calendar yearyear during the Term exceed Taxes for the Base Year. Prior to each calendar yearyear during the Term, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurateaccurate and Tenant's monthly payments of Adjustment Rent shall thereafter be increased or decreased, as the case may be. After the end of each calendar year, Landlord shall deliver to Tenant a statement setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such yearyear (the "Expense Statement"). Tenant acknowledges that actual Taxes for a calendar year may not be determined until after actual Expenses for such calendar year are determined. Accordingly, Tenant acknowledges that Landlord may report the actual Expenses and actual Taxes for a calendar year separately. Within thirty (30) days after receipt of such statementthe Expense Statement, Tenant shall pay to Landlord the amount excess of Adjustment Rent due for such calendar year minus over any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations the next payment of Rent due from Tenant under this Lease or Landlord shall promptly refund such excess to Tenant if the Term has already expiredended, provided Tenant is not then in default hereunder. For any partial Adjustment Year (i.e., less than a full calendar year), the Expenses for the Base Year and the Taxes for the Base Year shall be pro rated based upon the number of days in such Adjustment Year and the resulting amounts shall be compared to the Expenses and the Taxes for such Adjustment Year, respectively, in either case without interest to Tenantdetermining the Adjustment Rent for such partial Adjustment Year, or at Landlord's option, Adjustment Rent for any partial fiscal year shall be determined by multiplying the amount of Adjustment Rent for the full calendar year by a fraction, the numerator of which is the number of days during such calendar year falling within the Term and the denominator of which is 365.
Appears in 1 contract
Samples: Office Space Lease Agreement (Bridgeline Software, Inc.)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 B of the Schedule, Basic Terms in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) the increase in Expenses for any calendar year over the Base Expenses and (b) the increase in Taxes for any calendar yearyear over the Base Taxes. (If the Basic Terms set forth a Base Expense Year and a Base Tax Year rather than Base Expenses and Base Taxes, the Base Expenses and the Base Taxes shall equal the amount of Expenses and Taxes, respectively, for the Base Expense Year and the Base Tax Year.) Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year year, minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Standard Office Lease (Data Transmission Network Corp)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 6 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) Expenses for any calendar year which exceed Expenses for the Base Year and (b) Taxes for any calendar yearyear which exceed Taxes for the Base Year. Prior to each calendar year, or as soon as reasonably possiblepossible (but in any event within one hundred twenty (120) days after the end of the calendar year), Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year (but in any event within one hundred and eighty (180) days after the end of the calendar year), Landlord shall deliver to Tenant a statement reasonable detailed report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Tenant acknowledges that actual Taxes for a calendar year may not be determined until after actual Expenses for such calendar year are determined. Accordingly, Tenant acknowledges that Landlord may report the actual Expenses and actual Taxes for a calendar year separately. Within thirty (30) days after receipt of such statementreport or reports, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year, it being acknowledged by Tenant that if Landlord separately reports actual Expenses and actual Taxes for a calendar year, Landlord may reasonably allocate Adjustment Rent paid by Tenant for such calendar year between Expenses and Taxes for such calendar year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant. Notwithstanding anything contained herein to the contrary, Tenant shall not be responsible for the payment of Adjustment Rent until the first (1st) anniversary of the Commencement Date.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base Annual minimum rent ("Base “Minimum Rent"”) in the amounts set forth in Item 5 of the Schedule to be paid in monthly installments in the amounts amount set forth in Item 4 6 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base ’s Minimum Rent upon execution of this Leasethe Commencement Date.
(ii) Adjustment rent ("“Adjustment Rent"”) in an amount equal to Tenant's ’s Proportionate Share of Expenses and the Taxes for any each calendar or tax year. Prior to each calendar year, year or as soon thereafter as is reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such yearyear and notify Tenant of such estimate, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such Until such time as Landlord furnishes an estimate of Adjustment Rent for a calendar year, Tenant shall continue to pay to Landlord a monthly estimated payment on account of Adjustment Rent on the first day of each month during such year equal to the latest monthly estimated payment due for the preceding calendar year. The estimate of Adjustment Rent for any calendar year may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. On or before the first day of the next calendar month following Landlord’s service of a notice of estimated Adjustment Rent, and on or before the first month thereafter, Tenant shall pay to Landlord one-twelfth of the estimated Adjustment Rent shown in such notice. Within thirty (30) days following Landlord’s service of a notice of estimated Adjustment Rent, Tenant shall also pay to Landlord a lump sum equal to the estimated Adjustment Rent shown in such notice less (1) any previous payment on account of Adjustment Rent made during such calendar year and (2) the estimated monthly payments on account of Adjustment Rent due for the remainder of such calendar year. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
(iii) Tenant’s Exterior CAM Expenses in the amount set forth in Item 6 of the Schedule to be paid in monthly installments on or before the first day of each month of the Term (and the Option Term(s), if applicable). Tenant’s obligation to pay Tenant’s Exterior CAM Expenses shall not deviate from the amounts set forth in Item 6 of the Schedule regardless of the actual costs thereof incurred by Landlord from year to year.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent Rent ("“Base Rent"”) to shall be paid in monthly installments in the amounts amount set forth in Item 4 1.5 of the Schedule, in advance Schedule on or before the first (1st) day of each month of the Termcalendar month, in advance, and without notice or demand, except that Tenant shall pay and without set off or deduction (unless expressly allowed herein), with the first month's ’s Base Rent being due on the Commencement Date. Payment of Rent is an independent covenant of Tenant. December 2010 Base Rent shall be prorated based on the Commencement Date and the days remaining in December, and shall be paid by Tenant upon execution of this Lease.
(ii) Adjustment As additional rent ("Adjustment “Additional Rent") in an amount equal to Tenant's Share of Expenses and Taxes for any calendar year. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statement”), Tenant shall pay all Taxes directly to the appropriate taxing authority on or before the applicable due date, and shall pay Insurance in accordance with the provisions of Section 10 below. With respect to Taxes, in the event that bills or invoices for Taxes are not sent directly to Tenant, Landlord shall provide Tenant with copies of all actual bills for Taxes promptly following receipt of same so that Tenant shall have adequate time to cause the direct payment of same prior to any due date. Only to the extent permitted under the Bond Documents, or by Chase, Tenant shall have the right to challenge any Taxes (whether such challenge is as to the assessment or tax levy) provided that any such challenge shall not subject Landlord to any loss or forfeiture of the Premises or any penalties or fine. At no expense to Landlord, Landlord agrees to cooperate with Tenant in any such challenge. Within ten (10) days after request for same from Landlord, Tenant shall provide Landlord with evidence of its payment of any component of Additional Rent. If Tenant fails to make timely payment of such Taxes (which failure is not due to the failure of Landlord to provide Tenant with copies of such bills for Taxes in a timely manner), Tenant shall also pay the amount of Adjustment Rent any interest, penalties, or late charges due for such calendar year minus to the appropriate governmental authority. Nothing in this Section 2.B. (ii) shall limit any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's Landlord’s other obligations under rights or remedies set forth in this Lease or promptly refund such excess under law.
(iii) Tenant agrees to Tenant if pay its pro-rata portion of the Term has already expired, provided Tenant is not then in default hereunderSummer 2010 and Winter 2010 Taxes upon execution of this Lease, in either case without interest amounts as agreed to Tenantby Tenant and Landlord, based upon actual Tax bills or invoices.
Appears in 1 contract
Samples: Lease Agreement (Graham Corp)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 6 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) Expenses for any calendar year which exceed Expenses for the Base Year and (b) Taxes for any calendar yearyear which exceed Taxes for the Base Year. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Tenant acknowledges that actual Taxes for a calendar year may not be determined until after actual Expenses for such calendar year are determined. Accordingly, Tenant acknowledges that Landlord may report the actual Expenses and actual Taxes for a calendar year separately. Within thirty (30) days after receipt of such statementreport or reports, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year, it being acknowledged by Tenant that if Landlord separately reports actual Expenses and actual Taxes for a calendar year, Landlord may reasonably allocate Adjustment Rent paid by Tenant for such calendar year between Expenses and Taxes for such calendar year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
(iii) [intentionally omitted]
Appears in 1 contract
Samples: Office Space Lease (Mdsi Mobile Data Solutions Inc /Can/)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("“Base Rent"”) to be paid in monthly installments in the amounts amount set forth in Item 4 6 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's ’s Base Rent upon execution of this Lease.
(ii) Adjustment rent ("“Adjustment Rent"”) in an amount equal to Tenant's ’s Proportionate Share of Expenses and Taxes for any calendar yearTaxes. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport or reports, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year, it being acknowledged by Tenant that in the event Landlord separately reports actual Expenses and actual Taxes for a calendar year, Landlord may reasonably allocate Adjustment Rent paid by Tenant for such calendar year between Expenses and Taxes for such calendar year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expiredexpired within thirty (30) days of the expiration of the Term (retaining so much of such excess as may be reasonably required to cover the estimated obligations of Tenant past the expiration of the Term), provided Tenant is not then in default hereunder. Any sum due from Landlord to Tenant under the provisions of the preceding sentence shall bear interest from the date due until the date paid at the annual rate of five percentage points (5%) above the Prime Rate then in effect, but in either case without interest to Tenantno event higher than the maximum rate permitted by law.
(iii) Index rent (“Index Rent”): Intentionally Omitted
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("“Base Rent"”) to be paid in monthly installments in the amounts and for the Lease Months set forth in Item 4 3 of the Schedule, Schedule in advance on or before the first day of each calendar month of the Term, without demand, except that Tenant shall pay the first month's monthly installment of Base Rent upon shall be payable simultaneously with the execution and delivery of this Lease.Lease by Tenant; thereafter, Base Rent shall be payable on the first day of each calendar month beginning on the first day of the second full calendar month of the Term. The monthly Base Rent for any partial calendar month at the beginning of the Term shall equal the product of 1/365 of the annual Base Rent in effect during the partial calendar month and the number of days in the partial calendar month and shall be due and payable on the Commencement Date
(ii) Adjustment rent ("“Adjustment Rent"”) for each Operating Year or partial Operating Year during the Term in an amount equal to Tenant's ’s Proportionate Share of multiplied by the amount equal to (a) the Expenses and Taxes for any calendar yearsuch Operating Year or partial Operating Year. Prior to each calendar year, or as soon as reasonably possibleOperating Year, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such yearOperating Year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each calendar month during such yearOperating Year. Such estimate may be revised by Landlord whenever it Landlord obtains information relevant to making such estimate more accurate. After the end of each calendar yearOperating Year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year Operating Year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such yearOperating Year. Within thirty (30) days after receipt of such report and statement, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year Operating Year minus any payments of estimated Adjustment Rent made by Tenant for such yearOperating Year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar yearOperating Year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to ------------------ Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 10 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except Term commencing with the Commencement Date. Landlord acknowledges that Tenant shall pay the first month's Annual Base Rent upon execution includes Tenant's Proportionate Share of this LeaseBase Expenses and Tenant's Proportionate Share of Base Taxes.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) the increase in Expenses for any calendar year during the Term over the Base Expenses and (b) the increase in Taxes for any calendar yearyear during the Term over the Base Taxes. Notwithstanding anything in this Lease to the contrary, in no event shall Adjustment Rent for calendar year 1997 include any increase in the cost of providing electrical energy to the Property during calendar year 1997 over the cost of providing electrical energy to the Property during calendar year 1996 except to the extent that such increase is due to any increase in the rates charged by the electric utility company to Landlord for electrical energy furnished to the Property. Prior to each calendar year, or as soon as reasonably possibleyear during the Term, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such calendar year, and Tenant shall pay Landlord one-one- twelfth of such estimate on the first day of each month during such calendar year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar yearyear during the Term, Landlord shall deliver to Tenant a statement report (a "Report") setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementReport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such calendar year. If Tenant's estimated payments of Adjustment Rent for any calendar year exceed the amount of Adjustment Rent due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant. Notwithstanding the foregoing, if Tenant's estimated payments of Adjustment Rent for any calendar year exceed the amount of Adjustment Rent due Landlord for such calendar year by greater than ten percent (10%), then Landlord shall pay Tenant interest on such excess at the annual rate of the prime rate of The First National Bank of Boston. Any Report sent to Tenant shall be conclusively binding upon Tenant unless, within ninety (90) days after such Report is sent, Tenant shall send a notice to Landlord objecting to all or any portion of such Report. If such objection is not resolved as between the parties within thirty, (30) days thereafter, then Tenant shall have the right to audit the books and records relating to the operation of the Property for the calendar year to which such objected Report relates, provided Tenant makes a request to conduct such audit within one hundred twenty (120) days after such Report is sent to Tenant and provided such audit is performed within thirty (30) days following such request. Such audit shall be performed at such time or times during normal business hours as Landlord shall reasonably designate and shall be performed by an independent certified public accounting firm selected by mutual agreement of Tenant and Landlord. The determination of such accounting firm shall be conclusively binding upon Landlord and Tenant. Within thirty (30) days following the determination of such accounting firm, Tenant shall pay to Landlord the amount of Adjustment Rent underpaid, if any, or Landlord shall refund to Tenant the amount of Adjustment Rent overpaid, if any, in either case without interest on such underpayment or overpayment.
Appears in 1 contract
Samples: Lease (Unifi Communications Inc)
Components of Rent. Tenant agrees to pay the following amounts to ------------------ Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 3 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) the Expenses for any calendar year and (b) the Taxes for any calendar year. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default Default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Components of Rent. Tenant agrees to pay the following amounts to ------------------ Landlord at the office of the Building or at such other place in the United States as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts determined as set forth in Item 4 of the Scheduleon Exhibit A, in advance on or before the first day of each month of the Term, Term without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) the Expenses for any calendar year and (b) the Taxes for any calendar year. Prior to each calendar year, or as soon thereafter as reasonably possiblepossible (but not later than May 1 of the calendar year in question), Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurateaccurate (but not more than once in any calendar year). After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year (Landlord shall deliver such report for each calendar year by May 1 of the following year). Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Components of Rent. Tenant agrees to pay the following amounts to Landlord ----------- at the office of the Building or at such other place as Landlord designatesdesignates in writing to Tenant reasonably in advance:
(i) i. Base rent ("Base Rent") to be paid in monthly installments in the amounts set forth in Item 4 of the Schedule, in advance on or before the first day of ------ each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) . Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Share of Expenses and Taxes for any calendar year. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, as shown in said statement, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After Within one hundred twenty (120) days after the end of each calendar year, Landlord shall deliver to Tenant a statement setting forth in reasonable detail the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statement, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if unless the Term has already expired, provided and Tenant is not then in default hereunderhereunder beyond any applicable cure period, in either which case without interest such amount shall be refunded to Tenant. In no event will Tenant be entitled to interest on any amount overpaid by Tenant hereunder.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base RentBASE RENT") to be paid in monthly installments in the amounts amount set forth in Item 4 6 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment RentADJUSTMENT RENT") in an amount equal to Tenant's Proportionate Share of Expenses and Taxes for any calendar yearTaxes. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such the following calendar year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport or reports, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year, it being acknowledged by Tenant that in the event Landlord separately reports actual Expenses and actual Taxes for a calendar year, Landlord may reasonably allocate Adjustment Rent paid by Tenant for such calendar year between Expenses and Taxes for such calendar year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expiredexpired (retaining so much of such excess as may be reasonably required to cover the estimated obligations of Tenant past the expiration of the Term), provided Tenant is not then in default hereunder, in either case without interest to Tenant.
(iii) Index rent ("INDEX RENT"): Intentionally Omitted
Appears in 1 contract
Samples: Lease (Telxon Corp)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base Minimum rent ("Base Minimum Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 3 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Minimum Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) the increase in Expenses for any calendar year over the Base Expenses and (b) the increase in Taxes for any calendar yearyear over the Base Taxes. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such report and statement, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) 3.2.1 Base rent ("Base Rent") to be paid in monthly installments in the amounts as set forth in Item 4 Section 1.3 of the ScheduleLease Provisions, in advance advance, on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent plus any partial month rent (if any) upon execution of this Lease.
(ii) Adjustment rent 3.2.2 Tax Escalation and Expense Escalation ("Adjustment RentTax Escalation and Expense Escalation") in an amount equal to Tenant's Proportionate Share of (a) the increase in expenses for any calendar year over the Base Expenses and (b) the increase in Taxes for any calendar yearyear over the Base Taxes. (If Sections 1.5 and 1.6 of the Lease Provisions set forth a Base Expense Year and a Base Tax Year rather than Base Expenses and Base Taxes, the Base Expenses and the Base Taxes shall equal the amount of Expenses and Taxes, respectively, for the Base Expense Year and the Base Tax Year.) Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent the Tax Escalation and Expense Escalation due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After At the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent the Tax Escalation and Expense Escalation that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent the Tax Escalation and Expense Escalation due for such calendar year minus any payments of estimated Adjustment Rent the Tax Escalation and Expense Escalation made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent the Tax Escalation and Expense Escalation exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Office Lease (Hanover Capital Mortgage Holdings Inc)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) 3.2.1 Base rent ("Base Rent") to be paid in monthly installments in the amounts as set forth in Item 4 Section 1.3 of the Schedule, in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this LeaseLease Provisions.
(ii) Adjustment rent 3.2.2 Tax Escalation and Expense Escalation ("Adjustment RentTax Escalation and Expense Escalation") in an amount equal to Tenant's Proportionate Share of (a) the increase in expenses for any calendar year over the Base Expenses and (b) the increase in Taxes for any calendar yearyear over the Base Taxes. (If Sections 1.6 and 1.7 of the Lease Provisions set forth a Base Expense Year and a Base Tax Year rather than Base Expenses and Base Taxes, the Base Expenses and the Base Taxes shall equal the amount of Expenses and Taxes, respectively, for the Base Expense Year and the Base Tax Year.) Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent the Tax Escalation and Expense Escalation due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After At the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent the Tax Escalation and Expense Escalation that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent the Tax Escalation and Expense Escalation due for such calendar year minus any payments of estimated Adjustment Rent the Tax Escalation and Expense Escalation made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent the Tax Escalation and Expense Escalation exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant. Tenant shall have the right for a period of ninety (90) days after its receipt of Landlord's report to audit Expenses and Taxes. In the event the results of such audit disclose an overstatement of either Taxes or Expenses by ten percent (10%) or more, Landlord agrees to reimburse Tenant for its reasonable out-of-pocket expenses incurred in connection with such audit.
Appears in 1 contract
Samples: Office Lease (Privatebancorp Inc)
Components of Rent. Tenant agrees to pay the following amounts ------------------ to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 3 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first fourth month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) the Expenses for any calendar year and (b) the Taxes for any calendar year. Tenant shall not be obligated to pay Adjustment Rent for the first three months of the Term. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
(iii) Solely for purposes of calculating Tenant's Adjustment Rent, Controllable Expenses for any year of the Term shall not be deemed to exceed Controllable Expenses for the immediately preceding year of the Term by more than 5%. "Controllable Expenses" shall mean only those items of Expenses where the cost or expense thereof shall be within the reasonable ability of Landlord to control (specifically excluded from Controllable Expenses, without limitation, are the costs and expenses of electricity, fuels, insurance and snow-plowing and the wages of union employees [and the costs and expenses of independent contractors who may employ union employees]). Such limitation on Controllable Expenses shall apply only to Controllable Expenses and not to other items of Expenses or Taxes and shall not limit or otherwise affect Tenant's obligations regarding the payment of any component of Rent other than the Controllable Expenses component of Adjustable Rent.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts set forth in Item 4 10 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demandTerm commencing with the Commencement Date, except that Tenant shall pay the first month's Base Rent due and payable for the first month of the Term upon execution of this LeaseLease by Tenant.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) the increase in Expenses for any calendar year over the Base Expenses and (b) the increase in Fee Land Taxes for any calendar yearyear over the Base Fee Land Taxes and (c) the increase in Easement Land Taxes for any calendar year over the Base Easement Land Taxes. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant make a reasonable estimation of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate; provided, however, Landlord may not revise such estimate more than two (2) times during any calendar year. After Within ninety (90) days after the end of each calendar year, Landlord shall deliver to Tenant a statement report (a "Report") setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. If Landlord fails to deliver to Tenant the applicable Report by May 1 of any calendar year, notwithstanding anything in this Lease to the contrary, Tenant may defer payment of monthly installments of Adjustment Rent, as provided above, until such Report is so delivered; provided, however, within ten (10) business days of receipt of such Report, Tenant shall pay to Landlord all Adjustment Rent so deferred by Tenant such that with such payment Tenant shall become current with all payments of Adjustment Rent. Within thirty (30) days after receipt of such statementReport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such the calendar year referred to in such Report minus any payments of estimated Adjustment Rent made by Tenant for such year. Any Report sent to Tenant shall be conclusively binding upon Tenant unless, within forty-five (45) days after such Report is sent, Tenant shall send a notice to Landlord objecting to same. If such dispute is not resolved as between the parties within thirty (30) days thereafter, then Tenant shall have the right to audit the books and records relating to the operation of the Property for the calendar year to which such disputed Report relates (and for the Base Expense Year for the first audit request made by Tenant's estimated payments ), provided Tenant makes a request to conduct such audit within sixty (60) days after such Report is sent to Tenant and provided such audit is performed within ninety (90) days following such request. Such audit shall be performed at such time or times during normal business hours as Landlord shall reasonably designate and shall be performed by an independent certified public accounting firm selected by mutual agreement of Tenant and Landlord. The determination of such accounting firm shall be conclusively binding upon Landlord and Tenant. Within ten (10) business days following the resolution of such dispute, Tenant shall pay to Landlord the amount of Adjustment Rent exceed underpaid, if any, or Landlord shall refund to Tenant the amount due Landlord for such calendar yearof Adjustment overpaid, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunderany, in either case without interest on such underpayment or overpayment. If Adjustment Rent shall have been found to have been overstated by more than the applicable percentage set forth below, then (a) such refund shall include interest thereon at the Default Rate (as hereinafter defined) from the date Tenant paid such excess payments to Landlord until the date such excess payments are refunded to Tenant and (b) Landlord shall pay to Tenant the reasonable cost of Tenant's audit within ten (10) business days after Tenant delivers to Landlord reasonably detailed evidence of such cost. Notwithstanding the foregoing, in lieu of any such refunds or repayments payable to Tenant hereunder, Tenant shall have the right to apply the amount of such refund (including interest thereon if applicable as provided above) as a credit against Rent and other obligations due under this Lease. The applicable percentage as referred to above shall mean ten (10) percent but shall be reduced to seven (7) percent if Adjustment Rent shall have been found to have been overstated by more than ten (10) percent for more than two (2) calendar years during the Term.
Appears in 1 contract
Samples: Sublease Agreement (Ziplink Inc)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("“Base Rent"”) to be paid in monthly installments in the amounts amount set forth in Item 4 8 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay demand commencing on the first month's Base Rent upon execution of this LeaseCommencement Date.
(ii) Adjustment rent ("“Adjustment Rent"”) in an amount equal to Tenant's ’s Proportionate Share of (a) Expenses for any calendar year that exceed Expenses for the Base Year set forth in Item 10 of the Schedule and (b) Taxes for any calendar year. year that exceed Taxes for the Base Year set forth in Item 10 of the Schedule.
(iii) Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth (1/12th) of such estimate on the first (1st) day of each calendar month during such year. Such estimate may shall be revised by Landlord as soon as is practicable whenever it obtains information relevant to making such estimate more accurate, and Landlord shall deliver prompt written notice to Tenant of the same. After As soon as practicable after the end of each calendar year, but in no event more than ninety-five (95) days after the end of each calendar year, Landlord shall deliver to Tenant a statement reasonably detailed report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport or reports, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year, it being acknowledged by Tenant that in the event Landlord separately reports actual Expenses and actual Taxes for a calendar year, Landlord may reasonably allocate Adjustment Rent paid by Tenant for such calendar year between Expenses and Taxes for such calendar year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default Default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts ------------------ set forth in subsections (a) and (b) below to Landlord at the office of the Building Landlord as set forth in Section 26 of this Lease or at such other place as Landlord designatesdesignates from time to time:
(i) Base Annual base rent ("Base Rent") to shall be paid monthly in monthly equal installments in the amounts set forth in Item 4 of the Schedule, in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) The parties agree that the Base Rent shall be the following. For purposes hereof, Year 1 shall commence on the Rent Commencement Date: Year 1: $1,814,330.00 Years 2&3: $1,988,454.00 Years 4&5: $2,067,992.00 Years 6&7: $2,150,712.00 Years 8&9: $2,236,740.00 Year 10: $2,326,210.00
(b) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Share of the Expenses and Taxes for any calendar year. Prior to the Rent Commencement Date, and for each calendar year thereafter, prior to such calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurateaccurate but not more than twice in any calendar year. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year (the "Expense Reconciliation Report"). Landlord shall cause the Expense Reconciliation Report to be delivered to Tenant within ninety (90) days after the end of the applicable calendar year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year (an "Expense Deficiency Payment"). In the event that Landlord fails to deliver an Expense Reconciliation Report within the calendar year following the year for which the Expense Reconciliation Report is to be given, Landlord shall thereafter be precluded from recovering any Expense Deficiency Payment from Tenant for the subject year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar yearyear and Tenant requests the Expense Reconciliation Report within ninety (90) days after the expiration of the calendar year following the year for which such Report is to be given, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 7 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of Expenses and Taxes for any calendar yearTaxes. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport or reports, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year, it being acknowledged by Tenant that in the event Landlord separately reports actual Expenses and actual Taxes for a calendar year, Landlord may reasonably allocate Adjustment Rent paid by Tenant for such calendar year between Expenses and Taxes for such calendar year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("“Base Rent"”) to be paid in monthly installments in the amounts amount set forth in Item 4 B of the Schedule, Basic Terms in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's ’s Base Rent upon execution of this Lease.
(ii) Adjustment rent ("“Adjustment Rent"”) in an amount equal to Tenant's ’s Proportionate Share of (a) the increase in Expenses for any calendar year over the Base Expenses and (b) the increase in Taxes for any calendar yearyear over the Base Taxes. (If the Basic Terms set forth a Base Expense Year and a Base Tax Year rather than Base Expenses and Base Taxes, the Base Expenses and the Base Taxes shall equal the amount of Expenses and Taxes, respectively, for the Base Expense Year and the Base Tax Year.) Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After By no later than ninety (90) days after the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year year, minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Office Lease (Telvent Git S A)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("“Base Rent"”) to be paid in monthly installments in the amounts amount set forth in Item 4 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("“Adjustment Rent"”) in an amount equal to Tenant's ’s Proportionate Share of (A) any increase of Expenses for any calendar year over Expenses for the Expense Base Year, provided that Tenant shall not be required to pay Tenant’s Proportionate Share of the portion of Controllable Expenses that exceed the previous year’s Controllable Expenses by five percent (5%) or that exceed the amount that would be obtained by increasing Controllable Expenses in the Expense Base Year by five percent (5%) annually, and (B) any increase of Taxes for any calendar yearyear over Taxes paid during the Tax Base Year. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be reasonably revised by Landlord whenever it obtains information relevant to making such estimate more accurate, but not more than one time per calendar year. After Within ninety (90) days after the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term [***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. Blackhawk Lease Deer Valley Corporate Center Phoenix, AZ has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Office Space Lease (Blackhawk Network Holdings, Inc)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at Landlord’s office at the office of the Building Complex or at such other place as Landlord designates:
(i) Base From and after the Rent Commencement Date, base rent ("“Base Rent"”) to be paid in monthly installments in the amounts amount set forth in Item 4 3 of the Schedule, Schedule in advance on or before the first day of each month of the Term, Term without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment From and after the first anniversary of the Rent Commencement Date, adjustment rent ("“Adjustment Rent"”) in an amount equal to Tenant's ’s Proportionate Share of (a) the amount by which the Expenses for each calendar year exceed the Expenses for the Base Year (as defined in Item 5 of the Schedule); and (b) the amount by which the Taxes for any each calendar yearyear exceed the Taxes for the Base Year. Prior to each calendar year, or as soon thereafter as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth (1/12th) of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurateaccurate (but not more than twice per year). After the end of each calendar year, Landlord shall deliver to Tenant a reconciliation statement setting forth the actual Expenses and Taxes for such calendar year year, the amount by which such Expenses and a statement Taxes exceeded the Expenses and Taxes for the Base Year and statements of the amount of Adjustment Rent that Tenant has paid and is payable for such year (Landlord may issue separate reports and statements for Expenses and Taxes or, at its option, may issue a combined report and statement) (Landlord shall use reasonable efforts to deliver such report for a calendar year by April 30 of the following year). Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default Default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Deed of Lease (Gtsi Corp)
Components of Rent. Tenant agrees to pay the following amounts to ------------------- Landlord at the office of the Building or at such other place as Landlord designates:
(i) i. Base rent ("Base Rent") to be paid in monthly installments in the amounts set forth in Item 4 of the Schedule, in advance on or before the first ------ day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) . Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Share of Expenses and Taxes for any calendar year (or in the event Tenant shall occupy the Premises for a portion of a year, any portion of the year during which Tenant shall occupy the Premises). Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-one- twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statement, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year year, as shown in said statement, minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations under this Lease or promptly refund such excess to Tenant if Lease, unless the Term has already expired, provided expired and Tenant is not then in default hereunder, in either which case without interest such amount shall be refunded to TenantTenant promptly after determination of said overpayment. In no case shall any overpayment by Tenant earn interest.
Appears in 1 contract
Components of Rent. Tenant agrees to pay the following amounts ------------------ to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("Base Rent") to be paid in monthly installments in the amounts amount set forth in Item 4 3 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's Base Rent upon execution of this Lease.
(ii) Adjustment rent ("Adjustment Rent") in an amount equal to Tenant's Proportionate Share of (a) the Expenses for any calendar year and (b) the Taxes for any calendar year. Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurateaccurate (but not more than once during any year of the Term). After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant has paid and is payable for such year. Landlord shall use commercially reasonable efforts to deliver such report of actual Expenses and Taxes for a calendar year by May 1 of the following calendar year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's estimated payments of Adjustment Rent exceed the amount due Landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's other obligations next installment of Rent due under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Components of Rent. Tenant agrees to pay the following amounts to Landlord at the office of the Building or at such other place as Landlord designates:
(i) Base rent ("“Base Rent"”) to be paid in monthly installments in the amounts amount set forth in Item 4 3 of the Schedule, Schedule in advance on or before the first day of each month of the Term, without demand, except that Tenant shall pay the first month's ’s Base Rent upon execution of this Lease.
(ii) Adjustment rent ("“Adjustment Rent"”) in an amount equal to Tenant's ’s Proportionate Share of Expenses and the increase in Taxes for any calendar yearyear over the Base Taxes. (If the Schedule sets forth a Base Tax Year rather than Base Taxes, Base Taxes shall equal the amount of Taxes for the Base Tax Year.) Prior to each calendar year, or as soon as reasonably possible, Landlord shall estimate and notify Tenant of the amount of Adjustment Rent due for such year, and Tenant shall pay Landlord one-twelfth of such estimate on the first day of each month during such year. Such estimate may be revised by Landlord whenever it obtains information relevant to making such estimate more accurate. After the end of each calendar year, Landlord shall deliver to Tenant a statement report setting forth the actual Expenses and Taxes for such calendar year and a statement of the amount of Adjustment Rent that Tenant tenant has paid and is payable for such year. Within thirty (30) days after receipt of such statementreport, Tenant shall pay to Landlord the amount of Adjustment Rent due for such calendar year minus any payments of estimated Adjustment Rent made by Tenant for such year. If Tenant's ’s estimated payments of Adjustment Rent exceed the amount due Landlord landlord for such calendar year, Landlord shall apply such excess as a credit against Tenant's ’s other obligations under this Lease or promptly refund such excess to Tenant if the Term has already expired, provided Tenant is not then in default hereunder, in either case without interest to Tenant.
Appears in 1 contract
Samples: Office Lease (Addus HomeCare Corp)