Minimum Rent. 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, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT"). 3.1.1. 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 succeeding Lease Year (each, a "Rent Adjustment Date"), the Minimum Rent payable by Tenant shall be adjusted 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factor.
Appears in 2 contracts
Samples: Lease Agreement (Build a Bear Workshop Inc), Lease Agreement (Build a Bear Workshop Inc)
Minimum Rent. Commencing on During the Commencement Date, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereofTerm, Tenant shall agrees to pay to Landlord each Lease Year (as such term is hereinafter defined)Landlord, and Tenant covenants and agrees that Tenant will pay to Landlord during without demand or set off, in lawful money of the TermUnited States, at the address specified in this Lease for the giving of notices to Landlord Section 25, or at such other place location as Landlord may specifyhereafter designate in writing, without any right Minimum Rent for the Leased Premises which shall be the product computed by multiplying the area of set-offthe Premises in square feet (e.g., deductionduring the first Lease Year, counterclaim, suspension of abatement, and without any prior notice or demand, 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 ("MINIMUM RENT"$16,250).
3.1.1. The aforesaid Each installment of 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 succeeding 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 (eachi.e.,365 days from [Closing]), a "Rent Adjustment Date")and at the end of every Lease Year thereafter, the Minimum Rent payable by Tenant rate 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 for All Urban Consumers, (CPI) published by the Bureau of Labor Statistics of the U.S. United States Department of Labor for Los Angeles-Anaheim-RiversideLabor, California, all items using the "Consumer Price Index - All Items" (1982-84=1001984 = 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 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 annual Minimum Rent rate (multiplied by the agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Datesquare footage demised by this Lease) shall not increase more than three percent (3%) in any given Lease Year. In the event a comparable substitute index is not availablethat the adjusted rent, according to the CPI, shall be less than the Minimum Rent stated above for the prior Lease Year, then the price index used in making rent shall be the CPI-based adjustments provided amount of the Minimum Rent for in this such prior Lease Year. The Minimum Rent and all other sums payable under the Lease shall be the successor theretopaid without notice, compiled demand, counterclaim, set off, deduction, or defense and published by an agency of the United States governmentwithout abatement, 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 governmentsuspension, then a nationally recognized firm of independent certified public accountants designated by Landlord shall select a successor price indexdiminution, government or private, which best reflects changes in the purchasing power of the dollarreduction, and the decision obligations and liabilities of said accountants Tenant under the Lease shall in selecting such successor price index to no way 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 Termreleased, the 1982-84 = 100 index published concurrently by the Bureau of Labor Statistics shall continue to be used discharged or otherwise affected (except as otherwise expressly provided in the calculation Lease herein) by reason 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorany occurrence whatsoever.
Appears in 2 contracts
Samples: Merger Agreement (Idx Systems Corp), Merger Agreement (Allscripts Inc /Il)
Minimum Rent. Commencing on (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 subject subsequent installments 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, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. 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 successive month of Term hereof beginning on the sixth (6th) month of the Term, commencing on the Commencement Date. .
(b) If the Rent Commencement Date occurs falls on a day other than on the first (1st) day of a month, Base Rent from such day until the first (1st) day of the following month in which such date falls, such installment of Minimum Rent shall be prorated based upon at the actual number rate of days in such month.
3.1.2. Commencing with one-thirtieth (1/30th) of the second Lease Year and commencing on the first fixed monthly rental for each day of each succeeding Lease Year (each, a "Rent Adjustment Date"), the Minimum Rent payable by Tenant shall be adjusted 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 dollarpartial month, and the decision installment of said accountants in selecting rent paid upon the Rent Commencement Date shall reflect such successor price index prorated amount.
(c) All rent and other sums due to be used Landlord hereunder shall be final payable to Landlord at Landlord’s notice address specified in Section 7 of the Fundamental Lease Provisions, or to such other party or at such other address as Landlord may designate, from time to time, by written notice to Tenant, without demand and binding without deduction, set-off or counterclaim except as otherwise set forth herein (except to the 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 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 partiesdue date thereof, Tenant shall pay a late charge in the amount of five percent (5%) of the 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 considered to be additional rent (“Additional Rent”) and shall be payable with the next installment of Base Rent after such Additional Rent becomes payable. If Tenant fails to pay Additional Rent when required hereunder, Landlord shall be entitled to exercise the same remedies for collecting such Additional Rent as it would in connection with a failure to pay the fees of said accountants payable in respect of their selection of such successor price indexBase Rent. In the event the base reference year used in computing the CPI is changed during the TermBase Rent, the 1982-84 = 100 index published concurrently by the Bureau of Labor Statistics shall continue Operating Expense Rent and Additional Rent are collectively referred 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factor“Rent.”
Appears in 1 contract
Samples: Lease Agreement (Techprecision Corp)
Minimum Rent. Commencing on 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 DateDate through the expiration of the Fixed Term, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, Tenant Lessee 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, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * (Lessor "MINIMUM RENT").
3.1.1. 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 payableRent" monthly, in advance, advance on or before the first (1st) day of each calendar month, in an amount equal to $_________. The first monthly payment of Minimum Rent shall be payable on the Commencement Date (prorated as to any partial calendar month at the beginning of the Term, commencing ). Such monthly Minimum Rent shall be increased from time to time on the Commencement Datedate of any payment or funding by Lessor on account of the Capital Renovation Project pursuant to the provisions of Section 10.3 by one-twelfth (1/l2th) of the product of (a) 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 Commencement Date 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 any month(s) during which an increase in the Minimum Rent occurs by reason of any payments or funding by Lessor on a day other than on the first (1st) day account of the month in which such date fallsCapital Renovation Project, such installment of Minimum Rent shall be prorated based upon the actual 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 such month.
3.1.2. Commencing with form acceptable to Lessor to reflect the second Lease Year and commencing on adjustment in the first day of each succeeding Lease Year (each, a "Rent Adjustment Date"), the monthly Minimum Rent payable hereunder by Tenant 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 be adjusted to be that product (which shall in no event be less than not, however, affect the determination of the monthly 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 Datehereunder. 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"Extended Terms, as used hereinif any, shall mean the Consumer Price Index for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that if the CPI described above shall be discontinued, the Index shall be the index of consumer prices determined 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the purpose of making such new index as comparable as practicable accordance 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 Exchange Commission. obtained from the Bureau provisions of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorArticle XIX.
Appears in 1 contract
Samples: Lease Agreement (Emeritus Corp\wa\)
Minimum Rent. Commencing on 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, 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 subject Tenant shall enter into and record a memorandum of this Lease as set forth in Section 20.32 of this Lease. Tenant will notify Landlord as soon as reasonably practicable prior to the provisions Commencement Date as to Tenant's estimated date for opening for business at the Tenant Improvement Allowance 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 Section 2.1 hereofequal monthly installments of one-twelfth of the annual Minimum Rent, Tenant shall pay on or before the first day of each month in advance to Landlord each Lease Year (at Landlord's address as such term is hereinafter defined)specified above, and Tenant covenants and agrees that Tenant will pay to Landlord during the Term, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specifyfrom time to time designate in writing, without any right of set-offdeductions or setoff whatsoever, deductionexcept as provided in this Lease. For Partial Lease Years or partial lease months, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. 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 as provided in Section 6.5 of this Lease. Minimum Rent shall be adjusted based upon on the actual number leasable area of days in the Premises, with any such month.
3.1.2. Commencing with the second Lease Year and commencing on change being effective the first day of each succeeding Lease Year (each, a "Rent Adjustment Date"), the Minimum Rent payable by Tenant shall be adjusted 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) calendar month following the month date 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 foregoingsuch change; PROVIDED, however, in no event shall the Minimum Rent in any Lease Year exceed * of the total Minimum Rent for the previous Lease Year. The term "INDEX", as used herein, shall mean the Consumer Price Index for All Urban Consumers, published by the Bureau of Labor Statistics any period of the U.S. Department of Labor for Los Angeles-Anaheim-RiversideTerm be more than the amounts set forth above, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorrespectively.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
Minimum Rent. Commencing on the Commencement Date, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, A. Tenant shall pay to Landlord as the minimum rent (“MR”) for each month of the term of this Lease, commencing as of the Lease Year (as such term is hereinafter defined)Commencement Date recited in Item 1. A., and Tenant covenants and agrees that Tenant will pay to Landlord during above, the Term, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specifyamounts listed below, without any right of deductions or set-offoffs, deduction, counterclaim, suspension of abatement, and payable without any prior notice or demand, in advance on or before the amount first day of * ("MINIMUM RENT")each month.
3.1.1. B. The aforesaid minimum rent shall be as follows: Month Monthly MR (per RSF) Monthly MR Yearly Minimum Rent Months 1 - 2 $ 0.00 $ 0.00 $ 0.00 Months 3 - 38 $ 18.00 $ 2,137.50 $ 25,650.00
C. All minimum rent and additional rent (as recited in item 5, below) 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, during the term of this Lease solely in the form of Automated Clearing House transfer (“ACH Transfer”), to the order of The Joon Management, LLC, f/b/o The Grandview Eight, LLC, (or its designated successor or assign) for deposit in the designated bank account of The Joon Management LLC (“Joon”) on or before the first (1st) day of each month calendar month, without any prior demand therefore and without deduction or offset whatsoever. Tenant shall pay to Joon all charges and other amounts whatsoever as provided in the Lease (the “Additional Charges”). All Additional Charges shall also be due and payable by ACH Transfer and Landlord shall have the same remedies for a default payment of Additional Charges as for a default in the Term, commencing on payment of Rent. In the Commencement Date. If the Commencement Date occurs event that this Lease commences 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 succeeding Lease Year (each, a "Rent Adjustment Date")the month, the Minimum Rent payable by Tenant rent for such partial month shall be adjusted prorated accordingly and included in the first full month payment of rent. Should any payment from Tenant be dishonored or returned by Joon’s bank for any reason, Landlord shall be entitled to, in addition to any and all other rights recited under the terms of this Lease, to assess a service charge of fifty dollars ($50) for each such occurrence. Tenant acknowledges and agrees that the above charges represent a fair and reasonable estimate and liquidation of Landlord’s expense in the management of the Center resulting from such incidents, which expense is not contemplated nor included in any other rental or charge provided to be that product (which shall in no event be less than the Minimum Rent payable for the preceding Lease Year), which is derived paid 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorTenant.
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Minimum Rent. Commencing on (a) For the period from the Commencement DateDate through the expiration of the first Lease Year, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, Tenant Lessee shall pay to Landlord each Lease Year (Lessor as such term is hereinafter defined), and Tenant covenants and agrees that Tenant will pay to Landlord during the Term, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. The aforesaid monthly “Allocated Minimum Rent shall be due and payable in monthly installments, each in the amount equal to one-twelfth (1/12) of the Minimum Rent 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 payableFacility, in advance, advance on or before the first (1st) day of each month of calendar month, the Term, commencing amounts allocated to such Facility and determined pursuant to the formula set forth on the Commencement DateExhibit D attached hereto and incorporated herein by this reference. If the Commencement Date occurs on a day other than on the The first (1st) day of the month in which such date falls, such installment monthly payment of Minimum Rent shall be payable on the Commencement Date (prorated based as to any partial calendar month at the beginning of the Term).
(b) Upon the commencement of the second (2nd) Lease Year of the Fixed Term, and upon the actual number commencement of days in such month.
3.1.2. Commencing with the second each Lease Year and commencing on thereafter during the first day of each succeeding Lease Year Term (each, a "Rent Adjustment Date"including the Extended Term(s), if any), and provided that the Minimum Rent payable by Tenant Escalation Condition has been satisfied as of the commencement of such Lease Year, the then current monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for such Lease Year shall be adjusted to be that product increased (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 but not decreased) 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 percentage equal to the preceding Rent Adjustment Date in the case of the second Rent Adjustment Date and each succeeding Rent Adjustment DateCPI Increase. Notwithstanding anything to the contrary contained in this Section 3.1.1(b), in the foregoing, in no event shall that the Minimum Rent in Escalation Condition as of the commencement of any Lease Year exceed * 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 Minimum Rent Escalation Condition shall nevertheless be deemed satisfied and the then current monthly Minimum Rent (and applicable Allocated Minimum Rent for the previous each Facility) for such Lease Year. The term "INDEX", as used herein, Year shall mean the Consumer Price Index for All Urban Consumers, published be increased by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that if a percentage equal to 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement DateIncrease. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments If any adjustment provided for in this Lease subsection (b) shall be not have been made at the successor thereto, compiled and published by an agency commencement of the United States governmentLease Year for which applicable, 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 Lessee shall continue to be used in pay monthly Minimum Rent at 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor last rate applicable until Lessee receives Lessor’s written notice as to such new index for the purpose adjustment. Within ten (10) days after Lessee’s receipt of making such new index as comparable as practicable with the prior base year index. Such conversion factor Lessor’s notice, Lessee shall be * - Redacted Text - Confidential treatment requested; omitted portions have been filed separately with the Securities and Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factor.pay to
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Samples: Master Lease Agreement
Minimum Rent. Commencing on (a) For the period from the Commencement DateDate through the expiration of the first Lease Year, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, Tenant Lessee shall pay to Landlord each Lease Year (Lessor as such term is hereinafter defined), and Tenant covenants and agrees that Tenant will pay to Landlord during the Term, at the address specified in this Lease monthly “Minimum Rent” for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. 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 payableFacility, in advance, advance on or before the first (1st) day of each month of calendar month, the Term, commencing amount determined pursuant to the formula set forth on the Commencement DateExhibit D attached hereto and incorporated herein by this reference. If the Commencement Date occurs on a day other than on the The first (1st) day of the month in which such date falls, such installment monthly payment of Minimum Rent shall be payable on the Commencement Date (prorated based as to any partial calendar month at the beginning of the Term).
(b) Upon the commencement of the second (2nd) Lease Year of the Fixed Term, and upon the actual number commencement of days in such month.
3.1.2. Commencing with the second each Lease Year and commencing on thereafter during the first day of each succeeding Lease Year Term (each, a "Rent Adjustment Date"including the Extended Term(s), if any), and provided that the Minimum Rent payable by Tenant Escalation Condition has been satisfied as of the commencement of such Lease Year, the then current monthly Minimum Rent for such Lease Year shall be adjusted to be that product increased (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 but not decreased) 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 percentage equal to the preceding Rent Adjustment Date in the case of the second Rent Adjustment Date and each succeeding Rent Adjustment DateCPI Increase. Notwithstanding anything to the contrary contained in this Section 3.1.1(b), in the foregoing, in no event shall that the Minimum Rent in Escalation Condition as of the commencement of any Lease Year exceed * 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 Minimum Rent Escalation Condition shall nevertheless be deemed satisfied and the then current monthly Minimum Rent for such Lease Year shall be increased by a percentage equal to the CPI Increase. 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 at the 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, Lessee 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, less the aggregate amount paid by Lessee on account of monthly Minimum Rent for the previous Lease Yearsame period. The term "INDEX"Thereafter, as used herein, shall mean the Consumer Price Index for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 Lessee shall pay monthly Minimum Rent for 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 in this applicable Lease shall be calculated based upon Year at the new base year index, and rate set forth in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorLessor’s notice.
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Minimum Rent. 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 to pay to Landlord during Landlord, in lawful money of the TermUnited States of America, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. 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 from the Commencement Date to and including the commencement day immediately preceding the fifth (5th) anniversary of the next Lease Year. Each such installment shall be due and payable, in advance, Commencement Date (if the Commencement Date occurs on or before the first (1st) day of each month a month) or the last day of the Term, commencing on month during which the fifth (5th) anniversary of the Commencement Date. If 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 month Term, at the office of Landlord, 0000 Xxxxx Xxxxx Xxxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000-0000, or at such other address as Landlord may from time to time designate in which such date fallswriting to Tenant. Landlord agrees that Tenant shall have the right, such installment 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 Xxxxxx, Landlord agrees to provide Tenant with Xxxxxxxx's account information and wiring instructions to enable Tenant to make payment of Minimum Rent shall be prorated based upon the actual number of days in such month.
3.1.2by wire transfer as aforesaid. Commencing with the second Lease Year and commencing on the first day of each succeeding Lease Year (each, a "Rent Adjustment Date"), the Minimum Rent payable by Tenant shall be adjusted 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 for All Urban Consumers, published by the Bureau of Labor Statistics first and last months of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that Term shall be prorated on a daily basis if the CPI described above Term shall be discontinued, begin or end on a day other than the Index shall be the index first or last day 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorcalendar month.
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Minimum Rent. Commencing on (a) For the Commencement Dateperiod from the Restatement Date through the expiration of the Fixed Term, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, Tenant Lessee shall pay to Landlord Lessor as monthly "Allocated Minimum Rent" for each Facility the amounts allocated to and set forth opposite such Facility on Exhibit Cattached hereto and incorporated herein by this reference, in advance --------- on or before the first day of each calendar month.
(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 Year Rate (as such term is hereinafter definedthe "Applicable Boise Minimum Rent Increase"), and Tenant covenants and agrees that Tenant will pay to Landlord during accordingly the Term, at the address specified in this Lease for the giving monthly installments of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. The aforesaid monthly Allocated Minimum Rent shall be due and payable in monthly installments, each in the amount equal to increased by one-twelfth (1/12) of the Applicable Boise Minimum Rent Increase payable 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 any months during which such date falls, such installment of Minimum Rent increase is applicable shall be prorated based upon the actual number of days for which the different rental amounts apply. Following any changes in such month.
3.1.2. Commencing monthly Allocated Minimum Rent with respect to the second Lease Year and commencing on Facility located in Boise, Idaho pursuant to this Lease, at the first day request of each succeeding Lease Year (each, a "Rent Adjustment Date")either party, the parties shall execute an amendment to this Lease to confirm the same in form and substance reasonably acceptable to Lessor and Lessee. Notwithstanding the foregoing, 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 payable by Tenant shall be adjusted 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factor.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
Minimum Rent. Commencing on During the Commencement Date, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereofentire Term of this Lease, Tenant shall pay to Landlord each Lease Year annual minimum rental (as such term is hereinafter defined), and Tenant covenants and agrees that Tenant will pay to Landlord during "Minimum Rent") for the Term, at Leased Premises from the address specified in Commencement Date of this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. The aforesaid Minimum Rent shall be due and payable in monthly installments, each in the amount equal to one-twelfth (1/12) of set forth in the Minimum Rent for each Lease Year and Data Sheet attached hereto, which sum shall be prorated for payable by Tenant in equal consecutive monthly installments in the time period between sum set forth in the Commencement Date and the commencement of the next Lease Year. Each such installment shall be due and payable, in advanceData Sheet attached hereto, on or before the first (1st) day of each month month, in advance. The Minimum Rent and each of the Termmonthly installments called for hereunder shall be payable to Landlord, commencing without demand, deduction, set-off or counter-claim, except as otherwise provided herein or permitted by applicable law. The first installment of Minimum Rent shall be paid by Tenant on or before the Commencement Date. If the Commencement Date occurs on a day other than on the first (1st) day of a month, the month in which such date falls, such second 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 at a daily rate on the first basis of a thirty (30) day month. On the Commencement Date, if either of each succeeding Lease Year the following conditions have not been satisfied: (each1) at least five (5) Major Tenants are open or ready to open for business; or (2) the "Required Occupancy Level" (as hereinafter defined) has been achieved, a "Rent Adjustment Date"), the then Tenant's obligation for payment of Minimum Rent payable by shall abatx xxx Tenant shall be adjusted pay to be that product Landlord, in lieu thereof, Interim Rent on the basis of the lesser of (which shall in no event be less than A) 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 [***] and (B) [***] of which shall be the Index all of Tenant's Gross Sales (as defined belowin Section 2.2 of this Lease) 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 until both of the first Rent Adjustment Date or conditions in (ii1) 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=1002) ("CPI")above have been initially satisfied; provided, however, that Tenant shall not be entitled to such abatement of Minimum Rent if Tenant fails to open its store in the CPI described above 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. Said Interim Rent shall be discontinuedpaid to Landlord within ten (10) days following the end of each calendar month, the Index at which time Tenant 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 agency publishing the same, or as otherwise may also be required to compensate submit an unaudited statement of Tenant's Gross Sales for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled such calendar month and published by an agency of the 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the purpose of making such new index as comparable as practicable with the prior base year indexLease Year to date. Such conversion factor shall be * - Redacted Text - Confidential treatment requested; omitted portions have been filed separately with the Securities and Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factor.All other terms and
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Minimum Rent. Commencing on (a) For the Commencement Date, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereofentire term of this Lease, Tenant shall pay to Landlord each Lease Year fixed minimum annual rent (as such term is hereinafter defined), and Tenant covenants and agrees that Tenant will pay to Landlord during the Term, at the address specified in this Lease herein "Minimum Rent") for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. The aforesaid Minimum Rent shall be due and payable in monthly installments, each leased premises in the amount equal set forth in the Data Sheet. subject to one-twelfth (1/12) adjustments and further increases pursuant to this Section 2.01 and other provisions of the Minimum Rent for each Lease Year and this Lease, which sum 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, payable by Tenant in advance, equal consecutive monthly installments on or before the first (1st) day of each month month, in advance, at the office of the TermLandlord, commencing on or such other place as the Commencement DateLandlord may designate, without any prior demand therefor and without any deduction or setoff whatsoever. If The first monthly installment of Minimum Rent shall be paid in advance upon the Commencement Date occurs date of Tenant's execution of this Lease. Should the term of this Lease commence on a day other than on the first (1st) day of a calendar month, then the month in which such date falls, such second monthly installment of Minimum Rent shall be prorated accordingly at a daily rate on the basis of a thirty (30) day month. Should any lease year contain less than twelve (12) calendar months, said annual rental shall be prorated.
(b) The 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 number square footage of days floor area in the leased premises and such month.
3.1.2. Commencing with the second Lease Year and commencing certification shall be binding on the first day of each succeeding Lease Year (each, a "Rent Adjustment Date"), the Minimum Rent payable by Tenant parties hereto. Such determined square footage shall be adjusted 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-all calculations based adjustments provided for on square footage in this Lease shall be the successor thereto, compiled and published by an agency of the 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 dollarLease, and the decision of said accountants annual Minimum Rent and monthly installment(s) set forth in selecting such successor price index to be used hereunder the Data Sheet shall be final accordingly adjusted (upwards or downwards). Tenant shall, within ten (10) days of request, execute and binding upon deliver to Landlord an appropriate document reflecting the parties. Landlord shall pay actual square footage of 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 Termleased premises, the 1982-84 = 100 index published concurrently by the Bureau of Labor Statistics shall continue to be used in the calculation of adjustments Minimum Rent and monthly installment(s) as determined 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factor.
Appears in 1 contract
Samples: Lease Agreement (Cinema Ride Inc)
Minimum Rent. 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 to pay to Landlord during the TermLandlord, at the address specified in this Lease without deduction, abatement or setoff of any nature whatsoever, as rent for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demandPremises only, the amount sum of * One Hundred Seventy-six Thousand Four Hundred Eight Dollars ($176,408) per year (36.816 acres x 43,560 square feet x .11 per square foot) (hereinafter "MINIMUM RENTMinimum Term Rent").
3.1.1. The aforesaid Minimum Term Rent shall be due and payable in equal monthly installments, each installments of Fourteen Thousand Seven Hundred One Dollars ($14,701) 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 advance without demand on the first day of each succeeding and every calendar month throughout the term of this Lease Year (each, a hereinafter referred to as "Rent Adjustment DateMinimum 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 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 payable by Tenant shall be adjusted to adjusted, based upon the adjustment in the Consumer Price Index (All Urban Consumers) or, if there shall be that product no such Consumer Price Index, then in the successor of the most nearly comparable successor index thereto (which shall in no event be less than the Minimum Rent payable for the preceding Lease Year), which is derived "Index Figure") by multiplying the Minimum Monthly Rent payable for the previous Lease Year by a fraction, the numerator of which shall be being the Index (as defined below) in effect Figure for the month of August in December preceding the previous Lease Year anniversary date of the Lease, and the denominator of which shall be being the Index in effect Figure 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 December 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In This figure, as calculated, shall become the event a comparable substitute index is not availableMinimum Monthly Rent for the Lease Term, then subject to additional annual adjustment as described below. Thereafter, on each succeeding anniversary date, the price index used in making the CPI-based adjustments provided for in this Lease Minimum Monthly Rent shall be adjusted by multiplying the successor theretoMinimum Monthly Rent by a fraction, compiled and published by an agency the numerator being the Index Figure for the month of December, preceding the 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 dollarcurrent anniversary date, and the decision of said accountants in selecting such successor price index to be used hereunder shall be final and binding upon denominator being 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index Index Figure for the purpose month of making such new index as comparable as practicable with December preceding 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorprevious anniversary date.
Appears in 1 contract
Samples: Ground Lease (Kitty Hawk Inc)
Minimum Rent. (1) Commencing on the Commencement Date, and subject to Tenant shall make monthly payments of Minimum Rent in equal monthly installments in the provisions for the Tenant Improvement Allowance amounts set forth 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, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. 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 payable1 above, in advance, on or before the first (1st) day of each calendar month of during the Term, commencing on Term without notice. In the Commencement Date. If event that the Commencement Date occurs on a day other than does not occur on the first (1st) 1st day of a month, the month in which such date falls, such installment of Minimum Rent payable with respect to such partial month shall be prorated based upon on the actual number of days in such month. Tenant shall pay its first installment of Minimum Rent and Additional Rent upon its execution of this Lease.
3.1.2. Commencing (2) All sums payable by Tenant under this Lease, whether or not stated to be rent, Minimum Rent or additional Rent (“Additional Rent”, collectively with the second Lease Year and commencing on the first day of each succeeding Lease Year (eachMinimum Rent, a "Rent Adjustment Date"“R ent”), shall be collectible by Landlord as Rent, and upon default in payment thereof Landlord shall have the Minimum same rights and remedies as for failure to pay Rent (without prejudice to any other right or remedy available therefor). All Rent payable by Tenant shall be adjusted 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in under this Lease shall be the successor theretopaid, compiled and published when due, without demand, offset, abatement, diminution or reduction. Additional Rent shall include all sums that may become due by an agency reason of Tenant’s failure to comply with any of the United States governmentterms, which determines the purchasing power conditions and covenants of the dollarLease and any and all damages, costs and expenses (including, without limitation, reasonable attorney fees) that Landlord may suffer or incur by reason of any default by Tenant. If Without limiting the foregoing, Tenant shall be responsible for all attorneys’ fees incurred by Landlord determines that there is no such index compiled and published by an agency in any court proceeding or in any bankruptcy proceeding relating to the exercise of Landlord’s rights under the Bankruptcy Code, including, without limitation, Landlord’s rights under Sections 362, 365 and/or 503 of the United States governmentBankruptcy Code.
(3) If Tenant fails to pay any payment of Rent to Landlord within five (5) days of when the same is due, then a nationally recognized firm interest shall accrue on all such sums due but unpaid at the rate 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 five percent (5%) of the dollaramount due provided that if such nonpayment continues for ten (10) or more days after the same is due, and Tenant shall also pay interest on such overdue amount at the decision rate of said accountants four percent (4%) over the then Prime Rate as published daily under the heading “Money Rates” in selecting The Wall Street Journal, unless such successor price index rate be usurious as applied to be used hereunder shall be final and binding upon Tenant, in which case 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord highest permitted legal rate shall apply a conversion factor to such new index for (the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factor“Default Rate”).
Appears in 1 contract
Samples: Lease Agreement
Minimum Rent. Commencing on the Commencement Date(i) Minimum Rent, together with any and subject to the provisions for the all sales tax (if any) thereon, shall be payable by 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, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. The aforesaid Minimum Rent shall be due and payable in monthly installments, each installments 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 advance on the first day of each succeeding month, at the office of Landlord set forth on the first paragraph of this Lease Year (eachor such other place within the continental United States as Landlord may designate in writing. For purposes of this Lease, a "Rent Adjustment Date"), the Minimum Rent payable by Tenant Rent" shall be adjusted to be that product at the rate of One Million Four Hundred Thousand Dollars (which shall in no event be less than the Minimum Rent payable $1,400,000.00) per annum ($116,666.67 per month) for the period from the Commencement Date through the day immediately preceding Lease Year), which is derived by multiplying the Minimum Rent payable for the previous Lease Year by a fraction, the numerator fifth (5th) anniversary 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In Annual Minimum Rent shall increase every five (5) years commencing on the event fifth (5th) anniversary of the Commencement Date and through the Expiration Date to an amount equal to the greater of (a) 105% of the existing annual Minimum Rent at the end of the immediately prior five-year rent period, or (b) 6% of annual Gross Receipts (as hereinafter defined) measured at the end of the immediately prior five-year rent period based on the Gross Receipts for the prior twelve (12) months. To the extent that the increase has not been determined or agreed upon as of any rent adjustment date as a comparable substitute index is 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 availablehave 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 price index used in making rent deficiency at the CPI-based adjustments provided for in this Lease shall be Default Rate from the successor thereto, compiled and published by an agency of date the 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 amount should have been filed separately with paid had the Securities and Exchange Commission. obtained from determination been made timely until the Bureau date of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorpayment.
Appears in 1 contract
Minimum Rent. Commencing on the Commencement Date, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, Tenant A. Minimum Rent shall pay to Landlord each Lease Year (as such term is hereinafter defined), and Tenant covenants and agrees that Tenant will pay to Landlord accrue during the Term, term at the address annual rate specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * (Exhibit "MINIMUM RENT").
3.1.1B" hereto. The aforesaid Such Minimum Rent shall be due and payable in advance. in equal monthly installments, each in the amount equal to one-installments of one twelfth (1/121/12th) of the annual amount, the installment for the first full calendar to be payable upon execution of this Lease and subsequent installments to be payable 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, Minimum Rent for each Lease Year from such day until the first day of the following month shall be prorated (on the basis of the number of days during the first month) 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 Rent Commencement date. In such event, the installment of rent paid at execution hereof shall be applied to the due for the first (1st) day of each full calendar month of the Termterm hereof
C. Tenant hereby covenants and agrees to pay when due all Minimum Rent, commencing on the Commencement Date. If the Commencement Date occurs on a day Additional Rent and other than on the first (1st) day of the month in which sums due to Landlord hereunder at such date fallsaddress as Landlord may designate, such installment of Minimum Rent shall be prorated based upon the actual number of days in such monthfrom time to time, by written notice to Tenant, without demand and without deduction, set- of, counterclaim or abatement for any reason.
3.1.2D. If Landlord, at any time or times. Commencing with shall accept said rent or any other sum due to it hereunder after the second Lease Year same shall become due and commencing on the first day of each succeeding Lease Year (eachpayable. such acceptance shall not excuse delay upon subsequent occasions or constitute, or be construed as, a "Rent Adjustment Date"), the Minimum Rent waiver of 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 adjusted 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 collectible by Landlord shall select a successor price index, government or private, which best reflects changes in the purchasing power of the dollaras Additional Rent, and the decision of said accountants on default in selecting such successor price index to be used hereunder shall be final and binding upon the parties. payment thereof Landlord shall have the same rights and remedies as for failure to 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 rent (without prejudice 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorany other right or remedy available therefor).
Appears in 1 contract
Minimum Rent. Commencing on (i) Subject to an upward adjustment(s) with respect to Capital Renovation Project funded by Lessor as described below, for the period from the Commencement DateDate through the expiration of the first Lease Year, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, Tenant Lessee 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, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * (Lessor "MINIMUM RENT").
3.1.1. 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 payableRent" monthly, in advance, advance on or before the first (1st) 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 payable on the Commencement Date (prorated as to any partial calendar month of the Term, commencing on the Commencement Date. If the Commencement Date occurs on a day other than on the first (1st) day beginning of the month in which such date falls, such installment of 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 actual 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 such month.
3.1.2. Commencing with substantially the second Lease Year and commencing on the first day of each succeeding Lease Year (each, a "Rent Adjustment Date"), form attached hereto as Exhibit C-2 to reflect the Minimum Rent payable by Tenant hereunder. Notwithstanding the foregoing, the 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, the annual Minimum Rent then in effect shall be adjusted increased by an amount equal to be that the product of (which shall i) Thirty One Hundredths Percent (.30%) times (ii) the Minimum Repurchase Price as of such date.
(iii) If the rate in no event be less (y) below is greater than the rate in (x) below, then as of the expiration of the tenth (10th) Lease Year, the annual 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 then in effect shall be increased by an amount equal to the Index (as defined below) in effect for the month product of August in the previous Lease Year and the denominator of which shall be the Index in effect for (i) the month of Augustdifference between (x) the 5-year U.S. Treasury Note rate, 2001 published in the case Wall Street Journal, three (3) Business Days prior to the Commencement Date and quoting the rate as of the first Rent Adjustment Date or immediately prior Business Day, and (y) the 5-year U.S. Treasury Note rate, published in the Wall Street Journal, three (3) Business Days prior to expiration of the tenth (10th) Lease Year and quoting the rate as of the immediately prior Business Day, times (ii) the month Minimum Repurchase Price as of August prior to the preceding Rent Adjustment Date in the case of the second Rent Adjustment Date and each succeeding Rent Adjustment Datesuch date. Notwithstanding anything to the contrary in the foregoing, in In no event shall the Minimum Rent in after any Lease Year exceed * such adjustment pursuant to this clause (iii) be less than One Hundred Percent (100%) nor more than One Hundred Three Percent (103%) of the Minimum Rent for the previous Lease Year. The term "INDEX", as used herein, shall mean the Consumer Price Index for All Urban Consumers, published in effect immediately prior to such adjustment (without taking into account any increase in Minimum Rent resulting from any payments made by the Bureau Lessor on account of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"a Capital Renovation Project); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the United States government, which determines the purchasing power of the dollar. If Landlord determines either the 5-Year or 10-Year U.S. Treasury Note rate is discontinued prior to that there date which 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factor.three (3) Business
Appears in 1 contract
Samples: Lease (Balanced Care Corp)
Minimum Rent. Commencing on (a) For the period from the Commencement DateDate through the expiration of the first Lease Year, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, Tenant Lessee shall pay to Landlord each Lease Year (Lessor as such term is hereinafter defined), and Tenant covenants and agrees that Tenant will pay to Landlord during the Term, at the address specified in this Lease for the giving of notices to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. The aforesaid monthly “Allocated Minimum Rent shall be due and payable in monthly installments, each in the amount equal to one-twelfth (1/12) of the Minimum Rent 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 payableFacility, in advance, advance on or before the first (1st) day of each month of calendar month, the Term, commencing amounts allocated to such Facility and determined pursuant to the formula set forth on the Commencement DateExhibit D attached hereto and incorporated herein by this reference. If the Commencement Date occurs on a day other than on the The first (1st) day of the month in which such date falls, such installment monthly payment of Minimum Rent shall be payable on the Commencement Date (prorated based as to any partial calendar month at the beginning of the Term).
(b) Upon the commencement of the second (2nd) Lease Year of the Fixed Term, and upon the actual number commencement of days in such month.
3.1.2. Commencing with the second each Lease Year and commencing on thereafter during the first day of each succeeding Lease Year Term (each, a "Rent Adjustment Date"including the Extended Term(s), if any), and provided that the Minimum Rent payable by Tenant Escalation Condition has been satisfied as of the commencement of such Lease Year, the then current monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for such Lease Year shall be adjusted to be that product increased (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 but not decreased) 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 percentage equal to the preceding Rent Adjustment Date in the case of the second Rent Adjustment Date and each succeeding Rent Adjustment DateCPI Increase. Notwithstanding anything to the contrary contained in this Section 3.1.1(b), in the foregoing, in no event shall that the Minimum Rent in Escalation Condition as of the commencement of any Lease Year exceed * 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 Minimum Rent Escalation Condition shall nevertheless be deemed satisfied and the then current monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for such Lease Year shall be increased by a percentage equal to the CPI Increase. 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 at the 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, Lessee 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, less the aggregate amount paid by Lessee on account of monthly Minimum Rent for the previous Lease Yearsame period. The term "INDEX"Thereafter, as used herein, shall mean the Consumer Price Index for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 Lessee shall pay monthly Minimum Rent for 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 in this applicable Lease shall be calculated based upon Year at the new base year index, and rate set forth in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorLessor’s notice.
Appears in 1 contract
Minimum Rent. Commencing on the Commencement Date, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, (a) The Tenant shall pay from and after the Commencement Date to the Landlord each Lease Year (as such term is hereinafter defined), and Tenant covenants and agrees that Tenant will pay to Landlord during the Term, at the address specified in this Lease for office of the giving of notices to Landlord Landlord, or at such other place as Landlord may specifydesignated by the Landlord, in lawful money of Canada, without any right of set-off, deduction, counterclaim, suspension of abatement, prior demand therefor and without any prior notice deduction, abatement, set off or demandcompensation whatsoever, as annual Minimum Rent, the amount of * (sum of: please see Schedule "MINIMUM RENTE").
3.1.1. The aforesaid Minimum Rent shall be due is based upon an annual rate of: Please see Schedule "E"; and payable when the Rentable Area of the Premises is certified as set out in monthly installmentsSection 3.04, each in the amount equal to one-twelfth (1/12) of the Minimum Rent for each Lease Year and shall shall, if necessary, be prorated for the time period between adjusted accordingly as of the Commencement Date and from time to time thereafter to conform with changes in the commencement Rentable Area of the next Lease YearPremises. Each If the Tenant has paid in excess of the amounts due on account of Minimum Rent as a result of such installment adjustment, the excess shall be credited by the Landlord against Rent, then or in the future owing by the Tenant under this Lease. If the amount the Tenant has paid is less than the amounts due and payable, in advance, on or before the first (1st) day of each month as a result of the Termadjustment, commencing on the Commencement DateTenant shall pay such additional amounts due within thirty (30) days after demand therefor. If the Commencement Date occurs is on a day other than on the first (1st) day of the calendar month, then the Tenant shall pay, upon the 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 such date fallsthe Commencement Date occurs, such installment of Minimum Rent shall be prorated based upon the actual number a period of days in such monththree hundred and sixty-five (365) days.
3.1.2. Commencing with (b) At the second Lease Year and commencing on Landlord's option, upon notice to the first day of each succeeding Lease Year (each, a "Rent Adjustment Date")Tenant, the Minimum Rent payable by Tenant shall be adjusted shall, at the Tenant's cost, and without prejudice 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 any other right or remedy of the first Rent Adjustment Date or Landlord present to the Landlord thirty (ii30) the month of August days prior to the preceding Rent Adjustment Date in commencement of each Rental Year throughout the case Term, a series of monthly postdated cheques for each such year 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 for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making the CPI-based adjustments provided for in this Lease shall be the successor thereto, compiled and published by an agency of the 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 Term in respect of their selection the aggregate 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 monthly payments of annual Minimum Rent and any payments of Additional Rent estimated by the Bureau of Labor Statistics shall continue Landlord in advance, and any other payments required by this Lease to be used paid by the Tenant monthly in advance.
(c) The Landlord acknowledges receipt of the Tenant's deposit in the calculation amount of adjustments hereunder; providedThirty Nine Thousand, however, that Sixty-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 event amount of Twelve Thousand, One Hundred and 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 Bureau balance to be applied towards the last two months of Labor Statistics ceases to currently publish the 1982-84 index, then the adjustments provided for in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index for the 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 Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorterm.
Appears in 1 contract
Samples: Office Lease (Ace Hardware Corp)
Minimum Rent. Commencing on the Commencement Date, and subject to the provisions for the Tenant Improvement Allowance in Section 2.1 hereof, (A) Tenant shall pay during the first year of the Lease Term 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, Minimum Rent at the address specified rate of One Hundred Forty Thousand Nine Hundred Twenty One Dollars and Eighty Eight Cents ($140,921.88) per year, in this Lease for the giving equal monthly installments of notices Eleven Thousand Seven Hundred Forty Three Dollars and Forty Nine Cents ($11,743.49) (hereinafter referred to Landlord or at such other place as Landlord may specify, without any right of set-off, deduction, counterclaim, suspension of abatement, and without any prior notice or demand, the amount of * ("MINIMUM RENT").
3.1.1. The aforesaid “Minimum Rent”) which 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 payablepaid monthly, 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 succeeding Lease Year (each, a "Rent Adjustment Date"), and every calendar month during the term of this Lease. Minimum Rent payable by Tenant for any fraction of a month at the commencement or expiration of the term of this Lease shall be adjusted to be that product (which shall in no event be less than the prorated. All payments of Minimum Rent and Additional Rent (defined herein) shall be made payable to Landlord and shall be sent to Landlord to the address hereinafter provided for the preceding Lease Year), which is derived giving of notice to Landlord or to such other person or address as Landlord shall from time to time designate by multiplying the Minimum Rent payable for the previous Lease Year by a fraction, the numerator of which shall be the Index notice to Tenant.
(as defined belowB) 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 contained to the contrary herein, provided the Tenant is not in default, delivered to the foregoing, Landlord with the required insurance certificate as described herein and established utility services in no event shall its name at the Demised Premises the Tenant’s monthly Minimum Rent in any payments shall commence two (2) months after the actual Lease Year exceed * of the Minimum Rent for the previous Lease Year. The term "INDEX", as used herein, shall mean the Consumer Price Index for All Urban Consumers, published by the Bureau of Labor Statistics of the U.S. Department of Labor for Los Angeles-Anaheim-Riverside, California, all items (1982-84=100) ("CPI"); provided, however, that 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 agency publishing the same, or as otherwise may be required to compensate for changes subsequent to the Commencement Date. In the event a comparable substitute index is not available, then the price index used in making Tenant has complied with each of the CPI-based adjustments provided for requirements indentified in this Lease shall be the successor thereto, compiled and published by an agency Subsection B of the 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 Termthis Article 3, the 1982-84 = 100 index published concurrently by Tenant shall have access to the Bureau of Labor Statistics shall continue Demised Premises up to be used in fourteen (14) days prior to 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 in this Lease shall be calculated based upon the new base year index, and in such event Landlord shall apply a conversion factor to such new index Initials: JPF. SPM. 2 Commencement Date for the purpose of making the Tenant installation of equipment and wiring in anticipation of the Tenant conducting business at the Demised Premises provided such new index as comparable as practicable installations to not interfere with the prior base year index. Such conversion factor Landlord’s work to complete the Landlord Improvements as described on the attached Exhibit C. On each anniversary of the Rent Commencement Date, the Tenant’s Minimum Rent shall be * - Redacted Text - Confidential treatment requested; omitted portions have been filed separately with the Securities and Exchange Commission. obtained from the Bureau of Labor Statistics if in fact the Bureau publishes such a conversion factor; otherwise a nationally recognized firm of certified public accountants designated by Landlord shall select a conversion factorincrease Fifty Cents (.50) per square foot.
Appears in 1 contract
Samples: Lease Agreement (Spring Bank Pharmaceuticals, Inc.)