Monthly Base Rent. Until the later of (i) the New Commencement Date or (ii) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue to pay monthly installments of Base Rent for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Lease to the contrary, effective as of the New Commencement Date and continuing for the duration of the New Term, Tenant shall pay monthly installments of Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Base Rent shall be payable by Tenant pursuant to the terms of the Amended Lease.
Appears in 2 contracts
Samples: Lease (Adamas Pharmaceuticals Inc), Lease (Adamas Pharmaceuticals Inc)
Monthly Base Rent. Until the later of (i) the New Commencement Date or (ii) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue to pay monthly installments of Base Rent for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Existing Lease to the contrary, effective as in consideration of the New Commencement Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date and continuing for as set forth below (such sixteen month period, the duration “Additional Base Rent Adjustment Period”); (b) in lieu of the New TermBase Rent adjustments set forth in Section 6.5 of the Existing Lease, Tenant the Additional Base Rent shall pay monthly installments be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the New Premises to Landlord last five (5) years of the Term in accordance with this Amendment, subject to the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at adjustments set forth in the beginning Lease, including the Base Rent adjustments set forth in Section 6.5 of the New TermExisting Lease on each anniversary of the Commencement Date. **Notwithstanding For illustrative purposes, the schedule abovechart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, provided Tenant is not subject to adjustment pursuant to this Section 7, to be phased in monetary or material non-monetary default under during the Amended Lease beyond any applicable notice Additional Base Rent Adjustment Period, and cure period, Landlord hereby agrees the rent chart attached as Exhibit F to xxxxx Tenant’s obligation to pay this Amendment sets forth the monthly installments of aggregate Base Rent and Property Management Fee for the New Premises for Term of the first three (3) months following Lease, including the New Commencement Date (the “Abatement Period”) (the total amount of such abated adjustments to Base Rent is hereafter referred to as set forth in the “Abated Amount”)Lease. During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Base Rent shall be payable by Tenant pursuant to the terms of the Amended Lease.Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Lease Agreement
Monthly Base Rent. Until During the later first year of the Term, Lessee shall pay to Lessor a monthly base rental of thirteen thousand one hundred and seventy eight dollars (i) $13,178.00). On each anniversary of the New Commencement Date Date, the monthly base rental shall be increased by 3.0%. The monthly base rental due hereunder shall be payable to Lessor by the first day of each month during the Term at the address stated herein or (ii) to such other persons or at such other places as Lessor may designate in writing and shall be paid in lawful money of the date on which Tenant vacates United States of America. All rent shall be payable to Lessor’s bank account by regular electronic deposit, without prior demand or notice and surrenders the Original Premises (without deduction or Substitution Space, if applicable), Tenant shall continue set off for counterclaim. The Lessee further agrees to pay Lessor, in addition to the rent as provided herein, all privilege, sales, excise, rental and other taxes (except income taxes) imposed now or hereinafter imposed by any governmental authority upon the rentals and all other amounts herein provided to be paid by the Lessee to the Lessor. Said payment shall be in addition to and accompanying each monthly installments rental payment made by Lessee to Lessor. The base rental set forth in this Section 4.1 is a negotiated figure and shall govern whether or not the actual gross rentable square footage of Base the Premises is the same as set forth in Section 12 hereof. Lessee shall have no right to withhold, deduct or offset any amount from the base monthly rental or any other sum due hereunder even if the actual gross rentable square footage of the Premises is less than that set forth in Section 12. Rent for any period during the Original Premises in Term which is for less than one month shall be a pro rata portion of the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per monthmonthly installment. Notwithstanding anything in the Lease The term “rent” as used herein, unless otherwise specified, shall refer collectively to the contrary, effective as of the New Commencement Date monthly base rent and continuing for the duration of the New Term, Tenant shall pay monthly installments of Base Rent for the New Premises any other sums required to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Termbe paid by Lessee to Lessor hereunder. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Base Rent shall be payable paid without deduction, offset, prior notice or demand, and Lessor’s acceptance of any rent payment that is for less than the entire amount then currently due hereunder shall be only as an acceptance on account and shall not constitute an accord and satisfaction or a waiver by Tenant pursuant to the terms Lessor of the Amended Leasebalance of the rent due or a waiver of any of the remedies available to Lessor by reason of Lessee’s continuing default hereunder.
Appears in 2 contracts
Samples: Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc), Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc)
Monthly Base Rent. Until (a) The annual base rent (“Annual Base Rent”), and monthly base rent (“Monthly Base Rent”) shall be as set forth in the later table below. Subtenant hereby agrees to pay Monthly Base Rent to Sublandlord in advance for each month during the Term. Subject to the abatement provisions set forth in Section 4(b), Subtenant shall pay Monthly Base Rent commencing on the Commencement Date and continuing thereafter on the first (1st) day of each and every calendar month during the Term of this Sublease. Commencement Date through October 31, 2012** $ 630,000.00 $ 52,500.00 November 1, 2012 through the Expiration Date. $ 630,000.00 $ 52,500.00 *Based on the agreed leasable square footage of the Occupied Portion of Subleased Premises (18,000 square feet) for twelve (12) full calendar months. **Subject to the terms of Section 4(b), the Annual Base Rent (of $630,000.00) and Monthly Base Rent (of $52,500.00) are subject to abatement and application of credits described therein.
(b) Provided no Event of Default under this Sublease by Subtenant occurs, Sublandlord grants to Subtenant:
(i) An abatement of the New Monthly Base Rent which otherwise would be due and payable, such abatement beginning on the Commencement Date and ending on October 31, 2012; provided, however, that in the event of any delay in the Commencement Date beyond July 9, 2012 not arising in whole or material part out of any act or omission of Subtenant, and provided that such delay does not relate in whole or in part to negotiation, execution or delivery of the Overlandlord Consent, or negotiation or approval of the terms set forth in Section 24, such October 31, 2012 date shall be extended one day for each day of delay.
(ii) An improvements allowance in the date on which Tenant vacates and surrenders form of a credit towards the Original Premises (or Substitution Space, if applicable), Tenant shall continue to pay monthly installments of Monthly Base Rent for otherwise payable hereunder (the Original Premises “Sublease Improvements Allowance Credit”) in the total amount of Eight Twenty Six Thousand Seven Two Hundred Fifty Seventeen and No/100ths Dollars ($8,750.0026,217.00), subject to and conditioned on the following. Subtenant shall be entitled to the Sublease Improvements Allowance Credit to the extent that: (i) per month. Notwithstanding anything Sublandlord receives a corresponding amount out of the remaining balance of the Tenant Improvements Allowance under item 4B of the “Summary of Basic Terms” of the Xxxxxxxxx (but not including any Excess Tenant Improvements Allowance thereunder) and Section 2 of the Xxxxxxxxx Second Amendment, and (ii) Subtenant satisfies the conditions for disbursement of such remaining balance as set forth in Section 2 of the Xxxxxxxxx Second Amendment, complies with Section 7.5 of the Xxxxxxxxx and satisfies the requirements of Section 3.1 of the Xxxxxxxxx for disbursement of such remaining balance of the Tenant Improvements Allowance and (iii) Subtenant submits to Sublandlord an application for payment accompanied by copies of invoices for costs, together with such certifications, lien waivers and other documents from Subtenant, its contractors, engineers, architect and materials suppliers as may reasonably be required by Sublandlord or Overlandlord, and documentation of prior payment by Subtenant of actual out of pocket costs for Sublease Improvements in the Lease amount of the Sublease Improvements Allowance Credit. Such Sublease Improvements Allowance Credit shall be applied to the contrary, effective as of the New Commencement Date first and continuing for the duration of the New Term, Tenant shall pay monthly immediately following installments of Monthly Base Rent for due and payable under this Sublease beginning on November 1, 2012 (until the New Premises to Landlord in accordance with entire Sublease Improvements Allowance Credit is exhausted).
(iii) A conditional credit towards the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Monthly Base Rent for the New Premises for the first three (3) months following the New Commencement Date otherwise payable hereunder (the “Abatement PeriodSteam Generator Allowance Credit”) (in the maximum total amount of such abated Sixty Thousand and No/100ths Dollars ($60,000.00) to be applied to the first and immediately following installments of Monthly Base Rent is hereafter referred to as due and payable under this Sublease (after application of the Sublease Improvements Allowance Credit until the “Abated Allowable Amount”” of the Steam Generator Allowance Credit is exhausted). During , provided that: the Abatement Period, amount of such Steam Generator Allowance Credit shall be applied by Tenant will still be responsible for the payment to actual out of all other monetary obligations under the Amended Lease pocket costs and expenses with respect to the New repair, replacement or removal of the steam generator and/or installation of humidification units within the vivarium facility within the Subleased Premises includingas described in the list of Sublease Improvements as defined in Section 8(a) hereof and attached hereto as Schedule 8(a). In no event shall Sublandlord be required to disburse or provide a Steam Generator Allowance Credit in an amount greater than Sixty Thousand and No/100ths Dollars ($60,000.00).
(c) If the obligation of Subtenant to pay Rent (defined below) hereunder begins on a day other than on the first day of a calendar month, rent from such date until the first day of the following calendar month shall be prorated at the per diem rate of the monthly installment for each day based on the number of days of such month within the Term and shall be due and payable on the Commencement Date. The Annual Base Rent, Monthly Base Rent, Additional Rent (defined below) and any other charges herein reserved or payable by Subtenant hereunder (collectively “Rent”) shall be paid to Sublandlord at the following address: Pfizer, Inc., 000 X. 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Xxxxxxx Xxxxx, or at such other place as Sublandlord may designate in writing, in lawful money of the United States without limitationdemand therefor and without deduction, setoff or abatement whatever, except as expressly provided in this Sublease. Rent for any operating expensespartial month during the Term shall be prorated based upon the number of days in such month. Subtenant acknowledges and agrees that the obligations of Subtenant to pay Rent under this Sublease shall be separate and independent covenants and agreements.
(d) In the event that any installment of Rent is not received by Sublandlord within five (5) days following the date due, direct taxesSubtenant shall pay to Sublandlord an administrative fee equal to five percent (5%) of the overdue payment. In addition, unpaid Rent shall bear interest at the Default Rate (hereinafter defined) from the date due until paid; provided that nothing contained herein shall be construed as permitting Sublandlord to charge or receive interest in excess of the maximum rate then allowed by law. The term “Default Rate” means the greater of fifteen percent (15%) per annum or the rate per annum which is five (5) whole percentage points higher than the prime rate published in the Money Rates section of the Wall Street Journal (the “Prime Rate”). Sublandlord shall have the right to apply payments, regardless of Subtenant’s designation, to satisfy any obligations of Subtenant hereunder, in such order and amount as Sublandlord may elect in its sole discretion. Any payment by Subtenant or acceptance by Sublandlord of a lesser amount than shall be due shall be treated as a payment on account. The acceptance by Sublandlord of a lesser amount with an endorsement or statement thereon, or in a letter accompanying such a check, that such lesser amount is payment in full, shall be given no effect, and parking charges for the New Premises. All of Sublandlord may accept such Base Rent shall be payable by Tenant pursuant check without prejudice to the terms of the Amended Leaseany other rights or remedies which Sublandlord may have against Subtenant.
Appears in 2 contracts
Samples: Sublease Agreement (Genocea Biosciences, Inc.), Sublease Agreement (Genocea Biosciences, Inc.)
Monthly Base Rent. Until the later of (i) the New Commencement Date or (ii) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue to pay monthly installments of Base Rent for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Existing Lease to the contrary, effective as in consideration of the New Commencement Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date and continuing for as set forth below (such sixteen month period, the duration “Additional Base Rent Adjustment Period”); (b) in lieu of the New TermBase Rent adjustments set forth in Section 6.5 of the Existing Lease, Tenant the Additional Base Rent shall pay monthly installments be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the New Premises to Landlord last five (5) years of the Term in accordance with this Amendment, subject to the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at adjustments set forth in the beginning Lease, including the Base Rent adjustments set forth in Section 6.5 of the New TermExisting Lease on each anniversary of the Commencement Date. **Notwithstanding For illustrative purposes, the schedule abovechart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, provided Tenant is not subject to adjustment pursuant to this Section 7, to be phased in monetary or material non-monetary default under during the Amended Lease beyond any applicable notice Additional Base Rent Adjustment Period, and cure period, Landlord hereby agrees the rent chart attached as Exhibit F to xxxxx Tenant’s obligation to pay this Amendment sets forth the monthly installments of aggregate Base Rent and Property Management Fee for the New Premises for Term of the first three (3) months following Lease, including the New Commencement Date (the “Abatement Period”) (the total amount of such abated adjustments to Base Rent is hereafter referred to as set forth in the “Abated Amount”)Lease. During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Additional Base Rent shall be payable by Tenant pursuant to the terms Adjustment Period: Amount of the Amended LeaseAdditional Base Rent: Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 $30,789.06 $61,578.13 $92,367.19 $123,156.25 $153,945.31 $184,734.38 $215,523.44 $246,312.50 $277,101.56 $307,890.63 $338,679.69 $369,468.75 $411,264.90 $442,900.67 $474,536.43 $506,172.
Appears in 2 contracts
Samples: Lease Agreement (Goodness Growth Holdings, Inc.), Purchase and Sale Agreement (Goodness Growth Holdings, Inc.)
Monthly Base Rent. Until The monthly Base Rent for each month of an Option Period shall be equal to the later then prevailing market rate for properties of comparable quality, function and location with length of lease term and credit standing of Tenant taken into consideration, as reasonably determined by Landlord (ithe “Prevailing Market Rate”). In the event Tenant does not agree with Landlord’s determination of the Prevailing Market Rate, Tenant may elect for the Prevailing Market Rate to be determined by arbitration (the “Arbitration Notice”), which election Tenant shall make by written notice to Landlord within 30 days after Landlord’s delivery of such determination. Landlord and Tenant shall thereafter proceed to arbitration in accordance with the procedures set forth in this Section 2. Within ten days after Tenant delivers the Arbitration Notice, Landlord shall submit Landlord’s proposal of the Prevailing Market Rate in writing, and Tenant shall submit Tenant’s proposal of the Prevailing Market Rate in writing, together with any supporting data that was used to calculate such proposed Prevailing Market Rate, to a panel of three qualified, independent, licensed commercial real estate brokers having (a) at least ten years experience in leasing space similar to the New Commencement Date Premises in the Richardson, Texas area, (b) not represented either Landlord or Tenant (iior their affiliates) during the proceeding five years or in connection with the Lease or the renewal amendment, and (c) general experience and competence in determining market rates for space comparable to the Premises, and being familiar with the Commercial Arbitration Rules of the American Arbitration Association (a “Qualified Panel”). The Qualified Panel shall be selected as follows: Tenant shall select one broker, Landlord shall select one broker, each within ten days after Tenant has delivered the Arbitration Notice, and the two brokers so selected shall select a third broker within 30 days after Tenant delivers the Arbitration Notice. If either Landlord or Tenant fails to timely select its broker, then the broker selected by the other Party shall select the other two brokers. Within 20 days after the proposed Prevailing Market Rates are submitted, the Qualified Panel shall hold a hearing during which Landlord and Tenant may present evidence in support of their respective proposed Prevailing Market Rate. Within five business days after the date of the hearing, the Qualified Panel, by majority rule, will determine the Prevailing Market Rate; provided that the Qualified Panel may select only Landlord’s proposed Prevailing Market Rate or Tenant’s proposed Prevailing Market Rate (and no other amount). Landlord’s or Tenant’s Prevailing Market Rate selected by the Qualified Panel shall be the monthly Base Rent for the applicable renewal Term. The Qualified Panel’s determination shall be binding on which Landlord and Tenant vacates and surrenders may be enforced by a court of competent jurisdiction. The cost of such arbitration shall be paid by the Original Premises (or Substitution SpaceParty whose proposed Prevailing Market Rate was not selected by the Qualified Panel. Within 30 days after the Qualified Panel’s selection of the Prevailing Market Rate, if applicable)Landlord and Tenant shall execute a mutually-acceptable amendment to this Lease extending the Term at a Base Rent rate equal to the Prevailing Market Rate selected by the Qualified Panel. If the foregoing arbitration process is not completed prior to the commencement of the applicable renewal Term, Tenant shall continue to pay monthly installments of Base Rent for at the Original Premises rates in effect prior to such Renewal Period until such time as the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in arbitration process is complete, at which time Tenant will pay to Landlord, or Landlord will pay to Tenant, the Lease amounts necessary to adjust the payments made prior to such date to be equal to the contrary, effective as of Prevailing Market Rate selected by the New Commencement Date and continuing for the duration of the New Term, Tenant shall pay monthly installments of Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Base Rent shall be payable by Tenant pursuant to the terms of the Amended LeaseQualified Panel.
Appears in 2 contracts
Samples: Industrial Multi Tenant Lease (Extend Health Inc), Industrial Multi Tenant Lease (Extend Health Inc)
Monthly Base Rent. Until Tenant shall pay Monthly Base Rent for the later Premises for each month of (i) the New Commencement Date or (ii) Extended Term as follows: The Amended Lease is a triple net lease, and Tenant is obligated to pay Monthly Base Rent in full, as and when due pursuant to the date on which Tenant vacates Amended Lease, in addition to, and surrenders not in lieu of, Tenant’s obligations under the Original Premises (or Substitution SpaceAmended Lease to pay Operating Expenses, if applicable)Real Property Taxes, utilities, janitorial services, additional rents, costs and other amounts pursuant to the Amended Lease, all in accordance with the terms of the Amended Lease. Without limiting the foregoing, Tenant shall continue to pay monthly installments of Base Rent be responsible for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty all utilities and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Lease janitorial services with respect to the contrary, effective as of Premises. Provided the New Commencement Date and continuing for the duration of the New Term, Tenant shall pay monthly installments of Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant Amended Lease is not terminated due to Tenant being in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure periodperiods, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Monthly Base Rent due for the New Premises for the first three (3) months following the New Commencement Date of March 2018, February 2019, February 2020, and February 2021 (the “Abatement PeriodMonth(s)”) (the total amount of such abated Monthly Base Rent is hereafter being hereinafter collectively referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations due under the Amended Lease with respect to the New Premises during such Abatement Months including, without limitation, Tenant’s Percentage Share of Operating Expenses and Real Property Taxes. Tenant acknowledges that any operating expensesmaterial default by Tenant under the Amended Lease will cause Landlord to incur costs not contemplated hereunder, direct taxes, and parking charges for the New Premises. All exact amount of such Base Rent costs being extremely difficult and impracticable to ascertain. Therefore, should Landlord at any time during the Extended Term terminate the Amended Lease as a result of a material default by Tenant, then, in addition to all of Landlord’s other rights and remedies (including, without limitation, the right to recover damages), to the extent permissible under applicable law the total unamortized sum of such Abated Amount (amortized on a straight line basis over the Extended Term) so conditionally excused shall be become immediately due and payable by Tenant pursuant to Landlord. Nothing herein is intended to limit any other rights or remedies available to Landlord under the terms of Amended Lease or at law or in equity (including, without limitation, the remedies under California Civil Code Section 1951.2 and/or 1951.4 and any successor statutes or similar laws) in the event Tenant materially defaults under the Amended Lease.
Appears in 1 contract
Samples: Telecom Business Center NNN Lease (REVA Medical, Inc.)
Monthly Base Rent. Until (1) Concurrently with the later execution and delivery of this Sublease, Subtenant shall deliver to Sub-Sublandlord payment consisting of the first month’s Monthly Base Rent due pursuant to Paragraph 2.A(2)(i) below.
(2) Subject to the provisions of Paragraph 2.A(3) below, commencing as of the first day of the first calendar month in which the Commencement Date occurs and continuing throughout the Term of this Sublease, Subtenant shall pay to Sub-Sublandlord on or before the first day of each calendar month during the Term of this Sublease (each, a “Rental Payment Date”), without notice or demand, in lawful money of the United States, at the Sub-Sublandlord’s address as above stated or such other place as Sublandlord may designate, base rent for the Sub-Sublease Premises for each month during the Term (the “Monthly Base Rent”) in the following amounts:
(i) For the New period commencing on the Commencement Date or and terminating on the date which is half way through the Term annual rent in the amount of TWO HUNDRED NINETY-EIGHT THOUSAND FIVE HUNDRED SEVENTY DOLLARS ($298,570.00) [8,180 square feet x $36.50 PSF], payable in equal monthly installments during such period in the amount of Twenty-Four Thousand Eight Hundred Eighty and 83/100 Dollars ($24,880.83) per month;
(ii) For the period commencing on the day following the date which is half way through the Term, and terminating on which Tenant vacates and surrenders April 28, 2012 , annual rent in the Original Premises amount of THREE HUNDRED FOURTEEN THOUSAND NINE HUNDRED THIRTY DOLLARS (or Substitution Space$314,930.00) [8,180 square feet x $38.50 PSF], if applicable), Tenant shall continue to pay payable in equal monthly installments during such period in the amount of Twenty-Six Thousand Two Hundred Forty-Four and 17/100 Dollars ($ 26,244.17) per month; Monthly Base Rent for any period during the Term of this Sublease which is for less than one (1) calendar month shall be prorated based on a thirty (30) day month.
(3) Provided Subtenant shall not be in default of its obligations hereunder beyond applicable notice and cure periods herein or by statute allowed, Subtenant shall be entitled to abatement of Monthly Base Rent for the Original Premises in period of eight weeks from the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars Commencement Date ($8,750.00“Free Rent Period”).
(4) per month. Notwithstanding anything in In the Lease to event the contrary, effective as Sublease shall terminate by reason of the New Commencement Date and continuing for the duration Subtenant’s breach of the New Termterms hereof, Tenant Sub-Sublandlord shall pay monthly installments be entitled to payment of Base Rent for the New Premises a sum equal to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenanttwo months’ rent if Subtenant’s obligation to pay the monthly installments of Base Rent for the New Premises for breach occurs during the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Base Rent shall be payable by Tenant pursuant to the terms years of the Amended LeaseTerm or one month’s rent if the Subtenant’s breach occurs during the last two years of the Term.
Appears in 1 contract
Monthly Base Rent. Until (a) Commencing on the later of (i) the New Commencement Date or and continuing throughout the initial term, Lessee shall pay to Lessor monthly base rent (ii) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable“Monthly Base Rent”), Tenant shall continue to pay monthly installments in the form of Base Rent for the Original Premises Lessee’s common stock and cash as hereinafter set forth, in the amount of Eight Thirty-Six Thousand Seven Hundred Fifty and No/100ths Twenty Dollars ($8,750.0036,720.00), being $2.40 per rentable square foot of the Premises.
(b) On the Commencement Date, Lessee shall issue to Lessor a number of shares of Lessee’s common stock equal to Five Hundred Thousand Dollars ($500,000.00) divided by the closing price of such common stock as reported on the Nasdaq Capital Market on the date hereof. In connection with the issuance of such shares of restricted stock, Lessor and Lessee shall enter into a restricted stock agreement pursuant to which Lessee shall agree to (1) a six month minimum holding period, (2) not to sell more than 25% of such shares in any single month thereafter and (3) not to sell more than 5,000 shares on any single day. This issuance of shares constitutes consideration for the reduction of the cash portion of Monthly Base Rent described above by a cumulative total of Four Hundred Thousand Dollars ($400,000.00) over the initial term of the Lease and an increase of the “Tenant Improvement Allowance” as defined in Paragraph 12(c) hereof by One Hundred Thousand Dollars ($100,000.00) (the “Stock-for-Tenant Improvement Allowance”). Specifically as to rent, this issuance of shares reduces the Monthly Base Rent obligation by $6,732.00 per month, and the remaining Monthly Base Rent obligation shall be paid in cash as set forth in Paragraph 3(c) below.
(c) Commencing on the Commencement Date and continuing on the first day of each calendar month during the first year of the term of this Lease, Lessee shall pay to Lessor in monthly installments in advance without deduction or offset (except as otherwise provided herein), Monthly Base Rent in lawful money of the United States the amount of Twenty-Nine Thousand Nine Hundred Eighty-Eight Dollars ($29,988.00) per month. Notwithstanding anything in Thereafter the Lease to the contrary, effective as cash portion of the New Commencement Date and continuing for the duration of the New Term, Tenant shall pay monthly installments of Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Monthly Base Rent shall be payable increase by Tenant pursuant to the terms of the Amended Lease.three percent annually as follows:
Appears in 1 contract
Samples: Lease Agreement (Energous Corp)
Monthly Base Rent. Until Throughout the later of (i) Term, as the New Commencement Date or (ii) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue same may be extended pursuant to pay monthly installments of Base Rent for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Lease to the contrary, effective as of the New Commencement Date and continuing for the duration of the New TermArticle 32 hereof, Tenant shall pay monthly installments Monthly Base Rent to Landlord in the amount and for the time periods described as follows: Months 1 to 2 [***] [***] Months 3 to 12 [***] [***] Months 13 to 24 [***] [***] Months 25 to 36 [***] [***] Months 37 to 48 [***] [***] Months 48 to 60 [***] [***] Months 61 to December 31, 2016 [***] [***] Monthly Base Rent shall be paid in advance on or before the first day of each calendar month of the Term, and shall be accompanied by any applicable rent, sales, use or other tax which is based on the amount and/or payment of Rent payable pursuant to this Lease. If the Term commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then Monthly Base Rent for such calendar month will be appropriately prorated based on the New Premises to Landlord actual number of calendar days in accordance with such calendar month. If the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at Term commences on a day other than the beginning first day of a calendar month, then the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of prorated Monthly Base Rent for the New Premises for such month will be paid on or before the first three (3) months following day of the New Commencement Date (the “Abatement Period”) (the total amount of such abated Term. Monthly Base Rent is hereafter referred shall be paid to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises includingLandlord, without limitationwritten notice or demand and without deduction or offset, any operating expensesas an independent covenant of Tenant, direct taxes, and parking charges for in lawful money of the New PremisesUnited States of America at Landlord’s address set forth in Article 1.1 herein or to such other address as Landlord may from time to time designate in writing. All of such Base Rent shall be payable by Tenant to Landlord at the office of Landlord or at such other place as Landlord may designate from time to time, in lawful money of the United States of America, without offset, abatement, counterclaim or deduction, except as specifically set forth herein. All Rent shall be paid by either good and sufficient check or a wire transfer of immediately available funds to Landlord’s account, which account information will be given to Tenant prior to any requirement for a wire transfer. At Landlord’s further option, all Rent shall be paid directly to Landlord by electronic transfer of funds using the Automated Clearing House System. If Tenant fails to pay any Rent within three (3) days of when due, the unpaid amounts will be subject to a late payment charge equal to the greater of (i) [***] or (ii) [***]. This late payment charge is intended to compensate Landlord for its additional administrative costs resulting from Tenant’s failure, and has been agreed upon by Landlord and Tenant as a reasonable estimate of the additional administrative costs that will be incurred by Landlord as a result of Tenant’s failure. The actual cost in each instance is extremely difficult, if not impossible, to determine. This late payment charge will be paid to Landlord together with such unpaid amounts and interest pursuant to Article 31.32, below. The payment of this late payment charge will not constitute a waiver by [***] Denotes confidential information omitted and filed separately with the terms Securities and Exchange Commission pursuant to a request for confidential treatment. Landlord of the Amended any Event of Default by Tenant under this Lease. Any payments of any kind returned for insufficient funds will be subject to an additional charge of Sixty Dollars ($60.00).
Appears in 1 contract
Samples: Office Lease (Dendreon Corp)
Monthly Base Rent. Until (a) Commencing on the later of (i) the New Commencement Date or (ii) and continuing on the date on which Tenant vacates and surrenders first day of each calendar month thereafter until the Original Premises (or Substitution Spaceend of the Term, if applicable), Tenant Lessee shall continue pay to pay Lessor in monthly installments of in advance the Monthly Base Rent for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Lease to the contrary, effective as lawful money of the New Commencement Date and continuing for the duration of the New Term, Tenant shall pay monthly installments of United States as follows: * Lessee’s Monthly Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises shall be abated for the first three six (36) months of the Lease Term following the New Commencement Date (the “Abatement Period”) (the total amount of ), if and for so long as Lessee is not in material monetary default under this Lease. If Lessee cures such abated Base Rent is hereafter referred to as the “Abated Amount”). During material monetary default under this Lease during the Abatement Period, Tenant will still then following such cure Lessee’s Monthly Base Rent shall continue to be responsible abated as of the date of such cure; provided, however, that Lessee shall not be entitled to extend the Abatement Period for the payment period of all time that Lessee was in material monetary default of the Lease and shall not be entitled to recoup any portion of Monthly Base Rent attributable to the period of time that Lessee was in material monetary default of the Lease. In the event a dispute regarding whether a material monetary default has occurred for purposes of determining if Lessee is entitled to Abated Base Rent in accordance with the terms of this Paragraph results in litigation or other proceeding and Lessee prevails in such litigation or other proceeding, then Lessee shall be entitled to axxxx the Monthly Base Rent attributable to the period of time that Lessee was improperly determined to be in material monetary obligations default of the Lease. The total eligible abatement of Monthly Base Rent pursuant to the foregoing based on the assumption that Lessee is not in material monetary default during the Abatement Period shall be Three Million, Two Hundred Forty Thousand and no/100s Dollars ($3,240,000.00). The foregoing abatement of Monthly Base Rent payable by Lessee shall not be construed as an abatement of any other rent, Additional Rent, or charges payable under this Lease. If Lessee defaults under the Amended terms of this Lease, and such default results in the termination of this Lease in accordance with respect the provisions of Paragraph 23 (Remedies) of this Lease, then the unamortized amount of the abatement of Monthly Base Rent through the date of such termination (“Abated Base Rent”), amortized on a straight-line basis over the initial Term, shall immediately become due and payable as part of Additional Rent under this Lease as of the day prior to such termination. In such event, as a part of the recovery set forth in Paragraph 23, Lessor shall be entitled to recover, in addition to any other amounts due from Lessee, the amount of the Abated Base Rent due under this Paragraph 5(a) as Additional Rent.
(b) Subject to Section 14 of the Work Letter, (i) upon the execution and delivery of this Lease by Lessee, Lessee shall pay to Lessor the sum of Five Hundred Forty Thousand and no/100s Dollars ($540,000.00) which shall be applied to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges installment of Monthly Base Rent due for the New Premisesfirst month in which Monthly Base Rent is due following the Commencement Date and (ii) upon thirty (30) days after the City’s issuance of the Use CUPs and the lapse of the fifteen (15) day appeal period without appeal (or, if appealed, the City has confirmed the Use CUPs in all material respects), Lessee shall pay to Lessor the sum of One Million Six Hundred Twenty Thousand and no/100s Dollars ($1,620,000.00) which shall be applied to the installments of Monthly Base Rent due for the second, third and fourth months in which Monthly Base Rent is due following the Commencement Date. All of such Thereafter, Monthly Base Rent shall be payable by Tenant pursuant paid monthly in advance on the first day of each calendar month. Lessee shall also pay to Lessor no later than March 15, 2016, the amount of One Hundred Eighty Thousand and no/100s Dollars ($180,000.00) or Lessor’s then current estimate of Additional Rent (as hereinafter defined), which amount shall be applied to the terms Additional Rent for the first calendar month of the Amended LeaseTerm. Upon thirty (30) days after the City’s issuance of the Use CUPs and the lapse of the fifteen (15) day appeal period without appeal (or, if appealed, the City has confirmed the Use CUPs in all material respects), and subject to Section 14 of the Work Letter, Lessee shall deliver to Lessor the Security Deposit (as defined in Paragraph 8 below).
Appears in 1 contract
Monthly Base Rent. Until the later of (ia) the New Commencement Date or The monthly base rent (ii"Monthly Base Rent") the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue Subtenant hereby agrees to pay monthly installments of to Sublandlord in advance for each month during the Term shall be as set forth in the table below. Subtenant shall pay Monthly Base Rent for commencing on the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Lease to the contrary, effective as of the New Commencement Date and continuing for thereafter on the duration first (1st) day of each and every calendar month during the Term of this Sublease. *Based on twelve (12) full calendar months. For the purposes of this Sublease, the first "Sublease Year" shall be defined as the period commencing on the Commencement Date and ending on the last day of the New month in which the first (1st) anniversary of the Commencement Date occurs; provided, however, that if the Commencement Date occurs on the first day of a calendar month, then the first Sublease Year shall expire on the day immediately preceding the first (1st) anniversary of the Commencement Date. Thereafter, "Sublease Year" shall be defined as any subsequent twelve (12) month period during the Term.
(b) If the obligation of Subtenant to pay rent hereunder begins on a day other than on the first day of a calendar month, Tenant rent from such date until the first day of the following calendar month shall be prorated at the per diem rate of the monthly installment for each day payable in advance based on the number of days of such month within the Term. The Monthly Base Rent, Additional Rent and any other charges herein reserved or payable by Subtenant hereunder (collectively, "Rent") shall be paid to Sublandlord at the following address: Pfizer Inc. c/o Cushman and Xxxxxxxxx of Florida, Inc. 00000 Xxxxx Xxxx Xxxx, Xxxxx 000 Xxxxxx Xxxxxxx XX 00000 Attention: Lease Administration or at such other place as Sublandlord may designate in writing, in lawful money of the United States without demand therefor and without deduction, setoff or abatement whatever, except as expressly provided in this Sublease (or pursuant to any provision of the Xxxxxxxxx that is expressly incorporated into this Sublease). Subtenant acknowledges and agrees that the obligations of Subtenant to pay Rent under this Sublease shall be separate and independent covenants and agreements.
(c) In the event that any installment of Rent is not received by Sublandlord within five (5) days of the date due, Subtenant shall pay monthly installments of Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning Sublandlord an administrative fee equal to five percent (5%) of the New Term. **Notwithstanding the schedule aboveoverdue payment; provided, provided Tenant however, that if Subtenant is not late in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises includingRent more than two (2) times in any twelve (12) month period, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of thereafter such Base Rent administrative fee shall be payable by Tenant pursuant immediately upon the occurrence of any subsequent late payment without any grace period. In addition, unpaid Rent shall bear interest at the Default Rate (hereinafter defined) from the date due until paid; provided that nothing contained herein shall be construed as permitting Sublandlord to the terms charge or receive interest in excess of the Amended Leasemaximum rate then allowed by law. The term "Default Rate" means twelve percent (12%) per annum. Sublandlord shall have the right to apply payments, regardless of Subtenant's designation, to satisfy any obligations of Subtenant hereunder, in such order and amount as Sublandlord may elect in its sole discretion. Any payment by Subtenant or acceptance by Sublandlord of a lesser amount than shall be due shall be treated as a payment on account. The acceptance by Sublandlord of a lesser amount with an endorsement or statement thereon, or in a letter accompanying such a check, that such lesser amount is payment in full, shall be given no effect, and Sublandlord may accept such check without prejudice to any other rights or remedies which Sublandlord may have against Subtenant.
Appears in 1 contract
Samples: Assignment of Sublease and Sub Sublease (CRISPR Therapeutics AG)
Monthly Base Rent. Until Commencing on the later of (i) the New Commencement Date or (ii) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue to pay monthly installments of Base Rent for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Lease to the contrary, effective as of the New Commencement Date and continuing for the duration of the New TermDate, Tenant shall pay Annual Base Rent in monthly installments (herein called "Monthly Base Rent") and each installment shall be one-twelfth (1/12) of the Annual Base Rent payable for the New Premises to Landlord in accordance applicable Lease Year (with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any initial payment due on the Commencement Date including a partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice payment and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises payment for the first three (31st) months following full month if the New Commencement Date is other than the first (the “Abatement Period”1st) (the total amount day of such abated Base Rent is hereafter referred to as the “Abated Amount”a month). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Monthly Base Rent shall be payable by in advance commencing on the Commencement Date and on the first (1st) day of each calendar month during the Term prorated on an equal per diem basis for partial months. Tenant pursuant shall not commence construction in the Leased Premises until Landlord has approved Tenant's architectural and engineering plans and specifications in accordance with the Workletter attached hereto as Exhibit B. Notwithstanding anything contained herein to the terms contrary and provided no Default exists hereunder, if Tenant elects to occupy and start conducting business in all or any portion of the Amended Fourth Floor Premises or Upper Level Premises after the Effective Date and prior to the Commencement Date (the "Early Occupancy Period"), Tenant shall be obligated to pay Annual Base Rent for that portion of the Leased Premises from the date Tenant begins conducting business up to the Commencement Date in the amount of Five and 00/100 Dollars ($5.00) per Rentable Square Foot ("Early Annual Base Rent"); provided, however, (a) in no event shall Tenant occupy the Retail Premises prior to the Commencement Date; (b) if Tenant occupies and begins conducting business in only a portion of the Fourth Floor Premises, Tenant shall pay Early Annual Base Rent for the entire Fourth Floor Premises; and (c) if Tenant occupies and begins conducting business in only a portion of the Upper Level Premises, Tenant shall pay Early Annual Base Rent for the entire floor which Tenant occupies and from which Tenant conducts business, even if Tenant occupies and conducts business in only a portion of that floor. Throughout the Early Occupancy Period, Tenant shall comply with all of the terms and conditions set forth in this Lease (except for Tenant's obligation to pay Annual Base Rent and Additional Rent), including but not limited to Tenant's obligation to maintain insurance of the types and amounts set forth in Article 12 of this Lease.
Appears in 1 contract
Monthly Base Rent. Until the later of (i) the New Commencement Date or (ii) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue to pay monthly installments of Base Rent for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Existing Lease to the contrary, effective as in consideration of the New Commencement Date and continuing for Additional TI Allowance, commencing on the duration of Amendment Effective Date: (a) the New Term, Tenant shall pay monthly installments of Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material nonshall increase by Four Hundred Ninety-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three Two Thousand Six Hundred Twenty-Five Dollars (3$492,625.00) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Additional Base Rent is hereafter referred to as the “Abated AmountRent”). During , provided that the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such Additional Base Rent shall be payable by Tenant phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted for the last five (5) years of the Term in accordance with this Amendment, subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the terms Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Amended Lease, including the adjustments to Base Rent as set forth in the Lease.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Monthly Base Rent. Until the later of (ia) the New Commencement Date or The monthly base rent (ii“Monthly Base Rent”) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue Subtenant hereby agrees to pay monthly installments of to Sublandlord in advance for each month during the Term shall be as set forth in the table below. Subtenant shall pay Monthly Base Rent for commencing on the Original Premises in the amount of Eight Thousand Seven Hundred Fifty and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in the Lease to the contrary, effective as of the New Commencement Date and continuing for thereafter on the duration first (1st) day of each and every calendar month during the Term of this Sublease. * Based on twelve (12)full calendar months For the purposes of this Sublease, the first “Sublease Year” shall be defined as the period commencing on the Commencement Date and ending on the last day of the New month in which the first (1st) anniversary of the Commencement Date occurs; provided, however, that if the Commencement Date occurs on the first day of a calendar month, then the first Sublease Year shall expire on the day immediately preceding the first (1st) anniversary of the Commencement Date. Thereafter, “Sublease Year” shall be defined as any subsequent twelve (12) month period during the Term.
(b) If the obligation of Subtenant to pay rent hereunder begins on a day other than on the first day of a calendar month, Tenant rent from such date until the first day of the following calendar month shall be prorated at the per diem rate of the monthly installment for each day payable in advance based on the number of days of such month within the Term. The Monthly Base Rent, Additional Rent and any other charges herein reserved or payable by Subtenant hereunder (collectively, “Rent”) shall be paid to Sublandlord at the following address: Pfizer Inc. c/o Cushman and Xxxxxxxxx of Florida, Inc. 00000 Xxxxx Xxxx Xxxx, Xxxxx 000 Xxxxxx Xxxxxxx XX 00000 Attention: Lease Administration or at such other place as Sublandlord may designate in writing, in lawful money of the United States without demand therefor and without deduction, setoff or abatement whatever, except as expressly provided in this Sublease (or pursuant to any provision of the Xxxxxxxxx that is expressly incorporated into this Sublease). Subtenant acknowledges and agrees that the obligations of Subtenant to pay Rent under this Sublease shall be separate and independent covenants and agreements.
(c) In the event that any installment of Rent is not received by Sublandlord within five (5) days of the date due, Subtenant shall pay monthly installments of Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning Sublandlord an administrative fee equal to five percent (5%) of the New Term. **Notwithstanding the schedule aboveoverdue payment; provided, provided Tenant however, that if Subtenant is not late in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises includingRent more than two (2) times in any twelve (12) month period, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of thereafter such Base Rent administrative fee shall be payable by Tenant pursuant to immediately upon the terms occurrence of any subsequent late payment without any grace period. In addition, unpaid Rent shall bear interest at the Amended Lease.Default
Appears in 1 contract
Monthly Base Rent. Until The parties intend that the later Base Rent payable by Tenant to Landlord hereunder shall be totally net to Landlord, and that Tenant shall pay all costs, expenses and charges arising from the maintenance, use and operation of the Demised Premises during the Term, other than as set forth elsewhere in this Lease. Commencing on the date (ithe “Rent Commencement Date”) that is the New Commencement Date or earlier of: (iia) the date on which Tenant vacates and surrenders commences occupancy of any portion of the Original Demised Premises for its intended business purpose, or (or Substitution Space, if applicable)b) the date that is twenty (20) weeks from the Lease Commencement Date, Tenant shall continue pay, in lawful money of the United States, as minimum annual rent for the Demised Premises, the Base Rent. The Base Rent, which Tenant hereby agrees to pay monthly installments to Landlord at Landlord’s address stated herein or as otherwise provided to Tenant from time to time upon not less than thirty (30) days prior written notice, shall be the sum of Base Rent for the Original Premises in the amount of Eight Thousand Seven Hundred Fifty Twenty-Six and No/100ths No/100 Dollars ($8,750.0026.00) per month. Notwithstanding anything in square foot per annum, plus the Lease amount determined by the computation made pursuant to the contraryprovisions of Section 3.2 hereof, effective as of the New Commencement Date and continuing for the duration of the New Term, Tenant shall pay monthly installments of Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All of such which Base Rent shall be payable by in equal monthly installments (the “Monthly Base Rent”). The Monthly Base Rent shall be paid on the first day of each calendar month during the Term, without notice, demand, offset, deduction or counter-claim whatsoever except as otherwise expressly set forth in this Lease. If the Rent Commencement Date of this Lease begins on a date other than the first day of a month, then Tenant pursuant to shall pay on the terms Rent Commencement Date the Base Rent for the month in which the Rent Commencement Date occurs calculated on a per diem basis (based on the number of days in the relevant month) of the Amended LeaseBase Rent payable during the First Lease Year. Promptly following the Rent Commencement Date, Landlord and Tenant will execute a Declaration, substantially in the form set forth in Exhibit B attached hereto and incorporated herein, to confirm the Lease Commencement Date, the Rent Commencement Date, the Lease Expiration Date and other matters therein contained. Failure to execute said Declaration shall not affect the commencement or expiration of the Term.
Appears in 1 contract
Samples: Lease Agreement (Cvent Inc)
Monthly Base Rent. Until (1) Concurrently with the later execution and delivery of this Sublease, Subtenant shall deliver to Sublandlord payment consisting of the first month's Monthly Base Rent due pursuant to Paragraph 2.A(2)(i) below.
(2) Subject to the provisions of Paragraph 2.A(3) below, commencing as of the first day of the first calendar month in which the Commencement Date occurs and continuing throughout the Term of this Sublease, Subtenant shall pay to Sublandlord on or before the first day of each calendar month during the Term of this Sublease (each, a "RENTAL PAYMENT DATE"), without notice or demand, in lawful money of the United States, at the Sublandlord's address as above stated or such other place as Sublandlord may designate, base rent for the Sublease Premises for each month during the Term (the "MONTHLY BASE RENT") in the following amounts:
(i) For the New period commencing on the Commencement Date or and terminating on May 31, 2008, annual rent in the amount of SIX HUNDRED THOUSAND DOLLARS ($600,000.00), payable in equal monthly installments during such period in the amount of Fifty Thousand Dollars ($50,000.00) per month;
(ii) For the date period commencing on which Tenant vacates June 1, 2008 and surrenders terminating on the Original Premises Expiration Date, annual rent in the amount of SIX HUNDRED EIGHTY THOUSAND DOLLARS (or Substitution Space, if applicable), Tenant shall continue to pay $680,000.00) payable in equal monthly installments of Fifty-six Thousand Six Hundred Sixty-six and 66/100 Dollars ($56,666.66) per month. Monthly Base Rent for any period during the Term of this Sublease which is for less than one (1) calendar month shall be prorated based on a thirty (30) day month.
(3) Provided Subtenant shall not be in default of its obligations hereunder beyond applicable notice and cure periods herein or by statute allowed, Subtenant shall be entitled to abatement of Monthly Base Rent for the Original Premises in period commencing on the amount Commencement Date and terminating on January 31, 2005 ("Free Rent Period").
(4) The abatement of Eight Thousand Seven Hundred Fifty and No/100ths Dollars Monthly Base Rent during the Free Rent Period is conditioned upon Subtenant's full performance under this Sublease. If Subtenant commits an Event of Default ($8,750.00as herein defined), then
(a) per month. Notwithstanding anything in the Lease Subtenant shall immediately pay to Sublandlord upon demand a sum equal to the contrary, effective total Monthly Base Rent abated during the Free Rent Period as of the New Commencement Date and continuing for the duration date of occurrence of such Event of Default, and
(b) Any further abatement of Monthly Base Rent as of the New Termdate of the occurrence of such Event of Default shall thereby automatically terminate and become null and void, Tenant and Subtenant shall thereafter pay monthly installments of all Monthly Base Rent for the New Premises to Landlord in accordance with the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning of the New Term. **Notwithstanding the schedule above, provided Tenant is not in monetary or material non-monetary default when due under the Amended Lease beyond any applicable notice and cure periodSublease, Landlord hereby agrees to xxxxx Tenant’s obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations under the Amended Lease with respect without regard to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for the New Premises. All abatement of such Base Rent shall be payable by Tenant pursuant to the terms rent provisions of the Amended Leasethis Sublease.
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Monthly Base Rent. Until (a) Lessee shall pay to lessor for each full calendar month during the later initial thirty (30) calendar months of the lease term, plus the partial month if any at the commencement of the lease term, Monthly Base Rent of Ten Thousand Six Hundred Fifty-Five and Sixty Hundredths Dollars (i$10,655.60) per month. Upon the New Commencement Date or execution and delivery of this lease by Lessor and Lessee, Lessee shall pay to Lessor the sum of Ten Thousand Six Hundred Fifty-five and Sixty Hundredths Dollars (ii$10,655.60) representing the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue to pay monthly installments of Monthly Base Rent for the Original Premises in first month of the amount lease term. Monthly Base Rent for any partial calendar month at the commencement of Eight Thousand Seven the lease term shall be payable at the rate of Three Hundred Fifty Fifty-five and No/100ths Sixty Hundredths Dollars ($8,750.00355.18) per day.
(b) Lessee shall pay to Lessor for each calendar month during the period beginning with the thirty-first (31st) full calendar month of the lease term and continuing through the Sixtieth (60th) full calendar month of the lease term, Monthly Base Rent of Eleven Thousand Five Hundred Thirty-three and Twelve Hundredths Dollars ($11,533.12) per month. Notwithstanding anything .
(c) Monthly Base Rent is determined on a full service basis and includes the Base Operating Expenses (including standard electrical service) and Base Taxes referred to in the Lease to the contrary, effective as of the New Commencement Date and continuing for the duration of the New Term, Tenant shall pay monthly installments of Paragraph 6(b) hereof.
(d) The Monthly Base Rent for the New Premises premises during the option extension period shall be an amount equal to Landlord the then existing fair market rent of the premises as of the commencement date of the option extension period ("The Option Monthly Base Rent"), but in no event shall the Option Monthly Base Rent be less than the Monthly Base Rent in effect for the last month of the initial lease term. The fair market rent for the premises for the option extension period shall be determined by comparison with comparables (including typical market concessions) for similar class "A" buildings in the Santa Xxxxx area. Said Option Monthly Base Rent for the option extension period shall be established by agreement between the Lessor and Lessee, if possible, and by the process of appraisal if the parties cannot reach agreement. At least six (6) months, but not more than twelve (12) months, prior to the expiration of the initial lease term, Lessee shall deliver notice to Lessor of Lessee's determination of the ammount of the fair market Monthly Base Rent of the premises as of the commencement of the option term, which shall in no event be less than the Monthly Base Rent in effect at the expiration of the initial term; provided that, in the event Lessee has no intention of exercising the option to extend the lease term, then Lessee shall have no obligation to deliver notice to Lessor of Lessee's determination. If Lessor disagrees with Lessee's determination of the amount of the fair market Monthly Base Rent of the premises, Lessor shall so notify Lessee within thirty (30) days after Lessor receives Lessee's notice of exercise of the option to extend the lease term. In the event that Lessee timely gives notice to Lessor of Lessee's election to exercise the option to extend the lease term and Lessor does not give Lessee notice in writing that Lessor disagrees with Lessee's determination of fair market rent within the time period referred to above, Lessor and Lessee shall execute an amendment to this Lease stating that the initial Monthly Base Rent for the premises during the option extension period shall be equal to the amount of Lessee's determination. If Lessor notifies Lessee that Lessor disagrees with Lessee's determination of the fair market rent for the premises within thirty (30) days after Lessor receives Lessee's notice of exercise of option, then the two parties shall confer for an additional period of ten (10) days to attempt in good faith to reach agreement upon the fair market rent for the premises. If after the expiration of said additional ten (10) day period the parties have not reached a written agreement as to the amount of the fair market rent for the premises, then such fair market rent shall be determined by appraisal as provided in subparagraph (e) below, subject to the condition that the Monthly Base Rent for the option extension period shall not be less than the Monthly Base Rent in effect at the expiration of the initial term.
(e) If it becomes necessary to determine by appraisal the fair market Monthly Base Rent for the premises as of the commencement of the option term, real estate appraiser(s), each of whom shall be members of the American Institute of Real Estate Appraisers (AIREA), with at least five (5) years' full- time commercial real estate appraisal experience in the San Jose, California Area, shall be appointed and shall act in accordance with the procedures set forth below. Either party may demand an appraisal by giving written notice to the other party, which demand to be effective must state the name, address, and qualifications of an appraiser selected by the party demanding an appraisal (the "Notifying Party"). Within ten (10) days following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at the beginning Notifying Party's appraisal demand, the other party (the "Non-Notifying Party") shall either approve the appraiser selected by the notifying party or select a second properly qualified appraiser by giving written notice of the New Termname, address, and qualification of said appraiser to the Notifying Party. **Notwithstanding If the schedule above, provided Tenant is not in monetary or material nonNon-monetary default under Notifying Party fails to select an appraiser within the Amended Lease beyond any applicable notice and cure ten (10) day period, Landlord hereby agrees the appraiser selected by the Notifying Party shall be deemed selected by both parties and no other appraiser shall be selected. If two appraisers are selected, they shall select a third appropriately qualified appraiser within five (5) days of being selected. If the two appraisers fail to xxxxx Tenant’s obligation to pay select a third qualified appraiser within such five (5) day period, then the monthly installments third appraiser shall be appointed by the then Presiding Judge of the Superior Court of Santa Xxxxx County. If only one appraiser is selected, that appraiser shall notify the parties in simple letter form of its determination of the fair market Monthly Base Rent for the New Premises premises within fifteen (15) days following his selection, which appraisal shall be conclusively determinative and binding on the parties as the appraised current fair market rental for the first three premises. If multiple appraisers are selected, each appraiser shall within ten (310) months following days of being selected make his determination of the New Commencement Date (the “Abatement Period”) (the total amount of such abated current fair market Monthly Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment premises in simple letter form. If two (2) or more of all other monetary obligations under the Amended appraisers agree on the rent for the premises, such agreement shall be determinative and binding upon the parties. If multiple appraisers are selected and two (2) appraisers are unable to agree on the rent, the parties shall then determine the fair market Monthly Base Rent for the premises by taking the mean average of the appraisals; provided, that any high or low appraisal, differing from the middle appraisal by more than ten percent (10%) of the middle appraisal, shall be disregarded in calculating the average. The appraisers' determination of the current fair market Monthly Base Rent of the premises shall be based on the criteria refeffed to in Paragraph 5(d)(1) above. If only one appraiser is selected, then each party shall pay one- half of the fees and expenses of that appraiser. If three appraisers are selected, each party shall bear the fees and expenses of the appraiser it selects and one-half of the fees and expenses of the third appraiser. Thereafter, in the event that Lessee timely gives notice to Lessor to extend the term of this Lease with respect to include the option extension period, Lessor and Lessee shall execute an amendment to this Lease stating that the Monthly Base Rent for the premises during the option extension period shall be equal to the New Premises including, without limitation, any operating expenses, direct taxes, and parking charges for greater of (1) the New Premises. All of such Monthly Base Rent shall be payable as determined by Tenant pursuant to appraisal; or (2) the terms Monthly Base Rent in effect at the expiration of the Amended Leaseinitial term.
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Monthly Base Rent. Until the later of (ia) the New Commencement Date or (ii) the date on which Tenant vacates and surrenders the Original Premises (or Substitution Space, if applicable), Tenant shall continue to pay monthly installments of Monthly Base Rent for the Original Premises shall continue to be payable in the amount of Eight Thousand Seven Hundred Fifty such amounts and No/100ths Dollars ($8,750.00) per month. Notwithstanding anything in accordance with such provisions as are set forth in the Lease from and after the date hereof and through August 31, 2012 (i.e., being the expiration of the current stated Term of the Lease). The foregoing Monthly Base Rent shall be payable at such times and at such place and in accordance with such provisions as otherwise set forth in the Lease relative to the contrary, effective as payment of “Monthly Base Rent” thereunder.
(b) From and after the New Additional Premises Commencement Date and continuing for through the duration expiration of the New Terminitial stated Term of the Lease, Tenant shall pay monthly installments of and subject to the rental abatement rights expressly provided in Paragraph 5(c) below, Monthly Base Rent for the New Additional Premises shall be payable by Tenant in the following amounts and at the following annual rates per square foot of Rentable Area of the Additional Premises for the respective periods hereinafter described (and Section 1.1(8) of the Original Lease is hereby supplemented accordingly): *Subject to Landlord certain abatements as described in Paragraph 5(c) below. The foregoing Monthly Base Rent attributable to the Additional Premises shall be payable at such times and at such place and in accordance with such provisions as otherwise set forth in the following schedule: 1 — 12* $ 8,749.05 ** 13 — 24 $ 9,009.66 25 — 27 $ 9,270.27 *Including any partial month at Lease relative to the beginning payment of Monthly Base Rent attributable to the New Term. **Original Premises thereunder.
(c) Notwithstanding the schedule terms of Paragraphs 5(a) and 5(b) above, provided it is agreed that Tenant is shall be entitled to an abatement of Monthly Base Rent attributable to the Additional Premises for each of two (2) calendar months (each such month, an “Additional Premises Abatement Month”) commencing with May 1, 2008 and continuing through June 30, 2008. The foregoing abatement of Monthly Base Rent attributable to the Additional Premises shall not in monetary or material non-monetary default under the Amended Lease beyond any applicable notice and cure period, Landlord hereby agrees to xxxxx otherwise affect Tenant’s 's obligation to pay the monthly installments of Base Rent for the New Premises for the first three (3) months following the New Commencement Date (the “Abatement Period”) (the total amount of such abated Base Rent is hereafter referred to as the “Abated Amount”). During the Abatement Period, Tenant will still be responsible for the payment of all other monetary obligations amounts due and owing under the Amended Lease with respect to the New during each such respective Additional Premises Abatement Month (including, without limitation, all Monthly Base Rent payable with respect to the Original Premises), nor shall it affect any operating expenses, direct taxesother obligations of Tenant under the Lease, and parking charges for the New Premises. All provided further, that such abatement of such Monthly Base Rent shall be payable by Tenant pursuant attributable to the terms of Additional Premises shall not apply for any Additional Premises Abatement Month during which a monetary default occurs under the Amended Lease, which monetary default is not thereafter cured within applicable notice and cure periods under the Lease.
(d) The term “Monthly Base Rent”, as used in the Lease, shall mean all Monthly Base Rent payable thereunder from time to time, including without limitation the amounts payable from time to time relative to the Original Premises as described in Paragraph 5(a) above, and the amounts payable from time to time relative to the Additional Premises as described in Paragraph 5(b) above, subject, in any event, to the rental abatements expressly set forth in Paragraph 5(c) above.
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