Minimum Rent During Option Periods Sample Clauses

Minimum Rent During Option Periods. If Tenant timely exercises its option to extend the term of this Lease for one or more extended terms, all the terms and provisions applicable during the primary term of this Lease shall continue in full force and effect, except that the annual Minimum Rent during the extended term(s) shall be the then current fair market rental value of the Premises, capped at a five percent (5%) increase (hereinafter “Rental Value”); provided however, that in no event shall the annual Minimum Rent for any extended term be less than the annual Minimum Rent payable for the immediately preceding term. Tenant shall include with its notice of intention to extend the term of this Lease for the First and Second Option Periods a statement of Tenant’s opinion as to the Rental Value of the Leased Premises for the applicable extended term (hereinafter “Tenant’s Value”). Within thirty (30) days after receipt of said notice, Landlord shall by notice to Tenant, either accept the Tenant’s Value or state Landlord’s opinion of Rental Value. Landlord and Tenant agree to meet promptly and negotiate in good faith in an attempt to agree on Rental Value for the applicable extended term. In the event Landlord and Tenant do not agree upon Rental Value within fifteen (15) days of the Landlord’s notice, Landlord and Tenant shall then each appoint a real estate appraiser who shall be a member of the American Institute of Real Estate Appraisers (“M.A.I.”) and said appraisers shall promptly determine Rental Value. In the event the appraisers are unable to agree upon Rental Value within sixty (60) days of their appointment, they shall together appoint a third appraiser who shall be an M.A.I. appraiser. In the event the two appraisers are unable to agree upon the selection of a third appraiser, the third appraiser shall be appointed by the Presiding Judge of the Snohomish County Superior Court. If the three appraisers are unable to agree upon Rental Value, the Rental Value amount that is furthest from the mean shall be discarded, and the Rental Value amounts that are closest in dollar amount shall be averaged to determine Rental Value. Each party shall pay the fees and expenses of the appraiser appointed by it, and the fees and costs of any third appraiser and the appointment thereof shall be shared equally by the parties. Annual minimum rent during each extended term shall be payable in twelve (12) equal monthly installments in advance on the first day of each calendar month. As used in this Lease, t...
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Related to Minimum Rent During Option Periods

  • Work During Vacation Period No employee shall be required to work during the employee's vacation once the vacation request has been approved.

  • 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:

  • C4 Contract Price During Extension of the Initial Contract Period C4.1 Subject to the Pricing Schedule and the provision in clause F6 (Variation), the Contract Price shall apply for the Initial Contract Period and following an extension pursuant to clause F8 (Extension of Initial Contract Period), to the date of expiry of the extended period, or such earlier date of termination or partial termination of the agreement in accordance with the Law or the provisions of the Contract. C5 Euro

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

  • RENTAL DURATION 3.1 Rental days are calculated on a calendar day basis. When calculating the number of days the Vehicle is rented, the day of pick-up is counted as day one of the rental, regardless of pick-up time. The day of the Vehicle’s return is counted as the final day of the rental regardless of drop-off time.

  • C4 Price adjustment on extension of the Initial Contract Period C4.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Client agrees to extend the Initial Contract Period pursuant to clause F8 (Extension of Initial Contract Period) the Client shall, in the 6 month period prior to the expiry of the Initial Contract Period, enter into good faith negotiations with the Contractor (for a period of not more than 30 Working Days) to agree a variation in the Contract Price.

  • Extension Term Provided Lessee is not in default in the performance of any term or condition of this Lease, Lessee shall have the option to extend this Lease for two (2) additional terms of five (5) years per term, commencing with the expiration of the first or additional term, upon the following conditions:

  • Option Period Pursuant to the Contract, the following are the Adjustment Factors for the next option period: Base Year Index Date Index 1 August 2019 11311.06 2 September 2019 11311.24 3 October 2019 11326.12 4 November 2019 11380.83 5 December 2019 11381.53 6 January 2020 11392.41 7 February 2020 11396.01 8 March 2020 11396.97 9 April 2020 11412.67 10 May 2020 11418.16 11 June 2020 11436.23 12 July 2020 11439.11 Third Year Index Date Index 1 August 2021 12463.13 2 September 2021 12464.55 3 October 2021 12464.94 4 November 2021 12467.32 5 December 2021 12481.82 6 January 2022 12555.55 7 February 2022 12683.97 8 March 2022 12791.43 9 April 2022 12898.96 10 May 2022 13004.47 11 June 2022 13110.50 12 July 2022 13167.84 Base Year Average 11383.5283 Third Year Average 12712.8733 Price Adjustment: Third Year Index Average = 12712.8733 = 1.1168 Base Year Index Average 11383.5283 WA-DC-E01-100120-VGL Original Adjustment Factor x Price Adjustment = Option Multiplier Normal Working Hours – Prevailing Wage 1.0919 1.1168 1.2194 Other Than Normal Working Hours – Prevailing Wage 1.0924 1.1168 1.2200 Normal Working Hours – Non-Prevailing Wage 1.0919 1.1168 1.2194 Other Than Normal Working Hours – Non- Prevailing Wage 1.0924 1.1168 1.2200 Non Pre-Priced 1.2108 1.0000 1.2108

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • 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.

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