Minimum Rent. For the first (1st) Lease Year with respect to the Group 4 Facilities, the following: (A) With respect to the Group 4 Acquisition Facilities, subject to upward adjustments as provided below, for the period from the Effective Date through the expiration of the first (151) Lease Year with respect to such Group 4 Acquisition Facilities, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Acquisition Facility at the times and in the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility); and (B) With respect to the Group 4 Transfer Facilities, subject to upward adjustments as provided below, for the period from the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Transfer Facility at the times and in the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each such Group 4 Transfer Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility). Commencing on January 1, 2006, the then current monthly Allocated Minimum Rent for the Group 4 Transfer Facilities shall be increased by the lesser of (i) Five Percent (5%) or (ii) the greater of (a) Two Percent (2%) or (b) the Group 4 Transfer Facility CPI Index. The resulting amount shall be the Allocated Minimum Rent for such Group 4 Transfer Facilities until the expiration of the first (1 S1)Lease Year. For purposes of this Section 4(f)(i)(B), the "Group 4 Transfer Facility CPI Index" shall mean the percentage increase, if any, in the Cost of Living Index published for November 2005 over the Cost of Living Index published for November 2004.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
Minimum Rent. For Section 2 of the first First Combined Lease Amendment sets forth Tenant's Minimum Rent obligations under the Leases. Currently and through December 31, 2004, Tenant's Annual Minimum Rent is payable at the rate of Three Hundred Eight Thousand Two Hundred Forty-Five Dollars Eighty Cents (1st$308,245.80) per annum under the Original Lease Year with respect and through November 30, 2006 two Hundred Eight Thousand Five Hundred Seventy Dollars Eight Cents ($208,570.08) per annum under the Expansion Lease, for an aggregate Minimum Rent of Five Hundred Sixteen Thousand Eight Hummed Fifteen Dollars Eighty-Eight Cents ($516,815.88) per annum ("CURRENT ANNUAL MINIMUM RENT"), Notwithstanding the foregoing and anything to the Group 4 Facilitiescontrary contained in the Original Lease, the following:
(A) With respect to Expansion Lease or the Group 4 Acquisition FacilitiesFirst Combined Lease Amendment, subject to upward adjustments as provided below, for Landlord and Tenant hereby agree that during the period from the Effective Execution Date through to the expiration date which is three (3) years after substantial completion of Landlord's Refurbishment Work (the "CONSTRUCTION COMPLETION DATE"), Tenant shall pay the Current Annual Minimum Rent to Landlord (instead of the first (151) Lease Year with respect to such Group 4 Acquisition Facilities, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Acquisition Facility at the times and Rent set forth in the manner provided schedule set forth in Section 4.1 2 of the Master First Combined Lease Amendment) as follows:
(a) MINIMUM RENT UNDER THE ORIGINAL LEASE
(b) MINIMUM RENT UNDER THE EXPANSION LEASE Thereafter, Tenant's Annual Minimum Rent shall be as follows through and including November 30, 2011, or the amount allocated earlier termination of the Leases:
(c) MINIMUM RENT UNDER THE ORIGINAL LEASE
(d) MINIMUM RENT UNDER THE EXPANSION LEASE All other amounts payable by Tenant to and set forth Landlord under the Leases, or determined pursuant any amendments thereto, shall continue to be payable in accordance with the formula opposite such Facility on Exhibit C terms thereof. Nothing contained herein is intended to modify amounts payable as Minimum Rent under the Master Leases for any duly exercised Option to extend the Term of the Original Lease or the Expansion Lease, as hereby amendedapplicable. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition Facility Extension Term shall be payable calculated based on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility); and
(B) With respect to the Group 4 Transfer Facilities, subject to upward adjustments as provided below, for the period from the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Transfer Facility at the times and in the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each which would have been in effect during the Lease Year immediately preceding the commencement of such Group 4 Transfer Facility shall be payable on the Effective Date (prorated as Extension Term, without regard to any partial calendar month at the beginning of the Term with respect to each such Facility). Commencing on January 1, 2006, the then current monthly Allocated Minimum Rent for the Group 4 Transfer Facilities shall be increased by the lesser of (i) Five Percent (5%) or (ii) the greater of (a) Two Percent (2%) or (b) the Group 4 Transfer Facility CPI Index. The resulting amount shall be the Allocated Minimum Rent for such Group 4 Transfer Facilities until the expiration of the first (1 S1)Lease Year. For purposes of this Section 4(f)(i)(B), the "Group 4 Transfer Facility CPI Index" shall mean the percentage increase, if any, in the Cost of Living Index published for November 2005 over the Cost of Living Index published for November 2004Second Combined Lease Amendment.
Appears in 1 contract
Samples: Agreement for Purchase and Sale of Real Property (Inland Western Retail Real Estate Trust Inc)
Minimum Rent. For the first (1sta) Lease Year with respect to the Group 4 Facilities, the following:
(A) With respect to the Group 4 Acquisition Facilities, subject Subject to upward adjustments as provided in subsections (b), (c) and (d) below, for the period from the Effective Restatement Date through the expiration of the first (151) Lease Year with respect to such Group 4 Acquisition FacilitiesYear, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Acquisition Facility at the times and in the manner provided in Section 4.1 of the Master Lease the amount amounts allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amendedattached hereto and incorporated herein by this reference. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition Facility shall be payable on the Effective Restatement Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such FacilityTerm); and.
(Bb) With respect to the Group 4 Transfer 1 Facilities, subject to upward adjustments as provided below, for commencing upon the period from the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Transfer Facility at the times and in the manner provided in Section 4.1 expiration of the Master first Lease Year for such Group 1 Facilities and upon the amount allocated to and set forth or determined pursuant to expiration of each Lease Year thereafter during the formula opposite Term for such Facility on Exhibit C to Group 1 Facilities (i.e., including the Master LeaseExtended Term), as hereby amended. The first the monthly payment of Allocated Minimum Rent in effect as of the expiration of the immediately preceding Lease Year for each such Group 4 Transfer Facility 1 Facilities shall be payable on the Effective Date increased by an amount equal to one-twelfth (prorated as to any partial calendar month at the beginning 1/12th) of the Term with product of (i) Twenty-Five Hundredths Percent (.25%) times (ii) the Minimum Repurchase Price for such Group 1 Facilities.
(c) With respect to the Group 2 Facilities, commencing upon the expiration of the first Lease Year for the Group 2 Facilities and upon the expiration of each Lease Year thereafter during the Term for such FacilityGroup 2 Facilities (including each Extended Term, if either). Commencing on January 1, 2006, the then current monthly Allocated Minimum Rent for the such Group 4 Transfer 2 Facilities for such Lease Year shall be increased adjusted by the lesser of applicable CPI Increase; provided, however, that in no event shall the monthly Allocated Minimum Rent for any Group 2 Facility after any such adjustment be less than One Hundred Two and One-Half Percent (i102.5%) nor more than One Hundred Five Percent (5105%) or of the monthly Allocated Minimum Rent in effect for such Group 2 Facility immediately prior to such adjustment, notwithstanding the actual percentage change in the CPI Increase.
(iid) With respect to the Group 3 Facilities, commencing upon the expiration of the first Lease Year for such Group 3 Facilities and upon the expiration of each Lease Year thereafter during the Fixed Term for such Group 3 Facilities, the then current monthly Allocated Minimum Rent for such Group 3 Facilities for such Lease Year shall be adjusted by an amount equal to the applicable Group 3 Facility Escalator. Upon the commencement of the first (1st) Lease Year of each Extended Term for the Group 3 Facilities, if any, the initial monthly Allocated Minimum Rent for each Group 3 Facility shall be equal to the greater of (a) Two Percent (2%) or the then current monthly Fair Market Rental for such Group 3 Facility and (b) the Group 4 Transfer Facility CPI Index. The resulting amount shall be the monthly Allocated Minimum Rent payable for such Group 4 Transfer Facilities until 3 Facility during the last Lease Year of the immediately preceding Term. Commencing upon the expiration of the first (1 S1)Lease Year. For purposes 1st) Lease Year of this Section 4(f)(i)(B), each Extended Term for the "Group 4 Transfer Facility CPI Index" shall mean the percentage increase3 Facilities, if any, and upon the expiration of each Lease Year thereafter during such Extended Term, the then-current monthly Allocated Minimum Rent for each Group 3 Facility shall be adjusted by an amount equal to the applicable Group 3 Facility Escalator. If any adjustment for any Facility provided for in subsections (b), (c) or (d) shall not have been made at the Cost commencement of Living Index published the Lease Year for November 2005 over which applicable, Lessee shall continue to pay monthly Allocated Minimum Rent for such Facility at the Cost last rate applicable until Lessee receives Lessor's written notice as to such adjustment. Within ten (10) days after Lessee's receipt of Living Index published Lessor's notice, Lessee shall pay to Lessor an amount equal to the new monthly Allocated Minimum Rent for November 2004such Facility 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 Allocated Minimum Rent for such Facility for the same period. Thereafter, Lessee shall pay monthly Allocated Minimum Rent for such Facility for the applicable Lease Year at the new rate set forth in Lessor's notice.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
Minimum Rent. For the first (1st) Lease Year with respect to the Group 4 Facilities, the following:
(A) With respect to the Group 4 Acquisition Facilities, subject to upward adjustments as provided below, for Chestnut Hill Facility:
(i) For the period from the Effective Date through the expiration of the first (1510) Lease Year with respect to such Group 4 Acquisition Facilitiesthe Chestnut Hill Facility, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Acquisition such Facility at the times and in the manner provided in Section 4.1 3.1 of the Master Lease Lease, as hereby amended, the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility); and
(Bii) With respect to Commencing upon the Group 4 Transfer Facilities, subject to upward adjustments as provided below, expiration of the first (1st) Lease Year for the period from Chestnut Hill Facility and upon the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" expiration of each Lease Year thereafter during the Fixed Term for each Group 4 Transfer Facility at the times and in the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each such Group 4 Transfer Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility). Commencing on January 1, 2006, the then current monthly Allocated Minimum Rent for the Group 4 Transfer Facilities such Facility for such Lease Year shall be increased by an amount equal to the lesser applicable Chestnut Hill Facility Escalator.
(iii) For the first (1st) Lease Year of (i) Five Percent (5%) or (ii) each Extended Term for the Chestnut Hill Facility, if any, the monthly Allocated Minimum Rent for such Facility shall be equal to the greater of (a) Two Percent (2%) or the then current monthly Fair Market Rental for such Facility and (b) the Group 4 Transfer monthly Allocated Minimum Rent payable for such Facility CPI Index. The resulting amount shall be during the last Lease Year of the immediately preceding Term, as increased by the Chestnut Hill Facility Escalator.
(iv) Commencing upon the expiration of the first OM Lease Year of each Extended Term, if any, for the Chestnut Hill Facility and upon the expiration of each Lease Year thereafter during such Extended Term, the then current monthly Allocated Minimum Rent for such Group 4 Transfer Facilities until Facility shall be increased by an amount equal to the expiration Chestnut Hill Facility Escalator.
(v) The last paragraph of 3.1 of the first Original Master Lease shall apply with respect to any adjustment of the Allocated Minimum Rent with respect to the Chestnut Hill Facility pursuant to clauses (1 S1)Lease Year. For purposes of this Section 4(f)(i)(Bii), (iii), and (iv) above.
(vi) Lessee shall continue to pay all Minimum Rent with respect to the "Group 4 Transfer Facility CPI Index" shall mean balance of the percentage increase, if anyFacilities at the times, in the Cost of Living Index published for November 2005 over manner and in the Cost of Living Index published for November 2004amounts set forth in or determined by the Master Lease.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
Minimum Rent. For the first (1st) Lease Year with With respect to the each Group 4 Facilities, the following8 Facility:
(Ai) With respect to the Group 4 Acquisition Facilities, subject to upward adjustments as provided below, for For the period from the Effective Date through the expiration of the first (1511st) Lease Year with respect to such Group 4 Acquisition Facilities8 Facility, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each such Group 4 Acquisition 8 Facility at the times and in the manner provided in Section 4.1 3.1 of the Master Lease Lease, as hereby amended, the amount allocated to and set forth or determined pursuant to the formula opposite such Group 8 Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition 8 Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility); and
(Bii) With respect to Commencing upon the Group 4 Transfer Facilities, subject to upward adjustments as provided below, for expiration of the period from the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" first (18t) Lease Year for each Group 4 Transfer 8 Facility at and upon the times and in expiration of each Lease Year thereafter during the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent Fixed Term for each such Group 4 Transfer Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such 8 Facility). Commencing on January 1, 2006, the then current monthly Allocated Minimum Rent for the such Group 4 Transfer Facilities 8 Facility for such Lease Year shall be increased by an amount equal to the lesser Group 8 Facility Escalator.
(iii) For the first (1St) Lease Year of (i) Five Percent (5%) or (ii) each Extended Term for each Group 8 Facility, if any, the monthly Allocated Minimum Rent for such Group 8 Facility shall be equal to the greater of (a) Two Percent (2%) or the then current monthly Fair Market Rental for such Facility and (b) the monthly Allocated Minimum Rent payable for such Group 4 Transfer 8 Facility CPI Index. The resulting amount shall be during the last Lease Year of the immediately preceding Term, as increased by the Group 8 Facility Escalator.
(iv) Commencing upon the expiration of the first (1st) Lease Year of each Extended Term, if any, for each Group 8 Facility and upon the expiration ofeach Lease Year thereafter during such Extended Term, the then current monthly Allocated Minimum Rent for such Group 4 Transfer Facilities until 8 Facility shall be increased by an amount equal to the expiration Group 8 Facility Escalator.
(v) The last paragraph of 3.1 of the first Original Master Lease shall apply with respect to any adjustment of the Allocated Minimum Rent with respect to any Group 8 Facility pursuant to clauses (1 S1)Lease Year. For purposes of this Section 4(f)(i)(Bii), (iii), and (iv) above.
(vi) Lessee shall continue to pay all Minimum Rent with respect to the "Group 4 Transfer Facility CPI Index" shall mean balance of the percentage increase, if anyFacilities at the times, in the Cost of Living Index published for November 2005 over manner and in the Cost of Living Index published for November 2004amounts set forth in or determined by the Master Lease, as hereby amended.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
Minimum Rent. (a) For the first (1st) Lease Year with respect to the Group 4 Facilities, the following:
(A) With respect to the Group 4 Acquisition Facilities, subject to upward adjustments as provided below, for the period from the Effective Commencement Date through the expiration of the first fifth (1515th) Lease Year with respect to such Group 4 Acquisition FacilitiesYear, Lessee shall pay to Lessor as monthly "“Allocated Minimum Rent" ” for each Group 4 Acquisition Facility at the times and in the manner provided in Section 4.1 one-twelfth (1/12) of the Master Lease the amount amounts allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amendedattached hereto. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition Facility shall be payable on the Effective Commencement Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such FacilityTerm); and.
(Bb) With respect to the Group 4 Transfer Facilities, subject to upward adjustments as provided below, for the period from the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Monthly Minimum Rent" for each Group 4 Transfer Facility at the times Rent (and in the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of applicable Allocated Minimum Rent for each such Group 4 Transfer Facility Facility) for the sixth (6th) Lease Year of the Fixed Term shall be payable on equal to the Effective Date sum of (prorated as to any partial calendar month at i) the beginning of the Term with respect to each such Facility). Commencing on January 1, 2006, the then current monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) in effect as of the Group 4 Transfer Facilities shall be expiration of the fifth (5th) Lease Year, plus (B) the monthly Additional Rent (and applicable Allocated Additional Rent for each Facility) in effect as of the expiration of the fifth (5th) Lease Year, in each case as increased for such sixth (6th) Lease Year by a percentage equal to the lesser greater of (i) Five Three Percent (53%) or (ii) the applicable CPI Increase.
(c) Upon the commencement of the seventh (7th) Lease Year and upon the commencement of each Lease Year thereafter during the Fixed Term, the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) shall be equal to the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) in effect as of the expiration of the immediately preceding Lease Year, as increased by the greater of (ai) Two Three Percent (23%) or (bii) the Group 4 Transfer Facility applicable CPI Index. The resulting amount shall be the Increase.
(d) Monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for the first Lease Year of each Extended Term, if any, shall be the greater of (i) the lesser of (A) one-twelfth (1/12th) of the aggregate annual Fair Market Rental with respect to all Facilities then subject to this Lease (and with respect to Allocated Minimum Rent, one-twelfth (1/12th) of the annual Fair Market Rental with respect to each Facility) as of the commencement of such Group 4 Transfer Facilities until Extended Term or (B) One Hundred Six Percent (106%) of the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) in effect as of the expiration of the first immediately prior Term, and (1 S1)Lease ii) the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) in effect as of the expiration of the immediately preceding Term, as increased by the greater of (A) Three Percent (3%) or (B) the applicable CPI Increase.
(e) Upon the commencement of the second (2nd) Lease Year of each Extended Term and upon the commencement of each Lease Year thereafter during such Extended Term, the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) shall be equal to the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) in effect as of the expiration of the immediately preceding Lease Year. For purposes , as increased by the greater of this Section 4(f)(i)(B(i) Three Percent (3%) or (ii) the applicable CPI Increase.
(f) If any increase in monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) as provided in Sections 3.1.1(b), (c), (d), or (e) above shall not have been made at the "Group 4 Transfer Facility CPI Index" commencement of the Lease Year for which applicable, Lessee shall mean continue to pay monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) at the percentage last rate applicable until Lessee receives Lessor’s written notice as to such increase. Within ten (10) days after Lxxxxx’s receipt of Lessor’s written notice, if anyLessee shall pay to Lessor an amount equal to the new monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) times the number of months from the commencement of the then current Lease Year, as applicable, to the date of receipt of Lessor’s written notice, less the aggregate amount paid by Lessee on account of monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for the same period. Thereafter, Lessee shall pay monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) for the applicable period at the new rate set forth in Lessor’s written notice. Following any increase in the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) pursuant to any of Sections 3.1.1(b), (c), (d), or (e) above, at the request of either Lessor or Lessee, the parties shall execute a written confirmation setting forth the same, in form and substance reasonably acceptable to Lessor. Notwithstanding the Cost foregoing, the failure of Living Index published either Lessor or Lessee to request and/or the failure of either party to execute and deliver any such written confirmation shall not affect Lessor’s good faith determination of the monthly Minimum Rent (and applicable Allocated Minimum Rent for November 2005 over the Cost of Living Index published for November 2004each Facility) payable under this Lease.
Appears in 1 contract
Minimum Rent. For the first (1st) Lease Year with respect to the Group 4 Facilities, the following:
(A) With respect to the Group 4 Acquisition Facilities, subject to upward adjustments as provided below, for Fox Run Facility:
(i) For the period from the Effective Date through the expiration of the first (1511st) Lease Year with respect to such Group 4 Acquisition FacilitiesFacility, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Acquisition such Facility at the times and in the manner provided in Section 4.1 3.1 of the Master Lease Lease, as hereby amended, the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility); and.
(Bii) With respect to Commencing upon the Group 4 Transfer Facilities, subject to upward adjustments as provided below, expiration of the first (1st) Lease Year for the period from Fox Run Facility and upon the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" expiration of each Lease Year thereafter during the Fixed Term for each Group 4 Transfer Facility at the times and in the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each such Group 4 Transfer Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility). Commencing on January 1, 2006, the then current monthly Allocated Minimum Rent for the Group 4 Transfer Facilities such Facility for such Lease Year shall be increased by an amount equal to the lesser Fox Run Facility Escalator.
(iii) For the first (1st) Lease Year of (i) Five Percent (5%) or (ii) each Extended Term for the Fox Run Facility, if any, the monthly Allocated Minimum Rent for such Facility shall be equal to the greater of (a) Two Percent (2%) or the then current monthly Fair Market Rental for such Facility and (b) the Group 4 Transfer Facility CPI Index. The resulting amount shall be the monthly Allocated Minimum Rent payable for such Group 4 Transfer Facilities until Facility during the last Lease Year of the immediately preceding Term, as increased by the Fox Run Facility Escalator.
(iv) Commencing upon the expiration of the first (1 S1)Lease Year. For purposes 1st) Lease Year of this Section 4(f)(i)(B), the "Group 4 Transfer Facility CPI Index" shall mean the percentage increaseeach Extended Term, if any, for the Fox Run Facility and upon the expiration of each Lease Year thereafter during such Extended Term, the then current monthly Allocated Minimum Rent for such Facility shall be increased by an amount equal to the Fox Run Facility Escalator.
(v) The last paragraph of Section 3.1 of the Original Master Lease shall apply with respect to any adjustment of the Allocated Minimum Rent with respect to the Fox Run Facility pursuant to clauses (ii), (iii), and (iv) above.
(vi) Lessee shall continue to pay all Minimum Rent with respect to the balance of the Facilities at the times, in the Cost of Living Index published for November 2005 over manner and in the Cost of Living Index published for November 2004amounts set forth in or determined by the Master Lease, as hereby amended.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
Minimum Rent. (a) For the first (1st) Lease Year with respect to the Group 4 Facilities, the following:
(A) With respect to the Group 4 Acquisition Facilities, subject to upward adjustments as provided below, for the period from the Effective Commencement Date through the expiration of the first fifth (1515th) Lease Year with respect to such Group 4 Acquisition FacilitiesYear, Lessee shall pay to Lessor as monthly "“Allocated Minimum Rent" ” for each Group 4 Acquisition Facility at the times and in the manner provided in Section 4.1 one-twelfth (1/12) of the Master Lease the amount amounts allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amendedattached hereto. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition Facility shall be payable on the Effective Commencement Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such FacilityTerm); and.
(Bb) With respect to the Group 4 Transfer Facilities, subject to upward adjustments as provided below, for the period from the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Monthly Minimum Rent" for each Group 4 Transfer Facility at the times Rent (and in the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of applicable Allocated Minimum Rent for each such Group 4 Transfer Facility Facility) for the sixth (6th) Lease Year of the Fixed Term shall be payable on equal to the Effective Date sum of (prorated i) the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) in effect as to any partial calendar month at the beginning of the expiration of the fifth (5th) Lease Year, plus (B) the monthly Additional Rent (and applicable Allocated Additional Rent for each Facility) in effect as of the expiration of the fifth (5th) Lease Year, in each case as increased for such sixth (6th) Lease Year by a percentage equal to the greater of (i) Two and One-Half Percent (2.5%) or (ii) the lesser of (A) the applicable CPI Increase or (B) Five Percent (5%).
(c) Commencing upon the expiration of the sixth (6th) Lease Year and upon the expiration of each Lease Year thereafter during the Term with respect to each such Facility(including any Extended Term). Commencing on January 1, 2006, the then current monthly Allocated Minimum Rent for the Group 4 Transfer Facilities each Facility for such Lease Year shall be increased by the lesser greater of (i) Five Two and One-Half Percent (52.5%) or (ii) the greater lesser of (aA) Two the applicable CPI Increase or (B) Five Percent (25%).
(d) If any increase in Allocated Minimum Rent for any Facility as provided in Sections 3.1.1(b) or (bc) above shall not have been made at the Group 4 Transfer Facility CPI Index. The resulting amount commencement of the Lease Year for which applicable, Lessee shall be the continue to pay monthly Allocated Minimum Rent for such Group 4 Transfer Facilities Facility at the last rate applicable until Lessee receives Lessor’s written notice as to such increase. Within ten (10) days after Xxxxxx’s receipt of Lessor’s notice, Lessee shall pay to Lessor an amount equal to the expiration new monthly Allocated Minimum Rent for such Facility times the number of months from the commencement of the first then current Lease Year, as applicable, to the date of receipt of Lessor’s notice, less the aggregate amount paid by Xxxxxx on account of monthly Allocated Minimum Rent for such Facility for the same period. Thereafter, Lessee shall pay monthly Allocated Minimum Rent for such Facility for the applicable period at the new rate set forth in Lessor’s notice. Following any increase in the Allocated Minimum Rent with respect to any Facility pursuant to Sections 3.1.1(b) or (1 S1)Lease Year. For purposes c) above, at the request of this Section 4(f)(i)(B)either Lessor or Lessee, the "Group 4 Transfer Facility CPI Index" parties shall mean execute a written confirmation setting forth the percentage increase, if anysame, in form and substance reasonably acceptable to Lessor. Notwithstanding the Cost foregoing, the failure of Living Index published for November 2005 over either Lessor or Lessee to request and/or the Cost failure of Living Index published for November 2004either party to execute and deliver any such written confirmation shall not affect Lessor’s good faith determination of the Allocated Minimum Rent payable with respect the applicable Facility under this Lease.
Appears in 1 contract
Samples: Master Lease and Security Agreement (Emeritus Corp\wa\)
Minimum Rent. For the first (1st) Lease Year with respect to the Group 4 Facilities, the following:
(A) With respect to the Group 4 Acquisition 5 Facilities, subject :
(i) Subject to upward adjustments as provided in clause (ii) below, for the period from the Effective Date through the expiration of the first (1511st) Lease Year with respect to such Group 4 Acquisition 5 Facilities, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Acquisition 5 Facility at the times and in the manner provided in Section 4.1 3.1 of the Master Lease Lease, as hereby amended, the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition 5 Facility shall be payable on the Effective Date (prorated as to any partial calendar month at the beginning of the Term with respect to each such Facility); and
(Bii) With The Allocated Minimum Rent with respect to each Group 5Facility shall be increased automatically upon the date of disbursement (if any) of the portion of the Group 4 Transfer Facilities5 Facility Capital Renovation Project Allowance allocated to such Facility, subject to be equal to the sum of (1) the monthly Allocated Minimum Rent in effect immediately prior to such disbursement date, plus (2) that amount equal to one-twelfth (1/12th) of the product of (x) the portion of the Group 5 Facility Capital Renovation Project Allowance allocated to such Facility, times (y) the Group 5 Facility Capital Renovation Project Allowance Lease Rate. Such monthly Allocated Minimum Rent as so increased for such Facility shall remain in effect for the balance of the then current Lease Year with respect to such Facility. To the extent such increase does not occur on the first (1st) day of a calendar month, then such increase for the applicable month in which the same occurs shall be prorated for such month.
(iii) Subject to upward adjustments as provided belowin clause (ii) above, for commencing upon the period from the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Minimum Rent" for each Group 4 Transfer Facility at the times and in the manner provided in Section 4.1 expiration of the Master first (1st) Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of Allocated Minimum Rent Year for each such Group 4 Transfer Facility shall be payable on 5 Facilities and upon the Effective Date (prorated as to any partial calendar month at expiration of each Lease Year thereafter during the beginning of the Term with respect to each Fixed Tenn for such Facility). Commencing on January 1, 2006Group 5 Facilities, the then current monthly Allocated Minimum Rent for the such Group 4 Transfer 5 Facilities for such Lease Year shall be increased by an amount equal to the lesser applicable Group 5 Facility Escalator.
(iv) For the first (1St) Lease Year of (i) Five Percent (5%) or (ii) each Extended Term for the Group 5 Facilities, if any, the monthly Allocated Minimum Rent for each Group 5 Facility shall be equal to the greater of (a) Two Percent (2%) or the then current monthly Fair Market Rental for such Group 5 Facility and (b) the Group 4 Transfer Facility CPI Index. The resulting amount shall be the monthly Allocated Minimum Rent payable for such Group 4 Transfer Facilities until 5 Facility during the last Lease Year of the immediately preceding Tenn, as increased by the applicable Group 5 Facility Escalator.
(v) Commencing upon the expiration of the first (1 S1)Lease Year. For purposes 1st) Lease Year of this Section 4(f)(i)(B), the "Group 4 Transfer Facility CPI Index" shall mean the percentage increaseeach Extended Tenn, if any, for the Group 5 Facilities and upon the expiration of each Lease Year thereafter during such Extended Tenn, the then current monthly Allocated Minimum Rent for each Group 5 Facility shall be increased by an amount equal to the applicable Group 5 Facility Escalator.
(vi) The last paragraph of 3.1 of the Original Master Lease shall apply with respect to any adjustment of the Allocated Minimum Rent with respect to the Group 5 Facilities pursuant to clauses (iii), (iv) and (v) above.
(vii) Lessee shall continue to pay all Minimum Rent with respect to the balance of the Facilities at the times, in the Cost of Living Index published for November 2005 over manner and in the Cost of Living Index published for November 2004amounts set forth in or determined by the Master Lease.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
Minimum Rent. For (a) Minimum Rent for All Facilities (other than the first (1st) Lease Year with respect to the Group 4 Facilities, the following:
(A) Cherry Hill Facility). With respect to each Facility (other than the Group 4 Acquisition Facilities, subject Cherry Hill Facility):
(i) Subject to upward adjustments as provided below, for the period from the Effective Date through the expiration of the first in this subsection (151) Lease Year with respect to such Group 4 Acquisition Facilitiesa), Lessee shall pay to Lessor as monthly "“Allocated Minimum Rent" ” for each Group 4 Acquisition Facility at such Facility, for the times and in period from the manner provided in Section 4.1 applicable Commencement Date through the expiration of the Master fifth (5th) Lease Year with respect to such Facility, one-twelfth (1/12) of the amount amounts allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amendedattached hereto. The first monthly payment of Allocated Minimum Rent for each such Group 4 Acquisition Facility shall be payable on the Effective applicable Commencement Date with respect to such Facility (prorated as to any partial calendar month at the beginning of the Term with respect to each such FacilityTerm); and.
(Bii) With respect to the Group 4 Transfer Facilities, subject to upward adjustments as provided below, for the period from the Effective Date through December 31, 2005, Lessee shall pay to Lessor as monthly "Allocated Monthly Minimum Rent" for each Group 4 Transfer Facility at the times Rent (and in the manner provided in Section 4.1 of the Master Lease the amount allocated to and set forth or determined pursuant to the formula opposite such Facility on Exhibit C to the Master Lease, as hereby amended. The first monthly payment of applicable Allocated Minimum Rent for each such Group 4 Transfer Facility Facility) for the sixth (6th) Lease Year of the Fixed Term shall be payable on equal to the Effective Date sum of (prorated i) the monthly Minimum Rent (and applicable Allocated Minimum Rent for each Facility) in effect as to any partial calendar month at the beginning of the expiration of the fifth (5th) Lease Year, plus (B) the monthly Additional Rent (and applicable Allocated Additional Rent for each Facility) in effect as of the expiration of the fifth (5th) Lease Year, in each case as increased for such sixth (6th) Lease Year by a percentage equal to the greater of (i) Two and One-Half Percent (2.5%) or (ii) the lesser of (A) the applicable CPI Increase or (B) Five Percent (5%).
(iii) Commencing upon the expiration of the sixth (6th) Lease Year and upon the expiration of each Lease Year thereafter during the Term with respect to each such Facility(including any Extended Term). Commencing on January 1, 2006, the then current monthly Allocated Minimum Rent for the Group 4 Transfer Facilities each Facility for such Lease Year shall be increased by the lesser greater of (i) Five Two and One-Half Percent (52.5%) or (ii) the greater lesser of (aA) Two the applicable CPI Increase of (B) Five Percent (25%).
(iv) If any increase in Allocated Minimum Rent for any Facility as provided in Sections 3.1.1(a)(ii) or (ba)(iii) above shall not have been made at the Group 4 Transfer Facility CPI Index. The resulting amount commencement of the Lease Year for which applicable, Lessee shall be the continue to pay monthly Allocated Minimum Rent for such Group 4 Transfer Facilities Facility at the last rate applicable until Lessee receives Lessor’s written notice as to such increase. Within ten (10) days after Lessee’s receipt of Lessor’s notice, Lessee shall pay to Lessor an amount equal to the expiration new monthly Allocated Minimum Rent for such Facility times the number of months from the commencement of the first then current Lease Year, as applicable, to the date of receipt of Lessor’s notice, less the aggregate amount paid by Lessee on account of monthly Allocated Minimum Rent for such Facility for the same period. Thereafter, Lessee shall pay monthly Allocated Minimum Rent for such Facility for the applicable period at the new rate set forth in Lessor’s notice. Following any increase in the Allocated Minimum Rent with respect to any Facility pursuant to Sections 3.1.1(a)(ii) or (1 S1)Lease Year. For purposes a)(iii) above, at the request of this Section 4(f)(i)(B)either Lessor or Lessee, the "Group 4 Transfer Facility CPI Index" parties shall mean execute a written confirmation setting forth the percentage increase, if anysame, in form and substance reasonably acceptable to Lessor. Notwithstanding the Cost foregoing, the failure of Living Index published for November 2005 over either Lessor or Lessee to request and/or the Cost failure of Living Index published for November 2004either party to execute and deliver any such written confirmation shall not affect Lessor’s good faith determination of the Allocated Minimum Rent payable with respect to the applicable Facility under this Lease.
Appears in 1 contract
Samples: Master Lease and Security Agreement (Emeritus Corp\wa\)