Deferred Rent. Commencing on April 1, 2019 through January 31, 2023, Tenant shall pay to Landlord, the total amount of Seventeen Million Eight Hundred Seventy-Two Thousand Four Hundred Twenty-Three and 00/100ths Dollars ($17,872,423) in sixteen (16) equal quarterly installments of One Million One Hundred Seventeen Thousand Twenty-Six and 00/100ths Dollars ($1,117,026.00) on the first Business Day of each calendar quarter during such period.
Deferred Rent. Section 3.1.3(f) of the Lease is deleted in its entirety and replaced with the following:
Deferred Rent. The following Section 3.1.3(f) is added to the Lease immediately following Section 3.1.3(e) thereof and such new Section 3.1.3(f) shall supersede any other provisions of the Lease pertaining to the Deferred Rent:
Deferred Rent. Notwithstanding the foregoing, the provision for taxes based on the income or profits of, and the interest, depreciation and amortization of, a Restricted Subsidiary of a Person will be added to Consolidated Net Income to compute Consolidated EBITDA of such Person only to the extent (and in the same proportion) that the net income of such Subsidiary was included in calculating the Consolidated Net Income of such Person.
Deferred Rent. The Monthly Base Rent for the second (2nd) month of the Initial Lease Term shall be deferred ("Deferred Rent"), and if Tenant fully and faithfully complies with all terms and conditions of this Lease throughout the Term, the Deferred Rent shall be, after the expiration of this Lease, forgiven. However, Tenant shall pay all additional Rent, other costs and expenses due by Tenant under the Lease. If Tenant shall default under any term and condition of this Lease and such default is not cured within the applicable period, if any, then the Deferred Rent shall, without further notice, immediately become due and payable as Rent. Exhibit A The Project Leasing Plan Exhibit B Legal Description of the land Exhibit C Work Letter Agreement Exhibit D Rules and Regulations Exhibit E Lease Confirmation Certificate Exhibit F Sign Criteria Exhibit G Preventative Maintenance Procedures Exhibit H Move Out Conditions Exhibit I Insurance Requirements for Contractors Exhibit J Intentionally omitted. Exhibit K Tenant's Outside Storage THE PROVISIONS CONTAINED IN Clauses 1 through 59, and Exhibits A through K are incorporated into and become a part of this Lease by reference. The Company agrees to furnish supplementally a copy of any omitted schedule to the Commission upon request. [Signatures on following page.]
Deferred Rent. The Parties agree to defer outstanding Rent payments (and interest accrued through the Effective Date hereof) for the period beginning April 1, 2020 through the end of February 2021 (the “Deferred Rent”). The Deferred Rent will be timely paid by Tenant to Landlord in sixty (60) equal monthly payments (each an “Installment”) in the same manner as Rent pursuant to the Lease commencing on January 1, 2022 and continuing monthly thereafter. Failure to timely make any such Installment shall constitute a default and breach of Lease by Tenant. Rent, in accordance with the paragraph 3 above, shall re-commence on the later of (i) September 1, 2021; or (ii) the first day of the month following the date on which multi-day passenger cruise vessel operations resume at Port Canaveral and provided that crew members are not prohibited by CDC from disembarking, but in no event later than January 1, 2022, (the “Rent Recommencement Date”).
Deferred Rent. Notwithstanding Section 4(a) above, all Rent due hereunder shall be deferred and accrue (“Deferred Rent”) until August 1, 2018; thereafter, Tenant shall pay all Rent as set forth in Section 4(a) above and all Deferred Rent as provided on Exhibit F shall be paid on August 1, 2018. As of the Effective Date, Tenant is not in default for unpaid rents prior to the Effective Date.
Deferred Rent. The Tenant says that the one or more of the following has occurred because of COVID-19 (check box): ☐ The Tenant has had to temporarily cease it’s business operations; ☐ The Tenant has been ordered by a body with authority to temporarily cease it’s business operations ☐ The Tenant has had it’s business activities significantly disrupted; or ☐ Other (Please describe): ________________________________________ Based on the representations made by the Tenant, the Landlord is prepared to defer payment of the Rent and Additional Rent in the amount of $________ (the “Deferred Rent”) as follows (check one box): ☐ Commencing ___________________, the Tenant will pay to the Landlord the amount of $ ________________ plus GST every month on the first day of the month in addition to the Rent and Additional Rent until such time as the entire amount of the Deferred Rent is paid in full (the “Periodic Payment”), or ☐ The Deferred Rent will be paid in full by _____________________ . OR Based on the representations made by the Tenant, the Landlord is prepared to defer payment of the Rent in the amount of $________ (the “Deferred Rent”) as follows (check one box): ☐ Commencing ___________________, the Tenant will pay to the Landlord the amount of $ ________________ plus GST every month on the first day of the month in addition to the Rent and Additional Rent until such time as the entire amount of the Deferred Rent is paid in full (the “Periodic Payment”), or ☐ The Deferred Rent will be paid in full by _____________________ .
Deferred Rent. The Tenant says that the one or more of the following has occurred because of COVID-19 (check box): ☐ The Tenant’s employment has been terminated; or ☐ The Tenant has been laid off from their employment; or ☐ The Tenant’s hours of employment have been significantly reduced; or ☐ The Tenant is a self-employed and has had their business income significantly reduced; or ☐ A person who the Tenant relies upon to either pay or assist in paying the rent has had their employment or income earning capacity eliminated, reduced or significantly reduced; or ☐ Other (Please describe): ________________________________________ Based on the representations made by the Tenant, the Landlord is prepared to defer payment of the Rent in the amount of $________ (the “Deferred Rent”) as follows (check one box): ☐ Commencing ___________________, the Tenant will pay to the Landlord the amount of $ ________________ every month on the first day of the month in addition to the Rent until such time as the entire amount of the Deferred Rent is paid in full (the “Periodic Payment”, or ☐ The Deferred Rent will be paid in full by _____________________ . The Tenant, if eligible, has, or will apply for the Provincial Government $500/month rental supplement which is payable directly to the Landlord (or a variation of the same Provincial Government program as it is from time to time)(the “Rental Supplement”) and will provide proof of that application to the Landlord on reasonable notice, if requested. Any monies received by the Landlord under the Rental Supplement will be a credit for the Tenant on the Deferred Rent.
Deferred Rent. (a) In the event that the Net Operating Income for any Rent Year is less than two percent (2%) of Gross Revenues, then Tenant shall, so long as Tenant is not then currently in default under this Lease, have the right, subject to the conditions contained herein, to defer payment of Percentage Rent for that Rent Year by the amount that Net Operating Income is less than two percent (2%) of Gross Revenues. Such deferred Percentage Rent (the “Deferred Rent”) shall not be abated or forgiven. Rather, the Deferred Rent shall be paid to Landlord, without interest, at the rate of ten percent (10%) of such Deferred Rent per each succeeding Rent Year for which any Percentage Rent is to be paid. Such annual ten percent (10%) installment of Deferred Rent shall be paid in four (4) equal quarterly installments on the first day of each calendar quarter during each succeeding Rent Year. Thus, for example, if for a hypothetical Rent Year the Gross Revenues are Ten Million Dollars ($10,000,000.00) and the Net Operating Income is One Hundred Thousand Dollars ($100,000.00), then, subject to the terms and conditions of this Section 3.2, Tenant shall have the right to defer One Hundred Thousand Dollars ($100,000.00) of Percentage Rent otherwise payable for such Rent Year (two percent (2%) of Gross Revenues equals $200,000.00, minus Net Operating Income of $100,000.00, for $100,000.00 of Deferred Rent). In the event that Tenant desires to exercise its right to defer Rent as aforesaid, Tenant shall provide a written Notice to Landlord, at the time that such Percentage Rent is otherwise due and payable, advising Landlord of the amount of Percentage Rent that Tenant desires to so defer and providing Landlord with statements of Gross Revenues and Net Operating Income for the applicable Rent Year, certified as true and correct by Tenant’s chief financial officer or president.
