Common use of Minimum Rent Clause in Contracts

Minimum Rent. A. Minimum Rent shall be in accordance with the Rider attached hereto as Schedule A. Minimum Rent and any other Rent due under this Lease shall commence thirty (30) days after Substantial Completion of Landlord's Work (as hereinafter defined), but no earlier than December 19, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. If the term of this Lease begins on a day other than the first day of a month, rent from such day until the first day of the following month shall be prorated at the rate of one-thirtieth of the fixed monthly rental for each day of the first full calendar month of the term hereof (and, in such event, the installment of rent paid at execution hereof shall be applied to the rent due for the first full calendar month of the term hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at the Current Facility on or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reduction, Tenant shall deduct from Minimum Rent and Rent all other costs and expenses which it shall incur pursuant to its Existing Lease, including without limitation, maintenance, cleaning, repairs, and taxes..

Appears in 1 contract

Samples: Lease Agreement (Quad Systems Corp /De/)

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Minimum Rent. A. Minimum Rent shall be in accordance with (a) Tenant agrees to pay to Landlord, as minimum rent for the Rider attached hereto as Schedule A. Minimum Rent demised premises, equal consecutive monthly installments of Twenty-six Thousand Six Hundred Forty-nine and any other Rent due under this Lease shall commence thirty 17/100 Dollars (30) days after Substantial Completion of Landlord's Work (as hereinafter defined$26,649.17), but no earlier than December 19commencing on the commencement date, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. If the term of this Lease begins continuing on a day other than the first day of a each calendar month during years one (1) through five (5) of the initial term of this Lease, monthly installments of Twenty-seven Thousand One Hundred Fourteen and 08/100 Dollars ($27,114.08) each calendar month during years six (6) through ten (10), and monthly installments of Twenty-nine Thousand Eight Hundred Twenty-five and 49/100 Dollars ($29,825.49) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent from such day until the first day of the following month shall be prorated at the rate of one-thirtieth of the fixed monthly rental for each day of the first full calendar month of the term hereof (and, other than any percentage rent payable hereunder. As used in such eventthis Lease, the installment of rent paid at execution hereof shall be applied terms "minimum rent" and "minimum rental" mean the minimum rental set forth in this Section 5(a) as adjusted pursuant to the rent due for the first full calendar month of the term Section 4 hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing . As used in this Lease") at the Current Facility on or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15terms "rent and "rental" mean minimum rental, 1996percentage rental, whereupon the Lease shall terminate additional rental and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reduction, Tenant shall deduct from Minimum Rent and Rent all other costs sums due and expenses which it shall incur pursuant owing from Tenant to its Existing Landlord under this Lease, including without limitation, maintenance, cleaning, repairs, and taxes...

Appears in 1 contract

Samples: Lease (Retail Ventures Inc)

Minimum Rent. A. Minimum Rent shall be in accordance with (a) Tenant agrees to pay to Landlord, as minimum rent for the Rider attached hereto as Schedule A. Minimum Rent and any other Rent due under this Lease shall commence thirty demised premises, equal consecutive monthly installments of Twenty-six Thousand Eighty-three Dollars (30) days after Substantial Completion of Landlord's Work (as hereinafter defined$26,083.00), but no earlier than December 19commencing on the commencement date, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. If the term of this Lease begins continuing on a day other than the first day of a each calendar month during years one (1) through five (5) of the initial term of this Lease, monthly installments of Twenty-eight Thousand Four Hundred Seventy-three and 94/100 Dollars ($28,473.94) each calendar month during years six (6) through ten (10), and monthly installments of Thirty-one Thousand Three Hundred Twenty-one and 34/100 Dollars ($31,321.34) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent from such day until the first day of the following month shall be prorated at the rate of one-thirtieth of the fixed monthly rental for each day of the first full calendar month of the term hereof (and, other than any percentage rent payable hereunder. As used in such eventthis Lease, the installment of rent paid at execution hereof shall be applied terms "minimum rent" and "minimum rental" mean the minimum rental set forth in this Section 5(a) as adjusted pursuant to the rent due for the first full calendar month of the term Section 4 hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing . As used in this Lease") at the Current Facility on or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15terms "rent and "rental" mean minimum rental, 1996percentage rental, whereupon the Lease shall terminate additional rental and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reduction, Tenant shall deduct from Minimum Rent and Rent all other costs sums due and expenses which it shall incur pursuant owing from Tenant to its Existing Landlord under this Lease, including without limitation, maintenance, cleaning, repairs, and taxes...

Appears in 1 contract

Samples: Lease (Retail Ventures Inc)

Minimum Rent. A. Minimum Rent (a) Tenant agrees to pay to Landlord, as minimum rent for the demised premises, equal consecutive monthly installments of Forty-three Thousand Four Hundred Eighteen and 72/100 Dollars ($43,418.72), commencing on the commencement date, and continuing on the first day of each calendar month during years one (1) through five (5) of the initial term of this Lease, monthly installments of Forty-seven Thousand Seven Hundred Fifty-one and 75/100 Dollars ($47,751.75) each calendar month during years six (6) through ten (10), and monthly installments of Fifty-two Thousand Five Hundred Twenty-six and 93/100 Dollars ($52,526.93) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in accordance with advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the Rider attached hereto right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the terms "minimum rent" and "minimum rental" mean the minimum rental set forth in this Section 5(a) as Schedule A. Minimum Rent and any other Rent due under adjusted pursuant to Section 4 hereof. As used in this Lease shall commence thirty (30) days after Substantial Completion of Landlord's Work (as hereinafter defined)Lease, but no earlier than December 19, 1996. B. All the terms "rent and "rental" mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein)under this Lease. C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. (b) If the Lease term of this Lease begins shall commence on a day other than the first day of a calendar month or shall end on a day other than the last day of a calendar month, rent from the minimum rental for such day until the first day of the following or last fractional month shall be prorated such proportion of the monthly minimum rental as the number of days in such fractional month bears to the total number of days in such calendar month. (c) Until further notice to Tenant, all rental payable under this Lease shall be payable to Landlord and mailed to Landlord at c/o Kimco Realty Corporation, 3333 New Hyde Xxxx Xxxx, Xxxxx 000, Xxx Xxxx Xxxx, Xxx Xxxx 00000. (d) In the event any sums required under this Lease to be paid are not received when due, then all such amounts shall bear interest from the due date thereof until the date paid at the rate of one-thirtieth of interest equal to two percent (2%) over the fixed monthly rental for each day of the first full calendar month of the term hereof (andprime rate in effect from time to time as established by National City Bank, in such eventColumbus, the installment of rent paid at execution hereof shall be applied to the rent due for the first full calendar month of the term hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania Ohio (the "Current FacilxxxInterest Rate"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at the Current Facility on or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced due and payable by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reductionTenant without notice or demand, Tenant shall deduct from Minimum Rent and Rent pay the foregoing interest thereon in addition to all other costs and expenses which it shall incur default remedies of Landlord pursuant to its Existing LeaseSection 34 below. (e) Notwithstanding anything herein contained to the contrary, including without limitationTenant shall initially pay to Landlord as additional rental, maintenancesimultaneously with the payment of minimum rental called for under Section 5(a) above, cleaningFive Dollars and 03/100 ($5.03) per square foot, repairspayable in equal monthly installments of Eight Thousand Eight Hundred Ninety-five and 97/100 Dollars ($8,895.97), as the estimated monthly amount of Tenant's Proportionate Share of Maintenance Costs (provided for in Section 16 hereof), real estate taxes (provided for in Section 28 hereof) and taxes..insurance (provided for in Section 29 hereof). Tenant's Proportionate Share of Maintenance Costs shall not exceed Two Dollars and 25/100 cents ($2.25) per square foot in the first lease year.

Appears in 1 contract

Samples: Lease (DSW Inc.)

Minimum Rent. A. Minimum Rent shall be in accordance with Tenant agrees to pay during the Rider attached hereto as Schedule A. Minimum Rent term hereof a minimum annual rent of Seventy Nine Thousand Six Hundred Fifteen Dollars and any other Rent due under this Lease shall commence thirty Twenty Cents (30) days after Substantial Completion of Landlord's Work (as hereinafter defined$ 79,6l5.20), but no earlier than December 19payable without diminution, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associatescounterclaim, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it hereunder after the same shall become due and payable, such acceptance shall not excuse delay upon subsequent occasionsoff, or constitute or be construed asdemand, a waiver in equal monthly installments of any Six Thousand Six Hundred Thirty Four Dollars and Sixty Cents ($ 6,634.60), the first installment payable on the execution of Landlord's rights hereunder. D. If this Lease and the remaining installments payable in advance on the first day of each calendar month during the term of this Lease begins Lease. Notwithstanding the foregoing, if the term shall commence on a day other than the first day of a the calendar month, the first installment of rent shall be prorated to take into account the number of days from the term commencement date to the end of such day until calendar month, and the final installment of rent shall be prorated to take into account the number of days from the first day of the following month shall be prorated at the rate of one-thirtieth of the fixed monthly rental for each day of the first full last calendar month of the term hereof to the termination date. All rent and other payments due hereunder from Tenant to Landlord shall be made payable to CONFEDERATION LIFE INSURANCE COMPANY (andU.S.) IN REHABILITATION, and mailed to Zuckxxxxx Xxxnstadt, Inc., 7316 Xxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxxx, Xxxxxxxx 00000 xx to such other person and place as Landlord may hereafter designate in such event, the writing. If any installment of rent accruing hereunder or any other sums payable hereunder shall not be paid at execution hereof within five (5) days after the due date, the rental and such other sums due shall, without affecting any of Landlord's other rights under this Lease, be increased by a late rental charge of 5%, or $75.00 whichever is greater, per month until paid, time being of the essence of this Lease. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of rent herein stipulated shall be applied deemed to the rent due for the first full calendar month be other than on account of the term hereof). E. This Lease is entered into by the parties hereto conditioned upon earlier stipulated rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and subject satisfaction, and Landlord may accept such check for payment without prejudice to (i) Landlord's acquisition right to recover the balance of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing such rent or pursue any other remedy provided in this Lease") at the Current Facility on or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reduction, Tenant shall deduct from Minimum Rent and Rent all other costs and expenses which it shall incur pursuant to its Existing Lease, including without limitation, maintenance, cleaning, repairs, and taxes...

Appears in 1 contract

Samples: Lease Agreement (Strayer Education Inc)

Minimum Rent. A. Tenant agrees to pay to Landlord, without demand, a ------------ minimum monthly rental (the "Minimum Rent shall be in accordance with the Rider attached hereto as Schedule A. Minimum Rent and any other Rent due under this Lease shall commence thirty (30) days after Substantial Completion of Landlord's Work (as hereinafter defined), but no earlier than December 19, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made for the Premises, for each and every month, payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. If the term of this Lease begins on a day other than in advance the first day of a each month, rent from such day until based on the following schedule: 08/1/96 - 08/31/96 $20,110.00 09/1/96 - 11/30/96 $40,220.00 12/1/96 - 07/31/98 $60,330.00 08/1/98 - 07/31/00 $63,346.50 Should for any reason as set forth herein, the commencement date for a floor not be the first day of the following month, the rent for that month shall be prorated pro-rated for the number of days in the shortened month. Notwithstanding the above, Tenant shall have a ten (10) day grace period from the 1st of the month to the 10th of the month to pay rent to Landlord three times in each twelve-month period beginning on the Tenth Floor Commencement Date. (a) As Additional Rent, Tenant shall pay to Landlord at the rate times hereinafter set forth, an amount equal to (a) Tenant's Share specified hereinbelow of any increase in "operating expenses" (defined below in this paragraph 5.2) paid or incurred by Landlord on account of the operation or maintenance of the Building above such operating expenses paid or incurred by Landlord during the Base Year specified hereinbelow, and (b) Tenant's share of any increase in "direct taxes" (defined below in this paragraph 5.2) paid or incurred by Landlord in any calendar year in excess of those paid or incurred in the Base Year specified hereinbelow. Notwithstanding the foregoing to the contrary, Tenant shall not be responsible for any increase in "operating" expenses or increase in "direct taxes" attributable to any period of time commencing on the Tenth Floor Commencement Date and ending on the first anniversary of the Tenth Floor Commencement Date. If at any time during the term of the Lease, less than ninety-five percent (95%) of the total leasable area of the Building is occupied, the operating expenses and direct taxes shall be adjusted by Landlord to reasonably approximate the operating expenses and direct taxes which would have been incurred if the Building had been at least ninety-five percent (95%) occupied. At or after the commencement of any calendar year subsequent to the Base Year Landlord may, but shall not be required to, notify Tenant of Landlord's estimate of the amount of any increase in operating expenses for such calendar year over operating expenses for the Base Year, the amount of any increase in direct taxes over those paid or incurred in the Base Year and of the amount of such estimated increases payable by Tenant. Tenant shall pay to Landlord on the first day of each calendar month during such calendar year one-thirtieth twelfth (1/12) of the fixed monthly rental amount of such estimated increases in operating expenses and direct taxes payable by Tenant hereunder; provided, however, that Tenant shall not be responsible for each day of any increases in operating expenses or direct taxes allocable to the first full calendar month twelve (12) months of the term hereof (andof this Lease. Statements of the amount of actual operating expenses for the preceding calendar year and the Base Year, in of direct taxes for the appropriateyear and the Base Year and of the amount of such event, the installment of rent paid at execution hereof increases payable by Tenant shall be applied given to Tenant on such date as Landlord shall from time to time determine during each calendar year subsequent to the rent due for calendar year immediately next succeeding the first full calendar month Base Year. All amounts payable by Tenant as shown on said statement, less any amounts theretofore paid by Tenant on account of the term hereof). E. This Lease is entered into Landlord' 5 estimate of increases in operating expenses and direct taxes made pursuant to this paragraph 5.2, shall be paid by the parties hereto conditioned Tenant upon and subject delivery of said statement to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at the Current Facility on or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at Tenant has paid in any given year estimated increases beyond those later determined from actual reconciliation, then such overpayment shall be applied toward the Current Facility on or before October 15Rent for the following year or, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon if the Lease shall terminate has terminated and become null and voidnot been renewed as provided herein, or (ii) affirm the lease, whereupon the Minimum Rent such overpayment shall be reduced promptly refunded to Tenant. (b) The amount of any increase in operating expenses and direct taxes payable by Tenant for the monthly minimum rental under its Existing first calendar year of the term and the calendar year in which this Lease until such time that terminates shall be prorated on the Existing basis in which the number of days from and including the commencement of said calendar year to and including the date on which this Lease is terminated. In addition terminates bears to the Minimum Rent reduction, Tenant 365 and shall deduct from Minimum Rent be due and Rent all other costs and expenses which it shall incur pursuant to its Existing payable when rendered notwithstanding termination of this Lease, including without limitation, maintenance, cleaning, repairs, and taxes...

Appears in 1 contract

Samples: Lease (Genesys Telecommunications Laboratories Inc)

Minimum Rent. A. Minimum Rent shall be in accordance with (a) Tenant agrees to pay to Landlord, as minimum rent for the Rider attached hereto as Schedule A. Minimum Rent and any other Rent due under this Lease shall commence thirty demised premises, equal consecutive monthly installments of Thirty Five Thousand Dollars (30) days after Substantial Completion of Landlord's Work (as hereinafter defined$35,000.00), but no earlier than December 19commencing on the commencement date, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. If the term of this Lease begins continuing on a day other than the first day of a each calendar month during years one (1) through three (3) of the initial term of this Lease, monthly installments of Thirty-seven Thousand Five Hundred Dollars ($37,500.00) each calendar month during years four (4) through seven (7), monthly installments of Forty Thousand Dollars ($40,000.00) each calendar month during years eight (8) through ten (10), and monthly installments of Forty-two Thousand Five Hundred Dollars ($42,500.00) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent from such day until the first day of the following month shall be prorated at the rate of one-thirtieth of the fixed monthly rental for each day of the first full calendar month of the term hereof (and, other than any percentage rent payable hereunder. As used in such eventthis Lease, the installment of rent paid at execution hereof shall be applied terms "minimum rent" and "minimum rental" mean the minimum rental set forth in this Section 5(a) as adjusted pursuant to the rent due for the first full calendar month of the term Section 4 hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing . As used in this Lease") at the Current Facility on or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15terms "rent and "rental" mean minimum rental, 1996percentage rental, whereupon the Lease shall terminate additional rental and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reduction, Tenant shall deduct from Minimum Rent and Rent all other costs sums due and expenses which it shall incur pursuant owing from Tenant to its Existing Landlord under this Lease, including without limitation, maintenance, cleaning, repairs, and taxes...

Appears in 1 contract

Samples: Lease (Retail Ventures Inc)

Minimum Rent. A. (i) For the period commencing on the Commencement Date through December 31, 2003, the sum of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($37,725,000.00) per annum. (ii) For the period commencing on January 1, 2004 through December 31, 2008, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS ($39,181,000.00) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears in twelve (12) equal installments on the eleventh (11th) day of each calendar month of the Initial Term and each Extended Term (the "Rent Payment Date"); provided that if such 11th day is not a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be in accordance with paid for the Rider attached hereto as Schedule A. Minimum Rent and any other Rent due under this Lease shall commence thirty period of the eleventh (3011th) days after Substantial Completion of Landlord's Work each month (as hereinafter defined)or, but no earlier than December 19if applicable, 1996. B. All rent and other sums due to Landlord hereunder the Commencement Date) through the tenth (hereinafter called "Rent"10th) shall be made payable to Marave Associatesof the next month (or, L.P. and mailed to if applicable, the office expiration of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim the Term) (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it hereunder after the same shall become due and payable, such acceptance shall not excuse delay upon subsequent occasions, or constitute or be construed aseach, a waiver of any of Landlord's rights hereunder. D. If the term of this Lease begins on a day other than the first day of a month, rent from such day until the first day of the following month shall be prorated at the rate of one-thirtieth of the fixed monthly rental for each day of the first full calendar month of the term hereof (and, in such event, the installment of rent paid at execution hereof shall be applied to the rent due for the first full calendar month of the term hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current FacilxxxRental Period"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at provided that the Current Facility on or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility first and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and void, or (ii) affirm the lease, whereupon the last payments of Minimum Rent shall be reduced by prorated as to any partial Rental Period, based on the monthly minimum rental under its Existing Lease until number of days within the Term during such time that Rental Period and the Existing Lease is terminatednumber of days in such Rental Period. In addition The first installment payment of Minimum Rent shall be payable on May 11, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, to the Minimum Rent reduction, Tenant shall deduct from Minimum extent that Available Cash is less than the amount of Fixed Rent and Percentage Rent, as certified by Tenant (together with reasonable documentation thereof) and agreed to by Landlord, the Fixed Rent all other costs and expenses which it Percentage Rent shall incur pursuant to its Existing Lease, including without limitation, maintenance, cleaning, repairsaccrue, and taxes..the payment thereof (together with interest at the Interest Rate)

Appears in 1 contract

Samples: Master Lease Agreement (Vornado Operating Co)

Minimum Rent. A. (a) Tenant agrees to pay Landlord, without diminution, deduction or set-off whatsoever and without prior notice or demand, and as fixed annual minimum rent ("Fixed Annual Minimum Rent"), the sums set forth in Section 3.01(a) (i), and (ii) below payable in equal consecutive monthly installments ("Fixed Monthly Minimum Rent") each in advance upon the first day of each calendar month during the term hereof. (i) From the Term Commencement Date through the end of the sixtieth (60th) full month of the Lease term, Fixed Annual Minimum Rent shall be One Hundred Nineteen Thousand Eight Hundred Eighty Nine and 00/100 Dollars ($119,889.00), payable in accordance with equal monthly installments of Nine Thousand Nine Hundred Ninety and 75/100 Dollars ($9,990.75) each; and (ii) From the Rider attached hereto as Schedule A. first day of the sixty-first (61st) full month of the Lease term through the end of the Lease term, Fixed Annual Minimum Rent shall be One Hundred Thirty One Thousand Eight Hundred Seventy Seven and any other Rent due under this Lease shall commence thirty 90/100 Dollars (30) days after Substantial Completion of Landlord's Work (as hereinafter defined$131,877.90), but no earlier than December 19, 1996payable in equal monthly installments of Ten Thousand Nine Hundred Eighty Nine and 83/100 Dollars ($10,989.83) each. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent"b) shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. If the term of this Lease begins on shall commence upon a day other than the first day of a calendar month or if the term shall expire upon a day other than the last day of a calendar month, rent from such day until then Tenant shall pay, upon the Term Commencement Date, and on the first day of the last calendar month, a pro rata portion of the Fixed Monthly Minimum Rent for the first and last fractional calendar months of the term. (c) Intentionally Deleted (d) Provided that no event of default exists and Tenant has commenced operating its business in the Premises on or before the date set forth in Section 2.01 for the Term Commencement Date (or in the event Tenant is unable to open by such date, despite Tenant's best efforts to do so, Tenant has commenced operating its business in the Premises on or before the date which is thirty (30) days following month the Term Commencement Date) pursuant to the requirements of this Lease, then commencing on the Term Commencement Date, Tenant shall be prorated entitled to an abatement of Fixed Annual Minimum Rent, Common Area Costs and Real Property Taxes in the amount of Two Hundred Two Thousand Two Hundred Eighty Five and 00/100 Dollars ($202,285.00) ("Tenant's Rent Abatement"). Tenant shall apply Tenant's Rent Abatement against the first installments of Fixed Monthly Minimum Rent, Percentage Rent (if any), Common Area Costs and Real Property Taxes (as set forth in section 3.01(a) above) coming due pursuant to this Lease until Tenant has recouped the entire amount of Tenant's Rent Abatement; provided however that Tenant shall have no right to such abatement at any time Tenant is in default under this Lease and at any such time Tenant shall be obligated to make all payments of Fixed Monthly Minimum Rent, Percentage Rent (if any), Common Area Costs and Real Property Taxes under this Lease without regard for the rate terms of one-thirtieth this Section 3.01(d). The amount of Tenant's Rent Abatement shall be deemed earned over the entire term of this Lease on a straight line basis regardless of the fixed monthly rental manner or timing by which such Tenant's Rent Abatement was taken by Tenant as set forth above. If this Lease is terminated prior to the expiration date of the term provided for each in Article 2 of this Lease for any reason other than pursuant to Section 2.01(c), Tenant shall pay to Landlord, as Additional Rent, an amount equal to the unearned portion of Tenant's Rent Abatement, which shall be determined by dividing Tenant's Rent Abatement by the number of months in the term and multiplying the result by the number of months that would have remained in the term of the Lease had the Lease not been so terminated. Such amount shall be due as of the date this Lease is terminated and shall be payable within five (5) days following such date. (e) Provided that (i) Tenant is, and throughout the term of this Lease has been, open and operating in the entire Premises in accordance with the terms of this Lease, (ii) Tenant is not in default of any of its obligations under this Lease, (iii) Tenant remains open and operating in the entire Premises in accordance with the terms of this Lease throughout the Test Period (as hereinafter defined), and (iv) no condition exists which with the giving of notice or passage of time would constitute a default by Tenant under this Lease; and if (1) Landlord enters into a lease ("Competing Lease") for a space in the Shopping Center between Landlord and any Competing Tenant (as hereinafter defined), which lease expressly permits as the primary use the operation of a live comedy club featuring professional comedians ("Competing Use") during the term of this Lease, and such Competing Tenant opens for business as a comedy club within the Shopping Center (the "Competing Lease Opening Date") , and (2) Tenant's Gross Receipts from the Premises for the one (1) year period (the "Test Period") that commences on the Competing Lease Opening Date, are more than twenty five percent (25%) less than the Gross Receipts from the Premises for the one (1) year period immediately preceding the Competing Lease Opening Date, and are less than the Annual Minimum Gross Receipts for such one (1) year period (as provided in Section 3.02 hereof); then for the period of time (the "Alternate Fixed Annual Minimum Rent Period") that commences on the first day after the last day of the first full calendar month Test Period and ends on the Competing Lease Cessation Date (as hereinafter defined), Tenant shall pay Landlord Alternate Fixed Annual Minimum Rent (as hereinafter defined), in lieu of the term hereof (and, Fixed Annual Minimum Rent provided for in such event, the installment Section 3.01(a) of rent paid at execution hereof this Lease. Tenant's right to pay Alternate Fixed Annual Minimum Rent in lieu of Fixed Annual Minimum Rent as provided for herein shall be applied Tenant's sole and exclusive remedy with respect to any Competing Lease and with respect to the rent due for operation of the Competing Use or any other competing use in the Shopping Center. From and after the earlier of (a) the first full calendar month date on which any one or more of the term hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject conditions to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at the Current Facility on or before October 15th, 1996. In the event that Landlord fails right to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord pay Alternate Fixed Annual Minimum Rent shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and voidnot apply, or (iib) affirm the lease, whereupon the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Competing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reductionCessation Date, Tenant shall deduct from pay Landlord the Fixed Annual Minimum Rent and Rent all other costs and expenses which it shall incur pursuant to its Existing otherwise provided for under Section 3.01(a) of this Lease, including without limitation, maintenance, cleaning, repairs, and taxes..regard for the terms of this Section 3.01(e).

Appears in 1 contract

Samples: Shopping Center Lease (Headliners Entertainment Group, Inc.)

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Minimum Rent. A. Notwithstanding anything to the contrary in the Lease or in this Sublease, commencing on the Commencement Date and continuing throughout the Sublease Term, Subtenant shall pay to Sublandlord, without offset, abatement, counterclaim or deduction, monthly base rent (the "Minimum Rent"). Commencing as of the Commencement Date, Minimum Rent shall be in accordance with the Rider attached hereto amount of Eighty-Five Thousand Seven Hundred Ninety-Seven and 60/100 Dollars ($85,797.60) per month. Effective on each one (1) year anniversary of the Commencement Date (or the first day of the next succeeding month if the Commencement Date does not occur as Schedule A. Minimum Rent and any other Rent due under this Lease shall commence thirty (30) days after Substantial Completion of Landlord's Work (as hereinafter defined), but no earlier than December 19, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. If the term of this Lease begins on a day other than the first day of a month), the Minimum Rent shall be increased to the product obtained by multiplying the Minimum Rent then in effect by one hundred three percent (103%). Notwithstanding the foregoing, provided Subtenant is not in default under this Sublease beyond any applicable cure period, Sublandlord agrees to xxxxx Subtenant's obligation to pay Minimum Rent during months two (2), four (4), six (6), twelve (12), twenty-four (24), thirty-six (36), forty-eight (48), sixty (60), seventy-two (72), eighty-four (84) and ninety-six (96) of the Sublease Term. During such abatement period, Subtenant will still be responsible for the payment of Operating Expenses and all other monetary obligations under this Sublease. Subtenant acknowledges that any default by Subtenant under this Sublease will cause Sublandlord to incur costs not contemplated hereunder, the exact amount of such costs being extremely difficult and impracticable to ascertain, therefor, should Subtenant at any time during the Sublease Term be in default beyond any applicable cure period, then the total sum of such abated rent from such day until so conditionally excused shall become immediately due and payable by Subtenant to Sublandlord; provided, however, Subtenant acknowledges and agrees that nothing in this paragraph is intended to limit any other remedies available to Sublandlord at law or in equity under applicable law (including, without limitation, the remedies under Civil Code Section 1951.2 and/or 1951.4 and any successor statutes or similar laws), in the event Subtenant defaults under this Sublease beyond any applicable cure period. The Minimum Rent shall be due and payable on the first day of each month during the following Sublease Term, in advance and without notice or demand; provided that if the Commencement Date is not the first day of a calendar month, then (a) the Minimum Rent for the month in which the Commencement Date occurs shall be prorated based upon a thirty (30) day month and the number of days in such month from and after the Commencement Date (and shall be paid by Subtenant on or before the Commencement Date) and (b) such partial month shall be prorated at the rate of one-thirtieth of the fixed monthly rental for each day of deemed to be the first full calendar month of the term hereof (andSublease Term for all purposes of this Sublease. All amounts due Sublandlord hereunder, including, without limitation, Minimum Rent, shall be paid to Sublandlord at 0000 Xxxxxx Xxxxx XX-XX, Xxxxxx, Xxxxxxxxxx 00000, Attention: Xxx Xxxxxx, Xx. Manager Construction/Facilities & Real Estate, Corporate Engineering or at any other address provided to Subtenant in such eventwriting pursuant to this Sublease. Notwithstanding the foregoing, the installment of rent paid at execution hereof shall be applied to the rent due Minimum Rent for the first full calendar month of this Sublease in the term hereofamount of Eighty-Five Thousand Seven Hundred Ninety-Seven and 60/100 Dollars ($85,797.60). E. This , plus the first full calendar month's estimated Operating Expenses in the amount of Forty-Three Thousand Three Hundred Seven and 36/100 Dollars ($43,307.36), shall be due and payable and delivered to Sublandlord on the Effective Date. If Subtenant fails to pay any sum due to Sublandlord under this Lease is entered into by the parties hereto conditioned upon and subject within ten (10) days of its due date, Subtenant shall pay to Sublandlord, as additional rental, a late charge equal to five percent (i5%) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Driveoverdue amount. In addition, Horsham, Pennsylvania any sum due from Subtenant which is not paid within ten (the "Current Facilxxx"), xxx (xx10) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") days of its due date shall bear interest at the Current Facility on or before October 15th, 1996. In lesser of (a) four percent (4%) plus the event that Landlord fails prime rate reported in the Wall Street Journal as closest prior to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and void, date when due or (iib) affirm the leasehighest rate then allowed under usury laws of the State of California, whereupon in either event from the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Lease date due until such time that the Existing Lease is terminated. In addition to the Minimum Rent reduction, Tenant shall deduct from Minimum Rent and Rent all other costs and expenses which it shall incur pursuant to its Existing Lease, including without limitation, maintenance, cleaning, repairs, and taxes..paid.

Appears in 1 contract

Samples: Sublease Agreement (SeaSpine Holdings Corp)

Minimum Rent. A. (a) Sublessee shall pay to sublessor as Minimum Rent Rent, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall be in accordance with the Rider attached hereto as Schedule A. Minimum Rent and any other Rent due under this Lease shall commence thirty (30) days after Substantial Completion of Landlord's Work (as hereinafter defined), but no earlier than December 19, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, designate from time to time, time by written notice to TenantSublessee, without demand the sum of Sixteen Thousand and without deduction00/100 Dollars ($16,000.00) per month, set-off or counterclaim (except $192,000.00 per year), which sum is subject to adjustments as provided in Section 6, of this Sublease below, in advance on the extent demand or notice first day of each month of the Sublease Term. Sublessee shall be expressly provided pay to Sublessor upon execution of this Sublease the sum of Sixteen Thousand and 00/100 Dollars ($16,000.00) as rent for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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 first full month of any of Landlord's rights hereunder. D. the Sublease Term. If the term of this Lease Sublease Term begins or ends on a day other than the first or last day of a month, rent from such day until the first day of Minimum Rent for the following month partial months shall be prorated at on a per diem basis. (b) Sublessor agrees to use its best efforts to obtain an abatement of Minimum Rent from Lessor for the rate month of one-thirtieth August, 1996, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the fixed monthly rental Premises, but due to delays beyond its control, is unable to complete such renovation and open for each day business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully xxxxx the first full calendar Minimum Rent due hereunder for the month of the term hereof (and, in such event, the installment of rent paid at execution hereof shall be applied to the rent due for the first full calendar month of the term hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at the Current Facility on or before October 15thAugust, 1996. In the event that Landlord fails Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to acquire the Current Facility delays beyond its control, is unable to complete such renovation and cancel Tenant's Lease at the Current Facility on or before October 15open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Landlord Master Lease, for the month of August, 1996. In any event, payment of the full Minimum Rent set forth is Section 5.(a) above, shall have the option to either (i) terminate the lease effective October 15commence September 1, 1996, whereupon or upon Sublessee's opening of business, whichever is the Lease first to occur. The provisions of this Section 5. (b) shall terminate and become null and voidhave no effect upon the commencement or termination dates of the Sublease Term, or (ii) affirm the lease, whereupon the Minimum Rent which shall be reduced by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminatedtake effect as set forth in Section 4. In addition to the Minimum Rent reduction, Tenant shall deduct from Minimum Rent and Rent all other costs and expenses which it shall incur pursuant to its Existing Lease, including without limitation, maintenance, cleaning, repairs, and taxes..hereunder.

Appears in 1 contract

Samples: Sublease (Pyramid Breweries Inc)

Minimum Rent. A. Minimum Rent (a) Tenant agrees to pay to Landlord, as minimum rent for the demised premises, equal consecutive monthly installments of Twenty-Nine Thousand Four Hundred Eighty-two and 29/100th Dollars ($29,482.29), commencing on the commencement date, and continuing on the first day of each calendar month during years one (1) through five (5) of the initial term of this Lease, monthly installments of Thirty-four Thousand Four Hundred Fifty-five and 21/100th Dollars ($34,455.21) each calendar month during years six (6) through ten (10), and monthly installments of Thirty-Nine Thousand Four Hundred Twenty-eight and 13/100th Dollars ($39,428.13) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in accordance with advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). Except as expressly set forth herein to the Rider attached hereto as Schedule A. Minimum Rent contrary, in no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other Rent due under than any percentage rent payable hereunder. As used in this Lease shall commence thirty (30) days after Substantial Completion of Landlord's Work (as hereinafter definedLease, the terms “minimum rent” and “minimum rental” mean the minimum rental set forth in this Section 5(a). As used in this Lease, but no earlier than December 19, 1996. B. All the terms “rent and “rental” mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein)under this Lease. C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. (b) If the Lease term of this Lease begins shall commence on a day other than the first day of a calendar month or shall end on a day other than the last day of a calendar month, rent from the minimum rental for such day until the first day of the following or last fractional month shall be prorated such proportion of the monthly minimum rental as the number of days in such fractional month bears to the total number of days in such calendar month. (c) In addition to minimum rent as set forth in this Section 5, Tenant shall initially pay to Landlord, as additional rental, simultaneously with the payment of minimum rental called for under Section 5(a) above, (i) the estimated monthly amount of Tenant’s Proportionate Share of Maintenance Costs (provided for in Section 16 hereof), as reasonably estimated by Landlord, (ii) Nine and 35/100 Dollars ($9.35) per square foot, payable in equal monthly installments of Thirteen Thousand Two Hundred Eighty-Four and 79/100 Dollars ($13,284.79) as the estimated monthly amount of Tenant’s Proportionate Tax Share (provided for in Section 28 hereof) and (iii) Fifteen Cents ($0.15) per square foot, payable in equal monthly installments of Two Hundred Thirteen and 13/100 Dollars ($213.13), as the estimated monthly amount of Tenant’s Proportionate Insurance Share (provided for in Section 29 hereof). (d) Until further notice to Tenant, all rental payable under this Lease shall be payable to Landlord and mailed to Landlord at c/o Schottenstein Management Company, 1000 Xxxxx Xxxx, Columbus, Ohio 43207. (e) In the event any sums required under this Lease to be paid are not received when due, then all such amounts shall bear interest from the due date thereof until the date paid at the rate of one-thirtieth of interest equal to two percent (2%) over the fixed monthly rental for each day of prime rate in effect from time to time as established by National City Bank, Columbus, Ohio (the first full calendar month of the term hereof (and“Interest Rate”), in such event, the installment of rent paid at execution hereof and shall be applied to the rent due for the first full calendar month of the term hereof). E. This Lease is entered into and payable by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at the Current Facility on Tenant without notice or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reductiondemand, Tenant shall deduct from Minimum Rent and Rent pay the foregoing interest thereon in addition to all other costs and expenses which it shall incur default remedies of Landlord pursuant to its Existing Lease, including without limitation, maintenance, cleaning, repairs, and taxes..Section 34 below.

Appears in 1 contract

Samples: Lease (DSW Inc.)

Minimum Rent. A. Minimum Rent (a) Tenant agrees to pay to Landlord, as minimum rent for the demised premises, equal consecutive monthly installments of Forty-three Thousand Four Hundred Eighteen and 72/100 Dollars ($43,418.72), commencing on the commencement date, and continuing on the first day of each calendar month during years one (1) through five (5) of the initial term of this Lease, monthly installments of Forty-seven Thousand Seven Hundred Fifty-one and 75/100 Dollars ($47,751.75) each calendar month during years six (6) through ten (10), and monthly installments of Fifty-two Thousand Five Hundred Twenty-six and 93/100 Dollars ($52,526.93) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in accordance with advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the Rider attached hereto right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the terms “minimum rent” and “minimum rental” mean the minimum rental set forth in this Section 5(a) as Schedule A. Minimum Rent and any other Rent due under adjusted pursuant to Section 4 hereof. As used in this Lease shall commence thirty (30) days after Substantial Completion of Landlord's Work (as hereinafter defined)Lease, but no earlier than December 19, 1996. B. All the terms “rent and “rental” mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided for herein)under this Lease. C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. (b) If the Lease term of this Lease begins shall commence on a day other than the first day of a calendar month or shall end on a day other than the last day of a calendar month, rent from the minimum rental for such day until the first day of the following or last fractional month shall be prorated such proportion of the monthly minimum rental as the number of days in such fractional month bears to the total number of days in such calendar month. (c) Until further notice to Tenant, all rental payable under this Lease shall be payable to Landlord and mailed to Landlord at c/o Kimco Realty Corporation, 3333 New Hyde Xxxx Xxxx, Xxxxx 000, Xxx Xxxx Xxxx, Xxx Xxxx 00000. (d) In the event any sums required under this Lease to be paid are not received when due, then all such amounts shall bear interest from the due date thereof until the date paid at the rate of one-thirtieth of interest equal to two percent (2%) over the fixed monthly rental for each day of prime rate in effect from time to time as established by National City Bank, Columbus, Ohio (the first full calendar month of the term hereof (and“Interest Rate”), in such event, the installment of rent paid at execution hereof and shall be applied to the rent due for the first full calendar month of the term hereof). E. This Lease is entered into and payable by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at the Current Facility on Tenant without notice or before October 15th, 1996. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced by the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reductiondemand, Tenant shall deduct from Minimum Rent and Rent pay the foregoing interest thereon in addition to all other costs and expenses which it shall incur default remedies of Landlord pursuant to its Existing LeaseSection 34 below. (e) Notwithstanding anything herein contained to the contrary, including without limitationTenant shall initially pay to Landlord as additional rental, maintenancesimultaneously with the payment of minimum rental called for under Section 5(a) above, cleaningFive Dollars and 03/100 ($5.03) per square foot, repairspayable in equal monthly installments of Eight Thousand Eight Hundred Ninety-five and 97/100 Dollars ($8,895.97), as the estimated monthly amount of Tenant’s Proportionate Share of Maintenance Costs (provided for in Section 16 hereof), real estate taxes (provided for in Section 28 hereof) and taxes..insurance (provided for in Section 29 hereof). Tenant’s Proportionate Share of Maintenance Costs shall not exceed Two Dollars and 25/100 cents ($2.25) per square foot in the first lease year.

Appears in 1 contract

Samples: Lease Agreement (Retail Ventures Inc)

Minimum Rent. A. Minimum Rent Tenant agrees to pay Landlord, at such place as Landlord shall be in accordance with the Rider attached hereto as Schedule A. Minimum Rent and any other Rent due under this Lease shall commence thirty (30) days after Substantial Completion of Landlord's Work (as hereinafter defined), but no earlier than December 19, 1996. B. All rent and other sums due to Landlord hereunder (hereinafter called "Rent") shall be made payable to Marave Associates, L.P. and mailed to the office of Landlord at P. O. Box 13700 Philadelphia, Pennsylvania, 19191-1062 or to such oxxxx xxxxx xx xx xxxx xxxxx xxxxxxx xx Xxxxxxxx xxx designate, from time to time, time direct by written notice to Tenant, without demand and without deduction, set-off or counterclaim (except to the extent demand or notice shall be expressly provided "Minimum Rent" for herein). C. If Landlord, at any time or times, shall accept Rent or any other sum due to it 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. D. If the term of this Lease begins at the monthly rate of: (i) Thirty Five Thousand Six Hundred Twenty Five Dollars ($35,625.00) per month for the first partial (if any) and first (1st) through fifth (5th) full Lease Years after the Rental Commencement Date; (ii) Thirty Nine Thousand One Hundred Eighty Eight Dollars ($39,188.00) per month for the sixth (6th) through the tenth (10th) Lease Years after the Rental Commencement Date; and (iii) Forty Three Thousand One Hundred Six Dollars ($43,106.00) per month for the eleventh (11th) through fifteenth (15th) Lease Years after the Rental Commencement Date; (iv) Tenant shall pay to Landlord Minimum Rent during the option periods based upon market rent for the Premises, provided that, for the first option period, Minimum Rent shall not be less than, nor more than fifteen percent (15%) greater than, Forty Three Thousand One Hundred Six Dollars ($43,106.00) per month. Landlord and Tenant shall agree in writing on the Minimum Rent to be paid during each respective option period upon the exercise of such option by Tenant. If within fourteen (14) days after the exercise of the respective option by Tenant, the parties are still unable to agree on the Minimum Rent to be paid, then each shall, within fourteen (14) days, make written appointment of an appraiser, and the two appraisers shall determine the Minimum Rent for the Premises, based upon market rent. If within twenty one (21) days the two appraisers so appointed are unable to agree on such Minimum Rent, they shall in writing immediately appoint a day other than third appraiser, and the majority of the three so appointed shall determine the Minimum Rent. Should the three appraisers so appointed fail to determine Minimum Rent before the expiration of this Lease, the Tenant shall continue to pay the same Minimum Rent as that in effect immediately prior to such expiration until the new Minimum Rent has been determined, at which time the difference between the Minimum Rent so paid and that payable as the new Minimum Rent from the beginning of the period when the new Minimum Rent was to be in effect shall be paid by Tenant to Landlord or reimbursed from Landlord to Tenant, as the case may be. Should the appraisal process fail, either party may invoke, if need be, equity jurisdiction. Minimum Rent shall be payable during each Lease Year in advance on the first day of a month, rent from such day until the first day of the following month shall be prorated at the rate of one-thirtieth of the fixed monthly rental for each day of the first full and every calendar month of during the term hereof of this Lease, without demand or notice therefor and without abatement thereof or setoff therefrom (andexcept as expressly provided in this Lease, and except for any amounts awarded in such event, a final judgment against the installment of rent paid at execution hereof shall be applied to the rent due for the first full calendar month of the term hereof). E. This Lease is entered into by the parties hereto conditioned upon and subject to (i) Landlord's acquisition of the building where Tenant's principal manufacturing operations and administrative offices are currently located at 2 Electronic Drive, Horsham, Pennsylvania (the "Current Facilxxx"), xxx (xx) Xxxxxxxx xxxxxxxxx Xxxxxx's existing lease ("Existing Lease") at commencing on the Current Facility on or before October 15th, 1996Rental Commencement Date. In the event that Landlord fails to acquire the Current Facility and cancel Tenant's Lease at the Current Facility on or before October 15, 1996, the Landlord shall have the option to either (i) terminate the lease effective October 15, 1996, whereupon the Lease shall terminate and become null and void, or (ii) affirm the lease, whereupon the Minimum Rent shall be reduced by prorated for the monthly minimum rental under its Existing Lease until such time that the Existing Lease is terminated. In addition to the Minimum Rent reduction, Tenant shall deduct from Minimum Rent and Rent all other costs and expenses which it shall incur pursuant to its Existing Lease, including without limitation, maintenance, cleaning, repairs, and taxes..fractional portion of any month.

Appears in 1 contract

Samples: Lease (Ultimate Electronics Inc)

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