Facility Rent. The Facility Rent payable by 49ers Stadium Company in the amount of Five Million Dollars ($5,000,000).
Facility Rent. Facility Rent is defined as that rent due and payable to the LESSOR by the LESSEE for the structures, and appurtenances thereto, upon the Land as measured from the outer-most vertical surfaces of the structures as set forth and shown on the attached Exhibit “A”. Facility Rent for all facilities shall commence on April 1, 2047 of the second five (5) year Option Term, and shall be set at the then-current market value of such facilities, structures, fixtures and improvements as determined by a single independent third-party licensed and accredited commercial property appraiser with local commercial property market experience. The appraiser shall be selected by agreement of the Parties.
Facility Rent. On each Rent Payment Date, the Lessee shall, until (i) the Lease Balance shall be paid in full on the Lease Termination Date, or (ii) the payment by Lessee of the Recourse Deficiency Amount on the Scheduled Termination Date and the fulfillment of the provisions of CLAUSES (i) through (xiii) of SECTION 15.6, pay installments of Facility Rent in arrears with respect to the period elapsed since, in the case of the first Rent Payment Date, the Closing Date, and in the case of each subsequent Rent Payment Date, the immediately preceding Rent Payment Date, and each such installment shall be in an amount which equals the Contribution Return accrued and unpaid. In addition, the Lessee agrees to pay as Facility Rent an amount equal to the Lessor's Breakage Costs in the event of the imposition of such Lessor's Breakage Costs.
Facility Rent i. During the first Contract Year, the Contractor shall pay Facility Rent to the Authority at an annual rate of $2.59 per square foot of the Site.
ii. Upon the commencement of the second Contract Year and each Contract Year thereafter including the Extension Periods, the Facility Rent shall increase by three percent (3%) of the Facility Rent charged to the Contractor in the previous Contract Year.
iii. The annual Facility Rent shall be prorated and paid monthly in advance and without demand on the first day of each month during the Contract Term.
Facility Rent i. During the first Contract Year, the Contractor shall pay Facility Rent to the Authority at an annual rate of $2.59 per square foot of the Site.
ii. Upon the commencement of the second Contract Year and each Contract Year thereafter, the Facility Rent shall increase by three percent (3%) of the Facility Rent charged to the Contractor in the previous Contract Year.
iii. The annual Rent shall be prorated and paid monthly in advance and without demand on the first day of each month during the Contract Term.
iv. The Authority reserves the right to charge the Contractor a new Facility Rent upon the commencement of the first Extension Period based on a continued escalation of three percent (3%) for each additional Contract Year or based on an appraisal of the Site by the Authority.
Facility Rent. The Lessee shall pay Facility Rent in installments on each Rent Payment Date in the respective amounts set forth in APPENDIX III hereto. The first Rent Payment Date shall be the last Business Day of the calendar month in which the Closing Date occurs, and each subsequent Rent Payment Date shall be the last Business Day of each successive month during the Lease Term, PROVIDED THAT the Lease Termination Date shall be a Rent Payment Date regardless of whether it falls on the last Business Day of a month.
Facility Rent. With respect to the Concessionaire’s Facility Rent obligation, the cumulative total thereof owed by Concessionaire less the amount paid by Concessionaire prior to the effective date of termination; or
Facility Rent. Commencing on the date Concessionaire substantially occupies the Premises, as determined solely by the Contract Administrator, or sixty (60) Days after the Effective Date, whichever occurs sooner ("Facility Rent Commencement Date"), Concessionaire shall pay rent, together with all applicable sales taxes thereon, to County for the Premises based on the rates then in effect pursuant to this Agreement ("Facility Rent"). Except as otherwise expressly stated in this section, Facility Rent shall be paid by Concessionaire in advance and without demand, set off, or deduction. Facility Rent shall be paid in equal monthly installments on the first Day of each calendar month, except for the first installment payment for Agreement Year 1, which shall be paid on the Facility Rent Commencement Date and shall be prorated based on the number of Days occurring between the Facility Rent Commencement Date and the first Day of the following month. The payment due for the last month of the Term shall be prorated based on the number of Days in the last month of the Term.
Facility Rent. During the Term, Concessionaire shall pay rent, together with all applicable sales taxes thereon, to County for the Premises based on the rates then in effect pursuant to this Agreement ("Facility Rent"). Except as otherwise expressly stated in this section, Facility Rent shall be paid by Concessionaire in advance and without demand, set off, or deduction. Facility Rent shall be paid in equal monthly installments on the first Day of each calendar month. If the Effective Date is a Day other than the first Day of a calendar month, then the first installment payment for Agreement Year 1 shall be prorated based on the number of Days occurring between the Effective Date and the first Day of the following month. The payment due for the last month of the Term shall be prorated based on the number of Days in the last month of the Term. The payment due for any month where a rate changes (e.g., where the rate changes form Agreement Year 2 to Agreement Year 3) shall be prorated based on the amount of Days the applicable rates are in effect.
Facility Rent. On each Rent Payment Date, the Lessee shall, until (i) the Lease Balance shall be paid in full on the Lease Termination Date, or (ii) the payment by Lessee of the Recourse Deficiency Amount on the Scheduled Termination Date and the fulfillment of the provisions of clauses (i) through (xiii) of Section 15.6, pay installments of Facility Rent in arrears with respect to the period elapsed since, in the case of the first Rent Payment Date, the Completion Date, and in the case of each subsequent Rent Payment Date, the immediately preceding Rent Payment Date, and each such installment shall be in an amount which equals the Contribution Return accrued and unpaid. In addition, the Lessee agrees to pay as Facility Rent (i) on the Completion Date, all accrued and unpaid Contribution Return, if any, which shall not have been added to the balance of the Contribution in accordance with Section 2.2 of the Participation Agreement with respect to any period when the balance thereof equals the Equity Commitment, and (ii) an amount equal to the Lessor's Breakage Costs in the event of the imposition of such Lessor's Breakage Costs.
