Common use of PRE-AUTHORIZED PAYMENTS Clause in Contracts

PRE-AUTHORIZED PAYMENTS. The Lessee shall participate in a pre-authorized payment plan whereby the Lessor will be authorized to debit the Lessee’s bank account each month from time to time during each Lease Year in an amount equal to the Gross Rent and Additional Rent payable on a monthly basis, and, if applicable, generally any amount payable provisionally pursuant to the provisions of this Lease on an estimated basis. The Lessor shall sign a form of application which is the same or similar to Schedule “D-1”, or as may be required by the Lessee’s bank, credit union or other financial institution.