Common use of Construction Rent Clause in Contracts

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. Commencing as of If Tenant elects to have Landlord provide Landlord’s Additional Allowance pursuant to Section 5.3(2) and Landlord provides Landlord’s Additional Allowance, then, with respect to 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 funds advanced by Landlord pursuant to each month thereafter throughout the term of the LeaseAdditional Allowance Requisition, Tenant shall pay to Landlord, as additional rent, Construction Rent, as hereinafter defined, based upon the amount of Landlord’s Additional ContributionAllowance advanced by Landlord pursuant to such Additional Allowance Requisition. Tenant’s monthly payments of Construction Rent based upon each Additional Allowance Requisition 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 the funds advanced by Landlord pursuant to such Additional ContributionAllowance Requisition, together with interest at the rate of seven percent ten and one-half (710.5%) percent per annum, on a level payment direct reduction basis over a term equal to the term period commencing as of the LeaseLandlord’s Allowance Date, as hereinafter defined, with respect to such Additional Allowance Requisition and ending as of the expiration of the Original Lease Term. “Landlord’s Allowance Date” with respect to each Additional Allowance Requisition shall be the first day of the calendar month next following Landlord’s payment of the funds due under such Additional Allowance Requisition. Monthly payments of Construction Rent shall be payable at the same time and in the same manner as Yearly Annual Fixed 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); except that, if this Lease terminates as a result of a fire or casualty, and Landlord receives net insurance proceeds that are allocable to the Tenant’s Work paid for by the Landlord’s Additional Allowance, then the amount thereof shall be credited against the Construction Rent thereafter to be paid. Without limiting the foregoing, the rent abatement provisions of Articles 18 VII and 20 XIV 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 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 Term of this Lease is terminated for any reason whatsoever prior to the termination of the Term of the LeaseTermination Date, Tenant shall pay to Landlord, immediately upon demand, the unamortized balance of Landlord’s Additional ContributionAllowance. Tenant’s obligation to pay the unamortized balance of Landlord’s Additional Contribution Allowance 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 premises after the default of Tenant.

Construction Rent. A. Commencing as of the Rent Commencement Date (if the Rent Commencement Date is the first day of a calendar month, or otherwise on the first day of the calendar month next following the Rent 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 the Additional Allowance, as defined in Paragraph 6.A of this First Amendment, actually disbursed by Landlord’s Additional Contribution. Tenant’s '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 the Additional ContributionAllowance, together with interest at the rate of seven percent eleven (711%) percent per annum, on a level payment direct reduction basis over a term equal to the term of the LeaseLease in respect of the Additional Premises. Monthly payments of Construction Rent shall be payable at the same time and in the same manner as Yearly net Monthly Rent is payable under the Lease, but shall commence on the Commencement Date rather than on the Rent Commencement Date. . B. Construction Rent shall not be abated or reduced for any reason whatsoever (including, without limitation, untenantability of the Premises premises or termination of the Lease). Without limiting the foregoing, the rent abatement provisions of Articles 18 Paragraphs 16, 17.A, and 20 23.F of the Lease shall not apply to Construction Rent (provided that the provisions of this Subparagraph B shall not affect the operation of said Paragraphs 16, 17.A and 23.F of the Lease in any context other than the payment of Construction Rent. ). C. Since the payment of Construction Rent represents a reimbursement to Landlord of costs which Landlord will incur in connection with the construction of the PremisesAdditional Allowance, Tenant, if there is any default (beyond the expiration of any applicable grace periods) of any of Tenant’s '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 term of the Lease, Tenant shall pay to Landlord, immediately upon demand, the unamortized balance of Landlord’s the Additional ContributionAllowance, and Tenant shall have no obligation to pay Construction Rent which would have been payable after such demand. Tenant’s 's obligation to pay the unamortized balance of Landlord’s the Additional Contribution Allowance 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.