OPTION PERIOD BASE RENT Sample Clauses

OPTION PERIOD BASE RENT. Within 30 days of Xxxxxx's written notice of Xxxxxx's exercising the option, Xxxxxx shall deliver in writing to Lessee the new monthly Base Rent for the space. Lessee's new monthly Base Rent for the option period shall be the then prevailing market rate for similar buildings and similar space in the Santa Xxxxxx area. In the event Lessor does not receive written objection to the new monthly Base Rent within 10 business days from written notification from Lessor then Lessee shall have deemed to accept the new monthly Base Rent. In the event the Lessee does object to the new monthly Base Rent then Lessee shall submit in writing along with the written objection the amount that Xxxxxx proposes to be the correct new monthly Base Rent for the space based upon rates for similar buildings and space in the Santa Xxxxxx area. Lessor shall respond in writing within 10 days from receipt of Xxxxxx's proposed new monthly Base Rent Lessor's agreement, or objection, to the proposed amount. In the event Lessor objects to Xxxxxx's proposed new monthly Base Rent then, within 30 days from Lessor's written objection, Lessor and the Lessee shall mutually agree upon and hire an MAI Appraiser to determine the new monthly Base Rent. The cost of the appraisal shall be shared equally between Lessor and Lessee. The Appraiser's determination of the monthly Base Rent shall be binding on both Lessor and Lessee without any right of appeal. This new base rent for each option period shall remain fixed for the term of the option. AGREED AND ACCEPTED: TENANT: SPECIALTY LABORATORIES, INC. BY: Xxxxx X. Xxxxx DATE: 11/24/98 ---------------------- ---------- ITS: Chairman --------------------- LANDLORD: OSCAR & XXXXX XXXXXXXX TRUST BY: /s/ Xxxx Xxxxxxxx DATE: 12/31/98 ---------------------- ---------- ITS: Trustee --------------------- STANDARD INDUSTRIAL LEASE -- NET AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION [LOGO]
Sample 1
AutoNDA by SimpleDocs
OPTION PERIOD BASE RENT. The Base Rent for the Option Period will be determined this way:
Sample 1
OPTION PERIOD BASE RENT. The Base Rent for each Option Period shall be the fair market rental, determined as follows, but in no event less than the Base Rent in effect for the last month preceding the applicable Option Period:
Sample 1

Related to OPTION PERIOD BASE RENT

  • Annual Base Rent Except as otherwise provided in this Lease, in the event of a default by Landlord, Tenant shall be entitled to any remedies available at law or in equity except for the right to terminate or rescind the Lease. It is expressly understood and agreed to between the parties that except as specifically provided in this Lease, Tenant expressly, knowingly, and voluntarily waives any right, claim, or remedy otherwise available to Tenant to terminate or rescind this Lease as a result of Landlord's default as to any covenant or agreement contained in this Lease or as a result of the breach of any promise or inducement allegedly made on behalf of Landlord, whether in this Lease or elsewhere. No act or omission of Landlord or its agents shall constitute an actual or constructive eviction of Tenant unless Landlord shall have first received written notice of Tenant's claim and shall have failed to cure it after having been afforded a reasonable time to do so, which in no event shall be less than thirty (30) days. Notwithstanding anything in this Lease to the contrary, Landlord shall never be liable to Tenant in the event of a default by Landlord or otherwise under any provision of this Lease for any loss of business or profits or other consequential damages or for punitive or special damages of any kind. None of Landlord's officers, members, managers, employees, agents, directors, shareholders, or partners shall ever have any personal liability to Tenant under or in connection with this Lease. Tenant shall look solely to Landlord's estate and interest in the Office Center for the satisfaction of any right or remedy of Tenant under this Lease, or for the collection of any judgment (or other judicial process) requiring the payment of money by Landlord, it being intended that there will be absolutely no personal liability on the part of Landlord, and no other property or assets of Landlord or its principals shall be subject to levy, execution, or other enforcement procedure for the satisfaction of Tenant's rights or remedies under this Lease, the relationship of Landlord and Tenant under this Lease, Tenant's use and occupancy of the Premises, or any other liability of Landlord to Tenant of whatever kind or nature, this exculpation of liability to be absolute and without exception whatsoever.

  • Monthly Base Rent On each Due Date, each Lessee shall pay to the Lessor the Monthly Base Rents that have accrued during the Related Month with respect to all Vehicles that were leased by such Lessee under this Operating Lease on any day during the Related Month;

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

  • Lease Period The Lessor agrees to permit the Lessee to make use of the leased premises under this agreement for the period prescribed in Appendix A.

  • Minimum Monthly Rent 3.1.1 Tenant agrees to pay to Landlord a Minimum Monthly Rent, initially in the amount set forth in the Basic Provisions, during each month of the Term of this Lease. Minimum Monthly Rent for a period constituting less than a full month shall be prorated on the basis of a thirty (30)-day month.

  • Option Period (a) Subject to section 2(b), the Optionee shall have the right to purchase all or any portion of the optioned Common Stock at any time during the period ("Option Period") commencing on the Earliest Exercise Date and ending on the earliest to occur of the following dates:

  • Lease Year Lease Year" means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Base Rent Lessee shall pay Base Rent and other rent or charges, as the same may be adjusted from time to time, to Lessor in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease. Base Rent and all other rent and charges for any period during the term hereof which is for less than one full month shall be prorated based upon the actual number of days of the month involved. Payment of Base Rent and other charges shall be made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee.

  • CONTRACT YEAR The first Contract Year is the period of time ending on the first contract anniversary. Subsequent Contract Years are the annual periods between contract anniversaries.

  • Minimum Rent The defined term “Minimum Rent” set forth in Section 1.66 of the Lease is deleted in its entirety and replaced with the following:

Time is Money Join Law Insider Premium to draft better contracts faster.