Common use of Minimum Annual Rent Clause in Contracts

Minimum Annual Rent. Minimum Annual Rent for each Lease Year of the First (1st) Lease Period, Second (2nd) Lease Period, and Third (3rd) Lease Period is described in Section 1.5. Thereafter, Minimum Annual Rent shall be periodically adjusted by the “Minimum Annual Rent Look Back Adjustments” described in Section 5.3.1, which shall occur on the “Minimum Rent Look Back Adjustment Dates” described in Section 1.5. 5.3.1 Minimum Annual Rent Look Back Adjustments.‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌ The Minimum Annual Rent shall be subject to adjustment on each Minimum Rent Look Back Adjustment Date set forth in Section 1.5 as follows. Within thirty (30) days following each Minimum Rent Look Back Adjustment Date, Landlord shall determine, and provide to Tenant, a written statement setting forth the calculation of, the average annual Greater Of Rent that was payable by Xxxxxx (a) during the period from the first day of the Third (3rd) Lease Period until the first Minimum Rent Look Back Adjustment Date and (b) with respect to all subsequent Minimum Rent Look Back Adjustment Dates, during the period between the applicable Minimum Rent Look Back Adjustment Date and the prior Minimum Rent Look Back Adjustment Date. Effective as of the applicable Minimum Rent Look Back Adjustment Date, Minimum Annual Rent shall be adjusted to an amount equal to sixty-five percent (65%) of such average annual Greater Of Rent payable over the three (3) Lease Years that immediately precede such Minimum Rent Look Back Adjustment Date; provided that in no event shall such new Minimum Annual Rent be less than the Minimum Annual Rent payable for the Lease Year immediately preceding such Minimum Rent Look Back Adjustment Date. Following the determination of a new Minimum Annual Rent, Tenant shall pay any underpayment of Minimum Annual Rent to Landlord within thirty (30) days following such determination. Tenant shall pay Greater Of Rent based on the Minimum Annual Rent at the rate set forth in Section 1.5 or as determined in accordance with this Section 5.3.1, as applicable, until such Minimum Annual Rent is adjusted by a Minimum Annual Rent Look Back Adjustment in accordance with this Section 5.3.1.

Minimum Annual Rent. Tenant covenants and agrees to pay to Landlord, without set-off or deduction, the Minimum Annual Rent for during each Lease Year year of the First (1st) Lease Period, Second (2nd) Lease Period, and Third (3rd) Lease Period is described in Section 1.5Term of the Lease. Thereafter, Such Minimum Annual Rent shall be periodically adjusted by the “payable in equal Minimum Annual Monthly Rent Look Back Adjustments” described Installments, in Section 5.3.1advance, which shall occur on the “Minimum Rent Look Back Adjustment Dates” described in Section 1.5. 5.3.1 Minimum Annual Rent Look Back Adjustments.‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌ The Minimum Annual Rent shall be subject to adjustment on each Minimum Rent Look Back Adjustment Date set forth in Section 1.5 as follows. Within thirty (30) days following each Minimum Rent Look Back Adjustment Date, Landlord shall determine, and provide to Tenant, a written statement setting forth the calculation of, the average annual Greater Of Rent that was payable by Xxxxxx (a) during the period from the first day of the Third (3rd) Lease Period until the first Minimum Rent Look Back Adjustment Date each and (b) with respect to all subsequent Minimum Rent Look Back Adjustment Dates, every calendar month during the period between Term of this Lease, at the applicable Minimum Rent Look Back Adjustment Date and the prior Minimum Rent Look Back Adjustment DateLandlord’s Address, or at such other place as Landlord shall from time to time designate by notice. Effective as by check drawn on a bank which is a member of the applicable Minimum Rent Look Back Adjustment DateBoston or New York Clearing House Association; provided, Minimum Annual Rent shall be adjusted to an amount equal to sixty-five percent (65%) of such average annual Greater Of Rent payable over the three (3) Lease Years that immediately precede such Minimum Rent Look Back Adjustment Date; provided that in no event shall such new Minimum Annual Rent be less than however, the Minimum Annual Rent payable for the Original Leased Premises shall commence on the Rent Commencement Date and additional rent and all other charges for the Original Leased Premises (exclusive of Tenant’s Electricity Charge for the Original Leased Premises, which shall commence the beginning of the 2nd year of the Lease Year immediately preceding such Term) required to be paid under this Lease shall commence on the Commencement Date; and further provided, however, the Minimum Annual Rent Look Back Adjustment for the First Amendment Leased Premises shall commence on the First Amendment Rent Commencement Date and additional rent and all other charges for the First Amendment Leased Premises (including the Tenant’s Electricity Charge for the First Amendment Leased Premises) required to be paid under this Lease, as amended by the First Amendment of Lease, shall commence on the First Amendment Commencement Date. Following Minimum Annual Rent and additional rent and all other charges required to be paid under this Lease for any partial month during the determination Term (whether for the Original Leased Premises or for the First Amendment Leased Premises) shall be prorated on a daily basis. If Minimum Annual Rent commences on a day other than the first day of a new calendar month, the first payment that Tenant shall make to Landlord shall be payable on the date Minimum Annual Rent, Tenant Rent commences and shall pay any underpayment be equal to a proportionate part of the monthly installment of Minimum Annual Rent to Landlord within thirty (30) days following such determination. Tenant shall pay Greater Of Rent based on for the partial month in which Minimum Annual Rent at commences plus the rate set forth in Section 1.5 or as determined in accordance with this Section 5.3.1, as applicable, until such Minimum Annual Monthly Rent is adjusted by a Minimum Annual Rent Look Back Adjustment in accordance with this Section 5.3.1Installment due for the succeeding calendar month.”

Minimum Annual Rent. Minimum Annual Rent for each Lease Year of the First (1st) Lease Period, Second (2nd) Lease Period, and Third (3rd) Lease Period is described in Section 1.5. Thereafter, Minimum Annual Rent shall be periodically adjusted by the “"Minimum Annual Rent Look Back Adjustments” " described in Section 5.3.1, which shall occur on the “"Minimum Rent Look Back Adjustment Dates” " described in Section 1.5. 5.3.1 Minimum Annual Rent Look Back Adjustments.‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌ Adjustments.‌ The Minimum Annual Rent shall be subject to adjustment on each Minimum Rent Look Back Adjustment Date set forth in Section 1.5 as follows. Within thirty (30) days following each Minimum Rent Look Back Adjustment Date, Landlord shall determine, and provide to Tenant, a written statement setting forth the calculation of, the average annual Greater Of Rent that was payable by Xxxxxx (a) during the period from the first day of the Third Fourth (3rd4th) Lease Period until the first Minimum Rent Look Back Adjustment Date and (b) with respect to all subsequent Minimum Rent Look Back Adjustment Dates, during the period between the applicable Minimum Rent Look Back Adjustment Date and the prior Minimum Rent Look Back Adjustment Date. Effective as of the applicable Minimum Rent Look Back Adjustment Date, Minimum Annual Rent shall be adjusted to an amount equal to sixty-five percent (65%) of such average annual Greater Of Rent payable over the three (3) Lease Years that immediately precede such Minimum Rent Look Back Adjustment Date; provided that in no event shall such new Minimum Annual Rent be less than the Minimum Annual Rent payable for the Lease Year immediately preceding such Minimum Rent Look Back Adjustment Date. Following the determination of a new Minimum Annual Rent, Tenant shall pay any underpayment of Minimum Annual Rent to Landlord within thirty (30) days following such determination. Tenant shall pay Greater Of Rent based on the Minimum Annual Rent at the rate set forth in Section 1.5 or as determined in accordance with this Section 5.3.1, as applicable, until such Minimum Annual Rent is adjusted by a Minimum Annual Rent Look Back Adjustment in accordance with this Section 5.3.1.

Minimum Annual Rent. Minimum Annual Rent for each Lease Year of the First (1st) Lease Period, Second (2nd) Lease Period, and Third (3rd) Lease Period is described in Section 1.5. Thereafter, Minimum Annual Rent shall be periodically adjusted by the “"Minimum Annual Rent Look Back Adjustments” " described in Section 5.3.1, which shall occur on the “"Minimum Rent Look Back Adjustment Dates” " described in Section 1.5. 5.3.1 Minimum Annual Rent Look Back Adjustments.‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌ Adjustments.‌ The Minimum Annual Rent shall be subject to adjustment on each Minimum Rent Look Back Adjustment Date set forth in Section 1.5 as follows. Within thirty (30) days following each Minimum Rent Look Back Adjustment Date, Landlord shall determine, and provide to Tenant, a written statement setting forth the calculation of, the average annual Greater Of Rent that was payable by Xxxxxx Tenant (a) during the period from the first day of the Third Fourth (3rd4th) Lease Period until the first Minimum Rent Look Back Adjustment Date and (b) with respect to all subsequent Minimum Rent Look Back Adjustment Dates, during the period between the applicable Minimum Rent Look Back Adjustment Date and the prior Minimum Rent Look Back Adjustment Date. Effective as of the applicable Minimum Rent Look Back Adjustment Date, Minimum Annual Rent shall be adjusted to an amount equal to sixty-five percent (65%) of such average annual Greater Of Rent payable over the three (3) Lease Years that immediately precede such Minimum Rent Look Back Adjustment Date; provided that in no event shall such new Minimum Annual Rent be less than the Minimum Annual Rent payable for the Lease Year immediately preceding such Minimum Rent Look Back Adjustment Date. Following the determination of a new Minimum Annual Rent, Tenant shall pay any underpayment of Minimum Annual Rent to Landlord within thirty (30) days following such determination. Tenant shall pay Greater Of Rent based on the Minimum Annual Rent at the rate set forth in Section 1.5 or as determined in accordance with this Section 5.3.1, as applicable, until such Minimum Annual Rent is adjusted by a Minimum Annual Rent Look Back Adjustment in accordance with this Section 5.3.1.