Common use of Minimum Rent Clause in Contracts

Minimum Rent. During the Initial Term, Tenant agrees to pay to Landlord, without demand or set off, in lawful money of the United States, at the address specified in Section 28, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be Three Dollars ($3.00) per square foot, or Three Hundred Forty Five Thousand Dollars ($345,000.00) per year, which, for the convenience of the Landlord, shall be paid in equal monthly installments of Twenty Eight Thousand Seven Hundred Fifty Dollars ($28,750.00). During Renewal Term, if exercised, the Minimum Rent shall be Three and 50/100 Dollars ($3.50) per square foot, or Four Hundred Two Thousand Five Hundred Dollars ($402,500.00) per year, which shall be paid in equal monthly installments of Thirty Three Thousand Five Hundred Forty One and 67/100 Dollars ($33,541.67). Each installment of Minimum Rent and Additional Rent (as hereinafter defined), shall be due and payable in advance, on the first day of each month. The first payment of Minimum Rent and Additional Rent shall be due and payable on the Commencement Date. Rent for any period of less than a full month shall be prorated. The Minimum Rent and all other sums payable under this Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under this Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in this Lease herein) by reason of any occurrence whatsoever.

Minimum Rent. During the Initial Term, (a) Tenant agrees to pay to Landlord, without demand or set off, in lawful money of the United States, at the address specified in Section 28, or at such other location as Landlord may hereafter designate in writing, Minimum Rent minimum rent for the Leased Premises which shall be Three Dollars ($3.00) per square footdemised premises, or Three Hundred Forty Five Thousand Dollars ($345,000.00) per year, which, for the convenience of the Landlord, shall be paid in equal consecutive monthly installments of Twenty Eight One Thousand Seven Hundred Fifty Dollars ($28,750.00). During Renewal Term, if exercised, the Minimum Rent shall be Three and 50/100 Dollars ($3.50) per square foot, or Four Hundred Eighty Two Thousand Five Hundred Dollars ($402,500.00) per year, which shall be paid in equal monthly installments of Thirty Three Thousand Five Hundred Forty One and 67/100 Dollars ($33,541.67). Each installment of Minimum Rent and Additional Rent (as hereinafter defined21,082.67), shall be due commencing on the commencement date, and payable in advance, continuing on the first day of each monthcalendar month during years one (1) through five (5) of the initial term of this Lease, monthly installments of Twenty Three Thousand Six Hundred Twelve and 59/100 Dollars ($23,612.59) each calendar month during years six (6) through ten (10), and monthly installments of Twenty Six Thousand Four Hundred Fifty Eight and 75/100 Dollars ($26,458.75) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. The first payment of Minimum Rent and Additional Rent All such rental shall be due payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other than any percentage rent payable on hereunder. As used in this Lease, the Commencement Dateterms "minimum rent" and "minimum rental" mean the minimum rental set forth in this Section 5(a) as adjusted pursuant to Section 4 hereof. Rent for any period of less than a full month shall be prorated. The Minimum Rent As used in this Lease, the terms "rent and "rental" mean minimum rental, percentage rental, additional rental and all other sums payable due and owing from Tenant to Landlord under this Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under this Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in this Lease herein) by reason of any occurrence whatsoeverLease.

Minimum Rent. During the Initial Term, Tenant agrees to Lessee shall pay to Landlord, without demand or set off, in lawful money Lessor as minimum rent (the "Minimum Rent") the following: (a) Commencing on the Commencement Date and continuing thereafter during the next twelve (12) months through the day immediately preceding the first (1st) anniversary of the United StatesCommencement Date, at the address specified in Section 28total sum of Two Hundred Ninety-Nine Thousand Thirty-One and 51/100 Dollars ($299,031.51), or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be Three Dollars ($3.00) per square foot, or Three Hundred Forty Five Thousand Dollars ($345,000.00) per year, which, for the convenience of the Landlord, shall be paid payable in equal monthly installments of Twenty Eight Twenty-Four Thousand Seven Nine Hundred Fifty Nineteen and 29/100 Dollars ($28,750.0024,919.29) each, based upon an annual Minimum Rent of Five and 73/100 Dollars ($5.73) per square foot multiplied by 52,187 rentable square feet (52,014 useable square feet plus Lessee’s Proportionate Share (hereinafter defined) of the Mechanical Room as described in Paragraph 3(d), which is 173 rentable square feet). During Renewal TermThe foregoing notwithstanding, if exercisedprovided that the Lessee is not in breach of any of its obligations under this Lease and, provided further, that no event has occurred which, with the passage of time or the giving of notice, or both, would constitute a breach or default of the Lessee under this Lease, then and in such event, the Minimum Rent shall be Three attributable only to the first (1st) two (2) months of the Term immediately following the Commencement Date (the "Abatement Period"), in the amount of Forty-Nine Thousand Eight Hundred Thirty-Eight and 50/100 59/100 Dollars ($3.50) per square foot, or Four Hundred Two Thousand Five Hundred Dollars ($402,500.00) per year, which shall be paid in equal monthly installments of Thirty Three Thousand Five Hundred Forty One and 67/100 Dollars ($33,541.67). Each installment of Minimum Rent and Additional Rent (as hereinafter defined49,838.59), shall be due abated and payable the Lessee shall have no responsibility for the payment of the Minimum Rent only during the Abatement Period. Accordingly, provided that the Lessee is not in advancebreach of any of its obligations under this Lease and, on provided further, that no event has occurred which, with the passage of time or the giving of notice, or both, would constitute a breach or default of the Lessee under this Lease, then and in such event, the Lessee's first day of each month. The first (1st) monthly payment of Minimum Rent and Additional Rent shall be due and payable on the first (1st) day immediately following the Abatement Period (i.e., at the beginning of the third (3rd) month of the Term). The abatement of Minimum Rent during the Abatement Period shall apply only to the Minimum Rent and, during the Abatement Period, the Lessee shall be responsible for the payment of all Additional Rent (hereinafter defined). In lieu of an abatement of Minimum Rent for the two (2) month Abatement Period following the Commencement Date as hereinabove set forth, the Lessor may, in the alternative and at its option, elect to pay the Lessee, on the Commencement Date, the sum of Forty-Nine Thousand Eight Hundred Thirty-Eight and 59/100 Dollars ($49,838.59) as a Minimum Rent credit for such two (2) month Abatement Period (the "Minimum Rent Credit"). In such event, if the Lessor elects to pay to the Lessee the Minimum Rent Credit on the Commencement Date, then, in such event, and upon the Lessee's receipt of the Minimum Rent Credit from the Lessor, the Lessee's obligation to pay the Minimum Rent shall commence on the Commencement Date and the Lessee shall pay to the Lessor the first (1st) month's payment of Minimum Rent on the Commencement Date and on the first (1st) day of each calendar month thereafter and the Lessee shall not then be entitled to any abatement of Minimum Rent whatsoever. (b) In lieu of any increases in the Minimum Rent due to increases in the Consumer Price Index, commencing on the first (1st) anniversary of the Commencement Date and continuing thereafter on each anniversary date thereof, through the Termination Date (each of said dates is hereinafter referred to as an "Adjustment Date"), the Minimum Rent shall be increased by adding to the Minimum Rent which was in effect for the lease year immediately preceding the applicable Adjustment Date (as such Minimum Rent is expressed on a per square foot basis) that amount which is determined by multiplying the annual Minimum Rent which was in effect for the lease year immediately preceding the applicable Adjustment Date (as such Minimum Rent is expressed on a per square foot basis) by two percent (2%) as shown in the following Minimum Rent table: Months of the Term Annual Minimum Rent Per Sq Ft MonthlyMinimum Rent Aggregate AnnualMinimum Rent *Provided that the Minimum Rent shall be abated during the Abatement Period (i.e., the first (1st) two (2) months of the Term) pursuant to Paragraph 3(a). (c) The Lessee's obligation to pay Rent under this Lease is an independent covenant of the Lessee separate and distinct from any of the Lessor's obligations under this Lease and in each instance, the Minimum Rent shall be payable in advance, without prior notice or demand and without any right of offset of the Lessee, at the address of the Lessor, on the first (1st) calendar day of each month, the first of such monthly installments to be payable at the beginning of the third (3rd) month of the Term (i.e., immediately following the Abatement Period). Additional Rent shall initially be based on the annual Budget (hereinafter defined) estimate, as provided in Paragraph 8(c), payable in advance without prior notice or demand and without any right of offset of the Lessee, at the address of the Lessor, on the first (1st) calendar day of each month, the first of such monthly installments to be payable on the Commencement Date. All Rent payments are to be made by the first (1st) day of each month (other than the first payment which shall be payable on the Commencement Date) via an Automated Clearing House (“ACH”) transaction. In the event that any Minimum Rent or Additional Rent (as hereinafter defined) (the Minimum Rent and the Additional Rent are hereinafter collectively referred to as the "Rent") is not received by Lessor on the date set forth for payment, then Lessee shall pay to Lessor (i) a late fee equal to five percent (5%) of the delinquent installment of Rent (the "Late Fee"), (ii) interest on such delinquent installment at a rate equal to the "Prime Rate of Interest" published from time to time in the "Money Mart" Section of The Wall Street Journal (the "Prime Rate") plus five percent (5%) from the date that such installment was due through the date that such installment is actually received by the Lessor (the "Late Interest"), and (iii) all reasonable costs and charges incurred by Lessor in connection with its collection of the late payment (collectively, the "Late Costs"), all of which shall be due under this Lease as, and shall become, Additional Rent. If any period month of the Term is less than a full month calendar month, then the Rent shall be proratedpro-rated for the actual number of days in such month. The foregoing notwithstanding, the Lessor hereby agrees to waive its right to collect the Late Fee and the Late Interest only two (2) times in any period of twelve (12) consecutive months during the Term of this Lease if the Lessor receives the delinquent installment of Rent from the Lessee within ten (10) days following the date upon which the Lessor has provided the Lessee with a written notice stating that the Lessor has not received the installment of Rent when due. (d) Anything contained in this Lease to the contrary notwithstanding, the Lessor and the Lessee hereby acknowledge and agree that the Leased Premises contains 52,014 useable square feet of space. The Building also contains a "Mechanical Room" servicing the entire Building, which "Mechanical Room" contains four hundred eighty-six (486) square feet of space and is shown as the shaded area on Exhibit "C-1" attached hereto and made a part hereof (the "Mechanical Room"). The Lessor and the Lessee hereby further acknowledge and agree that the Lessee shall be responsible for the payment of its Proportionate Share of the Minimum Rent and all other sums payable under this Lease the Additional Rent with respect to the Mechanical Room [which is 173 square feet or 35.50% (the “Lessee’s Proportionate Share”)] and, therefore, the Lessee's rentable square footage shall be paid without notice52,187 rentable square feet (i.e., demand52,014 useable square feet plus 173 square feet of the total number of square feet contained in the Mechanical Room). Accordingly, counterclaim, set off, deduction, or defense the Lessee's Minimum Rent and without abatement, suspension, diminution, or reduction, Additional Rent shall be based upon 52,187 rentable square feet and the obligations and liabilities Lessee shall, therefore, be responsible for its Proportionate Share of Tenant under this Lease shall in the Additional Rent attributable to the Mechanical Room. For clarification purposes, the parties agree that no way be released, discharged or otherwise affected (except as otherwise expressly provided in this Lease herein) by reason part of any occurrence whatsoeverthe Mechanical Room is located within the useable square footage of the Leased Premises.

Minimum Rent. During A. Tenant shall pay as minimum annual rent for the Initial Demised Premises the sum of Four Hundred Ninety Nine Thousand Six Hundred and Twenty Four and 81/100 dollars ($499,624.81), which amount shall be the product of eighteen dollars and three cents ($18.03) multiplied by the total number of square feet (27,710.75) in the Demised Premises as specified in Article 1. Such sum shall be payable during the Term, Tenant agrees to pay to Landlordin advance, without demand or set off, in lawful money of the United States, at the address specified in Section 28, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be Three Dollars ($3.00) per square foot, or Three Hundred Forty Five Thousand Dollars ($345,000.00) per year, which, for the convenience of the Landlord, shall be paid in equal monthly installments of Twenty Eight Forty One Thousand Seven Six Hundred Fifty and Thirty Five and 40/100 Dollars ($28,750.0041,635.40). During Renewal TermSubject to the Provisions of Section 26 (G) of this Lease, if exercised, the Minimum Rent shall be Three and 50/100 Dollars ($3.50) per square foot, or Four Hundred Two Thousand Five Hundred Dollars ($402,500.00) per year, which each such monthly installment shall be paid in equal monthly installments of Thirty Three Thousand Five Hundred Forty One and 67/100 Dollars ($33,541.67). Each installment of Minimum Rent and Additional Rent (as hereinafter defined), shall be due and payable in advance, on the first day of each month of the Term hereof commencing with the first month of the Term. B. Notwithstanding any other provisions of this Lease, Landlord agrees to provide Tenant with a one-time rent credit towards the first month's rent (November 1997) in the amount of Nineteen Thousand and Ninety Seven and 90/100 Dollars ($19,097.90) and a one-time credit towards the second month's rent (December 1997) in the amount of Nine Thousand Five Hundred Forty Eight and 95/100 Dollars ($9,548.95). The first payment of Minimum Rent This amount constitutes one and Additional Rent one-half month's "free" rent for the 12,710.75 square feet rentable space increase over Tenant's existing leased space. C. All rent and other sums due to Landlord hereunder (collectively, the "Rent") shall be due payable at the office address of Landlord first above given, or to such other party or at such other address as Landlord may designate, from time to time, by thirty (30) calendar days written notice to Tenant, without demand and payable on the Commencement Date. Rent for any period of less than a full month shall be prorated. The Minimum Rent and all other sums payable under this Lease shall be paid without noticededuction, demand, counterclaim, set set-off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under this Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in this Lease herein) counterclaim by reason of any occurrence whatsoeverTenant.

Minimum Rent. During (1) From the Initial TermCommencement Date for a period of two (2) months, Tenant agrees to Lessee shall occupy the Premises free of Minimum Rent. (2) From two (2) months after the Commencement Date for a period of one (1) year, Lessee shall pay to LandlordLandlord as yearly rent the sum of Twenty-Eight Thousand Dollars and No Cents ($28,000.00), payable in advance, without demand setoff or set offdeduction, in lawful money except as otherwise provided by law, on the first business day of the United States, at the address specified in Section 28, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be Three Dollars ($3.00) per square foot, or Three Hundred Forty Five Thousand Dollars ($345,000.00) per year, which, for the convenience of the Landlord, shall be paid each calendar month in equal monthly installments of Twenty Eight Two Thousand Seven Three Hundred Fifty Thirty-Three Dollars and Thirty-Four Cents ($28,750.002,333.34), triple net as set forth below. During Renewal Term, if exercised, the Minimum Rent The first installment of rental shall be Three payable at the time of occupancy under this Lease. (3) From fourteen (14) months after the Commencement Date for a period of one (1) year, Lessee shall pay to Landlord as yearly rent the sum of Twenty-Nine Thousand Six Hundred Dollars and 50/100 Dollars No Cents ($3.50) per square foot29,600.00), payable in advance, without setoff or Four Hundred Two Thousand Five Hundred Dollars ($402,500.00) per yeardeduction, which shall be paid except as otherwise provided by law, on the first business day of each calendar month in equal monthly installments of Thirty Three Two Thousand Five Four Hundred Forty One Sixty-Six Dollars and 67/100 Dollars Sixty-Seven Cents ($33,541.672,466.67), triple net as set forth below. (4) From twenty-six (26) months after the Commencement Date for a period of one (1) year, Lessee shall pay to Landlord as yearly rent the sum of Thirty-One Thousand Two Hundred Dollars and No Cents ($31,200.00), payable in advance, without setoff or deduction, except as otherwise provided by law, on the first business day of each calendar month in equal monthly installments of Two Thousand Six Hundred Dollars and No Cents ($2,600.00), triple net as set forth below. Each In the event the term of this Lease commences on a day other than the first business day of a calendar month, Lessee shall pay to Landlord, on or before the Commencement Date of the term, a pro-rata portion of the monthly installment of rent, such pro-rata portion to be based on the number of days remaining in such partial month after the Commencement Date of the term. All Minimum Rent and Additional Rent (as hereinafter defined), including Maintenance and Operation Expenses shall be due and payable in advance, on the first day of each month. The first payment of Minimum Rent and Additional Rent shall be due and payable on the Commencement Date. Rent for any period of less than a full month shall be prorated. The Minimum Rent and all other sums payable under this Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under this Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in this Lease herein) by reason of any occurrence whatsoeversubject to Florida state sales tax.

Minimum Rent. During the Initial Term, (a) Tenant agrees to pay to Landlord, without demand or set off, in lawful money of the United States, at the address specified in Section 28, or at such other location as Landlord may hereafter designate in writing, Minimum Rent minimum rent for the Leased Premises which shall be Three demised premises, equal consecutive monthly installments of Twenty Six Thousand One Hundred Ninety One and no/100 Dollars ($3.0026,191.00), commencing on the commencement date, and continuing on the first day of each calendar month during years one (1) per square foot, or Three Hundred Forty Five Thousand Dollars through five ($345,000.005) per year, which, for the convenience of the Landlordinitial term of this Lease, shall be paid in equal monthly installments of Twenty Eight Thousand Seven Five Hundred Fifty Ninety One and 84/100 Dollars ($28,750.0028,591.84) each calendar month during years six (6) through ten (10). During Renewal Term, if exercised, the Minimum Rent shall be Three and 50/100 Dollars ($3.50) per square foot, or Four Hundred Two Thousand Five Hundred Dollars ($402,500.00) per year, which shall be paid in equal monthly installments of Thirty Three One Thousand Five Four Hundred Forty Fifty One and 67/100 03/100 Dollars ($33,541.67)31,451.03) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. Each installment of Minimum Rent and Additional Rent (as hereinafter defined), All such rental shall be due and payable to Landlord in advance, on without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the first day right to offset more than twenty-five percent (25%) of each minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other than any percentage rent payable hereunder. The first payment of Minimum Rent As used in this Lease, the terms "minimum rent" and Additional Rent shall be due "minimum rental" mean the minimum rental set forth in this Section 5(a) as adjusted pursuant to Section 4 hereof. As used in this Lease, the terms "rent and payable on the Commencement Date. Rent for any period of less than a full month shall be prorated. The Minimum Rent "rental" mean minimum rental, percentage rental, additional rental and all other sums payable due and owing from Tenant to Landlord under this Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under this Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in this Lease herein) by reason of any occurrence whatsoeverLease.

Minimum Rent. During Commencing on the Initial TermRCD, Tenant agrees to shall pay to Landlord, without demand or set off, in lawful money of the United States, at the address specified in Section 28, or ------------ at such other location place or places as Landlord may hereafter shall designate from time to time in writing, a fixed minimum monthly rent ("Minimum Rent for the Leased Premises which shall be Three Dollars ($3.00) per square foot, or Three Hundred Forty Five Thousand Dollars ($345,000.00) per year, which, for the convenience of the Landlord, shall be paid in equal monthly installments of Twenty Eight Thousand Seven Hundred Fifty Dollars ($28,750.00). During Renewal Term, if exercised, the Minimum Rent shall be Three and 50/100 Dollars ($3.50) per square foot, or Four Hundred Two Thousand Five Hundred Dollars ($402,500.00) per year, which shall be paid in equal monthly installments of Thirty Three Thousand Five Hundred Forty One and 67/100 Dollars ($33,541.67). Each installment of Minimum Rent and Additional Rent (as hereinafter definedRent"), shall be due and ------------ payable in advance, advance on the first day of each monthand every calendar month during the Lease Term, without prior notice, demand or right of setoff (except as expressly permitted hereunder), as follows: (a) for each month commencing on the RCD and continuing through the end of the Primary Term, the sum of Seventeen Thousand Six Hundred Twenty-Nine Dollars ($17,629); (b) for each month of the first five-year option period immediately following the expiration of the Primary Term, the sum of Nineteen Thousand Three Hundred Ninety-Two Dollars ($19,392) (c) for each month of the second five-year option period immediately following the expiration of the Primary Term, the sum of Twenty-One Thousand Three Hundred Thirty-One Dollars ($21,331); and (d) for each month of the third five-year option period immediately following the expiration of the Primary Term, the sum of Thirty-Three Thousand Four Hundred Sixty-Four Dollars ($23,464). The first payment Notwithstanding the foregoing, upon execution of this Lease, Tenant shall pay in advance to Landlord the sum of Fifty-Two Thousand Eight Hundred Eighty-Seven Dollars ($52,887) equal to Minimum Rent and Additional due for the first three (3) months after the Rent shall be due and payable on the Commencement Date. Rent for any period If the RCD occurs on a day other than the first day of less than a full month shall be proratedcalendar month, then. The Minimum Rent and all other sums payable under this Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the monetary obligations and liabilities of Tenant under this Lease shall be prorated on a per diem basis for the partial month extending from the RCD to the beginning of the next full calendar month and shall be payable on the first day of such next calendar month or when otherwise due and payable in no way accordance with the terms hereof. If Minimum Rent or any other sum payable by Tenant hereunder is not received within five (5) days after Tenant's receipt of a notice from Landlord stating that said sum is delinquent, and Landlord has properly sent a similar delinquent notice at least two (2) other times in any Lease Year, then commencing with the third such delinquent notice and continuing until the end of the Lease Year in question, Landlord shall be releasedentitled to a late charge of three percent (3%) of the delinquent amount for each such delinquent payment in question (where a delinquent, discharged or otherwise affected (except as otherwise expressly provided in this Lease herein) notice is received by reason of any occurrence whatsoeverTenant).