Construction Rent. Commencing as of the Commencement Date (if the Commencement Date is the first day of a calendar month, or otherwise on the first day of the calendar month next following the Commencement Date), and continuing on the first day of each month thereafter throughout the term of the Lease, Tenant shall pay to Landlord, as additional rent, Construction Rent, as hereinafter defined, based upon the amount of Landlord’s Additional Contribution. Tenant’s monthly payments of Construction Rent shall be equal to the amount of equal monthly payments of principal and interest which would be necessary to repay a loan in the amount of Landlord’s Additional Contribution, together with interest at the rate of seven percent (7%) per annum, on a level payment direct reduction basis over a term equal to the term of the Lease. Monthly payments of Construction Rent shall be payable at the same time and in the same manner as Yearly Rent is payable under the Lease, but shall commence on the Commencement Date rather than on the Rent Commencement Date. Construction Rent shall not be abated or reduced for any reason whatsoever (including, without limitation, untenantability of the Premises or termination of the Lease). Without limiting the foregoing, the rent abatement provisions of Articles 18 and 20 of the Lease shall not apply to Construction Rent. Since the payment of Construction Rent represents a reimbursement to Landlord of costs which Landlord will incur in connection with the construction of the Premises, if there is any default (beyond the expiration of any applicable grace periods) of any of Tenant’s obligations under the Lease (including, without limitation, its obligation to pay Construction Rent) or if the term of this Lease is terminated for any reason whatsoever prior to the termination of the Term of the Lease, Tenant shall pay to Landlord, immediately upon demand, the unamortized balance of Landlord’s Additional Contribution. Tenant’s obligation to pay the unamortized balance of Landlord’s Additional Contribution shall be in addition to all other rights and remedies which Landlord has based upon any default of Tenant under the Lease, and Tenant shall not be entitled to any credit or reduction in such payment based upon amounts collected by Landlord from reletting the Premises after the default of Tenant.
Construction Rent. The Rent payable for a Development Project during the Construction Period (“Construction Rent”) shall be due in arrears in consecutive monthly installments and shall, to the extent anticipated by the applicable Project Budget, be financed by Landlord through each monthly Development Payment as set forth in the applicable Project Budget. Landlord will provide Tenant an informational copy of a Construction Rent invoice each month. To the extent not financed by Landlord, Tenant shall pay Construction Rent on the first day of the month immediately following receipt of such invoice. The final payment of Construction Rent for a Development Project shall be paid on the final day of the applicable Construction Period. The Construction Rent for each Development Project will equal 1/12 of the applicable Development Project Investment Amount as of the applicable date, multiplied by the Construction Rate of Return.
Construction Rent. The Rent payable for a Development Project and for the San Antonio Project Improvements shall commence with the first Contingent Payment for Project Improvements and continue during the Construction Term (“Construction Rent”) shall be paid in arrears in consecutive monthly installments and shall be included by Landlord in each monthly Contingent Payment. Landlord will provide Tenant an informational copy of a Construction Rent invoice prepared in accordance with the terms of the Term Sheet each month. The final payment of Construction Rent shall be paid on the final day of the Construction Term. The Construction Rent for (i) each Development Project will be based upon the aggregate amount of the Acquisition Payments and the Contingent Payments made for such Development Project as of the applicable date, and (ii) for San Antonio Project Improvements will be based upon the aggregate amount of the Contingent Payments made for such Project Improvements as of the applicable date, and Landlord’s rate of return equal to the LIBOR Rate plus 4.35%, adjusted from month to month at the time and in accordance with the Term Sheet to reflect each change in the LIBOR Rate.
Construction Rent. Commencing on the Construction Rent Commencement Date and expiring on the day prior to the Base Rent Commencement Date, Tenant shall pay to Owner annual rental of One Hundred Fifty Thousand and No/100 Dollars ($150,000.00) per year (“Construction Rent”). Construction Rent for any Lease Year or portion thereof during the Term, of less than twelve (12) months shall be prorated according to the actual number of months, or if less than one month, days, in such Lease Year at a rate of Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) per month.
Construction Rent. Construction Rent shall be paid semi-annually, with the first payment to be made by Tenant to Landlord within ten (10) business days of the commencement of the Construction Term, in the amount that is fifty percent (50%) of First Year Construction Rent as provided in Table 1. Each subsequent Construction Rent payment shall be made within five (5) business days of each six-month anniversary of the commencement of the Construction Term, until expired or terminated. The Construction Rent for any subsequent Lease Year during the Construction Term shall increase on an annual basis above the Construction Rent for the prior Lease Year by the Escalation Rate as indicated in Table 1. Any Construction Rent paid to Landlord shall be non-refundable notwithstanding any termination of the Lease during the Construction Term.
Construction Rent. Section 1.23(B) of the Work Letter is hereby amended as follows: the term "(`Construction Rent')" shall be added to the end of the final sentence to Section 1.23(B) of the Work Letter.
Construction Rent. Tenant shall pay Landlord construction rent (“Construction Rent”) in arrears in consecutive monthly installments payable commencing on the first day of each month during the Construction Term after receipt of a Construction Rent invoice prepared in accordance with the terms of the Term Sheet. Landlord can make a Contingent Payment to pay the monthly Construction Rent. The Construction Rent for each Development Project will be based upon the aggregate amount of Contingent Payments made for such Development Project as of the applicable date and Landlord’s rate of return equal to the LIBOR Rate plus 1.35%, adjusted from month to month at the time and in accordance with the Term Sheet to reflect each change in the LIBOR Rate.
Construction Rent. See Section 5.2.
Construction Rent. If Landlord provides any Landlord's Additional Contribution then Tenant shall pay to Landlord, as Additional Rent, Construction Rent, as hereinafter defined. Construction Rent shall commence as of the Rent Commencement Date and shall continue on each Rent Payment Date thereafter. "CONSTRUCTION RENT" shall mean a monthly sum equal to the amount of equal monthly payments of principal and interest which would be necessary to repay a loan in the amount of Landlord's Additional Contribution paid to Tenant, together with interest at the rate of eight (8%) percent per annum, on a level direct reduction basis over the Initial Lease Term (commencing as of the Rent Commencement Date). Construction Rent shall be treated as Additional Rent under the Lease. Landlord will deliver to Tenant a statement setting forth the Construction Rent. Construction Rent shall not be abated or reduced for any reason whatsoever (including, without limitation, termination of the Lease). In the event of any termination of this Lease, the outstanding balance of Landlord's Additional Contribution, plus all unpaid interest earned thereon shall become automatically due and payable as of the date of such termination.
Construction Rent. Commencing on the Construction Rent Commencement Date and expiring on the day prior to the Base Rent Commencement Date, Tenant shall pay to Owner the annual rent in the amounts set forth in Exhibit C attached hereto (“Construction Rent”). Construction Rent for any Lease Year of less than twelve (12) months shall be prorated according to the actual number of months, or if less than one month, days, in such Lease Year.
