Rent, Etc. The Trustor and the Owner Trustee acknowledge that the Lease will be security for the Certificates pursuant to the Indenture which provides that all moneys payable by the Lessee to the Owner Trustee under the Lease (other than Excepted Payments) are to be first paid to the Indenture Trustee while the Lien of the Indenture is in effect, for distribution in accordance with the terms of Article V of the Indenture. Except as otherwise provided in Section 2.04 hereof (and except for amounts received from the Indenture Trustee, which shall be applicable only in accordance with clause (iii) below), the Owner Trustee shall promptly apply each payment of Rent (other than Excepted Payments), Stipulated Loss Value, Termination Value, and any proceeds from the sale, requisition or disposition of the Aircraft received by it as follows:
(i) prior to the release of the Lien of the Indenture, each such payment shall be payable directly to the Indenture Trustee (and if any of the same are received by the Owner Trustee shall, upon receipt, be paid over to the Indenture Trustee without deduction, set off or adjustment of any kind) for distribution in accordance with the provisions of Article V of the Indenture; provided, that any payments received by the Owner Trustee from (x) the Lessee with respect to SSB's or the Owner Trustee's fees and disbursements under this Agreement, or (y) the Trustor pursuant to Section 6.01 hereof shall not be paid over to the Indenture Trustee but shall be retained by the Owner Trustee and applied toward the purpose for which such payments were made;
(ii) after the release of the Lien of the Indenture, any amount remaining after application in full in accordance with paragraph (i) of this Section 2.01 and which represents payments for which provision as to the application thereof is made in any other Operative Agreement shall be applied promptly to the purpose for which such payment shall have been made in accordance with the terms of such Operative Agreement; and
(iii) after application in accordance with paragraphs (i) and (ii) of this Section 2.01, or to the extent received from the Indenture Trustee under the terms of the Indenture, the balance, if any, remaining shall be paid to the Trustor.
Rent, Etc. 3 Section 2.02. Excepted Payments........................................ 4 Section 2.03.
Rent, Etc. 3 SECTION 2.02.
Rent, Etc. (a) The annual Basic Rent for each year of the Extended Term shall be the Fair Market Rental Value of the Premises (exclusive of the cost of supplying Tenant electricity), to be established as of the commencement of the Extended Term (the “Determination Date”). The term “Fair Market Rental Value” shall mean the annual fixed rent that a willing tenant would pay and a willing landlord would accept, each acting in its own best interest and without duress, in an arms-length lease of the Premises as of the Determination Date. If Landlord and Tenant shall fail to agree upon the Fair Market Rental Value within six (6) months before the Determination Date, then Landlord and Tenant each shall give notice (the “Determination Notice”) to the other setting forth their respective determinations of the Fair Market Rental Value, and, subject to the provisions of paragraph (b) below, either party may apply to the then president of the Real Estate Finance Association of the Greater Boston Real Estate Board, or any successor thereto, for the designation of an arbitrator satisfactory to both parties to render a final determination of the Fair Market Rental Value. That there shall be only one arbitrator, who shall have had at least ten (10) years’ experience as a real estate broker or appraiser in the greater Boston/Waltham office rental market. The arbitrator shall conduct such hearings and investigations as the arbitrator shall deem appropriate and shall, within thirty (30) days after having been appointed, choose one of the determinations set forth in either Xxxxxxxx’s or Tenant’s Determination Notice, and that choice by the arbitrator shall be binding upon Landlord and Tenant. Each party shall pay its own counsel fees and expenses, if any, in connection with any arbitration under this paragraph (a), and the parties shall share equally all other expenses and fees of any such arbitration. The determination rendered in accordance with the provisions of this paragraph (a) shall be final and binding in fixing the Fair Market Rental Value. The arbitrator shall not have the power to add to, modify, or change any of the provisions of this Lease.
Rent, Etc to pay to the Landlords:
a) Rent without any written demand therefor the following rent for the relevant year of the duration of this Lease:-Year one (which shall mean the period 1st April 1997 to 30th September 1997 inclusive) TWENTY FIVE THOUSAND SEVEN HUNDRED AND SIXTY NINE POUNDS (L25,769.00) STERLING; Year two (which shall mean the period 1st October 1997 to 30th September 1998 inclusive) FIFTY ONE THOUSAND FIVE HUNDRED AND THIRTY EIGHT POUNDS (L51,538) STERLING; Year three (which shall mean the period 1st October 1998 to 30th September 1999 inclusive) FIFTY FOUR THOUSAND SEVEN HUNDRED AND SIXTY NINE POUNDS (L54,769) STERLING; Year four (which shall mean the period 1st October 1999 to 30th September 2000) FIFTY FOUR THOUSAND SEVEN HUNDRED AND SIXTY NINE POUNDS (L54,769) STERLING; Year five (which shall mean the period 1st October 2000 to 30th September 2001) FIFTY EIGHT THOUSAND POUNDS (L58,000) STERLING and thereafter the sum of SIXTY SEVEN THOUSAND ONE HUNDRED AND FIFTY POUNDS (L67,150) STERLING or such greater sum as may be substituted therefor in accordance with the provisions of Part VII of the Schedule and, if the Landlords have opted or so opt or if otherwise payable by law, VAT thereon at the standard rate (or, if at any time in the future the standard rate shall no longer apply to rents, such rate as shall then be applicable) payable said rent without any deductions whatsoever (other than required by law) by four equal quarterly payments in advance at the term of Candlemas (Twenty eighth February), Whitsunday (Twenty eighth May), Lammas (Twenty eighth August) and Martinmas (Twenty eighth November) in each year (each of which dates is hereinafter in this Lease referred to as a "Rent Payment Day") the first of such payments becoming due and payable on the First day of April Nineteen hundred and ninety seven being a proportionate payment for the period from and including that date to the Rent Payment Day next occurring thereafter and the next payment at the said Rent Payment Day for the succeeding quarter and so forth quarterly, termly and proportionately thereafter during the whole currency hereof;
Rent, Etc. 1.1 This lease is contingent on the acquisition of the Building by the Landlord pursuant to an Agreement of Sale dated December 23, 1999 between J & J Associates and Landlord. Upon the transfer of title of the Building, the terms and conditions set forth herein will be valid and binding obligations on the parties hereto. In the event that the transfer of title does not occur prior to the Commencement Date, as hereinafter defined, this Agreement of Lease shall be terminated and Landlord will refund any sums paid hereunder. Upon such refund, this Agreement will become null and void and the parties hereto shall be relieved of all further obligations and liabilities to each other.
1.2 Tenant shall pay to Landlord a fixed annual rent, from the Commencement Date (as defined in section 3.1) through and including the last day of the fifth lease year (as defined in section 1.4). During the first two years of the lease the fixed annual rent will be $95,000 per annum ($7,916.67 per month). Commencing on the first day of the third lease year through and including the last day of the fifth lease year the fixed annual rent will be $105,000 per annum ($8,750.00 per month). Tenant agrees to pay the fixed annual rent in equal monthly installments in advance on the first day of each calendar month during the term of this Lease, without notice, demand or invoice. Tenant agrees to pay said fixed annual rent in lawful money of the United States, at the office of Landlord or such other place in the United States of America as Landlord may designate, without any setoff or deduction whatsoever. Should the Commencement Date occur on any day other than on the first day of a month, then the fixed annual rent for the unexpired portion of such month shall be adjusted and prorated on a per diem basis. All sums other than fixed annual rent payable by Tenant hereunder shall be deemed additional rent and payable on demand, unless other payment dates are hereinafter provided.
1.3 The first monthly installment of fixed annual rent due under this Lease together with the security deposit set forth in Article 35, shall be paid by Tenant on execution of this Lease.
Rent, Etc. The Trustors and the Owner Trustee acknowledge that the Lease will be security for the Certificates pursuant to the Indenture which provides that all moneys payable by the Lessee to the Owner Trustee under the Lease (other than Excepted Payments) are to be paid to the Indenture Trustee while the Lien of the Indenture is in effect. Except as otherwise provided in Section 2.04 hereof, the Owner Trustee shall promptly apply each payment of Rent (other than Excepted Payments), Stipulated Loss Value, Termination Value, and any proceeds from the sale, requisition or disposition of the Aircraft received by it as follows:
Rent, Etc. The Trustor and the Owner Trustee acknowledge that the Lease will be security for the Certificates pursuant to the Indenture which provides that all moneys payable by the Lessee to the Owner Trustee under the Lease (other than Excepted Payments) are to be first paid to the Indenture Trustee while the Lien of the Indenture is in effect, for distribution in accordance with the terms of Article V of the Indenture. Except for amounts received from the Indenture Trustee, which shall be applicable only in accordance with clause (iii) below, the Owner Trustee shall promptly apply each payment of the Rent (other than Excepted Payments), Stipulated Loss Value, Termination Value, and any proceeds from the sale, requisition or disposition of the Aircraft received by it as follows:
Rent, Etc weeks notice in writing to the other Church – Cost on application. Main Hall - £12.50 per hour for non-fundraising events. - £40 for Coffee Mornings, other fundraisers by arrangement. - (Hiring in minimum of 30 minute blocks). Meeting Room - £5 per hour. Use of kitchen for making tea/coffee etc. is included in above fees, but there is an additional charge of £5.00 to use the kitchen for cooking. The rent shall be the sum of (in words) (£ ) (in figures) weekly/ monthly/ yearly, to be paid in advance by the Tenants to the Congregational Treasurer of the landlords. Due notice shall be given by the Landlords in writing of any changes in rent. If additional rates are at any time levied on the Landlords because of the Tenants’ use of the premises, the tenants will be bound to refund the landlords the amount concerned; The premises shall be used by the Tenants for the sole purposes of
Rent, Etc. In the event the Premises are expanded based upon the Expansion Option, the Lease shall continue to be governed by the terms and conditions hereof; provided, however, that the Annual Rent, Monthly Installment of Annual Rent, the Initial Estimated Monthly Installment of Rent Adjustments, the initial Security Deposit payable under the Lease and the Letter of Credit shall be increased from that set forth on the Reference Pages of the Lease to the amounts set forth below: ANNUAL RENT and MONTHLY INSTALLMENT OF ANNUAL RENT (Article 3): 4/1/04 4/30/04 $ 1,107,360.00 $ 92,280.00 5/1/04 6/30/04 $ 0.00 $ 0.00 7/1/04 3/31/05 $ 1,140,580.80 $ 95,048.40 4/1/05 3/31/06 $ 1,174,798.22 $ 97,899.85 4/1/06 3/31/07 $ 1,210,042.17 $ 100,836.85 4/1/07 3/31/08 $ 1,246,343.44 $ 103,861.95 4/1/08 3/31/09 $ 1,283,733.74 $ 106,977.81 4/1/09 3/31/10 $ 1,322,245.75 $ 110,187.15 4/1/10 3/31/11 $ 1,361,913.12 $ 113,492.76 4/1/11 3/31/12 $ 1,402,770.51 $ 116,897.54 4/1/12 3/31/13 $ 1,444,853.63 $ 120,404.47 4/1/13 3/31/14 $ 1,488,199.24 $ 124,016.60 INITIAL ESTIMATED MONTHLY INSTALLMENT OF RENT ADJUSTMENTS (Article 4): $19,764.00 SECURITY DEPOSIT: $106,069.00 increased annually as necessary so as to equal at least 105% of the current Monthly Installment of Annual Rent. LETTER OF CREDIT: $402,187.50
