RENT AND ADDITIONAL RENT; REIMBURSEMENT OF UNPAID CONSTRUCTION COSTS Sample Clauses

RENT AND ADDITIONAL RENT; REIMBURSEMENT OF UNPAID CONSTRUCTION COSTS. Commencing as of April 1, 2024 (the “Rent Commencement Date”), Lessee shall pay to Lessor an annual base rent (“Rent”) during the Lease Term in the amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00). On April 1, 2029 and on the first day of every sixtieth (60th) month thereafter, including during any Renewal Term, the Rent shall be increased to an amount equal to one hundred five percent (105%) of the Rent in effect for the immediately prior sixty (60) month period. Lessee shall pay Lessor, in full, the Unpaid Construction Costs on or before March 1, 2026. If, and only if, Lessee shall pay to Lessor the Unpaid Construction Costs in full on or before March 1, 2026, the Rent shall be adjusted to One Million Seven Hundred Thousand Dollars ($1,700,000.00) as of the earlier of March 1, 2026 or the first day of the calendar month immediately following the payment of the Unpaid Construction Costs, subject to increases on April 1, 2029 and on the first day of every sixtieth (60th) month thereafter as set forth above. All Rent shall be payable in equal monthly installments, in advance, commencing on the Rent Commencement Date and, thereafter, on the 1st day of every calendar month during the Lease Term. If any Rent is not paid when due, Lessee shall pay Lessor the amount of Three Thousand Dollars ($3,000) as a late charge for each overdue payment (“Late Charge”). Notwithstanding the foregoing, the Late Charge shall not apply until the passage of five (5) days following the date that Lessor shall have provided Lessee written notice that the applicable Rent payment is past due without Lessee making such Rent payment. The parties acknowledge that the monthly Rent installment for each month from the Rent Commencement Date to the Restatement Date was paid on or before the execution of this Lease.
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Related to RENT AND ADDITIONAL RENT; REIMBURSEMENT OF UNPAID CONSTRUCTION COSTS

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  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

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