Deferred Rent Sample Clauses

Deferred Rent. Commencing on April 1, 2019 through January 31, 2023, Tenant shall pay to Landlord, the total amount of Fourteen Million One Hundred Seventy-Five Thousand Two Hundred Thirty-Nine and 00/100ths Dollars ($14,175,239.00) in sixteen (16) equal quarterly installments of Eight Hundred Eighty-Five Thousand Nine Hundred Fifty-Two and 00/100ths Dollars ($885,952.00) 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.

Deferred Rent. The Company shall pay the Partnership the sum of $1.9 million as deferred rent ("DEFERRED RENT") on the Note Maturity Date by 12:00 noon (Houston, Texas time) in the lawful currency of the United States of America. Any portion of Deferred Rent not paid in cash shall accrue interest at the Late Rate from the Note Maturity Date through such date all obligations in respect of Deferred Rent are paid in full." 1.6 Section 16 of the Lease Agreement (LEASE EVENTS OF DEFAULT) is hereby amended as follows: (i) clause (a) thereof is hereby amended by replacing it in its entirety with "[Intentionally Omitted]"; (ii) clause (b) thereof is hereby amended by replacing it in its entirety with the following: "Lessee shall fail to (i) make any payment of Supplemental Rent (other than Supplemental Rent owing in respect of Basic Rent as provided in Section 6.3) to be paid by Lessee pursuant to this Lease after the same shall have become due and such failure shall continue unremedied for ten days after receipt by Lessee of the original demand from Lessor, or (ii) pay all outstanding Rent (other than Deferred Rent), including Supplemental Rent owing in respect of Basic Rent as provided in Section 6.3, upon the earlier of the Basic Term Expiration Date or upon the occurrence of another Lease Event of Default which shall not have been cured or waived; or"; (iii) clause (j) thereof is amended by replacing the period at the end of clause (j) with "; or"; and (iv) the following shall be added as clause (k):

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. (b) Notwithstanding the foregoing, the maximum amount of Deferred Rent at any time during the Term shall not exceed the greater of: (i) Five Hundred Thousand Dollars ($500,000.00), or (ii) the total amount of Percentage Rent paid during the immediately previous three (3) Rent Years in which full Percentage Rent was actually paid (the “Deferred Rent Cap”). In the event that upon the completion of a Rent Year, the Deferred Rent Cap is reduced as a result of the above three (3) Rent Years calculation and the amount of the Deferred Rent then deferred is in excess of the Deferred Rent Cap, such excess Deferred Rent sha...

Deferred Rent. Buyer and Seller acknowledge that Buyer owes deferred rent (“Deferred Rent”) and accrued interest on the Deferred Rent under the Lease (“Accrued Interest”).* Within ninety (90) days after Closing, Buyer shall pay Seller fifty percent (50%) of the then current balance of the Deferred Rent and Accrued Interest. Buyer shall pay Seller the remaining balance of the Deferred Rent and Accrued Interest in five (5) equal installments with interest on the balance of the Deferred Rent only at an annual simple rate equal to four and one-half percent (4.5%) on January 4, 2022, April 1, 2022, July 1, 2022, October 3, 2022 and January 3, 2023. The provisions of this Paragraph 20 shall survive the Closing. * Note: Deferred Rent equals $5,062,788 and Accrued Interest through June 30, 2021 equals $1,053,751. Interest will continue to accrue on Deferred Rent only at an annual simple rate equal to 9.25% until the Closing, at which time interest will accrue on the balance of the Deferred Rent at an annual simple rate equal to 4.5% until all Deferred Rent is paid. So as to avoid any ambiguity, in no event shall interest accrue or be payable on any Accrued Interest.

Deferred Rent. The “End Deferral Date” means the earliest to occur of the following: (i) May 31, 2010; (ii) the date specified in Paragraphs 1.13.1(c) or (d)(2)(i); or (iii) a

Deferred Rent. Tenant requested rent relief from Landlord upon Tenant surrendering possession of a portion of the Leased Premises, which rent relief Landlord is willing to accommodate in accordance with the terms and conditions of this Agreement. Landlord agrees that from an after September 1, 2014 through and including December 31, 2014, in lieu of timely payment by Tenant of the Base Rent and Additional Rent (as those terms are defined in the Lease) and Tenant may pay to Landlord the sum of $43,000 on the first day of each calendar month commencing September 1, 2014 through and including December 1, 2014, with Landlord agreeing to defer its demand for timely payment of the balance of the Base Rent and Additional Rent accruing during that period for so long as Tenant timely and fully performs all covenants, conditions and agreements herein. Upon Tenant timely and full performance of all covenants, conditions and agreements herein; upon Tenant otherwise timely and fully performing its obligations under the Lease, including payment of the deferred rent as provided for herein; upon Landlord and Tenant timely entering into a mutually acceptable, new lease as provided for in Section 10 below; upon Tenant vacating the Lease Premises on or before December 31, 2014 and delivering the same to Landlord in the condition as provided for in the Lease; and, upon Tenant timely and fully performing the covenants, agreements and other terms of the New Lease, Landlord shall forgive in full and discharge Tenant and Guarantor of any obligation to pay the Base Rent and Additional rent deferred hereunder.