Common use of Minimum Rent Clause in Contracts

Minimum Rent. During the 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 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the Landlord, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, on the first day of each month. The first payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for any partial month of the Term. Notwithstanding the above, at the end of the first Lease Year (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the 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 the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoever.

Appears in 2 contracts

Sources: Merger Agreement (Idx Systems Corp), Merger Agreement (Allscripts Inc /Il)

Minimum Rent. During Commencing on the Commencement Date, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, Tenant shall pay to Landlord each Lease Year (as such term is hereinafter defined), and Tenant covenants and agrees that Tenant will pay to Landlord during the 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 25, this Lease for the giving of notices to Landlord or at such other location place as Landlord may hereafter designate in writingspecify, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area without any right of the Premises in square feet (e.g.set-off, during the first Lease Yeardeduction, 15,000 square feet) by counterclaim, suspension of abatement, and without any prior notice or demand, the amount of $13.00 triple net per square foot per annum* ("MINIMUM RENT").) For the convenience of the Landlord, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250) 3.1.1. Each installment of The aforesaid Minimum Rent shall be due and payable in monthly installments, each in the amount equal to one-twelfth (1/12) of the Minimum Rent for each Lease Year and shall be prorated for the time period between the Commencement Date and the commencement of the next Lease Year. Each such installment shall be due and payable, in advance, on or before the first (1st) day of each month of the Term, commencing on the Commencement Date. If the Commencement Date occurs on a day other than on the first (1st) day of the month in which such date falls, such installment of Minimum Rent shall be prorated based upon the actual number of days in such month. 3.1.2. Commencing with the second Lease Year and commencing on the first day of each month. The first payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for any partial month of the Term. Notwithstanding the above, at the end of the first succeeding Lease Year (i.e.,365 days from [Closing]each, a "Rent Adjustment Date"), and at the end of every Lease Year thereafter, the Minimum Rent rate payable by Tenant shall be adjusted according to be that product (which shall in no event be less than the Minimum Rent payable for the preceding Lease Year), which is derived by multiplying the Minimum Rent payable for the previous Lease Year by a fraction, the numerator of which shall be the Index (as defined below) in effect for the month of August in the previous Lease Year and the denominator of which shall be the Index in effect for (i) the month of August, 2001 in the case of the first Rent Adjustment Date or (ii) the month of August prior to the preceding Rent Adjustment Date in the case of the second Rent Adjustment Date and each succeeding Rent Adjustment Date. Notwithstanding anything to the contrary in the foregoing, in no event shall the Minimum Rent in any Lease Year exceed * of the Minimum Rent for the previous Lease Year. The term "INDEX", as used herein, shall mean the Consumer Price Index (CPI) for All Urban Consumers, published by the Bureau of Labor Statistics of the United States U.S. Department of LaborLabor for Los Angeles-Anaheim-Riverside, using the "Consumer Price Index - All Items" California, all items (1982-1984 = 10084=100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said ("CPI"); provided, however, that annual Minimum Rent rate (multiplied if the CPI described above shall be discontinued, the Index shall be the index of consumer prices in the U.S. most closely comparable to the discontinued Index, after making such adjustments in items included or method of computation as may be prescribed by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Yearagency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Yeara comparable substitute index is not available, then the rent price index used in making the CPI-based adjustments provided for in this Lease shall be the amount successor thereto, compiled and published by an agency of the Minimum Rent United States government, which determines the purchasing power of the dollar. If Landlord determines that there is no such index compiled and published by an agency of the United States government, then a nationally recognized firm of independent certified public accountants designated by Landlord shall select a successor price index, government or private, which best reflects changes in the purchasing power of the dollar, and the decision of said accountants in selecting such successor price index to be used hereunder shall be final and binding upon the parties. Landlord shall pay the fees of said accountants payable in respect of their selection of such successor price index. In the event the base reference year used in computing the CPI is changed during the Term, the 1982-84 = 100 index published concurrently by the Bureau of Labor Statistics shall continue to be used in the calculation of adjustments hereunder; provided, however, that in the event the Bureau of Labor Statistics ceases to currently publish the 1982-84 index, then the adjustments provided for such prior Lease Year. The Minimum Rent and all other sums payable under the in this Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reductioncalculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the obligations purpose of making such new index as comparable as practicable with the prior base year index. Such conversion factor shall be * - Redacted Text - Confidential treatment requested; omitted portions have been filed separately with the Securities and liabilities Exchange Commission. obtained from the Bureau of Tenant under Labor Statistics if in fact the Lease Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverselect a conversion factor.

Appears in 2 contracts

Sources: Lease Agreement (Build a Bear Workshop Inc), Lease Agreement (Build a Bear Workshop Inc)

Minimum Rent. During (a) For the Term, Tenant agrees to pay to Landlord, without demand or set off, in lawful money period from the Commencement Date through the expiration of the United States, at the address specified in Section 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the LandlordLessee shall pay to Lessor as monthly “Allocated Minimum Rent” for each Facility, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, advance on or before the first day of each calendar month, the amounts allocated to such Facility and determined pursuant to the formula set forth on Exhibit D attached hereto and incorporated herein by this reference. The first monthly payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for Date (prorated as to any partial calendar month at the beginning of the Term. Notwithstanding ). (b) Upon the above, at the end commencement of the first second (2nd) Lease Year of the Fixed Term, and upon the commencement of each Lease Year thereafter during the Term (i.e.,365 days from [Closing]including the Extended Term(s), if any), and at the end of every Lease Year thereafter, provided that the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure Escalation Condition has been satisfied as of the Commencement Date for a basecommencement of such Lease Year, and adjusting the annual then current monthly Minimum Rent rate to (and applicable Allocated Minimum Rent for each Facility) for such Lease Year shall be paid hereunder in direct proportion increased (but not decreased) by a percentage equal to the change CPI Increase. Notwithstanding anything to the contrary contained in the said CPI; providedthis Section 3.1.1(b), however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for Escalation Condition as of the prior commencement of any Lease Year has not been satisfied, but an Event of Default, or an event or circumstance which, with the giving of notice or passage of time, or both, would constitute an Event of Default, has occurred and is continuing under this Lease as of the commencement of such Lease Year, then the rent Minimum Rent Escalation Condition shall nevertheless be deemed satisfied and the amount of the then current monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for such prior Lease YearYear shall be increased by a percentage equal to the CPI Increase. The If any adjustment provided for in subsection (b) shall not have been made at the commencement of the Lease Year for which applicable, Lessee shall continue to pay monthly Minimum Rent and all other sums payable under at the Lease shall be paid without last rate applicable until Lessee receives Lessor’s written notice as to such adjustment. Within ten (10) days after Lessee’s receipt of Lessor’s notice, demandLessee shall pay to Lessor an amount equal to the new monthly Minimum Rent times the number of months from the commencement of the then current Lease Year to the date of receipt of Lessor’s notice, counterclaimless the aggregate amount paid by Lessee on account of monthly Minimum Rent for the same period. Thereafter, Lessee shall pay monthly Minimum Rent for the applicable Lease Year at the new rate set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under the Lease shall forth in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverLessor’s notice.

Appears in 1 contract

Sources: Master Lease (Capital Senior Living Corp)

Minimum Rent. During the 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 25, or at such other location as Landlord may hereafter designate in writing, (a) Minimum Rent for All Facilities (other than the Leased Premises which Cherry Hill Facility). With respect to each Facility (other than the Cherry Hill Facility): (i) Subject to upward adjustments as provided in this subsection (a), Lessee shall pay to Lessor as monthly “Allocated Minimum Rent” for such Facility, for the period from the applicable Commencement Date through the expiration of the fifth (5th) Lease Year with respect to such Facility, one-twelfth (1/12) of the amounts allocated to and set forth opposite such Facility on Exhibit C attached hereto. The first monthly payment of Allocated Minimum Rent for such Facility shall be payable on the product computed by multiplying applicable Commencement Date with respect to such Facility (prorated as to any partial calendar month at the area beginning of the Premises Term). (ii) Monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for the sixth (6th) Lease Year of the Fixed Term shall be equal to the sum of (i) the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) in square feet effect as of the expiration of the fifth (e.g., during the first 5th) Lease Year, 15,000 square feetplus (B) the monthly Additional Rent (and applicable Allocated Additional Rent for each Facility) in effect as of the expiration of the fifth (5th) Lease Year, in each case as increased for such sixth (6th) Lease Year by a percentage equal to the greater of (i) Two and One-Half Percent (2.5%) or (ii) the lesser of (A) the applicable CPI Increase or (B) Five Percent (5%). (iii) Commencing upon the expiration of the sixth (6th) Lease Year and upon the expiration of each Lease Year thereafter during the Term (including any Extended Term), the then current monthly Allocated Minimum Rent for each Facility for such Lease Year shall be increased by the amount greater of $13.00 triple net per square foot per annum(i) Two and One-Half Percent (2.5%) or (ii) the lesser of (A) the applicable CPI Increase of (B) Five Percent (5%). (iv) For If any increase in Allocated Minimum Rent for any Facility as provided in Sections 3.1.1(a)(ii) or (a)(iii) above shall not have been made at the convenience commencement of the LandlordLease Year for which applicable, the Lessee shall continue to pay monthly Allocated Minimum Rent for such Facility at the last rate applicable until Lessee receives Lessor’s written notice as to such increase. Within ten (10) days after Lessee’s receipt of Lessor’s notice, Lessee shall be paid in pay to Lessor an amount equal to the new monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Allocated Minimum Rent shall be due and payable in advancefor such Facility times the number of months from the commencement of the then current Lease Year, as applicable, to the date of receipt of Lessor’s notice, less the aggregate amount paid by Lessee on the first day account of each month. The first payment of monthly Allocated Minimum Rent for such Facility for the same period. Thereafter, Lessee shall be due and payable on or before the Commencement Date. pay monthly Allocated Minimum Rent shall be pro rated for such Facility for the applicable period at the new rate set forth in Lessor’s notice. Following any partial month of increase in the Term. Notwithstanding the Allocated Minimum Rent with respect to any Facility pursuant to Sections 3.1.1(a)(ii) or (a)(iii) above, at the end request of either Lessor or Lessee, the parties shall execute a written confirmation setting forth the same, in form and substance reasonably acceptable to Lessor. Notwithstanding the foregoing, the failure of either Lessor or Lessee to request and/or the failure of either party to execute and deliver any such written confirmation shall not affect Lessor’s good faith determination of the first Lease Year (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafter, the Allocated Minimum Rent rate shall be adjusted according payable with respect to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by applicable Facility under this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the 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 the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoever.

Appears in 1 contract

Sources: Master Lease and Security Agreement (Emeritus Corp\wa\)

Minimum Rent. During the Term, Tenant covenants and agrees to pay to Landlord, without demand or set off, in lawful money of the United StatesStates of America, for the period from the Commencement Date to and including the day immediately preceding the fifth (5th) anniversary of the Commencement Date (if the Commencement Date occurs on the first day of a month) or the last day of the month during which the fifth (5th) anniversary of the Commencement Date occurs (if the Commencement Date occurs on a day other than the first day of a month), as rent hereunder, a base annual minimum rent (hereinafter referred to as "Minimum Rent") in the amount of One Hundred Ten Thousand and No/100 Dollars ($110,000.00), plus any and all additional sums and charges that come due under the terms and conditions of this Lease (whether to Landlord or to third parties) (any and all such sums and charges being hereinafter referred to as "Additional Rent"). Minimum Rent and Additional Rent are sometimes referred to herein collectively as "Rent" or "rent." The Minimum Rent shall be adjusted for the remainder of the Term as provided in Section 3.02 hereof. Minimum Rent shall be payable, in advance, in twelve (12) equal monthly installments for each Lease Year (as hereinafter defined), in time to be good funds for Landlord's account on the first (1st) day of each calendar month during the Term, at the address specified in Section 25office of Landlord, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, or at such other location address as Landlord may hereafter from time to time designate in writingwriting to Tenant. Landlord agrees that Tenant shall have the right, if it elects, to pay Minimum Rent by means of a wire transfer of immediately available federal funds to the account of Landlord, and upon request by ▇▇▇▇▇▇, Landlord agrees to provide Tenant with ▇▇▇▇▇▇▇▇'s account information and wiring instructions to enable Tenant to make payment of Minimum Rent by wire transfer as aforesaid. Minimum Rent for the Leased Premises which first and last months of the Term shall be prorated on a daily basis if the product computed by multiplying the area of the Premises in square feet (e.g., during Term shall begin or end on a day other than the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the Landlord, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, on the first or last day of each a calendar month. The first payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for any partial month of the Term. Notwithstanding the above, at the end of the first Lease Year (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the 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 the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoever.

Appears in 1 contract

Sources: Ground Lease (Seacoast Banking Corp of Florida)

Minimum Rent. During the Term, 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 25, or at such other location as Landlord may hereafter designate in writing, annual base minimum rent (“Minimum Rent Rent”) for the Leased Premises which shall be the product computed by multiplying the area of the Premises Property to Landlord in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the Landlord, the Minimum Rent shall be paid in monthly equal installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, on the first day (1st) Business Day of each month. The first payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for any partial month of the Term. Notwithstanding the above, at the end of the first Lease Year (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPIAccounting Period; provided, however, that, subject to the next sentence of this Section 3.2, Landlord and Tenant agree that annual payment of Minimum Rent rate due and payable under this Lease for the January 2009, February 2009, March 2009, April 2009, May 2009 and June 2009 Accounting Periods in the aggregate amount of $454,311.30 (multiplied $75,718.55 with respect to each such Accounting Period) shall be deferred (collectively, the “2009 Deferred Minimum Rent”). Tenant shall pay the 2009 Deferred Minimum Rent to Landlord in equal installments in advance, on the first (1st) Business Day of each Accounting Period during the period commencing with the January 2019 Accounting Period and ending with the December 2028 Accounting Period, together with the Minimum Rent then due and payable by Tenant. As further clarification, for each Lease Year commencing with Lease Year 2019 and ending with Lease Year 2028, Tenant shall pay the square footage demised by amount of $45,431.13 in each of the ten (10) applicable Lease Years, in addition to, and together with in accordance with the preceding sentence, the Minimum Rent then due and payable in each such Lease Year. Commencing with the July 2009 Accounting Period, Tenant shall timely pay to Landlord, in full, any and all Rent due and payable under this Lease. Landlord and Tenant acknowledge and agree that Landlord’s agreement to defer the 2009 Deferred Minimum Rent (a) shall not increase more than three percent (3%) be construed or deemed in any given Lease Year. In the event that the adjusted rent, according manner whatsoever to the CPI, shall be less than the Minimum constitute a concession or forgiveness of Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the 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 by Landlord in favor of Tenant under the Lease this Lease, and (b) shall in no way be releasednot, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason and does not, constitute a waiver of any occurrence whatsoeverrights or remedies of Landlord to fully enforce the terms and conditions of this Lease, and, accordingly, all terms and provisions of, and rights and remedies of Landlord under, this Lease hereby remain in full force and effect with respect thereto.

Appears in 1 contract

Sources: Lease Agreement (CNL Lifestyle Properties Inc)

Minimum Rent. During A. Minimum Rent shall accrue during the Term, Tenant agrees to pay to Landlord, without demand or set off, in lawful money of the United States, term at the address annual rate specified in Section 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the Landlord, the Exhibit "B" hereto. Such Minimum Rent shall be paid payable in advance. in equal monthly installments of Sixteen Thousand Two Hundred Fifty Dollars one twelfth ($16,250). Each 1/12th) of the annual amount, the installment for the first full calendar to be payable upon execution of Minimum Rent shall this Lease and subsequent installments to be due and payable in advance, on the first day of each successive month of term hereof following the first month of such term. B. If the Rent Commencement Date of this Lease falls on a day other than the first day of rent a month. The first payment of , Minimum Rent from such day until the first day of the following month shall be due prorated (on the basis of the number of days during the first month) and payable on or before the Commencement Date. Minimum Rent shall be pro rated payable, in advance, on the Rent Commencement date. In such event, the installment of rent paid at execution hereof shall be applied to the due for any partial the first full calendar month of the Term. Notwithstanding the aboveterm hereof C. Tenant hereby covenants and agrees to pay when due all Minimum Rent, Additional Rent and other sums due to Landlord hereunder at such address as Landlord may designate, from time to time, by written notice to Tenant, without demand and without deduction, set- of, counterclaim or abatement for any reason. D. If Landlord, at any time or times. shall accept said rent or any other sum due to it hereunder after the end same shall become due and payable. such acceptance shall not excuse delay upon subsequent occasions or constitute, or be construed as, a waiver of the first Lease Year (i.e.,365 days from [Closing])any Landlord's rights hereunder. E. All sums payable by Tenant under this Lease, whether or not stated to be Minimum Rent or Additional Rent. shall be collectible by Landlord as Additional Rent, and at on default in payment thereof Landlord shall have the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according same rights and remedies as for failure to the Consumer Price Index pay rent (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate without prejudice to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the Lease shall be paid without notice, demand, counterclaim, set off, deduction, right or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverremedy available therefor).

Appears in 1 contract

Sources: Office Lease (Envirometrics Inc /De/)

Minimum Rent. During With respect to the TermGroup 5 Facilities: (i) Subject to upward adjustments as provided in clause (ii) below, Tenant agrees for the period from the Effective Date through the expiration of the first (1st) Lease Year with respect to such Group 5 Facilities, Lessee shall pay to Landlord, without demand or set off, Lessor as monthly "Allocated Minimum Rent" for each Group 5 Facility at the times and in lawful money the manner provided in Section 3.1 of the United StatesMaster Lease, at as hereby amended, the address specified in Section 25amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, or at such other location as Landlord may hereafter designate in writing, hereby amended. The first monthly payment of Allocated Minimum Rent for the Leased Premises which each such Group 5 Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility); and (ii) The Allocated Minimum Rent with respect to each Group 5Facility shall be increased automatically upon the date of disbursement (if any) of the portion of the Group 5 Facility Capital Renovation Project Allowance allocated to such Facility, to be equal to the sum of (1) the monthly Allocated Minimum Rent in effect immediately prior to such disbursement date, plus (2) that amount equal to one-twelfth (1/12th) of the product computed by multiplying of (x) the area portion of the Premises Group 5 Facility Capital Renovation Project Allowance allocated to such Facility, times (y) the Group 5 Facility Capital Renovation Project Allowance Lease Rate. Such monthly Allocated Minimum Rent as so increased for such Facility shall remain in square feet (e.g., during effect for the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience balance of the Landlord, then current Lease Year with respect to such Facility. To the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, extent such increase does not occur on the first (1st) day of each a calendar month. The first payment of Minimum Rent , then such increase for the applicable month in which the same occurs shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated prorated for any partial month of the Term. Notwithstanding the such month. (iii) Subject to upward adjustments as provided in clause (ii) above, at commencing upon the end expiration of the first (1st) Lease Year (i.e.,365 days from [Closing]), for such Group 5 Facilities and at upon the end expiration of every each Lease Year thereafterthereafter during the Fixed Tenn for such Group 5 Facilities, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the current monthly Allocated Minimum Rent for such prior Group 5 Facilities for such Lease Year. The Year shall be increased by an amount equal to the applicable Group 5 Facility Escalator. (iv) For the first (1St) Lease Year of each Extended Term for the Group 5 Facilities, if any, the monthly Allocated Minimum Rent for each Group 5 Facility shall be equal to the greater of (a) the then current monthly Fair Market Rental for such Group 5 Facility and all other sums (b) the monthly Allocated Minimum Rent payable under for such Group 5 Facility during the last Lease Year of the immediately preceding Tenn, as increased by the applicable Group 5 Facility Escalator. (v) Commencing upon the expiration of the first (1st) Lease Year of each Extended Tenn, if any, for the Group 5 Facilities and upon the expiration of each Lease Year thereafter during such Extended Tenn, the then current monthly Allocated Minimum Rent for each Group 5 Facility shall be increased by an amount equal to the applicable Group 5 Facility Escalator. (vi) The last paragraph of 3.1 of the Original Master Lease shall be paid without noticeapply with respect to any adjustment of the Allocated Minimum Rent with respect to the Group 5 Facilities pursuant to clauses (iii), demand(iv) and (v) above. (vii) Lessee shall continue to pay all Minimum Rent with respect to the balance of the Facilities at the times, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) manner and in the amounts set forth in or determined by reason of any occurrence whatsoeverthe Master Lease.

Appears in 1 contract

Sources: Master Lease (Emeritus Corp\wa\)

Minimum Rent. During (a) For the Term, Tenant agrees to pay to Landlord, without demand or set off, in lawful money period from the Commencement Date through the expiration of the United States, at the address specified in Section 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the LandlordLessee shall pay to Lessor as monthly “Allocated Minimum Rent” for each Facility, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, advance on or before the first day of each calendar month, the amounts allocated to such Facility and determined pursuant to the formula set forth on Exhibit D attached hereto and incorporated herein by this reference. The first monthly payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for Date (prorated as to any partial calendar month at the beginning of the Term. Notwithstanding ). (b) Upon the above, at the end commencement of the first second (2nd) Lease Year of the Fixed Term, and upon the commencement of each Lease Year thereafter during the Term (i.e.,365 days from [Closing]including the Extended Term(s), if any), and at the end of every Lease Year thereafter, provided that the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure Escalation Condition has been satisfied as of the Commencement Date for a basecommencement of such Lease Year, and adjusting the annual then current monthly Minimum Rent rate to (and applicable Allocated Minimum Rent for each Facility) for such Lease Year shall be paid hereunder in direct proportion increased (but not decreased) by a percentage equal to the change CPI Increase. Notwithstanding anything to the contrary contained in the said CPI; providedthis Section 3.1.1(b), however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for Escalation Condition as of the prior commencement of any Lease Year has not been satisfied, but an Event of Default, or an event or circumstance which, with the giving of notice or passage of time, or both, would constitute an Event of Default, has occurred and is continuing under this Lease as of the commencement of such Lease Year, then the rent Minimum Rent Escalation Condition shall nevertheless be deemed satisfied and the amount of the then current monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for such prior Lease YearYear shall be increased by a percentage equal to the CPI Increase. The If any adjustment provided for in subsection (b) shall not have been made at the commencement of the Lease Year for which applicable, Lessee shall continue to pay monthly Minimum Rent and all other sums payable under at the Lease shall be paid without last rate applicable until Lessee receives Lessor’s written notice as to such adjustment. Within ten (10) days after Lessee’s receipt of Lessor’s notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under the Lease Lessee shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoever.pay to

Appears in 1 contract

Sources: Master Lease Agreement

Minimum Rent. During the 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 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.a) For the convenience period from the Restatement Date through the expiration of the LandlordFixed Term, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Facility the Minimum Rent shall be paid amounts allocated to and set forth opposite such Facility on Exhibit Cattached hereto and incorporated herein by this reference, in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, advance --------- on or before the first day of each calendar month. The first payment . (b) With respect to the Facility located in Boise, Idaho, the monthly Allocated Minimum Rent determined pursuant to subsection (a) above shall be increased by amount equal to the product of (i) the total Boise Capital Renovation Project Costs paid, funded or accrued by Lessor from the date of the previous increase pursuant to this subsection (c) through the date of such Boise Capital Renovation Project Minimum Rent Reset Date, times (ii) the Boise Capital ----- Renovation Project Lease Rate (the "Applicable Boise Minimum Rent Increase"), and accordingly the monthly installments of monthly Allocated Minimum Rent shall be due and payable on or before increased by one-twelfth (1/12) of the Commencement Date. Applicable Boise Minimum Rent Increase payable for any months during which such increase is applicable shall be pro rated prorated based upon the number of days for which the different rental amounts apply. Following any partial month changes in monthly Allocated Minimum Rent with respect to the Facility located in Boise, Idaho pursuant to this Lease, at the request of either party, the Termparties shall execute an amendment to this Lease to confirm the same in form and substance reasonably acceptable to Lessor and Lessee. Notwithstanding the above, at the end of the first Lease Year (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafterforegoing, the failure of Lessor to prepare and/or the failure of Lessee to execute and deliver any such amendment shall not affect Lessor's determination of such monthly Allocated Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the 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 the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverhereunder.

Appears in 1 contract

Sources: Master Lease (Emeritus Corp\wa\)

Minimum Rent. During the Term, Tenant covenants and agrees to pay to Landlord, without demand deduction, abatement or set offsetoff of any nature whatsoever, in lawful money of the United States, at the address specified in Section 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent rent for the Leased Premises which shall be only, the product computed by multiplying the area sum of the Premises in One Hundred Seventy-six Thousand Four Hundred Eight Dollars ($176,408) per year (36.816 acres x 43,560 square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net x .11 per square foot per annum.foot) For the convenience of the Landlord, the (hereinafter "Minimum Term Rent"). Minimum Term Rent shall be paid payable in equal monthly installments of Sixteen Fourteen Thousand Two Seven Hundred Fifty One Dollars ($16,250). Each installment of Minimum Rent shall be due and payable 14,701) in advance, advance without demand on the first day of each and every calendar month throughout the term of this Lease (hereinafter referred to as "Minimum Monthly Rent"). If the Commencement Date is not the first day of a calendar month, then Tenant shall pay rent at the rate herein established on a pro-rata basis for the number of days' tenancy during such initial month and shall thereafter make rent payments on the first day of each calendar month, with a like adjustment for the final month of the Lease Term, if applicable. The first payment rent shall be payable without relief from valuation and appraisement laws at the office of the Landlord, whose address is stated in Section 22.18. On each anniversary date of the Lease during the Lease Term, the Minimum Monthly Rent shall be due and payable on or before adjusted, based upon the Commencement Date. Minimum Rent shall be pro rated for any partial month of the Term. Notwithstanding the above, at the end of the first Lease Year (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to adjustment in the Consumer Price Index (CPIAll Urban Consumers) published by or, if there shall be no such Consumer Price Index, then in the Bureau of Labor Statistics successor of the United States Department most nearly comparable successor index thereto ("Index Figure") by multiplying the Minimum Monthly Rent by a fraction, the numerator being the Index Figure for the month of Labor, using December preceding the "Consumer Price Index - All Items" (1982-1984 = 100) figure as anniversary date of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the 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 denominator being the Index Figure for the month of Tenant under December preceding the Commencement Date. This figure, as calculated, shall become the Minimum Monthly Rent for the Lease Term, subject to additional annual adjustment as described below. Thereafter, on each succeeding anniversary date, the Minimum Monthly Rent shall in no way be releasedadjusted by multiplying the Minimum Monthly Rent by a fraction, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason numerator being the Index Figure for the month of any occurrence whatsoeverDecember, preceding the current anniversary date, and the denominator being the Index Figure for the month of December preceding the previous anniversary date.

Appears in 1 contract

Sources: Ground Lease (Kitty Hawk Inc)

Minimum Rent. During (a) For the Term, Tenant agrees to pay to Landlord, without demand or set off, in lawful money period from the Commencement Date through the expiration of the United States, at the address specified in Section 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by Lessee shall pay to Lessor as monthly “Minimum Rent” for the amount of $13.00 triple net per square foot per annum.) For the convenience of the LandlordFacility, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, advance on or before the first day of each calendar month, the amount determined pursuant to the formula set forth on Exhibit D attached hereto and incorporated herein by this reference. The first monthly payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for Date (prorated as to any partial calendar month at the beginning of the Term. Notwithstanding ). (b) Upon the above, at the end commencement of the first second (2nd) Lease Year of the Fixed Term, and upon the commencement of each Lease Year thereafter during the Term (i.e.,365 days from [Closing]including the Extended Term(s), if any), and at the end of every Lease Year thereafter, provided that the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure Escalation Condition has been satisfied as of the Commencement Date for a basecommencement of such Lease Year, and adjusting the annual then current monthly Minimum Rent rate to for such Lease Year shall be paid hereunder in direct proportion increased (but not decreased) by a percentage equal to the change CPI Increase. Notwithstanding anything to the contrary contained in the said CPI; providedthis Section 3.1.1(b), however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for Escalation Condition as of the prior commencement of any Lease Year has not been satisfied, but an Event of Default, or an event or circumstance which, with the giving of notice or passage of time, or both, would constitute an Event of Default, has occurred and is continuing under this Lease as of the commencement of such Lease Year, then the rent Minimum Rent Escalation Condition shall nevertheless be deemed satisfied and the amount of the then current monthly Minimum Rent for such prior Lease YearYear shall be increased by a percentage equal to the CPI Increase. The If any adjustment provided for in subsection (b) shall not have been made at the commencement of the Lease Year for which applicable, Lessee shall continue to pay monthly Minimum Rent and all other sums payable under at the Lease shall be paid without last rate applicable until Lessee receives Lessor’s written notice as to such adjustment. Within ten (10) days after Lessee’s receipt of Lessor’s notice, demandLessee shall pay to Lessor an amount equal to the new monthly Minimum Rent times the number of months from the commencement of the then current Lease Year to the date of receipt of Lessor’s notice, counterclaimless the aggregate amount paid by Lessee on account of monthly Minimum Rent for the same period. Thereafter, Lessee shall pay monthly Minimum Rent for the applicable Lease Year at the new rate set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under the Lease shall forth in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverLessor’s notice.

Appears in 1 contract

Sources: Lease Agreement (Capital Senior Living Corp)

Minimum Rent. During Subject to upward adjustment(s) with respect to the Capital Renovation Project funded by Lessor as described in Section 10.3 below, for the period from the Commencement Date through the expiration of the Fixed Term, Tenant agrees to Lessee shall pay to Landlord, without demand or set offLessor "Minimum Rent" monthly, in lawful money of the United States, at the address specified in Section 25, advance on or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the Landlord, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, on before the first day of each calendar month, in an amount equal to $_________. The first monthly payment of Minimum Rent shall be due and payable on or before the Commencement DateDate (prorated as to any partial calendar month at the beginning of the Term). Such monthly Minimum Rent shall be pro rated for increased from time to time on the date of any partial month payment or funding by Lessor on account of the Term. Notwithstanding Capital Renovation Project pursuant to the above, at the end provisions of Section 10.3 by one-twelfth (1/l2th) of the first Lease Year product of (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPIa) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the particular payment or funding by Lessor, times (b) Three and Fifty Hundredths Percent (3.50%) above the ten- year U. S. Treasury Note Rate, published in the Wall Street Journal on the date of such payment or funding by Lessor and quoting the rate for the immediately prior Business Day. If the ten-year U.S. Treasury Note Rate is discontinued prior to any such payment or funding by Lessor, then such calculation shall be made instead using a substitute rate selected by Lessor that is comparable with the ten-year U.S. Treasury Note rate. similarly, if the Wall Street Journal is discontinued, a substitute publication selected by Lessor shall be used. Such monthly Minimum Rent payable for such prior Lease Year. The any month(s) during which an increase in the Minimum Rent and all other sums payable under the 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 the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) occurs by reason of any occurrence whatsoeverpayments or funding by Lessor on account of the Capital Renovation Project, shall be prorated based upon the number of days for which such adjusted rental amounts apply. From time to time at Lessor's request, Lessor and Lessee shall enter into an amendment of this Lease in form acceptable to Lessor to reflect the adjustment in the monthly Minimum Rent payable hereunder by reason of any such payments or fundings by Lessor on account of the Capital Renovation Project. Failure of Lessee to so execute and deliver any such amendment shall not, however, affect the determination of the monthly Minimum Rent payable hereunder. Minimum Rent for the Extended Terms, if any, shall be determined in accordance with the provisions of Article XIX.

Appears in 1 contract

Sources: Lease Agreement (Emeritus Corp\wa\)

Minimum Rent. During (a) The Base Rent is set forth in Section 1 of the Fundamental Lease Provisions. The first (1st) installment to be paid prior to Tenant taking occupancy (“Rent Commencement Date”) and subsequent installments to be payable on the first (1st) day of each successive month of Term hereof beginning on the sixth (6th) month of the Term. (b) If the Rent Commencement Date falls on a day other than the first (1st) day of a month, Tenant agrees to pay to Landlord, without demand or set off, in lawful money Base Rent from such day until the first (1st) day of the United States, following month shall be prorated at the rate of one-thirtieth (1/30th) of the fixed monthly rental for each day of such partial month, and the installment of rent paid upon the Rent Commencement Date shall reflect such prorated amount. (c) All rent and other sums due to Landlord hereunder shall be payable to Landlord at Landlord’s notice address specified in Section 257 of the Fundamental Lease Provisions, or to such other party or at such other location address as Landlord may hereafter designate in writingdesignate, Minimum Rent for from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim except as otherwise set forth herein (except to the Leased Premises which extent demand or notice shall be expressly provided for herein). (d) If Landlord, at any time or times, shall accept said rent or any other sum due hereunder after the product computed by multiplying the area same shall become due and payable, such acceptance shall not excuse delay upon subsequent occasions, or constitute or be construed as, a waiver of any of Landlord’s rights hereunder. If Tenant shall fail to pay any sum due hereunder within ten (10) days of the Premises due date thereof, Tenant shall pay a late charge in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.five percent (5%) For the convenience of the Landlord, the Minimum amount due and owing. (e) All sums payable to Landlord by Tenant under this Lease and not specifically designated as Base Rent or Operating Expense Rent (as hereinafter defined) shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars considered to be additional rent ($16,250). Each “Additional Rent”) and shall be payable with the next installment of Minimum Base Rent after such Additional Rent becomes payable. If Tenant fails to pay Additional Rent when required hereunder, Landlord shall be due and payable entitled to exercise the same remedies for collecting such Additional Rent as it would in advanceconnection with a failure to pay Base Rent. Base Rent, on the first day of each month. The first payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for any partial month of the Term. Notwithstanding the above, at the end of the first Lease Year (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Operating Expense Rent and all other sums payable under the 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 the Lease shall in no way be released, discharged or otherwise affected (except Additional Rent are collectively referred to as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoever“Rent.

Appears in 1 contract

Sources: Lease Agreement (Techprecision Corp)

Minimum Rent. During the Term(i) Subject to an upward adjustment(s) with respect to Capital Renovation Project funded by Lessor as described below, Tenant agrees to pay to Landlord, without demand or set off, in lawful money of the United States, at the address specified in Section 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be period from the product computed by multiplying Commencement Date through the area expiration of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the LandlordLessee shall pay to Lessor "Minimum Rent" monthly, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, advance on or before the first day of each calendar month, an amount equal to $19,975.00. In addition to any increase pursuant to clause (ii) below, such monthly Minimum Rent shall be increased from time to time on the date of any payment by Lessor with respect to the Capital Renovation Project provided for in Section 9.3 by one-twelfth (1/12th) of the product of (y) the amount of the particular payment, times (z) Three and Seventy-Five Hundredths Percent (3.75%) above the ten-year U.S. Treasury Note Rate, published in the Wall Street Journal three (3) Business Days prior to the date of such payment by Lessor and quoting the rate for the immediately prior Business Day. The first monthly payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for Date (prorated as to any partial calendar month of the beginning of the Term). Monthly Minimum Rent payable for months during which a change in the Minimum Rent occurs by reason of any payments made by Lessor on account of the Capital Renovation Project, by reason of any Capital Additions funded by Lessor or otherwise as provided herein, shall be prorated based upon the number of days for which the adjusted rental amounts apply. From time to time at Lessor's reasonable request, Lessor and Lessee shall enter into an amendment to this Lease in substantially the form attached hereto as Exhibit C-2 to reflect the Minimum Rent payable hereunder. Notwithstanding the aboveforegoing, at the end failure of Lessee to so execute and delivery such amendment shall not affect the determination of such matters. (ii) As of the expiration of the first Lease Year (i.e.,365 days from [Closing])Year, and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to then in effect shall be paid hereunder in direct proportion increased by an amount equal to the change product of (i) Thirty One Hundredths Percent (.30%) times (ii) the Minimum Repurchase Price as of such date. (iii) If the rate in (y) below is greater than the said CPI; providedrate in (x) below, howeverthen as of the expiration of the tenth (10th) Lease Year, that the annual Minimum Rent rate then in effect shall be increased by an amount equal to the product of (multiplied by i) the square footage demised by this Leasedifference between (x) shall not increase more than the 5-year U.S. Treasury Note rate, published in the Wall Street Journal, three percent (3%) Business Days prior to the Commencement Date and quoting the rate as of the immediately prior Business Day, and (y) the 5-year U.S. Treasury Note rate, published in any given the Wall Street Journal, three (3) Business Days prior to expiration of the tenth (10th) Lease YearYear and quoting the rate as of the immediately prior Business Day, times (ii) the Minimum Repurchase Price as of such date. In no event shall the event that the adjusted rent, according Minimum Rent after any such adjustment pursuant to the CPI, shall this clause (iii) be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount One Hundred Percent (100%) nor more than One Hundred Three Percent (103%) of the Minimum Rent for in effect immediately prior to such prior Lease Year. The adjustment (without taking into account any increase in Minimum Rent and all other sums payable under resulting from any payments made by Lessor on account of a Capital Renovation Project). If either the Lease shall be paid without notice, demand, counterclaim, set off, deduction, 5-Year or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under the Lease shall in no way be released, discharged or otherwise affected 10-Year U.S. Treasury Note rate is discontinued prior to that date which is three (except as otherwise expressly provided in the Lease herein3) by reason of any occurrence whatsoever.Business

Appears in 1 contract

Sources: Lease (Balanced Care Corp)

Minimum Rent. During (a) For the Termentire term of this Lease, Tenant agrees shall pay fixed minimum annual rent (herein "Minimum Rent") for the leased premises in the amount set forth in the Data Sheet. subject to pay adjustments and further increases pursuant to Landlordthis Section 2.01 and other provisions of this Lease, without demand which sum shall be payable by Tenant in equal consecutive monthly installments on or set offbefore the first day of each month, in lawful money of the United Statesadvance, at the address specified in Section 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience office of the Landlord, or such other place as the Landlord may designate, without any prior demand therefor and without any deduction or setoff whatsoever. The first monthly installment of Minimum Rent shall be paid in advance upon the date of Tenant's execution of this Lease. Should the term of this Lease commence on a day other than the first day of a calendar month, then the second monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, prorated accordingly at a daily rate on the first basis of a thirty (30) day of each month. Should any lease year contain less than twelve (12) calendar months, said annual rental shall be prorated. (b) The first payment of Minimum Rent set forth in the Data Sheet is based upon a per square foot per annum Minimum Rent multiplied by the approximate square footage of the leased premises as set forth in the Data Sheet. Following completion of Landlord's Work, Landlord's architect shall certify the actual square footage of floor area in the leased premises and such certification shall be due and payable binding on or before the Commencement Dateparties hereto. Minimum Rent Such determined square footage shall be pro rated for any partial month of the Term. Notwithstanding the above, at the end of the first Lease Year (i.e.,365 days from [Closing])used in all calculations based on square footage in this Lease, and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change and monthly installment(s) set forth in the said CPI; providedData Sheet shall be accordingly adjusted (upwards or downwards). Tenant shall, howeverwithin ten (10) days of request, that annual Minimum Rent rate (multiplied by execute and deliver to Landlord an appropriate document reflecting the actual square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The leased premises, Minimum Rent and all other sums payable under the 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 the Lease shall in no way be released, discharged or otherwise affected (except monthly installment(s) as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverdetermined hereunder.

Appears in 1 contract

Sources: Lease Agreement (Cinema Ride Inc)

Minimum Rent. During the Termentire Term of this Lease, Tenant agrees to shall pay annual minimum rental ("Minimum Rent") for the Leased Premises from the Commencement Date of this Lease in the amount set forth in the Data Sheet attached hereto, which sum shall be payable by Tenant in equal consecutive monthly installments in the sum set forth in the Data Sheet attached hereto, on or before the first day of each month, in advance. The Minimum Rent and each of the monthly installments called for hereunder shall be payable to Landlord, without demand demand, deduction, set-off or set offcounter-claim, in lawful money of the United States, at the address specified in Section 25, except as otherwise provided herein or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed permitted by multiplying the area of the Premises in square feet (e.g., during the applicable law. The first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the Landlord, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, on the first day of each month. The first payment of Minimum Rent shall be due and payable paid by Tenant on or before the Commencement Date. If the Commencement Date occurs on other than the first day of a month, the second installment of Minimum Rent shall be pro rated for any partial month prorated at a daily rate on the basis of a thirty (30) day month. On the Commencement Date, if either of the Term. Notwithstanding following conditions have not been satisfied: (1) at least five (5) Major Tenants are open or ready to open for business; or (2) the above"Required Occupancy Level" (as hereinafter defined) has been achieved, at then Tenant's obligation for payment of Minimum Rent shall abat▇ ▇▇▇ Tenant shall pay to Landlord, in lieu thereof, Interim Rent on the end basis of the first Lease Year lesser of (i.e.,365 days from A) the [Closing]), ***] and at the end (B) [***] of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index all of Tenant's Gross Sales (CPIas defined in Section 2.2 of this Lease) published by the Bureau of Labor Statistics until both of the United States Department of Labor, using the "Consumer Price Index - All Items" conditions in (1982-1984 = 1001) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI(2) above have been initially satisfied; provided, however, that annual Tenant shall not be entitled to such abatement of Minimum Rent rate (multiplied by if Tenant fails to open its store in the square footage demised by Leased Premises to the general public on or before the Commencement Date of the Term hereof or if Tenant shall otherwise be in default of this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Said Interim Rent stated above for the prior Lease Year, then the rent shall be the amount of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the Lease shall be paid without noticeto Landlord within ten (10) days following the end of each calendar month, demand, counterclaim, set off, deduction, or defense at which time Tenant shall also be required to submit an unaudited statement of Tenant's Gross Sales for such calendar month and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under for the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoever.Year to date. All other terms and

Appears in 1 contract

Sources: Lease (Silicon Entertainment Inc /Ca/)

Minimum Rent. During From and after the Rent Commencement Date (as defined below), and continuing throughout the Term, except as otherwise set forth herein, Tenant agrees to pay to Landlord, without demand demand, a guaranteed rental ("MINIMUM RENT") equal to the following amounts per annum: First Partial Lease Year and Lease Years 1 through 5 $ 130,000 Lease Years 6 through 10 $ 143,000 Lease Years 11 through 15 $ 157,300 Lease Years 16 through 20 $ 173,030 First Extended Term (Lease Years 21 through 25) $ 190,333 Second Extended Term (Lease Years 26 through 30) $ 209,366 Third Extended Term (Lease Years 31 through 35) $ 230,303 Fourth Extended Term (Lease Years 36 through 40) $ 253,333 The "RENT COMMENCEMENT DATE" will be: (i) the day Tenant opens the Premises for business, or (ii) September 28, 1998, whichever comes first. Promptly following the Commencement Date, Landlord and Tenant shall enter into and record a memorandum of this Lease as set offforth in Section 20.32 of this Lease. Tenant will notify Landlord as soon as reasonably practicable prior to the Commencement Date as to Tenant's estimated date for opening for business at the Premises, and will promptly notify Landlord as to the actual opening date for business at the Premises, when it occurs. The Minimum Rent shall be payable in lawful money equal monthly installments of one-twelfth of the United Statesannual Minimum Rent, on or before the first day of each month in advance to Landlord at the Landlord's address as specified in Section 25above, or at such other location place as Landlord may hereafter from time to time designate in writing, Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of the Premises without deductions or setoff whatsoever, except as provided in square feet (e.g.this Lease. For Partial Lease Years or partial lease months, during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the Landlord, the Minimum Rent shall be paid prorated as provided in monthly installments Section 6.5 of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, on the first day of each month. The first payment of Minimum Rent shall be due and payable on or before the Commencement Datethis Lease. Minimum Rent shall be pro rated for any partial month adjusted based on the actual leasable area of the Term. Notwithstanding Premises, with any such change being effective the above, at the end first day of the first Lease Year (i.e.,365 days from [Closing]), and at calendar month following the end date of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPIsuch change; providedPROVIDED, however, that annual Minimum Rent rate (multiplied by in no event shall the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the rent shall be the amount of the total Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under any period of the Lease shall Term be paid without noticemore than the amounts set forth above, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of Tenant under the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverrespectively.

Appears in 1 contract

Sources: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)

Minimum Rent. During the Term(i) Minimum Rent, Tenant agrees to pay to Landlordtogether with any and all sales tax (if any) thereon, without demand or set off, in lawful money of the United States, at the address specified in Section 25, or at such other location as Landlord may hereafter designate in writing, Minimum Rent for the Leased Premises which shall be the product computed payable by multiplying the area of the Premises in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the Landlord, the Minimum Rent shall be paid Tenant to Landlord in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advance, advance on the first day of each month, at the office of Landlord set forth on the first paragraph of this Lease or such other place within the continental United States as Landlord may designate in writing. The first payment For purposes of this Lease, "Minimum Rent Rent" shall be due and payable on or before at the rate of One Million Four Hundred Thousand Dollars ($1,400,000.00) per annum ($116,666.67 per month) for the period from the Commencement Date through the day immediately preceding the fifth (5th) anniversary of the Commencement Date. Annual Minimum Rent shall be pro rated for any partial month increase every five (5) years commencing on the fifth (5th) anniversary of the Term. Notwithstanding Commencement Date and through the above, Expiration Date to an amount equal to the greater of (a) 105% of the existing annual Minimum Rent at the end of the first Lease Year immediately prior five-year rent period, or (i.e.,365 days from [Closing]), and b) 6% of annual Gross Receipts (as hereinafter defined) measured at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to immediately prior five-year rent period based on the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure as of the Commencement Date for a base, and adjusting the annual Minimum Rent rate to be paid hereunder in direct proportion to the change in the said CPI; provided, however, that annual Minimum Rent rate (multiplied by the square footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event that the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above Gross Receipts for the prior Lease Yeartwelve (12) months. To the extent that the increase has not been determined or agreed upon as of any rent adjustment date as a result of dispute or otherwise, Tenant shall pay Minimum Rent computed under the provisions of clause 4A(i)(a) above until such time as a definitive determination has been reached, whereupon such rent adjustment shall be retroactively made and Tenant shall then pay any additional Minimum Rent due as computed in accordance with the determination. If such definitive determination shall not have been made within ninety (90) days after the end of the immediately prior five-year rent period solely because of a failure by Tenant to provide the necessary and correct information within such 90-day period, then Tenant shall also pay interest on the rent shall be deficiency at the Default Rate from the date the amount should have been paid had the determination been made timely until the date of the Minimum Rent for such prior Lease Year. The Minimum Rent and all other sums payable under the 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 the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverpayment.

Appears in 1 contract

Sources: Lease (Smith & Wollensky Restaurant Group Inc)

Minimum Rent. During (a) The Tenant shall pay from and after the Term, Tenant agrees Commencement Date to pay to the Landlord at the office of the Landlord, without demand or set offat such other place designated by the Landlord, in lawful money of Canada, without any prior demand therefor and without any deduction, abatement, set off or compensation whatsoever, as annual Minimum Rent, the United States, at the address specified in Section 25, or at such other location as Landlord may hereafter designate in writing, sum of: please see Schedule "E". The Minimum Rent for is based upon an annual rate of: Please see Schedule "E"; and when the Leased Premises which shall be the product computed by multiplying the area Rentable Area of the Premises is certified as set out in square feet (e.g., during the first Lease Year, 15,000 square feet) by the amount of $13.00 triple net per square foot per annum.) For the convenience of the LandlordSection 3.04, the Minimum Rent shall be paid in monthly installments of Sixteen Thousand Two Hundred Fifty Dollars ($16,250). Each installment of Minimum Rent shall be due and payable in advanceshall, on the first day of each month. The first payment of Minimum Rent shall be due and payable on or before the Commencement Date. Minimum Rent shall be pro rated for any partial month of the Term. Notwithstanding the aboveif necessary, at the end of the first Lease Year (i.e.,365 days from [Closing]), and at the end of every Lease Year thereafter, the Minimum Rent rate shall be adjusted according to the Consumer Price Index (CPI) published by the Bureau of Labor Statistics of the United States Department of Labor, using the "Consumer Price Index - All Items" (1982-1984 = 100) figure accordingly as of the Commencement Date for a base, and adjusting from time to time thereafter to conform with changes in the annual Rentable Area of the Premises. If the Tenant has paid in excess of the amounts due on account of Minimum Rent rate to as a result of such adjustment, the excess shall be paid hereunder in direct proportion to credited by the change Landlord against Rent, then or in the said CPI; provided, however, that annual Minimum Rent rate (multiplied future owing by the square footage demised by Tenant under this Lease) shall not increase more than three percent (3%) in any given Lease Year. In If the event that amount the adjusted rent, according to the CPI, shall be Tenant has paid is less than the Minimum Rent stated above for amounts due as a result of the prior Lease Yearadjustment, the Tenant shall pay such additional amounts due within thirty (30) days after demand therefor. If the Commencement Date is on a day other than the first day of the calendar month, then the rent Tenant shall be pay, upon the amount Commencement Date, a portion of the Minimum Rent prorated on a per diem basis from the Commencement Date to the end of the month in which the Commencement Date occurs, based upon a period of three hundred and sixty-five (365) days. (b) At the Landlord's option, upon notice to the Tenant, the Tenant shall, at the Tenant's cost, and without prejudice to any other right or remedy of the Landlord present to the Landlord thirty (30) days prior to the commencement of each Rental Year throughout the Term, a series of monthly postdated cheques for each such prior Lease Year. The year of the Term in respect of the aggregate of the monthly payments of annual Minimum Rent and all any payments of Additional Rent estimated by the Landlord in advance, and any other sums payable under the payments required by this Lease shall to be paid without noticeby the Tenant monthly in advance. (c) The Landlord acknowledges receipt of the Tenant's deposit in the amount of Thirty Nine Thousand, demandSixty-Four Dollars and Ten Cents ($39,064.10) which deposit is to be held "In Trust" for the Tenant and said deposit is to be designated for application against the first months rent in the amount of Twelve Thousand, counterclaim, set off, deduction, or defense One Hundred and without abatement, suspension, diminution, or reduction, Sixty-Nine Dollars and Fifty Cents ($12,169.50) plus G.S.T. of Eight Hundred and Fifty-One Dollars and Eighty-Seven Cents ($851.87) and the obligations and liabilities balance to be applied towards the last two months of Tenant under the Lease shall in no way be released, discharged or otherwise affected (except as otherwise expressly provided in the Lease herein) by reason of any occurrence whatsoeverterm.

Appears in 1 contract

Sources: Office Lease (Ace Hardware Corp)