Common use of Minimum Annual Rent Clause in Contracts

Minimum Annual Rent. Tenant shall pay Minimum Annual Rent in twelve (12) equal monthly installments during each year of 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, 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 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. Then, after the 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 abated during any period ("On-Going Abatement Period") in which less than seventy-five percent (75%) of the 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 (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 twentieth (20th) day of 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 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 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 released from any further liability under this Lease.

Minimum Annual Rent. Tenant shall covenants and agrees to pay to Landlord, without set-off or deduction, the Minimum Annual Rent in twelve (12) equal monthly installments during each year of the Lease TermTerm of the Lease. Such Minimum Annual Rent shall be payable in equal Minimum Monthly Rent Installments, in advance, on the first day of each and every calendar monthmonth during the Term of this Lease, without setoffat the Landlord’s Address, deductionor at such other place as Landlord shall from time to time designate by notice. by check drawn on a bank which is a member of the Boston or New York Clearing House Association; provided, 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 businesshowever, the Minimum Annual Rent set forth in Article 1 for the Original Leased Premises shall be abated until such time (commence on 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 twentieth (20th) day of each month, Commencement Date and further provided that during said prior period Tenant shall pay additional rent and all other charges called for in the manner provided Original Leased Premises (exclusive of Tenant’s Electricity Charge for in the Original Leased Premises, which shall commence the beginning of the 2nd year of the Lease Term) required to be paid under this Lease except Minimum Annual Rent. The foregoing abatement shall in no event change or modify commence on the Rent Commencement Date. Then; and further provided, after the conditions for the Initial Abatement Period have been satisfied and so long as Tenant continuously remains open for businesshowever, the Minimum Annual Rent set forth in Article 1 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 abated during any period ("On-Going Abatement Period") in which less than seventy-five percent (75%) paid under this Lease, as amended by the First Amendment of Lease, shall commence on the total leasable Floor Area in the Shopping Center is open for business in the Shopping CenterFirst Amendment Commencement Date. During any such On-Going Abatement Period, 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 twentieth (20th) day of each month, and further provided that during the On-Going Abatement Period Tenant shall pay additional rent and all other charges called for in the manner provided for in required to be paid under this Lease except Minimum Annual Rentfor any partial month during the Term (whether for the Original Leased Premises or for the First Amendment Leased Premises) shall be prorated on a daily basis. 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 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 If Minimum Annual Rent in accordance with Article 1commences on a day other than the first day of a calendar month, and Article 4, Section 4.2 of this Lease (followed by actual compliance therewith). Upon such termination, both Landlord and the first payment that Tenant shall make to Landlord shall be released from any further liability under this Leasepayable on the date Minimum Annual Rent commences and shall be equal to a proportionate part of the monthly installment of Minimum Annual Rent for the partial month in which Minimum Annual Rent commences plus the Minimum Monthly Rent Installment due for the succeeding calendar month.”

Minimum Annual Rent. Tenant shall pay The minimum annual rent ("Minimum Annual Rent Rent") payable by Lessee to Lessor shall be Two Hundred Twelve Thousand Five Hundred Twenty Dollars ($212,520.00) per year, lawful money of the United States of America, payable in twelve (12) equal monthly installments in advance during each year the said term of the this Lease Term, in advance, sums of Seventeen Thousand Seven Hundred Ten Dollars ($17,710.00) on the first day of each calendar month, without setoff, deduction, prior notice or demand. Notwithstanding anything rent to begin from 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 businessLease Commencement Date, the first installment to be paid at the time of signing this Lease. The first installment of Minimum Annual Rent set forth in Article 1 to be made during the occupancy of the Premises shall be abated until such time (adjusted to pro rate a partial month of occupancy, if any, at 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%) inception 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 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 at the Rent Commencement Date. Then, after the 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 abated during any period ("On-Going Abatement Period") in which less than seventy-five percent (75%) rate of the 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 (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 twentieth (20th) day of 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 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 in accordance with Article 1effect during the first Lease Year, and Article 4i.e., Section 4.2 the period of twelve (12) calendar months following the Lease Commencement Date. If the date of commencement of the term of this Lease (followed by actual compliance therewith). Upon such termination, both Landlord and Tenant shall be released from any further liability under a day other than the first day of the calendar month, then the term of this LeaseLease 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 installments of Minimum Annual Rent payable by Lessee to Lessor shall be reduced to a sum equal to Forty-Two Cents ($0.42) multiplied by the leaseable square footage (exterior dimension) of the Premises occupied by Lessee on July 7, 1996, and the first day of each applicable month thereafter.

Minimum Annual Rent. Tenant shall pay Minimum Annual Rent in twelve (12) equal monthly installments during each year of 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 twentieth (20th) day of each month, and further provided that during the period the Minimum Annual Rent and 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-five seventy percent (7570%) of the total leasable Floor Area available for Mall Tenants in the Shopping Center. Until such time as the aforementioned contingency has 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 seven five percent (75%) 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. Then, after the 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 abated during any period ("On-Going Abatement Period") in which less than seventy-five seventy percent (7570%) of the total leasable 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 (i) the monthly Minimum Annual Rent otherwise payable or (ii) the amount equal to seven five percent (75%) of Tenant's Gross Sales monthly in arrears on or before the twentieth (20th) day of 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 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 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 released from any further liability under this Lease.