Escalation Rent Clause Samples
POPULAR SAMPLE Copied 1 times
Escalation Rent. Escalation Rent shall be paid monthly on an estimated basis, with subsequent annual reconciliation, in accordance with the following procedures:
(a) No later than ninety (90) days prior to the end of the Base Year and no later than ninety (90) days prior to the end of each subsequent year, or as soon after that time as practicable, Landlord shall give Tenant notice of Landlord's estimate of any Escalation Rent due under Section 4(a) for the ensuing year. On or before the first day of each month during the ensuing year, Tenant shall pay to Landlord one-twelfth (1/12th) of the estimated Escalation Rent. If Landlord fails to give notice as required in this Section, Tenant shall continue to pay on the basis of the prior year's estimate until the month after that notice is given. If at any time it appears to Landlord that the Escalation Rent for the current year will vary from the estimate by more than five percent (5%), Landlord shall, by notice to Tenant, revise the estimate for that year, and subsequent payments by Tenant for that year shall be based on the revised estimate.
(b) Within ninety (90) days after the close of each year following the Base Year, or as soon after the ninety (90) day period as practicable, Landlord shall deliver to Tenant a statement of the actual Escalation Rent for that year showing Operating Expenses and Property Taxes on the basis of which the actual Escalation Rent was determined. At Tenant's request, Landlord shall provide Tenant reasonable supporting detail underlying the calculations of Operating Expenses and Property Taxes. If Landlord's statement discloses that Tenant owes an amount that is less than the estimated payments for that year previously made by Tenant, Landlord shall credit the excess first against any sums then owed by Tenant, and then against the next payments of rental due. If Landlord's statement discloses that Tenant owes an amount that is more than the estimated payments for that year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of the statement.
(c) The amount of Escalation Rent for any fractional year in the Term shall be appropriately prorated. The proration of Escalation Rent for the applicable year in which termination occurs shall be calculated on the basis of a fraction of the Operating Expenses for that entire year and the proration of Property Taxes for the year in which termination occurs shall be calculated on the basis of a fractio...
Escalation Rent. No later than forty-five (45) days prior to the end of the Base Year set forth in the summary and no later than forty-five (45) days prior to the end of each subsequent calendar year, or as soon after that time as practicable. Landlord shall give Tenant notice of Landlord’s estimate of any Escalation Rent due under this Section for the ensuing calendar Lease year. On or before the first day of each month during the ensuing calendar year. Tenant shall pay to Landlord one-twelfth (l/12th) of the estimated Escalation Rent. If Landlord fails to give notice as required in this Section, Tenant shall continue to pay on the basis of the prior year’s estimate until the month after that notice is given. If at any time it appears to Landlord that the Escalation Rent for the current calendar year will vary from the estimate by more than five percent (5%), Landlord shall, by notice to Tenant, revise the estimate for that year, and subsequent payments by Tenant for that year shall be based on the revised estimate.
Escalation Rent. Commencing on the expiration of the Base Year, Escalation Rent shall be paid monthly, with subsequent annual reconciliation, in accordance with the following procedures:
(a) Within ninety (90) days after the close of each Calendar Year, or as soon after the ninety (90) day period as practicable, Landlord shall deliver to Tenant a statement showing the actual Building Operating Costs and the actual Common Area Operating Costs for the Calendar Year that just ended, together with Landlord’s calculation of the Escalation Rent, if any, that is due under this Lease for such Calendar Year (collectively, “Landlord’s Statement”). If Landlord’s Statement discloses that the actual Escalation Rent for that Calendar Year was less than the estimated payments previously made by Tenant, Landlord shall credit the next monthly rental payment of Tenant with an amount equal to such overpayment or, if the Term has expired, refund the overpayment to Tenant. If Landlord’s Statement discloses that the actual Escalation Rent for that Calendar Year exceeds the estimated payments previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of the Statement to Tenant by Landlord. Landlord’s Statement shall also contain Landlord’s estimate of the Escalation Rent for the then current Calendar Year. Any such Escalation Rent shall be allocated equally to twelve (12) monthly Rent payments and those Rent payments shall be adjusted accordingly. Beginning with the next payment after Tenant’s receipt of Landlord’s Statement, Tenant shall pay the adjusted amount monthly. Together with the first adjusted monthly payment, Tenant shall also pay the monthly increases computed for the then current year attributable to the months in that Calendar Year preceding the delivery of Landlord’s Statement.
(b) The amount of Escalation Rent for any partial Calendar Year in the Term shall be prorated. The proration of Escalation Rent for such partial Calendar Year shall be calculated by multiplying the Escalation Rent that would have been owed had the entire Calendar Year in question been included within the Term by a fraction, the numerator of which shall be the number of days during such partial Calendar Year that this Lease was in effect and the denominator of which shall be three hundred sixty-five (365). To calculate Building Operating Costs and Common Area Operating Costs for such partial Calendar Year, Landlord will wait until the end of such partial Cal...
Escalation Rent. Tenant’s Proportionate Share of the total dollar increase for the applicable calendar year, if any, in (a) Operating Expenses allocable to such calendar year, or part thereof, after the Base Year, over the amount of Base Operating Expenses, and (b) except as provided in Section 5.8 of this Lease, Real Property Taxes allocable to the tax year or years occurring in each such calendar year, or part thereof, after the Base Year, over the Base Real Property Taxes. If the Building or Project is less than one hundred percent (100%) occupied during any part of any year (including the Base Year), Landlord shall make an appropriate adjustment of the variable components of Operating Expenses for that year, as reasonably determined by Landlord using sound commercial real estate accounting and management principles, to determine the amount of Operating Expenses that would have been incurred during such year if the Building or the Project had been one hundred percent (100%) occupied during the entire year. This amount shall be considered to have been the amount of Operating Expenses for that year. For purposes hereof, “variable components” include only those component expenses that are affected by variations in occupancy levels.
Escalation Rent. Tenant’s Percentage Share of the total dollar increase, if any, in Operating Expenses allocable to each calendar year, or part thereof, after the Operating Expense Base Year, over the amount of Base Operating Expenses, and Tenant’s Percentage Share of the total dollar increase, if any, in Real Property Taxes allocable to each tax fiscal year, or part thereof, after the Tax Base Year, over the Base Real Property Taxes.
Escalation Rent. For the avoidance of doubt, this Section 3.3: (a) uses the definitions set forth in Section 3.4 below, and (b) provides the methods for calculating operating expense, tax, and business improvement district assessment payments due from Subtenant hereunder, which are in lieu of the provisions set forth in Sections 4.01,4.02 and 4.03 of the Lease (which pursuant to Section 6.3(b) hereof are expressly excluded from incorporation herein except to the extent necessary to calculate the amounts payable by Subtenant under this Sublease (and except as may otherwise be provided in this Section 3.3, Section 3.4 hereof or Section 6.3(b) hereof). In addition to the Base Rent, Subtenant covenants and agrees to pay to Sublandlord commencing on the Rent Commencement Date, an amount (collectively, “Escalation Rent” and, together with the Base Rent and all Additional Rent payable hereunder, the “Rental”! equal to: (i) the Tax Escalation Payment (as hereinafter defined) plus (ii) the Operating Expense Escalation Payment (as hereinafter defined) plus (iii) the BID Escalation Payment (as hereinafter defined). Escalation Rent shall be payable by Subtenant to Sublandlord in the same manner as the same is payable by Sublandlord to Landlord under Article 4 of the Lease; except that, with respect to any such amounts that do not recur monthly, Subtenant shall, upon receipt of written notice or an invoice therefor from Sublandlord, pay such amounts directly to Sublandlord no later than fifteen (15) days after receipt of Sublandlord’s notice or invoice. Escalation Rent shall be prorated, if necessary, to correspond with that portion of a Tax Year (as defined in the Lease) or an Operating Expense Year (as defined in the Lease) occurring during the Term. Promptly following its receipt of any Estimated Tax Statement pursuant to Section 4.02.B(ii) of the Lease, Estimated BID Statement pursuant to Section 4.02.D(ii) of the Lease and/or Estimated Operating Expense Statement pursuant to Section 4.03.B(ii) of the Lease or of any Tax Statement pursuant to Section 4.02.B(iii) of the Lease, BID Statement pursuant to Section 4.02.D(iii) of the Lease and/or Operating Expense Statement pursuant to Section 4.03.B(iii) of the Lease, Sublandlord shall calculate the Escalation Rent payable by Subtenant in accordance with the terms of this Sublease. After making the aforesaid calculations, Sublandlord shall send a statement (“Sublandlord's Statement”) to Subtenant, along with a copy of such Estimated Tax...
Escalation Rent. (a) Tenant shall continue to pay the Escalation Rent applicable to the Original Premises pursuant to the terms and conditions of Article 3 of the Lease (as unamended by this Agreement).
(b) In addition, from and after the Additional Premises Commencement Date, Tenant shall pay Escalation Rent applicable to the Additional Premises in accordance with the terms and conditions of Article 3 of the Lease, provided, however, that as applicable to the Additional Premises, (i) the term “Base Tax Factor” shall mean the Taxes payable for the calendar year commencing on January 1, 2020 and ending on December 31, 2020 (i.e., the average of the Taxes payable for the Tax Years commencing July 1, 2019 and July 1, 2020), and (ii) the term “Tenant’s Share” shall mean 1.976%.
Escalation Rent. 7 SECTION 6. USE....................................................... 8 SECTION 7. SERVICES.................................................. 8 SECTION 8. ALTERATIONS............................................... 9 SECTION 9. REPAIRS; LANDLORD'S RESERVATION OF RIGHTS................. 9 SECTION 10.
Escalation Rent. (1) In addition to Fixed Rent, Tenant covenants and agrees to pay to Landlord, from and after the Sublet Space Commencement Date, an amount ("Escalation Rent") equal to Tenant's Share of Tenant's Proportionate Share of any Increase (as said term is defined in the Lease) in Taxes and Operating Expenses payable by Landlord (as "Tenant" under the Lease) with respect to each Year of the Term.
Escalation Rent. Tenant’s Percentage Share of the total dollar increase, if any, in Operating Expenses and in Real Estate Taxes, allocable to each calendar year, or part thereof, after the Base Year, over the amount of Base Operating Expenses and Base Real Estate Taxes. If the Building or the Project is less than one hundred percent (100%) occupied during any part of any year (including the Base Year), Landlord shall make an appropriate adjustment of the variable components of Operating Expenses and Real Estate Taxes for that year, as reasonably determined by Landlord using sound accounting and management principles, to determine the amount of Operating Expenses and Real Estate Taxes that would have been incurred during such year if the Building (or the Project, as the case may be) had been one hundred percent (100%) occupied during the entire year (and, if applicable, if the Tenant Improvements in the Building had been fully constructed and the Land, the Building, the Project, and all Tenant Improvements in the Building and the Project had been fully assessed for Real Estate Tax purposes). This amount shall be considered to have been the amount of Operating Expenses and Real Estate Taxes for that year. For purposes hereof, “variable components” include only those component expenses that are affected by variations in occupancy levels. Executive Order No. 13224: Executive Order No. 13224 on Terrorist Financing effective September 24, 2001, and relating to “Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism,” as may be amended from time to time.