Maintenance Rent Clause Samples

The Maintenance Rent clause defines the lessee's obligation to pay a specified amount to cover the ongoing maintenance of leased equipment or property. Typically, this payment is separate from the base rent and is calculated either as a fixed fee or based on actual maintenance costs incurred during the lease term. By clearly outlining the lessee's responsibility for maintenance expenses, this clause ensures that the property remains in good condition and prevents disputes over who bears the cost of upkeep.
Maintenance Rent. Lessee shall pay Maintenance Rent to Lessor in respect of the Aircraft. Such Maintenance Rent shall be calculated and paid in accordance with Schedule 8 (Maintenance Rent). Lessee acknowledges and agrees that Maintenance Rent is additional rent for the leasing of the Aircraft and not cash collateral or other collateral security for Lessee’s maintenance obligations under this Agreement. Once paid, all Maintenance Rent is the property of Lessor, it is not refundable to Lessee under any circumstances whatsoever and Lessee has no interest therein whatsoever. In addition, Maintenance Rent shall otherwise be treated for all purposes of this Agreement as Rent, and Lessor shall have the same remedies in respect of Lessee’s failure to pay Maintenance Rent when due as Lessor has for Lessee’s failure to pay Rent when due.
View SourceView Similar (6)
Maintenance Rent. 5.5.1 In addition to Base Rent, and subject to escalation and adjustment as provided in this Article 5.5.1, LESSEE will pay to LESSOR the following categories of Maintenance Rent (each as defined on Schedule I) based on the utilization of the Aircraft during the applicable Maintenance Rent Period: Airframe 6Y Maintenance Rent, Airframe 12Y Maintenance Rent, Performance Restoration Maintenance Rent, Engine LLP Maintenance Rent, Landing Gear Maintenance Rent and APU Maintenance Rent, (collectively "Maintenance Rent" and each of the rates listed in Schedule I, a "Maintenance Rent Rate"). (a) Except for the Engine LLP Maintenance Rent Rate, all of the Maintenance Rent Rates listed in Schedule I are based on [REDACTED: Item 2] cost estimates and, without requirement for any notice, will escalate by the percentages specified in Schedule I on the [REDACTED: Item 2] of each Maintenance Rent Adjustment Period. For avoidance of doubt, such escalation calculation will be made on the [REDACTED: Item 2] of the Maintenance Rent Adjustment Period to the then- existing Maintenance Rent Rates and the resulting escalated Maintenance Rent Rates will be payable for all operation and lapse of calendar time in respect of the Aircraft in that same Maintenance Rent Adjustment Period. In addition to the foregoing, each Maintenance Rent Rate is subject to further increase based on (a) any material change in the maintenance recommendations (work content or interval) of Manufacturer or Engine Manufacturer, as applicable, and (b) the actual cost experience of Lessee in respect of the corresponding MRA (as evidenced by prior MRA Claims). (b) The Engine LLP Maintenance Rent Rate will be adjusted as of the [REDACTED: Item 2] of each Maintenance Rent Adjustment Period to be equal to the then current Engine LLP Cost per Cycle. The "Engine LLP Cost per Cycle" for an Engine for any given calendar year will be calculated by [REDACTED: Item 2]. (c) In respect of Performance Restoration Maintenance Rent payable during the period from [REDACTED: Item 2] through [REDACTED: Item 2] of the calendar year in which Delivery occurs, LESSEE will pay LESSOR Performance Restoration Maintenance Rent in the amount set out in Schedule I, Section D.3 (as such rates are escalated as described in Article 5.5.1(a)) for each Engine (payable when the Engine is utilized on the Aircraft or another aircraft). On [REDACTED: Item 2] of the calendar year immediately following the year in which Delivery occurs and therea...
View SourceView Similar (4)
Maintenance Rent. See Section 5 below.
View Source
Maintenance Rent. For each calendar year of the Term that the "Operating Expenses" (as hereinafter defined) exceed the actual operating expenses for 1995, (if in 1995, less than Ninety-Five Percent (95%) of the Net Rentable Area of the building is fully occupied, all components of operating expenses (as hereinafter defined) shall be adjusted for such year to the amount which Lessor reasonable estimates would have been incurred had the building been fully occupied) per square foot of the Net Rentable Area of the Building, Lessee covenants and agrees to pay to Lessor, as maintenance rent ("Maintenance Rent"), a percentage of such excess Operating Expenses based on the ratio of the New Rentable Area of the Premises to the Net Rentable Area of the Building, which is and for all purposes shall be deemed to be Five Percent (5%) ("Lessee's Proportionate Share"). (a) For the purpose of calculating Maintenance Rent to be paid pursuant to the terms of this Section 4(a), Lessor shall make a good-faith estimate of the Operating Expenses (the "Projection of Operating Expenses") it expects to be incurred with respect to the Building for each calendar year after the calendar year during which this Lease is executed. The Projection of Operating Expenses shall be made by Lessor not less than thirty 57 (30) days prior to the commencement of such calendar year. Lessor shall deliver to Lessee a written statement setting forth the Projection of Operating Expenses for such following year and shall provide therewith a calculation of the increase in monthly installments of Rent, which shall thereafter include Base Rent and Maintenance Rent, as well as any Additional Rent (as hereinafter defined), payable hereunder, such increase to become effective January 1 of such following year; provided, however, that failure of Lessor to provide any such statement shall not relieve Lessee of its obligation to pay Base Rent and Maintenance Rent at the rate then in effect under this Lease, within thirty (30) days of the date Lessee receives such statement from Lessor, provided that such notice is given by March 31st of the following year. Lessee shall pay any increase in monthly Rent reflected thereby, effective retroactively to January 1 of such year. Lessor and Lessee acknowledge that Maintenance Rent is based on the Operating Expenses for a fully-occupied Building. Therefore, Lessor and Lessee agree that, at any time at which less than ninety-five percent (95%) of the Net Rentable Area of the Building is ful...
View Source

Related to Maintenance Rent

  • Common Area Maintenance Landlord will maintain or cause to be maintained the Common Areas and Tenant will reimburse Landlord for Tenant’s prorata share of the cost of such maintenance as hereinafter provided. (a) Common area maintenance costs and expenses shall be determined in accordance with generally accepted accounting principles consistently applied and allocated to any particular calendar year on the accrual method of accounting. Such costs and expenses shall include, but shall not be limited to upkeep, exterior painting, repairs, replacements and improvements in the Common Areas, snow removal, sweeping and cleanup, depreciation allowance on any machinery and equipment owned by Landlord and used in connection therewith, utility services including fire line water service charges, premiums for public liability, property damage and fire insurance including the Common Areas, any real estate tax and/or tax consultant expense incurred for the purpose of maintaining equitable tax assessments on the Development, all property taxes or assessments levied or assessed against all Common Areas, which, if not separately assessed, shall be determined, for land, by the ratio of land area designated for Common Area use to the total land area in the Development and, for improvements, on a fair and equitable allocation among the various improvements in the Development, giving weight to the factors which determine the amount of the real property tax or assessment in question. In addition, such costs shall include administrative costs equal to ten percent (10%) of the total cost paid or incurred by Landlord under this paragraph. (b) Tenant shall pay as additional rent to Landlord, Tenant’s prorata share of such Common Area expenses in the following manner: (1) From and after the date the minimum rental provided for herein has commenced, but subject to adjustment as hereinafter in this subparagraph (1) provided, Tenant shall pay Landlord in advance on the first day of each calendar month during the term of this Lease an estimated and adjustable amount covering Tenant’s proportionate share of common area services and expenses, which amount may be adjusted by Landlord by notice to Tenant at the end of any calendar month on the basis of Landlord’s experience and reasonably anticipated costs. (See Lease Rider “A” Building Expenses attached hereto and incorporated herein.) (2) Within thirty (30) days following the end of each calendar year, Landlord shall furnish Tenant a statement covering the calendar year just expired, showing the total operating costs, the amount of Tenant’s prorata share of such Common Area expenses for such calendar year and the payments made by Tenant with respect to such calendar year as set forth in subparagraph (b) I. If Tenant’s prorata share of such Common Area expenses exceeds Tenant’s payments so made, Tenant shall pay Landlord the deficiency within ten (10) days after receipt of such statement. If said payments exceed Tenant’s prorata share of such Common Area expenses, Tenant shall be entitled to offset the excess against payments next thereafter to become due Landlord as set forth in said subparagraph (b) I. Tenant’s pro-rata share of the total Common Area expenses for the previous calendar year shall be that portion of all such expenses which is equal to the proportion which the number of square feet of gross leasable area in the Demised Premises bears to the total number of square feet of gross leasable area of buildings in the entire Development which are from time to time completed and occupied as of the commencement of each calendar year.

  • Maintenance & Repairs 5.1 Lessee shall at all times be responsible for maintaining at its own expense the leased premises in a clean, orderly and safety condition, except as hereinafter provided. Lessee shall be responsible, at its own expense, to clean and maintain all trade fixtures, machinery and equipment furnished by Lessee within the leased premises. Lessee shall be responsible to deposit normal office waste and rubbish at a location at the Central School as designated by Lessor. 5.2 Lessee shall be responsible to perform all repairs the need for which is caused by ▇▇▇▇▇▇'s use of the premises except that Lessor shall be responsible to perform major repairs of a structural nature. Lessor shall be responsible to arrange for removal of waste and rubbish from the location designated as the deposit location for lessees. All costs incurred by Lessor pursuant to the obligations of this Paragraph shall be included within "operating costs". 5.3 Lessor shall provide custodian services for the common areas of Central School. Costs incurred by Lessor in providing such custodian services shall be included within "operating costs".

  • LANDLORD'S MAINTENANCE Subject to the provisions of Articles 4 and 14, Landlord shall, as an Operating Expense, maintain and make necessary repairs to the foundations, roofs, exterior walls, and the structural elements of the Building, the electrical, plumbing, heating, ventilating, air-conditioning, mechanical, communication, security and the fire and life safety systems of the Building and those corridors, washrooms and lobbies which are Common Areas of the Building, except that: (a) Landlord shall not be responsible for the maintenance or repair of any floor or wall coverings in the Premises or any of such systems which are located within the Premises and are supplemental or special to the Building’s standard systems; and (b) the cost of performing any of said maintenance or repairs whether to the Premises or to the Building caused by the negligence of Tenant, its employees, agents, servants, licensees, subtenants, contractors or invitees, shall be paid by Tenant, subject to the waivers set forth in Section 16.4. Landlord shall not be liable to Tenant for any expense, injury, loss or damage resulting from work done in or upon, or in connection with the use of, any adjacent or nearby building, land, street or alley.

  • Tenant’s Maintenance Tenant agrees, at Tenant’s sole cost and expense, to take good care of the Premises, including the Improvements, and keep and maintain the same and all parts thereof, including without limitation, the entire interior and exterior of the Improvements, the roof, foundations, parking areas, sidewalks, railroad tracks, water, sewer, gas and electricity connections, pipes, mains and all other fixtures, machinery, apparatus, equipment and appurtenances thereto, together with any and all alterations and additions thereto, in as good order, condition and repair as on the Effective Date, reasonable wear and tear excepted, suffering no waste or injury. Tenant shall, at its sole cost and expense, promptly make all necessary repairs and replacements, structural or otherwise, ordinary as well as extraordinary, foreseen as well as unforeseen, in and to any Improvements or equipment now or hereafter located upon the land including, without limitation, the entire interior and exterior of the Improvements, the roof, the foundations, parking areas, sidewalks, railroad tracks, water, sewer, gas and electricity connections, pipes, mains and all other fixtures, machinery, apparatus, equipment and appurtenances, now or hereafter belonging to, connected with or used in conjunction with the Premises: provided, however, in the event any repairs or replacements are required, the cost of which are required to be capitalized in accordance with generally accepted accounting principles, landlord shall initially pay for the cost of such repairs or replacements and Tenant shall pay Landlord as Additional Rent, for the portion of such costs attributable to the then remainder of the Term, as and when such costs are paid by Landlord to third party vendors, such portion to be determined as between Landlord and Tenant on a straight-line basis. All such repairs and replacements shall be of first class quality and sufficient for the proper maintenance and operation of the Premises. Tenant shall keep and maintain the Premises, including the Improvements and all sidewalks, vault space, parking areas and areas adjacent thereto, safe, secure and clean, specifically including, but not by way of limitation, snow and ice clearance, landscaping and removal of waste and refuse matter. Tenant shall not permit anything to be done upon the Premises (and shall perform all maintenance and repairs thereto so as not) to invalidate, in whole or in part, or prevent the procurement of any insurance policies which may, at any time, be required under the provisions of this Lease. Tenant shall not obstruct or permit the obstruction of any parking area, adjoining street or sidewalk, except to the extent commercially necessary.

  • Property Maintenance Maintain all of its property that is necessary to or useful in the proper conduct of its business in good working condition, ordinary wear and tear excepted.