Last Month’s Minimum Rent Sample Clauses

Last Month’s Minimum Rent. On the Rent Commencement Date, Lessee shall deposit with Lessor the Minimum Rent for the final month of the initial ten-year term, which is Six Thousand Six Hundred Fifty-Four Dollars ($6,654). In connection with each election by Lessee pursuant to Section 1.3 above to extend the term hereof for an additional five (5) years, Lessee shall deposit with Lessor the funds necessary such that the funds on deposit (the “Final Rent Payment Funds”) always equal the Minimum Rent for the final month of this Agreement. For example, if prior to the end of the initial ten-year term, Lessee timely elects to exercise its option to extend the Lease Term for five (5) additional years, Lessee shall deposit with Lessor the sum of One Thousand Sixty Dollars ($1,060), such that the collective amount of the Final Rent Payment Funds shall equal Seven Thousand Seven Hundred Fourteen Dollars ($7,714). Subject to the following provisions, the Final Rent Payment Funds shall be retained and utilized by Lessor as Lessess’s final payment of Minimum Rent under this Agreement. Notwithstanding the foregoing, the Final Rent Payment Funds shall also serve as security for Lessee’s faithful performance of its obligations under this Agreement, including without limitation Lessee’s obligations (i) to pay rent, (ii) to repair damages to the Premises caused by Lessee or Lessee’s agents, representatives, employees, contractors, licensees, and invitees, (iii) to surrender the Premises in the condition required by Section 8.12, and (iv) to remedy any other defaults by Lessee in the performance of any of its obligations under this Agreement. If Lessee fails to pay rent or otherwise defaults under this Agreement, Lessor may use, apply or retain all or any portion of said Final Rent Payment Funds for the payment of any amount due Lessor or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof. If Lessor uses or applies all or any portion of the Final Rent Payment Funds, Lessee shall within 10 days after written request therefor deposit monies with Lessor sufficient to restore said Final Rent Payment Funds to the full amount required by this Agreement. Lessor shall not be required to keep the Final Rent Payment Funds separate from its general accounts.
Sample 1
AutoNDA by SimpleDocs

Related to Last Month’s Minimum Rent

  • MONTH'S RENT The Tenant is required to pay the first (1st) month's rent: (check one) ☐ - Upon the execution of this Agreement. ☐ - Upon the first (1st) day of the Lease Term.

  • 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:

  • Month A period commencing at 10:00 a.m., Eastern Standard Time, on the first Day of a calendar month and extending until 10:00 a.m., Eastern Standard Time, on the first Day of the next succeeding calendar month. Monthly shall have the correlative meaning.

  • Monthly Rent The rent amount for the initial period shall be: _ Dollars ($_ ) paid on the _ (#) day of every month and: (check one) ☐ - Shall remain the same during the Initial Term. ☐ - Shall increase during the Initial Term as follows: 1st Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ ) 2nd Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ )

  • Lease Period The lease period of the Finance Lease Agreement I is 36 months, which commenced on October 28, 2022. The lease period of the Finance Lease Agreement II is 36 months, which shall commence on July 31, 2023.

  • Rental Period (a) Renter has the right to use the rental vehicle (“Vehicle”) until the return date indicated on the Rental Agreement Summary ("Rental Period").

  • Base Rent Lessee shall pay Base Rent and other rent or charges, as the same may be adjusted from time to time, to Lessor in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease. Base Rent and all other rent and charges for any period during the term hereof which is for less than one full month shall be prorated based upon the actual number of days of the month involved. Payment of Base Rent and other charges shall be made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee.

  • Five Years All full-time employees who have been continuously employed by the Employer for five (5) years shall receive three (3) weeks’ vacation with full pay.

  • Basic Rent The periodic rent payable for the Aircraft throughout the Basic Term pursuant to Section 3.02 of the Lease, adjusted pursuant to Article 3 of the Lease. Basic Term. The period commencing at the beginning of the day on the Delivery Date and ending at the end of the day on July 15, 2023, or such earlier date on which the Lease shall be terminated as provided therein.

  • Benefit Waiting Period Allowance (a) An employee who qualifies for and takes leave pursuant to 21.1 or 21.2 and is required by Employment Insurance to serve a one-week waiting period for Employment Insurance Maternity/Parental benefits, shall be paid a leave allowance equivalent to one week at 85% of the employee's basic pay.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!