Rent. 3.1 Tenant agrees to pay to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect. 3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent. 3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term. 3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord. 3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant. 3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 3 contracts
Samples: Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Share (as defined in Section 9.l(c) below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”.” Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. All In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent due hereunder for such fraction of a month shall bear interest from be prorated for such period on the due date until basis of the number of days in the month and shall be paid in full at a the then-current rate equal for such fractional month.
7.4. Except as expressly provided herein, Tenant’s obligation to the lesser of: pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (the “Default Rate”)Premises or any part thereof, or to xxxxx rent. If more than the maximum legal rate of interest should ever be collected Tenant’s obligation to pay Rent with regard respect to any sum due hereunderperiod or obligations arising, said excess amount existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall be credited against future payments of Rent accruing thereafter. If no survive any such further Rent accrues hereunderexpiration or earlier termination; provided, said excess sums however, that nothing in this sentence shall be promptly refunded by Landlord in any way affect Tenant’s obligations with respect to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyperiod.
Appears in 3 contracts
Samples: Sublease (Zentalis Pharmaceuticals, Inc.), Sublease (Zentalis Pharmaceuticals, LLC), Sublease (Zentalis Pharmaceuticals, LLC)
Rent. 3.1 Tenant agrees to During the Term, Xxxxxx will pay to Landlord the Rent and Additional Charges in lawful money of the United States of America and legal tender for the payment of public and private debts, in the manner provided in Section 3.3. The Base Rent during any Lease Year is payable in advance in consecutive monthly installments on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day fifth (5th) Business Day of each calendar month succeeding during that Lease Year is payable in advance in consecutive monthly installments on the fifth (5th) Business Day of each calendar month during that Lease Year; provided that Tenant shall be entitled to set off against a Rent payment due hereunder any rent payments made by Tenant’s Parent or one of its Subsidiaries to third-party lessors (and not previously set off) under leases (or subleases) existing on the Commencement Date during Date, which leases (or subleases) are related to any Facility subject to this Master Lease or provide access or other similar rights to such Facility, if such lease (or sublease) has not been transferred to Landlord either (i) solely because the Lease Term. Base Rent for any period requisite consents to transfer have not been obtained or (ii) because the rent payable under such lease is satisfied through the payment of less than a full month shall be proratedlocal development taxes, based on one thirtieth fees or other amounts paid by Tenant (1/30) of the current Base Rent for provided that, in each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofcase, Tenant shall pay certify to Landlord an amount equal in writing on a periodic basis as reasonably requested by Landlord the applicable lease (or sublease) and third-party lessor and include reasonable detail regarding the amounts paid thereunder). Unless otherwise agreed by the parties, Rent and Additional Charges shall be prorated as to any partial months at the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment beginning and end of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum Term. The parties will agree on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment an allocation of the Base Rent or such other sum owed, on a late payment charge equal to ten percent (10%) declining basis for federal income tax purposes within the 115/85 safe harbor of Section 467 of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is Code, assuming a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment projected schedule of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Termthis purpose.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Master Lease (PENN Entertainment, Inc.), Master Lease (Gaming & Leisure Properties, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord in advance on or before the first day For use and occupancy of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit but subject to the transferee terms timely payment requirements set forth below, Resident agrees to pay Owner the sum of $«Total contract amount» (which includes applicable federal, state, and thereafter local taxes) (the "Rent").Rent is due and payable in periodic installments, on or before the dates specified below (the "Due Dates") regardless of when these dates occur, including weekends, holidays, semester breaks or vacations, with no exceptions. Upon timely payment of each of these installments, Resident shall have no further liability for be entitled to occupy the return of Premises. Resident shall tender all sums to the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord Owner’s agent under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”Lease. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon paid in United States currency and shall be paid in full, without demand by Tenant.
3.6 No payment by Tenant or set off. Payment or receipt by Landlord of a lesser amount an installment of less than the correct Rent amount stated in the Lease shall be deemed to be other nothing more than a partial payment on the account. Under no circumstances shall Owner’s acceptance of a partial payment constitute accord and satisfaction. Nor will Owner’s acceptance of a partial payment forfeit Owner’s right to collect the balance due on the account, nor shall despite any endorsement endorsement, stipulation, or other statement on any check or any letter accompanying any check or payment be deemed an accord and satisfactionother writing. Landlord The Owner may accept such any partial payment check of payment with any conditional endorsement without prejudice to Landlord’s its right to recover the balance remaining due, or to pursue any other remedyremedy available under this Lease. Deletions, annotations, or other modifications to documents relevant to the Lease by applicant, Resident, or Guarantor, except by Owner’s written consent, and may render Lease null and void at Owner’s option. All payments will be first applied to any outstanding delinquent portions of the Rent, late fees, and other fees and charges owed by Resident and then applied to the monthly installment currently due.
Appears in 2 contracts
Samples: Individual Residential Lease Agreement, Residential Lease Agreement
Rent. 3.1 Effective as of the Rent Commencement Date, Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord’s address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments ’s obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligation to pay rent or other payments on or before the performance by Tenant date on which they are due, nor do the terms of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Section 3.2 in any way affect Landlord’s damages remedies pursuant to Article 19 in a default by Tenant. No interest the event said rent or other such return shall be paid on said Security Depositpayment is unpaid after date due. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use Notwithstanding the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Depositforegoing, Tenant shall pay be entitled, not more than once per calendar year, to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event a notice of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee non-payment and a five-day grace period thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit before a late charge may be co-mingled or combined with other accounts or funds of Landlordassessed.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)
Rent. 3.1 Tenant agrees to During the Lease Term, Tenants, jointly and severally, shall pay a total rent to Landlord in the amount of $ . Said total rent shall be paid by Tenant to Landlord in equal monthly installments of $ (“Rent”) to Landlord, at Landlord’s address set forth above, in advance and shall be received in hand or postmarked on or before the first (1st) day of each calendar month during the Base RentLease Term and without demand, subject to adjustment as hereinafter provideddelay or offset for any reason and without a grace period. If the Rent is not received in hand or postmarked on or before the 1st day of each month, without deduction or set off, the Tenant is in default of this said lease. Time is of the essence for each month of the entire Lease Term. One such and every monthly installment together with the Security Deposit shall be Rent payment and for all other monies due and payable owing under this Lease, including security deposit, damages, invoices or other costs or expenses chargeable by law by Landlord to Tenant. Tenant shall submit all rental payments in full and acknowledges that, in the event there is more than one Tenant, then Tenants agree that all separate payments will be paid at the same time in the same envelope. Landlord reserves the right to refuse individual or partial payments. Tenant acknowledges that Rent amount for Premises specified herein may vary from similar Premises within the building and that such variation is due to either a discount granted to other Tenants for longevity of leasing with Landlord or water usage by double occupancy of any bedroom (Example: 2 tenants occupying a 1-bedroom apartment, 3-4 tenants occupying a 2-bedroom apartment, or 4-6 tenants occupying a 3-bedroom apartment) Tenants, shall jointly and severally, immediately pay to Landlord upon execution a late fee of this lease, and a like Each Fifty Dollars ($50) for any monthly installment shall be due and payable without demand payment of Rent not received in hand by Landlord on or before the first (1st) day of each calendar month succeeding month, and an ongoing $5 per day late fee after the Commencement Date during the Lease Term5th day that Rent has not been received in hand by Landlord. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease It is in effect.
3.2 In addition Tenant’s responsibility to ensure that Landlord receives said Rent. Tenants jointly and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant severally shall pay to Landlord an amount equal to the sum a fee of all taxes on Rent, directly or indirectly imposed by any government entity Fifty Dollars (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent$50), or any other sums owed amounts charged by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late paymentbank if greater than $50, for each check of Tenants jointly or if Landlord pays severally returned by a sum on behalf of banking institution for insufficient funds or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such any other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderreason. If there is Landlord receives a late payment returned check issued jointly or severally by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes Tenants from a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoeverbanking institution, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered require that Tenants make all future payments to Landlord by Tenant during in the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, form money order or cashier’s certified cashiers check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by only. Landlord as security for the performance by will first deduct all fees, damages, costs and charges, including late fees, NSF fees, and other damages and costs set forth herein, from all amounts received from Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or on a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on monthly basis before applying said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit amounts to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlorddue.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord in advance 7.1 Commencing on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Term Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofDate, Tenant shall pay to Landlord an amount equal the sums set forth in Section 2.3 as Base Rent for the Premises, subject to the sum abatement of all taxes on Rent, directly or indirectly imposed by any government entity (the “Base Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, set forth in addition to said installment of the Section 8 below. Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for paid in equal monthly installments as set forth in Section 2.3, each in advance on the purpose first day of reimbursing Landlord for additional costs each and expenses which Landlord expects to incur in connection with every calendar month during the handling and processing Term. For the avoidance of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by doubt, Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in ’s payment of Base Rent or Additional Rent is not honored by for the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent first (5%1st) month of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge Term shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during on the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease TermCommencement Date.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice 7.2 In addition to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security DepositBase Rent, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute as additional rent (“Additional Rent”. ), commencing on the Term Commencement Date (or the Expense Trigger Date (as defined below) with respect to Operating Expenses) and at times hereinafter specified in this Lease, notwithstanding any abatement of Base Rent provided in Section 8 below, (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3 Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset, in lawful money of the due date until paid in full at a rate equal United States of America to the lesser of: address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing (which may, at Tenant’s election, include payment of Rent by ACH, subject to an ACH authorization form reasonably acceptable to Landlord (which form shall stipulate that such authorization is for credit entries only to Landlord’s bank account)). In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4 Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (Premises or any part thereof, or to assert any defense in the “Default Rate”). If more than the maximum legal rate nature of interest should ever be collected with regard constructive eviction to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the balance period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to pursue any other remedyperiod.
Appears in 2 contracts
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first (1st) full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. Unless specified in this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of contrary, all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other amounts and sums owed payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent. Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent
3.2 Tenant recognizes that late payment of any rent or other sum due under this LeaseLease 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 not received paid within five (5) business days after the due date thereof, without implying Landlord’s consent to following notice from Landlord that such late payment, or if Landlord pays payment is overdue (a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion“Late Notice”), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, then a late payment charge shall be imposed in an amount equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkunpaid rent or other payment which is overdue (a “Late Charge”); provided, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenanthowever, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to deliver a Late Notice to Tenant more often than once in any other remedy, use twelve (12) month period in order to collect a Late Charge for amounts which are not paid on or before the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of defaultdate when due. Following such application The amount of the Security Deposit, late charge to be paid by Tenant shall pay be reassessed and added to Landlord on demand the amount so applied to restore the Security Deposit to its original amountTenant’s obligation for each successive month until paid. If there is not then an event The provisions of default, any remaining balance this Section 3.2 shall in no way relieve Tenant of the Security Deposit shall be returned by Landlord obligation to Tenant upon termination pay rent or other payments on or before the date on which they are due, nor do the terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the Premises during event said rent or other payment is unpaid after the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlorddate due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord in advance on Landlord, without demand, deduction, setoff, counterclaim or before offset, Rent for the first day of each month Term. Tenant shall pay the Monthly Base Rent, subject to adjustment as hereinafter providedin advance, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first (1st) day of each calendar month succeeding during the Term, at Landlord’s address designated in Section 1 above unless Landlord designates, in writing, otherwise. If the Commencement Date during is not the Lease Term. first day of the month, the Monthly Base Rent for any period of less than a full that partial month shall be prorated, based apportioned on one thirtieth (1/30) of a per diem basis and shall be paid on or before the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Commencement Date. Tenant shall pay to Landlord an amount a service and handling charge equal to 5% of any Rent not paid within five (5) days after the sum of all taxes on Rentdate due. In addition, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received paid within five (5) days after the due date thereofwill bear interest at the Interest Rate from the date due to the date paid. Tenant shall pay before delinquent all taxes levied or assessed upon, without implying Landlord’s consent to such late paymentmeasured by, or if Landlord pays a sum on behalf of or for Tenant arising from: (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10a) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant conduct of Tenant’s covenants and business; (b) Tenant’s leasehold estate; (c) Tenant’s property; or (d) amounts payable by Tenant under this Lease, including all sales, use, transaction privilege, or other excise tax. Monthly Base Rent plus Tenant’s reimbursement for Operating Expenses shall comprise all of Tenant’s monetary obligations under this Lease. Such deposit shall not be considered an advance payment of This Lease is a Net Lease. Monthly Base Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event to Landlord absolutely net of default by Tenantall Operating Expenses, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit subject to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination provisions of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit The provision for Tenant’s payment of Operating Expenses is intended to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord pass on to Tenant upon demand by Tenantand reimburse Landlord for all Operating Expenses.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease (JFrog LTD), Lease Agreement (JFrog LTD)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on December I, 2018 (the “Rent Commencement Date”), the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset, in lawful money of the due date until paid in full at a rate equal United States of America to the lesser of: address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4. Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to any other period.
7.5. Provided that Tenant is not then in default of this Lease (beyond the expiration of all applicable notice and cure periods expressly set forth in this Lease), then during the initial six (6) calendar months of the Term following the Rent Commencement Date (the “Default RateRent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises (the “Rent Abatement”). If more than Landlord and Tenant acknowledge that the maximum legal rate aggregate amount of interest should ever be collected with regard to any sum due hereunder, said excess amount the Rent Abatement shall be credited against future payments of in an amount not to exceed Two Hundred Seventy-Eight Thousand Two Hundred Seven and 70/100 Dollars ($278,207.70). Tenant acknowledges and agrees that the foregoing Rent accruing thereafterAbatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Lease. If no such further Rent accrues hereunder, said excess sums Tenant shall be promptly refunded by Landlord to Tenant upon demand by in default under this Lease beyond any applicable notice and cure period provided in this Lease, then Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover receive the balance Base Rent Abatement for the Base Rent Abatement Period shall automatically terminate as of the date of such default and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full. The Base Rent Abatement shall be personal to the original Tenant and shall only apply to the extent that the original Tenant (and not any assignee, or any sublessee or other transferee of the original Tenant’s interest in this Lease) is the Tenant under this Lease during the Base Rent Abatement Period. Nothing in this Section shall work to pursue any other remedyxxxxx or reduce (during the Rent Abatement Period or otherwise) Tenant’s obligations under this Lease with respect to Additional Rent including (without limitation) Tenant’s obligations with respect to Tenant’s Adjusted Share of Operating Expenses and the Property Management Fee.
Appears in 2 contracts
Samples: Lease (Erasca, Inc.), Lease (Erasca, Inc.)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the one (1) month anniversary of the Term Commencement Date (the “Rent Commencement Date”), the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below), and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset, in lawful money of the due date until paid in full at a rate equal United States of America to the lesser of: address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4. Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (Premises or any part thereof, or to assert any defense in the “Default Rate”). If more than the maximum legal rate nature of interest should ever be collected with regard constructive eviction to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the balance period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to pursue any other remedyperiod.
Appears in 2 contracts
Samples: Lease (Pandion Therapeutics Holdco LLC), Lease (Pandion Therapeutics Holdco LLC)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is made, Tenant, later. Unless specified in this Lease to the extent permitted by lawcontrary, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other all amounts and sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed payable by Tenant to Landlord hereunder. If there is a pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment by Tenantof any rent or other sum due under this Lease will result in administrative expense to Landlord, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($15.00 50.00), or (b) five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.13.2 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 3.13.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Tenant hereby acknowledges and agrees that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that any rent shall continue to be payable in all events and all subsequent payments that the obligations of Base Rent Tenant hereunder shall continue unaffected, unless the requirement to pay or Additional Rent be made by either cash, money order or cashier’s check for perform the balance same shall have been terminated pursuant to an express provision of this Lease. Landlord and Tenant each acknowledges and agrees that the independent nature of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligations of Tenant hereunder represents fair, reasonable, and accepted commercial practice with respect to the performance by Tenant type of Tenant’s covenants and obligations under property subject to this Lease. Such deposit shall not be considered an advance payment of Rent or acknowledgements by Tenant are a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice material inducement to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of landlord entering into this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease (Alnylam Pharmaceuticals, Inc.), Lease (Alnylam Pharmaceuticals, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 2 contracts
Samples: Lease Agreement (Schrodinger, Inc.), Memorandum of Understanding (Cygne Designs Inc)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on December I, 2018 (the “Rent Commencement Date”), the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset, in lawful money of the due date until paid in full at a rate equal United States of America to the lesser of: address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4. Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to any other period.
7.5. Provided that Tenant is not then in default of this Lease (beyond the expiration of all applicable notice and cure periods expressly set forth in this Lease), then during the initial six (6) calendar months of the Term following the Rent Commencement Date (the “Default RateRent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises (the “Rent Abatement”). If more than Landlord and Tenant acknowledge that the maximum legal rate aggregate amount of interest should ever be collected with regard to any sum due hereunder, said excess amount the Rent Abatement shall be credited against future payments of in an amount not to exceed Two Hundred Seventy-Eight Thousand Two Hundred Seven and 70/100 Dollars ($278,207.70). Tenant acknowledges and agrees that the foregoing Rent accruing thereafterAbatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Lease. If no such further Rent accrues hereunder, said excess sums Tenant shall be promptly refunded by Landlord to Tenant upon demand by in default under this Lease beyond any applicable notice and cure period provided in this Lease, then Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover receive the balance Base Rent Abatement for the Base Rent Abatement Period shall automatically terminate as of the date of such default and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full. The Base Rent Abatement shall be personal to the original Tenant and shall only apply to the extent that the original Tenant (and not any assignee, or any sublessee or other transferee of the original Tenant’s interest in this Lease) is the Tenant under this Lease during the Base Rent Abatement Period. Nothing in this Section shall work to pursue any other remedyaxxxx or reduce (during the Rent Abatement Period or otherwise) Tenant’s obligations under this Lease with respect to Additional Rent including (without limitation) Tenant’s obligations with respect to Tenant’s Adjusted Share of Operating Expenses and the Property Management Fee.
Appears in 2 contracts
Samples: Lease (Erasca, Inc.), Lease Agreement (Erasca, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 of this Lease in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease Agreement (Accufacts Pre Employment Screening Inc), Lease (Aksys LTD)
Rent. 3.1 The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay pay, and, in case of any nonpayment thereof, Landlord shall have in addition to Landlord any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on or before the first day of each and every month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermTerm and any extension or renewal thereof. Base Fixed Rent for any period of less than a full partial month shall be prorated, based on one thirtieth (1/30) of . In the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on event any Fixed Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, additional rent or any other sums owed by Tenant to Landlord under this Lease, is payments are not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum paid within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum oweddue date thereof, Tenant shall be charged a late fee of 1.5% of such late payment charge equal to ten percent (10%) of the installment of the Base Rent for each late payment for each month or such other sums ownedportion thereof that said payment remains outstanding. Said late payment charge shall constitute liquidated damages and fee shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be payable in addition to and not in lieu exclusion of any late payment charge. If any two (2) checks delivered additional remedies herein provided to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Assignment, Assumption, Amendment and Consent (Paratek Pharmaceuticals, Inc.), Assignment, Assumption, Amendment and Consent (Paratek Pharmaceuticals Inc)
Rent. 3.1 Section 3.01. Tenant covenants and agrees to pay to Landlord from and after the Commencement Date and for the remainder of the term of this Lease, an annual rent (“Annual Rent”) in the amount of one Dollar ($1), payable in advance on or before the first business day of each month calendar year during the Base Rentterm. Landlord acknowledges that Tenant has prepaid the Annual Rent for the entire Term.
Section 3.02. Tenant will, subject at Tenant’s sole cost and expense, bear, pay and discharge prior to adjustment delinquency, as hereinafter providedadditional rent, without deduction all Impositions which shall, pursuant to present or set offfuture law or otherwise, prior to or during the term hereby granted, have been or be levied, charged, assessed, or imposed, and any interest or penalties for each month late payment thereof; it being the intention of the entire Lease Term. One such monthly installment together with parties hereto that the Security Deposit rents reserved herein shall be due received and payable enjoyed by Landlord as a net sum free from all such Impositions. Landlord shall be responsible for all taxes, including ad valorem real estate taxes, imposed on or otherwise relating to the Landlord Property.
Section 3.03. All payments of rent made by Tenant to Landlord upon execution of this leasehereunder shall be payable without prior notice or demand, and a like Each monthly installment all other payments required to be made by Tenant to Landlord hereunder shall be due payable upon such notice as is herein required, in lawful currency of the United States of America, or by check subject to collection, and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of paid to Landlord by delivering or mailing the current Base Rent for each day of same by regular mail to the partial month this Lease is party to whom notices are to be sent pursuant to Section 17.01 or to such other person and/or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Section 3.04. Tenant shall pay to Landlord an amount equal to throughout the sum term of all taxes on Rentthis Lease the rents, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any additional rent and other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereofpayments hereunder, without implying Landlord’s consent to such late paymentabatement, deduction or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion)set-off except as otherwise expressly provided herein; provided, and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenanthowever, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment required to pay any Impositions or any mortgage indebtedness or any interest on any mortgages that at any time may encumber the interests of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordPremises.
3.5 Section 3.05. All sums additional rent and other than Base Rent payable by Tenant to Landlord payments provided for under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are rent payable hereunder with the same effect as if the same were the rent reserved herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from and, in the due date until paid in full at a rate equal to event of the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No non-payment by Tenant of any such additional rent or receipt by other payments when due according to the terms of this Lease, Landlord shall have the same rights and remedies in respect thereof as Landlord shall have or may have in respect of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyrent herein reserved.
Appears in 2 contracts
Samples: Purchase Agreement (Calpine Corp), Purchase Agreement (Pepco Holdings Inc)
Rent. 3.1 Tenant agrees to pay to Landlord The rent reserved under this Lease for the term hereof shall be and consist of:
A. Base Rent of $ See Page 1A per year, which shall be payable in advance advance, in equal monthly installments, without deduction or setoffs and without prior demand therefore, on or before the first day of each and every calendar month during the Base Rentterm of this Lease except that TENANT shall pay, subject to adjustment as hereinafter providedupon execution and delivery of this Lease by TENANT, without deduction or set offthe sum of $20,000.00, for each month together with $9,750.00, representing the first month's portion of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution estimated share of expenses per section 15 of this leaseLease entitled "Additional Rent", and a like Each monthly installment shall plus applicable sales tax, to be due and payable without demand on or before applied against the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments installment of Base Rent pursuant to Subsection 3.1 hereofbecoming due under this lease.
B. All taxes in the nature of sales, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rentuse or similar taxes, directly now or indirectly imposed hereinafter assessed or levied by any government entity (taxing authority upon the “payment of fixed rent or Additional Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion)hereinafter defined, and Landlord which the LANDLORD is not repaid such sum within ten (10) days after demand therefore is maderequired or permitted to collect from TENANT, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection payable simultaneously with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn Rent.
C. TENANT covenants and is returned agrees to Landlord pay a late charge for any reason whatsoeverpayment of Base Rent not received by LANDLORD on or before the tenth (10th) day of each month and for any other payment, Landlord may impose, such as Additional Rent, a returned check service charge of $15.00 not received by LANDLORD on or five percent (5%) of before the amount of such returned check, whichever date when same is greater, each time a check is not honored and returned to Landlorddue. Such returned check service Said late charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during computed from the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance first day of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for month in the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage case of Rent and any other damage, injury, expense or liability caused to Landlord by such event from the date when same is due in case of defaultAdditional Rent. Following such application The amount of the Security Depositlate charge shall be an amount equal to the interest commencing on the dates aforesaid, Tenant shall pay to Landlord ending on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event date of default, any remaining balance receipt of the Security Deposit shall be returned sum(s) by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee LANDLORD and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at having a rate equal to eighteen percent (18%) per annum. In the lesser of: (a) the prime interest rate event any late charge is due to LANDLORD, LANDLORD shall advise TENANT in effect from day writing and TENANT shall pay said late charge to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more LANDLORD not later than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments date when the next payment of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantis due.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Rexall Sundown Inc)
Rent. 3.1 Tenant agrees to (a) Commencing on the Commencement Date, Subtenant shall pay to Landlord in advance on or before the first day of each month the monthly base full service gross rent (“Monthly Base Rent, subject ”) to adjustment as hereinafter providedSublandlord during the term of this Sublease, without offset, deduction or set offabatement, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit which Monthly Base Rent shall be due in the amount of Sixty-Five Thousand and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermNo/100 Dollars ($65,000.00). Monthly Base Rent for any period partial month at the beginning or the end of less than a full month the term of this Sublease shall be prorated, based prorated on one thirtieth (1/30) the basis of the current Base Rent for each a 30-day of the partial month this Lease is in effectmonth.
3.2 (b) In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Monthly Base Rent, Subtenant is responsible for the payment of the following: (i) the Parking Charges (as defined in Section 14, below), (ii) the actual expenses incurred by Sublandlord for any additional services requested by Subtenant that are to be provided by Master Landlord (i.e., if Subtenant requests the use of after-hours HVAC, such after-hours HVAC charges and assessments which are charged by Master Landlord to Sublandlord shall be payable to Sublandlord by Subtenant); (iii) any charges permitted by and pursuant to the Sublease or the Master Lease as a result of actions or omissions of the Subtenant; and (iv) any other sums owed actual and direct expenses Sublandlord incurs by Tenant to Landlord reason of Subtenant’s non-performance of its obligations under this LeaseSublease (collectively, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to “Additional Rent”). All such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do amounts shall be payable in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum full by Subtenant as directed by Sublandlord within ten (10) days after demand therefore is madesubmission of a written invoice therefor by Sublandlord to Subtenant, Tenantand such obligations shall survive the expiration or earlier termination of this Sublease. 4510092v4 / 101022.0001
(c) Notwithstanding Subtenant’s obligation to pay Additional Rent, to Sublandlord and Subtenant hereby acknowledge and agree that Subtenant shall not be responsible for separate payment of Operating Expenses under the extent permitted by lawMaster Lease.
(d) Monthly Base Rent, agrees to pay, in addition to said installment of the Base Additional Rent or such and all other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects payable hereunder by Subtenant shall be referred to incur in connection with the handling and processing of late installment payments of the collectively as “rent.” All Monthly Base Rent payments shall be paid to Sublandlord on a monthly basis and such are due and payable in advance on the first day of each month. All other sums owed by Tenant rent (including Additional Rent) shall be paid to Landlord hereunderSublandlord within ten (10) days after Sublandlord’s written demand therefor. If there is Sublandlord may impose a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkdue or $100, whichever is greater, each time for any rent payment not received on the date due. In addition, all amounts not paid by Subtenant when due shall bear interest at the rate of ten percent (10%) per annum until paid. As a check is not honored cumulative and returned non-exclusive remedy, Sublandlord may also treat failure to Landlord. Such returned check service charge pay on the first day of a month the Monthly Base Rent payment for such month as a Default by Subtenant, and shall be in addition entitled to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check remedies for the balance of the Lease Termsuch Default.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease (Evolus, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition to and along writing. If an Event of Default occurs with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal respect to the sum payment of rent, Landlord may require by notice to Tenant that all taxes on Rent, directly or indirectly imposed subsequent rent payments be made by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant an automatic payment from Tenant's bank account to Landlord under this Lease, is not received within five (5) days after the due date thereofLandlord's account, without implying cost to Landlord’s consent . Tenant must implement such automatic payment system prior to such late payment, the next scheduled rent payment or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: :
(a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Rockford Corp)
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Xxxxxx therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Xxxxxx’s obligation for each successive month until paid. The provisions of this Section 3.2 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 Rent accruing thereafter. If no such further Rent accrues hereunder, this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantrent or other payment is unpaid after date due.
3.6 No payment by 3.3 All monetary obligations of Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be under this Lease are deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyrent.
Appears in 1 contract
Rent. 3.1 Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant agrees to pay to Landlord pursuant to this Lease, including but not limited to Base Rent, Additional Rent, deposits, late fees, and all charges or expenses hereunder, shall be deemed Rent. Tenant shall be responsible for any and all Additional Rent from the Commencement Date. Tenant shall be responsible for the payment of Rent from the Rent Commencement Date, and from that date forward, shall pay Rent in advance on or before the first day of each full calendar month during the Base RentTerm. The Monthly Rent due shall be one-twelfth (1/12) of the Rent in effect at such time. Rent for any period during the Term which is less than a full month, subject shall be a prorated portion of the Rent based upon the number of days in such month. Rent shall be paid to adjustment as hereinafter providedLandlord, without deduction or offset and without notice or demand, at the Rent Payment Address, as set offforth on the Reference Pages, for each month or to such other person or ay such other place as Landlord may from time to time designate in writing. In the event Tenant is late in the payment of Rent, more than two (2) time per calendar year, then Landlord may invoice Tenant and require them to make their Rent payments quarterly in advance.
3.2 Tenant recognizes the entire late payment of any Rent or other sum due under this Lease Termwill result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. One such monthly installment together with the Security Deposit shall be Tenant therefore agrees that if Rent or any other sum is not paid when due and payable by Tenant pursuant to Landlord upon execution of this leaseLease, and a like Each monthly installment late charge shall be due and payable without demand on or before the first day imposed of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly greater of:
(a) One Hundred Dollars ($100.00) or indirectly imposed by any government entity (the “Rent Tax”b) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment unpaid Rent or other payment. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 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 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said Rent or other payment is unpaid after the due date.
3.3 Monthly Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of be: 4/1/20 – 3/31/21: $15.00 or five percent 2,936.16 (5%$0.72psf NNN) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two 4/1/21 – 3/31/22: $3,038.11 (2$0.745psf NNN) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may 4/1/22 – 3/31/23: $3,140.06 (but shall not be obligated to$0.77psf NNN), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (1847 Holdings LLC)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month except that the first (1st) full Monthly Installment of Annual Rent on the entire Lease Term. One such monthly installment together with the Security Deposit Premises, totaling Two Hundred Sixty-Seven Thousand Five Hundred Eleven and 88/100 Dollars ($267,511.88), shall be due and payable paid by Tenant to Landlord upon the execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermLease. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Annual Rent based upon a 365-day calendar year (consistent with Section 4.6). Said rent shall be paid to Landlord (except as otherwise expressly set forth in this Lease), without deduction or offset and without notice or demand, at the Wire Instructions and/or Address for each day of Rent Payment for the partial month Premises as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. Unless specified in this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of contrary, all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other amounts and sums owed payable by Tenant to Landlord under pursuant to this LeaseLease shall be deemed additional rent. If an Event of Default occurs, is not received within five (5) days after the due date thereofLandlord may require by written notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without implying cost to Landlord’s consent . Tenant must implement such automatic payment system prior to such late payment, the next scheduled rent payment or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is madelater.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, Tenant, to the extent permitted by law, of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees to pay, in addition to said installment of the Base Rent that if rent or such any other sum owedis not paid when due and payable pursuant to this Lease more than once in any twelve (12) month period, a late payment charge shall be imposed in an amount equal to ten percent the greater of: (10%a) of the installment of the Base Rent Fifty Dollars ($50.00); or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or (b) five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments ’s obligation for each successive month until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 shall in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligation to pay rent or other payments on or before the performance by Tenant date on which they are due, nor do the terms of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Section 3.2 in any way affect Landlord’s damages remedies pursuant to Article 19 of this Lease in a default by Tenant. No interest the event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use payment is unpaid after the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlorddate due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 5.1 Tenant agrees to pay Landlord as Basic Annual Rent for the Premises the sum set forth in Section 2.1.2, subject to the rental adjustments provided in Article 6. Basic Annual Rent shall be paid in the equal monthly installments set forth in Section 2.1.3, 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.
5.2 In addition to Basic Annual Rent, Tenant agrees to pay to Landlord as additional rent (“Additional Rent”), at the times hereinafter specified in advance this Lease, Operating Expenses as provided in Article 7, Taxes and Assessments, reimbursement and expenses of Landlord’s performance of any obligations of Tenant under this Lease, and all other amounts that Tenant assumes or agrees to pay under the provisions of this Lease, including without limitation any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part 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.” Except as expressly set forth in this Lease, Rent shall be paid to Landlord, without notice, demand, abatement, suspension, deduction, setoff, counterclaim, or before defense except as set forth in this Lease or pursuant to law (unless otherwise set forth in this Lease), at the office of Landlord as set forth in Section 2.1.7 or to such other person or at such other place as Landlord may from time to time designate in writing.
5.4 In the event the term of this Lease commences or ends on a day other than the first day of each month a calendar month, then the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period such fraction of less than a full month shall be prorated, based prorated for such period on one thirtieth the basis of a thirty (1/3030) of day month and shall be paid at the then current Base Rent rate for each day such fractional month prior to the commencement of the partial month this Lease is in effectmonth.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord 5.5 This is an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned absolutely triple net lease to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during It is the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance intent of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for parties that the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Basic Annual Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent be a net return to Landlord and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder that Tenant shall bear interest from the due date until paid in full at a rate equal pay all costs and expenses relating to the lesser of: (a) the prime interest rate Premises unless otherwise expressly provided in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantthis Lease.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 The Tenant agrees to shall pay to the Landlord without counterclaim, notice, demand, offset, defense, or reduction of any kind whatsoever, an annual rental of Forty Three Thousand Nine Hundred Twenty ($43,920.00) (hereinafter referred to as the "Base Rent"), payable in advance equal monthly installments of Three Thousand Six Hundred Sixty ($3,660.00) each, in advance, on or before the first day of each and every calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, term hereof. Rent for each the first month of the entire term for which rent shall be due shall be paid concurrent with Tenant's execution and delivery of this Lease. All rent payments shall be made to Landlord, at the address set forth in Paragraph 24 of this Lease, or at such other place as the Landlord may designate in writing to Tenant. Tenant hereby acknowledges the square feet set forth in the Demised Premises above is an estimate only; the Base Rent set forth in this Lease Termis based on an annual rental for the Demised Premises and not on a rental rate per square foot. One such monthly installment together If rental commences on a date other than the first day of the month, rent for the first month shall be prorated and paid with the Security Deposit first regular monthly installment. If rent or other monetary sums due the Landlord hereunder are paid later than the tenth (1Oth) day of the month when due, a late fee of five (5%) percent of the amount due or Twenty-five ($25.00) Dollars, whichever is the greater, shall be due and payable by the Tenant to Landlord upon execution as Additional Rent (as defined in this Paragraph 4 and in Paragraphs 12 and 13A of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermLease). Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) The parties agree that calculation of the current Base Rent for each day exact costs the Landlord will incur if the Tenant makes late payments would be difficult to determine but would include, without limitation, processing and accounting charges and late charges which may be imposed upon the Landlord by the terms of any mortgage or deed of trust constituting a lien upon the partial month Building. Tenant further agrees that the late charge assessed pursuant to this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain preciselyinterest, and the foregoing late charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and assessed does not constitute interesta lender or borrower/creditor relationship between Landlord and Tenant. Notwithstanding The parties agree that the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent fee provided herein is not honored by the financial institution upon which such check was drawn a fair and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) reasonable estimate of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlordcosts the Landlord will incur. Such returned check service Said delinquency charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit subject to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of defaultdefault provisions herein. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Base Rent or any Additional Rent stipulated in this Agreement shall be deemed to be other than a payment on accountaccount of the earliest amount due, nor shall any endorsement or statement on any check or on any letter accompanying any check or payment as rent be deemed an accord and satisfaction. satisfaction and Landlord may accept such check of or payment without prejudice to Landlord’s its right to recover the balance of Base Rent or any Additional Rent or to pursue any other remedyremedy provided for in this Agreement. If Tenant shall be served with a demand for the payment of past due rent, any payments tendered thereafter to cure any default by Tenant shall be made only by cashier's check.
Appears in 1 contract
Samples: Single Tenant Building Lease Agreement (Arotech Corp)
Rent. 3.1 (a) Tenant agrees to shall pay rent to Landlord in advance on or before for the first day use and occupancy of each the Properties the amount of Six Hundred Sixty-Six Thousand Six Hundred Sixty-Six and 67/100 Dollars ($666,666.67) per month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease TermTerm (“Basic Rent”). One such monthly installment together with The Basic Rent shall be payable in advance on the Security Deposit first business day of each month of the Term of this Lease. Basic Rent is payable to Landlord in cash, check, or ACH payment at the office of the Landlord at the address set forth in this Lease. The first payment of Basic Rent (representing Basic Rent prorated for the month of March and all of April), shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effectEffective Date.
3.2 In addition to and along with (b) If any installment of Basic Rent is not paid on the monthly installments of Base Rent pursuant to Subsection 3.1 hereofdate due, Tenant shall pay to Landlord an amount equal to the sum of all taxes interest on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late overdue payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; 10% per annum or (b) the maximum legal rate allowed permitted by applicable law (the “Default Rate”), accruing from the due date of such payment until the same is paid. If more than any installment of Basic Rent is not paid for a period of three (3) business days after notice of default thereof by Landlord, Tenant shall pay Landlord a late charge in an amount equal to the maximum legal rate lesser of five (5%) percent of the unpaid installment of Basic Rent or the highest late charge permitted by applicable law.
(c) Tenant shall pay and discharge before the imposition of any fine, lien, interest should ever or penalty which may be collected added thereto for late payment thereof any amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease (“Additional Rent”), together with regard 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 sum due hereunderfailure by Tenant to pay or discharge any of the foregoing, said excess amount Landlord shall have all rights, powers and remedies provided herein, by law or otherwise, in the event of nonpayment of Basic Rent. Any Additional Rent payable to Landlord shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunderpaid, said excess sums shall be promptly refunded by Landlord to Tenant upon within fifteen (15) days after demand by Tenanttherefor.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermLease. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: :
(a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Patrick Industries Inc)
Rent. 3.1 Tenant agrees to (a) Subtenant shall pay to Sublandlord as base rent ("Base Rent") for the Premises during he term hereof the sum of Forty-Five Thousand Eighty Dollars ($45,080) per month. In addition to Base Rent, during the term of this Sublease, Subtenant shall pay to Sublandlord Subtenant's share ("Subtenant's Share") of all additional rent ("Additional Rent") payable to Landlord under Paragraph 5(b) of the Master Lease and all expenses incurred by Sublandlord in performing the obligations set forth in Paragraph 17.B. of the Master Lease. Subtenant's Share of Additional Rent shall be fifty-eight and five tenths percent (58.5%).
(b) Collectively, Base Rent and Additional Rent shall hereinafter be referred to as "Rent". Rent for any period during the term hereof which is for less than one month shall be a pro rata portion of the monthly installment. Rent shall be payable in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter providedevery month, without deduction demand, offset, counterclaim or setoff. All Rent shall be paid to Sublandlord at its address set offforth in Paragraph 18 hereof or at such other place as Sublandlord may designate by written notice to Subtenant.
(c) Any Rent or other amount due hereunder to Sublandlord that is not paid when due shall bear interest at the rate of ten percent (10%) per annum or the maximum rate 2 allowed by law, whichever is less. In addition, for each month payment of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, that is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum paid within ten (10) days after demand therefore the date of Rent payment is madedue, Tenant, Subtenant shall pay to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other Sublandlord an additional sum owed, a late payment charge equal to ten four percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (54%) of the amount of such returned check, whichever is greater, each time overdue as a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment Payment and acceptance of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any interest and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit a late charge hereunder shall not be considered an advance payment of excuse any failure by Subtenant to pay Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordwhen due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease (Verilink Corp)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord's remedies pursuant to Article 18 in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Globecomm Systems Inc)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: :
(a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future payments of Rent accruing thereafterreassessed and added to Tenant's obligation for each successive month until paid. If no such further Rent accrues hereunder, said excess sums The late charge shall be promptly refunded by Landlord waived if Tenant's payment is late due to forces beyond reasonable control of the Tenant. The provisions of this Section 3.2 in no way relieve Tenant upon demand by Tenant.
3.6 No payment by Tenant of the obligation to pay rent or receipt by Landlord of a lesser amount than other payments on or before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Office Lease (Biotel Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease Agreement (LogMeIn, Inc.)
Rent. 3.1 Tenant agrees to shall pay to Landlord during the term of this Lease rent in the amount of $24.29 per square foot per year, payable monthly in advance and without notice or demand therefor on or before the first 1st day of each month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month term of the entire Lease Termthis Lease. One such monthly installment together with the Security Deposit All rent hereunder shall be due and payable at the address of Landlord specified in the paragraph herein entitled "NOTICE" or at such other place as Landlord from time to time may designate. In the event that the Premises shall be occupied by Tenant prior to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofDate, Tenant shall pay to Landlord an amount equal to rent as provided above on a pro-rated basis based upon the sum number of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default so occupied by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit In addition to the extent necessary foregoing rent, which shall hereinafter be referred to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of as the Security Deposit"Base Rent", Tenant shall pay to Landlord as additional rent an amount equivalent to six percent (6%) of the Tenant's annual gross sales (as "gross sales" are hereinafter defined) in excess of $1.8 million, per year in, on demand or from the amount so applied to restore Leased Premises. Said additional rent hereunder shall be computed on the Security Deposit to its original amount. If there is not then an event basis of defaulteach calendar year, any remaining balance portion of a calendar year to be pro rated on a monthly basis, and shall be due and payable, without notice or demand therefor, sixty (60) days following the end of each such year during the initial term of this Lease and any extension thereof. Tenants shall keep complete and proper books, records, and accounts of the Security Deposit shall gross sales (as such term is used herein), both for cash and on credit for each separate department and concession at any time operated in or on the Leased Premises, such books, records, and accounts including any sales tax reports that Tenant may be returned by Landlord required to Tenant upon termination furnish to any government or governmental agency, at all reasonable times to be open to the inspection of the Landlord, Landlord's auditor or other authorized representative or agent. Within sixty (60) days after the end of each calendar year during the term of this Lease, the first of which ends the 31st day of December, 1997, Tenant shall furnish to Landlord a statement to be certified as correct by Tenant or an employee or agent of Tenant authorized so to certify, which shall set forth the gross sales of each department and concession operating in or on the Leased Premises for the year just concluded, and the authorized deductions, if any, therefrom and with each statement Tenant shall pay to Landlord the amount of the percentage rental which is payable by Tenant as shown thereby. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit Tenant shall at any time cause an audit of Tenant's business relative to the transferee and thereafter Leased Premises to be made by a certified public accountant, Tenant shall furnish Landlord with a copy of such audit without any cost to Landlord. Landlord, not more often than once in any calendar year, shall have no further liability for the return right to cause an audit of the Security Deposit. The Security Deposit may business of Tenant to be co-mingled or combined with other accounts or funds made by a certified public accountant of Landlord.
3.5 All sums other 's own selection; and if the statements of gross sales previously made by Tenant to Landlord shall be found to be more than Base Rent three percent (3%) less than the amount of Tenant's gross sales shown by such audit, Tenant immediately shall pay the cost of such audit as well as the additional rental therein shown to be payable by Tenant to Landlord; otherwise, the cost of such audit shall be paid by Landlord. Tenant will be furnished with a copy of any such annual audit which Landlord under this may cause to be made. The acceptance by Landlord of any money paid to Landlord by Tenant as percentage rent hereunder for the Lease Premises as shown by any statement furnished by Tenant shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred not be an admission of the accuracy of such statement, or of the sufficiency of the amount of such rent payment, but Landlord shall be entitled to collectively as “Rent”. All Rent due hereunder shall bear interest from question the due date until paid in full at a rate equal sufficiency of the amount of any such rental payment or the accuracy of the statement or statements furnished by Tenant to justify the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus same any time within three (3) percentage points; or (b) years after receipt of such rental payment. For the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate purpose of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by enabling Landlord to check the accuracy of any such statement or statements, and the sufficiency of any rental payments made in accordance therewith, Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by shall for such period of three (3) years after submission to Landlord of a lesser amount than any such statement keep safe and intact all of Tenant's records, books, accounts, and other data which in any way bear on or are required to establish in detail Tenant's gross sales and any authorized deductions therefrom as shown by any such statement, and shall on request make the correct Rent same available to Landlord, Landlord's auditor, representative or agent for examination at any time during such three (3) year period. Percentage payment of Tenant's gross sales to Landlord shall be deemed to and considered as a rental cost for the Leased premises, and it is expressly understood by the parties hereto that this provision is strict rental only, and shall in no way be considered or construed as creating the legal relationship of a partnership, as provided by North Carolina General Statute Section 59-37(4)(b), or any other relationship other than a payment on accountlandlord and tenant, nor shall and it is further expressly understood that Landlord is in no way responsible for any endorsement or statement on losses which Tenant may sustain at any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedytime.
Appears in 1 contract
Rent. 3.1 Tenant agrees to shall pay to Landlord without demand, deduction or offset, in lawful money of the United States, the monthly rental as outlined in section l(d) in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermTerm beginning on the Commencement Date, together with any other additional payments due to Landlord, including Operating Costs (collectively the “Rent”) when required under this Lease. Base Rent Payments for any period partial month at the beginning or end of less than a full month the Lease term shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 . If any installment of the Base Rent, or any other sums owed payable by Tenant to Landlord under this Lease, is Lease are not received within five by the fifth (55th) days after the due date thereofday of each month, without implying Landlord’s consent to such late payment, or if Tenant shall pay Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment the amount due, for the cost of the Base Rent or collecting and handling such other sum owed, a late payment charge (“Late Charges”), an amount equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge greater of $15.00 100 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original delinquent amount. If there is not then an event of defaultIn addition, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All all delinquent sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively not paid within five days of the due date, or the five (5) day cure period as “Rent”. All Rent due hereunder shall outlined below, shall, at Landlord’s option, bear interest from at the due date until paid in full at a rate equal to of Eighteen percent (18%) per annum, or the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal highest rate of interest should ever be collected with regard to any sum due hereunderallowable by law, said excess amount whichever is less. Interest on all delinquent amounts shall be credited against future payments calculated from the original due date to the date of Rent accruing thereafterpayment. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord Landlord’s acceptance of a lesser amount less than the correct Rent full amount of any payment due from Tenant shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment not be deemed an accord and satisfactionsatisfaction or compromise of such payment unless Landlord specifically consents in writing to payment of such lesser sum as an accord and satisfaction or compromise of the amount which Landlord claims. Notwithstanding the foregoing, Landlord may accept such check shall provide Tenant with written notice of the failure to pay and Tenant shall be granted five (5) days after receipt of notice to submit payment without prejudice to Landlord’s in full. Tenant shall have the right to recover receive said written notice one (1) time per twelve month period before the balance or aforementioned Late Charges and interest rate as outlined herein shall be assessed to pursue any other remedyTenant.
Appears in 1 contract
Samples: Lease Agreement (Glu Mobile Inc)
Rent. 3.1 4.01. Tenant agrees shall pay Landlord in lawful money of the United States of America, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Term (collectively referred to as “Rent”). “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay to Landlord under this Lease. Tenant shall pay and be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon or measured by Rent. Base Rent and recurring monthly charges of Additional Rent shall be due and payable in advance on or before the first day of each calendar month the Base Rent, subject to adjustment as hereinafter provided, without deduction notice or set off, for each month demand. All other items of the entire Lease Term. One such monthly installment together with the Security Deposit Rent shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day 30 days after billing by Landlord. All payments of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be proratedmade by electronic money transfer in accordance with Landlord’s written instructions regarding the same or by such other means or method of payment as Landlord may direct in writing. Unless otherwise notified in writing by Landlord, based on one thirtieth (1/30) all payments of the current Base Rent for each day of the partial month this Lease is shall be made by ACH transfer to Landlord in effect.
3.2 In addition to and along accordance with the monthly installments of Base following: Bank: PNC Bank, Bank Address: 000 Xxxxx Xxxxxx, Xxxxxxxxxx, XX 00000, Account Name: Equity Commonwealth, ABA Routing #: 000000000, Account#: 8026300702, Reference: CBRE 604274. If Tenant does not pay any Rent pursuant to Subsection 3.1 hereofwhen due hereunder, Tenant shall pay to Landlord an administration fee in the amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkpast due Rent, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge provided that Tenant shall be in addition entitled to and not in lieu a grace period of any up to 5 days for the first 4 late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenantcalendar year. No In addition, past due Rent shall accrue interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate (the “Interest Rate”) per annum equal to the lesser of: of (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (bi) the maximum legal rate allowed permitted by law applicable Laws, and (ii) 4 percentage points above the rate of interest then most recently publicly announced by a federally insured bank selected by Landlord as its “prime rate” or “base rate” (the “Default Prime Rate”)) until paid in full, including after the entry of any judgment. If more than accrual or payment of interest at the Interest Rate should be unlawful, then the Interest Rate shall be the maximum legal rate rate. Tenant shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Landlord’s acceptance of interest should ever less than the correct amount of Rent shall be collected with regard considered a payment on account of the oldest obligation due from Tenant hereunder, then to any sum current Rent then due hereunder, said excess notwithstanding any statement to the contrary contained on or accompanying any such payment from Tenant and acceptance of any such partial payment shall not be deemed a waiver of Landlord’s right to the full amount due. Rent for any partial month during the Term shall be credited against future payments prorated based on the number of Rent accruing thereafterdays in such month. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any a check or any letter accompanying any check or payment shall be deemed considered an accord and satisfaction. Landlord may accept such check Tenant’s covenant to pay Rent is independent of payment without prejudice to Landlord’s right to recover the balance or to pursue any every other remedycovenant in this Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Baxalta Inc)
Rent. 3.1 Xxxxxx agrees to pay to Landlord, as rental for said term, as follows: $ per month, in advance, the first rent payment becoming due upon the day of , 20 , and continuing on the first day of each month thereafter during the term of this Rental Agreement. If the term commences on any day other than the first of the month, the rent for the partial month of possession is due pro rata on a per diem basis, according to the actual days of possession, and shall be based on a thirty day month. The foregoing notwithstanding, the rent payable for the last month of the term shall be the full monthly rental amount of $ regardless of the date of Tenant’s preliminary walk-through with Landlord which shall be scheduled at such date and time as Landlord’s calendar permits. All sums shall be paid to the Landlord or Landlord’s agent at 0000 Xxxxxxx Xxx, Xxxxx 000, Xxxx, Xxxx 00000, or another address as Landlord may from time to time direct. The Tenant agrees to pay the rent promptly when due, without obligation on the part of the Landlord to make any demand for payment of same. If any rental payment is unpaid five days or more after it is due, Landlord in advance will assess a late fee of $50.00, which will be added to the rent owed by Tenant and will be considered due immediately as additional rent. The existence of a late fee is not to be construed by the Tenant as a waiver of the requirement that the rent installments are due on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Termmonth. One such monthly installment together with the Security Deposit shall Should Tenant’s checks be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofreturned, Tenant shall pay to be charged the actual costs incurred by Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional returned check and any costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed incurred by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge collection efforts to secure the same. All financial obligations of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent section or a measure of Landlord’s damages in a default otherwise provided by Tenant. No interest this Rental Agreement or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by applicable law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyadditional rent.
Appears in 1 contract
Samples: Rental Agreement
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, except that the eighth’s full month’s rent (subject to adjustment the Abated Monthly Installment of Rent as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit described in Section 3.3 below) shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset (except as otherwise expressly provided in this Lease) and without notice or demand, at the partial Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If more than one (1) Event of Default occurs in any twelve (12) month period during the Term, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within twenty (20) days after Landlord’s notice, whichever is later. Unless specified in this Lease is in effectto the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the unpaid rent or other payment; provided, however, that Tenant shall be entitled to a grace period of five (5) days for the first late payment in a calendar year. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in addition no way relieve Tenant of the obligation to and not pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in lieu any way affect Landlord’s remedies pursuant to Article 19 of any late this Lease in the event said rent or other payment charge. If any two (2) checks delivered is unpaid after date due.
3.3 Notwithstanding anything in this Lease to Landlord the contrary, so long as there exists no Event of Default by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay be entitled to Landlord on demand an abatement of Monthly Installment of Rent with respect to the Premises, as originally described in this Lease, in the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability $123,941.35 for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent period commencing March 1, 2015 and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgiacontinuing through September 30, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law 2015 (the “Default RateRent Abatement Period”). The maximum total amount of Monthly Installment of Rent abated with respect to the Premises in accordance with the foregoing shall equal $867,589.45 (the “Abated Monthly Installment of Rent”). If more than Tenant defaults under this Lease at any time during the maximum legal rate of interest should ever Term (as the same may be collected with regard extended) and fails to cure such default within any sum due hereunderapplicable cure period under this Lease, said excess amount shall be credited against future payments then all unamortized Abated Monthly Installment of Rent accruing thereafter(i.e. based upon the amortization of the Abated Monthly Installment of Rent in equal monthly amounts, without interest, during the period commencing on the Commencement Date and ending on the original Termination Date) shall immediately become due and payable. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord Only Monthly Installment of a lesser amount than the correct Rent shall be deemed abated pursuant to be this Section, as more particularly described herein, and all other than a payment on account, nor rent and other costs and charges specified in this Lease shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord remain as due and satisfaction. Landlord may accept such check payable pursuant to the provisions of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedythis Lease.
Appears in 1 contract
Samples: Lease (Ellipse Technologies Inc)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below), and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset, in lawful money of the due date until paid in full at a rate equal United States of America to the lesser of: address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4. Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (Premises or any part thereof, or to assert any defense in the “Default Rate”). If more than the maximum legal rate nature of interest should ever be collected with regard constructive eviction to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the balance period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to pursue any other remedyperiod.
Appears in 1 contract
Samples: Lease (Omega Therapeutics, Inc.)
Rent. 3.1 (a) Tenant agrees shall pay to pay Landlord rent (the "Base Rent") for each Property in the amounts specified for such Property on Exhibit A attached hereto, as may be amended by the parties from time to time. Each monthly installment of the Base Rent shall be paid (i) to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding during the Term and (ii) at the office of Landlord or such other place as Landlord may designate. Should the Commencement Date during fall on any day other than the Lease Term. first day of a month, then the Base Rent for any period of less than a full such month shall be proratedpro-rated on a per diem basis, based on one thirtieth (1/30) of and Tenant shall pay the current Base Rent amount thereof for each day of the such partial month this Lease is in effect.
3.2 In addition on the Commencement Date. With reasonable prior notice to and along with Tenant, Landlord shall have the monthly installments right to require the payment of Base Rent pursuant to Subsection 3.1 hereofon an annual, quarterly or other basis with such new payment structure commencing on the date specified in Landlord's notice.
(b) Tenant shall pay pay, as additional rent, all costs and expenses incurred in connection with use, ownership, maintenance, operation or repair of each Property (including, without limitation, (i) the cost of electric, gas, water, sewer, heating, air-conditioning and other utility services and (ii) all real estate taxes, assessments and business improvement charges). Such additional rent shall be paid, prior to Landlord an amount equal delinquency, to the sum entities entitled thereto. Tenant may contest in good faith the amount or validity of all taxes on Rentany real estate tax, directly assessment or indirectly imposed business improvement charge; provided, that such contest (1) shall not subject Landlord to any liability, create any lien against the applicable Property or pose an imminent threat to title of such Property, (2) is not prohibited by any government entity Landlord's lenders and (3) suspends the “Rent Tax”) as Additional Rent.
3.3 If any installment collection of the applicable tax, assessment or charge. All amounts payable by Tenant under this Lease, other than the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as "Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy."
Appears in 1 contract
Samples: Master Lease (Ap Eagle Finance Corp)
Rent. 3.1 (a) Tenant agrees to will pay to Landlord the base rent as shown in Exhibit "D" in equal monthly installments in advance beginning on the later of August 1, 1997, or before the Occupancy Date (or if Landlord's Work is subdivided into Phases, on the Occupancy Date for each Phase), and thereafter on the first day of each month during the Base Rentterm (except as otherwise shown in Exhibit "D"), subject prorated for any portion of a month. The term "rent" includes base rent, additional rent and all other amounts to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable paid by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is whether or not received within five specifically described as rent. All rent will be paid without demand, deduction, counterclaim or offset of any type (5except as may be specifically provided otherwise elsewhere in this Lease) days after the due date thereofin lawful U.S. legal tender at The Plaza at Continental Park, without implying Landlord’s consent Suite 5252, 2101 Xxxxxxxxx Xxxxxx, Xx Xxxxxxx, Xxxxxxxxxx 00000-0000 xx to such late payment, other person or if Landlord pays a sum on behalf of or for Tenant (which place as Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, from time to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interesttime designate. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to if and for so long as there is a mortgage loan encumbering the Premises or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent a loan that is not honored secured by the financial institution upon which such check was drawn and is returned to Letter of Credit, at the written request of Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may and Tenant will establish a collection account for the receipt and disbursement of base rent. In such event, Tenant, will pay the base rent as and when required each month into this collection account, and the collection agent promptly will disburse from such amount an amount sufficient to pay debt service and any other amounts owed to the mortgage lender and the lender of the loan secured by the Letter of Credit, with the balance being disbursed first to Tenant (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit only if and to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord current debt service to Tenant upon termination under the LC Note per Section 24.17(f) if any amounts are then owed under the LC Note) and then to Landlord. The collection agent and the terms of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit collection account will be subject to the transferee mutual written approval of Landlord and thereafter shall have no further liability Tenant, which approval will be based on customary terms for the return of the Security Deposit. The Security Deposit may such agreements and will not be co-mingled unreasonably withheld or combined with other accounts or funds of Landlorddelayed.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Picturetel Corp)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Annual Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month except that the first Monthly Installment of the entire Lease Term. One such monthly installment together with the Security Deposit Annual Rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Annual Rent in effect at any time shall be one-twelfth of the Annual Rent in effect at such time. The amount of Annual Rent due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Annual Rent for each based upon a thirty (30) day month. All Annual Rent and Additional Rent shall be paid to Landlord, without deduction or offset and without notice or demand, at Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate by written notice to Tenant. sent to Tenant not later than thirty (30) days prior to the date the next Monthly Installment of Annual Rent is due, except in the case of a sale or other transfer of the partial month this Lease Building by Landlord, in which event such notice from Landlord may be sent to Tenant not later than fifteen (15) days prior to the date the next Installment of Annual Rent is in effectdue.
3.2 In addition Tenant recognizes that late payment of any Annual Rent, Additional Rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base economically impractical to ascertain. Tenant therefore agrees that if Annual Rent, Additional Rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the greater of: (a) Fifty Dollars ($50.00), or (b) a sum of all taxes on Rent, directly or indirectly imposed by any government entity equal to five percent (the “Rent Tax”5%) as Additional Rent.
3.3 If any installment per month of the Base Rentunpaid amount of Annual Rent or Additional Rent or other payment; provided, or however, that the first time such an Annual Rent and/or Additional Rent payment is late in any other sums owed by calendar year during the Term, Landlord shall not impose such late charge on Tenant unless and until Tenant shall have failed to Landlord under this Lease, is not received pay the Annual Rent payment and/or the Additional Rent payment within five (5) days after receipt of notice from Landlord notifying Tenant of the due date thereofdelinquent payment. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant's obligation for each successive monthly period until paid. In addition, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf after the occurrence of or for Tenant an Event of Default (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10as hereinafter defined) days after demand therefore is made, Tenant, with respect to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Monthly Installments of Annual Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to , such past-due and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder unpaid amounts shall bear interest ("Default Interest") at the rate per annum which is two percent (2%) higher than the "prime rate" then being charged by The Northern Trust Company of Chicago, Illinois from the due date of the occurrence of the Event of Default until paid the Event of Default is fully cured; provided, however, that nothing contained herein shall be construed as permitting Landlord to charge or receive interest in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank excess of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate then allowed by law (law. Such late charge and Default Interest shall constitute Additional Rent. The provisions of this Section 3.2 in no way relieve Tenant of the “Default Rate”). If more than obligation to pay Annual Rent, Additional Rent or other payments on or before the maximum legal rate date on which they are due, nor do the terms of interest should ever be collected with regard this Section 3.2 in any way affect Landlord's remedies pursuant to any sum due hereunderArticle 19 of this Lease in the event said Annual Rent, said excess amount shall be credited against future payments of Additional Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantor other payment is unpaid after the date due.
3.6 No payment by Tenant or receipt by 3.3 Provided no Event of Default shall have occurred and be continuing, Landlord shall abatx xxx forgive the Monthly Installment of a lesser amount than Annual Rent due and payable for the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check second fall calendar month of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyfirst Lease Year.
Appears in 1 contract
Samples: Deed of Lease (Intuit Inc)
Rent. 3.1 Section 3(a) is deleted in its entirety and replaced with the following:
(a) Tenant agrees to pay to Landlord in advance as and for rent for the Facilities the sum of NINE HUNDRED THOUSAND and NO/100 DOLLARS ($900,000.00) per annum which sum shall be payable on or before a semi-annual basis and which shall be due upon the first day of the term hereof and thereafter upon the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month semi-annual period of the entire Lease Termterm of this Lease. One such monthly installment together with the Security Deposit Said rent shall be due and payable in cash or by wire transfer at Landlord’s address given hereinbelow or at such other place as Landlord may, from time to time, designate in writing. In the event Tenant shall fail to pay Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) part of the current Base Rent for each day aforesaid rental or any other sum required herein to be paid to Landlord, within five (5) days of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofdue date thereof, Tenant shall pay to Landlord an amount equal to a delinquent payment charge from the sum expiration of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within such five (5) days after day period until the due date thereofrental or other required sums are fully paid at the rate of 18% per annum or at the highest lawful contract rate allowed by the State of Ohio, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord whichever is not repaid such sum within ten (10) days after demand therefore is made, Tenant, lower.” This Second Amendment modifies the Lease to the extent permitted by law, agrees to pay, in addition to said installment stated herein only. In any case of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during inconsistency between the Lease Term and this Second Amendment, this Second Amendment shall control. All capitalized terms not otherwise defined herein shall have the meaning ascribed to them in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any Lease and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance other provisions and covenants of the Lease Term.
3.4 shall remain in full force and effect. The Security Deposit shall be held by Landlord Lease, the First Amendment and this Second Amendment represent the entire agreement of the parties as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary subject matter hereof and neither party has made or relied upon any representations, warranties, promises, covenants or undertakings with respect to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums subject matter other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantthose expressly set forth herein.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease and Sublease (Andersons, Inc.)
Rent. 3.1 Section 2.1. Tenant agrees to shall pay to Landlord in advance on or before the first day of each month the Owner all Base Rent, subject to adjustment without notice or demand (except as hereinafter providedotherwise expressly set forth in this Lease), without deduction or set offin advance, for each month of the entire Lease Term. One such in equal monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this leaseinstallments, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base All Rent shall be paid (a) by good checks drawn on a bank that is a member of the New York Clearing House Association L.L.C. (or any successor body of similar function) and in currency that at the time of payment is legal tender for any period public and private debts in the United States of America, to Owner at the address of Owner set forth in this Lease or to such other address or Person as Owner shall direct by notice to Tenant received not less than forty-five (45) days prior to its effectiveness, or (b) at the election of Owner, by wire transfer of immediately available funds to a full month Person designated by Owner by notice to Tenant received not less than ninety (90) Business Days prior to its effectiveness. Tenant shall not be obligated to make any one payment by more than one (1) check or wire transfer. All Additional Rent shall be prorated, based on one thirtieth payable within twenty (1/3020) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed Business Days after receipt by Tenant to Landlord under of demand therefor, unless other payment dates are expressly provided in this Lease. Except as expressly set forth in this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment Base Rent shall be apportioned as of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) Commencement Date and Expiration of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit Section 2.2. Except as expressly set forth in this Lease (a) Base Rent shall be held absolutely net to Owner, without any reduction, and (b) Tenant shall pay all costs, expenses and charges of every kind relating to the Premises without any reduction; provided, however, Tenant shall not be required to pay any debt service on any indebtedness of Owner or any Owner Party, or any lien caused by Landlord as security for Owner or any Owner Party, which is not the performance by express obligation of Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance In the event of any Event of Default in the payment of Rent Rent, Owner shall have all the rights and remedies provided for in this Lease or a measure of Landlord’s damages by law or equity in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application case of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event nonpayment of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordBase Rent.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease (Jetblue Airways Corp)
Rent. 3.1 Section 3.01 Tenant agrees to shall pay to Landlord, from and after the Commencement Date and thereafter throughout the Lease Term, the sums set forth in this Lease as "Rent" without prior demand therefor and without offset, deduction, or abatement except as may be otherwise expressly provided herein. Notwithstanding the foregoing, any amounts due by Tenant to Landlord in advance on or before hereunder for which no due date is expressly specified herein (e.g., the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit month) shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after following the giving to Tenant by Landlord of written notice of such amounts due, except if some other period of time following written notice or demand therefore is madeotherwise expressly provided below, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or then such other sum owedperiod shall apply. As used herein, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and “Rent” shall be for the purpose of reimbursing Landlord for deemed to include not only Fixed Rent but also all additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums payable or owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to under this Lease, including without limitation as set forth in Section 3.07 ("Additional Rent”). If any check delivered to Landlord Except as otherwise expressly provided herein, in the event of nonpayment by Tenant of any Rent, Landlord shall have the same rights and remedies in payment respect thereof regardless of Base whether such Rent constitutes Fixed Rent or Additional Rent. All payments of Rent is not honored by the financial institution upon which such check was drawn and is returned to be paid to Landlord for any reason whatsoever, shall be paid to Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%at its election) in one of the amount of such returned checkfollowing manners: (1) via electronic deposit into an account designated by Landlord, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered by mail at the Landlord's office indicated in Article XIX or (3) by mail to any other place designated by Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon at least thirty (30) days' prior written notice to Tenant, that any . If the Effective Date (and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit Commencement Date) shall not be considered an advance payment the first day of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other calendar month, then the rent for such return month shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may prorated based upon a Three Hundred Sixty-Five (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord365) day year.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by TenantSection 3.02 Intentionally left blank.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Land and Building Lease (Shells Seafood Restaurants Inc)
Rent. 3.1 a. Tenant agrees to shall pay to Landlord each monthly installment of Base Rent in advance on or before the first calendar day of each month month. During the Base RentYear, subject to adjustment no Excess Operating Costs (as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit defined in Section 3.3 below) shall be due and payable paid by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of Tenant. For each calendar month succeeding year following the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofYear, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any each monthly installment of Tenant's Pro Rata Share of Excess Operating Costs in advance together with each monthly installment of Base Rent. Monthly installments for any fractional calendar month, at the beginning or end of the Lease Term, shall be prorated based on the number of days in such month. Base Rent, or any together with all other sums owed amounts payable by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereofincluding, without implying limitation, any late charges and interest due Landlord for Rent not paid when due, shall be sometimes referred to collectively as "RENT". Tenant shall pay all Rent, without deduction or set-off, to Landlord or Managing Agent at a place specified by Landlord’s consent . Rent not paid when due shall bear interest until paid, at the rate of two percent (2%) per month, or at the maximum rate allowed by law, whichever is less, from the date when due. Tenant shall also pay a processing charge of Fifty Dollars ($50.00) with each late payment of Rent. Landlord agrees to waive the processing and interest charge for late payments of Rent once during any calendar year during the Lease Term, provided any such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do Rent payment is paid in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum full within ten (10) days after demand therefore is made, Tenant, of the date when due. Nothing contained in this paragraph shall be deemed to prohibit Tenant from being able to credit excess Allowance (as defined in SCHEDULE 6) to Base Rent due hereunder to the extent permitted by lawunder Paragraph 3.05 of SCHEDULE 6.
b. Notwithstanding anything to the contrary contained herein, Landlord agrees to pay, in addition to said installment xxxxx Base Rent for (i) the first three (3) months and eighteen (18) days of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) first year of the installment Lease Term, and (ii) the first month of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance second year of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Pc Tel Inc)
Rent. 3.1 Tenant agrees 3.1. The rent ("Rent") payable during the Term under this Lease shall consist of the following:
(a) the Base Rent, as defined in Schedule C hereto.
(b) additional rent ("Additional Rent") in an amount equal to pay any and all other sums payable by Lessee to Landlord Lessor under this Lease.
3.2. Except as otherwise specifically provided in this Lease (a) all payments of Base Rent shall be in equal monthly installments and shall be made in advance on or before the first (1st) day of each month during the Base Rent, subject to adjustment as hereinafter providedTerm, without deduction or set offnotice (provided that if the amount of Base Rent is required to be calculated by Lessor in accordance with Schedule C hereof, for each month then Lessor shall give Lessee prior written notice of such calculation, which notice shall include an explanation of the entire Lease Term. One basis for such monthly installment together with the Security Deposit calculation and reasonable backup documentation relating thereto), and (b) all payments of Additional Rent shall be made within 30 days after written notice from Lessor, in each case by check payable to the order of "UNISYS CORPORATION" and addressed to Unisys Corporation, P.O. Box 000, Xxxx Xxxx, Xennsylvania 19424-0000, Xxxxxxxxx: Xxsbxxxxxxxx & Xxxxxxx Xxxx., or to such other person or at such other place as Lessor may from time to time designate in writing.
3.3. Lessee shall pay all Rent when due, in lawful money of the United States which shall be legal tender for the payment of all debts, public and private, at the time of payment. All sums due and payable by Tenant Lessor or Lessee pursuant to Landlord upon execution the terms of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is that are not received paid within five (5) days of the due date therefor shall from and after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf bear interest at an annual percentage rate of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned). Said late payment charge shall constitute liquidated damages All interest accrued and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed payable by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations Lessee under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively subsection as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent hereinabove provided shall be deemed to be other than a payment on accountAdditional Rent payable hereunder and due at such time or times as the rent with respect to which such interest shall have accrued shall be payable under this Lease.
3.4. Lessee agrees to pay, nor shall an Additional Rent, any endorsement revenue tax or statement on any check charge, occupancy tax, business privilege tax, business use tax or any letter accompanying other tax that may be levied against the Demised Premises or Lessee's use or occupancy thereof during the Term; provided, however, that in no event shall Lessee be obligated to pay any check or payment income tax that is imposed upon and/or payable by Lessor, and provided further that payments made by Lessee pursuant to this Section 3.4 shall not be deemed an accord and satisfaction. Landlord may accept such check duplicative of payment without prejudice amounts paid by Lessee pursuant to Landlord’s right to recover the balance or to pursue any other remedyprovision of this Lease.
3.5. In the event that Lessee shall dispute any calculation of Rent charged to Lessee by Lessor, then Lessee shall send to Lessor a written notice, within 30 days of receipt by Lessee of such charge, setting forth the basis for Lessee's dispute. Lessor and Lessee shall thereupon use reasonable and good faith efforts to resolve such dispute. If the parties are unable to resolve such dispute within 30 days after submission by Lessee of its dispute notice, then the parties shall designate an independent certified public accountant mutually acceptable to both parties (the "Independent Accountant") to resolve such dispute and the fees and charges of the Independent Accountant shall be shared equally by the parties. Both parties shall provide the Independent Accountant with all information reasonably requested by the Independent Accountant in connection with its review of such dispute, and both parties shall request that the Independent Accountant complete its work expeditiously and issue a written report to both parties setting forth its determination. The written determination of the Independent Accountant shall be final and shall be binding upon both Lessor and Lessee. All disputes to be resolved pursuant to this Section 3.5 shall be so resolved in accordance with the principles and standards set forth in Section 3.6 below.
3.6. All calculations by Lessor of Base Rent, Additional Rent and any other amounts that are payable by Lessee hereunder shall be made in accordance with Lessor's past practices during calendar year 1994 with respect to Defense Systems, and all charges and allocations relating to the Demised Premises and all accounting practices utilized by Lessor with respect to amounts charged to Lessee under this Lease (including the capitalization, amortization and expensing of costs incurred and funds expended) shall also be made in such manner.
Appears in 1 contract
Samples: Assignment and Assumption of Lease (L 3 Communications Corp)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month Term. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the entire Lease TermAnnual Rent in effect at such time. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. Unless specified in this Lease is in effectto the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid within two (2) days after notice has been given to Tenant of a delinquency pursuant to this Lease, on more than one (1) occasion during any calendar year, beginning with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofsecond (2nd) such late payment and for every subsequent late payment during such calendar year, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 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 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Tenant hereby acknowledges and agrees that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that any rent shall continue to be payable in all events and all subsequent payments that the obligations of Base Rent Tenant hereunder shall continue unaffected, unless the requirement to pay or Additional Rent be made by either cash, money order or cashier’s check for perform the balance same shall have been terminated pursuant to an express provision of this Lease. Landlord and Tenant each acknowledges and agrees that the independent nature of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligations of Tenant hereunder represents fair, reasonable, and accepted commercial practice with respect to the performance by Tenant type of Tenant’s covenants and obligations under property subject to this Lease. Such deposit shall not be considered an advance payment of Rent or acknowledgements by Tenant are a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice material inducement to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of landlord entering into this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid within ten (10) days of when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease Agreement (Intrusion Inc)
Rent. 3.1 Tenant agrees to pay to Landlord Landlord, commencing on the Commencement Date, the Annual Rent in advance effect from time to time by paying the Monthly Installment of Annual Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Annual Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Annual Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord’s address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the greater of: (a) Fifty Dollars ($50.00), or (b) a sum of all taxes on Rent, directly or indirectly imposed by any government entity equal to five percent (the “Rent Tax”5%) as Additional Rent.
3.3 If any installment per month of the Base Rentunpaid rent or other payment; provided, or however, Landlord agrees to waive and forgive the first (1st) of any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late paymentcharges arising during any twelve (12) consecutive months during the Term, provided that Landlord receives such overdue rent or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such other sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment written notice from Landlord that such payment was not made when due. The amount of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive monthly period until paid. The provisions of this Section 3.2 in no way relieve Tenant of the installment obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur this Section 3.2 in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant way affect Landlord’s remedies pursuant to Article 19 of this Lease. If any check delivered to Landlord by Tenant Lease in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there payment is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordunpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 (a) During the Early Occupancy Period and continuing until the Commencement Date, Tenant agrees to shall pay to Landlord for the Premises, or so much thereof as is tendered to Tenant, Interim Rent of sixty cents (60 cents) per rentable square foot per month.
(b) During the Term, Tenant shall pay to Landlord for the Premises, the Base Rent set forth in advance on or before the Basic Lease Information. The Base Rent for any partial month shall be prorated at the rate of one-thirtieth (1/30th) of the Base Rent per day. Simultaneously with the execution of this Lease, Tenant shall pay to Landlord the Base Rent for the first day of each full calendar month the for which Base Rent is payable .
(c) Interim Rent, subject to adjustment Equipment Area Base Rent (as hereinafter provided, without deduction or set off, for each month defined in Section 13 below) and all charges and other amounts of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and any kind payable by Tenant to Landlord upon execution of pursuant to this lease, and a like Each monthly installment Lease shall be due deemed additional rent. Additional rent for any partial month shall be prorated in the same manner as Base Rent. Landlord shall have the same remedies for default in the payment of additional rent as for default in the payment of Base Rent. Base Rent and payable without demand additional rent are collectively sometimes hereinafter referred to as rent. The Base Rent shall be subject to adjustment in the months and in the amounts shown in the Basic Lease Information.
(d) All rent shall be paid by Tenant to Landlord monthly, in advance, on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be proratedwithout prior demand, based on one thirtieth (1/30) deduction or offset, in lawful money of the current Base Rent for each day United States of America at SFO OFFICE ASSOCIATES LLC, 000 XXXXXX XXXX, XXXXX 0, XXXXXXXXXX, XX 00000 or to such other person or at such other place as Landlord may from time to time designate in writing. Payments made by check must be drawn either on a California financial institution or on a financial institution that is a member of the partial month this Lease is in effectfederal reserve system.
3.2 In addition to and along with (e) The parties agree that the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment rentable area of the Base RentPremises, or any the rent and all other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after calculated based upon the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord rentable area under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively be recalculated as “Rent”. All Rent due hereunder shall bear interest from the due date until paid provided in full at a rate equal Section 32 below prior to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by TenantProjected Delivery Date.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Office Lease (Megabios Corp)
Rent. 3.1 Tenant agrees Effective the Rental Commencement Date, the Bank hereby covenants to pay to Landlord fixed guaranteed rent in the principal amount of THIRTY THOUSAND AND NO/100 DOLLARS ($30,000.00) per year, payable in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such a monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand basis on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after year term of this Agreement in equal installments of TWO THOUSAND FIVE HUNDRED AND NO/100 DOLLARS ($2,500.00). In addition to the due date thereoffixed guaranteed rent set forth above, Tenant agrees to pay contemporaneously with the execution of this Lease the sum of TWENTY-TWO THOUSAND FIVE HUNDRED AND NO/100 DOLLARS ($22,500.00) as "Inducement Rent" for Landlord's agreement to enter into this Lease with Tenant. The fixed guaranteed rent and Inducement Rent shall be paid without implying Landlord’s consent to such late paymentdemand, deduction, or if Landlord pays setoff whatsoever, it being specifically agreed and understood that the covenant of the Bank to pay fixed guaranteed rent and any other changes required to be paid by the Bank under this Agreement is a sum separate and distinct covenant of the Bank, not contingent upon the performance of any other terms or conditions of this Agreement. Fixed guaranteed rent for any partial calendar month during the term of this Agreement shall be prorated on behalf of a per diem basis. As used in this Agreement, the term "Rent" or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion)"rent" shall included fixed guaranteed rent, Inducement Rent, and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent any other additional charges or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant payable to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base All Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to)to Landlord, without prejudice to any other remedydemand, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damagededuction or setoff whatsoever, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of at Landlord's address first above written.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees Tenant, in return for the use and occupancy of the Leased Premises and in consideration of the terms, conditions, covenants and provisions contained herein, shall pay Landlord the total rent owed for the Term of $_______ payable in 12 equal installments (each an “Installment”) of $ , which shall be paid in advance, without notice, demand, offset or reduction (the "Rent"). While Landlord has no obligation to do so and may refuse to do so, Landlord may accept partial payment of Tenant’s Rent or other payment obligations, but if it so elects, Landlord does not waive its right to collect and demand the payment of the remainder of such obligations or enforce Tenant’s default hereunder due to failure to pay to Landlord such amounts in advance full. Tenant hereby acknowledges that the Term of this Lease is less than a full calendar year, and the Rent has been allocated into 12 equal installments and is not based on a daily or before the calendar month basis. The first day installment of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit Rent shall be due on August 1, 2016 and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly each subsequent installment shall be due and payable without demand on or before the first day of each calendar month succeeding month. The last installment of Rent shall be due on July 1, 2017. All payments must be made via the Commencement Date during the Lease Terminternet through Landlord’s Resident Portal. Base Rent Tenant and any Guarantor acknowledge and understand Landlord may refuse other forms of payment, subject to Prevailing Law. Tenant and Guarantor acknowledge Landlord will not waive late fees for any period payments due to failure of less than a full month shall such parties understanding how to submit payments through the Resident Portal and therefore Tenant and Guarantor are encouraged to be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along familiar with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal Resident Portal prior to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (date the “first Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, payment is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderdue. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoevertimely paid, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of reserves the amount of such returned check, whichever is greater, each time a check is not honored and returned right to Landlord. Such returned check service charge shall be in addition require Tenant to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and pay all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord late fees by such event of default. Following such application of certified funds through the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordResident Portal.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord As used in advance on or before this Lease, the first day of each month term "Rent" shall include: (i) the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month ; (ii) Tenant's Percentage Share of the entire Lease TermOperating Expenses paid or incurred by Landlord during the calendar year; and (iii) all other amounts which Tenant is obligated to pay under the terms of this Lease. One such monthly installment together with the Security Deposit shall be due and All amounts of money payable by Tenant to Landlord upon execution of this shall be paid without prior notice or demand, deduction or offset. This Lease is intended to be a triple net lease, with all costs, expenses and a like Each monthly charges (including the Operating Expenses) paid by Tenant except as otherwise specifically provided in subsection 10(b). Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of Rent or any other sums due from Tenant shall not be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofreceived by Landlord when due, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten six percent (106%) of the installment such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose costs Landlord will incur by reason of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the damages resulting other rights and remedies granted hereunder. In addition, any amount which is not paid when due shall bear interest from the date due until the date paid at the rate equal to Landlord will be difficult the Reference Rate announced from time to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate time by the parties Bank of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or America plus five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term"Interest Rate").
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sub Sublease (Computer Literacy Inc)
Rent. 3.1 In consideration of this lease, Tenant promises and agrees to pay to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, Basic Rental without deduction or set offsetoff, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon contemporaneously with the execution of this lease, and a like Each monthly installment shall be due and payable without demand beginning on the first day of the calendar month following the expiration of the first full calendar month of the Lease Term and continuing thereafter on or before the first day of each succeeding calendar month succeeding the Commencement Date during the Lease Termterm hereof. Base Rent for any period fractional month at the beginning of less than a full month the Lease Term shall be prorated, prorated based on one thirtieth three hundred sixtieth (1/301/360) of the current Base Rent annual basic rent for each day of the partial month this Lease lease is in effect.
3.2 effect and shall be due and payable upon written notice from Landlord to Tenant. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If event any installment of the Base RentBasic Rental, or any other sums owed which become owning by Tenant to Landlord under this Lease, is the provisions hereof are not received within five (5) days after the due date thereof, thereof (without in any way implying Landlord’s 's consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, . Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent basic rental or such other sum sums owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent Basic Rental or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interestowed. Notwithstanding the foregoing, such the foregoing late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to the provisions of this Lease. If any check delivered lease, it being understood that such sums shall bear interest, which Tenant hereby agrees to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned pay to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded permitted by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed law to be other than a payment on account, nor shall any endorsement charged Tenant for the use or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept forbearance of such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedymoney.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, except as expressly provided herein, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) Fifty Dollars ($50.00), or (b) six percent (6%) of the prime interest rate unpaid rent or other payment; provided, however, that the foregoing late charge shall not apply to the first such late payment in effect from day any twelve (12) month period of the Term of this Lease or any extension thereto until following written notice to day at NationsBank Tenant and the expiration of Georgiafive (5) days thereafter without cure. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, N.A.nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Notwithstanding anything in this Lease to the contrary, plus so long as Tenant is not in default under this Lease, Tenant shall be entitled to an abatement of Monthly Installment of Rent with respect to the Premises, as originally described in this Lease, in the amount of $101,138.40 (the “Abated Monthly Installment of Rent”) for the first three (3) percentage points; or (b) full calendar months of the maximum legal rate allowed by law Term (the “Default RateAbated Rent Period”). If more than Tenant defaults under this Lease at any time during the maximum legal rate of interest should ever be collected with regard Abated Rent Period and fails to cure such default within any sum due hereunderapplicable cure period under this Lease, said excess amount shall be credited against future payments then all Abated Monthly Installment of Rent accruing thereaftershall immediately become due and payable. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord Only Monthly Installment of a lesser amount than the correct Rent shall be deemed abated pursuant to be this Section, as more particularly described herein, and Tenant’s Proportionate Share of Expenses and Taxes all other than a payment on account, nor rent and other costs and charges specified in this Lease shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord remain as due and satisfaction. Landlord may accept such check payable pursuant to the provisions of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedythis Lease.
Appears in 1 contract
Rent. 3.1 Section 4.1 Tenant agrees to shall pay to Landlord, without notice, demand, offset or deduction, except as expressly provided herein, in lawful money of the United States of America, at Landlord's Address for Payment, or at such other place as Landlord shall designate in advance on or before the first day of each month writing from time to time: (a) the Base RentRent and the Additional Rent in equal monthly installments, subject to adjustment as hereinafter providedin advance, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. , except that the first monthly installment of Base Rent for any period of less than a full month and Additional Rent shall be prorated, based paid in advance on one thirtieth (1/30) the date of the current Base Rent for each day Tenant's execution of the partial month this Lease is in effect.
3.2 In addition and applied to and along with the monthly first installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “and such Additional Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord coming due under this Lease. If either the Commencement Date or the Expiration Date falls on a date other than the first day of a calendar month, the Rent due for such fractional month shall be prorated on a per diem basis between Landlord and Tenant so as to charge Tenant only for the portion of such fractional month falling within the Lease Term.
Section 4.2 If any Rent is not paid to and received by Landlord within five (5) days after the due date thereofit is due, without implying Landlord’s consent to and such late payment, or if Landlord pays a sum on behalf of or for Tenant payment occurs more than once in any twelve (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (1012) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Depositmonth period, Tenant shall pay to Landlord on demand a late charge equal to four (4%) percent of the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit late payment or $100.00, whichever is more, in order to cover the agreed administrative expense and inconvenience to Landlord of processing and dealing with late payments. This late payment shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit apply to the transferee second and thereafter shall have no further liability for the return all subsequent late payments in any twelve (12) month period. In addition all delinquent payments of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate per annum (the "Interest Rate") equal to the lesser greater of: (ai) twelve percent (12%), (ii) two percent (2%) above the prime rate of interest rate in effect from day time to day at NationsBank of time publicly announced by SunTrust Bank, Atlanta, Georgia, N.A.or any successor thereof, plus three (3provided that if either Section 4.2(i) percentage points; or (bii) the maximum legal rate allowed by law (the “Default Rate”). If more or both is at any time greater than the maximum legal rate of interest should ever be collected with regard to any sum due hereunderpermitted under applicable law, said excess amount the Interest Rate shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantthe maximum rate permitted under applicable law.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Teamstaff Inc)
Rent. 3.1 Tenant covenants and agrees to pay to unto Landlord the base net rentals in advance accordance with Exhibit C attached hereto and made a part hereof commencing as of the date hereof and on or before the first day of each and every month hereafter, in advance, through the Base Rententire term of this Lease, subject to adjustment together with such increase of said annual and monthly fixed net rent, in accordance with the provisions of this Lease as hereinafter provided. If Landlord so requires, without deduction Tenant shall make all or set off, for each month part of the entire Lease Termrental payments directly to Landlord's lender provided Tenant receives written notice from Landlord directing Tenant to make such payments to lender. One such monthly installment together All rent (including all sums payable as rent in accordance with the Security Deposit preceding paragraph and as hereinafter provided) shall be due and construed in every instance as an absolute net rent payable by Tenant to Landlord upon execution of this Landlord. This Lease is an absolute net lease, and a like Each monthly installment the annual rent and all other sums payable hereunder to or on behalf of Landlord shall be due paid without notice or demand and payable without demand on setoff, counterclaim, abatement, suspension, deduction, or before defense. It is the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) express intent of the current Base Rent for each day of parties hereto that the partial month this Lease is in effect.
3.2 In addition annual rent provided to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed be paid by Tenant to Landlord under this Leasethe terms of Article 3 hereof shall be an absolute net rent payable to Landlord and that Tenant shall, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, in any or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s all events and at its sole cost and absolute discretion), expense and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to the said installment monthly rental, pay any and all other items of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur expense in connection with the handling Premises of whatever nature, including but not limited to all taxes and processing of late installment payments of assessments imposed by any governmental authority on the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by TenantPremises, the damages resulting to Landlord will be difficult to ascertain preciselybuilding now or hereafter existing thereon or attached thereto, the contents thereof, and the foregoing charge constitutes a reasonable use thereof, together with the procurement and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance maintenance by Tenant of Tenant’s covenants the insurance hereinafter specified. This Lease shall always be construed in order to effectuate the foregoing declared intent of the parties hereto. If Tenant or Landlord shall so require, Landlord and obligations under this Lease. Such deposit Tenant shall not be considered an advance payment enter into a memorandum of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return lease, which shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest recorded in the Premises during appropriate land records in order to document the Lease Term, Landlord may assign the Security Deposit to the transferee terms and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordconditions hereof.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Mony Group Inc)
Rent. 3.1 Tenant agrees to pay to Landlord As used in advance on or before this Lease, the first day of each month term "Rent" shall include: (i) the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month ; (ii) Tenant's Percentage Share of the entire Lease TermOperating Expenses paid or incurred by Landlord during the calendar year; and (iii) all other amounts which Tenant is obligated to pay under the terms of this Lease. One such monthly installment together with the Security Deposit shall be due and All amounts of money payable by Tenant to Landlord upon execution of this shall be paid without prior notice or demand, deduction or offset. This Lease is intended to be a triple net lease, with all costs, expenses and a like Each monthly charges (including the Operating Expenses) paid by Tenant. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of Rent or any other sums due from Tenant shall not be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofreceived by Landlord when due, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten six percent (106%) of the installment such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose costs Landlord will incur by reason of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, the damages resulting to nor prevent Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties from exercising any of the extent of such damages other rights and does not constitute interestremedies granted hereunder. Notwithstanding the foregoingIn addition, such late charges shall not apply to any sums amount which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent when due hereunder shall bear interest from the date due until the date until paid in full at a the rate equal to ("Interest Rate") which is the lesser of: of fifteen percent (a15%) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; per annum or (b) the maximum legal rate allowed permitted by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantlaw.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees The total rent that the Tenants agree to pay to the Landlord in advance on or before for the first day of each month premises for the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be term is due and payable by Tenant to Landlord upon execution of this lease. However, and a like Each monthly installment for the convenience of the Tenants, this rent shall be paid by the Tenants to the Landlord in installments as outlined in the preceding pages of this lease. Rent is always due by the first of the month regardless of lease commencement date. Acceptance of partial payments from some Tenants does not relieve such Tenants from their liability for the entire rents or as to shares owned by other joint and payable without demand several Tenants. On execution of this lease, Xxxxxxx agree to pay to the Landlord the security deposit unless otherwise agreed in writing; said payment to be considered a reservation fee due on execution until occupancy. A late charge of 4% of the overdue rent will be assessed on the second calendar day of the month if any rent installment is not received by the Landlord on or before the first day of each second calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment month. An additional 4% of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days outstanding balance will be assessed if the rent remains unpaid after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment seventh calendar day of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums ownedmonth. Said late payment charges shall become due and payable immediately upon notice, and if not so paid, may be deducted by the Landlord from the security deposit as added rent. A charge shall constitute liquidated damages and shall of $50.00 will be for made by the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments each check of the Base Rent and such other sums owed by Tenant to Landlord hereunderTenants returned for any reason. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in Tenants make payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoeverrent installment in an amount less than that due, Landlord may imposeaccept same, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to)bound by any restrictive endorsement, without prejudice or any statement, or otherwise to the effect that such payment is made in full satisfaction of the amounts then due. Notwithstanding such acceptance by the Landlord, the Landlord may avail himself of any other remedylegal remedies he may have. If Xxxxxx makes any payments hereunder, use and then fails to occupy the Security Deposit premises or fails to the extent necessary to fund any arrearage of Rent and comply with any other damage, injury, expense term or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination requirement of this Lease. If Landlord transfers its interest in the Premises during the Lease Termagreement, Landlord may assign keep any such payments as partial liquidated damages. Notwithstanding retention of such payments as liquidated damages, the Security Deposit to the transferee and thereafter Landlord shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with have, in addition, any other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to rights afforded Landlord under this Lease shall constitute “Additional Rent”lease against the Tenant for breach of this lease. Base Rent In addition, if the security and Additional Rent damage deposit are herein referred required to collectively as “Rent”. All Rent due hereunder shall bear interest from be paid at the due date until time of execution of this lease and are not paid at such time, or if such payments are to be made pursuant to an agreed upon schedule, and such payments are not made at the time set forth in such schedule, then the Landlord reserves the right at any time after such time by which such payments should have been made, to give Tenant(s), or any of the Tenant(s), five days written notice, by certified mail, return receipt, that if the deficiencies in these amounts are not paid in full at a rate equal to and received by the lesser of: (a) Landlord by the prime interest rate in effect from end of such five day to day at NationsBank of Georgianotice period, N.A., plus three (3) percentage points; or (b) then the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice rent the demised premises to Landlord’s right others and may retain any amounts paid to recover the balance or that date as partial liquidated damages and, in addition, may seek to pursue enforce any other remedyrights the Landlord may have against the Tenant, and may, in addition, terminate the lease.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Xxxxxx therefore agrees that if rent or any other sum is not paid within 5 days of when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Xxxxxx’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease (Phenomix CORP)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Pro Rata Share of Building, South Campus or Project (as applicable) of any increases in (i) Real Estate Taxes (as defined below) over Real Estate Taxes for the 2015 calendar year (the “Base Year”) and (ii) Operating Expenses (as defined below) over Operating Expenses for the Base Year, (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset (except as otherwise expressly provided in this Lease), in lawful money of the due date until paid in full at a rate equal United States of America pursuant to the lesser of: address as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then the Rent for such fraction of a calendar month shall be prorated for such period on the basis of the number of days in the calendar month and shall be paid at the then-current rate for such fractional calendar month.
7.4. Except as otherwise expressly provided in this Lease, Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) any casualty or taking or (d) any other occurrence; and, except as otherwise expressly provided in this Lease, Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (Premises or any part thereof, or to assert any defense in the “Default Rate”). If more than the maximum legal rate nature of interest should ever be collected with regard constructive eviction to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the balance period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to pursue any other remedyperiod.
Appears in 1 contract
Samples: Lease (REGENXBIO Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding rent for the Commencement Date Premises. In advance, without demand FOUR THOUSAND SEVEN HUNDRED EIGHTY-ONE DOLLARS ($4,781.00) per month during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on years one thirtieth (1/301) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within through five (5) days and FOUR THOUSAND SEVEN HUNDRED EIGHTY-ONE DOLLARS ($4,781.00) per month during years six (6) through ten (10 of this Lease. The first monthly installment shall be due and payable the eleventh (11th) month after the due date thereofCommencement Date of this Lease. The Tenant may, without implying Landlord’s consent at his election, make equal monthly payments beginning on the Commencement Date for years one (1) through five (5) at an effective rate of THREE THOUSAND NINE HUNDRED EIGHTY-FOUR DOLLARS ($3,984.00) per month. The rent shall be prorated for any fraction of a month included within the term of this Lease. The Tenant further agrees to such late paymentpay when due, or all other amounts specified herein as additional rent. At the termination of this Lease, if Landlord pays has consented to a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, hold over by Tenant, the rental for such hold over period shall be equal to one and one-half (1 1/2) of the extent permitted by law, agrees to payrent in effect on their termination date computed on a daily basis. To secure the payment of the rent, in addition to said installment any statutory lien, Tenant grants to Landlord a continuing security interest upon all property of Tenant situated in or upon the Base Rent or such other sum owedPremises; provided, a late payment charge equal that Landlord agrees to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses subordinate all liens which Landlord expects may have to incur in connection with the handling and processing any security interest of late installment payments a commercial lender, or which such lender may request, upon request of the Base Rent and such other sums owed by Tenant to Landlord hereunderpermit it to borrow and grant as security for such borrowing any furniture, fixtures, inventory and equipment contained in the Premises. If there Until all rent due hereunder is a late payment by Tenantfully paid, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges Tenant shall not apply remove any property from the Premises without the consent of Landlord. Tenant agrees to execute any sums which may have been advanced financing statements or other instruments requested by Landlord to or for perfect the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Termsecurity interest granted.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Tanox Inc)
Rent. 3.1 Upon mutual execution of this Lease, Tenant agrees to pay shall deliver to Landlord the sum of $41,136 as prepaid base rent, to be applied to the base rent due for the third month of this Lease. All sums payable to Landlord by Tenant pursuant to the provisions of this Lease are rent to Landlord. Tenant shall pay Landlord without notice, demand, deduction, offset, or counterclaim, in lawful money of the United States, the monthly base rental stated in Section 1(f) in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this leasemonth, and a like Each monthly installment shall be any other additional payments due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be proratedto Landlord, based on one thirtieth including Operating Costs (1/30hereinafter defined) of the current Base Rent for each day of the partial month when required under this Lease is in effect.
3.2 In addition (all of which are collectively referred to and along with herein as the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on "Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 "). If any installment of the Base Rent, or any other sums owed payable by Tenant to Landlord under this Lease, is Lease are not received within five (5) days after following the due date thereofdue, without implying Landlord’s consent Tenant shall pay Landlord in addition to the amount due, for the cost of collecting and handling such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, an amount equal to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge greater of $15.00 100 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original delinquent amount. If there is not then an event of defaultIn addition, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All all delinquent sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from not paid within five days of the due date until paid in full shall, at a Landlord's option, bear interest at the rate equal to of twelve percent (12%) per annum, or the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal highest rate of interest should ever be collected with regard to any sum due hereunderallowable by law, said excess amount whichever is less. Interest on all delinquent amounts shall be credited against future payments calculated from the original due date to the date of Rent accruing thereafterpayment. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord Landlord's acceptance of a lesser amount less than the correct Rent full amount of any payment due from Tenant shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment not be deemed an accord and satisfaction. satisfaction or compromise of such payment unless Landlord may accept specifically consents in writing to payment of such check lesser sum as an accord and satisfaction or compromise of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyamount which Landlord claims.
Appears in 1 contract
Rent. 3.1 Tenant Beginning on the Commencement Date, Subtenant agrees to pay the Annual Fixed Rent set forth in Section 1(L) to Landlord the Payee specified in Section 1(M), by ACH transfer in accordance with the instructions provided in Section 1(O)), or to such other payee or at such other address as may be designated by notice in writing from Sublandlord to Subtenant, without prior demand therefor and without any deduction or set off whatsoever. Annual Fixed Rent shall be paid in monthly installments (as set forth in Section 1(L)) in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term after the Commencement Date. Annual Fixed Rent shall be pro-rated for any partial months at the beginning and end of the Term. One Any amount due from Subtenant to Sublandlord under this Sublease that is not paid when due shall bear interest from the due date at the lesser of (i) three percent (3%) above the prime rate as reported in The Wall Street Journal on the date closest to the date such monthly installment together with payment was required to be made hereunder and (ii) the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before highest legal rate permitted under the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) laws of the current Base Rent for each day Commonwealth of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity Massachusetts (the “Rent TaxInterest Rate”) as Additional Rent.
3.3 If ), such interest to accrue from the date due until paid unless otherwise specifically provided herein, but the payment of such interest shall not excuse or cure any installment of the Base Rent, or any other sums owed default by Tenant to Landlord Subtenant under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interestSublease. Notwithstanding the foregoing, such late charges shall not apply Sublandlord agrees to any sums which may have been advanced by Landlord to or for waive the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base interest as provided in the immediately preceding sentence with respect to the first late payment of Rent or during the Term. Sublandlord shall also be entitled, on account of a failure by Subtenant to make any payment when due (except with respect to the first late payment of Rent during the Term), to charge as Additional Rent is not honored by the financial institution upon which such check was drawn and is returned a fee equal to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of due as compensation for Sublandlord’s administrative costs in investigating and collecting such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Termpayment.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant Subtenant covenants and agrees to pay to Landlord Sublandlord, at its address first hereinabove written or at such other address as Sublandlord may by notice in advance writing to Subtenant from time to time direct, on or before the first day Rent Commencement Date and thereafter, monthly, in advance, fixed rent (the "Fixed Rent") (i) during the initial term in an annual amount equal to $1,352,000; and (ii) during the extended term in an amount equal to the market value Fixed Rent determined in accordance with the provisions of each month Section 2.1(b) hereof. Fixed Rent shall be payable in equal installments of 1/12 of the Base annual Fixed Rent, subject to adjustment as hereinafter providedin advance, without deduction or set offon the Rent Commencement Date and thereafter, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this leasemonthly, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermSublease. Base Fixed Rent for any period of less than a full partial month shall be proratedpaid by Subtenant at such rate on a prorated basis, based and if the Sublease term commences on one thirtieth (1/30) a day other than the first day of a calendar month, the current Base first payment which Subtenant shall make shall be a payment equal to a proportionate part of such monthly Fixed Rent for each the partial month from the Rent Commencement Date to the first day of the partial month this Lease is in effectsucceeding calendar month.
3.2 Upon the Commencement Date, Subtenant shall pay to Sublandlord a one-time payment of $600,000 for the purchase of the furniture listed in Exhibit E.
3.3 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofFixed Rent, Tenant Subtenant shall pay to Sublandlord during the term, as additional rent for the Subleased Premises, all amounts payable as additional rent under the Master Lease by Sublandlord (as Tenant under the Master Lease), including, without limitation, taxes and operating expenses as required under Section 5 thereof (the "Additional Rent"). Landlord and Sublandlord hereby agree that Subtenant shall at any time have the right in Landlord's name, Sublandlord's name or Subtenant's name, to protest or seek a reduction of any tax assessment or levy or to institute a suit for the recovery of any tax paid or for the exclusion of the Subleased Premises from any proposed improvement or special assessment district, and Landlord agrees to render to Subtenant all assistance reasonably possible, including joining in and signing any protest or pleading Subtenant may deem advisable. Subtenant agrees to reimburse Landlord for any reasonable out of pocket costs and expenses incurred by Landlord in connection with such assistance. Landlord agrees to provide Subtenant with satisfactory documentation evidencing the costs and expenses incurred by Landlord including, without limitation, copies of paid invoices, cancelled checks and statements for professional services rendered.
3.4 Subtenant covenants and agrees to pay such Additional Rent in monthly installments (in the same manner as for Fixed Rent under subsection 3.1 above) commencing on the Commencement Date, with subsequent installments due and payable on the first day of each calendar month thereafter. Sublandlord's initial direction for the payment of such Additional Rent is as set out in Exhibit C attached hereto, but Sublandlord reserves the right to change such direction from time to time, subject to the provisions of this Section 3.4. Sublandlord may from time to time deliver to Subtenant a statement or statements of Additional Rent due under Section 3.3 hereof, and, upon request of Subtenant, reasonable documentation evidencing amounts charge to Subtenant. Subtenant shall pay to Sublandlord, within fifteen (15) days after receipt from Sublandlord of such statement or statements, together with any documentation reasonable requested by Subtenant, the amount of such Additional Rent accrued as of the monthly rental payment date directly preceding the day of such payment, less any amounts theretofore paid on account thereof. To the extent Sublandlord shall be required to make on a monthly basis any payments which Subtenant shall be required to pay in respect of Additional Rent, Subtenant shall, upon notice from Sublandlord, pay to Sublandlord an amount equal to one-twelfth (1/12) of such Additional Rent on such monthly rental payment date thereafter, until receipt by Subtenant of a statement from Sublandlord with respect to a change in Additional Rent due hereunder. Thereafter, Additional Rent shall be adjusted and paid as set forth above, based on the sum Additional Rent set forth in the most recent statement received from Sublandlord.
3.5 In the event that payments of all taxes on Additional Rent, directly or indirectly imposed by as set forth above with respect to any government entity (period fully within the “term hereof, exceed the Additional Rent Tax”) actually due for such period, Sublandlord shall credit such excess against amounts due from Subtenant at the time of delivery of Sublandlord's next statement as aforesaid.
3.6 Subtenant shall also pay as Additional Rent all amounts payable by Sublandlord with respect to maintenance and repair of the Demised Premises pursuant to Section 10 of the Master Lease, to the extent such amounts are not included as expenses payable pursuant to Section 5 thereof.
3.7 Additional Rent shall be adjusted as of the commencement and termination dates of this Sublease. In the event that the amount of Additional Rent due hereunder is not known prior to the termination date, a final adjustment shall be made between Subtenant and Sublandlord promptly after such amount is know.
3.8 Subtenant shall also be responsible for payment for all bills and charges with respect to all electricity, gas, telephone, water, sewer and other utilities that are used or consumed in the Subleased Premises, and not included in other charges to be paid pursuant to Section 3.3 or as contained elsewhere in this Sublease. All bills and charges therefor shall be paid by Subtenant directly to the appropriate authority responsible for collection thereof.
3.9 All other costs and expenses which Subtenant is required to pay under this Sublease, including without limitation costs for additional services or additional utilities supplied to the Subleased Premises by Sublandlord or Landlord, if any, together with all penalties that may accrue thereon in the event of the Subtenant's failure to pay such amounts and all reasonable actual out of pocket costs and expenses which Sublandlord may incur by reason of any failure of Subtenant to comply with the terms of this Sublease, shall be deemed to be Additional Rent when due and payable. Sublandlord shall have all rights and remedies with respect to such failure as Sublandlord has for the non-payment of Fixed Rent.
3.3 If any installment 3.10 Subtenant shall pay to Sublandlord a late charge of the Base Rentone and one-half percent (1.5%) per month, or any other sums owed by Tenant part thereof, on all amounts due to Landlord Sublandlord under this LeaseSublease which are not paid when due and payable. However, is not received no more often than once in each calendar year, the late charge will be waived if Subtenant pays all such amounts within five (5) days after the date on which they became due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Termpayable.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease Agreement (Matrixone Inc)
Rent. 3.1 In consideration of this lease, Tenant promises and agrees to pay to Landlord in advance on or before landlord the first day of each month the Base Rent, subject to adjustment as hereinafter provided, Basic Rental without deduction or set off, setoff except as herein provided for each month of the entire Lease Term. One such monthly installment together with Rent due for the Security Deposit period beginning 12/15/94 11/30/95 shall be due and payable by Tenant to Landlord one half upon lease execution and one half upon commencement of this lease, the Lease Term. See also Section 40.1. and a like Each monthly installment as outlined in Section 1(e) shall be due and payable without demand beginning on the first day of the calendar month following the expiration of the first full calendar month of the Lease Term and continuing thereafter on or before the first day of each succeeding calendar month succeeding the Commencement Date during the Lease Termterm hereof. Base Rent for any period fractional month at the beginning of less than a full month the Lease Term shall be prorated, prorated based on one thirtieth three hundred sixtieth (1/301/360) of the current Base Rent annual basic rent for Landlord's initials /s/ Tenant's initials /s/ ------- ------- each day of the partial month this Lease lease is in effect.
3.2 effect and shall be due and payable upon written notice from Landlord to Tenant. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If event any installment of the Base RentBasic Rental, or any other sums owed which become owning by Tenant to Landlord under this Lease, is the provisions hereof are not received within five (5) days after the due date thereof, thereof (without in any way implying Landlord’s 's consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, . Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent basic rental or such other sum sums owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent Basic Rental or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interestowed. Notwithstanding the foregoing, such the foregoing late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to the provisions of this Lease. If any check delivered lease, it being understood that such sums shall bear interest, which Tenant hereby agrees to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned pay to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded permitted by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed law to be other than a payment on account, nor shall any endorsement charged Tenant for the use or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept forbearance of such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedymoney.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord a. Rent in advance on or before the first day amount of each month the Base Rent$12,000.00, subject to adjustment annual increases as hereinafter providedset forth below, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due payable annually throughout the initial term and payable by Tenant to Landlord upon execution each renewal term of this lease, and a like Each monthly installment Lease.
i) Annual rent shall be due and payable without demand paid, on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each same day of the partial month year as the Commencement Date, each year, in advance, to the Village of Menomonee Falls, or to such other person, firm, or place as the Village may, from time to time, designate in writing at least thirty days in advance of any rental payment due.
ii) The annual rent shall be increased each year by four percent (4%).
iii) Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, VILLAGE agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE.
b. Except as otherwise provided elsewhere in this Agreement, if this Lease is terminated at a time other than on the last day of a lease year, rent shall be prorated as of the date of termination, and, in effectthe event of termination for any reason other than nonpayment of rent, all prepaid rents shall be refunded to Tenant.
3.2 In addition c. All consideration to and along be provided by LESSEE to VILLAGE shall be paid or provided to VILLAGE without offset. VILLAGE shall not be required to make any expenditure of any kind in connection with this Lease or make any repairs or improvements to the monthly installments leased portion of Base Rent pursuant to Subsection 3.1 hereof, Tenant the Property except as otherwise provided in this Lease. The rent paid under this Agreement is reserved on an absolute net basis. LESSEE shall pay to Landlord an amount equal to the sum of persons entitled thereto all taxes on Renttaxes, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rentassessments, or insurance premiums, maintenance charges and any other sums owed by Tenant to Landlord under this Leasecharges, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with against the handling and processing of late installment payments leased portion of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to Property contemplated under any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination provision of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter LESSEE shall have no further liability the right, at its sole option and at its sole cost and expense, to appeal, challenge or seek modification of any tax assessment or billing for the return of the Security Deposit. The Security Deposit may be co-mingled which LESSEE is wholly or combined with other accounts or funds of Landlordpartly responsible for payment.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Land Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord at the office specified in Section 1.1(2), or to such other persons or at such other places designated by Landlord, without any prior demand therefor in immediately available funds and without any deduction whatsoever, Rent, including, without limitation, Monthly Base Rent and Rent Adjustments in accordance with Article Four, during the Term. Monthly Base Rent shall be paid monthly in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term, except that the first installment of Monthly Base Rent shall be paid by Tenant to Landlord on the Commencement Date, notwithstanding the fact that Tenant may not be in possession of the Premises on the Commencement Date; see Section 1 of the Rider. Monthly Base Rent shall be prorated for partial months within the Term. One such monthly installment together with Unpaid Rent shall bear interest at the Security Deposit Default Rate from the date due until paid as provided in Section 26.1. Tenant's covenant to pay Rent shall be due and independent of every other covenant in this Lease. If any governmental entity or authority has imposed or hereafter imposes upon Landlord or Tenant a tax or assessment upon or against any of the gross Rent or other charges payable by Tenant to Landlord upon execution under the Lease (whether such tax takes the form of this leasea lease tax, and a like Each monthly installment sales tax or other tax), Tenant shall be due responsible for the timely payment thereof.Unless Landlord and payable without demand on or before Tenant otherwise agree in writing with respect to the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofpayment thereof, Tenant shall pay the applicable tax to Landlord an amount equal together with each payment by Tenant to Landlord of Monthly Base Rent due under the Lease. Notwithstanding the foregoing, Tenant shall have no obligation to pay any income tax levied against Landlord, except to the sum of all taxes on Rent, directly extent the same is levied specifically with respect to gross rent or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed charges payable by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, except that rent for each the first full month of the entire Lease Term. One such monthly installment together with the Security Deposit for which rent is payable hereunder shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Landlord's account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) days after Landlord's notice, whichever is later. Unless specified in this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of contrary, all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other amounts and sums owed payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this LeaseLease 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 not received paid within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, rent or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages becomes due and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service late charge shall be imposed in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Lmi Aerospace Inc)
Rent. 3.1 Section 4.01. Tenant agrees to pay to Landlord the Fixed Rent, without notice or demand, in advance equal monthly installments, in advance, on or before the first day of each and every successive calendar month during the Base RentTerm hereof, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except the entire Lease Term. One such monthly installment together with the Security Deposit first month’s Fixed Rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Fixed Rent shall be due and payable without demand commence on or before the first day of each calendar month succeeding the Rent Commencement Date during the Lease TermDate. Base The Fixed Rent for any period of which is for less than a full month shall be prorated, a prorated portion of the Fixed Rent based on one thirtieth a thirty (1/3030) of the current Base Rent for each day of the partial month this Lease is in effectmonth.
3.2 In addition to and along with the monthly installments of Base Section 4.02. The Fixed Rent pursuant to Subsection 3.1 hereof, Tenant shall pay be paid to Landlord an amount equal by Tenant, without deduction, counterclaim or setoff, except as expressly provided herein, and at Landlord’s address or at such place as Landlord may from time to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Renttime designate in writing.
3.3 Section 4.03. If any installment payment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, Rent is not received by Landlord within five (5) business days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Depositdate when due, Tenant shall pay to Landlord on demand as a late charge, interest on the amount so applied to restore overdue Rent at the Security Deposit to its original amount. If there is not then an event of default, any remaining balance lesser of the Security Deposit maximum rate permitted by law or eighteen (18%) percent per anum from the due date. Acceptance of any late charge shall not constitute a waiver of Tenant’s default with respect to the overdue amount, or prevent Landlord from exercising any of the other rights and remedies available to Landlord.
Section 4.04. No abatement, diminution or reduction of the Basic Rent, or any additional rent or other charges required to be returned paid by Landlord Tenant pursuant to Tenant upon termination the terms of this Lease. If Landlord transfers its interest in , shall be claimed by, or allowed to, Tenant for any inconvenience, interruption, cessation or loss of business or otherwise, caused directly or indirectly by any present or future laws, ordinances, order, rules, regulations or requirements of any Federal, State, County or Municipal governments, or by priorities, rationing or curtailment of labor or material, or by war, civil commotion strikes or riots, or any matter or thing resulting there from or by any other cause or causes beyond the Premises during the Lease Termcontrol of Landlord, Landlord may assign the Security Deposit including, without limitations, casualty to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on accountDemised Premises, nor shall this Lease in any endorsement or statement on way be affected by any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedycauses, except as expressly provided in this Lease.
Appears in 1 contract
Rent. 3.1 4.1 Except as otherwise expressly provided in this Lease, Tenant agrees to shall pay to Landlord, without notice, demand, offset or deduction, in lawful Money of the United States of America, at Landlord’s Address for Payment specified in Section 1.1.U above, or at such other place as Landlord shall designate in advance on or before the first day of each month writing time to time: (a) the Base RentRent in equal monthly installments, subject to adjustment as hereinafter providedin advance, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding during the Term, and (b) the Additional Rent, at the respective times required hereunder. The first monthly installment of Base Rent shall be paid in advance on the date of Frame Completion (as defined in Section 3.8.F(ii) above and applied to the first installment of Base Rent coming due under this Lease. Tenant’s obligation to pay Rent shall begin on the Commencement Date; provided, however, that, if either the Commencement Date during or the Lease Term. Base Expiration Date falls on a date other than the first day of a calendar month, the Rent due for any period of less than a full such fractional month shall be prorated, based prorated on one thirtieth (1/30) a per diem basis between Landlord and Tenant so as to charge Tenant only for the portion of such fractional month falling within the current Base Rent for each day of the partial month this Lease is in effectTerm.
3.2 In addition to and along with the monthly 4.2 All past due installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed owing by Tenant to Landlord under this Lease, is not received paid within five (5) days Business Days after the notice that such amount is past due date thereof, without implying Landlord’s consent shall be subject to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten of four percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (54%) of the amount of the late payment and shall further bear interest until paid at a rate per annum (the “Interest Rate”) equal to the greater of (i) twelve percent (12%) by (ii) three percent (3%) above the prime rate of interest from time to time publicly announced by Bank of America, a national banking association, or any successor thereof; provided, however, that, if at the time such returned checkinterest is sought to be imposed the rate of interest exceeds the maximum rate permitted under federal law or under the laws of the State of California, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge the rate of interest on such past due installments of Rent shall be in addition to and not in lieu the maximum rate of any late payment chargeinterest then permitted by applicable law. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned All amounts owing by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent not paid within ten (10) Business Days after written notice that such amount is past due hereunder shall bear interest from at the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Interest Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease (Celladon Corp)
Rent. 3.1 Tenant agrees to pay to Landlord in advance Commencing on or before the Commencement Date and on the first day of each month thereafter during the Base RentTerm, subject Sublessee shall pay to adjustment as hereinafter provided, without deduction or set off, for each month Sublessor rent in the amount of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and $284,150.00 ($25.00 per rentable square foot) annually payable without setoff or demand in monthly payments of $ 23,679.17 due on or before the first day of each calendar the month succeeding the Commencement Date during the Lease Termfor which rent is applicable. Base Rent for any period of less than a full month checks shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition made payable to Sublessor and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal delivered to the sum Sublessor's address set forth on the first page of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rentthis Sublease, or any other sums owed at such address as shall be designated by Tenant to Landlord under this LeaseSublessor or its designee. Additionally, Sublessee is not received within five (5) days after the due date thereofresponsible for all phone charges, without implying Landlord’s consent to such late payment, purchase or if Landlord pays a sum on behalf lease of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion)equipment, and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such all other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur incurred by Sublessee in connection with the handling and processing of late installment payments its use of the Base Rent and such other sums owed by Tenant to Landlord hereunderPremises, except as otherwise set forth in this Sublease. If there is a late payment by Tenant, the damages resulting to Landlord will Sublessee shall also be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or responsible for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) Sublessee's pro rata share of the amount by which the Operating Expenses (as that term is defined in the Master Lease) relating to the Premises exceed Operating Expenses for the Operating Expense Base Year of such returned checkcalendar year 2005; provided, whichever is greaterhowever, each time a check is not honored notwithstanding the above, Sublessee shall also pay Sublessee's pro rata share of electricity costs and returned HVAC distribution which Sublessor must pay Landlord pursuant to Landlordthe provisions of the Master Lease. Such returned check service charge Sublessee shall also be responsible for it's pro rata share of any increase in Taxes over the fiscal year 2005. Subject to the provisions of paragraph 16 of this Sublease, the parties hereto agree that all charges billed by the Landlord to Sublessor shall be in addition to accurate and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord binding upon Sublessee unless otherwise disputed by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease TermSublessor.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within thirty (30) days after Landlord’s notice, whichever is later. Unless specified in this Lease is in effectto the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease (Knology Inc)
Rent. 3.1 During the term of this Lease the Yearly Rent and other charges, at the rate stated in Exhibit 1, shall be payable by Tenant agrees to pay to Landlord by monthly payments, as stated in Exhibit 1, in advance and without demand on or before the first day of each month for and in respect of such month. The rent and other charges reserved and covenanted to be paid under this Lease shall commence on the Base Rent, subject to adjustment Rent Commencement Date as hereinafter provided, without deduction or set off, for each month defined in Exhibit 1. Notwithstanding the provisions of the entire Lease Term. One such next preceding sentence, Tenant shall pay the first monthly installment together with of rent on the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this leaseLease. If, by reason of any provisions of this Lease, the rent reserved hereunder shall commence or terminate on any day other than the first day of a calendar month, the rent for such calendar month shall be prorated. The rent shall be payable to Landlord or, if Landlord shall so direct in writing, to Landlord's agent or nominee, in lawful money of the United States which shall be legal tender for payment of all debts and dues, public and private, at the time of payment, at the office of the Landlord or such place as Landlord may designate, and a like Each monthly installment the rent and other charges in all circumstances shall be due and payable without demand any setoff or deduction whatsoever, except as expressly permitted herein. Rental and any other sums due hereunder not paid on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the date due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest for each month or fraction thereof from the due date until paid in full computed at a the annual rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; points over the so-called prime rate then currently from time to time charged to its most favored corporate customers by the largest national bank (N.A.) located in the city in which the Building is located, or (b) the at any applicable lesser maximum legal legally permissible rate allowed by law (the “Default Rate”). If more than the maximum legal rate for debts of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantthis nature.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (SMTC Corp)
Rent. 3.1 (a) The Tenant agrees to pay to Landlord the Landlord, at the Landlord’s office or such place as directed in advance writing form time to time by the Landlord: For the Rented Premises per: $ PLUS for Parking: $ PLUS for Storage/locker: $ PLUS for Additional Appliances per month: $ Total Monthly Rental payable in advance: $ Cash will not be accepted as payment for rent. Payment must be remitted by pre-approved payment. The Monthly Rental of $ (CANADIAN DOLLARS) due and payable on or before the first 1ST day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month a period of the entire Lease TermTenancy commencing ending Rental cheques are payable to Richcraft Rental Limited Partnership. One such monthly installment together with First and last’s months’ rent to be paid in advance upon completion or date of occupancy, whichever comes first.
(i) The Tenant hereby acknowledges and agrees that any late payment of rent may be recorded at the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) direction of the current Base Rent for each day of the partial month this Lease is in effectLandlord with any credit agency or credit bureau.
3.2 In addition to and along with (c) (ii) And further provided that if the monthly installments of Base Rent pursuant to Subsection 3.1 hereofMonthly Rental is paid by cheque or by pre-approved payment is not honoured by the Tenant’s bank, the Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment the rent, the sum of the Base Rent or such other sum owed, Forty Dollars ($40.00) as a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages service and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderadministrative charge. If there a second payment is a late payment by Tenantnot honored, the damages resulting to Landlord will be difficult to ascertain preciselyTenant shall pay the Landlord, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu the rent, the sum of any late payment chargeNinety Dollars ($90.00). If any two a third payment is not honored, the Tenant shall pay the Landlord, in addition to the rent, the sum of One Hundred and Fifty Dollars (2$150.00) checks delivered to Landlord by Tenant during and the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may requirepursue to file with the Landlord and Tenant board for eviction. For any non-payment, upon written notice the Landlord may require the Tenant to Tenant, that make any and or all subsequent payments of Base Rent or Additional Rent be made rent by either cash, money order or cashier’s check for the balance of the Lease Termcertified cheque.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease6. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.DEPOSIT
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay base rent (the “Base Rent”) together with applicable sales tax and property taxes in consecutive monthly installments commencing on and in such amounts as described in Exhibit “B” which is attached hereto and incorporated herein by reference. The Base Rent, sales tax and any other charges, fees or amounts due from the Tenant to the Landlord under the terms of this Lease are hereinafter collectively referred to as “Rent.” Tenant agrees to pay the Rent in advance on or before the first day of each month every month. If Tenant makes the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand payment on or before after the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each 10th day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments month, Landlord shall assess a late fee of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment 5% of the Base Rent, or any other sums owed by Tenant rent due for that month. The late fee is intended to compensate Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent for administrative expenses associated with responding to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance liquidated damages or interest. Non-payment or delay in the payment of Rent or a measure of Landlord’s damages in beyond thirty (30) days from the due date will be deemed a default by Tenant. No interest or other such return of this Lease and shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon grounds for termination of this Lease. If Each year, the Landlord transfers its interest in shall provide the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee Tenant with monthly invoices for rent and thereafter Tenant shall have no further liability for the return remit such invoice with each payment of the Security DepositRent. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed made payable to “City of Gainesville” and shall be delivered together with the appropriate invoice on or before the 1st of each month to the Xxxxxxxx and Collections Office, Attn: Xxxxxxx Xxxxxxx, 000 X. Xxxxxxxxxx Xxxxxx, Xxxxxxxxxxx, XX 00000. The Landlord’s preference is for payment to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedymade by Electronic Funds Transfer.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($500.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or Other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease Agreement (Immudyne, Inc.)
Rent. 3.1 As used in this Lease, the term "Rent" shall include: (i) the ---- Base Rent; (ii) Tenant's Percentage Share of the Operating Expenses paid or incurred by Landlord during the calendar year; and (iii) all other amounts which Tenant agrees is obligated to pay to Landlord in advance on or before under the first day terms of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month this Lease. All amounts of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and money payable by Tenant to Landlord upon execution of this shall be paid without prior notice or demand, deduction or offset. This Lease is intended to be a triple net lease, with all costs, expenses and a like Each monthly charges (including the Operating Expenses) paid by Tenant. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of Rent or any other sums due from Tenant shall not be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofreceived by Landlord when due, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten six percent (106%) of the installment such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose costs Landlord will incur by reason of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, the damages resulting to nor prevent Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties from exercising any of the extent of such damages other rights and does not constitute interestremedies granted hereunder. Notwithstanding the foregoingIn addition, such late charges shall not apply to any sums amount which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent when due hereunder shall bear interest from the date due until the date until paid in full at a the rate equal to ("Interest Rate") which is the lesser of: of fifteen percent (a15%) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; per annum or (b) the maximum legal rate allowed permitted by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantlaw.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease (Ibeam Broadcasting Corp)
Rent. 3.1 A. Tenant agrees to pay Landlord the fixed rent of Ninety-eight Thousand, Four Hundred Dollars ($98,400.00) per annum in monthly installments of Eight Thousand, Two Hundred Dollars ($8,200.00), each in advance, on the first day of each month during the term of this Lease.
B. Rental shall be paid by Tenant to Landlord at the address set forth above (or to such other party and address as Landlord may designate by notice to Tenant) without demand, counterclaim, offset or deduction.
C. All payments made by Tenant on account of this Lease shall be subject to collection. Tenant agrees to pay to Landlord in advance as additional rent a service charge of One Hundred ($100.00) Dollars for any check of Tenant or other entity paying rent on or before the first day behalf of each month the Base RentTenant which is dishonored. In addition, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One Tenant agrees that if any such monthly installment together with the Security Deposit check shall be due and payable dishonored, Landlord shall have the right to demand that all future Payments by Tenant be made in the form of certified or cashier's checks.
D. In addition to the rental provided for in this Lease, all taxes (e.g., excise, sales or use) other than income taxes, which may be levied upon the rent provided for under this Lease shall be paid by Tenant to Landlord upon execution and Landlord shall transmit such tax payments to the proper authorities.
E. Tenant shall also pay its proportionate share of this lease, the costs and a like Each monthly installment expenses incurred by Landlord in snow and ice removal. Said proportionate share for the Demised Premises is three and eight-tenths percent (3.8%). Payment for said proportionate share shall be due within ten (10) days of presentation of a Statement from Landlord. Payment(s) due from Tenant for its proportionate share of the costs and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month expenses incurred by Landlord in snow and ice removal shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effectconsidered additional rent.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, F. Tenant shall pay to Landlord an amount equal to the sum Landlord, if required by Landlord, a Late Charge of all taxes on Rent, directly or indirectly imposed by any government entity five (the “Rent Tax”5%) as Additional Rent.
3.3 If percent of any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, rent due hereunder which is not received within five made more than ten (510) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf thereof in compensation for the added expense of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums ownedhandling delinquent payments. Said late payment charge shall constitute liquidated damages and An additional Late Charge shall be assessed for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than month a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyremains delinquent.
Appears in 1 contract
Rent. 3.1 7.1 Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3, subject to the rental adjustments and the Free Rent Period provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments and Free Rent Period provided in Article 8 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. ) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below), and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Xxxxxx, after notice and the lapse of any applicable cure periods.
7.3 Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset, in lawful money of the due date until paid in full at a rate equal United States of America to the lesser of: address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4 Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (Premises or any part thereof, or to assert any defense in the “Default Rate”). If more than the maximum legal rate nature of interest should ever be collected with regard constructive eviction to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the balance period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to pursue any other remedyperiod.
Appears in 1 contract
Rent. 3.1 Tenant agrees Tenant, in return for the use and occupancy of the Leased Premises and in consideration of the terms, conditions, covenants and provisions contained herein, shall pay Landlord the total rent owed for the Term of $ payable in 12 equal installments (each an “Installment”) of $ , which shall be paid in advance, without notice, demand, offset or reduction (the "Rent"). While Landlord has no obligation to do so and may refuse to do so, Landlord may accept partial payment of Tenant’s Rent or other payment obligations, but if it so elects, Landlord does not waive its right to collect and demand the payment of the remainder of such obligations or enforce Tenant’s default hereunder due to failure to pay to Landlord such amounts in advance full. Tenant hereby acknowledges that the Term of this Lease is less than a full calendar year, and the Rent has been allocated into 12 equal installments and is not based on a daily or before the calendar month basis. The first day installment of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit Rent shall be due on August 1, 2016 and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly each subsequent installment shall be due and payable without demand on or before the first day of each calendar month succeeding month. The last installment of Rent shall be due on July 1, 2017. All payments must be made via the Commencement Date during the Lease Terminternet through Landlord’s Resident Portal. Base Rent Tenant and any Guarantor acknowledge and understand Landlord may refuse other forms of payment, subject to Prevailing Law. Tenant and Guarantor acknowledge Landlord will not waive late fees for any period payments due to failure of less than a full month shall such parties understanding how to submit payments through the Resident Portal and therefore Tenant and Guarantor are encouraged to be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along familiar with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal Resident Portal prior to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (date the “first Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, payment is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderdue. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoevertimely paid, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of reserves the amount of such returned check, whichever is greater, each time a check is not honored and returned right to Landlord. Such returned check service charge shall be in addition require Tenant to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and pay all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord late fees by such event of default. Following such application of certified funds through the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordResident Portal.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunderunpaid rent or other payment; provided, said excess amount however, that Tenant shall be credited against future payments entitled to a grace period of Rent accruing thereafterfive (5) days for the first late payment in a calendar year. If no such further Rent accrues hereunder, said excess sums The amount of the late charge to be paid by Tenant shall be promptly refunded by Landlord reassessed and added to Xxxxxx’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant upon demand by Tenant.
3.6 No payment by Tenant of the obligation to pay rent or receipt by Landlord of a lesser amount than other payments on or before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord in advance on or before the first day of each month the Base Greater Of Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Parking Rent and Additional Rent are herein referred to (collectively as “Rent”) in accordance with this Article 5. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess and other sums due to Landlord hereunder shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 paid in legal tender of the United States, without notice, invoice, setoff, deduction or demand, except as otherwise expressly provided herein. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall waiver of any current or preceding breach by Tenant of any provision hereof. No endorsement or statement on any check or any letter accompanying any check or payment as Rent shall be deemed an accord and satisfaction. , and Landlord may has the right to accept such check of or payment without prejudice to Landlord’s right to recover the balance of such Rent or to pursue any other remedy.remedy in accordance with this Lease, at law or in equity. Tenant waives all rights that it may have under present or future law to designate the items of Rent to which any payments made by Tenant are to be credited. Xxxxxx agrees that Landlord may apply any payments made by Tenant to such items of Rent as Landlord designates, irrespective of any designation or request by Xxxxxx as to the items of Rent to which such payments should be credited. All payments of Rent shall be delivered to and statements required under Section 5.4.3 below, shall be filed with Xxxxxxxx’s Treasurer. Payments of Rent shall be made by check, electronic wire transfer or automated clearing house (“ACH”) transfer. Checks shall be made payable to the San Diego Unified Port District and mailed to the San Diego Unified Port District, Finance Department, Post Office Box 120488, San Diego, California 92112-0488, or delivered to the San Diego Unified Port District, Finance Department, 0000 Xxxxxxx Xxxxxxx, Xxx Xxxxx, Xxxxxxxxxx 00000. All payments of Rent by electronic wire transfer or ACH transfer shall be directed to (or such other location as Landlord may instruct by notice from time to time): Beneficiary Bank: Xxxxx Fargo Bank, N.A. Bank Location: 420 Montgomery, MAC: A0112-102 San Francisco, CA 94104 ACH/Wire Routing Number: 000000000 Beneficiary: San Diego Unified Port District Beneficiary Account Number: 4944-983881 Type of Account: Deposit Reference Description of payment Required: Customer number and/or invoice(s) numbers Landlord has the right to change the designated place of payment or filing at any time upon ten
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 In consideration of this lease, Tenant promises and agrees to pay to Landlord in advance on or before landlord the first day of each month the Base Rent, subject to adjustment as hereinafter provided, Basic Rental without deduction or set off, setoff except as herein provided for each month of the entire Lease Term. One such monthly installment together with Rent due for the Security Deposit period beginning 12/15/94 11/30/95 shall be due and payable by Tenant to Landlord one half upon lease execution and one half upon commencement of this lease, the Lease Term. See also Section 40.1. and a like Each monthly installment as outlined in Section 1(e) shall be due and payable without demand beginning on the first day of the calendar month following the expiration of the first full calendar month of the Lease Term and continuing thereafter on or before the first day of each succeeding calendar month succeeding the Commencement Date during the Lease Termterm hereof. Base Rent for any period fractional month at the beginning of less than a full month the Lease Term shall be prorated, prorated based on one thirtieth three hundred sixtieth (1/301/360) of the current Base Rent annual basic rent for each day of the partial month this Lease lease is in effect.
3.2 effect and shall be due and payable upon written notice from Landlord to Tenant. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If event any installment of the Base RentBasic Rental, or any other sums owed which become owning by Tenant to Landlord under this Lease, is the provisions hereof are not received within five (5) days after the due date thereof, thereof (without in any way implying Landlord’s 's consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, . Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent basic rental or such other sum sums owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent Basic Rental or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interestowed. Notwithstanding the foregoing, such the foregoing late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to the provisions of this Lease. If any check delivered lease, it being understood that such sums shall bear interest, which Tenant hereby agrees to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned pay to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded permitted by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed law to be other than a payment on account, nor shall any endorsement charged Tenant for the use or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept forbearance of such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedymoney.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each 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 Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in writing
3.2 Tenant recognizes that late payment of the partial month any rent or other sum due under this Lease will result in | administrative expense to Landlord, the extent of which additional expense is in effect.
3.2 In addition extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid three (3) days after it becomes due and along with the monthly installments of Base Rent payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of:
(the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars (S50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 The tenant will pay the Landlord a monthly rent for the term. The rent will be paid in advance and must be paid on the day of each month during the term. The first rent payment is paid to the landlord when the Tenant signs the agreement. Rent for any period during the term less than one month will be a pro rata part of the monthly fee. The rent will be paid to the landlord at the landlord's address in this (or in other places as indicated by the landlord) by mail or in person one of the following methods: and will be paid in U.S. dollars. Guarantee. Located at: q, q, q (Garant) promises to guarantee the Landlord the full payment and fulfillment of all financial obligations and obligations arising from this Agreement. The Guarantor agrees to a joint and multiple obligations with the Tenant for the tenant's financial obligations and obligations under the Agreement, including rent, loss, fees and expenses. The Guarantee further agrees that the guarantee must remain fully valid and enforceable for the Guarantee until the Agreement is terminated. Late collection. Rents paid after the day of each month will be considered late; and if the rent is not paid within a few days of that period, the Tenant agrees to pay a late fee in the th. Additional rent. There may be cases under this agreement where the tenant may be required to pay additional costs to the landlord. All such fees are considered additional rent under this Agreement and will be paid with the next regular rent. The landlord has the same rights and the tenant has the same obligations regarding the additional rent as they do with the rent. Utilities. The tenant is responsible for paying for all utilities and other services for premises. Deposit. After the signing of this Agreement, the Tenant will pay the landlord a deposit of 1 euro. The deposit will be retained by the landlord as collateral for the tenant to fulfil its obligations under the Agreement. The deposit cannot be used or deducted by the tenant as the lease in last month Term.Tenant will be entitled to full collateral reimbursement if the tenant returns ownership of the Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment same condition as hereinafter provided, without deduction or set off, for each month customary wear is excluded. Within a few days of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution termination of this leaseAgreement, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding Landlord returns the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal deposit to the sum of all taxes on Rent, directly or indirectly imposed Tenant (minus any amount applied by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Leasesection). Any reason for retaining part of the pledge will be explained in writing. The deposit will not incur interest from the Landlord in accordance with applicable state and/or local regulations. The landlord's inability to give possession. If the Landlord is unable to grant ownership of the Premises to the tenant at the start of the term, the landlord will not be liable for any liability for such a failure, the validity of the Agreement will not be affected and the term will not be extended. The tenant will not be liable for the lease until the landlord gives ownership of the Premises to the tenant. Rent a holdover. If this Agreement is not received within five (5) days after renewed mutual written consent of the due date thereofParties, without implying Landlord’s consent the Parties, the terms of this Agreement under all circumstances. If, if necessary, a lawsuit is initiated to such late paymentremove the Tenant from the Premises, the prevailing Party will be entitled to attorney's fees and expenses in addition to the damages. Use Of The Premise. The premises will be occupied only by the next of kin of the tenant and the tenant and will be used only for residential purposes. The tenant will not engage in any undesirable behaviour, including behaviour that will make premises less livable, lead to dangerous, dangerous or unsanitary conditions, or if Landlord pays a sum on behalf will interfere with the rights of others to enjoy their property. The tenant is liable for any damage caused by the Premises and any damage or for Tenant (loss of its contents, which Landlord may do in Landlord’s sole is done by the tenant or the tenant's guests or invited. The State of The Prerequisites. The tenant has studied the premises, including appliances, fixtures and absolute discretion)furniture, and Landlord admits that they are in good condition and repair, normal wear is excluded and takes them to its current condition. Maintenance and repairs. The tenant will maintain the Premises, including the grounds and all appliances, fixtures and furniture, in clean, sanitary and good condition and repair. The tenant will not repaid such sum within ten (10) days after demand therefore is maderemove household appliances, Tenant, to fixtures or landlord furniture from the extent permitted by law, agrees to payPremises for any purpose. If repairs are required, in addition to said installment general maintenance, the Tenant will notify the landlord of such repairs. If the Base Rent or such other sum owedtenant fails to meet the obligations, a late payment charge equal to ten percent (10%) of the installment of Tenant will reimburse the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be landlord for the purpose cost of reimbursing Landlord any repair or replacement. Reasonable accommodation. The landlord agrees to comply with all applicable laws that ensure equal housing opportunities, including the provision of reasonable housing for additional costs known physical or mental disabilities of qualified persons with disabilities, unless undue difficulties are brought. The tenant is responsible for making sure that the landlord is aware of any such necessary premises that are reasonable and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderwill not impose undue hardship. If there is the tenant discloses a late payment by Tenantdisability and asks for housing, the damages resulting Landlord has the right to Landlord will be difficult have a qualified health care provider to ascertain preciselycheck for disability if the disability is not obvious, and the foregoing charge constitutes landlord is entitled to use a qualified provider of disability screening services as a resource to provide reasonable housing. Sex offenders registry. In accordance with the law, information on specific registered sex offenders is available to the public. The tenant understands and good faith estimate agrees that the Tenant is fully responsible for obtaining any information contained in the state or national sex offender registry for the area surrounding premises that may be obtained online or by the parties local sheriff's department or other relevant law enforcement. Depending on the offender's criminal history, this information will include either the address at which the offender resides or the code in which he or she lives. Match. The tenant agrees to comply with all applicable laws, regulations, requirements and regulations of any federal, state, district, municipal or other authority. Mechanic Lien. The tenant understands and agrees that the Tenant and any person acting on behalf of the extent Tenant are not entitled to apply for the mechanic's liens or any other type of collateral on premises. The tenant agrees to give an actual advance notice to any contractors, subcontractors or suppliers of goods, labour or services that such damages collateral is invalid. The tenant also agrees to take additional measures to ensure that the premises are free of any collateral that may result from the construction completed by the tenant or for him. Subordination. As for the Preconditions, this Agreement is subject to any mortgage that currently exists, or may be granted later by the Landlord. Changes. The tenant will not make any changes, additions or improvements to the premises without first obtaining the landlord's written consent. Any changes, additions or improvements to the Premises are not payment to the tenant and will become the landlord's property immediately upon completion and will remain on premises if the landlord does not constitute interestrequest or permit removal, in which case the tenant will return this part of the premises in the same condition as existed before the change, addition or improvement. Notwithstanding The tenant will not change existing locks or install any additional locks on the foregoingPremises without first obtaining the landlord's written consent and without providing the Landlord with a copy of all the keys. Smoking. Smoking of any kind is strictly prohibited on either side of the Premises. This prohibition applies to the Tenant and any visitor, such late charges shall not apply to any sums which may have been advanced by Landlord to guest or for other tenant in the benefit of Tenant pursuant to this LeasePremises. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent Pets. The tenant is not honored by the financial institution upon which such check was drawn and is returned allowed to Landlord for have or keep any reason whatsoeverpets, Landlord may imposeeven temporarily, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) on any part of the amount of such returned check, whichever is greater, each time a check is not honored and returned to LandlordPremises. Such returned check service charge shall be in addition to and not in lieu The unauthorized presence of any late payment charge. If any two (2) checks delivered pet will subject the Tenant to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoeverfines, Landlord may requiredamages, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon deductions and/or termination of this LeaseAgreement. If Landlord transfers its interest Properly trained service animals that provide assistance to the disabled may be allowed in the Premises with the landlord's prior written consent, which should not be unreasonably withheld. The tenant will be liable for the costs of de-fleas, deodorization and/or shampoo all or any part of the Premises if the pet has been on premises at any time during the Lease Termterm (whether with or without the landlord's written consent). Fire and accidents. If premises are damaged by a fire or other serious disaster or accident and Premises becomes uninhabitable as a result, Landlord may assign the Security Deposit to Tenant can immediately vacate the transferee Premises and thereafter shall have no further liability terminate it on the landlord's notice. The tenant will be responsible for any unpaid rent or will receive a prepayment of rent until the return day of the Security Depositfire, natural disaster or accident. If the premises are damaged and inhabited, the landlord can make a complete renovation and will do so a quick and reasonable amount of time. At the landlord's discretion, the rent may be reduced during the renovation. Responsibility. The Security Deposit may landlord is not liable or liable for any loss, claim, damage or expense resulting from any accident, injury or injury of any person or property occurring anywhere on the Premises if resulting from negligence or wilful misconduct by the landlord. Tenant's insurance. The tenant is required to receive, and maintain at all times during the term, the tenant's insurance policy with a minimum of $100,000.00 personal liability coverage. The tenant will name the Landlord as the interested party or additional insured person. The tenant will provide the landlord with a certificate or proof of insurance on request. Appointment and subletting. The tenant will not assign this Agreement to any part or all of the Premises or to make or permit any full or partial subletting or other transfer of any part or all premises. Insurance requirements. The tenant will not do or be co-mingled allowed to do any actions or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord things that will increase the insurance risk under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”)any insurance policy covering premises. If more than the maximum legal rate premium for such an insurance policy is increased due to a breach of interest should ever be collected with regard the Tenant's obligations under the Agreement, the Tenant will pay an additional premium as an additional rent under the Agreement. The right of entry. The landlord or his agents may enter the Premises within a reasonable time to inspect the Premises to make any sum due hereunderchanges, said excess amount shall be credited against future payments improvements or repairs or show premises to a potential tenant, buyer or lender. In the event of Rent accruing thereafter. If no such further Rent accrues hereunderan emergency, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantthe landlord can enter the premises at any time.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Tenancy Agreement
Rent. 3.1 Commencing on the Rent Commencement Date, Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month Term. The Monthly Installment of Rent in effect at any time shall be one-twelfth of the entire Lease TermAnnual Rent in effect at such time. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each 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 Landlord’s address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in writing. Notwithstanding the above and subject to Section 2.1 above, Tenant’s rent commencement date shall begin on November 1, 1999 (“Rent Commencement Date”). Commencing on the first anniversary of the partial month this Lease is in effectRent Commencement Date and on each anniversary thereafter, including every year of any Renewal Term, the Annual Rent shall increase by three percent (3%).
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent pursuant economically impractical to Subsection 3.1 hereof, ascertain. Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, therefore agrees that if rent or any other sums owed by Tenant to Landlord under this Lease, sum is not received within five (5) days paid after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore written notice to cure is made, Tenant, given to Tenant by Landlord for the extent permitted first late payment in any twelve (12) month period and by law, agrees to pay, in addition to said installment the tenth (10th) day of the Base Rent or such other sum owedeach month thereafter, a late payment charge shall be imposed in an amount equal to ten a sum equal to one percent (101%) of the installment unpaid rent or other payment. The amount of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and to be paid by Tenant shall be reassessed and added to Tenant’s obligation for the purpose each successive monthly period until paid. The provisions of reimbursing Landlord for additional costs and expenses which Landlord expects to incur this Section 3.2 in connection with the handling and processing of late installment payments no way relieve Tenant of the Base Rent and such obligation to pay rent or other sums owed by Tenant payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Landlord hereunderArticle 19 of this Lease in the event said rent or other payment is unpaid after date due. If there is Notwithstanding anything contained herein to the contrary, Landlord’s acceptance of a late payment by Tenant, the damages resulting to Landlord will fee in any one (1) particular default situation shall be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties waiver of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant Landlord’s rights pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn Article 19 below and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant waiver of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance breach for non-payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of timely rent for that particular default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Neutral Tandem Inc)
Rent. 3.1 3.1. Tenant agrees to pay to Landlord the Annual Rent (including, without limitation, all Rent Adjustments and the Electrical Charge provided for under Article 4) in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each run Calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of Term (except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this leaseLease), and a like Each monthly the Electrical Charge at such times as set forth in Section 4.7. The Monthly installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs. Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2. Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The. amount of the late charge tx.xx paid by law Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 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 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3. Notwithstanding anything to the contrary contained in this Lease, provided an Event of Default beyond any applicable notice and cure period contained in the Lease does not exist hereunder. the Annual Rent and the Monthly Installment of Rent shall axxxx for the first live (5) Lease Months. Commencing on the “first day of the sixth (6th) Lease Month (or any other earlier date upon which an Event or Default Rate”has occurred). If more than , such abatement shall cease and Tenant shalt thereupon commence paying to Landlord the maximum legal rate full amount of interest should ever be collected with Annual Rent and the Monthly Installment of Rent, without regard to any sum due hereunder, said excess amount shall be credited against future payments the first sentence of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantthis Paragraph.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease 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 not paid within seven (7) days after due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) four percent (4%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Home Interiors & Gifts Inc)
Rent. 3.1 Tenant (a) In consideration of this Lease, Txxxxx promises and agrees to pay to Landlord in advance the Rent, without demand, deduction or set off, on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One The first such monthly installment together with the Security Deposit of Rent shall be due and payable by Tenant to Landlord upon execution on the Lease Date and monthly installments of this lease, and a like Each monthly installment Base Rent shall thereafter be due and payable without demand paid on or before the first day of each subsequent calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of In the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If event any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, Rent is not received within five ten (510) days after the due date thereof, thereof (without in any way implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), unless other arrangements have been made between Landlord and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, Txxxxx agrees to pay, in addition to said installment of the Base Rent or such other sum owedRent, a late payment charge equal to ten five percent (105%) of the late installment of the Base Rent or such other sums owned. Said Rent, it being understood that said late payment charge shall constitute liquidated damages (but shall not void the occurrence of a default or eliminate any of Landlord’s remedies therefor) and shall be for the purpose purposes of reimbursing Landlord for the additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of a late installment payments payment of the Base Rent Rent. Tenant and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, agree that the damages resulting to suffered by Landlord will be difficult to ascertain in the event of any such late payments are not capable of being ascertained precisely, and that the foregoing charge amount constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interestdamages. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to anything in this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damagecontrary, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent all amounts payable by Tenant to Landlord under this Lease as Rent shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively rent for the purpose of Section 502(b)(7), as “Rent”. All Rent due hereunder shall bear interest from it may be amended, of the due date until paid in full at a rate equal to the lesser of: Bankruptcy Code (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”defined below). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Cellteck Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Monthly Base Rent then in advance effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month commencing upon the expiration of the entire Lease TermRent Abatement. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Monthly Base Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset except as expressly permitted under this Lease, and without notice or demand, at the partial month Rent Payment Address set forth on the Summary, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) business days after Landlord’s notice, whichever is later. Unless specified in this Lease is in effect.
3.2 In addition to the contrary, all amounts and along with the monthly installments of Base Rent sums payable by Tenant to Landlord pursuant to Subsection 3.1 hereofthis Lease, other than Base Rent, shall be additional rent. Tenant shall pay to Landlord an amount equal to the sum Landlord, in addition to, and simultaneously with, all payments of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or rent and any other sums owed by Tenant amounts payable to Landlord under this Lease, is not received within five (5) days after a sum equal to the due date thereofaggregate of any municipal, without implying Landlord’s consent to such late paymentcounty, state or federal excise, sales, use, rental or transaction privilege taxes now or hereafter levied or imposed against, or if Landlord pays a sum on behalf of account of, any or for Tenant (which Landlord may do in Landlord’s sole all consideration from and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment amounts payable under this Lease by Tenant, or the damages resulting receipt thereof by Landlord.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord will be difficult to ascertain preciselyLandlord, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of $15.00 or shall be imposed in an amount equal to five percent (5%) of the amount unpaid rent or other payment. The provisions of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be this Section 3.2 in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by no way relieve Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligation to pay rent or other payments on or before the performance by Tenant date on which they are due, nor do the terms of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Section 3.2 in any way affect Landlord’s damages remedies pursuant to Article 19 of this Lease in a default by Tenant. No interest the event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there payment is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordunpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Industrial Net Lease (Dexcom Inc)
Rent. 3.1 Tenant agrees to pay to Landlord The total Rent (as defined below) for the initial Term of this Lease is set out in advance on or before the first day Summary of each month Lease Terms and Defined Terms above (the Base Rent, subject to adjustment as hereinafter provided“Summary”). Monthly payments of Rent are payable in advance, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this leasedemand, and a like Each monthly installment shall be due and payable in full without demand proration or setoff, on or before the first day of each calendar month succeeding for the Commencement Date during entire month and shall be paid at the address set forth in the Summary or at such other place as Landlord may designate by advance written notice to Tenant. Rent may be paid by ePayment or other form of electronic payment (processing fees may apply), or by personal check or money order delivered to the address listed in the Summary. No payments to Landlord under this Lease shall be paid in cash. In accordance with the Lease Term. Base Rent for any period and Title 55, Chapter 13.2, Code of less than a full month shall be proratedVirginia (1950), based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as amended (the “Rent TaxVRLTA”) as Additional ), “Rent.
3.3 If any installment of the Base Rent” means all money, other than a security deposit, owed or any other sums owed by Tenant paid to Landlord under this Lease, is not received within five including prepaid Rent paid more than one month in advance of the Rent due date. Any fees, late penalties or other amounts that may be due under the Lease (5) days after the due date thereofother than Monthly Rent and any Security Deposits), without implying Landlord’s consent shall be considered additional Rent due, and failure to pay any such late payment, or if Landlord pays a sum on behalf amounts will be considered non-payment of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion)Rent under this Lease, and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations exercise its remedies under this Lease. Such deposit shall not be considered an advance payment of All Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return received shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit applied to the extent necessary to fund any arrearage of oldest charge(s) first. When more than one Tenant has signed this Lease, the Tenants are jointly and severally liable and responsible for all Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of payments made in connection with this Lease. If Landlord transfers its interest is authorized to accept prepaid Rent in accordance with the Premises during provisions of the Lease TermVRLTA. Upon the written request of Tenant, Landlord may assign shall provide Tenant(s) with an accounting of charges and payments in accordance with the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordVRLTA.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is made, Tenant, later. Unless specified in this Lease to the extent permitted by lawcontrary, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other all amounts and sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed payable by Tenant to Landlord hereunder. If there is a pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment by Tenantof any rent or other sum due under this Lease will result in administrative expense to Landlord, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($15.00 50.00), or (b) five percent (5%) of the unpaid rent or other payment; provided that Tenant shall be entitled to a grace period of 5 days for the first late payments of Rent in any 12 month period before such late fee shall apply. The amount of such returned checkthe late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, whichever nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is greaterunpaid after date due.
3.3 Notwithstanding anything in this Lease to the contrary, each time a check so long as Tenant is not honored and returned to Landlord. Such returned check service charge then in default under this Lease following written notice thereof, Tenant shall be entitled to an abatement of Monthly Installment of Rent solely with respect to the Initial Premises for the first forty-five (45) days of the Term (the “Monthly Rent Abatement Period”), in addition to the amount of $999.85 per day, which totals $44,993.03 (the “Abated Rent”). During the Monthly Rent Abatement Period, only Monthly Installment of Rent for the Initial Premises shall be abated as set forth above, and not in lieu Tenant’s Proportionate Share of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during Expenses, Taxes and Insurance Costs for the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoeverInitial Premises, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants other costs and obligations under charges specified in this Lease. Such deposit , shall not be considered an advance payment remain as due and payable pursuant to the provisions of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenantthis Lease, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit except to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest expressly provided in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordSection 4.7 below.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to tie by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term whish is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord's address, as set forth on the Reference Page, Or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Sk Technologies Corp)
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth ( 1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Xxxxxx therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Xxxxxx’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease Agreement (TherOx, Inc.)
Rent. 3.1 (a) For each Phase, Tenant agrees to will pay to Landlord the base rent as shown in Exhibit "D" in equal monthly installments in advance beginning on the later of July 1, 1996 or before the Occupancy Date for that Phase, and thereafter on the first day of each month during the Base Rentterm (except as otherwise shown in Exhibit "D"), subject prorated for any portion of a month. The term "rent" includes base rent, additional rent and all other amounts to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable paid by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is whether or not received within five specifically described as rent. All rent will be paid without demand, deduction, counterclaim or offset of any type (5except as may be specifically provided otherwise elsewhere in this Lease) days after the due date thereofin lawful U.S. legal tender at 000 Xxxxx Xxxxxx Xxxxx, without implying Landlord’s consent Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, Attn: Accounting Dept., or to such late payment, other person or if Landlord pays a sum on behalf of or for Tenant (which place as Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, from time to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interesttime designate. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced if and for so long as there is a mortgage loan encumbering the Premises or a loan that is secured by the Letter of Credit, at the written request of Tenant Landlord to or and Tenant will establish a collection account for the benefit receipt and disbursement of base rent. In such event, Tenant pursuant will pay the base rent as and when required each month into this collection account, and the collection agent promptly will disburse from such amount an amount sufficient to this Lease. If pay debt service and any check delivered other amounts owed to Landlord by Tenant in payment the mortgage lender and the lender of Base Rent or Additional Rent is not honored the loan secured by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoeverLetter of Credit, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for with the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by being disbursed first to Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit only if and to the extent necessary to fund pay current debt service to Tenant under the LC Note per Section 24.17(f) if any arrearage amounts are then owed under the LC Note) and then to Landlord. The collection agent and the terms of Rent this collection account will be subject to the mutual written approval of Landlord and any other damageTenant, injurywhich approval will be based on customary terms for such agreements and will not be unreasonably withheld or delayed.
(b) If Tenant provides and continues to provide the Letter of Credit in accordance with Section 24.17 and otherwise does not default under this Lease, expense or liability caused within thirty (30) days after payment by Tenant and delivery to Landlord by such event of default. Following such application an invoice therefor and reasonable evidence of Tenant's payment (but not earlier than the Security Deposit, date that Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to pays its original amount. If there is not then an event first full month of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of base rent under this Lease. If Landlord transfers its interest in the Premises during the Lease Term), Landlord may assign either will reimburse to Tenant, or credit against rent owed by Tenant, the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable actual amounts paid by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred the issuer of the Letter of Credit for such issuance, up to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate an annual amount equal to one percent (1%) of the lesser of: (a) face amount of the prime interest rate in effect Letter of Credit from day time to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenanttime.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Polycom Inc)
Rent. 3.1 Tenant agrees to To pay to the Landlord in advance on or the collective rent of: £… Each and every quarter from the date of commencement of the tenancy and as set out in the schedule provided. To pay the rent by the due date in the agreement each quarter. The method of payment is by standing order only, which should be set up for 3 days in advance of the due date to allow for clearance through the banking system. If a summer retainer has been agreed an adjustment has been made in the schedule to allow for this and it will be noted at the end of this agreement. This is a collective rent agreement and if more than one signs the agreement each and every one shall be responsible joint y and severally for the whole rent until the end of the term of the ag eeme t. Tenants who vacate before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month expiration of the entire Lease Termterm shall sti l remain liable for the rental term and forfeit any rent paid and deposit. One such monthly installment together The Landlord reserves the right to determine the tenancy with one months notice in writing, if the Security Deposit rent or any part thereof shall be in arrears for 14 days after the same has become due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment whether legally demanded or not or if there shall be due and payable without demand on or before the first day a breach of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day obligations on the part of the partial month this Lease is in effect.
3.2 In addition to and along Tenant/s or if the Tenant/s s all become bankrupt or enter into liquidation or compound with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly his creditors or indirectly imposed by if any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rentgrounds listed in schedule 2 of the Housing Xxx 0000 as amended under the Housing Xxx 0000 and the provisions for the recovery of possession by the landlord in section 21 thereof apply accordingly, the Landlord may re]enter the premises or any par thereof in the name of the whole and immediately thereupon the tenancy shall absolutely determine without prejudice to his/her rights to immediately recover all unpaid collective rent until the end of the term of the tenancy agreement and all legal and admin costs, including interest incurred or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole rights and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment remedies of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to After 14 days and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime an interest rate in effect from day to day of five per cent per annum ab ve base rate prevailing at NationsBank the time of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever Barclays Bank Plc will be collected with regard to added for any sum payable under this agreement that is not paid on its due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantdate.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Assured Shorthold Tenancy Agreement
Rent. 3.1 Tenant (a) Subtent covenants and agrees to pay rent to Landlord Sublandlord, at Sublandord’s address shown herein or at such place as Sublandlord shall from time to time designate in writing and otherwise in accordance with the provisions of the Lease, at the Annual Fixed Rental Rate in equal installments of 1/12th the Annual Fixed Rental Rate in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding included in the Commencement Date during the Lease Term. Base Rent , and for any period portion of less than a full calendar month shall be prorated, based on one thirtieth (1/30) at the beginning or end of the current Base Rent Term, at that rate payable in advance for each day of the partial month this Lease is in effectsuch portion.
3.2 In addition (b) Subtenant covenants and agrees to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) Sublandlord as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after of demand therefore is madetherefor by Sublandlord, TenantSubtenant’s Share of the Operating cost Escalation.
(c) Subtenant covenants and agrees to pay to Sublandlord as Additional Rent, within ten (10) days of demand therefor by Sublandlord, subtenant’s Share of the Real Estate Tax Escalation.
(d) Subtenant shall pay directly to the proper authorities charged with the collection thereof of all charges for electricity and (to the extent permitted not otherwise included in Operating Costs) other utilities used or consumed on the subleased Premises by lawsubtenant or any party claiming by, through or under Subtenant.
(e) Subtenant covenants and agrees to paypay monthly to Landlord all charges due under the Lease for (i) any after-hours heating, in addition air conditioning or ventilation services supplied to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur Subtenant in connection with the handling Subleased Premises and processing of late installment payments of (ii) all other services supplied to Subtenant and/or the Base Rent and such other sums owed by Tenant Subleased Premises beyond the services required to Landlord hereunder. If there is a late payment by Tenant, be supplied to the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced Subleased Premises for Sublandlord by Landlord at no additional charge to or Sublandlord. Landlord shall xxxx Subtenant directly for the benefit of Tenant pursuant all such charges referred to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordpreceding sentence.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord, as rent and as an independent obligation, the sum of and 00/100 Dollars ($ .00) each month during the term of this Lease, payable in advance, without demand, and without any setoff or deduction of any kind, on-line, in person, by mail or at such other address as Landlord in advance may direct from time to time. Payment of rent shall be due on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Termmonth. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before Rent paid after the first day of each calendar month succeeding shall be deemed delinquent. If the Commencement Date during rent is not paid before 5:00pm on the third (3rd) day of the month, Tenant agrees to pay an administrative late charge of One Hundred and 00/100 Dollars ($100.00) and then Fifty and 00/100 Dollars ($50.00) per day that rent is delinquent thereafter. This sum shall be deemed reasonable liquidated damages for the damages Landlord will incur due to the late payment. Rent is to be paid on line using the Landlord’s portal payment system, which may be accessed at xxxx://xxx.xx/TenantPortal . Tenant further agrees that Tenant’s right to possession and of all of Landlord’s obligations under this Lease Termare expressly contingent upon the prompt payment of rent and that all moneys received by Landlord shall be applied first to non-rent items and then to rent. Base Rent If the term of this Lease, or possession under this Lease, commences on a day other than the first day of the month, rent for any period that month shall be prorated and paid by Tenant upon commencement of this Lease. Tenant shall make all rental payments in full. Payment or receipt of a rental payment of less than a full month the amount stated in this Lease shall be prorateddeemed nothing more than a partial payment on that month’s account. Under no circumstances shall Landlord’s acceptance of a partial payment constitute accord and satisfaction. Acceptance of partial payment will not cause a forfeiture of Landlord’s right to collect the balance due on the account despite any endorsement, based stipulation, or other statement on one thirtieth (1/30) any check. Acceptance of any payment that is less than the current Base Rent for each day of the partial month full amount owed under this Lease is in effect.
3.2 In addition to and along with the monthly installments does not waive or diminish Landlord’s right of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Renteviction, or any other sums owed by Tenant to Landlord under this Lease, is contractual or statutory right. Accepting money at any time does not received within five (5) days after the due date thereof, without implying waive Landlord’s consent right to such collect late paymentfees, damages, past or if Landlord pays a sum on behalf of future rent or for Tenant (which other sums due. Landlord may do take whatever lawful measures necessary to collect monies owed, including monetary judgments and wage garnishments. Payments made by any means other than through Landlord’s portal, must be mailed or delivered in sufficient time that the payment will be in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to office by no later than 5:00 P.M. on the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderdate due. If there is a late payment Tenant pays by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, check and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored when tendered for payment, Tenant agrees to pay Landlord a charge of Fifty and 00/100 Dollars ($50.00) for each check returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any , plus all applicable late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoevercharges, Landlord may require, upon written notice to and Tenant, that any and thereafter, shall make all subsequent payments of Base Rent on line or Additional Rent be made by either casha certified check, money order or cashier’s check for the balance of the Lease Termor money order.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Residential Lease
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent (together with any sales tax imposed on rent by the State of Florida or any local unit of government) then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment first full month’s rent (together with any sales tax imposed on rent by the Security Deposit shall be State of Florida or any local unit of government) due and payable by Tenant to Landlord after the expiration of the Rent Abatement Period shall be paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand. All such rent amounts shall be paid in lawful money of the partial month this United States of America and shall be paid to Landlord by Electronic Funds Transfer (“EFT”), Automated Clearing House (“ACH”) or wire transfer to the bank account specified by Landlord, or to such other person or at such other place and/or by such other methods as Landlord may from time to time designate in writing. Upon Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofexecution, Tenant shall pay agrees to cooperate with Landlord to complete all necessary forms in order to accomplish such method of payment. If Landlord agrees to accept payment of rent by means other than EFT, ACH or wire transfer, and if an amount equal Event of Default occurs during the Term, Landlord may require by notice to Tenant that all subsequent rent payments be made by EFT, ACH or wire transfer, without cost to Landlord. Tenant must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is made, Tenant, later. Notwithstanding anything to the extent permitted by lawcontrary, agrees to payLandlord may, in addition its sole discretion, allocate any rent or monies Tenant pays to said installment of Landlord to any sums then due and payable hereunder and in any order or priority including first to the Base Rent or such other sum owedmost delinquent sums then due and payable hereunder. Unless specified in this Lease to the contrary, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other all amounts and sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed payable by Tenant to Landlord hereunder. If there is a pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment by Tenantof any rent or other sum due under this Lease will result in administrative expense to Landlord, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($15.00 50.00), or (b) five percent (5%) of the amount of such returned checkunpaid rent or other payment. Notwithstanding the foregoing, whichever is greater, each time Landlord shall not charge Tenant a check is late charge on a late payment so long as (i) Tenant was not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu late with the payment of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord sum due under this Lease shall constitute “Additional Rent”. Base Rent during the preceding twelve (12) month period, and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from (ii) Landlord receives the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; rent or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any other sum due hereunder, said excess that is late within five (5) days of the original due date. The amount of the late charge to be paid by Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease (Appgate, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord's notice, whichever is made, Tenant, later. Unless specified in this Lease to the extent permitted contrary. all amounts and sums payable by law, agrees Tenant to pay, in addition Land lord pursuant to said installment this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of the Base Rent any rent or such other sum oweddue under this Lease 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 not paid when due and payable pursuant to this Lease, a late payment charge shall be imposed in an amount equal to ten the greater of:
(a) Fifty Dollars ($50.00), or (b) six percent (106%) of the installment unpaid rent or other payment. The amount of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and to be paid by Tenant shall be reassessed and added to Tenant's obligation for the purpose each successive month until paid. The provisions of reimbursing Landlord for additional costs and expenses which Landlord expects to incur this Section 3.2 in connection with the handling and processing of late installment payments no way relieve Tenant of the Base Rent and such obligation to pay rent or other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenantpayments on or before the date on which they are due, nor do the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties terms of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to this Section 3.2 in any sums which may have been advanced by Landlord to or for the benefit of Tenant way affect Landlord's remedies pursuant to Article 19 of this Lease. If any check delivered to Landlord by Tenant Lease in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there payment is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordunpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
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Samples: Lease (Franklin Wireless Corp)