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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Samples: Master Lease and Security Agreement (American Retirement Corp)
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 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 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 purposes1.2.1.
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 twenty-eight and one-eighth percent (120128.125%) of the Total Rent (as such term is defined in Section 2.3.1 below) payable in the last Lease Year of the Initial Termduring calendar year 2005, 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 twenty-five percent (120125%) of the Total Rent payable in effect for the last Lease Year immediately preceding the first Lease Year of the immediately preceding such 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 two and one-half percent (100102.5%) 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 Termcalendar year 2005.
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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Samples: Lease and Security Agreement (American Retirement Corp)
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 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 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 purposes1.2.1.
2.2.3 Notwithstanding notwithstanding the foregoing, in no event shall the Minimum Rent for the first Lease Year of the first Renewal Term exceed one hundred twenty twenty-eight and one-eighth percent (120128.125%) of the Total Rent (as such term is defined in Section 2.3.1 below) payable in the last Lease Year of the Initial Termduring calendar year 2005, 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 twenty-five percent (120125%) of the Total Rent payable in effect for the last Lease Year immediately preceding the first Lease Year of the immediately preceding such 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 two and one-half percent (100102.5%) 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 Termcalendar year 2005.
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 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 twenty-five percent (120125%) of the difference obtained by subtracting One Hundred Sixty-Four Thousand Dollars ($164,000) from the Total Rent (as such term is defined in Section 2.5.1 below) payable in 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 exceed one hundred twenty twenty-five percent (120125%) of the Total Rent payable in effect for the last Lease Year immediately preceding the first Lease Year of the immediately preceding such 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 difference obtained by subtracting One Hundred Sixty-Four Thousand Dollars ($164,000) from 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.
Appears in 1 contract
Samples: Master Lease and Security Agreement (American Retirement Corp)
RENEWAL TERM MINIMUM RENT. The 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 but 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 payable in advance in adjusted for purposes of this Master Lease to be equal monthly installments by wire transfer on 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) business day Lease Year 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 Renewal Term, and (ii) Landlord's Adjusted Investment the Renewal Term Applicable Rate in effect in the Premises immediately preceding Lease Year plus the CPI Increase, not to exceed 25/100ths of one percent (as defined .25%), for the second (2nd) Lease Year and each other Lease Year of each Renewal Term. The "Renewal Term Base Rate" in Section 2.2.5 below); and
2.2.2 A each Renewal Term shall be a percentage equal to three hundred Seven Hundred Eighty-Eight (300788) basis points over the twenty (20) day average 10 year United States 10-Year U.S. Treasury rate Rate in effect on the date of Tenant's notice of exercise pursuant to Section 1.2applicable Exercise Date.
1. In (a) Notwithstanding any of the event that the unavailability other terms of United States Treasury securities causes the foregoing calculation, or any other similar calculation described in this Master 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 in the first (1st) Lease Year of the first any Renewal Term exceed one hundred twenty twenty-five percent (120125%) of the Total Minimum Rent payable in due for 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 or preceding Renewal Term. Furthermore, as applicable.
(b) Notwithstanding any of the other terms of this Master Lease, in no event shall the Minimum Rent for in the first (1st) Lease Year of the first any Renewal Term be less than one hundred percent (100%) of the Total Minimum Rent payable during due for 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 or preceding Renewal Term, as applicable.
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 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 (1st) Lease Year of the first (1st) Renewal Term exceed one hundred twenty twenty-five percent (120125%) 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 (1st) Lease Year of any Renewal Term other than the first Renewal Term exceed one hundred twenty twenty-five percent (120125%) 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.
Appears in 1 contract
Samples: Master Lease and Security Agreement (American Retirement Corp)
