Fixed Base Rent. (a) Lessee shall pay to Lessor a fixed rent (“Fixed Base Rent”) during the Term without notice or (other than the notice set forth in Section 3.1(a)(iii)) demand in equal monthly installments in advance due upon the first (1st) day of each month from the Commencement Date to the Initial Term Expiration Date and, as applicable, the Renewal Term Expiration Date at the following annual rates (subject as applicable to the provisions of Section 9.1(l)).
(i) For the purposes set forth herein, the Lease Year 1 means the period from the Commencement Date to December 31 of the year in which the Commencement Date occurs, and each Lease Year thereafter shall mean the associated successive calendar year following, with Lease Year 34 ending on December 31 of the thirty-third (33rd) calendar year after December 31 of the Lease Year in which the Commencement Date occurs and, should the Renewal Term then be in effect, Lease Year 44 ending on December 31 of the forty-third (43rd) calendar year after December 31 of the Lease Year in which the Commencement Date occurs.
Fixed Base Rent. The total amount of fixed base rent paid or payable by the Subtenant to the Sublandlord for the Premises for each of the years ended 31 December 2019 and 31 December 2020 and for the eleven months ended 30 November 2021 amounted to approximately US$388,000, US$394,000 and US$367,000 (equivalent to approximately HK$3.03 million, HK$3.07 million and HK$2.86 million), respectively.
Fixed Base Rent. (i) Subject to adjustment as provided in paragraph 3(a)(ii), the fixed annual basic rent during the term of this Lease shall be $107,700.00 per year payable by the Tenant in equal monthly installments of $8,975.00 each on or before the first day of each month, in advance, except that the Tenant shall pay the first monthly installment on the execution hereof.
(ii) Landlord and Tenant will consult and agree on the specifications for alterations and improvements to the Leased Space. After agreement on the specifications, Landlord shall provide to Tenant an estimate of the cost for performing the alterations and improvements which cost shall be reviewed by Tenant and approved or rejected within five (5) business days of Tenant's receipt of same. After Tenant's approval of the cost of the alterations and improvements Landlord shall perform the work to make the alterations and improvements at the approved cost. Landlord shall pay the first $70,000.00 of the cost of such alterations and improvements. The balance of the cost will be paid by Tenant either in a lump sum or monthly over the term of the lease. Tenant will promptly notify Landlord as to whether it elects to pay its portion of such costs in a lump sum or over the term of the lease in which event if the payment is to be made by a lump sum the payment will be made by Tenant within 15 days of the date of Tenant's receipt of Landlord's invoice and if the payment is to be made over the remaining term of the lease then the base rent payable by Tenant pursuant to paragraph (3)(a)(i) above shall be increased by $13.10 per month for each one thousand dollars (or pro-rated portion thereof) of Tenant's share of the cost of such improvements (as in example, if the total cost of the construction of the improvements is $230,500.00 Landlord's share will be $70,000.00 and Tenant's share will be $160,500.00. If Tenant elects to pay such sum over the remaining term of the lease the base rent as set forth above will be increased by $2,102.55 per month, which is calculated by taking the Tenant's share of the cost ($160,500.00) divided by 1000, and multiplying the result (160.5) times $13.10 which equals $2,102.55 per month) and the Tenant will enter into an amendment to the lease confirming the revised amount of base rent payable pursuant to paragraph 3 above and confirming both the commencement date and termination date of the term of the lease.
(b) All rents due herein and other sums due under the Lease shall be paid in ...
Fixed Base Rent. Section 4 of the Land Lease is amended and revised to read as follows:
Fixed Base Rent. Tenant hereby covenants and agrees to pay to Landlord as "Fixed Base Rent" for the Premises during the entire Term, without any deductions or set off whatsoever, the sum of (SEE RENT INDICATED BELOW) Dollars ($-) per year, in equal monthly installments of Dollars ($-) in advance, on the first day of each and every calendar month throughout the Term. All payments required to be made by Tenant to Landlord, under this Lease shall be made to Karric Square Shopping Center, c/o Maxxxxx Xxxck & Associates, Inc., P.O. Xxx 000000, Xxxxxxxxxx 000, Xxxxxxxx, Xxxx 00000-0000 xx at such other place as Landlord may from time to time designate in writing.
Fixed Base Rent. During the first year of the Term, Tenant shall pay to Landlord a fixed monthly base rent of $43,750.00 (equating to $525,000 per year), payable in advance on the first day of each month. If the Lease commencement date is not the first day of the month, then a prorated monthly rent shall be paid for the remaining portion of that month. The fixed monthly base rent for the second through tenth years of the Term shall increase each lease year by the amount of three percent (3%) of the previous year’s base rent. If the Lease commencement date is not the first day of a month, then rent shall be adjusted for the month in which the new lease year begins by prorating the rent for the portion of the month from the first day of the month to the anniversary of the commencement date based upon the then current rent and the remainder of the month’s rent being prorated based upon the new lease year’s base rent.
Fixed Base Rent. Tenant shall pay to Landlord a fixed base rent (the “Fixed Base Rent”) as follows:
3.2.1 With respect to the period from and including the Lease Execution Date and ending on July 31, 2013, Fixed Base Rent shall be calculated and paid as set forth in Section 3.2.3(a) below.
3.2.2 From and after July 31, 2013, Fixed Base Rent shall be calculated as follows:
(a) with respect to the first full Lease Year (i.e., the Lease Year commencing August 1, 2013), the Fixed Base Rent shall be equal to Twenty-Five Million Dollars ($25,000,000), increased by the product of (i) two percent (2%) and (ii) a fraction the numerator of which is the number of calendar days in the Stub Period) and the denominator of which is three hundred sixty five (365);
(b) the Fixed Base Rent for each subsequent Lease Year shall be an amount equal to the greater of (x) the Fixed Base Rent payable with respect to the prior Lease Year increased by two percent (2%) and (y) the Fixed Base Rent payable with respect to the prior Lease Year as Adjusted by CPI.
3.2.3 The Fixed Base Rent shall be payable monthly in advance as follows (each monthly installment, the “Monthly Fixed Base Rent”):
(a) On the Lease Execution Date, Tenant shall pay Fixed Base Rent equal to (i) Two Million Eighty-Three Thousand Three Hundred Thirty-Three Dollars ($2,083,333) if the Lease Execution Date is the first day of the calendar month or (ii) otherwise, the product of Two Million Eighty-Three Thousand Three Hundred Thirty-Three ($2,083,333) multiplied by a fraction with a numerator equal to the number of days from and including the Lease Execution Date in the calendar month that includes the Lease Execution Date and a denominator equal to the total number of days in the calendar month that includes the Lease Execution Date (to cover the remaining days in the month in which the Lease Execution Date occurs);
(b) Commencing on the first (1st) day of the calendar month following the Lease Execution Date and, on the first (1st) day of each successive calendar month up to and including July 1, 2013, Tenant shall pay to Landlord a Monthly Fixed Base Rent equal to Two Million Eighty-Three Thousand Three Hundred Thirty-Three Dollars ($2,083,333); and
(c) Commencing on August 1, 2013, and on the first (1st) day of each subsequent calendar month during the Term of this Lease, Tenant shall pay to Landlord, in advance, one twelfth of the then-applicable Fixed Base Rent.
Fixed Base Rent. Initial Scheduled Fixed Base Rent for the Lease Year starting January 1, 2022 is $4,406,467. [This is approximately 7.5% greater than Base Rent due under the Original Lease.] Annual Scheduled Fixed Base Rent increases every two years starting on January 1, 2024 by the cumulative increase in CPI for the preceding two years, with CPI change each year not greater than 3.5% or less than 0% (“Biennial Percentage Increase”). Fixed Base Rent equals Scheduled Fixed Base Rent starting upon the Commencement Date. Fixed Base Rent increases, in addition to Biennial Percentage Increases, are 7.5% for 2032 Lease Year, 10% for 2043 Lease Year, and should Renewal Term take effect, 5% for 2056 Lease Year. Lessee has agreed to pay an additional amount equal to the increase in rent as if the Commencement Date had occurred on January 1, 2022, and thus a lump sum equal to the difference between the rent that would be have been due under the Proposed Lease and the amount actually paid under the Original Lease is due upon the Commencement Date, referred in the Proposed Lease as “Supplemental Fixed Base Rent”. Percentage Rent: Three Percent (3%) multiplied by the amount by which annual Gross Revenues exceed $60 million and are less than or equal to $90 million, plus, if applicable (ii) Three and One-Half Percent (3.5%) multiplied by the amount by which annual Gross Revenues exceed $90 million and are less than or equal to $100 million, plus, if applicable (iii) Four Percent (4%) multiplied by the amount by which annual Gross Revenues exceed $100 million and are less than or equal to $110 million, plus, if applicable (iv) Four and One-Half Percent (4.5%) multiplied by the amount by which annual Gross Revenues exceed $110 million and are less than or equal to $120 million, plus, if applicable (v) Five Percent (5%) multiplied by the amount by which annual Gross Revenues exceed $120 million (the “Percentage Rent Allocation”). From the Percentage Rent Allocation, as calculated above, Lessee receives a Percentage Rent Deduction equal to (x) base rent as increased by CPI that would have been payable had the Original Lease continued to be in effect ($4,052,530 as of January 1, 2022) less (y) $3,465,212, which is the base rent payable in the 20th lease year under the Original Lease. “Gross Revenue” is aggregate gross revenues of Lessee determined in accordance with GAAP.
Fixed Base Rent. The Basic Rent for the Extended Term as set forth in Section 2 of the Lease shall be TWO HUNDRED ONE THOUSAND FOUR HUNDRED THIRTY-SEVEN AND 50/100 ($201,437.50) DOLLARS per annum payable in equal monthly installment of SIXTEEN THOUSAND SEVEN HUNDRED EIGHTY-SIX AND 46/100 ($16,786.46) DOLLARS for Basic Rent; except that a proportionately lesser sum may be paid for the first and last months of the term of this Lease if the term commences on a day other than the first day of the month in accordance with the provisions of this Amendment herein set forth.
Fixed Base Rent. Tenant hereby covenants and agrees to pay to Landlord as "Fixed Base Rent" for the Premises during the entire Term, without any deductions or setoff whatsoever, the sum of (SEE RENT INDICATED BELOW) Dollars ($ ) per year, in equal monthly installments of Dollars ($ ) in advance, on the first day of each and every calendar month throughout the Term. All payments required to be made by Tenant to Landlord, under this Lease shall be made to Karric Square Shopping Center, c/o Maxxxxx Xxxck Baumxx, Xxc., Department L-1384, Coluxxxx, Xxxx 00000 xx at such other place as Landlord may from time to time designate in writing.
