Rent and Option Sample Clauses

Rent and Option a. Tenant's obligation to pay fixed annual rent for the Part A Premises shall commence on the "Part A Commencement Date". Tenant's obligation to pay fixed annual rent for the Part B Premises shall commence on the "Part B Commencement Date." In no event shall the rent for any portion of the Additional Premises commence prior to January 1, 1998. In consideration of the leasing of the Demised Premises including the Part A Premises and/or the Part B Premises, Tenant hereby covenants and agrees to pay Landlord during the Initial Term of this Lease a fixed annual rental pursuant to the following schedule: Including Part A Premises Fixed Monthly Lease Year Annual Rental Installment ---------- ------------- ----------- Commencement Date through December 31, 1997 $ 600,000.00 $ 50,000.00 January 1, 1998 through August 31, 1998 967,291.50 80,607.63 September 1, 1998 through June 30, 1999 984,841.50 82,034.58 Fixed Monthly Lease Year Annual Rental Installment ---------- ------------- ----------- July 1, 1999 through September 30, 1999 1,115,841.50 92,986.79 October 1, 1999 through December 31, 2001 1,124,616.50 93,718.04 January 1, 2002 through March 31, 2002 1,255,616.50 104,634.70 April 1, 2002 through June 30, 2004 1,273,166.50 106,097.20 July 1, 2004 through September 30, 2004 1,404,166.50 117,013.87 April 1, 2002 through June 30, 2004 1,493,779.70 124,481.64 July 1, 2004 through September 30, 2004 1,642,329.70 136,860.80 October 1, 2004 through December 31, 2006 1,678,442.70 139,870.22 January 1, 2007 through March 31, 2007 1,940,442.70 161,703.55 April 1, 2007 through June 30, 2009 1,982,695.00 165,224.58 July 1, 2009 through September 30, 2009 2,113,695.00 176,141.25 October 1, 2009 through December 31, 2011 2,161,724.80 180,143.73 January 1, 2012 through March 31, 2012 2,292,725.25 191,060.47 Fixed Monthly Lease Year Annual Rental Installment ---------- ------------- ----------- April 1, 2012 through June 30, 2014 2,328,838.20 194,069.85 July 1, 2014 through September 30, 2014 2,459,838.20 204,986.51 October 1, 2014 through December 31, 2016 2,495,951.20 207,995.93
AutoNDA by SimpleDocs
Rent and Option a. Tenant's obligation to pay fixed annual rent shall commence on the "Rent Commencement Date", which shall be September 1, 1996. In consideration of the leasing of the Demised Premises, Tenant hereby covenants and agrees to pay Landlord during the Initial Term of this Lease a fixed annual rental pursuant to the following schedule: Fixed Monthly Lease Year Annual Rental Installment ---------- -------------- ------------
Rent and Option a. Tenant's obligation to pay fixed annual rent shall commence on the "Rent Commencement Date", which shall be the sixtieth (60th) day following the Commencement Date. In consid- eration of the leasing of the Demised Premises, Tenant hereby covenants and agrees to pay Landlord during the Initial Term of this Lease a fixed annual rental pursuant to the following schedule: FIXED MONTHLY LEASE YEAR ANNUAL RENTAL INSTALLMENT ---------- ------------- ----------- Commencement Date through December 31, 1997 $600,000 $50,000.00 January 1, 1998 through June 30, 1999 786,000 65,500.00 July 1, 1999 through December 30, 2001 917,000 76,416.66 January 1, 2002 through June 30, 2004 1,048,000 87,333.33 July 1, 2004 through December 31, 2006 1,179,000 98,250.00 January 1, 2007 through June 30, 2009 1,441,000 120,083.33 July 1, 2009 through December 31, 2011 1,572,000 131,000.00 January 1, 2012 through June 30, 2014 1,703,000 141,750.00 July 1, 2014 through December 31, 2016 1,834,000 152,833.33 b. Tenant shall have the option to extend the Initial Term of this Lease by ten (10) lease years, with the option period commencing on the day immediately following the Termination Date for the Initial Term and terminating ten (10) lease years thereafter ("First Option Period"). This option to extend, as well as the commencement of the First Option Period, shall be expressly conditioned upon Tenant, up to the time the First Option Period is to begin, not then being in material default of any of its obligations under this Lease. This option is exercisable by Tenant, if at all, only in strict compliance of the aforesaid conditions and by giving Landlord written notice of its election to extend the Initial Term, together with written notice naming an appraiser for purposes of paragraph 3c below, not later than one hundred eighty (180) days prior to the Termination Date of the Initial Term, hereinafter "Exercise Date". Strict compliance with the conditions of this option and the exercise thereof is deemed material to the parties. Tenant's failure to exercise this option, including the timely naming of an appraiser, within ten (10) days of receiving written notice from Landlord, time being of the essence, that Tenant has failed to exercise this option by the Exercise Date shall be deemed a waiver of this option by Tenant, in which event this Lease shall expire on the Termination Date for the Initial Term. c. The fixed annual rent for the Option Period shall be determined as follows: (i)...
Rent and Option a. Commencing on the Commencement Date (the “Fixed Rent Commencement Date”), Tenant hereby covenants and agrees to pay Landlord during the first year of the Initial Term of this Lease a fixed rental of $75,000 for the Demised Premises payable in monthly installments calculated at $6,250.00. Thereafter, for each subsequent year of the Initial Term, the fixed rent shall increase on each anniversary date based on the percentage increase in the CPI (for Philadelphia-New Jersey), from August of the previous year to August of the current year, except that the annual increase shall not exceed four percent (4%). The rent will increase by 3% every year during any option periods that Tenant exercises in accordance with paragraph 3(f) below. b. All payments of rent and additional rent, if any, shall be made by the Tenant to the Landlord without notice or demand in equal monthly installments, in advance, without setoff or abatement, and shall be due and payable on the first day of each and every calendar month throughout the term of this Lease commencing on the Commencement Date, provided however, that a full month’s fixed and additional rent, if any, shall be payable upon Tenant’s execution of this Lease. c. In the event Tenant shall fail to pay any rent or additional rent, if any, as provided herein, or any part thereof, within ten (10) days following the due date for such installment, Landlord shall impose, and Tenant agrees to pay, a late charge of five (5%) percent of the rent due, said late charge to be immediately due and payable. It is agreed that this late charge has been reasonably calculated to offset Landlord’s added expense in handling the late payment and other costs to Landlord, including but not limited to, the costs Landlord may incur for late charges on its mortgages. d. The parties hereto agree that the fixed annual rental payable hereunder shall be net to the Landlord so that this Lease shall yield to Landlord the fixed rent per annum specified herein during the term of this Lease. Tenant shall pay, as additional rent, the costs and expenses as provided for herein so as to render the fixed annual rental net to the Landlord. e. Whenever under the terms of this Lease any sum of money is required to be paid by Tenant in addition to the fixed annual rental reserved hereunder, said additional sum shall be deemed additional rent and shall be payable with the next installment of fixed annual rental thereafter falling due. Nothing contained in this subpara...
Rent and Option a. Tenant hereby covenants and agrees to pay Mortgagee during the Term of this Lease a fixed annual rental for the Demised Premises, payable in equal monthly installments, in accordance with the following schedule: Fixed Annual Monthly Lease Year Rental Installments ---------- ------------ ------------- 1 $123,750.00 $10,312.50 b. All payments of fixed annual rental and additional rent shall be made by Tenant to Mortgagee without notice or demand in equal monthly installments, in advance, without setoff or abatement, and shall be due and payable on the first day of each and every calendar month throughout the term of this Lease commencing on the Commencement Date, provided, however, that the first month's fixed and additional rent hereunder shall be payable upon Tenant's execution of this Lease. In the event the Commencement Date is not the first day of the month, then the rent due for such month in which the Commencement Date occurs shall be pro-rated for the number of days from the Commencement Date to the last day of the month in which the Commencement Date occurs. All payments shall be made payable to "NJ Mortgage Acquisition, LLC" and forwarded to the following address: PNC Bank P.O. Box 829164 Philadelphia, Pennsylvania 19182-9164 Fxx xxxxxx xx: XX Xxxxxxxx Xxxxxxxxxxx, XXX Xxxxxxx #0014135244 or if by wire to: PNC Bank ABA #031207607 For credit to: NJ Mortgage Acquisition, LLC Axxxxxx #0014135244 c. In the event Tenant shall fail to pay any fixed annual rental or additional rent installment as provided herein, or any part thereof, within five (5) days following the due date for such installment, Mortgagee shall impose, and Tenant agrees to pay, a late charge of five (5%) percent of the rent due, said late charges to be immediately due and payable. It is agreed that this late charge has been reasonably calculated to offset Mortgagee's added expense in handling the late payment and other costs to Mortgagee, including but not limited to, the costs Mortgagee may incur for late charges on its mortgages. d. The parties hereto agree that the fixed annual rental payable hereunder shall be net to Mortgagee so that this Lease shall yield to Mortgagee the fixed rent per annum specified herein during the Term of this Lease. Tenant shall pay, as additional rent, the costs and expenses as provided for herein so as to render the fixed annual rental net to Mortgagee. e. Whenever under the terms of this Lease, any sum of money is required to be paid by Tenant in add...

Related to Rent and Option

  • Term and Renewal Options The term of service is 24 months (Initial Term). Following the expiration of the Initial Term, service under this option will continue on a month-to-month basis subject to the terms and conditions, including rates and discounts set forth under this option (Extension Term). The Company or the Customer may elect to forego the Extension Term by providing the other party written notice at least 60 days prior to the expiration of the Initial Term. Either party may terminate service during the Extension Term by providing the other party at least 60 days prior written notice. Term shall mean the Initial Term and the Extension Term.

  • Renewal Option This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC § 5-22-17-4. The term of the renewed contract may not be longer than the term of the original Contract.

  • Expansion Option The Borrower may from time to time elect to increase the Revolving Credit Commitments in minimum increments of $25,000,000 (or such lesser amount as the Administrative Agent may agree) so long as, after giving effect thereto, the aggregate amount of such increases does not exceed $50,000,000. The Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Credit Commitment, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Revolving Credit Commitments, or provide new Revolving Credit Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Borrower, each Letter of Credit Issuer and the Administrative Agent and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit G hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit H hereto. No consent of any Lender (other than the Lenders participating in the increase) shall be required for any increase in Revolving Credit Commitments pursuant to this Section 2.15. Increases and new Revolving Credit Commitments created pursuant to this Section 2.15 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Credit Commitments (or in the Revolving Credit Commitment of any Lender) shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase, (A) the conditions set forth in paragraphs (a) and (b) of Section 6.2 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by an Authorized Officer of the Borrower and (B) the Borrower shall be in compliance with the covenant contained in Section 9.3 and (ii) the Administrative Agent shall have received documents and opinions consistent with those delivered on the effective date as to the organizational power and authority of the Borrower to borrow hereunder after giving effect to such increase. On the effective date of any increase in the Revolving Credit Commitments, (i) each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Credit Loans of all the Lenders to equal its Revolving Credit Commitment Percentage of such outstanding Revolving Credit Loans, and (ii) the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Credit Loans as of the date of any increase in the Revolving Credit Commitments (with such reborrowing to consist of the Types of Revolving Credit Loans, with related LIBOR Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.9). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each LIBOR Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.11 if the deemed payment occurs other than on the last day of the related LIBOR Periods. Nothing contained in this Section 2.15 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving Credit Commitment hereunder.

  • Renewal Options a. Tenant shall have the right and option to renew the Lease (“Renewal Option”) for two (2) successive renewal periods of five (5) years each (each, an “Option Term”); provided, however, the Renewal Option is contingent upon the following: (i) there is not an Event of Default beyond all applicable cure period(s) at the time Tenant gives Landlord notice of Tenant’s intention to exercise the Renewal Option or at the expiration of the current Term; (ii) no event has occurred that upon notice or the passage of time would constitute an Event of Default, unless Landlord has given notice of default and Tenant is diligently attempting to cure such event; and (iii) Tenant is occupying the Premises. Following expiration of the final Option Term allowable hereunder, Tenant shall have no further right to renew the Lease pursuant to this Section 5. b. Tenant shall exercise the Renewal Option by giving Landlord notice at least one hundred eighty (180) days prior to the expiration of the current Term. If Tenant fails to give notice to Landlord prior to the 180-day period, then Tenant shall forfeit the Renewal Option. If Tenant exercises the Renewal Option, then during the Option Term, Landlord and Tenant’s respective rights, duties and obligations shall be governed by the terms and conditions of the Lease, except as provided otherwise in this Section. Time is of the essence in exercising the Renewal Option. c. The Base Rental for an Option Term shall be the Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the market rental rate for the time period such determination is being made for office space in same class office buildings in the area of Murfreesboro, Tennessee (the “Area”) of comparable condition for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, without limitation, the following matters: the credit standing of Tenant; the length of the term; the fact that Landlord will experience no vacancy period and that Tenant will not suffer the costs and business interruption associated with moving its offices and negotiating a new lease; construction allowances and other tenant concessions that would be available to tenants comparable to Tenant in the Area (such as moving expense allowance, free rent periods, and lease assumptions and take over provisions, if any, but specifically excluding the value of improvements installed in the Premises at Tenant’s cost), and whether adjustments are then being made in determining the rental rates for renewals in the Area because of concessions being offered by Landlord to Tenant (or the lack thereof for the Option Term in question). For purposes of such calculation, it will only be assumed that Landlord is paying a representative of Tenant a brokerage commission in connection with the Option Term in question if Landlord is in fact paying a brokerage commission to a representative of Tenant in connection with the applicable Option Term.

  • Option to Extend Lease Term Landlord hereby grants to Tenant one (1) option ("Option") to extend the Lease Term with respect to the Premises on the following terms and conditions: (a) The Option shall give Tenant the right to extend the Lease Term for an additional ten (10) years (the "Extended Term"); (b) Tenant shall give Landlord written notice of its exercise of the Option no later than one hundred eighty (180)days, nor earlier than three hundred sixty (360), prior to the Termination Date; (c) Tenant may not extend the Lease Term pursuant to this Section 3.4 if Tenant is in default in the performance of any of the terms and conditions of this Lease and/or the Other Lease, which default continues after the expiration of any grace period and the giving of any notice, as provided in Article 16 below or in the Other Lease. Any notice of exercise of the Option given by Tenant while Tenant is in default shall be of no force and effect. The period of exercise of the Option shall not be extended for any period in which Tenant is unable to exercise an Option by reason of Tenant's default. If Tenant is in default on the date that the Extended Term is to commence, then Landlord may elect to terminate this Lease pursuant to Section 16.2.1, notwithstanding any notice given by Tenant of the exercise of the Option. (d) All terms and conditions of this Lease shall apply during the Extended Term, except that Base Rent for the Extended Term shall be determined in accordance with Section 5.1.2 below; (e) Once Tenant delivers notice of its exercise of the Option, Tenant may not withdraw such exercise and, subject to the provisions of this Section 3.4, such notice shall operate to extend the Lease Term. Upon the extension of the Lease Term pursuant to this Section 3.4, the term "Lease Term" as used in this Lease shall thereafter include the Extended Term and the Termination Date shall be the expiration date of the Extended Term.

  • Extension Option The Borrower may request that the Commitments be extended for up to two additional one year periods by providing not less than 30 days’ written notice (the date of such notice, a “Notice Date”) to the Administrative Agent prior to any anniversary of the Closing Date. If a Bank agrees, in its individual and sole discretion (and with the approval of the Swingline Lender and the Issuing Banks, such approval, in each case, not to be unreasonably withheld, delayed or conditioned), to extend its Commitment (such Bank, an “Extending Bank”), it will notify the Administrative Agent, in writing, of its decision to do so no later than 15 days after the applicable Notice Date (such extension decision, a “Commitment Extension”). The Administrative Agent will notify the Borrower, in writing, of the Banks’ decisions promptly upon receipt thereof and in any event not later than one (1) Business Day after receipt thereof. The Extending Banks’ Commitments will be extended for an additional year from the then current Maturity Date so long as (i) the Commitments of the Extending Banks (after giving effect to any assumption by any Extending Banks of Commitments of Declining Banks as described below), together with the Commitments of any New Banks that replace any Declining Banks, represent more than 50% of the Total Commitments then in effect, and (ii) on the date of any request by the Borrower to extend the Commitments, the applicable conditions set forth in Section 5.3 shall be satisfied. No Commitment Extension shall result in the then-existing Maturity Date being more than five (5) years from the effective date of such Commitment Extension. No Bank shall be required to consent to any such extension request or be required to increase its Commitment. The Maturity Date with respect to any Bank that declines or does not respond to the Borrower’s request for an extension of the Commitments (a “Declining Bank”) shall remain the then-existing Maturity Date (without regard to any extension of the Commitments of other Banks); provided that the Borrower shall continue to have the right to replace any such Declining Bank (with respect to all or any portion of its Commitment) following the effectiveness of any such extension. The Borrower will have the right to accept Commitments from any Eligible Assignee that is not a Bank in an aggregate amount up to the aggregate amount of the Commitments of any Declining Banks; provided that any Eligible Assignee proposed to be substituted for a Declining Bank (unless such Eligible Assignee is an affiliate of a Bank) must be approved by the Administrative Agent, the Swingline Lender and the Issuing Banks, such approval, in each case, not to be unreasonably withheld, delayed or conditioned. The Borrower may only extend the Maturity Date twice during the term of this Agreement pursuant to this Section 2.7.

  • Extension Options Subject to the provisions of this Section 2.6.1, Borrower shall have the option (the “First Extension Option”), by irrevocable written notice (the “First Extension Notice”) delivered to Lender no later than thirty (30) days prior to the Stated Maturity Date, to extend the Maturity Date to August 31, 2022 (the “First Extended Maturity Date”). Borrower’s right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to the effectiveness of any such extension: (a) (i) no Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice or the Second Extension Notice, as applicable, and (ii) no Default or Event of Default shall have occurred and be continuing on the Stated Maturity Date and the First Extended Maturity Date, as applicable; (b) All amounts due and payable by Borrower and any other Person pursuant to this Agreement or the other Loan Documents as of the Stated Maturity Date or the First Maturity Date, as applicable, and all costs and expenses of Lender, including fees and expenses of Lender’s counsel, in connection with the Loan and/or the extension shall have been paid in full; (c) Borrower shall deliver an Officer’s Certificate to Lender (i) certifying that all representations and warranties set forth in this Agreement remain true, correct and complete in all material respects as of the commencement of the applicable Extension Option, and (ii) waiving any claims, counterclaims, rights of rescission, set-offs or defenses, known or unknown, against Lender as of the commencement of the applicable Extension Option. If Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Lender shall have no obligation to extend the Stated Maturity Date hereunder.

  • Option to Extend (a) Provided that the Tenant is not then in default of its obligations under this Lease beyond any applicable cure or grace period, the Landlord shall at the expiration of the Term, provided the Tenant has given the Landlord notice of its exercise of the option to extend at least twelve (12) months prior to the expiration of the Term, extend the Term for a further term of five (5) years (the “First Extension Term”) from the expiration of the Term, upon the same terms and conditions contained in this Lease except extension options and the Annual Base Rent to be paid during the First Extension Term. (b) Provided that the Tenant is not then in default of its obligations under this Lease beyond any applicable cure or grace period, the Landlord shall at the expiration of the First Extension Term, provided the Tenant has given the Landlord notice of its exercise of the option to extend at least twelve (12) months prior to the expiration of the First Extension Term, extend the First Extension Term for a further term of five (5) years (the “Second Extension Term”) from the expiration of the Term, upon the same terms and conditions contained in this Lease except extension options and the Annual Base Rent to be paid during the Second Extension Term. (c) The Annual Base Rent during any Extension Term shall be the Current Market Rent for the Premises. If the Landlord and the Tenant have not mutually agreed on the amount of the Annual Base Rent at least three (3) months prior to the commencement of such Extension Term, then Annual Base Rent shall be decided in the manner set out in Section 3.3. Until the Annual Base Rent has been determined, the Tenant shall pay the monthly Rent requested by the Landlord and, upon the determination of the Annual Base Rent, the Landlord and the Tenant shall make the appropriate adjustments together with interest at the Prime Rate.

  • Extension Right Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months, and no earlier than 18 months, prior to the expiration of the Base Term of the Lease.

  • Lease Grant The Premises are hereby leased to Tenant from Landlord, together with the right to use any portions of the Property that are designated by Landlord for the common use of tenants and others (the “Common Areas”).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!