Common use of Minimum Annual Rent Clause in Contracts

Minimum Annual Rent. Tenant shall pay as “Minimum Annual Rent” for the Premises the sum of Twelve Dollars ($12.00) per square foot of Floor Area within the Premises, provided that the Minimum Annual Rent shall be adjusted on each yearly anniversary of the Commencement Date occurring during the Term, as the Term may be extended by the Option Term(s) pursuant hereto, if applicable (each such yearly anniversary date is referred to herein as an “Adjustment Date”’), to equal the product obtained by multiplying the Minimum Annual Rent in effect immediately prior to the applicable Adjustment Date by a fraction, the numerator of which is the “Index” (as hereinafter defined) for the calendar month which is three (3) full calendar months prior to such Adjustment Date and the denominator of which is the Index which is fifteen (15) full calendar months prior to such Adjustment Date; provided, however, that in no event shall any such adjustment result in a decrease in Minimum Annual Rent or in an increase of Minimum Annual Rent in excess of three percent (3 %) per annum on a cumulative and compounding basis. For purposes of this Lease, the “Index” shall mean the Consumer Price Index published by the United States Department of Labor, Bureau of Labor Statistics (the “Bureau”) “All Items” for All Urban Consumers in the Xxx Xxxxxxxxx-Xxxxxxx-Xxx Xxxx xxxxxxxxxxxx area, (1982-84=100). Should the Bureau discontinue the publication of the Index, publish the same less frequently or alter the same in some other manner, the most nearly comparable index or procedure as determined by Landlord shall be substituted therefor. The Minimum Annual Rent as adjusted shall be the Minimum Annual Rent until the next Adjustment Date. Minimum Annual Rent shall be payable in equal monthly installments, in advance, on or before the first (1st) day of each month, without prior demand and without offset or deduction (except as expressly and specifically provided in this Lease), commencing on the Commencement Date. Should the Commencement Date be a day other than the first (1st) day of a calendar month, then the monthly installment of Minimum Annual Rent for the first partial month shall be equal to one-thirtieth (l/30th) of the monthly installment of Minimum Annual Rent for each day from the Commencement Date to the end of the partial month.

Minimum Annual Rent. Tenant shall pay as “"Minimum Annual Rent” " for the Premises the sum of Twelve Dollars ($12.00) per square foot of Floor Area within the Premises, provided that the Minimum Annual Rent shall be adjusted on each yearly anniversary of the Commencement Date occurring during the Term, as the Term may be extended by the Option Term(s) pursuant hereto, if applicable (each such yearly anniversary date is referred to herein as an “"Adjustment Date”’"), to equal the product obtained by multiplying the Minimum Annual Rent in effect immediately prior to the applicable Adjustment Date by a fraction, the numerator of which is the “"Index” " (as hereinafter defined) for the calendar month which is three (3) full calendar months prior to such Adjustment Date and the denominator of which is the Index which is fifteen (15) full calendar months prior to such Adjustment Date; provided, however, that in no event shall any such adjustment result in a decrease in Minimum Annual Rent or in an increase of Minimum Annual Rent in excess of three percent (3 3%) per annum on a cumulative and compounding basis. For purposes of this Lease, the “"Index” " shall mean the Consumer Price Index published by the United States Department of Labor, Bureau of Labor Statistics (the “"Bureau”") “"All Items” " for All Urban Consumers in the Xxx San Xxxxxxxxx-Xxxxxxx-Xxx Xxxx xxxxxxxxxxxx areaxxxx, (1982-84=10084 = 100). Should the Bureau discontinue the publication of the Index, publish the same less frequently or alter the same in some other manner, the most nearly comparable index or procedure as determined by Landlord shall be substituted therefor. The Minimum Annual Rent as adjusted shall be the Minimum Annual Rent until the next Adjustment Date. Minimum Annual Rent shall be payable in equal monthly installments, in advance, on or before the first (1st) day of each month, without prior demand and without offset or deduction (except as expressly and specifically provided in this Lease), commencing on the Commencement Date. Should the Commencement Date be a day other than the first (1st) day of a calendar month, then the monthly installment of Minimum Annual Rent for the first partial month shall be equal to one-thirtieth (l/30th1/30th) of the monthly installment of Minimum Annual Rent for each day from the Commencement Date to the end of the partial month.

Minimum Annual Rent. (a) Tenant shall pay Landlord or Landlord’s designee annual minimum rent (“Basic Rent”) in equal monthly payments to be received by Landlord or Landlord’s designee on the first (1st) day of each month in advance, as “Minimum Annual Rent” for set forth below: 9/1/2003 to 8/31/2004 $ 200,000.00 9/1/2004 to 8/31/2005 $ 200,000.00 9/1/2005 to 1/31/2006 $ 231,800.00 2/1/2006 to 8/31/2006 $ 311,800.00 Thereafter, on the Premises the sum of Twelve Dollars ($12.00) per square foot of Floor Area within the Premises, provided that the Minimum Annual Rent shall be adjusted on each yearly anniversary of the Commencement Date occurring and for each subsequent year during the Initial Term, as the Term may be extended Basic Rent shall increase by the Option Term(s) pursuant hereto, if applicable (each such yearly anniversary date is referred to herein as an “Adjustment Date”’), to equal the product obtained by multiplying the Minimum Annual Rent in effect immediately prior to the applicable Adjustment Date by a fraction, the numerator of which is the “Index” (as hereinafter defined) for the calendar month which is three (3) full calendar months prior to such Adjustment Date and the denominator of which is the Index which is fifteen (15) full calendar months prior to such Adjustment Date; provided, however, that in no event shall any such adjustment result in a decrease in Minimum Annual Rent or in an increase of Minimum Annual Rent in excess of three percent (3 %) per annum on a cumulative and compounding basis. For purposes of this Lease, the “Index” shall mean the Consumer Price Index (the “CPI”) for the New York-Northeastern New Jersey area, which is currently published by the United States Department of Labor, Bureau of Labor Statistics issued in May of that year (the “BureauCPI Annual Increase”) “All Items” for All Urban Consumers in the Xxx Xxxxxxxxx-Xxxxxxx-Xxx Xxxx xxxxxxxxxxxx area, (1982-84=100). Should All CPI Annual Increases during the Bureau discontinue the publication term of the Index, publish the same less frequently or alter the same in some other manner, the most nearly comparable index or procedure as determined by Landlord Lease shall be substituted therefor. The Minimum Annual Rent cumulative and compounded as adjusted shall be of the Minimum Annual Rent until the next Adjustment Date. Minimum Annual Rent shall be payable in equal monthly installments, in advance, on or before the first (1st) day anniversary of each month, without prior demand and without offset or deduction (except as expressly and specifically provided in this Lease), commencing on the Commencement Date. Should the Commencement Date be based on the Basic Rent plus CPI Annual Increase for the prior Lease year. If the commencement date occurs on a day other than the first (1st) day of a calendar month, or if the expiration date occurs on a day other than the last day of a calendar month, then the monthly installment of Minimum Annual Basic Rent for the first partial such fractional month shall be equal prorated on a daily basis. (b) In addition to one-thirtieth the Basic Rent provided for above, all other payments to be made by Tenant to Landlord shall be deemed to be and shall become additional rent (l/30th“Additional Rent”) hereunder whether or not the same be designated as such, and unless otherwise provided, shall be due and payable twenty (20) days after demand therefor accompanied with an invoice and detailed information, if available. In the event Tenant does not agree with any detailed information provided, Tenant shall nonetheless make full payment as set forth in the demand presented and the parties shall resolve any alleged inconsistencies with the invoices presented. Landlord shall have the same remedies under this Lease for failure to pay Additional Rent as for the nonpayment of Basic Rent. Tenant’s obligation to pay Basic Rent or Additional Rent (collectively and individually referred to as “rent” or “Rent”) for any portion of the term of the Lease shall survive the expiration or termination of the term of this Lease. (c) In addition to the Basic Rent provided for above, Tenant shall pay to Landlord as Additional Rent, Tenant’s Proportionate Share (as defined below) of all sums, charges, fees, expenses incurred by Landlord, whether on a direct metered basis or prorated from a master meter charge, for all water, electric, gas, sewer or other utilities consumed in or servicing the Premises. Landlord will make arrangements for the above utilities to be provided to the Premises. Landlord shall use commercially reasonable efforts to insure utilities are provided to the Premises, uninterrupted during the Term. (d) In addition to the Basic Rent provided for above, Tenant shall pay Landlord as Additional Rent, Tenant’s Proportionate Share of any HVAC contracts, maintenance contracts, repairs, cleaning charges, common area maintenance charges, and any charges that Landlord may incur in connection with the Premises. Landlord will make arrangements for the above contracts to be provided for the Premises and shall use commercially reasonable efforts to ensure such services are provided to Tenant uninterrupted during the Term. (e) Landlord’s failure to prepare and deliver any statements or bills, or Landlord’s failure to make a demand under this Article 4 or under any other provision of this Lease, shall not in any way be deemed to be a waiver of or cause Landlord to forfeit or surrender its rights to collect any items of Additional Rent which may have become due pursuant to this Lease. This provision shall survive the expiration or termination of this Lease. (f) Tenant’s proportionate share of such Additional Rent and other charges described in this Article 4 of the Lease shall be sixty (60%) percent (“Tenant’s Proportionate Share”) of the monthly installment amount of Minimum Annual such Additional Rent for each day from and all other charges and costs paid by the Commencement Date Landlord in connection with the Premises. In the event the Demised Premises is reduced or increased during the Term, Tenant’s proportionate share shall be pro-rated according to the end increase or decrease of square footage. (g) As Additional Rent, Tenant shall pay Landlord such other sums of money as become due and payable by Tenant hereunder including but not limited to those items specified in Articles 1, 4, 10, 11 and 12 of this Lease, all of which sums shall be payable to Landlord or Landlord’s designee as expressly provided for in this Lease. (h) All services provided by Landlord under this Lease and any common area maintenance shall be performed in a non-discriminatory manner for Tenant as compared to other tenants of the partial monthPremises, and Tenant shall have no liability hereunder to the extent such services and/or maintenance are not provided to Tenant.

Minimum Annual Rent. (a) Notwithstanding anything in the Existing Lease or this Third Amendment to the contrary, from and after the Effective Date through the date that is the day immediately prior to the Extended Term Commencement Date, Tenant shall continue to pay as “Minimum Annual Rent” for the Premises the sum of Twelve Dollars ($12.00) per square foot of Floor Area within the Premises, provided that the Minimum Annual Rent applicable to the Original Premises pursuant to the Existing Lease. (b) Commencing on the Extended Term Commencement Date, and continuing to and including the Expiration Date, Tenant’s Minimum Annual Rent obligation for the Original Premises shall be adjusted as follows: ​ ​ (c) Subject to Section 3(b) above, commencing on each yearly anniversary of March 1, 2023, and continuing to and including Expiration Date, Tenant’s Minimum Annual Rent obligation for the Expansion Premises shall be as follows: ​ ​ *If the Expansion Premises Commencement Date occurring during the Termoccurs at any time prior to March 1, as the Term may be extended by the Option Term(s) pursuant hereto2023, if applicable (each such yearly anniversary date is referred to herein as an “Adjustment Date”’), to equal the product obtained by multiplying the Minimum Annual Rent in effect immediately prior applicable to the applicable Adjustment Date by a fraction, the numerator of which is the “Index” (as hereinafter defined) Expansion Premises for the calendar month which period commencing on such earlier date to and including February 28, 2023 shall be an amount equal to the rate per rentable square foot as is three (3) full calendar months prior then applicable to such Adjustment Date and the denominator of which is Original Premises during the Index which is fifteen (15) full calendar months prior to such Adjustment Date; provided, however, that in no event shall any such adjustment result in a decrease in Minimum Annual Rent or in an increase of Minimum Annual Rent in excess of three percent (3 %) per annum on a cumulative and compounding basis. For purposes of this Lease, the “Index” shall mean the Consumer Price Index published by the United States Department of Labor, Bureau of Labor Statistics (the “Bureau”) “All Items” for All Urban Consumers in the Xxx Xxxxxxxxx-Xxxxxxx-Xxx Xxxx xxxxxxxxxxxx area, (1982-84=100). Should the Bureau discontinue the publication then applicable annual period of the IndexTerm, publish multiplied by 8,613. If the same less frequently or alter Expansion Premises Commencement Date occurs at any time after March 1, 2023, all references in this Third Amendment to March 1, 2023 as the same Expansion Premises Commencement Date, including without limitation in some other manner, the most nearly comparable index or procedure as determined by Landlord shall be substituted therefor. The Minimum Annual Rent as adjusted shall be the Minimum Annual Rent until the next Adjustment Date. Minimum Annual Rent schedule above, shall be payable in equal monthly installments, in advance, on or before adjusted to be the first (1st) day of each month, without prior demand and without offset or deduction (except as expressly and specifically provided in this Lease), commencing on the Expansion Premises Commencement Date. Should In addition, from and after the Expansion Premises Commencement Date, and throughout the remainder of the Term, Tenant shall pay Tenant’s Share of Annual Operating Expenses in accordance with Section 5(b) of this Third Amendment. ​ *Notwithstanding anything to the contrary set forth herein, if the Expansion Premises Commencement Date be shall occur on a day other than that is not the first (1st) day of a calendar month, then the period beginning on the Expansion Premises Commencement Date and ending on the last day of the month in which the Expansion Premises Commencement Date occurs shall be identified as the “Stub Period”. Rent for the Stub Period will be calculated based upon the monthly installment Rent then applicable to the Expansion Premises prorated for the number of days in such Stub Period assuming a thirty (30) day calendar month regardless of the month in which such Stub Period ​ ​ occurs. Accordingly, in the event of a Stub Period, on the Expansion Premises Commencement Date, Tenant shall pay Landlord such prorated monthly Rent for the Stub Period plus all other charges comprising Rent as defined in the Original Lease, similarly prorated for the Stub Period. ​ *Notwithstanding the actual date that the Expansion Premises Commencement Date occurs, and except as set forth in the next succeeding sentence, provided that that there then exists no Event of Default by Tenant under the Lease, no Event of Default has occurred more than two (2) times in the twelve (12) months prior to the Expansion Premises Commencement Date, monthly payments of Minimum Annual Rent shall be abated (the “Abatement”) for the first partial month initial three (3) full months following the Expansion Premises Commencement Date, after which Abatement period any applicable Late Delivery Credit described in Section 3(b) of this Amendment shall be equal applied. Notwithstanding the foregoing, during the Abatement, Tenant shall continue to one-thirtieth pay for: (l/30tha) Operating Expenses as described in the Existing Lease, including the management fee which is a part of the Operating Expenses and which shall be calculated as if such monthly installment of Minimum Annual Rent for each day from the Commencement Date is being paid in full, and (b) Tenant’s utilities supplied to the end Premises in accordance with Section 7 of the partial monthOriginal Lease. Should there occur an uncured Event of Default (as defined in the Lease) by Tenant under the Lease at any time during the Extended Term, Landlord shall be entitled to recover from Tenant (in addition to all other rights and remedies available to Landlord) the Abatement.

Minimum Annual Rent. Tenant shall pay as “The minimum annual rent ("Minimum Annual Rent” for the Premises the sum of Twelve ") payable by Lessee to Lessor shall be Ninety-Six Thousand Two Hundred Fifty and 00/100 Dollars ($12.0096,250.00) per square foot year, lawful money of Floor Area within the PremisesUnited States of America, provided that payable in monthly installments in advance during the said term of this Lease in sums of Eight Thousand Twenty and 83/100 Dollars ($8,020.83) on the first day of each month, rent to begin from the Lease Commencement Date, the first installment to be paid on or before the Lease Commencement Date, subject to the requirements of subparagraph 2 (C), supra. The first installment of Minimum Annual Rent to be made during the occupancy of the Premises shall be adjusted on each yearly anniversary to pro rate a partial month of the Commencement Date occurring during the Term, as the Term may be extended by the Option Term(s) pursuant heretooccupancy, if applicable (each such yearly anniversary date is referred to herein as an “Adjustment Date”’)any, to equal at the product obtained by multiplying inception of this Lease at the rate of Minimum Annual Rent in effect immediately prior to during the applicable Adjustment Date by a fractionfirst Lease Year, i.e., the numerator period of which is the “Index” twelve (as hereinafter defined12) for the calendar month which is three (3) full calendar months prior to such Adjustment Date and following the denominator of which is the Index which is fifteen (15) full calendar months prior to such Adjustment Date; provided, however, that in no event shall any such adjustment result in a decrease in Minimum Annual Rent or in an increase of Minimum Annual Rent in excess of three percent (3 %) per annum on a cumulative and compounding basis. For purposes of this Lease, the “Index” shall mean the Consumer Price Index published by the United States Department of Labor, Bureau of Labor Statistics (the “Bureau”) “All Items” for All Urban Consumers in the Xxx Xxxxxxxxx-Xxxxxxx-Xxx Xxxx xxxxxxxxxxxx area, (1982-84=100). Should the Bureau discontinue the publication of the Index, publish the same less frequently or alter the same in some other manner, the most nearly comparable index or procedure as determined by Landlord shall be substituted therefor. The Minimum Annual Rent as adjusted shall be the Minimum Annual Rent until the next Adjustment Date. Minimum Annual Rent shall be payable in equal monthly installments, in advance, on or before the first (1st) day of each month, without prior demand and without offset or deduction (except as expressly and specifically provided in this Lease), commencing on the Lease Commencement Date. Should If the Commencement Date date of commencement of the term of this Lease shall be a day other than the first (1st) day of a the calendar month, then the monthly installment term of Minimum Annual Rent for this Lease shall be deemed extended by the number of days between the Lease Commencement Date and the last day of said month, so that the term of this Lease shall expire five (5) years after such first day of the first partial calendar month shall be equal to one-thirtieth (l/30th) of following the monthly installment of Minimum Annual Rent for each day from the Lease Commencement Date to the end of the partial monthDate, unless extended or previously terminated, as herein set forth.

Minimum Annual Rent. Tenant shall pay as “The minimum annual rent ("Minimum Annual Rent” for the Premises the sum of ") payable by Lessee to Lessor shall be Two Hundred Twelve Thousand Five Hundred Twenty Dollars ($12.00212,520.00) per square foot year, lawful money of Floor Area within the PremisesUnited States of America, provided that payable in monthly installments in advance during the said term of this Lease in sums of Seventeen Thousand Seven Hundred Ten Dollars ($17,710.00) on the first day of each month, rent to begin from the Lease Commencement Date, the first installment to be paid at the time of signing this Lease. The first installment of Minimum Annual Rent to be made during the occupancy of the Premises shall be adjusted on each yearly anniversary to pro rate a partial month of the Commencement Date occurring during the Term, as the Term may be extended by the Option Term(s) pursuant heretooccupancy, if applicable (each such yearly anniversary date is referred to herein as an “Adjustment Date”’)any, to equal at the product obtained by multiplying inception of this Lease at the rate of Minimum Annual Rent in effect immediately prior to during the applicable Adjustment Date by a fractionfirst Lease Year, i.e., the numerator period of which is the “Index” twelve (as hereinafter defined12) for the calendar month which is three (3) full calendar months prior to such Adjustment Date and following the denominator of which is the Index which is fifteen (15) full calendar months prior to such Adjustment Date; provided, however, that in no event shall any such adjustment result in a decrease in Minimum Annual Rent or in an increase of Minimum Annual Rent in excess of three percent (3 %) per annum on a cumulative and compounding basis. For purposes of this Lease, the “Index” shall mean the Consumer Price Index published by the United States Department of Labor, Bureau of Labor Statistics (the “Bureau”) “All Items” for All Urban Consumers in the Xxx Xxxxxxxxx-Xxxxxxx-Xxx Xxxx xxxxxxxxxxxx area, (1982-84=100). Should the Bureau discontinue the publication of the Index, publish the same less frequently or alter the same in some other manner, the most nearly comparable index or procedure as determined by Landlord shall be substituted therefor. The Minimum Annual Rent as adjusted shall be the Minimum Annual Rent until the next Adjustment Date. Minimum Annual Rent shall be payable in equal monthly installments, in advance, on or before the first (1st) day of each month, without prior demand and without offset or deduction (except as expressly and specifically provided in this Lease), commencing on the Lease Commencement Date. Should If the Commencement Date date of commencement of the term of this Lease shall be a day other than the first (1st) day of a the calendar month, then the term of this Lease shall be deemed extended by the number of days between the Lease Commencement Date and the last day of said month, so that the term of this Lease shall expire five (5) years after such first day of the first calendar month following the Lease Commencement Date, unless extended or previously terminated, as herein set forth. Notwithstanding anything set forth herein to the contrary, until Lessor shall have substantially completed the improvements set forth in Exhibit "A" attached hereto and made part hereof, the monthly installment installments of Minimum Annual Rent for the first partial month payable by Lessee to Lessor shall be reduced to a sum equal to oneForty-thirtieth Two Cents (l/30th$0.42) multiplied by the leaseable square footage (exterior dimension) of the monthly installment Premises occupied by Lessee on July 7, 1996, and the first day of Minimum Annual Rent for each day from the Commencement Date to the end of the partial monthapplicable month thereafter.

Minimum Annual Rent. Tenant shall pay as “Minimum Annual Rent” for the Premises the sum of Twelve Dollars ($12.00) per square foot of Floor Area within the Premises, provided that the Minimum Annual Rent shall be adjusted on each yearly anniversary of the Commencement Date occurring during the Term, as the Term may be extended by the Option Term(s) pursuant hereto, if applicable (each such yearly anniversary date is referred to herein as an “Adjustment Date”’), to equal the product obtained by multiplying the Minimum Annual Rent in effect immediately prior to the applicable Adjustment Date by a fraction, the numerator of which is the “Index” twelve (as hereinafter defined12) for the calendar month which is three (3) full calendar months prior to such Adjustment Date and the denominator of which is the Index which is fifteen (15) full calendar months prior to such Adjustment Date; provided, however, that in no event shall any such adjustment result in a decrease in Minimum Annual Rent or in an increase of Minimum Annual Rent in excess of three percent (3 %) per annum on a cumulative and compounding basis. For purposes of this Lease, the “Index” shall mean the Consumer Price Index published by the United States Department of Labor, Bureau of Labor Statistics (the “Bureau”) “All Items” for All Urban Consumers in the Xxx Xxxxxxxxx-Xxxxxxx-Xxx Xxxx xxxxxxxxxxxx area, (1982-84=100). Should the Bureau discontinue the publication equal monthly installments during each year of the Index, publish the same less frequently or alter the same in some other manner, the most nearly comparable index or procedure as determined by Landlord shall be substituted therefor. The Minimum Annual Rent as adjusted shall be the Minimum Annual Rent until the next Adjustment Date. Minimum Annual Rent shall be payable in equal monthly installmentsLease Term, in advance, on the first day of each calendar month, without setoff, deduction, prior notice or demand. Notwithstanding anything to the contrary contained herein, it is agreed that commencing on the thirtieth (30th) day following the date Tenant has opened for business and so long as Tenant continuously remains open for business, the Minimum Annual Rent set forth in Article 1 shall be abated until such time (the foregoing period is referred to as the "Initial Abatement Period") as there are initially open for business tenants occupying at least seventy-five percent (75%) of the total leasable Floor Area in the Shopping Center. Until such time as the aforementioned contingency has been met, Tenant shall pay to Landlord the lesser of (i) the monthly Minimum Annual Rent otherwise payable or (ii) the amount equal to seven percent (7%) of Tenant's Gross Sales monthly in arrears on or before the first twentieth (1st20th) day of each month, without and further provided that during said prior demand and without offset or deduction (except as expressly and specifically period Tenant shall pay all other charges called for in the manner provided for in this Lease), commencing on Lease except Minimum Annual Rent. The foregoing abatement shall in no event change or modify the Rent Commencement Date. Should Then, after the Commencement Date conditions for the Initial Abatement Period have been satisfied and so long as Tenant continuously remains open for business, the Minimum Annual Rent set forth in Article 1 shall be a day other abated during any period ("On-Going Abatement Period") in which less than seventy-five percent (75%) of the first total leasable Floor Area in the Shopping Center is open for business in the Shopping Center. During any such On-Going Abatement Period, Tenant shall pay to Landlord the lesser of (1sti) the monthly Minimum Annual Rent otherwise payable or (ii) the amount equal to seven percent (7%) of Tenant's Gross Sales monthly in arrears on or before the twentieth (20th) day of a calendar each month, and further provided that during the On-Going Abatement Period Tenant shall pay all other charges called for in the manner provided for in this Lease except Minimum Annual Rent. In the event the Initial Abatement Period or the On-Going Abatement Period continue for more than 365 consecutive days, then Landlord shall have the monthly installment right to terminate this Lease upon thirty (30) days written notice to Tenant, provided, Tenant shall have the right to nullify Landlord's termination notice by notifying Landlord of its intention to pay the Minimum Annual Rent for the first partial month in accordance with Article 1, and Article 4, Section 4.2 of this Lease (followed by actual compliance therewith). Upon such termination, both Landlord and Tenant shall be equal to one-thirtieth (l/30th) of the monthly installment of Minimum Annual Rent for each day released from the Commencement Date to the end of the partial monthany further liability under this Lease.

Minimum Annual Rent. Tenant shall pay as “Minimum Annual Rent” for the Premises the sum of Twelve Dollars ($12.00) per square foot of Floor Area within the Premises, provided that the Minimum Annual Rent shall be adjusted on each yearly anniversary of the Commencement Date occurring during the Term, as the Term may be extended by the Option Term(s) pursuant hereto, if applicable (each such yearly anniversary date is referred to herein as an “Adjustment Date”’), to equal the product obtained by multiplying the Minimum Annual Rent in effect immediately prior to the applicable Adjustment Date by a fraction, the numerator of which is the “Index” twelve (as hereinafter defined12) for the calendar month which is three (3) full calendar months prior to such Adjustment Date and the denominator of which is the Index which is fifteen (15) full calendar months prior to such Adjustment Date; provided, however, that in no event shall any such adjustment result in a decrease in Minimum Annual Rent or in an increase of Minimum Annual Rent in excess of three percent (3 %) per annum on a cumulative and compounding basis. For purposes of this Lease, the “Index” shall mean the Consumer Price Index published by the United States Department of Labor, Bureau of Labor Statistics (the “Bureau”) “All Items” for All Urban Consumers in the Xxx Xxxxxxxxx-Xxxxxxx-Xxx Xxxx xxxxxxxxxxxx area, (1982-84=100). Should the Bureau discontinue the publication of the Index, publish the same less frequently or alter the same in some other manner, the most nearly comparable index or procedure as determined by Landlord shall be substituted therefor. The Minimum Annual Rent as adjusted shall be the Minimum Annual Rent until the next Adjustment Date. Minimum Annual Rent shall be payable in equal monthly installmentsinstallments during the Lease Term, in advance, on the first day of each calendar month, without setoff, deduction, prior notice or demand. Notwithstanding anything to the contrary contained herein, if the initial opening of the Shopping Center has not occurred on or before September 1, 1998, it is agreed that after Tenant initially opens for business within the Premises and provided Tenant continuously remains open for business then the Minimum Annual Rent and Percentage Rent set forth in Article 1 shall be abated through December 31, 1998. During the time Minimum Annual Rent and Percentage Rent is abated, Tenant shall pay to Landlord the amount equal to five percent (5%) of Tenant's Gross Sales monthly in arrears on or before the first twentieth (1st20th) day of each month, without prior demand and without offset or deduction (except as expressly further provided that during the period the Minimum Annual Rent and specifically Percentage Rent is abated, Tenant shall pay all other charges called for in the manner provided for in this Lease). The provisions of this Section 4.2 shall in no event change or modify the Rent Commencement Date. However, in the event Tenant fails to open for business within the time limits set forth in Article 1, Tenant shall pay, in addition to the amounts required in Section 11.1, the Minimum Annual Rent and Percentage Rent set forth in Article 1 for every day Tenant is not open regardless of the provisions of this paragraph. Notwithstanding anything to the contrary contained herein, it is agreed that commencing on the thirtieth (30th) day following the date Tenant has opened for business and so long as Tenant continuously remains open for business, the Minimum Annual Rent set forth in Article 1 shall be abated until such time (the foregoing period is referred to as the "Initial Abatement Period") as there are initially open for business tenants occupying at least seventy percent (70%) of the total Floor Area available for Mall Tenants in the Shopping Center. Until such time as the aforementioned contingencies have been met, Tenant shall pay to Landlord the lesser of (i) the monthly Minimum Annual Rent otherwise payable or (ii) the amount equal to five percent (5%) of Tenant's Gross Sales monthly in arrears on or before the twentieth (20th) day of each month, and further provided that during said prior period Tenant shall pay all other charges called for in the manner provided for in this Lease except Minimum Annual Rent. The foregoing abatement shall in no event change or modify the Rent Commencement Date. Should Then, after the Commencement Date conditions for the Initial Abatement Period have been satisfied and so long as Tenant continuously remains open for business, the Minimum Annual Rent set forth in Article 1 shall be a day other abated during any period ("On-Going Abatement Period") in which less than seventy percent (70%) of the first total Floor Area available for Mall Tenants in the Shopping Center is open for business in the Shopping Center. During any such On-Going Abatement Period, Tenant shall pay to Landlord the lesser of (1sti) the monthly Minimum Annual Rent otherwise payable or (ii) the amount equal to five percent (5%) of Tenant's Gross Sales monthly in arrears on or before the twentieth (20th) day of a calendar each month, and further provided that during the On-Going Abatement Period Tenant shall pay all other charges called for in the manner provided for in this Lease except Minimum Annual Rent. In the event any On-Going Abatement Period continues for a period of 365 consecutive days during which time Tenant's Gross Sales have decreased by at least thirty percent (30%) as compared to Tenant's Gross Sales for the immediately preceding 365 day period, then, Tenant shall have the right to terminate this Lease upon notice to Landlord which must be exercised, if at all, within thirty (30) days following the end of said 365 consecutive day period. Upon such termination, both Landlord and Tenant shall be released from any further liability under this Lease. In the event the Initial Abatement Period or the On-Going Abatement Period continue for more than 365 consecutive days, then Landlord shall have the monthly installment right to terminate this Lease upon thirty (30) days written notice to Tenant, provided, Tenant shall have the right to nullify Landlord's termination notice by notifying Landlord of its intention to pay the Minimum Annual Rent for the first partial month in accordance with Article 1, and Article 4, Section 4.2 of this Lease (followed by actual compliance therewith). Upon such termination, both Landlord and Tenant shall be equal to one-thirtieth (l/30th) of the monthly installment of Minimum Annual Rent for each day released from the Commencement Date to the end of the partial monthany further liability under this Lease.