Rent During Renewal Terms. The rental payments for any Renewal Term shall be in the monetary sum mutually agreed to by the parties prior to the commencement of the Renewal Term.
Rent During Renewal Terms. (a) Basic Rent for each Basic Rent Payment Date during a Fixed Rate Renewal Term shall be payable semi-annually in arrears in the amount of the Fixed Renewal Rent as specified on Schedule VI.
(b) Basic Rent for the first Fair Market Renewal Term shall be 105% of the Fair Market Rental as then determined, and thereafter shall be 100% of the Fair Market Rental for each successive Fair Market Renewal Term; provided, however, that, upon the request of Lessee, accompanied by an opinion of independent tax counsel selected by it concluding that reducing the Basic Rent during the first Fair Market Renewal Term to 100% of Fair Market Rental will not result in any adverse tax consequences to Lessor or Owner Participant, Lessor shall reduce the Basic Rent during the first Fair Market Renewal Term to 100% of Fair Market Rental provided that Lessor shall not be required to make such reduction if it is advised by its tax counsel that such reduction could result in adverse tax consequences to it or Owner Participant.
Rent During Renewal Terms. (a) The Minimum Annual Rent (as defined in Section 4.1 of this Lease) which shall be due and payable during the first Renewal Term, if exercised by Tenant, shall be determined prior to the commencement of each applicable Renewal Term and shall be equal to three percent (3.0%) of the average of annual Gross Sales at the Premises for the two (2) Lease Years preceding the commencement of the applicable Renewal Term. Percentage Rent for the first Renewal Term shall be calculated in accordance with the terms of Section 4.2 of this Lease.
(b) Minimum Annual Rent and Percentage Rent (including the formula for the calculation thereof) for each of the second, third and fourth Renewal Terms, if exercised by Tenant, shall be equal to the Fair Market Rental Value of the Premises, each with respect to the 5-year term first day as of the commencement of the applicable Renewal Term. The Fair Market Rental Value of the Premises shall be based upon the rental amounts paid by tenant-operators of department stores for retail store space of substantially the same type, size and quality as the Premises, and located in major regional malls in San Bernardino County or Riverside County. Within thirty (30) days following Landlord's receipt of Tenant's written notice that it wishes to exercise the applicable Option, Landlord shall deliver to Tenant a written notice specifying Landlord's good faith estimate of the Fair Market Rental Value for the Premises for the applicable Renewal Term. Within thirty (30) days following Tenant's receipt of Landlord's good faith estimate of the Fair Market Rental Value of the Premises, Tenant may deliver a written notice to Landlord either setting forth Tenant's good faith of Fair Market Rental Value, in which case Landlord and Tenant will promptly meet and attempt to agree in good faith upon the Fair Market Rental Value, or agreeing to Landlord's estimate of Fair Market Rental Value. If no agreement regarding the applicable Fair Market Rental Value for the Premises can be reached within fifteen (15) days after Landlord's receipt of Tenant's estimate of Fair Market Rental Value for the Premises, Tenant shall have ten (10) days to cancel its exercise of the applicable Option by delivering written notice to Landlord within such 10-day period. If Tenant does not terminate its exercise of the applicable Option within such 10-day period, the Fair Market Rental Value of the Premises for the applicable Renewal Term shall be determined in accordance with th...
Rent During Renewal Terms. (a) (a) Basic Rent for each ------------------------- Rent Payment Date during the first two (2) Fixed Rate Renewal Terms shall be payable monthly in advance and in the amounts and on the day of each month that Basic Rent was due during the last year of the Basic Term. Basic Rent for each Rent Payment Date during each Fixed Rate Renewal Term after the first two (2) Fixed Rate Renewal Terms shall be payable monthly in advance on the day of each month that Basic Rent was due during the last year of the Basic Term and in the amount of 105% of Basic Rent that was due during the last year of the immediately preceding Fixed Rate Renewal Term.
Rent During Renewal Terms. Basic Rent for ------------------------- each Renewal Term shall be the Fair Market Rental Value of the Property as of the date of commencement of such Renewal Term, determined in accordance with the Appraisal Procedure not more than two hundred seventy (270) days prior to the commencement of such Renewal Term payable monthly in advance on the day of each month that Basic Rent was due during the last year of the Basic Term or of the preceding Renewal Term, as the case may be.
Rent During Renewal Terms. In the event the Tenant shall exercise the option(s) to renew this Lease for any of the renewal periods provided for in Section 2.02, the annual Basic Rent during each renewal period shall be adjusted for the applicable term thereof by multiplying $370,309.14 by the “Index Change” hereinafter defined, provided, however, that the Basic Rent during the renewal period(s) shall not be less than the Basic Rent paid upon expiration of the immediately preceding period.
Rent During Renewal Terms. In the event the Tenant shall exercise the options to renew this Lease for any of the renewal periods provided for in Section 2.02, the annual Basic Rent during each renewal period shall be as follows: First Renewal Period 7/1/2004 - 6/30/2005 $ 388,776.99/yr payable $ 32,398.00/mo 7/1/2005 - 6/30/2006 $ 398,495.40/yr payable $ 33,207.95/mo 7/1/2006 - 6/30/2007 $ 408,214.80/yr payable $ 34,017.90/mo 7/1/2007 - 6/30/2008 $ 417,934.20/yr payable $ 34,827.85/mo 7/1/2008 - 6/30/2009 $ 427,653.60/yr payable $ 35,637.80/mo” In the event the Tenant shall exercise the second option to renew this Lease provided for in Section 2.02, the annual Basic Rent during the second renewal period shall be determined by multiplying $370,309.14 by the “Index Change” hereinafter defined, provided, however, that the Basic Rent during the second renewal period shall not be less than the Basic Rent paid upon the expiration of the immediately preceding period.”
3. On or about September 1, 2003, Landlord, at its sole cost and expense, shall commence the installation of a new roof membrane on a portion of the building of which the Demised Premises forms a part, such portion covering all of the Demised Premises. Landlord agrees that upon completion of the installation of said roof, Landlord at its sole costs and expense shall repair any roof leaks which shall appear or be discovered through June 30, 2009. Landlord shall not be liable however unless Tenant shall give notice of the need for such repairs on or before June 30, 2009. In addition, Landlord further agrees to assign to Tenant the 10 year guarantee from the roofing contractor. Said guarantee to be substantially in the form attached hereto as Exhibit 1.
4. Article XXVI of the Lease is hereby amended by adding the following new Section 26.32:
Rent During Renewal Terms. Subject to an increase per Paragraph 6 below, rent payable by Tenant pursuant to Article 2 of the Lease during an extension and renewal term shall be as set forth below:
(a) YEARS 11-15, INCLUSIVE, OF THE FIRST EXTENSION TERM: One Hundred and Twenty Two and one half percent (122.5%) of the rent being paid by Tenant as of the expiration of the then Lease term (ie. at the end of year 10 from the Rent Commencement Date), plus Thirteen Thousand Seven Hundred Thirty-two Dollars and 50/100 ($13,732.50) per annum for inclusion and use of the Klingerstown, PA non-edible egg dryer facility.
(b) YEARS 16-20, INCLUSIVE, OF THE FIRST EXTENSION TERM: One Hundred and Twenty Two and one half percent (122.5%) of the total annual rent being paid by Tenant as of the expiration of the then Lease term (ie. at the end of year 15 from the Rent Commencement Date).
(c) THE FIRST RENEWAL TERM: YEARS 21-30 One Hundred and Twenty Seven and one half percent (127.5%) of the total annual rent being paid by Tenant as of the expiration of the then Lease term (ie. at the end of year 20 from the Rent Commencement Date).
(d) One Hundred and Twenty Seven and one half percent (127.5%) of the total annual rent being paid by Tenant as of the expiration of the then Lease term (ie. at the end of year 30 from the Rent Commencement Date).
Rent During Renewal Terms. (a) The annual Base Net Rent payable during the First Renewal Term shall be as set forth in Schedule 5.3-A, provided that if Lessee shall have exercised its option to renew this Lease for the First Renewal Term prior to the tenth (10th) anniversary of the Effective Date, then the annual Base Net Rent payable during the First Renewal Term shall instead be reduced to the amounts set forth in Schedule 5.3-B.
(b) The annual Base Net Rent payable during each of the Second Renewal Term and Third Renewal Term shall be ninety five percent (95%) of the annual Fair Market Rental Value of the Property, determined as of the commencement of each Renewal Term during such period.
Rent During Renewal Terms. The Annual Rent for the renewal terms shall be as follows: First Renewal Term $ 23.00 $ 1,905,918.00 $ 158,826.50 Second Renewal Term $ 26.45 $ 2,191,805.70 $ 182,650.47 First Renewal Term $ 22.50 $ 569,700.00 $ 47,475.00 Second Renewal Term $ 25.31 $ 640,849.20 $ 53,404.10
