Initial Term Base Rent. During the first Lease Year of the Initial Term, “Rent” shall be equal to Sixty Thousand and 00/100 Dollars ($60,000.00) per month. During each subsequent Lease Year of the Initial Term, “Rent” shall be equal to one-hundred two percent (102%) of the Rent due for the immediately preceding Lease Year.

Initial Term Base Rent. Subject to adjustment as hereinafter provided, Tenant shall pay Landlord as base rent (“Base Rent”) the sum of One Hundred Fifteen Thousand Dollars ($115,000) per month in advance on the first day of each month during the Term beginning on the Closing Effective Time. If the Closing Effective Time is not on the first day of a calendar month then (i) Base Rent for the fractional month that includes the Closing Effective Time shall be due on the Closing Effective Time, and (ii) the Base Rent due for such fractional month shall be prorated based upon the actual number of days in such fractional month, On June 1, 2015, and on June 1, 2020, the Base Rent shall be increased by a percentage equal to the lesser of (i) the percentage increase in the CPI-U during the preceding five (5) year period (based upon the CPI-U for the months of May, 2010 and May, 2015 for the June 1, 2015 adjustment date and May, 2015 and May, 2020 for the June 1, 2020 adjustment date), or (ii) fifteen percent (15%); provided, however, that in no event shall the Base Rent be decreased. As used herein, “CPI-U” means the U.S. Department of Labor, Bureau of Labor Statistics, Consumers Price Index for all Urban Consumers, All Cities Average, Subgroup “all items” (base reference period 1982-84=100). If during the Term the U.S. Department of Labor, Bureau of Labor Statistics, ceases to publish the CPI-U, such other index or standard as will most nearly accomplish the aim and purpose of the CPI-U and the use thereof herein shall be selected by Landlord and Tenant.

Initial Term Base Rent. (a) Base Rent payable during the Initial Term shall be the sum of the Phase Base Rent and the Remaining Premises Base Rent payable pursuant to the provisions of Sections 7.2(d) and 7.2(b) respectively. (b) During the Initial Term, Base Rent shall be payable with respect to each Undelivered Phase (the “Remaining Premises Base Rent”) on a quarterly basis, in advance on the first day of the Initial Term (to be prorated on a daily basis if not on the first day of a calendar quarter) and thereafter on the first day of each calendar quarter during the Term and, subject to the credits described in Sections 7.3(b), 7.3(f), 7.13 and 9.1(c), without abatement, offset, deduction, or prior notice, in the per annum amount of two percent (2%) of the appraised Fair Market Value allocated to each Undelivered Phase by the Qualified Appraisers pursuant to the Remaining Premises Appraisal. Effective as of the Phase Commencement Date for each Delivered Phase, the Remaining Premises Base Rent shall be reduced to the per annum amount of two percent (2%) of the appraised Fair Market Value allocated to the remaining Undelivered Phases on a per-unit of Entitled Use basis by the Qualified Appraisers pursuant to the Remaining Premises Appraisal. (c) If the Phase Commencement Date with respect to a particular Phase has not occurred by the last date specified in the Development Milestones for such Phase Commencement Date to occur, then Landlord’s sole remedy for such delay shall be to require that Base Rent with respect to such Phase increase, as of such last date specified in the Development Milestones for such Phase Commencement Date to occur, to the per annum amount of three and one-half percent (3.5%) of the appraised Fair Market Value allocated to that Undelivered Phase by the Qualified Appraisers pursuant to the Remaining Premises Appraisal. The foregoing notwithstanding, for purposes of this Section 7.2(c), the last date specified in the Development Milestones for such Phase Commencement Date to occur shall be postponed one (1) day for each day during the Initial Term containing an event or condition constituting a Delay. (d) During the Initial Term, Base Rent shall be payable with respect to each Delivered Phase (the “Phase Base Rent”) on a quarterly basis, in advance, commencing as of the Phase Commencement Date for that Delivered Phase and thereafter on the first day of each calendar quarter during the Term, and, subject to the credits described in Sections 7.3(d), 7.3(f),

Initial Term Base Rent. Tenant shall pay Base Rent to Landlord during the Initial Term beginning on the Commencement Date and on the first business day of each successive calendar month, in advance and without demand. The Base Rent for the Initial Term (“Initial Term Base Rent”) shall be Four Hundred Eighteen Thousand Five Hundred Dollars and No Cents ($418,500.00) per year, payable in equal monthly installments of Thirty-Four Thousand Eight Hundred Seventy-Five Dollars and No Cents ($34,875.00). Landlord acknowledges that for the period January 1, 2005 to September 30, 2005 (the “Stub Period”), it has received Base Rent payments from Tenant in an amount equal to Four Hundred Ninety Seven Thousand One Hundred Seventy-Eight Dollars and No Cents ($497,178.00) which represents an overpayment of Base Rent of One Hundred Eighty-Three Thousand Three Hundred Three Dollars and No Cents ($183,303.00) during the Stub Period. Tenant shall be credited such amount less the amount of Prepaid Taxes (as defined in Section 6.1.3), Insurance Costs (as defined in Section 10.1.1.2) and Operation and Maintenance Costs (as defined in Section 6.3) incurred by Landlord as set forth herein. Such credit amounts to Seventy-Nine Thousand Eighty-Four Dollars and Ninety-Eight Cents ($79,084.98) which will be applied to the Base Rent for the months of October, November and December of 2005. Accordingly, the next Base Rent payment due to Landlord shall be Twenty-Five Thousand Five Hundred Forty Dollars and Two Cents ($25,540.02) which shall be due and payable on December 1, 2005.

Initial Term Base Rent. During the first Lease Year (which extends through the twelfth (12th) month after the Effective Date) and each subsequent Lease Year during the Initial Term, Lessee shall pay to Lessor annualized base rent in the amount of $480,000 (“Base Rent”). Such Base Rent shall be paid in advance by wire transfer only, in equal monthly installments of $40,000.00 on the first day of each calendar month.

Initial Term Base Rent. The monthly base rent during the Initial Term shall be as follows: Months 1 through 2: $.00 Months 3 through 36: $41,136 per month Months 37 through 60: $42,951 per month Months 61 through 96: $45,562 per month Months 97 through 122: $50,984 per month

Related to Initial Term Base Rent

Initial Term Loan The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 11:00 a.m. on the Closing Date requesting that the Term Loan Lenders make the Initial Term Loan as a Base Rate Loan on such date (provided that the Borrower may request, no later than three (3) Business Days prior to the Closing Date, that the Lenders make the Initial Term Loan as a LIBOR Rate Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this Agreement). Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 1:00 p.m. on the Closing Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Initial Term Loan to be made by such Term Loan Lender on the Closing Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Initial Term Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing.
Annual Base Rent Commencing on the Rent Commencement Date, and thereafter during the Term, Tenant shall pay annual base rent in the amounts set forth immediately below (the "Annual Base Rent"), which amounts shall be payable in equal monthly installments (the "Monthly Base Rent") as set forth immediately below: All installments of Monthly Base Rent shall be payable in advance, on the Rent Commencement Date and the first day of each calendar month thereafter during the Term. If the Rent Commencement Date shall be a day other than the first day of a calendar month, (1) the Annual Base Rent for the first Lease Year shall be an amount equal to the sum of (x) the amount of Monthly Base Rent for the partial month in which the Rent Commencement Date occurs, plus (y) the amount of the Annual Base Rent for the first Lease Year set forth in the rent chart above, and (2) Monthly Base Rent for such partial month shall be the prorated amount of the Monthly Base Rent payable hereunder during the first Lease Year, which proration shall be based upon the actual number of days of such partial month. The prorated Monthly Base Rent for such partial month shall be payable on the first day of the calendar month after the month in which the Rent Commencement Date occurs. As used in this Lease, the term "Lease Year" means (A) with respect to the first Lease Year, the twelve (12) full calendar month period commencing on the Rent Commencement Date (plus the number of days in any partial first month if the Rent Commencement Date is not the first day of the month), except that if the Rent Commencement Date is a date earlier than May 1, 2012, then the first Lease Year shall commence on the Rent Commencement Date and shall expire on April 30, 2013, and (B) with respect to the second Lease Year and each subsequent Lease Year thereafter, each successive period of twelve (12) full calendar months following the expiration of the first Lease Year.
Minimum Monthly Rent (Section 1.5): Tenant shall pay to Landlord Minimum Monthly Rent for the Premises during the Extended Term in accordance with the schedule and in the amount set forth below: 01/01/13-07/31/13 $ 1,776.25 per month $ 8,645.00 per month $ 10,421.25 per month 08/01/13-07/31/14 $ 1,827.00 per month $ 8,892.00 per month $ 10,719.00 per month 08/01/14-07/31/15 $ 1,877.75 per month $ 9,139.00 per month $ 11,016.75 per month
Renewal Contract Term Upon mutual written agreement, the Parties may renew this Contract, in whole or in part, for a Renewal Term not to exceed the Initial Contract Term, pursuant to the incorporated Special Contract Conditions.
Initial Term The initial term will begin on the date set forth in the Contract documents or on the date the Contract is signed by all Parties, whichever is later.
Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.
Minimum Rent The defined term “Minimum Rent” set forth in Section 1.66 of the Lease is deleted in its entirety and replaced with the following:
Monthly Base Rent With respect to any Payment Date and any Lease Vehicle (other than a Lease Vehicle with respect to which the Disposition Date occurred during such Related Month), the “Monthly Base Rent” with respect to such Lease Vehicle for such Payment Date shall equal the pro rata portion (based upon the number of days in the Related Month with respect to such Payment Date that were included in the Vehicle Term for such Lease Vehicle) of the Depreciation Charge for such Lease Vehicle as of the last day of such Related Month calculated on a 30/360 day basis.
Monthly Rent a. Commencing as of the Commencement Date, and continuing thereafter on or before the first day of each calendar month during the term hereof, Tenant shall pay to Landlord, as monthly rent for the Premises, the Monthly Rent specified in Paragraph 2 above. If Tenant’s obligation to pay Monthly Rent hereunder commences on a day other than the first day of a calendar month, or if the term of this Lease terminates on a day other than the last day of a calendar month, then the Monthly Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Monthly Rent and the Additional Rent specified in Paragraph 7 shall he paid by Tenant to Landlord, in advance, without deduction, offset, prior notice or demand, in immediately available funds of lawful money of the United States of America, or by good check as described below, to the lockbox location designated by Landlord, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments made by check must be drawn either on a California financial institution or on a financial institution that is a member of the federal reserve system. Notwithstanding the foregoing, Tenant shall pay to Landlord together with Tenant’s execution of this Lease an amount equal to the Monthly Rent payable for the first full calendar month of the Lease term after Tenant’s obligation to pay Monthly Rent shall have commenced hereunder, which amount shall be applied to the Monthly Rent first due and payable hereunder. b. All amounts payable by Tenant to Landlord under this Lease, or otherwise payable in connection with Tenant’s occupancy of the Premises, in addition to the Monthly Rent hereunder and Additional Rent under Paragraph 7, shall constitute rent owed by Tenant to Landlord hereunder. c. Any rent not paid by Tenant to Landlord when due shall bear interest from the date due to the date of payment by Tenant at an annual rate of interest (the “Interest Rate”) equal to the lesser of (i) twelve percent (12%) per annum or (ii) the maximum annual interest rate allowed by law on such due date for business loans (not primarily for personal, family or household purposes) not exempt from the usury law. Notwithstanding the foregoing, Landlord shall give Tenant notice of non-payment of rent when due and five (5) days after delivery of such notice to cure such non-payment once in each calendar year before assessing interest in such calendar year pursuant to this Paragraph 5.c. Failure by Tenant to pay rent when due, including any interest accrued under this subparagraph, shall constitute an Event of Default (as defined in Paragraph 25 below) giving rise to all the remedies afforded Landlord under this Lease and at law for nonpayment of rent. d. No security or guaranty which may now or hereafter be furnished to Landlord for the payment of rent due hereunder or for the performance by Tenant of the other terms of this Lease shall in any way be a bar or defense to any of Landlord’s remedies under this Lease or at law. e. Notwithstanding anything to the contrary in this Lease: (i) in no event may any rent under this Lease be based in whole or in part on the income or profits derived from the Premises, except for percentage rent based on gross (not net) receipts or sales; (ii) if the holder of a Superior Interest (as defined in Paragraph 21 below) succeeds to Landlord’s interest in the Lease (“Successor Landlord”) and the Successor Landlord is advised by its counsel that all or any portion of the rent payable under this Lease is or may be deemed to be “unrelated business income” within the meaning of the Internal Revenue Code or regulations issued thereunder, such Successor Landlord may, at its option, unilaterally amend the calculation of rent so that none of the rent payable to Landlord under the Lease will constitute “unrelated business income,” but the amendment will not increase Tenant’s payment obligations or other liability under this Lease or reduce the Landlord’s obligations under this Lease and (iii) upon the Successor Landlord’s request, Tenant shall execute any document such holder deems necessary to effect the foregoing amendment to this Lease.
Annual Fixed Rent Tenant covenants and agrees to pay the Annual Fixed Rent in Section 1.1 to Landlord in advance in equal monthly installments commencing on the Term Commencement Date (if not the first day of a month) and thereafter on the first day of each calendar month during the Term. All payments shall be due without billing or demand and without deduction, setoff or counterclaim, except as expressly set forth in this Lease. Tenant shall make payment for any portion of a month at the beginning or end of the Term. All payments shall be payable to Landlord at Landlord’s address, as specified in Section 1.1, or to such other entities at such other places as Landlord may from time to time designate. Without limiting the foregoing, except as expressly set forth in this Lease, Tenant’s obligation so to pay Rent (as hereinafter defined) shall not be discharged or otherwise affected by any law or regulation now or hereafter applicable to the Premises, or any other restriction on Tenant’s use, or any casualty or taking, or any failure by Landlord to perform any covenant contained herein, or any other occurrence; and, except as expressly set forth in this Lease, Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover Rent. The foregoing notwithstanding, if Landlord fails for any reason within Landlord’s control to provide any service to be supplied by Landlord under the Lease which is necessary for Tenant’s reasonable use of the Premises (such as HVAC, elevator service, electricity, water, or structural repairs), and Tenant is unable to use the Premises on account of such failure, Tenant shall be entitled to a proportional abatement of Annual Fixed Rent and Additional Charges for Operating Expenses and Taxes based on the portion of the Premises which cannot be used by Tenant. This abatement shall begin on the fourth (4th) consecutive Business Day from Tenant’s written notice to Landlord of the failure. The abatement shall end when the services are restored sufficiently to permit use of the Premises.

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