RENEWAL TERM MINIMUM RENT Sample Clauses

RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments by wire transfer on the first (1st) business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.2.1 The lesser of (i) the Adjusted Fair Market Value of the Premises (as such term is defined in Section 2.2.4 below) on the date of Tenant's notice of exercise pursuant to Section 1.2.1 or (ii) Landlord's Adjusted Investment in the Premises (as defined in Section 2.2.5 below); and 2.2.2 A percentage equal to three hundred (300) basis points over the twenty (20) day average 10 year United States Treasury rate in effect on the date of Tenant's notice of exercise pursuant to Section 1.2. 1. In the event that the unavailability of United States Treasury securities causes the foregoing calculation, or any other similar calculation described in this Lease, to be impracticable, a substitute therefor, reasonably acceptable to Landlord and Tenant, shall be used for such purposes. 2.2.3 Notwithstanding the foregoing, in no event shall the Minimum Rent for the first Lease Year of the first Renewal Term exceed one hundred twenty percent (120%) of the Total Rent payable in the last Lease Year of the Initial Term, and in no event shall the Minimum Rent for the first Lease Year of any Renewal Term other than the first Renewal Term exceed one hundred twenty percent (120%) of the Total Rent payable in the last Lease Year of the immediately preceding Renewal Term. Furthermore, in no event shall the Minimum Rent for the first Lease Year of the first Renewal Term be less than one hundred percent (100%) of the Total Rent payable during the last Lease Year of the Initial Term, and in no event shall the Minimum Rent for the first Lease Year of any Renewal Term other than the first Renewal Term be less than one hundred percent (100%) of the Total Rent payable during the last Lease Year of the immediately preceding Renewal Term. 2.2.4 As used herein, the "ADJUSTED FAIR MARKET VALUE" of the Premises shall mean fair market value as determined under this Lease with the following adjustments: (i) excluding the enterprise value of any home health agency operated by Tenant out of space in the Premises but including the fair rental value of such space; and (ii) minus the value of any capital improvements to the Premises paid for by Tenant and not funded by Landlord under Section 5.7 below.
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for the first Lease Year in any Renewal Term shall be equal to the greater of: 2.3.1 the product of the fair market value of the Premises on the date of Tenant's notice of exercise pursuant to Section 1.2.1 multiplied by a percentage equal to three hundred (300) basis points over the 10-year United States Treasury rate in effect on the date of Tenant's notice of exercise pursuant to Section 1.2.1 or 2.3.2 the Minimum Rent for the immediately preceding Lease Year (regardless of whether such immediately preceding Lease Year is in the Initial Term or a Renewal Term) after such Minimum Rent has been adjusted for escalation in the manner set forth in Section 2.2.1
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.3.1 the greater of (a) the fair market value of the Premises on the date of Tenant's notice of 2.3.2 a percentage equal to three hundred twenty (320) basis points over the average ten (10) year United States Treasury rate for the twenty (20) day period ending on the date of Tenant's notice of exercise pursuant to Section 1.2.1 above. 2.3.3 As used in this Lease, the term "Landlord's Adjusted Investment" means the product of Landlord's Investment (defined below) times the percentage equal to the sum of (i) One Hundred Percent (100%) plus (ii) the CPI Increase. "CPI Increase" shall mean the percentage increase (the "CPI Increase") in the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index for All Urban Wage Earners and Clerical Workers, United States Average, Subgroup "All Items" (1982-1984=100) (the "CPI"). In no event shall a CPI Increase calculated under this Lease be a negative number. For purposes of this Section 2.3.3, the CPI Increase shall be determined by comparing the CPI in effect as of January 1, 2000 to the CPI in effect on January 1 of the calendar year during which the applicable Renewal Term begins.
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.3.1 the greater of (a) the fair market value of the Premises on the date of Tenant's notice of exercise pursuant to Section 1.2.1 or (b) Landlord's Adjusted Investment (defined below) in the Premises, both as applicable; and 2.3.2 a percentage equal to three hundred twenty (320) basis points over the average 10 year United States Treasury rate for the 20 day period ending on the date of Tenant's notice of exercise pursuant to Section 1.2.1 above. 2.3.3 As used in this Lease, the term "LANDLORD'S ADJUSTED INVESTMENT" means the product of Landlord's Investment (defined below) times the percentage equal to the sum of (i) One Hundred Percent (100%) plus (ii) the CPI Increase. For purposes of this Section 2.3.3, the CPI Increase shall be determined by comparing the CPI in effect as of January 1, 1998 to the CPI in effect on January 1 of the calendar year during which the applicable Renewal Term begins.
Sample 1
RENEWAL TERM MINIMUM RENT. The Minimum Rent for the Renewal Term shall be expressed as an annual amount but shall be payable in equal monthly installments on the twenty-fifth business day of each calendar month. Such annual Minimum Rent shall be equal to the greater of (i) the fair market rental value of the Premises as of the expiration of the Initial Term (the '~Fair Market Rent"), as determined by the parties pursuant to the procedure set forth below or (ii) the Minimum Rent in effect as of the last Lease Year of the Initial Term. If Landlord and Tenant are unable to agree on the Fair Market Rent by that date which is 240 days prior to the expiration of the Initial Term, then such Fair Market Rent shall be established by the appraisal process set forth on Exhibit "C" attached hereto. The Fair Market Rent of the Premises as so determined shall be binding upon the parties and must in all cases be finally determined on or before a date which is not less than 180 days prior to the expiration of the Initial Term.
Sample 1
RENEWAL TERM MINIMUM RENT. To establish a fair market Minimum Rent for the Premises during the Renewal Terms, the Minimum Rent for each Renewal Term shall be reset and expressed as an annual amount equal to the product of: (A) Landlord's Investment in the Premises on the Exercise Date for such Renewal Term (provided that, if the "FAIR MARKET VALUE" of the Premises on such Exercise Date as established pursuant to Exhibit C, is greater than the then Landlord's Investment, such Landlord's Investment shall be adjusted for purposes of this Master Lease to be equal to such Fair Market Value), and (B) the Renewal Term Applicable Rate. The "RENEWAL TERM APPLICABLE RATE" for each Lease Year shall be (I) the Renewal Term Base Rate for the first (1st) Lease Year of each Renewal Term, and (II) the Renewal Term Applicable Rate in effect in the immediately preceding Lease Year plus the CPI Increase, not to exceed 25/100ths of one percent (.25%), for the second (2nd) Lease Year and each other Lease Year of each Renewal Term. The "RENEWAL TERM BASE RATE" in each Renewal Term shall be a percentage equal to SIX HUNDRED TWENTY-NINE (629) basis points over the 10-Year U.S. Treasury Rate in effect on the applicable Exercise Date.
Sample 1
RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the lesser of (a) the Twenty Percent Renewal Amount as defined and determined under Section 2.2.1, or (b) the Invested Capital Renewal Amount as defined and determined under Section 2.2.2.
Sample 1
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. (a) Such annual Minimum Rent shall be equal to the product of: (a) the greater of (i) the fair market value of the Premises on the date of Tenant's notice of exercise to extend for a Renewal Term pursuant to Section 1 or (ii) Landlord's Investment in the Premises of ONE HUNDRED SEVENTY-TWO MILLION NINE HUNDRED FORTY-NINE THOUSAND DOLLARS ($172,949,000), plus, as of the date of such funding, the amount of up to FOUR MILLION DOLLARS ($4,000,000) of 9393.9 (NHP Portfolio Lease) CapEx Funding which may be funded by Landlord or otherwise made available to Tenant pursuant to Section 8.3(b), plus any amount for Alterations advanced by Landlord pursuant to Section 8.4, plus any amount elected to be added by Landlord pursuant to Section 13.4 and plus any other amount that, in accordance with any other term of provision of this Master Lease, is to be added to Landlord's Investment (including, without limitation, pursuant to the provision of Section 26.2), and minus any net award paid to Landlord for a Partial Taking pursuant to Section 18, minus any amounts to be subtracted therefrom as a result of the sale or other disposition of any of the Meditrust Carolina Facilities pursuant to Section 23.3 and minus any other net capital proceeds received by Landlord for any portion of the Premises sold or conveyed, including any portion of the Premises as to which Tenant acquires title pursuant to the operation of the Put set forth in Section 13.2 or otherwise, as to any portion of the Premises for which this Master Lease is terminated during the Term in accordance with its terms, and minus any other amount that, in accordance with any other term of provision of this Master Lease, is to be subtracted from Landlord's Investment (as so adjusted, "LANDLORD'S INVESTMENT"); and (b) a percentage equal to three hundred (300) basis points over the ten (10) year United States Treasury rate as determined on a 30-day trading average immediately prior to the date of Tenant's notice of exercise pursuant to Section 1. (b) If within ten (10) days of the date of Tenant's notice of exercise to determine the applicable Minimum Rent for a subsequent Renewal Term pursuant to Section 1, Landlord and Tenant are unable to agree on the fair market value of the Premises for purposes of this calculation, such fair ...
Sample 1
RENEWAL TERM MINIMUM RENT. The Minimum Rent for each renewal term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.3.1 the greater of (i) the fair market value of the Premises on the date of Tenant's notice of exercise pursuant to Section 1.2.1, but not to exceed Landlord's Original Investment ($4,350,000) (as increased under Section 5.7 below, if applicable) increased by three percent (3%) per annum compounded annually or (ii) Landlord's Original Investment ($4,350,000) as increased under Section 5.7 below, if applicable; and 2.3.2 a percentage equal to three hundred fifty (350) basis points over the 10 year United States Treasury rate in effect on the date of Tenant's notice of exercise pursuant to Section 1.2. 1. If within ten (10) days of the date of Tenant's notice of exercise pursuant to Section 1.2.1, Landlord and Tenant are unable to agree on the fair market value of the Premises for purposes of this calculation, such fair market value shall be established by the appraisal process described on Exhibit "D" attached hereto. The Minimum Rent for the applicable renewal term must be finally determined by such appraisal process on or before a date ninety (90) days after Tenant's notice of exercise
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Related to RENEWAL TERM MINIMUM RENT

  • 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:

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

  • Renewal Terms Immediately following the Initial Term this Agreement shall automatically renew for successive one-year periods (a “Renewal Term”).

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Minimum Monthly Rent (Section 1.5): Tenant shall pay to Landlord Minimum Monthly Rent for the Premises during the Extended Term in accordance with the schedule and in the amount set forth below: 01/01/13-07/31/13 $ 1,776.25 per month $ 8,645.00 per month $ 10,421.25 per month 08/01/13-07/31/14 $ 1,827.00 per month $ 8,892.00 per month $ 10,719.00 per month 08/01/14-07/31/15 $ 1,877.75 per month $ 9,139.00 per month $ 11,016.75 per month

  • Extension Term The options to extend the Term of this Lease as described above shall not be deemed exercised by Tenant unless at least twenty-four (24) months prior to the Lease Expiration Date for the Primary Term or at least twenty-four (24) months prior to the expiration of the Extension Term for the first (1st) Extension Term, Tenant shall have delivered written notice to Landlord of Tenant's irrevocable election to so extend this Lease at the end of the Primary Term or the first (1st) Extension Term, as applicable. Tenant's failure to deliver one (1) such timely notice to Landlord shall terminate all future Extension Terms, if any, following the Extension Term to which such notice specifically relates. Subject to the provisions of paragraph 5 of this Lease, the terms and conditions of this Lease shall apply to each Extension Term with the same force and effect as if such Extension Term had originally been included in the Primary Term of the Lease. The right of Tenant to exercise its rights with respect to the Extension Terms shall be conditioned upon this Lease being in full force and effect and no Event of Default then existing as of the Lease Expiration Date (for the first (1st) Extension Term), or expiration of the first (1st) Extension Term (for the second (2nd) Extension Term). The Primary Term, together with any Extension Term with respect to which Tenant properly exercises its option, and for which the conditions related thereto are satisfied, shall constitute the "TERM" of this Lease.

  • 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.

  • Monthly Rent a. Commencing as of the Commencement Date, and continuing thereafter on or before the first day of each calendar month during the term hereof, Tenant shall pay to Landlord, as monthly rent for the Premises, the Monthly Rent specified in Paragraph 2 above. If Tenant’s obligation to pay Monthly Rent hereunder commences on a day other than the first day of a calendar month, or if the term of this Lease terminates on a day other than the last day of a calendar month, then the Monthly Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Monthly Rent and the Additional Rent specified in Paragraph 7 shall he paid by Tenant to Landlord, in advance, without deduction, offset, prior notice or demand, in immediately available funds of lawful money of the United States of America, or by good check as described below, to the lockbox location designated by Landlord, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments made by check must be drawn either on a California financial institution or on a financial institution that is a member of the federal reserve system. Notwithstanding the foregoing, Tenant shall pay to Landlord together with Tenant’s execution of this Lease an amount equal to the Monthly Rent payable for the first full calendar month of the Lease term after Tenant’s obligation to pay Monthly Rent shall have commenced hereunder, which amount shall be applied to the Monthly Rent first due and payable hereunder. b. All amounts payable by Tenant to Landlord under this Lease, or otherwise payable in connection with Tenant’s occupancy of the Premises, in addition to the Monthly Rent hereunder and Additional Rent under Paragraph 7, shall constitute rent owed by Tenant to Landlord hereunder. c. Any rent not paid by Tenant to Landlord when due shall bear interest from the date due to the date of payment by Tenant at an annual rate of interest (the “Interest Rate”) equal to the lesser of (i) twelve percent (12%) per annum or (ii) the maximum annual interest rate allowed by law on such due date for business loans (not primarily for personal, family or household purposes) not exempt from the usury law. Notwithstanding the foregoing, Landlord shall give Tenant notice of non-payment of rent when due and five (5) days after delivery of such notice to cure such non-payment once in each calendar year before assessing interest in such calendar year pursuant to this Paragraph 5.c. Failure by Tenant to pay rent when due, including any interest accrued under this subparagraph, shall constitute an Event of Default (as defined in Paragraph 25 below) giving rise to all the remedies afforded Landlord under this Lease and at law for nonpayment of rent. d. No security or guaranty which may now or hereafter be furnished to Landlord for the payment of rent due hereunder or for the performance by Tenant of the other terms of this Lease shall in any way be a bar or defense to any of Landlord’s remedies under this Lease or at law. e. Notwithstanding anything to the contrary in this Lease: (i) in no event may any rent under this Lease be based in whole or in part on the income or profits derived from the Premises, except for percentage rent based on gross (not net) receipts or sales; (ii) if the holder of a Superior Interest (as defined in Paragraph 21 below) succeeds to Landlord’s interest in the Lease (“Successor Landlord”) and the Successor Landlord is advised by its counsel that all or any portion of the rent payable under this Lease is or may be deemed to be “unrelated business income” within the meaning of the Internal Revenue Code or regulations issued thereunder, such Successor Landlord may, at its option, unilaterally amend the calculation of rent so that none of the rent payable to Landlord under the Lease will constitute “unrelated business income,” but the amendment will not increase Tenant’s payment obligations or other liability under this Lease or reduce the Landlord’s obligations under this Lease and (iii) upon the Successor Landlord’s request, Tenant shall execute any document such holder deems necessary to effect the foregoing amendment to this Lease.

  • Base Rental (a) Lessee hereby agrees to pay to Lessor, without setoff or deduction whatsoever, in accordance with the Schedule of Base Rent attached hereto as EXHIBIT D ("Base Rental). Lessee shall also pay, as additional rent [or Forecast Additional Rent ], all such other sums of money as shall become due from and payable by Lessee to Lessor under this Lease (Base Rental, any adjustment thereto pursuant to Section 4 hereof, and all such other sums of money due from and payable by Lessee pursuant to this Lease are sometimes hereinafter collectively called "rent"), for the nonpayment of which Lessor shall be entitled to exercise all such rights and remedies as are herein provided in the case of the nonpayment of Base Rental. The annual Base Rental, together with any adjustment or increase thereto then in effect, shall be due and payable in advance in twelve (12) equal installments on the first 1st day of each calendar month during the term of this Lease, and Lessee hereby agrees so to pay such Base Rental and any adjustment or increase thereto to Lessor at Lessor's address provided herein (or such other address as may be designated by Lessor in writing from time to time) monthly, in advance, and without demand. If the term of this Lease commences on a day other than first (1st) day of a month or terminates on a day other than the last day of a month, then the installments of Base Rental and any adjustments thereto for such month or months shall be prorated, and the installment or installments so prorated shall be paid in advance. (b) In the event any installment of the Base Rental, or any other sums which may become owing by Lessee to Lessor under the provisions hereof are not received within Five (5) days after the due date thereof (without in any way implying Lessor's consent to such late payment), Lessee, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rental or such other sums owed, a late payment charge equal to ten percent (10%) (Late Fee) of the installment of the Base Rental or such other sums owed. Notwithstanding the foregoing, the foregoing late charges shall not apply to any sums which have been advanced by Lessor to or for the benefit of Lessee pursuant to the provisions of this Lease, it being understood that such sums shall bear interest, which Lessee hereby agrees to pay to Lessor, at the lesser of fifteen percent (15%) per annum or the maximum rate of interest permitted by law to be charged Lessee for the use or forbearance of such money.

  • 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.

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