Rent and Security Deposit. i. Tenant agrees to pay to Landlord for the Leased Premises in lawful money of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period. ii. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.
Appears in 2 contracts
Samples: Lease Agreement (Atlas Financial Holdings, Inc.), Lease Agreement (Atlas Financial Holdings, Inc.)
Rent and Security Deposit. i. Tenant Xxxxxx agrees to pay to Landlord for the Leased Premises in lawful money of the United States rent for the first twelve (12) months of the term hereof at the rate offices of Fifteen Dollars ($15.00) per square foot of occupied spaceLandlord, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one or at such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held other place designated by Landlord, without obligation for interestany prior demand therefor and without any deduction or set-off whatsoever, as fixed annual rent (“Rent”), the following:
a. Initial Term: $10,800 per annum, payable in equal monthly payments of $900 per month.
b. Thereafter, for each successive year, the base rent shall be increased by 1.5% annually and the monthly payments shall be adjusted accordingly.
c. Any payment to be made pursuant to the provisions of this Lease, including without limitation, Rent, which is not paid within 5 days after the date when such payment is due, shall be subject to a $50.00 late fee (the “Late Fee”). Xxxxxx agrees to pay such Late Fee as Additional Rent. If the 5th day of the month falls on a weekend or holiday, then Tenant shall have until the next business day to pay Rent before incurring the Late Fee.
d. Landlord acknowledges that Xxxxxx has deposited with Landlord the sum of $1,800 as a security for the full, timely and faithful performance of Tenant's covenants ’s obligations under this Lease (the “Security Deposit”). Landlord shall deposit the same in the manner required by law. If tenant fails to make any payments of Rent, or defaults under any of its other obligations under this Lase, Landlord may use the Security Deposit in payment of such Rent or in payment of any sums Landlord may be forced to spend because of Tenant’s default. If Landlord does so use the Security Deposit, then he or she shall notify Tenant in writing of the amount so used and, if used before the end of the Term, Tenant shall, within 15 days, forward a like amount to the Landlord. Accordingly, through the Term, there shall always be deposited with the Landlord a sum not less than the amount originally deposited as the Security Deposit. Nothing in this Lease shall prevent Landlord from demanding or claiming an amount in excess of the Security Deposit if, at the end of the Term, Tenants failure to pay Rent or its default under any of the other obligations under this Lease causes damages to the Landlord in excess of the Security Deposit amount. If at the end of the Term of this Lease Tenant has made all Rent payments required and fully complied with all of its other obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages then Landlord shall return the Security Deposit to Tenant in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided manner required by law, use such funds but not more than 30 days after the end of the Term or the date Tenant delivers possession of the Premises to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building whichever is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returnlater.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Rent and Security Deposit. i. Tenant agrees to pay to Landlord Except for the Leased Premises in lawful money period of the United States November 19,1999 to December 18, 1999, Lessee shall pay Lessor or Lessor's agent as rent for the first twelve Premises the sum stated on the attached Schedule 1 (12) months along with the separately stated charge of for taxes and common area maintenance shown on schedule 1 (hereinafter referred to as "Tax Charges")), monthly in advance, until lawful termination of this lease, at Lessor's address stated above or such other address as Lessor may designate in writing. For the period of November 19,1999 to December 18, 1999, Lessor agrees that Lessee may occupy the Premises at no charge. All charges imposed under this paragraph will be deemed rent. Lessor and Lessee agree that the total square foot of the term hereof Premises is 48,700. Lessee agrees that any and all installments of rent accruing under the provisions of this Lease, which shall not be paid when due, shall bear interest at the rate of Fifteen Dollars five percent ($15.00S%) per square foot annum in excess of occupied spacethe prime rate charged by a principal bank in Chicago, in advanceIllinois, except that to its commercial borrowers as determined on the monthly installment which otherwise first date of a delinquency from the day when the same is or are payable by the terms of this Lease, until the same shall be paid; provided if any installment or installments of said rent shall become due on a Sunday or legal holiday the commencement date recited above, same shall be due and payable paid without interest on the date hereofnext succeeding regular business day. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by Lessee herewith deposits with Lessor $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, 18,871.25 as security for the fullperformance by Lessee of every covenant and condition of this Lease. Said deposit may be commingled with other funds of Lessor, timely and faithful performance but shall bear interest at the rate of Tenant's covenants and obligations under five (5) percent per annum. If Lessee shall default with respect to any covenant or condition of this Lease, it being expressly Lessor may apply the whole or any part of such security deposit, including any interest earned, to the payment of any sum in default or any sum which Lessor may be required to spend by reason of Lessee's default. This includes, but is not limited to, applying the security deposit first to any restoration and/or cleanup costs necessary over and above normal wear and tear of the vacated space. It is understood and agreed that such the security deposit is not an advance rental deposit or a measure to be considered as the last month's rent under the Lease. Should Lessee comply with all of Landlord's damages in case the covenants and conditions of Tenant's default. Upon the occurrence of any event of default by Tenantthis Lease, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, or any remaining balance of such deposit thereof shall be returned by Landlord to Tenant Lessee at such time after termination the expiration of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returnTerm hereof.
Appears in 1 contract
Rent and Security Deposit. i. 3.1 The Rent specified in Section 3.2 (and all additional Rent, and other charges due hereunder) shall accrue hereunder from the Commencement Date.
3.2 Tenant promises and agrees to pay to Landlord for the Leased Premises Landlord, in good, sufficient and lawful money currency of the United States rent for the first twelve (12) months of the term hereof America, by mail or in person at the rate address of Fifteen Dollars Landlord as set forth in Section 1.1(c), or such other place as Landlord may from time to time designate in writing, the following Rent:
($15.00a) per square foot Minimum Rent as set forth in Section 1.1(j); (b) the Common Area Maintenance Fee as set forth in Section 23.6; (c) the Insurance Charge as set forth in Section 23.13; (d) the Tax Charge as set forth in Section 23.24; and (e) all other sums and charges due by Tenant to Landlord under the terms of occupied spacethis Lease including, in advancewithout limitation, except that the monthly installment which utility charges as applicable under Article IX.
3.3 Except as otherwise shall be due on the commencement date recited aboveprovided herein, all Rent shall be due and payable monthly, in advance, without demand, notice, deduction or setoff, on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of during the Lease term Term, and any extensions thereof. In the event any installment of Rent is not received within ten (10) days after written notice from Landlord such amount is due, Tenant shall be prorated. The rate charged for rent shall increase pay additionally an administrative late charge of $500.00, plus the amount of any reasonable attorneys’ fees incurred by $0.50 (Fifty Cents) per year Landlord in connection therewith for each such succeeding late payment. Tenant shall also pay an administrative charge of $50.00 for each check returned unpaid for any reason. If Tenant is late in making payments due hereunder (including, but not limited to, Minimum Rent) on more than two (2) occasions during any twelve (12) month period.
ii, Landlord may at any time thereafter, upon written notice to Tenant, require that (until further notice) all payments of Rent be made by certified or cashier’s check. In addition, Tenant agrees to deposit with Landlord The first month’s Rent and other charges or fees shall be prorated from the Commencement Date through and including the last day of the month in which the Commencement Date occurs and shall be paid in advance on the date hereof Commencement Date. Contemporaneously with the sum execution of One Thousand Dollars ($1,000.00)this Lease by Xxxxxx, which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the Prepaid Rent (in the amount so applied set forth in order to restore the security deposit to its original amount. Although the security deposit Section 1.1(o)) which shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject applied to the other terms and conditions contained in this Lease, if Rent for the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returnfirst full month of the Term.
Appears in 1 contract
Rent and Security Deposit. i. Tenant agrees (a) Lessee shall pay Lessor the Rent specified at Section 1, above, per unit per month for the Equipment and Lessor’s “Worry Free Maintenance” Limited Warranty under Section 7, below, plus any sales, use and gross receipts taxes attributable to this Lease, the Equipment or the Rent and that Lessor is required to pay or collect and remit to Landlord for the Leased Premises in lawful money of the United States rent applicable taxing authority (collectively, “Taxes”). Rent and Taxes for the first twelve (12) months month of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited aboveTerm, shall be due paid in advance upon delivery of the Equipment. Thereafter, monthly Rent and payable Taxes shall be paid on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first same day of each succeeding calendar month succeeding throughout the commencement date; further providedTerm. Rent and Taxes shall be paid without any deduction, that abatement, recoupment or set off. Any installment of Rent and Taxes not paid within ten (10) days of the rental due date shall be considered overdue and in addition to Lessor's other remedies, Lessor may levy a late payment charge equal to one and one half percent (1.5%) per month on any overdue amount. Lessee shall reimburse Lessor, upon demand, for any fractional calendar month at the commencement bank charge or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month periodprocessing fee imposed upon returned checks or invalid credit card accounts.
ii. In addition(b) Upon execution of this Lease, Tenant agrees to deposit with Landlord on Lessee shall pay Lessor the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, Security Deposit as security for the full, timely and faithful performance by the Lessee of Tenant's covenants the terms, covenants, and conditions of this Lease, to be held by the Lessor until the expiration of this Lease and then to be repaid to the Lessee within thirty (30) days thereafter if, and upon condition, that Lessee has performed all of its obligations under this Lease, it being expressly understood including payment of Rent and agreed that Taxes, and returned the Equipment to Lessor in the same condition as when delivered, reasonable wear and tear excepted. Lessor may apply the Security Deposit, or such deposit is not an advance rental deposit part thereof as may be necessary, toward the payment of all Rents, Taxes, Additional Charges (defined at Section 12, below), and/or charges due hereunder; any expenses or a measure damages incurred by the Lessor on account of Landlordthe Lessee's damages in case of Tenant's default. Upon the occurrence breach of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease; or damage or loss to or of the Equipment while is Lessee’s possession. Lessor is not required to keep the security deposit in a separate account but may commingle the security deposit with its other funds. No interest shall be payable on the security deposit.
(c) Lessor may charge the Rent, if the Building is conveyed by LandlordTaxes, said deposit may be turned over to Landlord's granteeSecurity Deposit, and if so, Tenant hereby releases Landlord from any and all liability with respect Additional Charges to said deposit and its application or returnan authorized credit card pursuant to a separate credit card authorization.
Appears in 1 contract
Samples: Equipment Lease Agreement
Rent and Security Deposit. i. (a) Tenant agrees to shall pay to Landlord (or to Lender, if directed by Landlord), as minimum annual rent for the Leased Premises in lawful money of during the United States rent for Term, the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, Basic Rent in advance, except that the monthly installment which otherwise shall be due on the commencement date recited aboveBasic Rent Payment Dates, and shall pay the same by wire transfer in immediately available federal funds to such account in such bank as Landlord or Lender, as applicable, shall be due and payable on designate, from time to time. If the date hereof. Thereafter one such monthly installment Commencement Date shall be due and payable without demand occur on or before July 31, 2014, Basic Rent for the first period from and including the Commencement Date through and including July 31, 2014 shall be paid on the Commencement Date in the amount equal to one ninetieth (1/90) of the quarterly Basic Rent for each Individual Leased Premises, the Initial Term and each Renewal Term is set forth on Exhibit B attached hereto for each day from and including the Commencement Date through and including July 31, 2014.
(b) Tenant shall pay and discharge before the imposition of each calendar month succeeding any fine, Lien, interest or penalty may be added thereto for late payment thereof, as Additional Rent, all other amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease, together with every fine, penalty, interest and cost which may be added by the commencement date; further providedparty to whom such payment is due for nonpayment or late payment thereof. In the event of any failure by Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided herein, by law or otherwise, in the event of nonpayment of Basic Rent. All payments of Additional Rent that are payable to Landlord shall be paid by Tenant by wire transfer in immediately available federal funds to such account in such bank as Lender shall designate, from time to time.
(c) If any installment of Basic Rent or any Additional Rent is not paid when the rental payment for same is due, Tenant shall pay to Landlord or Lender, as the case may be, in addition to any fractional calendar month late Charge, if any, as Additional Rent, interest on the unpaid amount of Basic Rent or Additional Rent, at the commencement Default Rate, such interest to accrue from the date such item of unpaid Basic Rent or end of Additional Rent was due until the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month perioddate paid.
ii. In addition(d) If any installment of Basic Rent is not paid within five (5) days after the same is due, Tenant agrees shall pay to Landlord or Lender, as the case may be, on demand, as Additional Rent, a Late Charge.
(e) Landlord and Tenant agree that this Lease is a true lease and does not represent a financing arrangement. Each party shall reflect the transactions represented by this Lease in all applicable books, records and reports (including, without limitation, income tax filings) in a manner consistent with “true lease” treatment rather than “financing” treatment.
(f) On the Commencement Date Tenant shall deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum Security Deposit. The Security Deposit shall be held by Landlord in a segregated bank account identified to Tenant by Landlord, without obligation for interestin a financial institution which is insured, as security for the full, timely and faithful performance by Tenant of all of Tenant's covenants and ’s obligations under this Lease; provided, it being expressly understood and agreed that such deposit is not however, in exchange for an advance rental deposit undertaking from Colony Financial, Inc. (or a measure replacement with a credit worthy entity reasonably acceptable to Tenant) executed and delivered simultaneously herewith, Tenant agrees that Landlord shall not be required to account for and have in a separate segregated account a portion of Landlord's damages in case the Security Deposit not to exceed $2,207,087.00. If any Basic Rent, or Additional Rent shall be overdue and unpaid, or any other Event of Tenant's default. Upon the occurrence of any event of default by TenantDefault shall have occurred and be continuing, then Landlord may, from time to time, at its option and without prejudice to any other remedy provided herein which Landlord may have on account thereof appropriate and apply said entire Security Deposit or provided by law, use such funds to the extent so much thereof as may be necessary to make good any arrears compensate Landlord in respect of rent the payment of Basic Rent, or other payments Additional Rent overdue and unpaid or the cost of the damage actually incurred by Landlord due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event such breach on the part of Tenant's default; and Tenant shall pay forthwith upon demand restore said Security Deposit to Landlord on demand the amount so applied in order to restore the security deposit to original sum deposited. Should Tenant fully comply with all of its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject and pay all of the Basic Rent and Additional Rent due hereunder, (and subject to the other provisions of the reduction of the Security Deposit by satisfaction of the First Deposit Conditions and the Second Deposit Reduction Conditions) the balance of the Security Deposit shall be returned in full to Tenant at the end of the Term, in no event later than thirty (30) days after delivery of possession of the Leased Premises to Landlord in accordance with the terms and conditions contained in of this Lease. Landlord shall not be under any obligation to deposit the Security Deposit in an interest bearing account for Tenant’s benefit or to pay to Tenant interest on the Security Deposit or to keep the Security Deposit in a segregated account, if it being expressly understood that Landlord may commingle the Building Security Deposit with other monies of Landlord. Landlord shall deliver the Security Deposit to the transferee of Landlord’s interest in any Demised Premises in the event that such interest is conveyed by Landlord, said deposit may be turned over to Landlord's granteetransferred, and if soupon notice thereof by the transferor and the transferee to Tenant, Tenant hereby releases Landlord the transferor shall be discharged from any and all further liability with respect to such funds, (subject to any claims which arose prior to the date of such transfer if not said deposit prior to the date of such transfer), and its application or returnthis provision shall also apply to any subsequent transfers. Landlord shall decrease the amount of the Security Deposit and return the same to Tenant upon Tenant achieving each of the First Deposit Reduction Conditions and the Second Deposit Reduction Conditions.
Appears in 1 contract
Samples: Master Lease Agreement (CVSL Inc.)
Rent and Security Deposit. i. Tenant agrees During the term of this Sublease, Sublessee covenants to pay to Landlord monthly base rent ("Base Rent") for the Leased Subleased Premises in lawful money of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen $1.95 per rentable square foot, payable in monthly payments of ELEVEN THOUSAND THREE HUNDRED FIFTY-TWO AND 90/100 DOLLARS ($11,352.90). In addition, Sublessee shall deposit with Sublessor a security deposit of ELEVEN THOUSAND THREE HUNDRED FIFTY-TWO AND 90/100 DOLLARS ($11,352,90), which shall be refunded at the end of the Sublease term less any sums owed to Sublessor.
(A) OPERATING EXPENSE STOP. Sublessor shall be solely responsible to pay Master Lessor all Building Operating Costs as defined by and provided in the Master Lease incurred by Master Lessor for the calendar year 2000 ("Sublessee's Base Year"). In the event the Building Operating Costs incurred by Master Lessor during any calendar year following Sublessee's Base Year shall exceed those incurred during Sublessee's Base Year, Sublessee shall pay as additional rent the amount of such excess, as provided by Section 5 of the Master Lease." Concurrently with Sublessee's execution of this Sublease, Sublessee shall pay to Sublessor the sum of ELEVEN THOUSAND THREE HUNDRED FIFTY-TWO AND 90/100 DOLLARS ($11,352.90) as rent for the 1ST month of this Sublease and the additional sum of $Eleven Thousand Three Hundred Fifty-Two and 90/100 Dollars ($15.0011,352.90) per square foot of occupied space, in advance, except that as the monthly installment which otherwise shall be due on the commencement date recited above, shall be non interest bearing security deposit for performance under this Lease. Base Rent is due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding in advance to Sublessor at XXXXXX WORLDWIDE, INC., 0000 XXXXXXXX XXXXX, X.X., XXXXXXX, XXXXXXX 00000, ATTN: REAL ESTATE DEPARTMENT. If the commencement date; further provided, that Commencement Date is a date other than the rental payment for any fractional calendar month at the commencement or end first of the Lease term month, Base Rent shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.
Appears in 1 contract
Samples: Sublease Agreement (Zapme Corp)
Rent and Security Deposit. i. Tenant agrees to pay to Landlord for the Leased Premises in lawful money Annual Base Rent (“Annual Rent”) during the Term by paying the Monthly Installment of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand Rent on or before the first day of each full calendar month succeeding during the commencement date; further provided, that the rental payment Term. Rent for any fractional calendar period during the Term which is less than one full month shall be a prorated portion of the Monthly Installment of Rent based upon a 30-day month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand at the commencement Landlord’s address, as set forth on the Reference Page, or end to such other person or at such other place as Landlord may from time to time designate in writing. Tenant recognizes that late payment of any rent or other sum due hereunder will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is due and payable pursuant to this Lease, and when such amount remains due and unpaid five (5) days after said amount is due, such amount shall be increased by a late charge in an amount equal to five percent (5%) of the Lease term unpaid rent or other payment. The amount of the late charge to be paid by Tenant shall be proratedreassessed and added to Tenant’s obligation for each successive monthly period until paid. The rate charged provisions of this Section in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section in any way affect Landlord’s remedies pursuant to Section 22 of this Lease in the event said rent or other payment is unpaid after the date due. No security or guarantee which may now or hereafter be furnished to Landlord for the payment of rent or the performance of Tenant’s other obligations under this Lease shall increase in any way constitute a bar to the recovery of the Premises or defense to any action in unlawful detainer or to any other action which Landlord may bring for a breach of any of the terms, covenants or conditions of this Lease. This Lease is what is commonly called a “Net, Net, Net Lease.” It is the intention of Landlord and Tenant that Annual Rent shall be absolutely net to Landlord and that all costs, expenses and obligations of every kind relating directly or indirectly in any way, foreseen and unforeseen, to the Tenant’s use, occupancy and possession of the Premises, which may arise or become due during the Term of this Lease, or any extension thereof, shall be paid by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month periodTenant. Such Annual Rent and all additional rent, as defined herein, shall be paid without abatement, diminution, reductions, deduction or setoff. The Annual Rent and the Monthly Installments of Rent due from February 1, 2002 through January 31, 2012 shall be as set forth on Schedule “A” hereto.
ii. In addition, ” Tenant agrees to deposit pay the Annual Rent specified herein, together with Landlord any additional rent required hereunder, in equal monthly increments, on the date hereof first day of each month for all months remaining in the sum initial Term of One the Lease, as set forth on Schedule “A” hereto. As security for performance of its obligations hereunder and upon execution of this Lease, Tenant shall pay to Landlord and agrees to maintain hereafter, a Security Deposit of Nine Thousand Six Hundred Twenty-five Dollars ($1,000.009,625.00). Subject to this Section 4, which sum Landlord shall be held by Landlord, without obligation for interest, as security for place the full, timely Security Deposit in an interest bearing money market account and faithful performance interest so earned from the deposit shall remain in the account and become part of Tenant's covenants the Security Deposit. Landlord shall notify Tenant in writing of the account number and obligations under this Lease, it financial institution where the Security Deposit is being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's defaultheld. Upon the occurrence of any event Event of default Default (as defined in Section 21 hereof) by Tenant, Landlord may, may from time to time, time and without prejudice to any other remedy provided herein or provided by lawremedy, use such funds the Security Deposit and any interest earned thereon to the extent necessary to make good satisfy any arrears of rent Annual Rent or other payments due to Landlord hereunderadditional rent, and or any other amount, damage, injury, expense or liability owed or caused to Landlord by any such event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any The remaining balance of such deposit security, together with all remaining interest earned thereon, shall be returned by Landlord to Tenant at such time within a thirty (30) days after termination of this Lease when provided that there is no documented outstanding issue which could require a monetary resolution, in which event the Landlord shall have determined that a reasonable time to investigate the same and refund the appropriate amount of the aforementioned security and interest. The Security Deposit shall not be considered an advance payment of rent or a measure of Landlord’s damages in ease of default by Tenant. In the event of the sale or transfer of Landlord’s interest in the Premises, Landlord shall have the right to transfer the Security Deposit and all Tenant's obligations under this Lease have been fulfilled. Subject interest earned thereon to the other terms purchaser or transferee, and conditions contained in this Leaseupon such transfer, Tenant shall look only to the new landlord for the return of the Security Deposit and interest and Landlord shall thereupon be released from all liability to Tenant for the return of or accounting for such Security Deposit and interest. Notwithstanding the foregoing, Tenant agrees that Landlord’s mortgagee, if any, shall have no liability to Tenant for the Building return of the Security Deposit and interest or any other funds deposited with Landlord unless and until such Security Deposit and interest or other funds is conveyed in fact paid or transferred by LandlordLandlord to such mortgagee, said deposit may be turned over whether or not such mortgagee is operating the Premises at any time as a mortgagee in possession or has acquired title to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and the Premises upon exercising its application or returnremedies under its mortgage.
Appears in 1 contract
Samples: Lease (AquaMed Technologies, Inc.)
Rent and Security Deposit. i. Tenant agrees to pay to Landlord for Rent shall consist of an annual payment of $1,200,000.00, payable in advance each month in the Leased Premises in lawful money amount of the United States rent $100,000. Rent payments will increase 3% per year for the first twelve (12) months of the 3-year term. Rent for additional term hereof extensions shall be negotiated at the rate time of Fifteen Dollars notification of request for extension and shall reflect then current market conditions for similar leases. The first ($15.001st) per square foot installment of occupied space, in advance, except that the monthly installment which otherwise Rent shall be due on the commencement first (1st) day of the calendar month immediately following the date recited aboveupon which Tenant has consumed more than one (1) MW usage on the Leased Premises; provided, however, that in no event shall the first (1st) installment of Rent be due later than December 15, 2021.
a) Tenant shall pay upon the signing of this Lease a security deposit (“Security Deposit”) equal to One Hundred Thousand Dollars ($100,000) to be held by Landlord as security for the full and faithful performance by Tenant of the terms, covenants and conditions of this Lease. The Security Deposit (or so much as remains after reduction as set forth in this paragraph) shall be due and payable on refunded to Tenant within thirty (30) days following the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term Term, provided Tenant shall then be proratedin compliance with all of the provisions of this Lease. The rate charged for rent shall increase Security Deposit may be retained by $0.50 Landlord and applied against (Fifty Centsa) per year for each such succeeding twelve (12) month period.
ii. In additionunpaid Rent and other sums from time to time due under this Lease, Tenant agrees to deposit with Landlord on the date hereof the sum including all costs of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely enforcing this Lease and faithful performance of performing Tenant's covenants and ’s obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's (b) damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice due to any other remedy provided herein or provided breach by lawTenant of this Lease, use such funds (c) damages caused by Tenant to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunderProperty, and (d) cleaning, repairs and rubbish removal upon Tenant vacating the Leased Premises. If Landlord shall at any other damagetime during the Lease Term apply the Security Deposit as permitted by this Lease, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to immediately deposit additional funds with Landlord on demand the amount so applied in order sufficient to restore the security deposit Security Deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned amount required by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in of this Lease. Landlord may hold the Security Deposit in its general accounts with other funds, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's granteewithout interest, and if so, Tenant hereby releases Landlord shall have no obligation to segregate the same from any and all liability with respect to said deposit and its application or returnother funds.
Appears in 1 contract
Rent and Security Deposit. i. Tenant agrees (a) The tenancy shall be that of English Calendar month and the monthly rent payable by the Lessee to the Lessor in respect of the Schedule Property shall be Rs. 40,000/- (Rupees forty thousand only) and shall be paid on or before 5th of each calendar month by cheque drawn in favour of the Lessor to hi NRO A/c No. 11005 with the Bank of India, Cantonment Branch, St. Mark’s Road, Bangalore, after deduction of tax at source at applicable rates. The Lessee shall issue necessary certificates evidencing deduction of tax at source to the Lessor. The Lessee shall pay the maintenance, electricity, and telephones charges in respect to the Schedule Property, as and when it falls due from time to time on the stipulated date, without any default. If the rent is due beyond 5th of each calendar month the Lessee shall be liable to pay an interest of 10% per annum on the rent The Lessee shall be entitled to Landlord have a rent-free period of 10 (ten) days from the date of the commencement of this lease for purposes of carrying ‘fit-out’ of the Schedule Property. The Lessee’s obligation to pay rents shall accordingly commence from the 11th (eleventh) day following the commencement of the lease.
(b) The Lessee has paid the Lessor a sum of Rs. 4,00,000/- (Rupees four Lakhs only) as Security Deposit for the Leased Premises in lawful money Permission bearing Xxxx Xx. 000, by cheque dated 16th October 2003 bearing No. 000000 and drawn on Scotia Bank, M.G. Road, Bangalore branch (bank), the receipt of which the Lessor hereby acknowledges. This deposit shall be refunded by the Lessor interest free, on expiry of the United States rent for the first twelve (12) months Lease and on receiving vacant possession of the term hereof above premises. The Lessee shall be entitled to interest at the rate of Fifteen Dollars ($15.00) 10% per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages annum in case of Tenant's default. Upon any delay in the occurrence repayment of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amountdeposit. Although the security deposit Interest shall be deemed payable from the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to date on which the other terms and conditions contained same is due till the same is repaid in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returnfull.
Appears in 1 contract
Samples: Deed of Lease (Synplicity Inc)
Rent and Security Deposit. i. Tenant (a) In consideration of said Lease, the Tenant, without prior notice or demand, agrees to pay to the Landlord as minimum base rent for the Leased Premises in lawful money of the United States rent said premises for the first twelve (12) months 1 years of the term hereof at of this Lease, $10.50 psf, Triple Net, with monthly payments in the rate amount of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment 13,699.00 Dollars; which otherwise shall be due on the commencement date recited above, said payments shall be due and payable in advance on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional and every calendar month at the commencement or end office of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, or such other place as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice in writing, may designate. Tenant has previously deposited with Landlord the sum of $14,000.00 as a Security Deposit.
(b) The monthly base rent to be paid to Landlord by Tenant shall be increased annually, effective on the anniversary of the commencement date of this Lease, said base rent shall be increased four percent (4%) each year.
(c) Security Deposit is defined as monies pledged as security for the payment of the rent and other charges herein agreed to be paid, and for the faithful performance of all the terms, conditions and covenants of this Lease. If at any other time during the term of this Lease Tenant shall be in default in the performance of any provision of the Lease, and shall fail to remedy provided herein or provided by lawcure said default after having received fifteen (15) days written notice of same, use such then, the Landlord may, at its option, apply monies held as partial or full satisfaction of said default or declare said deposit to be forfeited. Should this occur, Tenant shall immediately remit to Landlord sufficient funds to re-establish the extent necessary to make good any arrears full amount of rent or other payments due to Landlord hereunderSecurity Deposit herein defined. Upon full and satisfactory completion of this Lease, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security said deposit shall be deemed refunded to the property of LandlordTenant, any remaining balance of such deposit shall be returned by without interest.
(d) No dispute between Landlord and Tenant as to Landlord or Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to shall excuse the payment of rent or the faithful performance of the other terms and conditions contained in this Lease, if the Building is conveyed of said Lease by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returneither party.
Appears in 1 contract
Samples: Lease Agreement (Simtek Corp)
Rent and Security Deposit. i. 5.1 Tenant agrees to pay Landlord as Basic Annual Rent for the Demised Premises the sum set forth in Section 2.1.3, subject to the rental adjustments provided in Article 6 hereof. Basic Annual Rent shall be paid in the equal monthly installments set forth in Section 2.1.4, subject to the rental adjustments provided in Article 6 hereof, each in advance on the first day of each and every calendar month during the term of this Lease, except.. that the first full month’s installment of Basic Annual Rent (plus the monthly installment of Basic Annual Rent pro rated for any partial month at the beginning of the term hereof) shall be paid by Tenant to Landlord upon on the Term Commencement Date.
5.2 In addition to Basic Annual Rent, Tenant agrees to pay to Landlord as additional rent (‘Additiorial Rent”) at times hereinafter specified in this Lease (i) all Operating Expenses as provided in Article 7 herein), which are paid by Landlord, and (ii) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including, without limitation, any and all other sums that may become due by reason of any default of Tenant or Tenant’s failure to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant.
5.3 Basic Annual Rent and Additional Rent shall together be denominated “Rent”. Rent shall be paid to Landlord, without abatement, deduction or offset, (excepting only for the Leased limited circumstances as specified in Section 16.1 for Landlord’s maintenance, in Section 20.6 for destruction of a portion of the Demised Premises and/or in connection with the terms upon which Tenant provides a portion of the financing for the $13.1M construction loan sought by Landlord), in lawful money of the United States rent for of Anerica at the first twelve (12) months office of Landlord as set forth in Section 2.1.8 herein or to such other person or at such other place as Landlord may from time to time designate in writing. In the event the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due this Lease commences or ends on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before a day other than the first day of each a calendar month, then the Rent for such fraction of a month succeeding shall be prorated for such period on the commencement date; further provided, that the rental payment for any fractional calendar basis of a thirty (30) day month and shall be paid at the commencement or end of the Lease term shall be prorated. The then current rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month periodfractional month.
ii. In addition5.4 Upon the Effective Date of this Lease, Tenant agrees to shall deposit with Landlord on the date hereof the sum of One Thousand Dollars a cash amount equal to one Initial Monthly Rental Installment ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and defined in Section 2.1.4) as a deposit (“Security Deposit”) to secure Tenant’s faithful performance of its obligations hereunder. If Tenant's covenants ’s net worth falls below $10,000,000 at any time during the term hereof, as shown on the financial statements referenced in the next sentence, then Tenant shall pay to Landlord the amount necessary to increase the Security Deposit to equal three (3) monthly installments of the then current Basic Annual Rent. Tenant shall deliver to Landlord a copy of Tenant’s annual audited financial statements and Tenant’s quarterly unaudited financial statements within ten (10) days after said financial statements are completed. The Security Deposit may be commingled with other funds of Landlord’s, but Landlord shall pay Tenant annually in arrears interest on the Security Deposit equal to the then current rate for one year Certificates of Deposit paid by Landlord’s regular business bank. If Tenant fails to pay Rent, or any other charges due hereunder, or otherwise defaults with respect to any provisions of this Lease, Landlord may use, apply or retain all or any portion of the Security Deposit, and any accrued earnings thereon, for the payment of such sums due Landlord, or for prepayment of any other sum to which Landlord may become entitled by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. If Landlord so uses or applies all or any portion of the Security Deposit, Tenant shall within twenty (20) days after written demand therefor, deposit with Landlord, in cash, an amount sufficient to restore the Security Deposit to the full amount, and Tenant’s failure to do so shall be a material breach of this Lease. This Security Deposit shall be in cash; excepting however, Tenant shall have the option after the Term Commencement Date to substitute a bank letter of credit, in a form and from a bank pre-approved in Writing by Landlord. Promptly after the expiration or termination of this Lease and after Tenant has satisfied all its obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord refund to Tenant at such time after termination the unused portion of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this LeaseSecurity Deposit, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returnplus accrued but unpaid interest.
Appears in 1 contract
Samples: Fourth Lease Amendment and Assignment Agreement (Tanox Inc)
Rent and Security Deposit. i. (a) As part of the consideration for the execution of this Lease, and for the Lease and use of the Premises, Tenant covenants and agrees and promises to pay as net rental to Landlord for Landlord, or Landlord’s assignees, $0.00 per month during the Leased Premises months 1 through 4 in lawful money the Term hereof, $11,880.00 per month during the months 5 through 12 during the Term hereof, $12,887.00 per month during the months 13 through 24 during the Term hereof, $13,289.00 per month during the months 25 through 36 during the Term hereof, $13,692.00 per month during the months 37 through 48 during the Term hereof, and $14,095.00 per month during the months 49 through 60 during the Term hereof (collectively, “Base Rent”). One such monthly installment of $11,880.00, plus the United States rent for the first twelve other monthly charges set forth in Paragraph 2(c) below (12) months of the term hereof at the rate of Fifteen Dollars (initially $15.003,423.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited abovemonth, shall be due and payable on the date hereof. Thereafter one such hereof and shall be applied in satisfaction of Tenant’s obligation to pay rent as defined in Paragraph 2(c) below for month 5 of the Term, and subsequent monthly installment installments for an amount as indicated in Paragraph 2(a), herein, shall be due and payable in advance, without demand demand, deduction or set off, on or before the first day of each succeeding calendar month succeeding the commencement date; further providedCommencement Date, except that the rental payment all payments due hereunder for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. (b) In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00)16,591.60, which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's ’s covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's ’s damages in case of Tenant's ’s default. Upon the each occurrence of any an event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds fund to the extent necessary to make good any arrears of rent Rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any such event of Tenant's default; and . On demand, Tenant shall pay to Landlord on demand the amount so applied in order to that will restore the security deposit to its original amount. Although the security deposit shall be deemed the property of the Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time within thirty (30) days after termination of this Lease when Landlord shall have determined Lease, provided that all of Tenant's ’s obligations under this Lease have been fulfilled.
(c) Tenant agrees to pay to Landlord, as additional rental, beginning on the first day of the fifth (5th) month of the Term, its proportionate share (as defined in Paragraph 1 herein) of Operating Expenses in each calendar year. Subject Operating Expenses include (i) Taxes (hereinafter defined) pursuant to Paragraph 4(a) below, (ii) the cost of all insurance relating to the building or buildings of which the Premises are a part, (iii) the cost of utilities payable by Landlord pursuant to Paragraph 9 below, and the cost of any common area charges payable by Landlord in accordance with Paragraph 5 below, (iv) the cost of management services and (v) any other terms costs related to the ownership, operation, repair and conditions contained maintenance of the Project. Operating Expenses shall not include depreciation or amortization of the Project or equipment in the Project except as provided herein, loan principal payments, costs of alterations of tenants’ premises, leasing commissions, advertising and promotional costs; principal or interest payments on any mortgages or other financing arrangements; legal fees; expenses incurred in connection with negotiating and enforcing leases with tenants in the Project; build out allowances, moving expenses, and other concessions incurred in connection with leasing spacing in the Project; the cost of any item or service to the extent Landlord is reimbursed by tenants, third parties or insurance; cost of any service or material provided by a related party to the extent that the cost of such service or material exceeds the competitive cost of such service or material absent such relationship; fines or penalties (unless such fines or penalties were the result of the acts or omissions of Tenant); and, except as included in the cost of Initials: /s/ KS /s/ RL management services, wages, salaries, or other compensation paid to any executive employees of Landlord above the grade of Property Manager. Base Rent, Operating Expenses and any other costs which Landlord is entitled to collect under this LeaseLease are hereinafter referred to collectively as “Rent”. The amount of the initial monthly Base Rent and the initial monthly Operating Expense escrow payments are as follows:
1.) Initial Base Rent as set forth in Paragraph 2 (a) $ 11,880.00 2.) Operating Expense escrow $ 3,423.00 Beginning on the first day of the fifth (5th) month of the Term, if and continuing during each month of the Building Term thereafter, on the same day that Base Rent is conveyed by due hereunder, Tenant shall escrow with Landlord an amount equal to 1/12 of the estimated annual cost of its proportionate share of such Operating Expenses. The monthly escrow payments shall be adjusted annually to reflect the then current projected cost of all Operating Expenses. Landlord shall annually reconcile Tenant’s proportionate share of Operating Expenses against Tenant’s total annual escrow payments. If Tenant’s total annual escrow payments were insufficient to cover Tenant’s share of the actual annual Operating Expenses, Tenant shall pay the difference to Landlord within ten (10) days after demand. If Tenant’s annual escrow payments were excessive, Landlord shall retain such excess and credit it against Tenant’s future liabilities for Operating Expenses. In implementation of the foregoing, within a reasonable time after the end of each whole or partial calendar year during the Lease Term, Landlord shall render to Tenant a statement, prepared according to generally accepted accounting principles consistently applied, showing in reasonable detail the Landlord’s Operating Expenses for the preceding calendar year or fraction thereof, as the case may be. Such statement shall be binding upon Landlord and Tenant, subject to the provisions of this Paragraph . Tenant shall have the right, at its expense and upon written notice given to Landlord no later than forty-five (45) days after receipt of the annual reconciliation statement from Landlord, said deposit may be turned over to make an audit of all of Landlord's grantee’s bills and records relating to Operating Expenses for the immediately preceding calendar year. Upon such written request of Tenant, Landlord shall make available to Tenant, during normal business hours, at the location where Landlord’s books and if sorecords are kept, such information as Tenant shall reasonably request. Landlord shall cooperate reasonably with Tenant in its explanation of its bills and records. Tenant agrees that it will treat such information confidentially and shall not divulge such information obtained from Landlord to any other person, firm, corporation, business organization, entity, tenant or occupant at any time. Tenant shall have the right to retain the services of an independent certified public accountant or lease audit firm for such audit; provided, however, Tenant hereby releases shall not retain any such auditor or audit firm on a contingency fee basis. Tenant shall complete any such audit of Operating Expenses within sixty (60) days after the date of Tenant’s audit notice and shall deliver to Landlord the written results of such audit within ten (10) days after Tenant receives the same. If such audit discloses an overpayment by Tenant in excess of five percent (5%) of the amount Tenant should have paid, Landlord shall credit such amount against Tenant’s future obligations for Operating Expenses. If such audit discloses additional amounts due from any and all liability with respect to said deposit and its application or returnTenant in excess of five percent (5%) of the amount Tenant should have paid, Tenant shall pay such amounts within ten (10) days of completion of such audit.
Appears in 1 contract
Rent and Security Deposit. i. (a) Commencing on the Suite B Expansion Date, Tenant agrees shall pay Annual Fixed Rent with respect the 32nd Floor Suite B Premises at a Fair Market Rent to pay to Landlord be determined in the same fashion as Fair Market Rent for the Leased Premises in lawful money of during the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advanceExtended Term is determined, except that the monthly installment which otherwise (i) Landlord shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end specify its determination of the Lease term Fair Market Rent for the 32nd Floor Suite B Premises in a notice Landlord shall be proratedgive to Tenant within thirty (30) days after Landlord’s receipt of Tenant’s notice electing to lease the 32nd Floor Suite B Premises, (ii) Base Taxes shall mean the actual Taxes for the Tax Year in which the Suite B Expansion Date occurs and (iii) Base Operating Expenses shall mean the actual Operating Expenses for the Operating Year in which the Suite B Expansion Date occurs. The rate charged But for rent the exceptions contained in the preceding sentence, all other provisions of Article 21 hereof for determining Fair Market Rent for the Premises during an Extended Term shall increase by $0.50 (Fifty Cents) per year apply, mutatis mutandis, in respect of a determination of Fair Market Rent for each such succeeding twelve (12) month period.
iithe 32nd Floor Suite B Premises. In addition, Tenant’s Share shall be increased by 0.87% and Tenant agrees shall in all events pay Tenant’s Share of Taxes and Operating Expenses with respect to deposit the 32nd Floor Suite B Premises as Additional Rent in accordance with Landlord on Section 5.3 and Article 6 of this Lease utilizing the date hereof Base Taxes and Base Operating Expenses determined as set forth in the sum of One Thousand Dollars foregoing clauses ($1,000.00ii) and (iii), respectively.
(b) On or prior to the Suite B Expansion Date, time of the essence, Tenant shall increase the Security Deposit to the amount then required under this Lease (i.e., either three or four monthly installments of Annual Fixed Rent for the entire Premises) by delivery of a Replacement Letter or an amendment to the existing Letter, which sum amount, if appropriate, shall be held by Landlord, without obligation for interest, subject to reduction in the same manner as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages set forth in case of Tenant's default. Upon Section 20.22(c) hereof.
(c) Promptly after the occurrence of any event of default by Tenantthe Suite B Expansion Date, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay execute an instrument confirming the Suite B Expansion Date and such adjustments, but failure to Landlord on demand the amount do so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to no effect on the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from Suite B Expansion Date or any and all liability with respect to said deposit and its application or returnsuch adjustments.
Appears in 1 contract
Samples: Office Lease (Epoch Holding Corp)
Rent and Security Deposit. i. (a) As part of the consideration for the execution of this Lease, and for the lease and use of the Premises, Tenant covenants and agrees and promises to pay as rental to Landlord for the Leased Premises in lawful money or Landlord's assignees, a sum of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars $20,975 per month ($15.009.30/SF/Yr.) in months 1 - 52; and $22,555 per square foot of occupied space, month ($10.00/SF/Yr.) in advance, except that the months 53 - 100. The first such monthly installment which otherwise shall be due on in the commencement date recited above, amount of $20,975 shall be due and payable on the date hereof. Thereafter one such of execution of this agreement, which shall be credited toward the first monthly installment due on the Commencement Date, and each monthly installment as stated above shall be due and payable in advance, without demand demand, deduction or set off, on or before the first day of each succeeding calendar month succeeding during the commencement date; further providedhereby demised term, except that the rental payment for any fractional calendar month at the commencement or end of the Lease lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. (b) In addition, Tenant agrees to deposit with Landlord on the date hereof that Tenant gives written notice to Landlord to not renew or to terminate this lease agreement, and at least four months prior to the expiration of the lease term, the sum of One twenty-two Thousand Five Hundred Fifty-Five and 00/100 Dollars ($1,000.0022,555.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, may without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any such event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of the Landlord, all or any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject .
(c) Tenant agrees to the other terms and conditions contained in this Lease, if the Building is conveyed by pay to Landlord, said deposit may be turned over to Landlordas additional rental, all charges for any service, goods, or materials furnished by Landlord at Tenant's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.request which are
Appears in 1 contract
Samples: Lease Agreement (Spacehab Inc \Wa\)
Rent and Security Deposit. i. Tenant Lessee covenants, stipulates and agrees to pay to Landlord Lessor as rent for the Leased Premises the following:
3.1 Lessee shall pay to Lessor monthly rental payments in lawful money the amount of the United States rent for $11,359.41 each.
3.2 All monthly rental payments shall be paid in advance with the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall lease payments to be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand paid on or before May 1, 2011 and all subsequent lease payments to be paid on the first 1st day of each calendar month succeeding during the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end term of the this Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month periodAgreement.
ii3.3 Lessee has deposited with Lessor $4,252.00. In additionSuch deposit amount of $4,252.00 is security for the faithful performance by Lessee of all terms, Tenant agrees provisions, conditions and covenants hereof upon the Lessee's part to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00)be kept, which observed and performed, and said sum shall be held by Landlordreturned to Lessee after the time fixed as the expiration of this Lease Agreement; provided, without obligation for interesthowever, as security for Lessee shall have faithfully kept, observed and performed all the fullterms, timely provisions, conditions and faithful performance of Tenantcovenants on Lessee's covenants part to be kept and obligations under this Lease, it being expressly understood and agreed performed; that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon default on the occurrence part of any event of default by TenantLessee to comply with the provisions hereof, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security said deposit shall be deemed used first for the property payment of Landlorddelinquent rental, any remaining balance secondly for the payment of such deposit costs and expenses incurred by Lessor in repairing damage to the Leased Premises occasioned by the tenancy, and thirdly, for the repair and renovation of the grounds, occasioned by the default on the part of Lessee to comply with the terms hereof. Any surplus over the amount deposited hereof, in excess of the costs and expenses of Lessor in repairing damages due to the fault or neglect of Lessee shall be returned by Landlord to Tenant Lessee. In the event the deposit herein made is not sufficient to cover costs of such repair, Lessee agrees to forthwith pay to Lessor, or Lessor's agents, the amount necessary over and above such deposit, to repair the Leased Premises.
3.7 In the event Lessee is delinquent in paying the rental payments or any other payments required of Lessee herein all such past due payments shall bear interest at such time after termination eighteen percent (18%) per annum from the date of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returndefault until paid.
Appears in 1 contract
Rent and Security Deposit. i. 2.1 Tenant agrees to pay to Landlord for the Leased Premises Annual Rent in lawful money effect from time to time by paying the Monthly Installment of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, Rent then in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand effect on or before the first day of each full calendar month succeeding during the commencement date; further providedTerm, except that the rental payment first month's payable rent shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at such time shall be one-twelfth of the Annual Rent in effect at such time. Rent for any fractional calendar month period during the Tem1, which is less than a full month, shall be a prorated portion of the Monthly Installment of Rent based upon a thirty (30) day month. Said rent shall be paid to Landlord, Without deduction or offset and without notice or demand, at the commencement Landlord's address, as set forth on the Reference Page, or end to such other person or at such other place·as Landlord may from time to · time designate in writing. The Almual Rent shall be adjusted during the Tenns as follows:
2.1.1 The initial Annual Rent payable hereunder is based upon the Revised Consumer Price Index for the United States, All Urban Consumers: All items (1982 '1984 100) ("Consumer Price Index") published by the Bureau of Labor Statistics, United States Depaiiment of Labor. The base indes ("Base Index") for this Lease is hereby stipulated to be the consumer Price Index for the month in 'Nhich the Term of this Lease commences, or if no such index is published for said month, then the Base Index shall be the Consumer Price Index for the month which is nearest, but prior to, the Actual Commencement Date. On each anniversary of the l\.ctual Commencement Date daring the Term of this Lease term the i\.greement shall be prorateda usted so that it shall be equal to the product of (a) a fraction, the numerator of which is the Consumer Price Index for the month in question, and the denominator ofv;hich is the Base Index, multiplied by (b) the Annual Rent specified herein prior to any a ustment provided; however, the Annual Rent shall not be less that he amotmt of Annual Rent due on the immediately prior anniversary of the l..ctual Commencement Date (or the ,\ctual Commencement Date itself, if applicable). The If the index for any anniversary in question is not published as of the effective date of a ustment, then Tenant shall continue to pay the existing Annual Rent due from Tenant until the inde.1, necessary to perform the calculations described herein is published and Lai1dlord is able to calculate the revised amount of Annual R{;mt due from Tenant, or in the alternative, at Landlord's option, Landlord shall provide such comparable period for a ustment purposed, using the Consumer Price Index vmich is nearest, but prior to, the a ustment date in question and the Actual Commencement Date. Upon the submission of such calculation from Landlord, Tenant shall thereafter pay the a usted Annual Rent. +enant shall also pay within thi (3) days after such calculation the difference between ',vhat Tenant has paid in Annual Rent for the year in question and what Tenant VlOuld have paid, had the a ustment in question been made and i\.nnual Rent at the a usted rate charged for paid as of Jam.1ary 1 of said year. Each year the annual base rent shall increase be increased by $0.50 (Fifty Cents) per year for each 5% ofthe prior year's base rent. 2.1.2 If the Consumer Price Index as now published shall be revised or cease to be compiled and published during the +enn of this Lease, then the Bureau of Labor Statistic shall bo requested to furnish a statement converting the Base Index to a figure that 1.vould be comparable to another index published by the Bureau of Labor Statistics and such succeeding twelve (12) month periodother index shall be used in computing the adJastment in A.,7:llual R�1rt provided herein. Should the parties not be able to secure such propriate conversion or a ustment, they shall agree on some other index serving the same pu ose to a ust the Annual R-Ont as provided herein.
ii. 2.2 In additionaddition to the Annual Rent, Tenant agrees to deposit with Landlord on pay to Landlord, as additional rent, the date hereof the sum Percentage Rent. Payments of One Thousand Dollars ($1,000.00), which sum Percentage Rent shall be held paid in monthly installments as provided in Section 3.1 and shall be estimated each month by Landlord, without obligation for interest, as security for multiplying (i) the full, timely and faithful performance percentage of Tenant's covenants and obligations Gross Sales set forth on the Reference Page by (ii) Tenant's Gross Sales for the immediately preceding month in excess of I/12th of the Breakpoint. If at the end of any Lease Year (as defined in Section 2.3), the total amomrt of Percentage Rent paid by Tenant exceeds the total amount of Percentage Rent required to be paid by Tenant duiing such Lease Year, Tenmrt shall, provided Tenairt is not in default under this Lease, it being expressly understood and agreed that receive a credit equivalent to such deposit excess 1,vhich may be deducted by Tenant from the next installment of Percentage Rent due Landlord. Ifat the end of UI1)' Lease Year, the total amount of Percentage Rent paid by Tenant is not an advance rental deposit or a measure less than the total amount of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default Percentage Rent required to be paid by TenantTenant during such Lease Year, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord the difference at the time Tenant submits its annual sales report. For the purpose of computing Percentage Rent payable hereunder for any fractional period, the Breakpoint shall be prorated on demand the basis of a three hundred sixty (360) day year.
2.3 The term "+enant's Gross Sales" shall mean the gross proceeds from business done in or from the Premises, including but not limited to, the entire sales price ofmerchandise sold (including gift and merchandise certificates), charges for services or rentals, deposits not refunded to customers, the entire sales price of merchandise sold as a result of orders taken at the Premises but delivered elsewhere, and the entire sales price of merchandise delivered from the Premises as a result of orders taken elsevmere. The gross proceeds from business done by any concessionaire or licensee or othenvise in or from the Premises, gross proceeds from business done through vending machines or other devices located· in the Premises and gross proceeds from business done in or from the Premises with employees shall also be a part of Tenant's Gross Sales. i\n installment sale or a sale on credit shall be treated as a sale at the full sales price in the month during 1.vhich such sale is made. No deduction from Tenant's Gross Sales shall be allov1ed for uncollectible credit accounts. Tenant's Gross Sales shall not be deemed to include
(a) any sums collected from customers and paid out for a sales or excise tax imposed by any duly constituted governmental authority if the amount so applied of such tax. is separately charged to the customer and paid by Tenant directly to or for the benefit of the governmental authority; (b) the t:Brnhange of merchandise 1.vith other stores ofTenant, if such exchange is made solely for the convenient operation of the business of Tenant and not for the purpose of consummating a sale which was made in order or from the Premises or if such exchange of merchandise is not for the purpose of depriving Lm1dlord of the benefit of a sale which otherwise v,rould be made in or from the Premises; (c) the amount ofreturns to restore suppliers or manufacturers; or (d) sales of Tenant's fixtures not in the security deposit to its original amount. Although the security deposit ordinary course of Tenant's business; and Tenant shall be deemed the property of Landlord, entitled to a credit against Gross Sales for any remaining balance of such deposit shall be cash or credit refund made for any returned merchandise accepted by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all and pre=viously included in Tenant's obligations under this Grnss Sales. The term "Lease have been fulfilled. Subject Year" shall mean, in the case of the first Lease Year, that pmiod from the Actual Commencement Date to the other terms and conditions contained in this Leasefirst succeeding December 31; thereafter, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return."Lease Year" shall mean each successiv:e twelv·e
Appears in 1 contract
Samples: Retail Lease
Rent and Security Deposit. i. 3.1 Commencing thirty (30) days following the Commencement Date (the "Rent Commencement Date"), Tenant agrees to shall pay to Landlord for the Leased Premises an annual base rent as shown on SCHEDULE A, which is attached hereto and made a part hereof. The annual base rent shall be paid in lawful money of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied spaceequal monthly installments, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding during the commencement date; further providedTerm, that as shown on SCHEDULE A. All rent due hereunder, including additional rent, shall be paid by Tenant without notice or demand and without right of counterclaim, deduction or set-off. If the rental payment for any fractional Rent Commencement Date is not the first day of a calendar month at month, Tenant shall pay to Landlord, on the commencement or Rent Commencement Date, a fraction of the equal monthly installment, the numerator of which is the number days from the Rent Commencement Date to the end of the Lease term calendar month in which that date occurs and the denominator of which is thirty (30).
3.2 Each rental payment shall be prorated. The rate charged for rent shall increase made payable to Landlord and delivered to its notice address, as hereinafter set forth, or at such other place as Landlord may designate by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month periodnotice to Tenant.
ii. In addition, 3.3 Tenant agrees to deposit pay a late charge equal to five percent (5%) of the rent due with Landlord any rent payment made after the fifth (5th) day of the month. The said late charge shall not release Tenant of any other obligations for payment of rent or payment of interest on unpaid earned rent, which shall bear interest at the rate of twelve percent (12%) per annum from the date hereof due until paid.
3.4 Tenant acknowledges and agrees that this Lease will be, except as otherwise expressly stated herein, a complete "NET LEASE" to Landlord, and that, except as otherwise expressly stated herein, Landlord is not responsible during the Term for any costs, charges, expenses or outlays of any nature whatsoever, arising from or relating to the Premises, or the use of and occupancy or contents thereof. During the Term, Tenant shall pay, or reimburse Landlord for, all charges, impositions, costs and expenses of every nature and kind relating to the Premises, except as herein expressly provided to the contrary.
3.5 All costs, charges and expenses that Tenant assumes, agrees to, or is obligated to Landlord under this Lease shall be deemed additional rent. In the event of nonpayment, Landlord shall have the same rights and remedies with respect to the additional rent as is provided for herein in respect of the payment and the nonpayment of the base annual rent.
3.6 Tenant shall pay to Landlord, as of the Commencement Date, the sum of One Thousand Dollars $21,968.75 ($1,000.00), which sum shall the "Security Deposit") to be held by Landlord, without obligation for interest, Landlord as security for the fullperformance by Tenant of all obligations imposed upon Tenant pursuant to this Lease. The Security Deposit shall bear no interest and Landlord shall be entitled to commingle the Security Deposit with Landlord's other funds. If Tenant defaults with respect to any of the terms, timely and faithful performance provisions, conditions or covenants of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that Landlord may use or apply all or any part of the Security Deposit to cure such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon Landlord shall not be required to apply all or any portion of the occurrence of Security Deposit with respect to any event of particular violation or default by Tenant, . Tenant shall reimburse Landlord mayfor any portion of the Security Deposit that Landlord shall, from time to time, without prejudice apply with respect to any other remedy provided herein or provided violation by lawTenant hereunder promptly upon notice of such application by Landlord. Any portion of the Security Deposit that has not been appropriated by Landlord in accordance with the provisions hereof shall be returned to Tenant only after the expiration of the Term of this Lease, use notwithstanding that this Lease may have been terminated by Landlord prior thereto in accordance with its provisions, since it is the intention of the parties that such funds sum of money shall secure Landlord not only as to the extent necessary defaults by Tenant prior to make good such termination but also for any arrears deficiency of base rent or other payments charges due to Landlord hereunderthereafter under the terms of this Lease. If Landlord transfers its interest in the Premises, and any other damageLandlord shall have the right to transfer the Security Deposit to the transferee of Landlord's interest. In such event, injury, expense or Landlord shall be deemed released by Tenant from all liability caused by any event for the return of Tenant's default; the Security Deposit and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject look solely to the other terms and conditions contained in this Lease, if transferee for the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returnreturn of the Security Deposit.
Appears in 1 contract
Rent and Security Deposit. i. a. Tenant agrees to shall pay to Landlord (or to Lender, if directed by Landlord in writing with at least fifteen (15) days’ notice), as minimum annual rent for the Leased Premises during the Term, the Basic Rent in lawful money of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, monthly installments in advance, except that on or before the Basic Rent Payment Dates, and shall pay the same by wire transfer in immediately available federal funds to such account in such bank as Landlord or Lender, as applicable, shall designate in writing with at least fifteen (15) days’ prior notice, from time to time. If the Commencement Date shall occur on or before [ ], 20[ ], Basic Rent for the period from and including the Commencement Date through and including [ ], 20[ ] shall be paid on the Commencement Date in the amount equal to one thirtieth (1/30) of the monthly installment Basic Rent for the Leased Premises, the Initial Term is set forth on Exhibit B attached hereto for each day from and including the Commencement Date through and including [ ], 20[ ].
b. Tenant shall pay and discharge before the imposition of any fine, Lien, interest or penalty may be added thereto for late payment thereof, as Additional Rent, all other amounts and obligations which otherwise Tenant assumes or agrees to pay or discharge pursuant to this Lease, together with every fine, penalty, interest and cost which may be added by the party to whom such payment is due for nonpayment or late payment thereof. In the event of any failure by Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided herein, by Legal Requirements or otherwise, in the event of nonpayment of Basic Rent. All payments of Additional Rent that are payable to Landlord shall be due paid by Tenant by wire transfer in immediately available federal funds to such account in such bank as Lender shall designate in writing with fifteen (15) days’ prior notice, from time to time.
c. If any installment of Basic Rent or any Additional Rent is not paid when the same is due, Tenant shall pay to Landlord or Lender, as the case may be, in addition to any Late Charge, if any, as Additional Rent, interest on the commencement unpaid amount of Basic Rent or Additional Rent, at the Default Rate, such interest to accrue from the date recited abovesuch item of unpaid Basic Rent or Additional Rent was due until the date paid.
d. If any installment of Basic Rent is not paid within five (5) days after the same is due, Tenant shall pay to Landlord, as the case may be, on demand, as Additional Rent, a Late Charge, except such Late Charge shall not be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day instance of each calendar month succeeding the commencement date; further provided, that the rental a late payment for of Basic Rent in any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
iie. Landlord and Tenant agree that, to the maximum extent permitted by the Legal Requirements, this Lease is a true lease for state and federal income tax purposes and does not represent a financing arrangement. In additionEach party shall, to the maxiumum extent permitted by the Legal Requirements, reflect the transactions represented by this Lease in all applicable books, records and reports for their respective income tax filings in a manner consistent with “true lease” treatment rather than “financing” treatment.
f. On the Commencement Date Tenant agrees to shall deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum Security Deposit. The Security Deposit shall be held by Landlord, without obligation for interest, Landlord as security for the full, timely and faithful performance by Tenant of all of Tenant's covenants and ’s obligations under this Lease. If any Basic Rent or Additional Payments shall be overdue and unpaid, it being expressly understood or if Tenant shall fail to observe or perform any of its obligations under this Lease and agreed that such deposit is not an advance rental deposit or a measure Event of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by TenantDefault arises therefrom, then Landlord may, from time to time, at its option and without prejudice to any other remedy provided herein which Landlord may have on account thereof appropriate and apply said entire Security Deposit or provided by law, use such funds to the extent so much thereof as may be necessary to make good any arrears compensate Landlord in respect of rent the payment of Basic Rent or other payments Additional Payments overdue and unpaid or the cost of the damage actually incurred by Landlord due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event such breach on the part of Tenant's default; and Tenant shall pay forthwith upon demand restore said Security Deposit to Landlord on demand the amount so applied in order to restore the security deposit to original sum deposited. Should Tenant fully comply with all of its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilledand pay all of the Basic Rent and Additional Payments due hereunder, the balance of the Security Deposit shall be returned in full to Tenant at the end of the Term, in no event later than thirty (30) days after delivery of possession of the Leased Premises to Landlord in accordance with the terms of this Lease. Subject Landlord shall deliver the Security Deposit to the other terms and conditions contained transferee of Landlord’s interest in this Lease, if any Demised Premises in the Building event that such interest is conveyed by Landlord, said deposit may be turned over to Landlord's granteetransferred, and any charges for such transfer (for the first transfer in any three-year period) shall be on account of Tenant and Tenant shall (if soapplicable) pay all charges therefor, Tenant hereby releases Landlord and upon notice of such transfer by the transferor and the transferee to Tenant, the transferor shall be discharged from any and all further liability with respect to said deposit such funds, and its application or returnthis provision shall also apply to any subsequent transfers. Landlord shall return the Security Deposit to Tenant upon Tenant achieving the Security Deposit Reduction Conditions.
Appears in 1 contract
Samples: Real Estate Sale Agreement (Axcelis Technologies Inc)
Rent and Security Deposit. i. 2.1 During this lease, Tenant agrees to shall pay to Landlord and Owner accept a rental in the amount of $1,500.00 per month. The rent is due on the 1st of the month.
2.2 If the term of this lease is extended beyond the original term, the rental for the Leased Premises extended term shall be agreed upon at that time. Taxes and insurance rates to be reset at renewal time.
2.3 In addition to these rental payments, Tenant shall pay when due, as additional rent, all other amounts to be paid by Tenant under this lease.
2.4 It is the intention of Owner and Tenant that the rent paid under this lease shall be net to Owner and that each year during the term of the lease all costs, utilities, and obligations of every kind relating to the premises (except as otherwise specifically provided in lawful money this lease) shall be paid by Tenant, and that Owner shall be indemnified by Tenant against such costs, expenses, and obligations.
2.5 All payments of rent shall be made by Tenant to Owner without notice of demand, at such place within the United States as Owner may from time to time designate in writing. For the present Owner designates Owner's address stated in or pursuant to the Notices provisions of this lease as the place for making the payments of rent. All rents shall be payable in legal tender of the United States rent for as the first twelve (12) months of the term hereof same is then constituted.
2.6 Interest will accrue at the rate of Fifteen Dollars ($15.00) 18% per square foot of occupied space, in advance, except that the monthly installment which otherwise annum on all delinquent rent and other amounts due from Tenant. Such interest shall be due on the commencement date recited above, shall be immediately due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for as additional rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month periodunder this lease.
ii. In addition2.7 Contemporaneously with the execution of this lease, Tenant agrees to deposit has deposited with Landlord on the date hereof Owner the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, $ 0 as security for the full, timely and faithful performance and observance by Tenant of the terms of this lease. In the event Tenant defaults with respect of any of the terms of this Lease, Landlord may use the whole or any part of the security so deposited to the extent required for the payment of any rent or any other sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's covenants and obligations under default in respect of any of the terms of this Lease. In the event that Tenant shall fully comply with all of the terms of this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time upon the expiration of the term hereof, without interest, and after termination delivery of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if entire possession of the Building is conveyed by Landlord, said deposit may be turned over leased premises to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.
Appears in 1 contract
Rent and Security Deposit. i. Tenant agrees to Sublessee shall pay to Landlord Sublessor Annualized Net Rent on the 1st of the month throughout the entire term without demand as set forth in this Section. Should this Sublease commence on a date other than the first of the month, Rent payments will be prorated on a daily basis for the Leased Premises partial first and last month of this Sublease. Sublessee shall provide Sublessor with a payment of three months rent upon Sublease execution to be held as a Security Deposit ($[*]). Such Security Deposit shall, in lawful money the case of early termination of this Sublease, be non-refundable. If an Event of Default shall occur under this Sublease, Sublessor may use, apply or retain all or any part of the United States rent Security Deposit for the first twelve (12) months payment of any Fixed or Additional Rent or any other sum in default or for the * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. payment of any other amount which Sublessor may spend or become obligated to spend by reason of such Event of Default, or to compensate Sublessor for any other loss, cost or damage which Sublessor may suffer by reason of such Event of Default. If Sublessor applies or retains any part of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on cash security or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end proceeds of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. In additionLetter of Credit, as the case may be, Tenant agrees to shall, within five (5) Business Days after written demand, deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand Sublessor the amount so applied in order or retained so that Sublessor shall have the full Security Deposit required. Annualized Net Rent schedule shall be: Commencement – [*] $[*] [*] – [*] $[*] [*] – [*] $[*] Annualized Net Rent payments to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time start Four (4) months after termination execution and delivery of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms sublease and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returnreceipt of master landlord consent.
Appears in 1 contract
Samples: Sublease (Switch & Data, Inc.)
Rent and Security Deposit. i. (a) Tenant agrees to pay to Landlord for the Leased Premises in lawful money of the United States rent for the first twelve (12) months of the term hereof said premises at the rate of Fifteen Dollars ($15.0029,491.20) TWENTY NINE THOUSAND FOUR HUNDRED NINETY ONE AND 20/100 Dollars per square foot of occupied spacequarter on a net, in advancenet, except that the monthly net rental basis. One such quarterly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly "completion date" and a like quarterly installment shall be due and payable without demand on or before the first day of each succeeding calendar month succeeding quarter during the commencement hereby demised term; provided that if the "completion date; further provided, " should be a date other than the first day of a calendar quarter there shall be due and payable on the "completion date" as rent for the balance of the calendar quarter during which the "completion date" shall fall a sum equal to that portion of the rental payment rent for any fractional calendar month at a full quarter as herein provided which the commencement or number of days from the "completion date" to the end of the Lease term calendar quarter during which the "completion date" shall fall bears to the total number of days in such quarter and all succeeding installments of rent shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for payable on or before the first day of each such succeeding twelve (12) month period.
ii. In additioncalendar quarter during the hereby demised term as first above provided, Tenant agrees agrees, at the time of execution of this lease to deposit with the Landlord the cash sum of ($5,982.40) FIFTY NINE HUNDRED EIGHTY TWO AND 40/100 Dollars as a security deposit.
(b) Other remedies for nonpayment of rent notwithstanding, if the monthly rental payment is not received by Landlord on or before the date hereof tenth day of the sum of One Thousand Dollars ($1,000.00)month for which it is due, which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord interest on demand the overdue amount at the rate of 1-1/2 percent per month from the day the amount so applied in order to restore became due until the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building date it actually is conveyed received by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.
Appears in 1 contract
Samples: Lease Agreement (Spectranetics Corp)
Rent and Security Deposit. i. Tenant agrees to pay to Landlord rent, without notice, demand, deduction, or set off, for the Leased entire term hereof for said Premises in lawful money monthly installments as set forth in Paragraph 29A hereof. The first monthly installment in the sum of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars Five thousand forty dollars and 00/100 ($15.005,040.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited aboveupon execution of this Lease Agreement, shall be due and payable on the date hereof. Thereafter one such a like monthly installment shall be due and payable without demand on or before the same day of each succeeding month during the hereby demised term, as set forth in Section 29A of the Addendum hereto; provided that if the said commencement date should be a date other than the first day of a calendar month, there shall be due and payable on the said commencement date as rent for the balance of the calendar month during which the said commencement date shall fall a sum equal to that proportion of the rent for a full month as herein provided which the number of days from the said commencement date to the end of the calendar month during which the said commencement date shall fall bears to the total number of days in such month, and all succeeding installments of rent shall be payable on or before the first day of each succeeding calendar month succeeding during the commencement date; further hereby demised term as first above provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii. In addition, Tenant agrees to deposit with Landlord on the date hereof upon execution of this lease agreement the sum of One Thousand Dollars Five thousand six hundred seventy-two dollars and 00/100 ($1,000.00), 5,672.00) which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's ’s covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's ’s damages in case of Tenant's ’s default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds fund to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any such event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of LandlordIf Tenant is not then in default hereunder, any remaining balance of such deposit shall be returned within 14 days of lease expiration by Landlord to Tenant at such time after upon termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.
Appears in 1 contract
Rent and Security Deposit. i. (a) Tenant agrees to shall pay to Landlord (or to Lender, if directed by Landlord in writing with at least fifteen (15) days’ notice), as minimum annual rent for the Leased Premises during the Term, the Basic Rent in lawful money of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, monthly installments in advance, except that on or before the monthly installment which otherwise Basic Rent Payment Dates, and shall pay the same by wire transfer in immediately available federal funds to such account in such bank as Landlord or Lender, as applicable, shall designate in writing with at least fifteen (15) days’ prior notice, from time to time. The Basic Rent for the Leased Premises during the Initial Term is set forth on Exhibit B attached hereto for each day from and including the Commencement Date through and including January 30, 2037. Notwithstanding the foregoing or anything contained in Exhibit B to the contrary, no Basic Rent shall be due and payable for the month of January, 2015.
(b) Tenant shall pay and discharge before the imposition of any fine, Lien, interest or penalty may be added thereto for late payment thereof, as Additional Rent, all other amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease, together with every fine, penalty, interest and cost which may be added by the party to whom such payment is due for nonpayment or late payment thereof. In the event of any failure by Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided herein, by Legal Requirements or otherwise, in the event of nonpayment of Basic Rent. All payments of Additional Rent that are payable to Landlord shall be paid by Tenant by wire transfer in immediately available federal funds to such account in such bank as Lender shall designate in writing with fifteen (15) days’ prior notice, from time to time.
(c) If any installment of Basic Rent or any Additional Rent is not paid when the same is due, Tenant shall pay to Landlord or Lender, as the case may be, in addition to any Late Charge, if any, as Additional Rent, interest on the commencement unpaid amount of Basic Rent or Additional Rent, at the Default Rate, such interest to accrue from the date recited abovesuch item of unpaid Basic Rent or Additional Rent was due until the date paid.
(d) If any installment of Basic Rent is not paid within five (5) days after the same is due, Tenant shall pay to Landlord, as the case may be, on demand, as Additional Rent, a Late Charge, except such Late Charge shall not be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day instance of each calendar month succeeding the commencement date; further provided, that the rental a late payment for of Basic Rent in any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period.
ii(e) Landlord and Tenant agree that, to the maximum extent permitted by the Legal Requirements, this Lease is a true lease for .
(f) state and federal income tax purposes and does not represent a financing arrangement. In additionEach party shall, to the maximum extent permitted by the Legal Requirements, reflect the transactions represented by this Lease in all applicable books, records and reports for their respective income tax filings in a manner consistent with “true lease” treatment rather than “financing” treatment.
(g) On the Commencement Date Tenant agrees to shall deposit with Landlord on the date hereof Security Deposit, the sum of One Thousand Dollars ($1,000.00)Replacement Reserve Initial Deposit, which sum and the Deferred Maintenance Initial Reserve Deposit. The Security Deposit shall be held by Landlord, without obligation for interest, Landlord as security for the full, timely and faithful performance by Tenant of all of Tenant's covenants and ’s obligations under this Lease. If any Basic Rent or Additional Payments shall be overdue and unpaid, it being expressly understood or if Tenant shall fail to observe or perform any of its obligations under this Lease and agreed that such deposit is not an advance rental deposit or a measure Event of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by TenantDefault arises therefrom, then Landlord may, from time to time, at its option and without prejudice to any other remedy provided herein which Landlord may have on account thereof appropriate and apply said entire Security Deposit or provided by law, use such funds to the extent so much thereof as may be necessary to make good any arrears compensate Landlord in respect of rent the payment of Basic Rent or other payments Additional Payments overdue and unpaid or the cost of the damage actually incurred by Landlord due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event such breach on the part of Tenant's default; and Tenant shall pay forthwith upon demand restore said Security Deposit to Landlord on demand the amount so applied in order to restore the security deposit to original sum deposited. Should Tenant fully comply with all of its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilledand pay all of the Basic Rent and Additional Payments due hereunder, the balance of the Security Deposit shall be returned in full to Tenant at the end of the Term, in no event later than thirty (30) days after delivery of possession of the Leased Premises to Landlord in accordance with the terms of this Lease. Subject Landlord shall deliver the Security Deposit to the other terms and conditions contained transferee of Landlord’s interest in this Lease, if any Demised Premises in the Building event that such interest is conveyed by Landlord, said deposit may be turned over to Landlord's granteetransferred, and any charges for such transfer (for the first transfer in any three-year period) shall be on account of Tenant and Tenant shall (if soapplicable) pay all charges therefor, Tenant hereby releases Landlord and upon notice of such transfer by the transferor and the transferee to Tenant, the transferor shall be discharged from any and all further liability with respect to said such funds, and this provision shall also apply to any subsequent transfers. Landlord shall return the Security Deposit to Tenant upon Tenant achieving the Security Deposit Return Conditions. Notwithstanding the foregoing, within ten (10) days following the date that Tenant no longer maintains an Investment Grade Rating by at least two (2) of the Rating Agencies, Tenant shall again deposit the Security Deposit with Landlord. Thereafter, the Security Deposit shall be returned to Tenant upon satisfaction of the Security Deposit Return Conditions. Notwithstanding the foregoing, Landlord acknowledges that Tenant has deposited the Security Deposit with Landlord in the form of a letter of credit in the amount of $7,500,000.00. Landlord acknowledges and its application agrees that Tenant is entitled to reduce the amount of such letter of credit to the amount of the Security Deposit (i.e., $5,900,000.00). Landlord agrees to promptly execute and deliver any commercially reasonable documentation requested by Tenant or returnthe issuer of such letter of credit in order to effectuate such reduction.
(h) On each Basic Rent Payment Date Tenant shall deposit the Replacement Reserve Monthly Deposit and the Deferred Maintenance Reserve Monthly Deposit in the Replacement Reserve Account and the Deferred Maintenance Reserve Account, respectively, to be released for Replacements, and Deferred Maintenance, respectively in accordance with Exhibit G hereof, provided, however, that Tenant’s obligations under this Paragraph 6(h) shall not be required for so long as Tenant is achieving the Security Deposit Return Conditions.
Appears in 1 contract
Rent and Security Deposit. i. 3.1 The Rent specified in Section 3.2 shall accrue hereunder from the Commencement Date.
3.2 Tenant promises and agrees to pay to Landlord for the Leased Premises by mail or in lawful money of the United States rent for the first twelve (12) months of the term hereof person at the rate address of Fifteen Dollars Landlord as set forth in Section 1.1(c), or such other place as Landlord may from time to time designate in writing, the following Rent:
($15.00a) per square foot Minimum Rent as set forth in Section 1.1(j);
(b) The Common Area Maintenance Fee as set forth in Section 4.5; and
(c) All other sums and charges due by Tenant to Landlord under the terms of occupied spacethis Lease. All such sums (and other charges or payments provided to be paid to Landlord herein) are sometimes referred to herein as “Rent.”
3.3 Except as otherwise expressly provided herein, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, all Rent shall be due and payable monthly, in advance, beginning on the date hereof. Thereafter one such monthly installment shall be due Commencement Date, without demand, notice, deduction or setoff, and payable without demand continuing thereafter, on or before the first day of each calendar month succeeding during the commencement date; further providedLease Term. In the event any installment of Rent is not received within five days after the date on which such amount is due, that the rental payment for any fractional calendar month at the commencement or end Tenant shall pay as additional rent, and as a late charge, ten percent (10%) of the Lease term shall be prorated. The rate charged for rent shall increase amount past due, plus the amount of any attorneys' fees reasonably incurred by $0.50 (Fifty Cents) per year Landlord in connection therewith for each such succeeding twelve late payment. Tenant shall also pay an administrative charge of $50.00 for each check returned unpaid for any reason. If Tenant is late in making payments due hereunder (12including, but not limited to, Minimum Rent), Landlord may at any time thereafter, upon written notice to Tenant, require that (until further notice) all payments of Rent be made by certified or cashier's check. The first month's Rent and other charges or fees shall be prorated from the Commencement Date through and including the last day of the month period.
ii. In addition, Tenant agrees to deposit with Landlord in which the Commencement Date occurs and shall be paid in advance on the date hereof Commencement Date. Contemporaneously with the sum execution of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default Lease by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the Prepaid Rent (in the amount so applied set forth in order to restore the security deposit to its original amount. Although the security deposit Section 1.1(n)) which shall be deemed applied to the property Rent and CAM for the first full month of the Term.
3.4 Tenant shall, contemporaneously with the execution of this Lease, deposit with Landlord the Security Deposit. If Tenant shall fail to pay any installment of Rent when due, said Security Deposit may, at the option of Landlord, be applied to any remaining balance such sums due and unpaid, and if Tenant violates any of the other terms, covenants and conditions of this Lease, said Security Deposit may be applied to any damages suffered as a result of Tenant's default to the extent of the amount of the damages suffered. Should any of the Security Deposit be used to pay sums due for any reason, and if this Lease is kept in full force and effect at the option of Landlord, Tenant shall reimburse Landlord the amount of such deposit depletion, within 10 days after notice to Tenant by Landlord of such depletion. Should Tenant comply with all of the terms, covenants and conditions of this Lease, and promptly pay all of the Rent herein provided as it falls due, the Security Deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.in
Appears in 1 contract
Samples: Lease Agreement
Rent and Security Deposit. i. Tenant Lessee covenants, stipulates and agrees to pay to Landlord Lessor as rent for the Leased Premises the following:
3.1 Lessee shall pay to Lessor monthly rental payments in lawful money the amount of the United States rent for $4,716.76 each.
3.2 All monthly rental payments shall be paid in advance with the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall lease payments to be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand paid on or before May 1, 2011 and all subsequent lease payments to be paid on the first 1st day of each calendar month succeeding during the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end term of the this Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month periodAgreement.
ii3.3 Lessee has deposited with Lessor $3,000.00. In additionSuch deposit amount of $3,000.00 is security for the faithful performance by Lessee of all terms, Tenant agrees provisions, conditions and covenants hereof upon the Lessee's part to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00)be kept, which observed and performed, and said sum shall be held by Landlordreturned to Lessee after the time fixed as the expiration of this Lease Agreement; provided, without obligation for interesthowever, as security for Lessee shall have faithfully kept, observed and performed all the fullterms, timely provisions, conditions and faithful performance of Tenantcovenants on Lessee's covenants part to be kept and obligations under this Lease, it being expressly understood and agreed performed; that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon default on the occurrence part of any event of default by TenantLessee to comply with the provisions hereof, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security said deposit shall be deemed used first for the property payment of Landlorddelinquent rental, any remaining balance secondly for the payment of such deposit costs and expenses incurred by Lessor in repairing damage to the Leased Premises occasioned by the tenancy, and thirdly, for the repair and renovation of the grounds, occasioned by the default on the part of Lessee to comply with the terms hereof. Any surplus over the amount deposited hereof, in excess of the costs and expenses of Lessor in repairing damages due to the fault or neglect of Lessee shall be returned by Landlord to Tenant Lessee. In the event the deposit herein made is not sufficient to cover costs of such repair, Lessee agrees to forthwith pay to Lessor, or Lessor's agents, the amount necessary over and above such deposit, to repair the Leased Premises.
3.4 In the event Lessee is delinquent in paying the rental payments or any other payments required of Lessee herein all such past due payments shall bear interest at such time after termination eighteen percent (18%) per annum from the date of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or returndefault until paid.
Appears in 1 contract
Rent and Security Deposit. i. A. As part of the consideration for the execution of this Lease, and for the Lease and use of the Premises, Tenant covenants and agrees and promises to pay as rental to Landlord for the Leased Premises in lawful money or Landlord's assignees, a total sum of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Seventy Three Thousand Five Hundred Seventy Five Dollars and 00/100 DOLLARS ($15.0073,575.00), payable in the amount of One Thousand Eight Hundred Dollars and 00/100 DOLLARS ($1,800.00) per square foot of occupied spacemonth for months one through twelve, in advance, except that the One Thousand Nine Hundred Twelve Dollars and 50/100 DOLLARS ($1,912.50) per month for months thirteen (13) through twenty-four (24) and Two Thousand Four Hundred Eighteen Dollars and 75/100 DOLLARS ($2,418.75) per month for months twenty-five (25) through thirty-six (36). The first such monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such hereof and the appropriate monthly installment shall be due and payable in advance without demand demand, deduction or set off, on or before the first day of each calendar month succeeding the commencement date; further providedCommencement Date during the hereby demised term, except that the rental payment for any fractional calendar month at the commencement or end of the Lease term period shall be prorated. The rate charged for Failure by Tenant to pay any monthly installment of rent by the fifth (5th) day from the date such payment was due shall increase by $0.50 (Fifty Centsbe considered an event of default in accordance with the provisions of Paragraph 18(a) per year for each such succeeding twelve (12) month periodof this lease Agreement.
iiB. Tenant agrees to pay Landlord, as additional rental, all charges for any service, goods, or materials furnished by Landlord at Tenant's request which are not required to be furnished by Landlord under this Lease, (as well as all other sums payable by Tenant hereunder), within ten (10) days after Landlord renders a statement therefor to Tenant. All past due additional rental amounts shall bear interest from the date due until paid at the maximum rate allowed by law.
C. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Eight Hundred Dollars and 00/100 DOLLARS ($1,000.001,800.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds fund to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any such event of Tenant's default; and Tenant shall pay to Landlord Landlord, on demand demand, the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined providing that all of Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.
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Rent and Security Deposit. i. 4.1 Tenant agrees to shall pay to Landlord for a base rental (the Leased Premises in lawful money of the United States rent for the first twelve (12“Base Rent”) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the as follows: 05/01/10 – 04/30/11 $ 17,549.10 $ 3.10 Each monthly installment which otherwise of Base Rent (the “Monthly Rent”) shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand by check or by money order on or before the first day of each calendar month succeeding month. In addition to the commencement date; further providedBase Rent, that Tenant also agrees to pay the rental payment for any fractional calendar month at Monthly Escalation Payments, the commencement or end Monthly Tax Payments and the Monthly Utility Payments (as hereinafter defined) and other sums payable by Tenant hereunder, all of which shall constitute additional rent (collectively, the Lease term “Additional Rent”). The Monthly Rent and the Additional Rent are sometimes collectively called “Rent” and shall be proratedpaid when due in United States funds without demand, deduction, abatement, or offset to PRII Gateway Torrey Hills LLC, X.X. Xxx 000000, Xxxxxxxx, XX 00000-0000, or as Landlord may designate from time to time. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month periodLandlord reserves the right to apply any payment received to Base Rent or any other items of Rent that are owing.
ii4.2 If Rent is not paid within five (5) business days of its due date, Tenant shall pay to Landlord a late charge (the “Late Charge”), as Additional Rent, in an amount of ten percent (10%) of such late payment. Failure to pay a Late Charge shall be a Monetary Default (as hereinafter defined). In addition, Tenant agrees to deposit with Landlord on all Rent not paid when due shall bear interest from the date hereof due until paid at the sum prime commercial rate (the “Prime Rate”) established from time to time by Bank of One Thousand Dollars America ($1,000.00or if no longer existing, such other financial institution selected by Landlord), which sum shall be held plus five percent (5%) per annum (the “Interest Rate”); but not in excess of the maximum rate that Landlord may legally charge. Tenant acknowledges that, in addition to interest costs, the late payments by Landlord, without obligation for interest, as security for the full, timely and faithful performance Tenant to Landlord of Tenant's covenants and obligations under any Rent will cause Landlord to incur costs not contemplated by this Lease, it the exact amount of such costs being expressly understood extremely difficult and agreed impractical to fix. Such other costs include, without limitation, processing, administrative and accounting charges and late charges that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon may be imposed on Landlord by the occurrence term of any event mortgage, deed of default trust or related loan documents encumbering the Premises, the Building or the Project. The parties agree that the Late Charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of any late payment as hereinabove referred to by Tenant, and the payment of late charges and interest are distinct and separate in that the payment of interest is to compensate Landlord mayfor the use of Landlord’s money by Tenant, while the payment of late charges is to compensate Landlord for Landlord’s processing, administrative and other costs incurred by Landlord as a result of Tenant’s delinquent payments. Acceptance of a late charge or interest shall not constitute a waiver of Tenant’s default with respect to the overdue amount or prevent Landlord from time exercising any of the other rights and remedies available to time, without prejudice Landlord under this Lease or at law or in equity now or hereafter in effect. Failure to charge or collect a Late Charge or such interest shall not waive Landlord’s right to collect a Late Charge or such interest in connection with any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears late payment. If two (2) consecutive payments of rent or other payments due Monthly Rent are returned to Landlord hereunderfor insufficient funds, and any Landlord may require, in addition to its other damageremedies, injurythat payments of Rent thereafter be made in cashier’s check or by money order.
4.3 Concurrently herewith, expense or liability caused by any event Tenant shall pay to Landlord $17,549.10, as payment of Tenant's default; the installment of Monthly Rent for the first month of the Term, and Tenant shall pay to Landlord on demand one month’s rent in the amount so applied in order to restore the of $17,549.10 as a security deposit to its original amount(the “Security Deposit”). Although the security deposit The Security Deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned held by Landlord to as security for the performance by Tenant at such time after termination of all of the covenants of this Lease when to be performed by Tenant and Tenant shall not be entitled to interest thereon. The Security Deposit is not an advance rent deposit, an advance payment of any other kind, or a measure of Landlord’s damages in any case of Tenant’s default. If Tenant fails to perform any of the covenants of this Lease to be performed by Tenant, including without limitation the provisions relating to payment of Rent, the removal of property at the end of the Term, the repair of damage to the Premises caused by Tenant, and the cleaning of the Premises upon termination of the tenancy created hereby, then Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject the right, but no obligation, to apply the other terms and conditions contained in this LeaseSecurity Deposit, if the Building is conveyed by Landlord, said deposit or so much thereof as may be turned over necessary, for the payment of any Rent or any other sum in default and/or to cure any other such failure by Tenant. If Landlord applies the Security Deposit or any part thereof for payment of such amounts or to cure any such other failure by Tenant, then Tenant shall immediately pay to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.
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Rent and Security Deposit. i. (a) Commencing on the Suite C Expansion Date, Tenant agrees shall pay Annual Fixed Rent with respect the 32nd Floor Suite C Premises at a Fair Market Rent to pay to Landlord be determined in the same fashion as Fair Market Rent for the Leased Premises in lawful money of during the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advanceExtended Term is determined, except that the monthly installment which otherwise (i) Landlord shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end specify its determination of the Lease term Fair Market Rent for the 32nd Floor Suite C Premises in a notice Landlord shall be proratedgive to Tenant within thirty (30) days after Landlord’s receipt of Tenant’s notice electing to lease the 32nd Floor Suite C Premises, (ii) Base Taxes shall mean the actual Taxes for the Tax Year in which the Suite C Expansion Date occurs and (iii) Base Operating Expenses shall mean the actual Operating Expenses for the Operating Year in which the Suite C Expansion Date occurs. The rate charged But for rent the exceptions contained in the preceding sentence, all other provisions of Article 21 hereof for determining Fair Market Rent for the Premises during an Extended Term shall increase by $0.50 (Fifty Cents) per year apply, mutatis mutandis, in respect of a determination of Fair Market Rent for each such succeeding twelve (12) month period.
iithe 32nd Floor Suite C Premises. In addition, Tenant’s Share shall be increased by 1.03% and Tenant agrees shall in all events pay Tenant’s Share of Taxes and Operating Expenses with respect to deposit the 32nd Floor Suite C Premises as Additional Rent in accordance with Landlord on Section 5.3 and Article 6 of this Lease utilizing the date hereof Base Taxes and Base Operating Expenses determined as set forth in the sum of One Thousand Dollars foregoing clauses ($1,000.00ii) and (iii), respectively.
(b) On or prior to the Suite C Expansion Date, time of the essence, Tenant shall increase the Security Deposit to the amount then required under this Lease (i.e., either three or four monthly installments of Annual Fixed Rent for the entire Premises) by delivery of a Replacement Letter or an amendment to the existing Letter, which sum amount, if appropriate, shall be held by Landlord, without obligation for interest, subject to reduction in the same manner as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages set forth in case of Tenant's default. Upon Section 20.22(c) hereof.
(c) Promptly after the occurrence of any event of default by Tenantthe Suite C Expansion Date, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay execute an instrument confirming the Suite C Expansion Date and such adjustments, but failure to Landlord on demand the amount do so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to no effect on the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from Suite C Expansion Date or any and all liability with respect to said deposit and its application or returnsuch adjustments.
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Samples: Office Lease (Epoch Holding Corp)