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Common use of Rent Clause in Contracts

Rent. Beginning on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 3 contracts

Samples: Lease Agreement (Interval Leisure Group, Inc.), Lease Agreement (Interval Leisure Group, Inc.), Lease Agreement (Interval Leisure Group, Inc.)

Rent. Beginning on the Commencement DateExcept as otherwise expressly set forth in this Lease, Tenant covenants and agrees to paypay to Landlord at the first office specified in Section 1.01 (2), or to such other persons, or at such other places, designated by Landlord, without abatement, any prior demand therefor in immediately available funds and without any deduction or offset whatsoever, except as otherwise specifically provided hereinset forth in this Lease, all Rent during the Term as and when due pursuant to Landlordthis Lease. Monthly Base Rent shall be paid monthly in advance on the first day of each month of the Term, except that the installment of Monthly Base Rent” Rent for any partial month at the beginning of the Term shall be paid prior to the Commencement Date and the installment of Monthly Base Rent due for the Premises, on or before the first sixth (1st6th) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment paid by Tenant to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for following the payment Date of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredthis Lease. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Monthly Base Rent shall be adjusted prorated for partial months within the Term. Unpaid Rent shall bear interest at the beginning of Default Rate from the fourth (4th) Lease Year by multiplying the Base Rent then being date due until paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails Tenant shall be entitled to so notify notice and an additional three (3) business day grace period before the imposition of Default Interest the first time in any calendar year that Tenant within nine does not timely pay Rent hereunder. Tenant’s covenant to pay Rent shall be independent of every other covenant in this Lease. Notwithstanding the foregoing, Tenant’s obligation to pay Rent shall be conditionally abated during the first five (95) full calendar months after of the date Term (the “Rent Abatement Period”) in an amount not to exceed $958,013.75. Such abatement shall apply to Rent only and shall not apply to any other sums payable under this Lease. The abatement of adjustmentRent described above is expressly conditioned on Tenant’s performance of its obligations under this Lease throughout the Term, and the amount of the abated Rent is based in part on the amount of Rent due under this Lease for the full Term. If Tenant Defaults under this Lease and such Default continues beyond the applicable notice and cure period, then Tenant shall immediately, on demand, pay to Landlord, in addition to all other amounts and damages to which Landlord is entitled, the CPI adjustment for that year shall be deemed to be waived. In no event shall Base unamortized amount of Rent increases exceed three which would otherwise have been due and onepayable during the Rent Abatement Period (based on the straight-half (3.5%) percent line amortization of the Base abated Rent paid for across the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be initial Term plus interest at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2of 8% per annum).

Appears in 2 contracts

Samples: Office Lease (Accolade, Inc.), Office Lease (Accolade, Inc.)

Rent. Beginning on Commencing upon the Ground Lease Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” the initial rent for the PremisesProject Site (“Rent”) shall be [***] per annum, on or before the first payable in equal installments of [***] per month, adjusted upward every five (1st5) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month years thereafter during the full Initial Term of this Lease and during any renewal thereof, subject Extended Term by a percentage equal to the adjustments as provided hereinafter along with any applicable tax greater of [***] or the CPI Percentage Increase (as defined hereinbelow), at but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the then current rate. If the Ground Lease Commencement Date occurs through March 11, 2024, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a day other than the first CPI Percentage Increase (1stas defined below) day of to any payment under this Ground Lease shall hereinafter be referred to as a calendar month, the first Base “CPI Adjustment.” Such Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to will be due each month on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) 1st day of the month in which such installment is due (provided that Landlord will and shall be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice payable by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last 15th day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amountthat month; provided, however, that (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if Landlord fails to so notify Tenant within nine the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (9b) months the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the date commencement of adjustmentthat Adjustment Period, then in order to permit the Tenant to calculate the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease YearPercentage Increase, on a non-cumulative basisas set forth below. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)

Rent. Beginning on During the Commencement DateLease Term, Tenants, jointly and severally, shall pay a total rent to Landlord in the amount of $ . Said total rent shall be paid by Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, Landlord in equal monthly installments of $ (“Rent”) to Landlord, “Base Rent” for the Premisesat Landlord’s address set forth above, on in advance and shall be received in hand or before the first (1st) day of the first (1st) full calendar month of the Term hereof and postmarked on or before the first (1st) day of each and every successive calendar month thereafter during the full Lease Term of this Lease and without demand, delay or offset for any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current ratereason and without a grace period. If the Commencement Date occurs Rent is not received in hand or postmarked on or before the 1st day of each month, the Tenant is in default of this said lease. Time is of the essence for each and every monthly Rent payment and for all other monies due and owing under this Lease, including security deposit, damages, invoices or other costs or expenses chargeable by law by Landlord to Tenant. Tenants, shall jointly and severally, immediately pay to Landlord a day other than late fee of Fifty Dollars ($50) for any monthly payment of Rent not received in hand by Landlord on or before the first (1st) day of a each calendar month, and an ongoing $5 per day late fee after the first 5th day that Rent has not been received in hand by Landlord. It is Tenant’s responsibility to ensure that Landlord receives said Rent. Tenants jointly and severally shall pay to Landlord a fee of Fifty Dollars ($50), or any amounts charged by Landlord’s bank if greater than $50, for each check of Tenants jointly or severally returned by a banking institution for insufficient funds or for any other reason. If Landlord receives a returned check issued jointly or severally by Tenants from a banking institution, Landlord may require that Tenants make all future payments to Landlord in the form of cash, money order, or cashiers check only. Base Rent payment shall be and Pet Rent, if any, are collectively referred to herein as “Rent”. Landlord 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 on a monthly basis before applying said amounts to the Rent due. Tenant may elect to receive a discount of the last month’s Rent, at Tenant's option, as provided in this Section. Tenant will receive a discount on their last month’s rent in the amount of $50 provided that the Base discounted amount of their last month’s Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied is paid and received by Landlord to the Rent payable for the first in full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basismove in. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Rent. Beginning a. Tenant shall pay Landlord as rent for the Premises Base Rent for each month during the Term. Such amounts shall be due and payable on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof Date and on or before the first (1st) day of each and every successive calendar month thereafter during thereafter, without any deduction or offset and without prior notice or demand, in lawful money of the full Term United States of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined hereinAmerica, at the then current rateaddress indicated by Landlord from time to time. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be increased during the Term as provided for in the amount Basic Lease Information. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated. Concurrently with Tenant’s delivery to Landlord of an executed copy of this Lease, Tenant shall deliver to Landlord the Base Rent for one (1) full calendar the first month plus of the prorated Base Rent Tern. b. As set forth in more detail below, Landlord shall be responsible, without additional charge to Tenant, for the calendar month in which maintenance of the Commencement Date fallsCommon Areas, such payment to be due on exterior areas of the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to Project and base Building mechanical, plumbing and electrical systems serving the Rent payable Premises (but not Tenant’s specialized equipment), insurance for the first full month that Rent is dueProject, real estate taxes for the Project, and utilities and janitorial service as described in Section 12 below. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by Notwithstanding the seventh (7th) day of foregoing, in the month in which such installment is due (provided that Landlord will be required to give Tenant written notice event of Tenant’s disproportionate or after-hours use of utilities (beyond the hours or levels set forth in Section 12), Tenant’s request for additional services or damage to the Building by Tenant or any Tenant Parties, Tenant shall pay the entire cost thereof within twenty (20) days of request by Landlord. All amounts required to be paid by Tenant under this Lease other than Base Rent, including any and all other sums that may become due by reason of any default of Tenant or failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance comply with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term terms of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) be performed by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. deemed additional rent (which, collectively with Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. HoweverRent, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis“Rent”). b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease (Protagonist Therapeutics, Inc), Lease (Protagonist Therapeutics, Inc)

Rent. Beginning on the Commencement DateTenant shall pay all Base Rent and Additional Rent (defined below) (collectively, Tenant covenants and agrees “Rent”) to payLandlord or Landlord’s agent, without abatement, prior notice or demand or any setoff or deduction or offset (except as otherwise specifically provided herein), at the place Landlord may designate from time to Landlordtime, in money of the United States of America that, at the time of payment, is legal tender for the payment of all obligations. As used herein, “Additional Rent” means all amounts, other than Base Rent, that Tenant is required to pay Landlord hereunder. Monthly payments of Base Rent and monthly payments of Additional Rent for the PremisesExpenses (defined in Section 4.2.2), Taxes (defined in Section 4.2.3) and parking (collectively, “Monthly Rent”) shall be paid in advance on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amountTerm; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date installment of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 the first full calendar month for which Base Rent is payable hereunder shall be at the same rental rate per-square-foot (paid upon Tenant’s execution and delivery hereof. Except as otherwise provided herein, all other items of Additional Rent shall be adjusted paid within 30 days after Landlord’s request for payment. Rent for any partial calendar month shall be prorated based on the actual number of days in such month. Without limiting Landlord’s other rights or remedies, (a) if any installment of Rent is not received by Landlord or its designee within five (5) business days after its due date, Tenant shall pay Landlord a late charge equal to 5% of the overdue amount (provided, however, that such late charge shall not apply to any such delinquency unless either (i) such delinquency is not cured within five (5) business days after notice from Landlord, or (ii) Tenant previously received notice from Landlord of a delinquency that occurred earlier in the same manner calendar year); and on (b) any Rent that is not paid within 10 days after its due date shall bear interest, from its due date until paid, at the same annual adjustment dates) as lesser of 18% per annum or the Base highest rate permitted by Law (defined in Section 5). Tenant’s covenant to pay Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2is independent of every other covenant herein.

Appears in 2 contracts

Samples: Office Lease (Apigee Corp), Office Lease (Apigee Corp)

Rent. Beginning on (a) Rent and other payments payable by tenants, licensees, concessionaires, and other persons using or occupying the Commencement Real Property or any part thereof under a Space Lease or otherwise, if any, for or in connection with such use or occupancy, including, without limitation, fixed monthly rentals, additional rentals, percentage rentals, escalation rentals, retroactive rentals, operating cost pass-throughs, common area maintenance charges, HVAC charges, payments of taxes and insurance expenses, promotional/marketing charges, construction receivables and other sums and charges payable by the tenants under the Space Leases (collectively, “Rent”) shall be prorated as of the Closing Date such that Seller will be entitled to Rent attributable to periods prior to the Closing Date and Purchaser will be entitled to Rent attributable to periods from and after the Closing Date, Tenant covenants and agrees all as more particularly set forth below: (b) All Rent, other than Percentage Rent, owed under any Space Lease collected during the calendar month for the month in which the Closing occurs, but prior to paythe Closing Date, without abatement, shall be applied in the following order of priority (after deduction or offset except as otherwise specifically provided hereinof actual out-of-pocket costs of collection paid by Seller to third parties): (i) first, to Landlord, “Base Rent” Rent due from such tenant for the Premises, on or before month in which the first (1st) day Closing occurs prorated between Seller and Purchaser as of the first Closing Date, and (1stii) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereofsecond, subject to the adjustments as provided hereinafter along with any extent the applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment tenant shall be in arrears for any Rent due for periods of time prior to the amount of the Base Rent for one (1) full calendar month plus during which the prorated Base Closing occurs (“Rent Arrears”), then Rent collected from such tenant during the calendar month in which the Closing occurs shall be applied to Rent Arrears due from such tenant for the months preceding the month during which the Closing occurs. (c) All Rent, other than Percentage Rent, owed under any Space Lease collected after the Closing Date shall be applied in the following order of priority (after deduction of actual out-of-pocket costs of collection paid by Purchaser to third parties): (i) first, to Rent then due from the applicable tenant to Purchaser; (ii) second, to Rent due from the applicable tenant for the calendar month in which the Commencement Date fallsClosing occurs, prorated between Seller and Purchaser as of the Closing Date; and (iii) third, thereafter to the balance of Rent Arrears due then to Seller from such payment tenant. Any sums owed to be due on Seller or Purchaser, as the Commencement Date. The Prepaid Rent described above case may be, pursuant to the foregoing shall be applied by Landlord paid to the Rent payable for the first full month that Rent is due. If Tenant fails party entitled hereunder to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts receive such sum within fifteen (15) days following receipt thereof by the seventh other party. Purchaser shall deliver to Seller by the twentieth (7th20th) day of the first full calendar month after the Closing and every month thereafter through the twelfth (12th) month following the Closing, a statement of the collection status of each Rent Arrear until the collection of all Rent Arrears. For one (1) year following the Closing, Seller shall have the right, upon reasonable notice, but no more often than once in such twelve (12) month period, to audit Purchaser’s books and records to verify the amount of Rent Arrears which has actually been collected by Purchaser. Purchaser shall pursue all Rent Arrears in the ordinary course of business and shall have the right to negotiate settlements with tenants who have Rent Arrears as it may determine in good faith; provided that, at its sole cost and expense (A) Seller shall have the unrestricted right to pursue collection from any tenant not in possession of its space as of the Closing Date in Seller’s sole discretion including, without limitation, initiating and prosecuting a lawsuit against the applicable tenant and (B) in the event that after Closing Purchaser evicts or otherwise terminates the possession of any tenant with Rent Arrears, Seller shall have the unrestricted right to pursue collection from such tenant in Seller’s sole discretion including, without limitation, initiating and prosecuting a lawsuit against the applicable tenant. (d) Percentage rent or overage rent (referred to herein as “Percentage Rent”) under each Lease shall be prorated between Purchaser and Seller for the Lease Year (as defined below) in which the Closing occurs in proportion to the relative periods of ownership of Seller and Purchaser during such installment is due (provided that Landlord will Lease Year, with an adjustment to be required made post-Closing upon completion of each applicable Lease Year to give Tenant written notice of Tenant’s failure to pay account for any such monthly payments two (2) times in any Percentage Rent paid after Closing Date occurs. As used herein, the term “Lease Year” means the twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periodsor, as hereinafter defined, if applicable) by multiplying to tenants for which the Base Rent then being paid by Closing occurs during a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new partial Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment datessuch applicable shorter period) as the Base to which annual Percentage Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2is owed under each Lease.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Morgans Hotel Group Co.), Purchase and Sale Agreement (Pebblebrook Hotel Trust)

Rent. Beginning on the Commencement Date, Tenant covenants and Lessor agrees to paymake an initial cash payment to Lessor of $1,250,000.00 upon the execution of this Mining Lease. This payment and payments of annual base rent pursuant to this Section 4 are nonrefundable and shall not be recovered by Lessee from royalties to be paid to Lessor during the term of the Mining Lease. In addition to paying the initial cash payment of $1,250,000.00 to Lessor, without abatement, deduction or offset except as otherwise specifically provided herein, Lessee agrees to Landlord, “Base Rent” pay to Lessor base rent of $225,000.00 per year for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term five years of this Mining Lease and any renewal thereof, subject to $337,500.00 per year for the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current ratesecond five years of this Mining Lease. If the Commencement Date occurs on a day other than the The first (1st) day of a calendar month, the first Base Rent annual rental payment shall be made concurrently with the $1,250,000.00 initial cash payment upon the execution of this Mining Lease. As provided in Section 17, despite any surrender and release by Lessee of this Mining Lease as to all or any part of the Property during the first ten years hereof, Lessee shall continue to pay annual base rent pursuant to this Section 4 for the first ten years hereof unless on the date a rent payment is due (i) uranium mining in all or any portion of the State of New Mexico that includes the Property has been banned by any governmental authority, (ii) the “Uranium Sale Price” (as defined in Section 6.A (2)) is less than $25 per pound, or (iii) an independent engineering firm has determined that it would be uneconomic to mine uranium deposits on the Property. After the end of the tenth year of this Mining Lease, Lessee shall for so long as it is engaged on the Property in Active Exploitation of Mineral Deposits pay annual base rent of $75 per acre subject to this Mining Lease on the date rent is due. The amount of rent paid by Lessee for any lease year after the tenth lease year shall be deducted from royalties otherwise payable for such year pursuant to Section 6 and no royalties shall be payable for any lease year after the tenth lease year until the aggregate amount of royalties otherwise payable for such lease year exceeds the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent rent paid for the immediately prior Lease Yearsame lease year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, All rent payments shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant made on the anniversary of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior this Mining Lease by wire transfer to the commencement of each new Lease Year. Howeverbank account designated by Lessor, failure of Landlord or by certified check, drawn on a United States bank, payable to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver Lessor and sent to Lessor by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive certified mail to the commencement address provided for in Section 30. After Active Exploitation of the new Mineral Deposits permanently ceases and while Lessee is engaged in reclamation, restoration, decommissioning and decontamination activities required by this Mining Lease Yearand/or by Applicable Laws, upon notification by Landlord Lessee shall have no obligation to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basispay annual base rent. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Uranium Mining Lease (Uranium Resources Inc /De/), Uranium Mining Lease (Neutron Energy, Inc.)

Rent. Beginning on the Commencement Date, (a) Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, shall pay to Landlord, “Base Rent” as rent for the PremisesLeased Premises during the Term, the Basic Rent in advance, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof Closing Date and on each Basic Rent Payment Date occurring after the Closing Date, and shall pay the same (at Tenant’s Option) by ACH or before wire transfer in immediately available federal funds by 3:00 p.m., New York time, on the first (1st) day of each and every successive calendar month thereafter during date due, to such account in such bank as Landlord shall designate from time to time. In the full Term of this Lease and any renewal thereof, subject to event that the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Closing Date occurs on is a day date other than the first (1st) day Business Day of a calendar month, the first Base Basic Rent payment due on the Closing Date shall be an amount equal to the amount of Basic Rent set forth on Exhibit B hereto for the first Basic Rent Payment Date, times 1/30, times the number of days from and including the Closing Date to and excluding the first day of the following calendar month, and the Basic Rent due on the first Business Day of the month following the month in which the Closing Date occurs shall be the amount set forth on Exhibit B for the first Basic Rent Payment Date. (b) Tenant shall pay and discharge, as Additional Rent, all other amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease, together with every fine, penalty, interest and cost which may be added by the party to whom such payment is due for nonpayment or late payment thereof. All payments of Additional Rent that are payable to Landlord shall be paid by Tenant (at Tenant’s option) by ACH or wire transfer in immediately available federal funds to such account in such bank as Landlord shall designate from time to time. (c) If any installment of Basic Rent or Additional Rent is not paid when the same is due, Tenant shall pay to Landlord, on demand, as Additional Rent, interest on such installment from the date such installment was due to the date such installment is paid at the Default Rate. In addition to the interest payable pursuant to the foregoing sentence, any payment not received by the applicable due date shall incur a late charge in the amount of the Base Rent for one percent (1%) full of such late payment amount (except to the extent such late charge is prohibited by applicable law), provided, however, that with respect to the first two (2) late payments of all or any portion of any installment of Basic Rent in any calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsyear, such payment to late charge shall not be due and payable unless the Basic Rent has not been paid within five (5) days following the due date thereof, and provided, further that if any payment is received by the applicable due date solely as a result of a force majeure event, then no late charge shall be payable with respect thereto. Tenant and Landlord agree that this late charge represents a reasonable sum (considering all of the circumstances existing on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day date of the month in which such installment is due (provided execution of this Lease) and a fair and reasonable estimate of the costs that Landlord will be required to give Tenant written notice incur by reason of Tenant’s failure to pay such amounts on time. Tenant and Landlord further agree that proof of actual damages would be costly and inconvenient. Acceptance of any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum charge shall not constitute a waiver of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added default with respect to the unpaid amount a late charge based on the monthly prorata percentage overdue Basic Rent or Additional Rent payment and shall not prevent Landlord from exercising any of the Default Rate other rights available hereunder. (d) Landlord and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees Tenant agree that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease is a true lease and does not represent a financing arrangement. Each party shall reflect the transactions represented by this Lease in all applicable books, records and reports (not to include the Renewal Periodsincluding, as hereinafter definedwithout limitation, if applicableincome tax filings) by multiplying the Base Rent then being paid by in a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (manner consistent with CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less true lease” treatment rather than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis“financing” treatment. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Chefs' Warehouse, Inc.)

Rent. Beginning on 4.01 From and after the Commencement Date, Tenant covenants and agrees to payshall pay Landlord, without abatementany setoff or deduction, deduction or offset except unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Term (collectively referred to as otherwise specifically provided herein, to Landlord, Rent”). “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay Landlord under this Lease. Tenant shall pay and be liable for the Premisesall 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 (1st) day of each calendar month without notice or demand, provided that the installment of Base Rent attributable to the first (1st) full calendar month of the Term hereof shall be due concurrently with the execution of this Lease by Tenant. All other items of Rent shall be due and payable on or before the first thirty (1st30) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject days after billing by Landlord. Rent shall be made payable to the adjustments as provided hereinafter along with any applicable tax as defined hereinentity, and sent to the address, that Landlord designates and shall be made by good and sufficient check or by other means acceptable to Landlord. Landlord may return to Tenant, at any time within fifteen (15) days after receiving same, any payment of Rent (a) made following any Default (irrespective of whether Landlord has commenced the then current rateexercise of any remedy), or (b) that is less than the amount due. Each such returned payment (whether made by returning Tenant’s actual check, or by issuing a refund in the event Tenant’s check was deposited) shall be conclusively presumed not to have been received or approved by Landlord. If the Commencement Date occurs on a day other than the first (1st) day of a calendar monthTenant does not pay any Rent when due hereunder, the first Base Rent payment Tenant shall be pay Landlord an administration fee in the amount of five percent (5%) of the Base Rent for one (1) full calendar month plus past due amount. Notwithstanding the prorated Base Rent for the calendar month in which the Commencement Date fallsforegoing, Landlord will not assess a late charge until Landlord has delivered written notice to Tenant of such late payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times late payment in any twelve (12) month period prior to and after Tenant has not cured such late fees being charged), or if Tenant fails to pay any other sum of money payment within thirty three (303) days after written notice by Landlord to Tenant, or if any check delivered for the payment from receipt of Rent is returned for insufficient funds, there such notice. No other notices will be added to required during the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any following twelve (12) month periodmonths for a late charge to be incurred. The Base In addition, past due Rent shall accrue interest at a rate equal to the lesser of (i) twelve percent (12%) per annum or (ii) the maximum legal rate, and Tenant shall pay Landlord a fee for any checks returned by Tenant’s bank for any reason. To ascertain whether any interest payable by Tenant to Landlord exceeds the legal limits imposed, any non-principal payment (including the administration fee) shall be in accordance with considered to the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base extent permitted by Law to be an expense or a fee, premium or penalty, rather than interest. Landlord’s acceptance of less than the correct amount of Rent shall be adjusted at the beginning considered a payment on account of the fourth (4th) Lease Year by multiplying the Base oldest obligation due from Tenant hereunder, then to any current Rent then being paid by a fractiondue hereunder, notwithstanding any statement to the numerator of which shall be the Consumer Price Index - U.S. City average contrary contained on or accompanying any such payment from Tenant. Rent for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) any partial month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term shall be prorated. No endorsement or statement on a check or letter accompanying payment shall be considered an accord and satisfaction. Accordingly, Tenant hereby waives the provisions of California Uniform Commercial Code §3311 (and any similar Law that would permit an accord and satisfaction contrary to the provisions of this Section 4.01). Any partial payment shall be treated as a payment on account, and Landlord may accept such payment without prejudice to Landlord’s right to recover any balance due or to pursue any other remedy permitted by this Lease. No payment, receipt or acceptance of Rent following (a) any. Default; (b) the commencement of any action against Tenant; (c) termination of this Lease or the entry of judgment against Tenant for possession of the Premises; or (not to include d) the Renewal Periods, as hereinafter defined, if applicable) exercise of any other remedy by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and TenantLandlord, shall be used. Base Rent shall cure the Default, reinstate the Lease, grant any relief from forfeiture, continue or extend the Term, or otherwise affect or constitute a waiver of Landlord’s right to be payable in monthly installments as otherwise described above until Landlord notifies Tenant or exercise of any remedy, including Landlord’s right to terminate the Lease and recover possession of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amountPremises; provided, however, that the full payment of all amounts required to cure any Monetary Default shall operate to cure said Default if Landlord fails paid within the time period provided in this Lease. The foregoing constitutes actual notice to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisprovisions of California Code of Civil Procedure §1161.1(c). b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Office Lease Agreement (ForgeRock, Inc.), Office Lease Agreement (ForgeRock, Inc.)

Rent. Beginning on the Commencement Date, Tenant covenants and agrees shall pay base rent (referred to pay, without abatement, deduction or offset except herein as otherwise specifically provided herein, to Landlord, “Base Rent” for or “Rent”) to Hitachi and HTS at the Premisesplace as Hitachi may from time to time designate, in coin or currency, which shall be Eleven Million Ninety Two Thousand Six Hundred and Eighty (11,092,680) Japanese Yen per year, payable in equal monthly installments of 655,714 Japanese Yen to Hitachi and 268,676 Japanese Yen to HTS. Such Base Rent shall be reviewed annually and will be determined by using the Rent formula (“Formula”) set forth in the attached Exhibit B as made a part hereof. Such new Base Rent amount will commence on October 1 of each Lease Year and end on September 31 of the following Lease Year. Landlord shall inform Tenant of the annual adjusted Rent amount pursuant to the form of Landlord Notice of Annual Rent Adjustment, which is attached hereto as Exhibit C. All rent payments shall be made in advance on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) 15th day of each and every successive calendar month thereafter during the Term, without any set-off or deduction whatsoever, except that Tenant shall pay the first full Term monthly installment at the time of execution of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateLease. If the Commencement Date occurs on a day Term commences other than on the first (1st) day of a calendar month or ends other than on the last day of the month, the first Base Rent payment for such month shall be in the amount prorated. All of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be any sums and payments due on the Commencement Date. The Prepaid Rent described above and owning under this Lease shall be applied by Landlord to deemed “Rent.” For purposes of this Lease, a lease year shall be the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for commencing with the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage first day of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter definedor, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and Commencement Date falls on the same annual adjustment dates) as the Base Rent then being paid for Phase 1first day of a month, commencing on the Commencement Date Date) and ending on the last day of the twelfth (12th) full calendar month thereafter, and each succeeding twelve (12) calendar month period (a “Lease Year”), and this Lease shall then terminate, unless extended, on the last day of the twentieth Lease Year (the “Expiration Date”). Tenant shall be responsible for Phase 2the payment of any consumption tax in connection with the transactions contemplated by this Agreement and any refund of all or any portion of the consumption tax shall be retained by Tenant.

Appears in 2 contracts

Samples: Lease Agreement (Opnext Inc), Lease Agreement (Opnext Inc)

Rent. Beginning on the Commencement Date, Tenant covenants and agrees shall pay base rent (referred to pay, without abatement, deduction or offset except herein as otherwise specifically provided herein, to Landlord, “Base Rent” for or “Rent”) to Landlord at the Premisesplace as Landlord may from time to time designate, in coin or currency which, shall be Sixty (60) Million Japanese Yen per year, payable in equal monthly installments of Five (5) Million Japanese Yen. Such Base Rent shall be reviewed annually and will be determined by using the Rent formula (“Formula”) set forth in the attached Exhibit B as made a part hereof. Such new Base Rent amount after annual review of the Variables, will commence on April 1 of each Lease Year and end on March 31 of the following Lease Year. Landlord shall inform Tenant of the annual adjusted Rent amount pursuant to the form of Landlord Notice of Annual Rent Adjustment, which is attached hereto as Exhibit D. All rent payments shall be made in advance on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) 15th day of each and every successive calendar month thereafter during the Term, without any set-off or deduction whatsoever, except that Tenant shall pay the first full Term monthly installment at the time of execution of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateLease. If the Commencement Date occurs on a day Term commences other than on the first (1st) day of a calendar month or ends other than on the last day of the month, the first Base Rent payment for such month shall be in prorated. Notwithstanding the amount foregoing, with respect to Rent due from the Effective Date until the execution date of this Lease, Landlord shall send applicable monthly invoices reflecting all such Rent due by Tenant and Tenant shall promptly pay such Rent pursuant to the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be terms of this Lease. All of any sums and payments due on the Commencement Date. The Prepaid Rent described above and owning under this Lease shall be applied by Landlord to deemed “Rent.” For purposes of this Lease, a lease year shall be the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for commencing with the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage first day of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter definedor, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and Commencement Date falls on the same annual adjustment dates) as the Base Rent then being paid for Phase 1first day of a month, commencing on the Commencement Date for Phase 2Date) and ending on the last day of the twelfth (12th) full calendar month thereafter, and each succeeding twelve (12) calendar month period (a “Lease Year”), and this Lease shall then terminate, unless extended, on the last day of the twentieth Lease Year (the “Expiration Date”).

Appears in 2 contracts

Samples: Lease Agreement (Opnext Inc), Lease Agreement (Opnext Inc)

Rent. Beginning on Commencing upon the Ground Lease Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” the initial rent for the PremisesSite (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. Each five (5) year period following the Ground Lease Commencement Date shall be defined herein as an “Adjustment Period.” Any upward adjustment based on or before a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the first (1st) 1st day of the first month and shall be payable by the 15th day of that month, provided however, that: (1sta) full calendar month of the Term hereof and on or before the first (1st) day payment of each and every successive calendar month thereafter during Rent shall be due on the full Term of this Ground Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on and, if the Ground Lease Commencement Date is a day date other than the first (1st) day of a calendar the month, the first Base payment of Rent payment shall be in the a prorated amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which period of time between the Ground Lease Commencement Date falls, such payment to be due on and the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the next following first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due month; and (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2b) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the first payment of Rent is returned for insufficient funds, there due upon the commencement of any new Adjustment Period will be added to owed and paid one month after the unpaid amount a late charge based on commencement of that Adjustment Period and shall reflect the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace periodEstimated CPI Percentage Increase, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)

Rent. Beginning on the Commencement Date, Tenant covenants and (a) The Ground Lessee agrees to pay, without abatement, deduction or offset except pay as otherwise specifically provided herein, to Landlord, “Base Rent” rent for the PremisesGround Interest to the Ground Lessor on May 8 and November 8 of each year during the Site Lease Term, until the date that is the 60th anniversary of the Closing Date ("Predetermined Ground Rent Expiration Date"), the amount of $193,000.00, ----------------------------------------- for the semiannual period ending on or before such date; provided that the first (1st) day payment of rent shall be prorated from the beginning of the first (1st) full calendar month Site Lease Term to November 8, 2001. If the Site Lease Term shall have been terminated in part pursuant to Section 2.8(b), rent payable during the remainder of the Site Lease Term hereof and on or before for the first (1st) day of each and every successive calendar month thereafter during Ground Interest shall be the full Term of this Lease and any renewal thereof, amount specified above for the Ground Interest multiplied by the Unit Percentage for the Unit that continues to be subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. Facility Lease. (b) If the Commencement Date occurs on a day other than Site Lease Term is in effect after the first (1st) day later of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace periodthe Facility Lease Term and the date that is the 60th anniversary of the Closing Date (the "Ground Rent Adjustment Date"), the Ground Lessee agrees to --------------------------- pay to the Ground Lessor annual rent from and after the Ground Rent Adjustment Date equal to the then annual Fair Market Rental Value of the Ground Interest for the remaining period of the Site Lease Term. Such Fair Market Rental Value (determined on the basis that the Facility Site was unimproved) shall be determined no earlier than 12 months prior to the Ground Rent Adjustment Date by agreement of the parties or, if any) two (2) times in any twelve (12) month period. The Base Rent payable they shall fail to agree, by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fractionAppraisal Procedure, the numerator costs of which shall be shared equally by the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, Ground Lessor and the denominator of which Ground Lessee. Such annual rent shall be payable semi-annually in arrears on each May 8 and November 8 during the CPI remainder of the Site Lease Term. (c) All rent for any partial semi-annual period during which the third (3rd) month preceding last day of the Commencement Date for Phase 1. Thereafter, the Base Rent Site Lease Term occurs shall be adjusted at prorated on the beginning basis of the fifth (5th) Lease Year and the beginning actual number of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982days in such semi-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisannual period. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Participation Agreement (Dynegy Danskammer LLC), Site Lease Agreement (Dynegy Danskammer LLC)

Rent. Beginning on the Commencement Date, 3.1 Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay to Landlord, “Base Rent” for Landlord the Premises, Annual Rent in effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of the first (1st) each full calendar month during the Term, except that the first full month’s rent shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter Annual Rent in effect at such time. Rent for any period during the Term which is less than a full Term month shall be a prorated portion of this Lease the Monthly Installment of Rent based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined hereinwithout notice or demand, at the then current rateRent 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 Unless specified in this Lease to the Commencement Date occurs 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 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 five (5) days of when due and payable pursuant to this Lease (so long as Landlord has delivered to Tenant, at least thirty (30) days prior to the date on which the same is due, an estimate of Tenant’s liability for Expenses and/or Taxes), a day late charge shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($50.00), or (b) five percent (5%) of the unpaid rent or other payment; provided, however, no such late charge shall be assessed for any payments due hereunder (other than the first (1st) day Monthly Installments of Rent, including Tenant’s Proportionate Share of Expenses and Taxes, in which case a calendar month, the first Base Rent payment late charge shall be in the automatically assessed if such amount is not paid within five (5) days of the Base Rent for one (1when due and payable pursuant to this Lease) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If unless Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money amount within thirty (30) days after Landlord’s written notice demand therefor. The amount of the late charge to be paid by Landlord Tenant shall be reassessed and added to Tenant, or if any check delivered ’s obligation for the payment each successive month until paid. The provisions of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage this Section 3.2 in no way relieve Tenant of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed obligation to pay any installment of Rent on the due date thereof (and such failure shall not have been cured rent or other payments on or before the last day date on which they are due, nor do the terms of any grace period, if any) two (2) times this Section 3.2 in any twelve (12) month period. The Base Rent payable by Tenant way affect Landlord’s remedies pursuant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term Article 19 of this Lease (not to include in the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor said rent or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months payment is unpaid after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisdue. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease Agreement (Reata Pharmaceuticals Inc), Lease (Reata Pharmaceuticals Inc)

Rent. Beginning on the Commencement DateIn consideration of this lease, Tenant covenants promises and agrees to pay, pay Landlord the Basic Rental defined in the Basic Lease Information (subject to adjustment as hereinafter provided) without abatement, deduction or offset except as otherwise specifically provided hereinsetoff, for each month of the entire lease term. One such monthly installment together with the security deposit shall be payable by Tenant to LandlordLandlord contemporaneously with the execution of this lease, “Base Rent” for and a like monthly installment shall be due and payable without demand beginning on the Premises, 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 during the term hereof. Rent for any fractional month at the beginning of the lease term shall be prorated based on one three hundred sixty-fifth (1st1/365) of the current annual Basic Rental for each day of the first (1st) full calendar partial month of the Term hereof this lease is in effect, and shall be due and payable on or before the first (1st) day of each and every successive calendar month thereafter during date on which Tenant certifies that it has accepted the full Term of this Lease and premises pursuant to Paragraph 2 hereof. In the event any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount installment of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsBasic Rental, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts sums which become owing by Tenant to Landlord under the seventh provisions hereof is not received within ten (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (3010) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (without in any way implying Landlord’s consent to such late payment), Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Basic Rental or such other sums owed, a late payment charge equal to ten percent (10%) of the installment of the Basic Rental or such other sums owed, it being understood that said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for the additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late installment payments of the Basic Rental and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable other sums which become owing by Tenant to Landlord hereunder. Landlord and Tenant expressly covenant and agree that in the event of any such late payment(s) by Tenant, the damages so resulting to Landlord will be difficult to ascertain precisely, and that the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages. Notwithstanding the foregoing, the foregoing late charges shall not apply to any sums which may [illegible] been advanced by Landlord to or for [illegible] benefit of Tenant pursuant to the provisions of this lease, it being understood that such sums shall bear interest, which Tenant hereby agrees to pay to Landlord, at the maximum rate of interest permitted by law to be charged Tenant for the use or forbearance of such money. The security deposit (as defined in the Basic Lease Information) shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year held by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average Landlord without liability for urban wage earners interest and clerical workers ail items (1982-84 equals 100) (“CPI”) as security for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) performance by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. HoweverTenant’s covenants and obligations under this lease), failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount it being expressly understood that such deposit shall not be deemed considered an advance payment of rental or a waiver measure of Landlord’s damages in case of default by Tenant. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy, use such deposit to the extent necessary to make good any arrearages of rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following any such application of the increased rental; security deposit, Tenant shall pay to Landlord on demand the new monthly amount (or so applied in order to restore the security deposit to its original amount. If Tenant is not then in default hereunder, any portion not previously paid) remaining balance of such deposit shall be payable, retroactive to the commencement of the new Lease Year, upon notification returned by Landlord to Tenant within a reasonable period of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months time after the date termination of adjustmentthis lease. If Landlord transfers its interest in the premises during the lease term, then Landlord may assign the CPI adjustment for that year security deposit to the the transferee and thereafter shall be deemed to be waived. In have no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid further liability for the immediately prior Lease Year, on a non-cumulative basisreturn of such security deposit. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Office Building Lease Agreement, Office Building Lease Agreement (Rackspace Inc)

Rent. Beginning (a) Tenant shall pay to Landlord the following amounts as rent for the Premises: (i) During the Term, commencing on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, shall pay to Landlord, as base monthly rent, the respective amounts of monthly rent specified in the Basic Lease Information (the “Base Rent”). If the Commencement Date should occur on a day other than the first day of a calendar month, or if the Term shall end on a day other than the last day of a calendar month, then the Base Rent for such fractional month shall be prorated upon a daily basis based upon a thirty (30)-day month. Base Rent is due and payable monthly, in advance, on the first day of each calendar month, except that Base Rent for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before (the first (1st“First Month”) day of each and every successive calendar month thereafter during the full Term shall be paid upon execution of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateLease. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which period from the Commencement Date falls, such payment to through the end of said calendar month shall be due and payable on the Commencement Date. The Prepaid , and the Base Rent described above payable upon execution of this Lease shall be applied by Landlord to credited against the Base Rent payable due for the First Month as of the first full month that Rent is dueday of the First Month. If Tenant fails to pay any regular monthly installment of Adjustments in Base Rent or Landlord’s Operating Costs or any other monthly amounts by specified in the seventh (7th) Basic Lease Information shall be determined on a Lease Year basis. As used herein, the term “Lease Year” shall mean a twelve calendar month period; provided, however, that the first Lease Year of the Term shall commence on the Commencement Date and run through the day immediately preceding the first day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice the one year anniversary of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date occurs, with each successive Lease Year specified in the Basic Lease Information to run for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning a period of the fifth (5th) next succeeding twelve months, other than and except for the final Lease Year and specified in the beginning of each succeeding Basic Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of Information which shall be the Consumer Price Index - U.S. City average for urban wage earners commence as hereinabove provided and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be run through the CPI for Expiration Date notwithstanding the fifteenth (15th) month preceding the month actual number of adjustment. Anything herein to the contrary notwithstanding, days included in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basissaid period. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Office Lease (ThredUp Inc.), Office Lease (ThredUp Inc.)

Rent. Beginning on 3.1 Rental and other charges due and payable hereunder shall accrue hereunder from the Rental Commencement DateDate until the termination of this lease and shall be payable to Clearwater Retail Partners, Tenant covenants LLC at the following mailing address unless otherwise directed by Landlord in writing: c/o 000 Xxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxx 00000. 3.2 The first monthly installment shall be due and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, payable on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Rental Commencement Date occurs (except that if the Rental Commencement Date falls on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in an amount equal to that percentage of monthly installment which the amount number of days from the Base Rent for one (1) full Rental Commencement Date to the end of such calendar month plus bears to the prorated Base Rent for the calendar month total number of days in which the Commencement Date fallssuch month) and a like installment, such payment to unless adjusted upward as provided below, shall be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent and payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written without notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last first day of any grace periodeach succeeding calendar month during the Term. Unless otherwise specifically provided for in this lease, if any) two (2) times in any twelve (12) month period. The Base Rent payable by the covenant of Tenant to Landlord pay all rents hereunder is and shall be in accordance with deemed a separate and independent covenant and Tenant shall have no right of deduction or set-off whatsoever. It is agreed that after the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent First Lease Year and during the Lease Term and Option Periods, Minimum Guaranteed Rental shall be adjusted at computed as follows: Multiply the beginning of the fourth Minimum Guaranteed Rental provided for in Article 1.1 (4thg) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be is the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) established for the third (3rd) month last preceding the month of adjustmentDecember, and the denominator of which is the Consumer Price Index established for the month preceding the Rental Commencement Date of this lease. If the product thus ascertained is greater than the Minimum Guaranteed Rental, said product shall be the CPI for new Minimum Guaranteed Rental payable to Landlord by Tenant during each month of the third (3rd) month preceding ensuing Lease Year; and if the Commencement Date for Phase 1. Thereafterproduct thus ascertained is equal to or less than the Minimum Guaranteed Rental, the Base Rent total monthly rental payable to Landlord by Tenant during each month of the ensuing Lease Year shall be adjusted at the beginning of the fifth Minimum Guaranteed Rental payable under Article 1.1 (5th) g). The total Minimum Guaranteed Rental for each Lease Year and after the beginning of each succeeding First Lease Year during the Lease Term shall be recomputed in accordance with the above stated formula as soon as practicable after the end of each Lease Year of this Lease (not to include lease. Notwithstanding the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fractionforegoing, the numerator adjustment annually will always be based upon a minimum increase of which 1% and maximum increase of 2% annually. The foregoing annual increases shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basiscumulative. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (First State Financial Corp/Fl)

Rent. Beginning Daily Rent shall be due on all Advances made by Lessor pursuant to any Acceptance Certificate and shall accrue from the earlier of the Advance Date or the Acceptance Date of any item of Equipment at the Daily Rent set forth in the applicable Acceptance Certificate multiplied by the number of days from (and including) the earlier of the Advance Date or the Acceptance Date to (but not including) the Commencement Date and shall be due and payable on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on until the Commencement Date. The Prepaid Basic Rent payable hereunder during the Basic Term is as set forth in the Equipment Schedule. Lessor and Lessee agree that the Basic Rent described above shall be applied by Landlord in the Equipment Schedule has a corresponding yield relationship to the Rent payable for U.S. Treasury obligation and with the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by closest equivalent maturity as the seventh (7th) day of the month applicable Lease Basic Term as reported in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based The Wall Street Journal on the monthly prorata percentage of date of, and quoted in, Lessor's Proposal Letter, and consequently, the Default Basic Rent, Lease Rate Factor, and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof Stipulated Loss Values (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter definedRent, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall may be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared adjusted upward by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after Lessor on the date of adjustmentpreparation of the Equipment Schedule, or alternatively, on the funding date by a Notification of Rent Adjustment amendment prepared thereafter, to reflect a change on such date in the reported yield of the U.S. Treasury obligation, with the equivalent term of the U.S. Treasury obligation quoted in the Proposal Letter (or the closest term to such original U.S. Treasury obligation in the event an identical term issue is not reported, and in the event that two or more comparison Treasury obligations are quoted with identical maturities, then with the CPI adjustment for that year "Asked" price which is closest to par) in order to preserve Lessor's anticipated corresponding yield relationship. Except as may otherwise be provided in any Equipment Schedule, Basic Rent shall be deemed begin to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing accrue on the Commencement Date and shall be due and payable by Lessee on the first day of each period (advance) or the last day (arrears) of each period, as set forth in the applicable Equipment Schedule. In addition to the Basic Rent and Daily Rent, Lessee shall pay Renewal Rent, if any, due as indicated in this Lease Agreement, or on any Equipment Schedule, or any Rider hereto or thereto. All Rent due by Lessee hereunder is an absolute and unconditional obligation of Lessee which may not be abated or offset for Phase 2any reason whatsoever as provided in Section 10 hereof.

Appears in 2 contracts

Samples: Master Lease Agreement (Convio, Inc.), Master Lease Agreement (Convio, Inc.)

Rent. Beginning on Commencing upon the Ground Lease Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” the initial rent for the PremisesSite (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every three (3) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment for any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date three years thereafter, and each three (3) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on or before a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the first (1st) 1st day of the first month and shall be payable by the 15th day of that month, provided however, that: (1sta) full calendar month of the Term hereof and on or before the first (1st) day payment of each and every successive calendar month thereafter during Rent shall be due on the full Term of this Ground Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on and, if the Ground Lease Commencement Date is a day date other than the first (1st) day of a calendar the month, the first Base payment of Rent payment shall be in the a prorated amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which period of time between the Ground Lease Commencement Date falls, such payment to be due on and the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the next following first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due month; and (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2b) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the first payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to upon the commencement of each any new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not Adjustment Period will be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to owed and paid one month after the commencement of that Adjustment Period, in order to permit the new Lease Year, upon notification by Landlord Tenant to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then calculate and include the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisAdjustment as provided in Section 4.2. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)

Rent. Beginning Minimum rent shall be Thirty Seven Thousand Two Hundred Sixteen Dollars and Sixty-Seven Cents (37,216.67) per month (“Minimum Rent”). Tenant shall pay to Landlord without previous demand thereof and without any abatement, reduction, setoff or deduction whatsoever, the Minimum Rent (together with any applicable sales tax and local taxes if the same are ever required by law), payable in equal monthly installments, in advance, on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during throughout the full Term of this Lease and any renewal thereof, subject Lease. The Minimum Rent shall commence to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due accrue on the Commencement Date. The Prepaid first such monthly installments of Minimum Rent described above shall be applied by due and payable to Landlord no later than the Commencement Date and each subsequent monthly installment shall be due and payable to the Rent payable for Landlord on the first full day of each and every calendar month that Rent is duefollowing the Commencement Date during the Term hereof. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any the Commencement Date is a date other monthly amounts by than the seventh (7th) first day of the month, Minimum Rent and other charges for the period commencing with and including the Commencement Date through the first day of the following month in which such installment is due shall be prorated at the rate of one-thirtieth (provided that 1/30) of the monthly Minimum Rent per day. In addition, Tenant shall pay as Additional Rent monthly payments of applicable taxes, assessments and insurance on the Premises. This amount will be 1/12 of the xxxx for annual real estate and assessment taxes and 1/12 of the annual xxxx on insurance. Estimated figures for taxes and insurance monthly rate will be produced within ten (10) days after the signing of this Lease. Each year Landlord will be required produce any insurance, real estate tax and assessment bills to give the Tenant written notice to show how the estimated taxes and insurance were computed as Additional Rent. In the event of Tenant’s failure any overage or underage due to the actual amounts owed and the payments made based on the estimated amounts during any Lease year, Landlord shall reimburse to Tenant the amount of any overage paid by Tenant or Tenant shall pay to Landlord the amount of any such monthly payments two (2) times underage due from Tenant in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money either case within thirty (30) days after written notice by Landlord of the delivery of the bills to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there Tenant as herein provided. 2.1.1 There will be added to an increase in the unpaid amount a late charge based Minimum Rent starting on the monthly prorata percentage first anniversary of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, lease if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for increases over the third (3rd) month immediately preceding the month of adjustment, and the denominator of which year. Minimum Rent specified in this lease shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not subject to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be increase in accordance with changes in the Consumer Price Index - U.S. City average for urban wage earners Urban Wage Earners and clerical workers all items Clerical Workers (1982CPI-84 equals W) as promulgated by the Bureau of Labor Statistics of the United States Department of Labor, using the year of the Commencement Date as a base of 100) (“CPl”) . On each anniversary date there will be a rent adjustment based on the percentage increase in the Consumer Price Index from the immediately preceding year. If the Consumer Price Index goes down the rent will not change for that year. Consumer Price Index increases will apply on the third (3rd) month preceding anniversary date of each year of the month Commencement Date. The percentage increase in the Consumer Price Index will increase the minimum rent for that year. 2.1.2 In the event that the Consumer Price Index ceases to incorporate significant number of adjustmentitems, and or if a substantial change is made in the denominator method of which establishing such Consumer Price Index shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein adjusted to the contrary notwithstandingfigure that would have resulted had no change occurred in the manner of computing such Consumer Price Index, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailableor a successor or substitute index, is not available, a reasonable substitute prepared by the U.S. Department of Labor reliable governmental or other sourcenonpartisan publication, as reasonably acceptable to Landlord and Tenantevaluating the information for use in determining the Consumer Price Index, shall be used. Base Rent shall continue to be payable used in monthly installments as otherwise described above until Landlord notifies Tenant lieu of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basissuch Consumer Price Index. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Inc)

Rent. Beginning on the Commencement Date, Tenant covenants and agrees shall pay to payLandlord as minimum monthly rent, without abatement---- deduction, deduction setoff, prior notice, or offset except demand, the Basic Monthly Rent described in Paragraph 2.6, above (subject to adjustment as otherwise specifically provided hereinin the attached Addendum), to Landlord, “Base Rent” for the Premisesin advance, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each calendar month, beginning on the Rent Commencement Date and every successive calendar month thereafter during throughout the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateTerm. If the Rent Commencement Date occurs on a day is other than the first (1st) day of a calendar month, then the Basic Monthly Rent payable by Tenant for the first Base month of the Term following the Rent payment Commencement Date (which first month shall be in payable upon execution of this Lease) shall be prorated on the amount basis of the Base Rent for one (1) full calendar month plus actual number of days during the prorated Base Rent for Term occurring during the calendar month relevant month. Notwithstanding the foregoing, if Landlord is delayed in which the Commencement Date fallscompletion of Landlord's Work due to any act or omission by Tenant or its agents, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord employees, contractors, or representatives, then in addition to the Basic Monthly Rent payable for the first full month of the Term following the Rent Commencement Date, Tenant shall additionally pay to Landlord, upon the Rent Commencement Date, additional rent (at the rate of one-thirtieth of the Basic Monthly Rent per day) for the number of days of such delay. All "Rent" (which includes Basic Monthly Rent, and any items designated as "Additional Rent" hereunder) shall be paid to Landlord at the same address as notices are to be delivered to Landlord pursuant to Paragraph 2.10, above. The Rentable Area of the Premises and the Building is, at Landlord's election, subject to verification by Landlord's space planner or architect. That verification shall be made in accordance with this Paragraph. Tenant's space planner or architect may consult with Landlord's space planner or architect regarding that Rent verification. Verification of the Rentable Area of the Premises shall be done, if at all, within 90 days of the Lease Commencement Date. Verification of the Rentable Area of the Building may be accomplished within such 90-day period or at any time thereafter that there is duea change to the Building necessitating such verification. If Tenant fails to pay any regular monthly installment of Base Rent Landlord's space planner or Landlord’s Operating Costs or any other monthly amounts by architect determines that the seventh (7th) day Rentable Area of the month Premises or the Building is different from that stated in which such installment this Lease, all Rent that is due (provided based on that Landlord will incorrect amount shall be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times modified in any twelve (12) month period prior to such late fees being charged)accordance with that determination. If that determination is made, or if Tenant fails to pay any other sum of money within thirty (30) days after written notice it shall be confirmed in writing by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Standard Full Service Gross Office Lease (Copper Mountain Networks Inc), Standard Full Service Gross Office Lease (Copper Mountain Networks Inc)

Rent. Beginning on the Commencement DateIn consideration of this Lease, Tenant covenants promises and agrees to paypay Landlord the Base Rent, Additional Expenses (subject to adjustment as provided in Exhibit E), License Fees (as set forth in Exhibit E), and such other sums as may be provided in this Lease, without abatement, deduction or offset except as otherwise specifically provided hereinsetoff, to Landlordfor each month of the Lease Term, “Base Rent” for the Premises, with payment of all sums due in monthly installments on or before the first (1st) day of each calendar month during the Term. The total monthly amount due Landlord from Tenant hereunder is referred to as “Adjusted Rental”, notwithstanding that such amount may include fees characterized by the parties as License Fees. The first such monthly installment, constituting Tenant’s prepayment of the first calendar month’s Base Rent and License Fees due under the Lease, together with the Security Deposit, shall be payable by Tenant to Landlord as provided in Paragraph 6 of Exhibit D attached hereto. A like monthly installment shall be due and payable without demand beginning on the first day of the calendar month which is the second calendar month of the Lease Term and continuing on the first (1st) day of each succeeding calendar month during the Term hereof, subject to credit of Security Deposit balance in the 36th full calendar month of the Term hereof and on or before Term. In the event that Tenant shall occupy the Premises prior to the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, or the Lease shall otherwise commence according to its terms prior to the first Base Rent payment day of a calendar month, then on or before such Commencement Date, Tenant shall be also pay to Landlord a prorated amount for the first partial month’s Adjusted Rental with such prorated amount based on the number of days in the amount of the Base Rent for one (1) full such calendar month plus and the prorated Base Rent for the calendar fraction of such month in which remaining from the Commencement Date falls, such payment to be due on month’s end. In the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay event any regular monthly installment of Base Rent or Landlord’s Operating Costs the Adjusted Rental, or any other monthly amounts portion thereof, is not received by the seventh fifth (7th5th) day of the calendar month in which such installment is due when due, then (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times without in any twelve (12) month period prior way implying Landlord’s consent to such late fees being charged)payment) Tenant, agrees to pay, in addition to said installment of the Adjusted Rental, a late payment charge equal to five percent (5%) of the installment of the Adjusted Rental, or portion thereof, which is overdue, it being understood that said late payment charge shall be for the purpose of reimbursing Landlord for the additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late installment payments of the Adjusted Rental which become owing by Tenant to Landlord hereunder. In addition, if Tenant fails to pay any other sum installment of money Adjusted Rental, or any portion thereof, within thirty (30) days after written notice by Landlord to Tenantthe due date thereof, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed fails to pay any installment other sum (other than Adjusted Rental) which may be due Landlord hereunder within thirty (30) days of Rent date of invoice therefore, then, in either such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (CPIPast Due Rate”) for which equals the third lesser of (3rdi) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third fifteen percent (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.515%) percent of or (ii) the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basishighest rate then permitted by law. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Office Building Lease Agreement, Office Building Lease Agreement (Rackspace Inc)

Rent. Beginning on Commencing upon the Ground Lease Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” the initial rent for the PremisesProject Site (“Rent”) shall be [***], payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through March 11, 2024, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on or before a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the first (1st) 1st day of the first month and shall be payable by the 15th day of that month; provided however, that (1sti) full calendar month of the Term hereof and on or before the first (1st) day payment of each and every successive calendar month thereafter during Rent shall be due on the full Term of this Ground Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on and, if the Ground Lease Commencement Date is a day date other than the first (1st) day of a calendar the month, the first Base payment of Rent payment shall be in the a prorated amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which period of time between the Ground Lease Commencement Date falls, such payment to be due on and the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the next following first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due month; and (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2ii) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the first payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to upon the commencement of each any new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not Adjustment Period will be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to owed and paid one month after the commencement of that Adjustment Period, in order to permit the new Lease Year, upon notification by Landlord Tenant to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then calculate the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease YearPercentage Increase, on a non-cumulative basisas set forth below. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)

Rent. Beginning on the Commencement Date, Tenant covenants and agrees to Concessionaire shall pay, without abatementoffset, deduction deduction, prior notice, or offset except demand, as otherwise specifically provided herein"Minimum Annual Rent” the sum of $$ (annual rent guarantee as bid) or (percentage as bid)% of gross annual receipts, whichever sum is greater. Beginning with Contract Year Six (6) and on the first day of each fifth Contract Year thereafter, the Minimum Annual Rent shall be adjusted to reflect changes in the Consumer Price Index (CPI). Such CPI adjustments shall be made in accordance with the procedure set forth in Exhibit G, attached to and made a part of this Contract. Concessionaire shall make payment of Minimum Annual Rent and other payments to State in lawful money of the United States. However, if any payment made by a check, draft, or money order is returned to State due to insufficient funds or otherwise, State shall have the right, at any time after the return, upon written notice to Concessionaire, to Landlord, “Base Rent” for require Concessionaire to make all subsequent payments in cash or by cashier's or certified check. Beginning with the Premises, on or before the first fifteenth (1st15th) day of the first (1st) full calendar month following the execution of the Term hereof Contract and on or before the first fifteenth (1st15th) day of each month thereafter, Concessionaire shall furnish to State a verified statement of the concession’s gross receipts for the preceding month. Such statement shall be submitted on Form DPR 54, Concessionaire's Monthly Report of Operation, attached hereto as Exhibit B, or in a format previously approved by the State, and every successive shall specify the current period and cumulative total of gross receipts for the concession through the end of the preceding month for the then current Contract Year. Concessionaire shall also provide such statement for periods of non-operation. Concurrent with such monthly statement, the Concessionaire shall pay to State the appropriate rental fee based on the gross receipts for the preceding calendar month thereafter during the full Term of this Lease and any renewal thereof, subject as prescribed above. Payments to State shall be made to the adjustments order of the Department of Parks and Recreation and delivered to the District Office identified herein below or at such other location as provided hereinafter along with any applicable tax as defined hereinmay from time to time be designated by State. If, at the then current rate. If end of the Commencement Date occurs on a day other Contract Year, the total of monthly percentage rental payments made (or due) during that Contract Year is less than the first (1st) day of a calendar monthMinimum Annual Rent required for that Contract Year, the first Base Rent payment difference shall be in remitted to State with the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent last monthly sales statement for the calendar month in which Contract Year. Payments must be received by State on or before the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh fifteenth (7th15th) day of the month in which such installment is due (provided that Landlord as described above. Any late payment shall constitute a breach of contract, giving rise to State's remedies as set forth below. Further, any late payment will be required subject to give Tenant a late penalty consisting of an administrative charge on the late amount, calculated at the rate of five percent (5%) of the amount of the late payment or portion thereof. The parties agree that the late charge represents a fair and reasonable estimate of the costs State will incur because of late payment. Acceptance of the late charge by State shall not constitute a waiver of Concessionaire's default for the overdue amount, nor prevent State from exercising the other rights and remedies granted under this Contract. Concessionaire shall pay the late charge as additional rent with the next monthly rent payment. Any amount due to State, if not paid within five (5) days following the due date, will bear interest from the due date until paid at the rate of ten percent (10%) per year. However, interest shall not be payable on late charges incurred by Concessionaire. Payment of interest shall not excuse or cure any default by Concessionaire. Upon written notice request by the Concessionaire to State demonstrating unusual or extenuating circumstances causing the late payment, the State, in its sole discretion, may waive the late charge. Further, in the event Concessionaire is prevented from carrying on the operations contemplated herein by reason of Tenant’s failure an Act of Nature or other reasons beyond Concessionaire's control, and when requested in writing in advance by Concessionaire, Minimum Rent may be abated in proportion to pay the amount by which gross receipts are reduced by the occurrence for such period of reduced or non- operation, as determined in the sole discretion of State. If this Contract is terminated by State because of Concessionaire's default, and if Concessionaire becomes liable for any such monthly payments two (2) times deficiency in any twelve (12) month period prior to such late rent and/or fees being charged)by way of damages or otherwise, or if Tenant fails at any time during the Contract term Concessionaire ceases to pay any other sum conduct in the Premises the business referred to herein below, then from and after the time of money within thirty (30) days after written notice by Landlord to Tenantthe breach causing this termination, or if any check delivered for from and after the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage time of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary abovecessation of business, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant unpaid rent and/or fees prior to the commencement breach causing termination or cessation of each new Lease Yearbusiness shall become due and payable. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment The amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year due shall be deemed to be waived. In no event shall Base the greater of: (a) the Minimum Rent increases exceed three and one-half provided herein, or (3.5%b) percent an amount based upon the average of the Base Rent paid for payments that have accrued to State as percentage rent during the immediately prior Lease Yeartwenty-four (24) months preceding the termination or cessation of business, on a non-cumulative basis. b. The Base Rent for Phase 2 unless the termination or cessation occurs within three (3) years of the beginning of the Contract term, in which event the previous twelve (12) (or fewer, if applicable) months shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) used as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2basis of this average.

Appears in 2 contracts

Samples: Concession Contract, Concession Contract

Rent. Beginning Commencing on the Effective Date, if this is a subsequent PayPoint Agreement between Franchisee and Franchisor, or the Commencement Date, as defined below, if this is the initial PayPoint Agreement between Franchisee and Franchisor or, where applicable, the first day of the thirteenth month following the Commencement Date, Franchisee shall pay to Franchisor, for participation in the PayPoint Network, transaction fees in the amount set forth on Exhibit A, which is incorporated herein, made a part hereof and attached hereto. Such fees shall be due and payable to Franchisor on or before the tenth day of the month following the month in which such fees were incurred during the term of this Addendum. Provided, however, that if Franchisee installs and ICR device at the Facility prior to the Commencement Date and operates it thereafter, Franchisee shall pay no fees for participation in the PayPoint Network for the first twelve months following the Commencement Date and 50% of the applicable fees for the balance of the term of this Agreement. The term "Commencement Date" shall mean the date on which the first "live" Transaction, that is, a Transaction involving a Cardholder at the Facility, is provided to Franchisee through the PayPoint Network. Commencing on the Effective Date, if this is a subsequent PayPoint Agreement between Franchisee and Franchisor or, if this is the initial PayPoint Agreement between Franchisee and Franchisor, on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, thereafter on or before the first day of each month during the term of this Addendum, Franchisee shall also pay Franchisor telephone line charges set forth on Exhibit A. It is understood that if Franchisee's product agreements) with Franchisor expires within the first twelve months following the Commencement Date and Franchisee and Franchisor execute a new Addendum to Contract Dealer Gasoline Agreement (1stPayPoint Network Non-Lessee ARCO Retailer) and Franchisee has installed and is operating an ICR Device and is therefore eligible for the waiver of transaction fees as set forth above, Franchisee shall pay no transaction fees for participation in the PayPoint Network for the number of months remaining of the original twelve month waiver period following the original Commencement Date referred to in this Addendum. If Franchisor terminates this Addendum at any time during the term of this Addendum for cause or because Franchisee has been designated a Special Retailer as described in Paragraph 14, or if Franchisee elects to terminate this Addendum at the end of the thirteenth month following the Commencement Date, as provided below for Franchisees on their initial PayPoint agreement, Franchisee shall pay Franchisor as set forth on Exhibit D, attached hereto, incorporated herein and made a part hereof, for disconnection and removal of telephone lines. Franchisee agrees to pay promptly when due and to hold Franchisor harmless from all fees, and sales, use, rental, gross receipts, inventory, excise, income and any other taxes (including interest, penalties, and additions to tax) imposed by any federal, state or local governmental authority upon Franchisee or Franchisor (except those taxes based upon or measured by the net income of Franchisor) in connection with any payments made pursuant to this Addendum. Franchisee agrees to pay promptly when due and to hold Franchisor harmless from all sales or use taxes and other similar taxes (including interest, penalties and additions to tax) imposed upon or with respect to charges or the use of any loaned property. Franchisee shall furnish to Franchisor, promptly upon request, any documentation, which in Franchisor's discretion is required to evidence the payment of any tax, including, but not limited to, official receipts of the appropriate taxing authorities, copies of tax returns and canceled checks. If this is the initial PayPoint agreement between Franchisee and Franchisor, on the first day of the first (1st) full calendar thirteenth month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on following the Commencement Date. The Prepaid Rent described above , Franchisee shall be applied by Landlord have the option, upon giving Franchisor at least 30 days prior written notice, to terminate this Addendum; to downgrade the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment number of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh PayPoint Electronic Cashiers (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being chargedIsland CardReaders), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein ; to downgrade to the contrary notwithstandingPaypoint Cashier only (ARCOmatic terminal), in no event shall Base Rent in any Lease Year be less than if applicable; or the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior downgrade to the commencement PayPoint Authorization Terminal (low end terminal device). Any downgrading of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three equipment is at Franchisee's sole cost and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisexpense. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Contract Dealer Gasoline Agreement (Discovery Investments Inc), Contract Dealer Gasoline Agreement (Discovery Investments Inc)

Rent. Beginning on Commencing upon the Ground Lease Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” the initial rent for the PremisesProject Site (“Rent”) shall be [***] per annum, on or before the first payable in equal installments of [***] per month, adjusted upward every five (1st5) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month years thereafter during the full Initial Term of this Lease and during any renewal thereof, subject Extended Term by a percentage equal to the adjustments as provided hereinafter along with any applicable tax greater of [***] or the CPI Percentage Increase (as defined hereinbelow), at but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the then current rate. If the Ground Lease Commencement Date occurs through March 14, 2024, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a day other than the first CPI Percentage Increase (1stas defined below) day of to any payment under this Ground Lease shall hereinafter be referred to as a calendar month, the first Base “CPI Adjustment.” Such Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to will be due each month on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) 1st day of the month in which such installment is due (provided that Landlord will and shall be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice payable by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last 15th day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amountthat month; provided, however, that (i) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if Landlord fails to so notify Tenant within nine the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (9ii) months the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the date commencement of adjustmentthat Adjustment Period, then in order to permit Tenant to calculate the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease YearPercentage Increase, on a non-cumulative basisas set forth below. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)

Rent. Beginning on Lessee will pay to Lessor, by wire transfer, in lawful money of the United States of America which shall be legal tender for the payment of public and private debts, at Lessor's address set forth in Article 30 hereof or at such other place or to such other Person as Lessor from time to time may designate in a Notice, all [Initial Fixed Rent,] Base Rent, Percentage Rent and Additional Charges, during the Term, as follows: [insert for Newly-Developed Hotels and Newly-Renovated Hotels: (a) The Rent payable from the Commencement DateDate until the calendar quarter ending December 31, Tenant covenants ___ shall equal the annual amount of Initial Fixed Rent set forth on Exhibit C and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, shall be payable quarterly in arrears on or before the first (1st) business day of the first subsequent calendar quarter; provided, however, that Initial Fixed Rent shall be prorated as to any Lease Year which is less than four calendar quarters and as to any partial calendar quarter;] (1sta) full The Rent payable in each calendar month quarter [insert for Newly-Developed Hotels and Newly-Renovated Hotels: from January 1, ___ until the end of the Term hereof and Lease Term] shall equal the greater of: (i) the annual amount of Base Rent set forth on Exhibit C, which shall be payable quarterly in arrears on or before the first business day of the subsequent calendar quarter; provided, however, that Base Rent shall be prorated as to any Lease Year which is less than four calendar quarters and as to any partial calendar quarter; plus (1stii) an amount of percentage rent ("Percentage Rent"), calculated for each calendar quarter, equal to the Period Revenues Computation through the end of such calendar quarter for the applicable Lease Year, which amount shall be payable on or before the fifteenth (15th) day of each and every successive the following calendar month thereafter during the full Term of this Lease and any renewal thereof, subject quarter. The Period Revenues Computation shall be an amount equal to the adjustments as provided hereinafter along with any sum of, for the applicable tax as defined hereinLease Year, at (i) an amount equal to the then current rateFirst Tier Room Revenue Percentage of all Lease Year to date Room Revenues up to (but not exceeding) the First Annual Room Revenues Break Point, (ii) an amount equal to the Second Tier Room Revenue Percentage of all Lease Year to date Room Revenues in excess of the First Annual Room Revenues Break Point but not exceeding the Second Annual Room Revenues Break Point, (iii) an amount equal to the Third Tier Room Revenue Percentage of all Lease Year to date Room Revenues in excess of the Second Annual Room Revenues Break Point, and (iv) an amount equal to the Other Revenue Percentage of all Lease Year to date Other Revenues. If the Commencement Date occurs on a day other than the first (1st) day The [Initial Fixed Rent and the] Base Rent shall accrue pro rata during each calendar quarter of a calendar monthLease Year. However, the first Base Rent payment shall be in the amount of the [Initial Fixed Rent or] Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that three calendar quarters of a Lease Year shall equal the annual amount of [Initial Fixed Rent is due. If Tenant fails to pay any regular monthly installment of or] Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid multiplied by a fraction, the numerator of which shall be is the Consumer Price Index - U.S. City average amount of the Lessee's budgeted Gross Revenues for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, such calendar quarter and the denominator of which shall be is the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning amount of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average Lessee's budgeted Gross Revenues for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior such Lease Year. Should The amount of [Initial Fixed Rent or] Base Rent payable for the CPI become unavailablefourth calendar quarter of such Lease Year shall equal the annual amount of [Initial Fixed Rent or] Base Rent, a reasonable substitute prepared less the aggregate amount of [Initial Fixed Rent or] Base Rent payments made by the U.S. Department Lessee for the first three calendar quarters of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new such Lease Year. However, failure of Landlord to timely notify Tenant There shall be no reduction in Base Rent regardless of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord result of the increased rental; Period Revenues Computation. If the new monthly amount (Term begins or any portion not previously paid) shall be payable, retroactive to ends in the commencement middle of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustmenta calendar year, then the CPI adjustment for that number of calendar quarters falling within the Term during such calendar year shall be deemed to be waivedconstitute a separate Lease Year. In no event shall Base Rent increases exceed three that event, the First Annual Room Revenues Break Point and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 Second Annual Room Revenues Break Point shall be at multiplied by a fraction equal to (x) the same rental rate per-square-foot number of calendar quarters (and shall be adjusted including partial calendar quarters) in the same manner and on the same annual adjustment datesLease Year divided by (y) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2four.

Appears in 2 contracts

Samples: Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust)

Rent. Beginning on (a) During the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereofLease, subject LAPA shall pay to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the County an amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) each Lease Year by multiplying the Base as Rent then being paid by a fraction, the numerator of hereunder which shall be equal to the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Direct Operating Costs paid by County during such Lease Year and the beginning subject to subparagraph (c) below. (b) On or before November 15 of each succeeding Lease Year during the Term hereof, County and LAPA shall confer with respect to a proposed budget of this Direct Operating Costs expected to be incurred by County during the succeeding fiscal year of the County. The negotiations between LAPA and County with respect to such budget shall be “zero based,” i.e. may include suggestions from either party with respect to different approaches to each category of expenses including possible outsourcing of tasks. The parties shall negotiate in good faith in an effort to reach agreement on such budget on or before the following March 1. The budget for the succeeding Lease (not Year which is approved by LAPA and County is referred to include herein as the Renewal Periods“Approved Budget”. If, as hereinafter definedafter good faith negotiations, if applicable) by multiplying the Base Rent then being paid by a fractionCounty and LAPA are unable to agree upon an Approved Budget for any Lease Year, the numerator of which Approved Budget for such Lease Year shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) Approved Budget for the third (3rd) month immediately preceding the month of adjustmentLease Year, and the denominator of which shall be adjusted by the CPI Adjustment and any Capital Expenditures mutually agreed to be amortized under subparagraph (c) in the definition of Direct Operating Costs. The Approved Budget for the fifteenth Lease Year commencing July 1, 2004, provides for anticipated Direct Operating Costs of not more than $ 2,049,000. (15thc) month County will deliver to LAPA quarterly reports on the Direct Operating Costs paid in the preceding the month quarter of adjustmenteach Lease Year. Anything herein to the contrary notwithstandingIf it appears that, in no event shall Base Rent in any Lease Year be less than Year, Direct Operating Costs will exceed the Base Rent paid for amount of the immediately prior Lease YearApproved Budget, County will give Notice thereof to LAPA and confer with LAPA in good faith with respect to possible methods to reduce such Direct Operating Costs. Should Direct Operating Costs exceed the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or Approved Budget during any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord LAPA’s obligation to Tenant reimburse the County for all Direct Operating Costs under subparagraph (a) above will be limited to no more than 5 percent above the Approved Budget, unless LAPA agrees to reimburse such expenditures in advance of their occurring. (d) Nothing in this Lease shall obligate County to provide services to or incur expenditures on behalf of the new monthly Base Rent installment amountProperty until and unless funds to provide such services or incur such expenditures are appropriated in the County Budget by the Board of Supervisors; provided, however, that if Landlord fails the Director shall in each Lease Year in good faith use his or her best efforts to so notify Tenant within nine (9) months after obtain appropriations from the date Board of adjustment, then the CPI adjustment Supervisors which will be identified for that year shall such purposes and be deemed sufficient to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisenable County to fulfill its obligations hereunder. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Rent. Beginning on the Commencement Date, 3.1 Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay to Landlord, “Base Rent” for the Premises, Landlord in advance on or before the first (1st) day of each month the first (1st) full calendar Base Rent, subject to adjustment as hereinafter provided, without demand, deduction or set off, for each month of the Term hereof entire Lease Term. One such monthly installment ("Installment") together with the Security Deposit shall be due and payable by Tenant to Landlord in accordance with paragraph 3.3 hereof, and a like monthly installment shall be due and payable without demand on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If succeeding the Commencement Date occurs during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on a day other than one-thirtieth (1/30) of the first (1st) current monthly Base Rent for each day of a calendar monththe partial month this Lease is in effect. 3.2 If any installment of the Base Rent, or any other sums which become owing by Tenant to Landlord under the first Base Rent payment shall be provisions hereof, is not received within five (5) days after the due date thereof, without in any way implying Landlord's consent to such late payment, Tenant, to the amount extent permitted by law, agrees to pay, in addition to said installment of the Base Rent for one or such other sum owed, a late payment charge equal to ten percent (110%) full calendar month plus of the prorated installment of the Base Rent or such other sums owed, it being understood that said late payment charge shall constitute liquidated damages and shall be for the calendar month purpose of reimbursing Landlord for additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums which become owing by Tenant to Landlord hereunder. Landlord and Tenant expressly covenant and agree that in the Commencement Date fallsevent of any such late payment by Tenant, the damages so resulting to Landlord will be difficult to ascertain precisely, and that the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such payment damages and does not constitute interest. Notwithstanding the foregoing, the foregoing late charges shall not apply to be due on the Commencement Date. The Prepaid Rent described above shall be applied any sums which may have been advanced by Landlord to the Rent payable or for the first full month benefit of Tenant pursuant to the provisions of this Lease. 3.3 Tenant shall pay the Security Deposit and the Installment as soon as practicable, but in no event later than August 1, 1997; a failure to pay the Security Deposit and the Installment on or before August 1, 1997 shall constitute an event of material default hereunder. Furthermore, notwithstanding anything to the contrary contained herein, Landlord shall have no obligation to enter into any contracts with any contractor to perform the Tenant Work unless and until Landlord has received the Security Deposit and the Installment, and any delays caused to the Tenant Work by such non-receipt of the Security Deposit and the Installment shall be Tenant Delay. The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that such deposit shall not be considered an advance payment of rent or a measure of Landlord's damages in case of default by Tenant. Upon the occurrence of any event of default by Tenant, Landlord may (but shall not be obligated to), from time to time, without prejudice to any other remedy, apply the Security Deposit to any arrearage of Rent is dueor to any other damage, injury, expense or liability caused to Landlord by such event of default. Following any 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 Tenant fails to pay is not then in default hereunder, any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day remaining balance of the month in which such installment is due (provided that Security Deposit shall be returned by Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by the expiration of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to Tenant, or if any check delivered the transferee and thereafter shall have no further liability for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage return of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Security Deposit. 3.4 All sums other than Base Rent payable by Tenant to Landlord under any provision of this Lease, including without limitation the amounts due by Tenant pursuant to Article 4 below, shall continue "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, 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 in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base credited against future payments of Rent thereafter first accruing hereunder. If no such further Rent accrues hereunder, said excess sums shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification promptly refunded by Landlord to Tenant upon written demand by Tenant. 3.5 No payment by Tenant or receipt by Landlord of a lesser amount than the new monthly Base correct Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waivedother than a payment on account, nor shall any endorsement or statement or any check or any letter accompanying any check or payment be deemed an accord and satisfaction. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of Landlord may accept such check or payment without prejudice to Landlord's right to recover the Base Rent paid for the immediately prior balance or to pursue any other remedy in this Lease Year, on a non-cumulative basisor otherwise provided by law or equity. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease Agreement (Accord Networks LTD), Lease Agreement (Accord Networks LTD)

Rent. Beginning Tenant agrees to pay all Rent to Landlord during the Term at the times and in the manner provided in this Lease, without demand, set-off or counterclaim. The Base Rent shall be due and payable on the first day of each calendar month, commencing on the Commencement Date, Date and continuing thereafter throughout the Term. Tenant covenants and hereby agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay the Rent to Landlord at Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments ’s address as provided hereinafter along with any applicable tax herein (or such other address as defined herein, at the then current ratemay be designated by Landlord from time to time) monthly in advance. If the Commencement Date occurs date upon which the payment of Base Rent commences, is other than the first day of a calendar month or if this Lease terminates on a day other than the first (1st) last day of a calendar month, then the first Base Rent payment shall be in the amount installments of the Base Rent for one (1) full calendar such month plus or months shall be prorated on a daily basis and the installment or installments so prorated shall be paid in advance. If any Base Rent payment required to be paid or which becomes due under this Lease is not paid by the tenth (10th) day following the day on which it is due, a service charge of five percent (5%) of such amounts due shall become due and payable in addition to the amounts due. Said service charge is for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment purpose of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate reimbursing Landlord for the extra administrative costs and expenses incurredin connection with the handling and processing of late payments. Notwithstanding anything In addition to such service charge, if any Base Rent payment is not paid by the contrary abovetenth (10th) day following the day on which it becomes due, Tenant shall pay to Landlord, in addition to such Base Rent payment and the service charge, interest on such Base Rent payment calculated at the Default Rate from the date such Base Rent payment was due until paid by Tenant. If any Additional Rent required to be paid or which becomes due under this Lease is not paid when due, Tenant shall pay to Landlord, in addition to such amounts, interest on such amounts at the Default Rate from the date such amounts were due until paid by Tenant. Such service charge and interest shall be cumulative of any other remedies Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment may have for nonpayment of Rent on the due date thereof and other sums payable under this Lease. If three (and such failure shall not have been cured on or before the last day of any grace period, if any3) two (2) times in any twelve (12) month period. The consecutive monthly Base Rent payable by Tenant to Landlord shall be payments or any ten (10) [in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at total, cumulative from the beginning of the fourth Term] monthly Base Rent payments during the Term (4thor any renewal or extension thereof) Lease Year are not received by multiplying Landlord within ten (10) days of the due date, the Base Rent then being paid hereunder shall automatically become due and payable by a fractionTenant in advance in quarterly installments equal to three (3) months’ Base Rent each. Landlord shall notify Tenant of such change in the time for payment of Base Rent and, thereafter, the numerator first of which such quarterly Base Rent payments shall be due and payable on the Consumer Price Index - U.S. City average for urban wage earners first day of the next succeeding month and clerical workers ail items (1982-84 equals 100) (“CPI”) for on the first day of every third (3rd) month preceding the month of adjustment, and the denominator of which thereafter. This remedy shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning cumulative of the fifth (5th) Lease Year and the beginning any other remedies of each succeeding Lease Year during the Term of Landlord under this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator for nonpayment of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisRent. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Commercial Lease Agreement, Commercial Lease Agreement (CareView Communications Inc)

Rent. Beginning On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Advance Rent (which shall be applied against the Rent payable for the first month(s) Tenant is required to pay Rent), the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 and Exhibit B of this Lease. Tenant agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord's Address on the Commencement Date, Tenant covenants Date and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, thereafter on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during throughout the full balance of the Term of this the Lease and any renewal thereofbeginning the second (2nd) month of the Term of the Lease (provided, subject however, that Landlord has actually received the Advance Rent as provided herein). In addition to the adjustments as provided hereinafter along with any applicable tax as defined hereinBase Rent, at the then current rate. If Tenant shall pay Landlord in advance on the Commencement Date occurs and thereafter on a day other than the first (1st) day of each month throughout the balance of the Term of this Lease, as Additional Rent, Tenant's Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month, month at the first Base Rent payment commencement or expiration or termination of the Lease Term shall be in the a prorated amount of the Base Rent for one (1) a full calendar month plus based upon a thirty (30) day month. To the extent not already paid as part of the Advance Rent any prorated Base Rent shall be paid on the Commencement Date, and any prorated Rent for the final calendar month hereof shall be paid on the first day of the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisexpiration or termination occurs. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease Agreement (Abaxis Inc), Lease Agreement (Abaxis Inc)

Rent. Beginning (a) Commencing on the date that is one hundred twenty (120) days after the Sublease Commencement DateDate (“ Rent Commencement Date ”), Tenant covenants and agrees to paySubtenant shall, without abatementdeduction, deduction demand, notice from Sublandlord, or offset except right of offset, pay to Sublandlord for each month during the Sublease Term as otherwise specifically provided herein, to Landlordannual basic rent (“ Basic Rent ”) in the amount set forth in the following table: Rent Commencement Date through first day of calendar month following calendar month in which anniversary of Rent Commencement Date occurs (such period, “Base Rent” for First Lease Year”) $ 13,306.88 12- month period following expiration of First Lease Year (“Second Lease Year”) $ 13,706.08 the Premisesperiod following Second Lease Year through Sublease Expiration Date $ 14,117.26 All payments of Basic Rent shall be made in lawful money of the United States, in advance on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st1 st ) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar monthSublease Term, the first Base payment of Basic Rent payment shall to be in the amount made as of the Base date this Sublease is executed and applied against the first Basic Rent for one (1) due hereunder. Payments in respect of a period less than a full calendar month plus the shall be prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due based on the Commencement Dateactual number of days in such month during the Sublease Term. (b) Commencing on November 1, 2010 and continuing through the Sublease Term, in addition to payment of the Basic Rent, Subtenant shall pay to Sublandlord, as to each calendar year or portion thereof during the Sublease Term, as additional rent (“ Passthrough Rent ”), without deduction, demand, notice from Sublandlord, or right of offset, (i) Subtenant’s Percentage Share (as hereafter defined) of the amount by which Operating Expenses (as defined in the Lease) for such calendar year exceed Operating Expenses in calendar year 2010 (“ Subtenant’s Expense Payment ”) and (ii) Subtenant’s Percentage Share of the amount by which Tax Expenses (as defined in the Lease) for such calendar year exceed the Tax Expenses in calendar year 2010 (“ Subtenant’s Tax Payment ”). As used herein, “ Subtenant’s Percentage Share ” shall mean Four and 85/100 percent (4.85%) (7,097 divided by 146,189). At Subtenant’s request, Sublandlord shall deliver to Subtenant any statements, invoices, or other materials delivered to Sublandlord by or at the direction of Landlord with respect to the Passthrough Rent. Subtenant shall have no right to dispute the Operating Expenses and Tax Expenses once the same is agreed upon by or adjudicated, pursuant to any dispute mechanism is set forth in the Lease or applicable at law, by Sublandlord and Landlord. The Prepaid Rent described above shall be applied by Landlord obligations to make payments hereunder, which obligations arise during and relate to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), termination or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term expiration of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and TenantSublease, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant survive the termination or expiration of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisthis Sublease. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Sublease Agreement (Northwest Biotherapeutics Inc), Sublease Agreement (Northwest Biotherapeutics Inc)

Rent. Beginning (a) Lessee shall pay rent during the term of this Lease comprising a monthly reservation fee (the "Monthly Reservation Fee"), plus a base rent amount ("Base Rent"), as follows: (i) the Monthly Reservation Fee shall be (A) *** per month during the first year of the term hereof; and (B) *** per month during the second and third years of the term hereof; and (ii) the Base Rent shall be (A) *** per month during the first year of the term hereof; (B) *** per month during the second year of the term hereof; and (C) *** per month during the third year of the term hereof. The Base Rent, the Monthly Reservation Fee, the Acquired Site Rent, the Excess Site Rent (defined below), and the Discovered Site Rent (defined below), are collectively referred to as "Rent" as adjusted. Rent shall be paid in advance on a monthly basis, commencing on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) full day of the first (1st) full calendar month of first occurring after the Term hereof Effective Date and continuing on or before the first (1st) day of each and every successive calendar month thereafter during the full Term term hereof. The Base Rent, Monthly Reservation Fee and Acquired Site Rent shall be owed by Lessee to Lessor without regard to whether the actual number of Sites leased or occupied by Lessee, or whether Lessee has met the Site Commitment, and without offset or reduction in any manner, except as expressly provided herein regarding undisputed Removed Sites and regarding undisputed Relocation Allowance amounts. The Monthly Reservation Fee shall be paid by Lessee to Lessor for Lessor's agreement to allow Lessee to add Additional Sites, in accordance with the terms described elsewhere herein. All of the fees and costs associated therewith shall be deemed included in the Monthly Reservation Fee. (b) If Lessee occupies a number of Sites in excess of the applicable Site Commitment, Lessee will be obligated to pay Lessor rent for all such excess Sites (the "Excess Site Rent") on the same date as all other Rent is paid and in addition thereto, an amount equal to the following rate per excess Site (the "Arch Rate"). (A) For each One-Way Site: *** per month (provided the *** per month rate shall be increased to *** effective July 1, 2003 and to *** effective July 1, 2004), except if a Net Excess Watt Unit is used at a One-Way Site the rate shall be *** per month for Site (provided the *** per month rate shall be increased to *** effective July 1, 2003 and to *** effective July 1, 2004). (B) For each Two-Way Site: *** per month (provided the *** per month rate shall be increased to *** effective July 1, 2003 and to *** effective July 1, 2004). (c) If a Site becomes a Removed Site and the Removed Site Conditions are satisfied regarding such Removed Site, then subject to and in accordance with the terms of this Lease Section 3(c), the applicable portion of the Rent otherwise owed for such Site shall not be owed, commencing effective on the date on which such Site became a Removed Site hereunder. If a Site becomes a Removed Site as provided herein under the circumstances described in: (i) Section 1(d), then the applicable portion of the Rent for such Removed Site shall be reduced in an amount equal to the greater of the Arch Rate, or if as a result of such removal and any renewal thereoflack of a Replacement Site Lessee relocates to a Functionally Equivalent non-Lessor site, the average of the Arch Rate and the rate paid by Lessee for such non-Lessor site; (ii) in Sections 5(d)(ii), 10(a) and 10(b), 11 or 21(a), if the Site Commitment is (A) met at the time, the Excess Site Rent for such Removed Site shall not be owed, or (B) not met at the time, the applicable portion of the Rent for such Removed Site shall be reduced by the Pro Rata Amount (defined in Section 24). (d) From and after the date that is three (3) months after the Effective Date, if either party learns of or discovers that Lessee has equipment at a space on a Site hereunder or on a site elsewhere in Lessor's network, and such space or site is not then described in and subject to a Site Schedule as a Site under this Lease but was occupied by Lessee before the adjustments Effective Date (a "Discovered Site"), Lessor or Lessee, as provided hereinafter along the case may be, will provide prompt notice in writing to the other party of such Discovered Site, together with any applicable tax as defined hereina description of the equipment thereon. If at such time Lessee has met the minimum Site Commitment, Lessee shall be required to pay rent for such Discovered Site to Lessor ("Discovered Site Rent") for the period beginning retroactively to the Effective Date until Lessee removes its equipment from the Discovered Site, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one monthly rate equal to (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day 75% of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice Arch Rate if Lessee first notifies Lessor of Tenant’s failure to pay any such monthly payments two the Discovered Site, or (2) times in any twelve (12) month period prior to such late fees being charged), or 125% of the Arch Rate if Tenant fails to pay any other sum Lessor first notifies Lessee of money within the Discovered Site. Within thirty (30) days after following the date a party provides written notice by Landlord hereunder of a Discovered Site, Lessee, at its option, must either remove the subject equipment and restore such Discovered Site to Tenantits original condition, normal wear, tear and Casualty excepted, or if enter into a Site Schedule for such Discovered Site. If a Site Schedule is entered into for a Discovered Site, such site shall constitute a Site hereunder and shall be included in the calculation of the applicable Site Commitment. (e) Lessee shall pay all amounts that are due and owing to Lessor hereunder by wire transfer or ACH credit to Lessor's account as identified by Lessor, or at Lessee's option, by Lessor ACH debit of Lessee's account as identified by Lessee, no later than the first business day of each calendar month with respect to which it is payable. If payment (including any check delivered for applicable late fee) is not received when due, Lessor has the payment of Rent is returned for insufficient funds, there will be added option to the unpaid amount charge a late charge based on the monthly prorata percentage fee equal to 5/6% per month of the Default Rate amount due, but no such late fee will apply to reasonably disputed charges. (f) Lessee shall pay all sales or use taxes, fees, and applied assessments applicable to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment Rent or as a direct result of Rent on the due date thereof (and such failure shall not have been cured Lessee's equipment being located on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning Lessee's use of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fractionLeased Premises, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, but in no event shall Base Rent in Lessee be responsible for any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailablelocal, a reasonable substitute prepared by the U.S. Department state or federal capital levy, franchise tax, or revenue tax on profits of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant Lessor. (g) As part of the new monthly Base Rent installment amount. Landlord consideration hereunder, throughout the term of this Lease, Lessee shall attempt provide at no charge to so notify Tenant prior to the commencement of each new Lease Year. HoweverLessor, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount ten (or any portion not previously paid10) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three two-way paging devices and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted related paging services in the same manner 50,000 character/month per device (with $.0006 character/month charge for excess usage). The use of such devices will be subject to Lessee's standard terms and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2conditions.

Appears in 2 contracts

Samples: Master Antenna Site Lease (Global Signal Inc), Master Antenna Site Lease (Global Signal Inc)

Rent. Beginning on Resident, in return for the Commencement Date, Tenant use and occupancy of the Premises and in consideration of the covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided agreements contained herein, to Landlord, “Base Rent” shall pay the Landlord the sum of $ 5,460.00 (total amount due for the Premises, on Term) without offset or before the deduction. The first (1st) day installment of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be rent in the amount of the Base Rent for one $_455.00 (1monthly installment amount) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to shall be due no later than August 1st, 2016 and continuing on the Commencement Date. The Prepaid Rent described above first day of each month thereafter through July 31st, 2017, rent shall be applied paid, in advance, in monthly installments equal to installment due on August 1st , 2016. Rent shall be paid at the rental office on the Property. In the event resident chooses to prepay, the Resident shall remain liable for any shortfall in the event that the prepaid rent shall be less than the actual rent (including additional rent hereunder) due and payable under this Lease with respect to the final period. In the event that the prepaid rent shall exceed the actual rent (including additional rent hereunder) due and payable under this Lease with respect to the final period, any such excess amounts shall be held by Landlord as an additional security deposit and shall be subject to all of the requirements set forth herein relating to security deposits. Rent is due in the rental office on the Property prior to the Rent payable for close of business on the first full month that Rent is dueday of each month. If Tenant fails the 1st of the month falls on a holiday observed by The Pointe at U of I the rent must be placed in the designated rent drop prior to the close of the first business day following the holiday. In the event the rent is not paid at the rental office on the Property prior to the close of business on the 1st of the month, Resident shall pay any regular a late fee of 5% of the total monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by rental amount per month beginning on the seventh (7th) 2nd day of the month in and continuing until the Resident’s account is at $0 (zero) balance which such installment is due (provided that Landlord will shall be required treated as additional rent. Such late charges are assessed as liquidated damages to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredadditional expense of administering late rent payments, and not as a penalty. Notwithstanding anything Checks tendered for rent shall be made payable to The Pointe at U of I. In the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed event Resident elects to pay the rent by check, Resident shall pay Landlord a fee of thirty- five dollars ($35) for any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day check which otherwise fails to clear issuer’s bank as liquidated damages for charges incurred by Landlord by reason of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant check returned to Landlord for non-sufficient funds, and not as a penalty. Such returned check fee shall be due and payable immediately upon notification to Resident of such instance, and shall be in accordance with addition to any late charges resulting from the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 check's failure to clear. The Base Rent returned check fee shall constitute additional rent hereunder. On the second occurrence of a returned check, payment for the late charges, returned check fees, funds due from the returned check, as well as all subsequent rent and other amounts due hereunder shall be adjusted by money order, certified check or cashier’s check, as Landlord shall have the right and option of no longer accepting personal checks from the Resident. In addition, Landlordreserves the right at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year any time during the Term hereof to specify and demand a particular form of this Lease (not to include the Renewal Periodspayment for all monies due, as hereinafter definedwhether such form of payment by money order, if applicable) by multiplying the Base Rent then being paid by a fractioncertified check or cashier’s check, the numerator of which provided however, Landlord shall be the Consumer Price Index - U.S. City average for urban wage earners give Resident and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in Guarantor no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared fifteen (15) days advance notice of such election by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amountLandlord. Landlord shall attempt at all times have the right to so notify Tenant refuse payment in the form of "cash" for monies due hereunder. Resident acknowledges that any rent received by Landlord will first be applied to any outstanding charges including, but not limited to, late charges, utility charges, cleaning service fees, returned check fees, and delinquent rent incurred by or on behalf of Resident prior to applying the commencement same to the current monthly rent. If the payment tendered by Resident fails to cover the total charges outstanding, then Resident shall immediately pay the difference, plus any late charge incurred by virtue of each new Lease Year. However, Resident's failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive pay all sums due from Resident to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisLandlord. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Rent. Beginning (a) Tenant shall pay to Landlord Adjusted Rental, which is the sum of the monthly Basic Rental, the monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information), as estimated by Landlord from time to time, in monthly installments in advance on the Commencement Date, Tenant covenants first day of each month in lawful money of the United States to Landlord at its address set forth above (or such other address as Landlord shall designate in writing to Tenant) without notice or demand and agrees to pay, without any abatement, deduction or offset set-off, for each month of the entire Term, except as otherwise specifically provided expressly set forth herein. One such monthly installment, shall be payable by Tenant to Landlord, “Base Rent” for Landlord upon the Premises, execution of this Lease. A like monthly installment shall be due and payable without demand beginning on or before the first (1st) day of the first (1st) full calendar month of immediately following the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsoccurs and continuing thereafter on or before the first day of each succeeding calendar month during the Lease Term. Rent for any fractional month at the beginning of the Lease Term shall be prorated based on one-three hundred sixty-fifth (1/365) of the current annual Basic Rental for each day of the partial month this Lease is in effect, such payment to and shall be due and payable on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for or before the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the calendar month immediately following the month in which such installment the Commencement Date occurs. (b) During the Term of this Lease, the Basic Rental shall be increased at the beginning of each lease year as shown in the Basic Lease Terms above. The dates described in this Section for computing the adjustment in Basic Rental are hereinafter sometimes referred to collectively as “Rental Adjustment Dates” and singularly as a “Rental Adjustment Date”. After each Rental Adjustment Date, the rent as increased shall be deemed the Basic Rental for all purposes of this Lease. (c) If all of any sum due under this Lease is due not received within five (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (305) days after written notice by from Landlord to that it is due, then Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount extent permitted by law, shall pay, in addition to the sum owed, a late payment charge based on the monthly prorata percentage equal to ten percent (10%) of the Default Rate and applied sum (or portion thereof) which is overdue. If a check remitted to pay any sum due to Landlord hereunder shall not be honored upon presentment for payment, then Tenant in addition to the amount due owed, shall pay to compensate Landlord on demand a fee of ten percent (10%) of the amount owed. Following the dishonor of any check presented for the extra administrative expenses incurred. Notwithstanding anything to the contrary abovepayment, Landlord agrees that it will may require all further payments to be made hereunder to be made by certified check or money order. Also, if Landlord does not impose the aforesaid late charges unless Tenant has failed receive any Adjusted Rental or fails to pay any installment sum (other than Adjusted Rental) which at any time becomes due to Landlord under any provision of Rent this Lease as and when the same becomes due hereunder, then, in either such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at a eighteen percent (18%) annual rate (the “Past Due Rate”). All late payment charges and fees for dishonored checks are to reimburse Landlord for additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late or dishonored payments. Provision for such failure shall not have been cured on late charge, interest or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord fee for dishonor shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners addition to all other rights and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable remedies available to Landlord hereunder or at law or in equity and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of construed as liquidated damages or limiting Landlord’s remedies in any manner and shall not excuse or cure the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisdefault in payment. b. The Base Rent for Phase 2 shall be (d) Tenant’s covenants and obligations to pay Adjusted Rental and all additional rental (collectively, the “Rent”) hereunder are unconditional and independent of any other covenant or condition imposed on either Landlord or Tenant, whether under this Lease, at the same rental rate per-square-foot (and shall be adjusted law or in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2equity.

Appears in 2 contracts

Samples: Office Building Lease Agreement (Vivint Solar, Inc.), Office Building Lease Agreement (Vivint Solar, Inc.)

Rent. Beginning on Commencing upon the Ground Lease Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” the initial rent for the PremisesSite (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on or before a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the first (1st) 1st day of the first month and shall be payable by the 15th day of that month, provided however, that: (1sta) full calendar month of the Term hereof and on or before the first (1st) day payment of each and every successive calendar month thereafter during Rent shall be due on the full Term of this Ground Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on and, if the Ground Lease Commencement Date is a day date other than the first (1st) day of a calendar the month, the first Base payment of Rent payment shall be in the a prorated amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which period of time between the Ground Lease Commencement Date falls, such payment to be due on and the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the next following first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due month; and (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2b) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the first payment of Rent is returned for insufficient funds, there due upon the commencement of any new Adjustment Period will be added to owed and paid one month after the unpaid amount a late charge based on commencement of that Adjustment Period and shall reflect the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace periodEstimated CPI Percentage Increase, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)

Rent. Beginning 4.01 Tenant shall pay Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent (as hereinafter defined) due for the Term (collectively referred to as “Rent”). Base Rent shall commence on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Abatement Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall an amount equal to the first full monthly installment of Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailableRent, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, which shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant applied toward the seventh (7th) month of the new Term, plus any fraction of a monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or payment for any portion not previously paid) shall be payable, retroactive to of a month at the commencement of the new Lease YearTerm, shall be due and payable together with the Security Deposit (as defined herein) upon notification by Landlord to Tenant the execution hereof. Landlord’s receipt of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year foregoing payments shall be deemed a condition precedent to be waivedthe effectiveness of this Lease. In no event All Additional Rent shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing commence on the Commencement Date except as expressly provided otherwise. “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay Landlord under this Lease. Tenant shall pay and be liable for Phase 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 the first day of each calendar month without notice or demand. Unless otherwise specified herein to the contrary, all other items of Rent shall be due and payable by Tenant on or before thirty (30) days after billing by Landlord. Rent shall be made payable to the entity, and sent to the address, Landlord otherwise designates and shall be made by good and sufficient check drawn on a local bank or by other means acceptable to Landlord. Tenant shall pay Landlord an administration fee equal to five percent (5%) of all past due Rent, provided that Tenant shall be entitled to a grace period of five (5) days for the first two (2) late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at twelve percent (12%) per annum or the maximum rate permitted by law, whichever is less. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the earliest Rent due. Rent for any partial month during the Term shall be prorated. No endorsement or statement on a check or letter accompanying payment shall be considered an accord and satisfaction. Tenant’s covenant to pay Rent is independent of every other covenant in this Lease.

Appears in 2 contracts

Samples: Office Lease Agreement, Office Lease Agreement (Loxo Oncology, Inc.)

Rent. Beginning Commencing on July 1st, 2007, through the Commencement Datelast day of the lease term, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, shall pay to Landlord, “Base Rent” as rental for the Premises, on or before the first sum of Seven Hundred Dollars & No Cents (1st$700.00) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateper month. If the Commencement Date occurs on a day other than commencement date is not the first (1st) day of a calendar month, the prorated rental from commencement date to the first Base Rent payment shall be day of next month is $23.33 per day payable on or before the commencement date. In addition, Tenant will have the right to extend this Lease on a month-to- month basis after the term of this lease during which any annual increase in the amount rental rate will not exceed One Hundred Dollars ($100.00) per month. All rent payments are due in advance and without demand before the first day of each calendar month without a grace period. If all rent is not paid on or before the 5th day of the Base Rent month, Tenant agrees to pay a late charge of $50.00 plus a further late charge of $10.00 per day until all due rent is paid. Tenant further agrees to pay a $50.00 charge for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallseach rent check returned unpaid, and delinquent charges shall accrue as if check had not been given until such payment to be due check is made good. Notwithstanding any notations on the Commencement Date. The Prepaid Rent described above a check all payments by Tenant shall be applied by Landlord first to the Rent payable for the first full month that Rent is non-rent items due, if any, and then to rent. If any rent check is returned unpaid, for any reason, the Landlord may require that all subsequent payments due hereunder be paid in cash, money order, or cashier's check. Tenant fails to pay any regular monthly installment and Landlord agree that all rights of Base Rent or Tenant and all duties and obligations of Landlord in this Lease are conditioned on rent being paid on time. Tenant's right of possession and all of Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day 's obligations are expressly conditioned on prompt payment of rent, and use of the month in which such installment premises by Tenant is due (provided that conditioned on prompt payment of rent. After the term of this lease, Landlord will be required shall provide to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within tenant at least thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisrent increase. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Commercial Lease Agreement (Signal Advance Inc), Commercial Lease Agreement (Signal Advance Inc)

Rent. Beginning As rent for this Sublease, Sublessee shall pay to Sublessor on the Commencement Datefollowing schedule (“Rent”), together with its proportionate share of all other sums, including without limitation utility costs, insurance costs, operating costs, and taxes paid by Sublessor in its capacity as Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, under the Base Lease (Base Additional Rent” for the Premises, ”). Year 1: $13,000 NNN per month Year 2: $14,000 NNN per month Year 3: $15,500 NNN per month Year 4: $17,000 NNN per month Year 5: $18,000 NNN per month Such rent shall be payable on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each month based upon a reasonable estimate provided to Sublessee by Sublessor of the other sums payable by Sublessor for that month under the Base Lease. Within 15 days after the actual amount of other sums due under the Base Lease is known by Sublessor, Sublessor shall notify Sublessee thereof and every successive calendar month thereafter during the full Term of this Lease and any renewal Sublessee’s portion thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If Sublessee has overpaid rent for the Commencement Date occurs on a day other than the first (1st) day of a calendar monthperiod in question, the first Base Rent payment such overpayment shall be in credited against the next installments of rent due or returned by Sublessor to Sublessee, or if Sublessee has underpaid rent, then Sublessee shall pay the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment underpayment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money Sublessor within thirty (30) twenty days after written notice by Landlord to Tenant, or if any check delivered for the payment receipt of such notice. Payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Additional Rent shall be adjusted made to Sublessor at the beginning of the fourth (4th) Lease Year by multiplying its address written below or at such other place Sublessor may designate in writing, without any offset or deduction whatsoever. In addition if the Base Rent then being paid by Lease requires Tenant to make payments of real estate taxes and/or utilities which are applicable to the Premises directly to the taxing authorities and/or utility companies, as the case may be, Sublessee shall make such payments in a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners timely manner and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustmentpromptly supply Sublessor with evidence thereof, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year such shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisadditional rent hereunder. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 2 contracts

Samples: Sublease (FlexEnergy Green Solutions, Inc.), Sublease (FlexEnergy Green Solutions, Inc.)

Rent. Beginning on During the Commencement DateTerm, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, shall pay to Landlord, as rent for the Premises and the Tangible Assets and the Intangible Assets, the sum of Forty Thousand ($40,000.00) Dollars for each calendar month, payable on the first (1st) day of each calendar month ("Base Rent") for the Premisescurrent calendar month. If the Term shall commence on a date other than the first day of a calendar month, or shall end on a day other than the last day of a calendar month, the Base Rent for such first or last fractional month shall be such proportion of the monthly Base Rent as the number of days in such fractional month for which rent is payable bears to the total number of days in such calendar month, and such rent for a fractional month shall be payable on or before the first (1st) day of the first (1st) full calendar month following such fractional month. Absolutely no rent or other charge shall be payable by or due from Tenant for any period prior to the Commencement Date. In addition to the Base Rent, Tenant shall pay to Landlord 30% of Tenant's "Net Profits" from Tenant's business operations at the Term hereof Premises calculated on a monthly basis ("Percentage Rent"). The determination of Net Profits shall be made by Tenant's independent certified public accounting firm and shall be binding on or before Landlord, except for obvious errors. Exhibit B hereto lists certain guidelines to be followed by Tenant's independent certified public accounting firm in determining Net Profits for the first (1st) purposes of this Lease. Tenant shall provide Landlord with monthly sales and income statements not later than the 20th day of each and every successive calendar month thereafter during for the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a immediately preceding calendar month, the first Base . Percentage Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to will be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the calendar month in which such installment is due (after the statement of sales and income has been provided that by Tenant to Landlord. Tenant’s accounting firm shall provide a certified statement of the Net Profits to Landlord will be required to give Tenant written notice on an annual basis within 60 days of the close of Tenant’s failure fiscal year. On November 1, 2010 (or the first anniversary of the Commencement Date if the Commencement Date is later than November 1, 2009), Tenant shall pay to pay Landlord the sum of One Hundred Thousand ($100,000) Dollars as additional rent ("Additional Rent," the Base Rent, Percentage Rent and Additional Rent are sometimes referred to collectively herein as "Rents"). If any Rents are not paid within five (5) days after the due date and Landlord notifies Tenant, in writing, that such monthly payments Rents have not been paid when due, then a late fee of 5% of the Rents which have not been paid when due shall be added to the Rents if the Rents are not sent to Landlord via overnight courier within two (2) times in any twelve (12) month period prior to such late fees being charged)business days after receipt by Tenant of the notice from Landlord. In the event this Lease is terminated, cancelled, annulled, or if voided, then all unearned rent and other charges paid in advance by Tenant fails to pay any other sum of money within thirty (30) days after written notice shall be promptly refunded by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Desert Capital Reit Inc)

Rent. Beginning (a) The Tenant shall pay all rent and other charges to be paid by the Tenant hereunder to the Authority at the office of the Authority in Richmond, Virginia, or to such other individual, firm or corporation and at such other place as may be designated by the Authority. (b) The Tenant shall pay a monthly rent (the "Monthly Rent") without notice, demand or setoff during the term hereof based upon an initial rental rate of $20.16 per square foot per year, creating a total annual rent of $13,628.16. No reduction or increase in rent shall be available for non-material discrepancies in actual square footage. During the first Lease Year the Monthly Rent shall be $1,135.68 per month. (c) The Monthly Rent is to be payable in advance on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) fifth day of each and every successive calendar month thereafter during the full Term of this Lease term hereof without notice or demand and any renewal thereof, subject without setoff and it is to the adjustments as provided hereinafter along with any applicable tax as defined herein, be received at the then current rateAuthority's offices within five (5) days after the first day of each rental month. If the Monthly Rent is not received in the Authority's office within five (5) days after the first day of each rental month, there shall be imposed upon the Tenant a late charge equal to 5% of the monthly rental amount. If the Commencement Date occurs on a day other than is not the first (1st) fifth day of a calendar month, the Tenant shall pay on the fifth day of the first Base Rent payment shall be in calendar month following the Commencement Date a proportionate amount of the Base Rent for one (1) full calendar month plus the prorated Base monthly Rent for the calendar month in which period of time from the Commencement Date falls, to the date on which such first monthly payment is due. (d) All amounts and charges in addition to the Monthly Rent required to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts paid by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent terms hereof shall be adjusted deemed to be additional rent (the "Additional Rent"). Such amounts or charges, if not paid at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of time provided in this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and TenantLease, shall be used. Base collectible as Additional Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant with the next installment of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amountrent due and payable hereunder; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year nothing herein contained shall be deemed to suspend or delay the time for any payment to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent made by the Tenant hereunder or to limit any other remedy of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisAuthority. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Insmed Inc)

Rent. Beginning on the Commencement Date, Tenant Section 2.01. The Lessee covenants and agrees to paypay to Lessor a minimum rent, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, (hereinafter called “Base Rent”), for the said Premises, on or before payable in equal monthly installments of (FAIR MARKET VALUE) paid the first (1st) day of each month. Rent for any partial month shall be prorated and paid on the first (1st) full calendar month of the Term hereof that month. All monthly payments are due and payable in advance on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, without demand, deduction, counterclaim or setoff. Section 2.02. The Lessee shall pay as additional rent to the Lessor a pro rata share of any increase over: (i) the annual fiscal year 2021 real estate taxes and other municipal or public assessments (excluding assessments for water and sewer which shall be paid by Lessee pursuant to Section 3.01 hereof) levied against the land and building of which the Demised Premises are a part, and any increase over (ii) the annual calendar year 2019 operating expenses for the land and building of which the Demised Premises are a part. Lessee’s pro rata share of any such increases shall be calculated by multiplying the dollar amount of the increase by a fraction the numerator of which is the rentable square footage in the Demised Premises and the denominator of which is the total rentable square footage in the entire building. The additional rent computed under this Section 2.02 shall be prorated should this Lease commence or terminate before: (i) the end of any fiscal tax year for that portion related to taxes; or (ii) the end of any calendar year for that portion related to operating expenses. The Lessee shall pay to Lessor such additional rent within fifteen (15) days after written notice from Lessor to Lessee that it is due. Upon request of Lessor, Lessee shall make monthly payments of additional rent on the first Base Rent payment shall be in of each month equal to one- twelfth (1/12) of the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment additional rent last paid by Lessee or as reasonably projected by Lessor to be due on the Commencement Date. The Prepaid Rent described above shall from Lessee, with a final accounting and payment for each tax and operating period to be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money made within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for from Lessor of the payment exact amount of Rent is returned for insufficient funds, there will be added to such additional rent. In the unpaid amount a late charge based event taxes on the monthly prorata percentage Demised Premises, based upon which Lessee shall have paid additional rent, are subsequently reduced or abated, Lessee shall be entitled to receive its pro rata share, calculated as set forth above, of the Default Rate and applied to amount abated, provided that the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which rebate allocable to Lessee shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event exceed the amount of additional rent paid by Lessee for such fiscal year on account of real estate taxes under this Section 2.02, and further provided the rebate allocable to Lessee shall Base Rent in any Lease Year be less than reduced by its pro rata share of the Base Rent paid cost of obtaining such reduction or abatement. Operating expenses for the immediately prior Lease Yearpurpose of this section shall include all costs incurred by Lessor in connection with the operation of the Building of any name, nature or kind, excluding expense of renting space in the Building or renovating tenant space for new tenants, mortgage debt service and income or corporate excise taxes assessed against the Lessor. Section 2.03. Should All payments of rent and additional rent shall be made to the CPI become unavailableLessor, a reasonable substitute prepared or as may be otherwise directed by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable Lessor in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basiswriting. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Commercial Lease Agreement

Rent. Beginning 1.01 Tenant hereby agrees to pay to Landlord basic annual rent (the “basic annual rent”) as set forth in the Reference Page. The basic annual rent shall be paid by Tenant in equal monthly installments in advance on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease from and any renewal thereof, subject after the Rent Commencement Date (the period from the Commencement Date to the adjustments day prior to the Rent Commencement Date is hereinafter referred to as provided hereinafter along with any applicable tax as defined hereinthe “Free Rent Period”), at the then current rateoffice of Landlord or such other place as Landlord may designate, without any setoff or deduction whatsoever, except such deductions as are specifically referred to in Articles 10 and 14 hereof. If Should the Rent Commencement Date occurs fall on a any day other than the first (1st) day of a calendar month, then the first Base Rent payment basic annual rent for such month shall be in pro-rated on a per diem basis, and Tenant agrees to pay the amount thereof for such partial month on the Rent Commencement Date. 1.02 Tenant shall pay the basic annual rent and all additional rent payable hereunder in lawful money of the Base Rent for one United States by check (1subject to collection) full calendar month plus drawn to Landlord’s order on a bank which is a member of the prorated Base Rent for the calendar month in which the Commencement Date fallsNew York Clearinghouse Association or a successor thereto, such payment to be due on the Commencement Dateor a New Jersey bank. The Prepaid Rent described above All sums, other than basic annual rent, payable by Tenant hereunder shall be applied by deemed additional rent and shall be payable ten (10) Business Days after demand unless other payment dates are hereinafter provided. Landlord shall have the same rights and remedies (including, without limitation, the right to the Rent payable commence a summary dispossess proceeding) for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month a default in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned additional rent as for insufficient fundsa default in the payment of basic annual rent notwithstanding the fact that Tenant may not then also be in default in the payment of basic annual rent. (a) If Tenant shall fail to pay within five days after the due date any installment of basic annual rent or any payment of additional rent, there will be added to the unpaid amount then Tenant shall pay Landlord, as additional rent, a late charge based on the monthly prorata percentage of the Default Rate and applied equal to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof three (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.53%) percent of such installment or payment as compensation for Landlord’s additional administrative expenses relating to such late payment. Notwithstanding the Base Rent paid for foregoing, in the immediately prior Lease Yearfirst instance only during each consecutive twelve month period during the Term (but not more than five times during the Term), on a non-cumulative basisthe late charge payable under this Section 1.03(a) shall not be payable unless and until ten (10) days has elapsed after Landlord notifies Tenant that such payment is late. b. The Base Rent for Phase 2 (b) If Tenant shall fail to pay within ten days after the due date any installment of basic annual rent or any payment of additional rent, Tenant shall pay in addition to the late charge provided in said paragraph (a) interest on all such amounts (including the late charge) at the Interest Rate (as said term is defined in Article 22 hereof), from the date when such installment or payment shall have become due to the date of payment thereof, and such interest shall be at the same rental rate per-square-foot deemed additional rent. (and shall be adjusted c) The provisions of this Section 1.03 are in the same manner and on the same addition to all other remedies available to Landlord for nonpayment of basic annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2rent or additional rent.

Appears in 1 contract

Samples: Office Lease (Arch Capital Group Ltd.)

Rent. Beginning on With respect to the Commencement DateLease, all base rent, additional rent and Charges (as defined below) (collectively “Rent”) to the extent collected by Seller. Any Rent from Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided hereincollected after the Closing shall be applied in the following order of priority: a. First, to Landlord, “Base Rent” any Rent then owing for the Premises, on or before the first (1st) day of the first (1st) full any calendar month of or months following the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during in which the full Term of this Lease and Closing occurred; and b. Second, to any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent owing for the calendar month in which the Commencement Date fallsClosing occurred; and c. Third, to any Rent owing for any calendar month or months preceding the calendar month in which the Closing occurred until the Tenant, under the applicable Lease, is current. For a period of ninety (90) days after the Closing, Buyer shall bxxx Tenant for all amounts due under their Lease accruing prior to the Closing and shall use reasonable efforts to collect from Tenant any Rents owing with respect to the period before to the Closing. To the extent delinquent amounts for Rents for the period before the Closing (“Delinquent Rents”) are collected by Buyer, subject to clauses a, b and c above, such payment to be due on the Commencement Date. The Prepaid Rent described above amounts, net of reasonable costs of collection, including without limitation, reasonable attorney’s fees, shall be applied paid to Seller no later than thirty (30) days following the date on which such amounts have been received by Landlord Buyer or its agent. Buyer shall not be obligated to expend any funds or commence legal proceedings to collect any Delinquent Rents. In no event shall Seller commence any legal proceedings against Tenant after the Rent payable Closing with respect to any Delinquent Rents. No later than one hundred twenty (120) days after the last day of calendar year of the Closing (the “Final Adjustment Date”), Seller and Buyer shall make a final adjustment in accordance with the provisions of this Section 10.1 of additional rents for which final adjustments or prorations could not be determined at the Closing, if any, because of the lack of actual statements, bills or invoices for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment current period, the year-end adjustment of Base Rent or Landlord’s Operating Costs taxes and like items, or any other monthly amounts reason. Except to the extent otherwise provided in Section 10.1.3, any net adjustment in favor of Buyer or Seller is to be paid in cash by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within no later than thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant such final adjustment has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basismade. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Purchase and Sale Agreement (BRIX REIT, Inc.)

Rent. Beginning (a) The Tenant shall pay all rent and other charges to be paid by the Tenant hereunder to the Authority at the office of the Authority in Richmond, Virginia, or to such other individual, firm or corporation and at such other place as may be designated by the Authority. (b) The Tenant shall pay a monthly rent (the "Monthly Rent") during the term hereof based upon an initial rental rate of $19.57 per square foot per year, creating a total annual rent of $24,247.23. No reduction or increase in rent shall be available for non-material discrepancies in actual square footage. During the first Lease Year the Monthly Rent shall be $2,020.60 per month. Thereafter, the Monthly rent shall be increased annually as of the date the first payment of each Lease Year is due beginning with the second Lease Year by an amount equal to 3% of the Monthly Rent payable during the preceding Lease year. (c) The Monthly Rent is to be payable in advance on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) fifth day of each and every successive calendar month thereafter during the full Term of this Lease term hereof without notice or demand and any renewal thereof, subject without setoff and it is to the adjustments as provided hereinafter along with any applicable tax as defined herein, be received at the then current rateAuthority's offices within five (5) days after the first day of each rental month. If the Commencement Date occurs on a day other than is not the first (1st) fifth day of a calendar month, the Tenant shall pay on the fifth day of the first Base Rent payment shall be in calendar month following the Commencement Date a proportionate amount of the Base Rent for one (1) full calendar month plus the prorated Base monthly Rent for the calendar month in which period of time from the Commencement Date falls, to the date on which such first monthly payment is due. (d) All amounts and charges in addition to the Monthly Rent required to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts paid by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent terms hereof shall be adjusted deemed to be additional rent (the "Additional Rent"). Such amounts or charges, if not paid at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of time provided in this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and TenantLease, shall be used. Base collectible as Additional Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant with the next installment of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amountrent due and payable hereunder; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year nothing herein contained shall be deemed to suspend or delay the time for any payment to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent made by the Tenant hereunder or to limit any other remedy of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisAuthority. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Insmed Inc)

Rent. Beginning Basic rents, percentage rents, parking revenue, license fees and any and all other revenues of the LLC and payments or reimbursements for taxes, utilities and operating expenses and all other charges or reimbursables and so-called CAM charges as and when collected under the Leases including without limitation charges for any special services provided to any Tenant, overtime HVAC or special cleaning (collectively, the “Rents”) shall be prorated. All Rents collected after the Closing under the Leases shall be applied, on the Commencement Datea Lease by Lease basis, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided hereinfirst, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject satisfy obligations attributable to the adjustments as provided hereinafter along with any applicable tax as defined hereinpayment period in which the Closing occurs, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar monthsecond, the first Base for Rent payment shall be in the amount of the Base Rent for up to one (1) full calendar month plus the prorated Base Rent in arrears, third, in payment of all current Rents due and payable for the calendar period after the Closing, fourth, after Rents for all current periods have been satisfied in full, to payment of all other Rents in arrears for the periods prior to the month of and month before the month in which the Commencement Date falls, such payment Closing occurs. If at the time of Closing (as reflected in a Schedule to be delivered or caused to be delivered by Purchaser at Closing of all amounts due on the Commencement Date. The Prepaid Rent described above shall be applied and payable by Landlord to the Rent payable any Tenant for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to Closing but uncollected as of Closing, whether or not past due) or thereafter there are Rents owed by Tenants for arrears, then Purchaser will make commercially reasonable efforts, without suit, to collect (or cause the LLC to collect) the same 66 2/3% of which, net of 66 2/3% of reasonable collection expenses, shall be for the account of Seller) and Seller’s share of any such late fees being charged)Rents, if received, will be remitted by Purchaser (or Purchaser will cause the LLC to remit) to Seller within 15 days of receipt. Seller expressly agrees that if Tenant fails Seller receives any Rents directly from Tenants after the Closing Date, Seller shall remit same to pay any other sum of money the LLC within thirty (30) 15 days after written notice by Landlord receipt thereof and Purchaser shall deliver to Tenant, Seller (or if any check delivered for shall cause the payment of Rent is returned for insufficient funds, there will be added LLC to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied deliver to Seller) the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace periodthereof, if any) two (2) times in any twelve (12) month period, to which Seller is entitled pursuant to the terms hereof within 15 days after receipt thereof. The Base Rent payable by Tenant An amount equal to Landlord 66 2/3% of all prepaid Rents and charges as of the Closing for the period following the Closing shall be deducted from the Purchase Price. Rents in the nature of percentage rents for all Leases for the current lease year under each Lease shall be apportioned between Seller and Purchaser as follows: The Schedule of Rents (which shall be delivered by Purchaser to Seller with the closing statement) shall include budgeted percentage rents for all Leases for the current lease year under each Lease, which budgeted amounts shall be apportioned between Seller and Purchaser at the Closing in accordance with herewith. Seller shall receive as an addition to the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning Purchaser Price, calculated on a Lease by Lease basis, 66 2/3% of a fraction of the fourth (4th) percentage rent for the current lease year for each Lease Year by multiplying which includes the Base Rent then being paid by a fractionProrations Time under the particular Lease, the numerator of which shall be fraction equals the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for number of Lease year days through the third (3rd) month preceding the month of adjustment, Prorations Time and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1fraction equals 365. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year If and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in extent payments on account of percentage rent under any Lease Year be less than the Base Rent have been paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement Prorations Time and/or have been the subject of each new Lease Year. Howeverapportionments based on budgeted amounts in the Schedule of Rents, failure of Landlord then Seller shall be entitled to timely notify Tenant an addition to the Purchase Price equal to 66 2/3% of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord which such fractions of the increased rental; the new monthly percentage rent finally ascertained exceeds such prepaid and/or budgeted amount (or any portion not previously paid) Purchaser shall be payableentitled to a rebate or reduction in the Purchase Price equal to 66 2/3% of the amount by which such fraction of the percentage rent finally ascertained is less than such prepaid and/or budgeted amount, retroactive all to the commencement end that when percentage rents are finally ascertained under the Leases the correct amounts shall be credited to each of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisparties hereunder. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Agreement (Overseas Partners LTD)

Rent. Beginning on the Commencement Date, Tenant The Sublessee covenants and agrees to paypay to the Sublessor, or as the Sublessor may in writing direct, in lawful money of Canada, without abatementany claim, setoff, compensation or deduction whatsoever, the aggregate of the following sums: (a) Prepaid Rent of  dollars ($) being rent in respect of each year or offset except part of a year of the Term as otherwise specifically provided hereinset out in Schedule C and payable in advance on the date of this Sublease; (b) Monthly Rent of  dollars ($) per month payable on the first day of each month of the Term subject to an annual adjustment, to Landlord, “Base Rent” for the Premises, be made on or before each Adjustment Date commencing after the first (1st) day anniversary of the first (1st) full calendar month date of this Sublease and payable by automatic debit if so required. On each such Adjustment Date Monthly Rent shall be increased or decreased, as the case may be, from Monthly Rent payable immediately before such adjustment, by an amount equal to the CPI Adjustment. Notwithstanding the foregoing provided that the Sublessee is not in default under this Sublease, the Sublessee shall have the right to prepay the Monthly Rent at any time during the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject upon providing written notice to the adjustments as provided hereinafter along Sublessor together with any applicable tax as defined herein, at a sum that is equal to the then current rate. If the Commencement Date occurs on a day other than the first Monthly Rent multiplied by 225; and (1stc) day of a calendar monthAdditional Rent, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be payable as and when required pursuant to the Consumer Price Index - U.S. City average for urban wage earners terms and clerical workers ail items conditions of this Sublease. The Sublessor has been advised by its legal counsel that the sublease of the Leased Premises is not subject to Harmonized Sales Tax (1982-84 equals 100“HST”) or the proposed Goods and Services Tax (“GST”) (herein CPIGST/HST) for ). If it is determined that the third (3rd) month preceding disposition by the month Sublessor to the Sublessee of adjustmentthe sublease interest in the Leased Premises is subject to GST/HST, the Lessor will pay the GST/HST provided that the Sublessee promptly executes and returns, at no cost to the Sublessor, any and all documents required by the Sublessor, to assign and transfer to the Sublessor any New Housing Rebate that might apply in respect of the sublease of the Leased Premises. The Sublessee hereby irrevocably assigns and transfers to the Sublessor any New Housing Rebate, or refund, or reduction of GST/HST to which Sublessee may be entitled, and authorizes the denominator Sublessor and its agents to apply for and collect any such rebate, refund or reduction. The Sublessor irrevocably appoints the Sublessee and the Sublessee’s authorized signatories as attorney of which shall be the CPI for Sublessee to execute, on behalf of the third (3rd) month preceding Sublessee, all such documents. If it is determined that the Commencement Date for Phase 1. ThereafterSublessee’s use of the Leased Premises results in Rent being subject to GST/HST, the Base Rent shall be adjusted at Sublessee will pay the beginning of to the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal PeriodsSublessor such GST/HST amounts, when due, as hereinafter definedAdditional Rent. Any purported set off, if applicable) by multiplying the Base withholding or deduction of Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year Sublessee shall be deemed to be waiveda breach of this Sublease, and entitle the Sublessor, at its option, to exercise any right or remedy available to it pursuant to this Sublease or at law. In The Sublessee will have no right to a refund of, and the Sublessor will not be liable to the Sublessee for refunding, any Rent in the event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basistermination of this Sublease. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Sublease Agreement

Rent. Beginning Rents in arrears, prepaid rents and other charges in connection with the Company Restaurants or in respect of the Leases and the Assigned Contracts, including transferable equipment leases, agreements or contracts or permitted renewals or replacements thereof relating to the Company Restaurants. With respect to the Leases, RTM or a Buyer designated by RTM shall pay RTM's or such Buyer's share of the percentage rent due under the terms of the Leases, determined as provided below. RTM's or such Buyer's share of the percentage rent for the period of time commencing on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject Effective Date to the adjustments as provided hereinafter along with any applicable tax as defined herein, at end of the then current rate. If the Commencement Date occurs lease year (or lease quarter, if rent for a Lease is calculated and paid on a day other than the first (1stquarterly basis) day of under a calendar month, the first Base Rent payment Lease shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year calculated by multiplying the Base Rent then being paid total percentage rents owed for such lease year (or lease quarter) based upon the gross sales generated by a Leased Restaurant by both Seller and RTM or such Buyer by a fraction, the numerator of which shall be RTM's or such Buyer's gross sales from the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items Leased Restaurant during such lease year (1982-84 equals 100or lease quarter) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI total gross sales of RTM or such Buyer and Seller from the Leased Restaurant during such lease year (or lease quarter). Calculation of RTM's or such Buyer's share of the percentage rent under a Lease shall be made by RTM or such Buyer and communicated to Seller promptly after the end of the lease year (or lease quarter) for a Lease and Seller or RTM or such Buyer, as the third case may be, shall make the allocation payments due the other within ten (3rd10) month preceding business days after such communication. In the Commencement Date for Phase 1. Thereafterevent that all information necessary to make any one or more prorations is not available as of the Effective Date, no payment shall be made therefor at such time but, as soon as such information becomes available, the Base Rent determination of the exact amount of proration shall be adjusted at made and appropriate payments promptly rendered by Seller and/or RTM or such Buyer. To the beginning of extent any proration errors are discovered after the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fractionEffective Date, the numerator of which shall be parties agree to promptly make the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein appropriate payments necessary to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basiscorrect such errors. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Asset Sale and Purchase Agreement (Shoneys Inc)

Rent. Beginning on On the Commencement Datedate that Tenant executes this Lease, Tenant covenants shall deliver to Landlord the original executed Lease, one (1) month's Base Rent and Operating Expenses (which shall be applied against the Rent payable for the first month Tenant is required to pay Rent), and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. Tenant agrees to paypay Landlord, without prior notice or demand, or abatement, offset, deduction or offset except claim, the Base Rent as otherwise specifically provided herein, to and when specified in the Basic Lease Information payable in advance at Landlord, “Base Rent” for 's address specified in the Premises, Basic Lease Information on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during of the full Term of this Lease and any renewal thereof, subject the Lease. In addition to the adjustments as provided hereinafter along with any applicable tax as defined hereinBase Rent set forth in the Basic Lease Information, at the then current rate. If Tenant shall pay Landlord in advance on the Commencement Date occurs and thereafter on a day other than the first (1st) day of a calendar montheach month throughout the balance of the Term of this Lease, as Additional Rent, Operating Expenses, Tax Expenses, and Utility Expenses. Tenant shall also pay to Landlord as Additional Rent hereunder, immediately on Landlord's demand therefor, any and all costs and expenses incurred by Landlord to enforce the provisions of this Lease, including, but not limited to, costs associated with the delivery of notices, delivery and recordation of notice(s) of default, attorneys' fees, expert fees, court costs and filing fees (collectively, the first Base Rent payment "Enforcement Expenses"). The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall be in the amount only apply to waiver of the Base Rent and Tenant shall otherwise perform all other obligations of Tenant required hereunder. The Rent for one (1) any fractional part of a calendar month shall be a prorated amount of the Rent for a full calendar month plus based upon a thirty (30) day month. The prorated Rent shall be paid on the prorated Base Commencement Date (and applied to the Rent due and owing for the second month of the Term) and the first day of the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment date of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periodstermination occurs, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basiscase may be. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Jabil Circuit Inc)

Rent. Beginning (a) Lessee agrees to pay to Lessor, at such place as Lessor may designate, without deduction, offset, prior notice or demand, the minimum rent for the Leased Premises during the Lease Term of one hundred ninety-six thousand nine hundred fifty-six dollars and no/100 DOLLARS ($196,956) in lawful money of the United States, payable in monthly installments of five thousand two hundred fifty-eight dollars and no/100 DOLLARS ($5,258.00). All payments of rent shall be due and payable in advance on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease Term. Lessee acknowledges and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month agrees that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord Lessor will not be required to give Tenant written notice send monthly statements or invoices as a condition of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum Lessee's obligation of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the timely payment of rent under this Lease, and that Lessee shall not have any right of offset against any rent coming due under this Lease. Rent is returned for insufficient fundspayments are to be made by check payable to MAIN & REDHILL BUSINESS CENTER MANAGEMENT ACCOUNT and mailed care of Xxxxx Developments, there 0000 Xxxxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, XX 00000 to reach that office by the first of each month. Base Rent Schedule Section 46 (b) Lessee acknowledges that late payment by Lessee to Lessor of rent or other sums due hereunder will cause Lessor to incur costs in excess of those contemplated by this Lease, the exact amount of which would be added extremely difficult and impractical to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate ascertain. Such costs include, but are not limited to, processing and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary aboveaccounting charges, Landlord agrees that it will not impose the aforesaid and late charges unless Tenant has failed which may be imposed on Lessor by the terms of any mortgage or deed of trust covering the Leased Premises. Therefore, in the event that Lessee should fail to pay any installment of Rent on rent or any other sum due under this lease after such amount is due, Lessee shall pay to Lessor as additional rent a late charge equal to six percent (6%) of each such installment or other sum. (c) Should any payment be made by a check, and following its deposit by Lessor such check is returned for any reason, Lessee hereby agrees to pay to Lessor, as additional rent, a service charge of FIFTEEN DOLLARS ($15.00). (d) The Leased Premises described in paragraph 1 above includes the due date thereof (construction by Lessor of the tenant improvements set forth in the Tenant Improvement Schedule attached hereto as EXHIBIT "B", and incorporated herein in the event that Lessee requests Lessor to construct or to permit the construction of additional tenant improvements and Lessor agrees to permit such failure shall not have been cured on or before additional tenant improvements, all as provided by paragraph 8 below. Lessee agrees that the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord rent shall be in accordance with increased by a sum to be determined by the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning parties prior to construction of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1additional tenant improvements. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.Form #1278 Initials: RWC -------- --------

Appears in 1 contract

Samples: Standard Business Park Lease (Cardiac Science Inc)

Rent. Beginning Subtenant shall pay to Sublandlord rent (the “Base Rent”) at the monthly rate set forth in the schedule attached hereto as Exhibit “C” in advance on the first day of each and every calendar month during the Sublease Term, commencing on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments Credit (as provided hereinafter along with any applicable tax as defined herein, at the then current ratedefined). If the Commencement Date occurs on a day other than is not the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated then Base Rent for the calendar period commencing on the Commencement Date and ending on the last day of the month in which the Commencement Date falls, such payment to occurs shall be due apportioned on the Commencement Datebasis of the number of days in such calendar month that occur during the term hereof. The Prepaid If the Expiration Date is not the last day of a calendar month, then Base Rent described above shall be applied by Landlord to the Rent payable for the period commencing on the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which the Expiration Date occurs and ending on the Expiration Date shall be apportioned on the basis of the number of days in such installment calendar month that occur during the term hereof. Base Rent and all other amounts payable by Subtenant to Sublandlord under the provisions of this Sublease (the “Additional Rent” and together with Base Rent, “Rent”) shall be paid promptly when due, and without deduction, abatement, counterclaim or setoff of any amount or for any reason whatsoever. Base Rent and Additional Rent payable under the first sentence of Section 3 below shall also be due without notice or demand therefor. Sublandlord shall have the same remedies for default in payment of Additional Rent as Sublandlord has for default in payment of Base Rent. All Base Rent and Additional Rent shall be paid to Sublandlord in lawful money of the United States and, at the election of Subtenant, by (a) wire transfer to an account designated by Sublandlord or (b) check drawn on a bank which is due a member of the New York Clearinghouse at Sublandlord’s address set forth above (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2and not the Address for Rent Payment in the Main Lease) times in any twelve (12) month period prior or to such late fees being charged)other person and/or at such other address as Sublandlord may from time to time designate by notice to Subtenant given in accordance with this Sublease. No payment by Subtenant or receipt or acceptance by Sublandlord of any lesser amount than the amount stipulated to be paid hereunder shall be deemed other than on account of the earliest stipulated Base Rent or Additional Rent; nor shall any endorsement or statement on any check or letter be deemed an accord and satisfaction, and Sublandlord may accept any check or if Tenant fails payment without prejudice to pay Sublandlord’s right to recover the balance due or to pursue any other sum of money within thirty (30) days after written notice remedy available to Sublandlord in this Sublease or at law. Except as otherwise set forth in this Sublease, any provision in the Main Lease referring to “Base Rent” or “Additional Rent” incorporated herein by Landlord reference shall be deemed to Tenantrefer to, or if any check delivered for respectively, the payment of Base Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount Additional Rent due to compensate Landlord for the extra administrative expenses incurredunder this Sublease. Notwithstanding the foregoing or anything to the contrary aboveset forth elsewhere in this Sublease, Landlord agrees provided that it will a Default (as defined in the Main Lease and incorporated herein) has not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof occurred under this Sublease, (and such failure shall not have been cured on or before the last day of any grace period, if anyx) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, due under this Section 2 and that portion of Additional Rent that constitutes the numerator TIA Payment as described in and due under the first sentence of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) Section 3 below for the third first three (3rd3) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding full calendar months following the Commencement Date for Phase (such period being January 1. Thereafter, 2012 through and including March 31, 2012) shall be abated and (y) the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year due under this Section 2 and the beginning Additional Rent due under the first sentence of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) Section 3 below for the third eight (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant 8) full calendar months prior to the commencement of each new Lease Year. HoweverExpiration Date (such period being August 1, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid2012 through and including March 31, 2013) shall be payableabated (collectively, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount“Credit”); provided, however, if a Default occurs under this Sublease, Subtenant shall no longer be entitled to any abatement of Base Rent or Additional Rent and, to the extent Sublandlord is required to repay to Main Landlord any Rent that if was abated by Main Landlord fails to so notify Tenant within nine (9) months after during the date Sublease Term because of adjustmentSubtenant’s Default, then the CPI adjustment for that year Subtenant shall be deemed within ten (10) days following an invoice from Sublandlord therefor, pay to Sublandlord any such amounts required to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisrepaid to Main Landlord. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Sublease (Novavax Inc)

Rent. Beginning on Lessee will pay to Lessor, by wire transfer, in lawful money of the United States of America which shall be legal tender for the payment of public and private debts, at Lessor's address set forth in Article 30 hereof or at such other place or to such other Person as Lessor from time to time may designate in a Notice, all Base Rent, Percentage Rent and Additional Charges, during the Term, as follows: [insert for Newly-Developed Hotels and Newly-Renovated Hotels: (a) The Rent payable from the Commencement DateDate until the calendar quarter ending December 31, Tenant covenants ___ shall equal (A) the annual amount of Initial Fixed Rent set forth on Exhibit C; provided, however, that Initial Fixed Rent shall be prorated as to any Lease Year which is less than four calendar quarters and agrees any partial calendar quarter;] (a) The Rent payable in each calendar quarter [insert for Newly-Developed Hotels and Newly-Renovated Hotels: from January 1, ___ until the end of the Lease Term] shall equal (i) the annual amount of Base Rent set forth on Exhibit C; provided, however, that (A) Base Rent shall be prorated as to payany Lease Year which is less than four calendar quarters and any partial calendar quarter, without abatementand (B) the last payment of Base Rent shall be pro rated as to any partial calendar quarter; plus (ii) an amount of percentage rent ("Percentage Rent"), deduction or offset except as otherwise specifically provided herein, calculated for each calendar quarter by the following formula: The amount equal to Landlord, “Base Rent” the Period Revenues Computation through the end of such calendar quarter for the Premises, applicable Lease Year less an amount equal to the Base Rent paid for the Lease Year to date for the applicable Lease Year less an amount equal to the Percentage Rent paid for the Lease Year to date for the applicable Lease Year. [Initial Fixed Rent or] Base Rent for each calendar quarter of the Term shall be payable in arrears on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) business day of each and every successive subsequent calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current ratequarter. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the The amount of the [Initial Fixed Rent or] Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that three calendar quarters of a Lease Year shall equal the annual amount of [Initial Fixed Rent is due. If Tenant fails to pay any regular monthly installment of or] Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid multiplied by a fraction, the numerator of which shall be is the Consumer Price Index - U.S. City average amount of the Lessee's budgeted Gross Revenues for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, such calendar quarter and the denominator of which shall be is the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning amount of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average Lessee's budgeted Gross Revenues for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior such Lease Year. Should The amount of [Initial Fixed Rent or] Base Rent payable for the CPI become unavailablefourth calendar quarter of such Lease Year shall equal the annual amount of [Initial Fixed Rent or] Base Rent, a reasonable substitute prepared less the aggregate amount of [Initial Fixed Rent or] Base Rent payments made by the U.S. Department Lessee for the first three calendar quarters of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new such Lease Year. However, failure of Landlord to timely notify Tenant Percentage Rent for each calendar quarter during such period of the new monthly Base Rent installment amount Term shall not be deemed a waiver by Landlord paid on or before the 15th day of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waivednext calendar quarter. In no event will the amount of Percentage Rent payable for any quarter pursuant to the foregoing formula be less than zero, and there shall be no reduction in Base Rent increases exceed three and one-half (3.5%) percent regardless of the Base Rent paid for result of the immediately prior Period Revenues Computation. If the Term begins or ends in the middle of a calendar year, then the number of calendar quarters falling within the Term during such calendar year shall constitute a separate Lease Year. In that event, on a non-cumulative basis. b. The Base Rent for Phase 2 the First Annual Room Revenues Break Point and the Second Annual Room Revenues Break Point shall be at multiplied by a fraction equal to (x) the same rental rate per-square-foot number of calendar quarters (including partial calendar quarters) in the Lease Year divided by (y) four, and the Cumulative Period Portion for each of the calendar quarters in such Lease Year shall be adjusted determined as set forth in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2definition of Cumulative Period Portion.

Appears in 1 contract

Samples: Lease Agreement (Hersha Hospitality Trust)

Rent. Beginning Lessees will pay or cause to be paid to Lessor or its Nominated Agent (by paying into the MLS Collection Account (Tranche 2), or any other bank account as notified by Lessor) on each Device Lease Payment Date, throughout the Term of each Device Lease, the Rental Payments for each Device subject to a Device Lease. Rental Payments for each Device subject to a Device Lease are payable for each calendar month (or the relevant portion thereof) on the Commencement Date, Tenant covenants and agrees Device Lease Payment Date until the Device Lease for such Device terminates. The Lessor will deliver an invoice to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be Lessees in the amount of the Base Rent Rental Payments due for one each month on the 5th Business Day of such month beginning May 6, 2016. Once paid, each Rental Payment is not refundable for any reason unless such Rental Payment has been paid in error or when not actually due and payable. Each transfer of Available Funds into the MLS Collection Account (1Tranche 2) full during the calendar month plus of the prorated Base Rent for applicable Device Lease Payment Date (or, in the case of the first Device Lease Payment Date, during the period from the Lease Closing Date through such Device Lease Payment Date) (other than any transfer of Available Funds by Sprint or an Originator in respect of Rental Payments due on a preceding Device Lease Payment Date pursuant to the Sprint Guarantee or otherwise) and any Carryover Amount with respect to such Device Lease Payment Date shall be applied as follows: (i) first, (A) all such Available Funds attributable to Customer Rentals in payment of amounts invoiced to the relevant Customer prior to, or during, the calendar month immediately preceding such Device Lease Payment Date (B) all such Available Funds attributable to down payments made by the relevant Customers during the relevant period and (C) any Carryover Amount with respect to such Device Lease Payment Date shall be applied in satisfaction of Lessees’ obligation to make a scheduled Rental Payment on such Device Lease Payment Date (the excess of the amounts described in clauses (A), (B) and (C) over the amount of the scheduled Rental Payment due on such Device Lease Payment Date, the “Excess Amount”); (ii) second, (A) all such Available Funds attributable to Customer Rentals in payment of amounts invoiced to the relevant Customer during the calendar month in which the Commencement such Device Lease Payment Date fallsoccurs, such or in payment of amounts that were scheduled to be due on the Commencement Date. The Prepaid Rent described above invoiced during a future calendar month, shall be applied by Landlord in satisfaction of Lessees’ obligations to make a scheduled Rental Payment on the Device Lease Payment Date in the calendar month following the calendar month during which such amounts are or would have been invoiced to the Rent payable relevant Customer, and (B) the Excess Amount (other than any portion of the Excess Amount to be applied pursuant to clause (iii) below as determined by the Servicer and as set forth in the Servicer Report (as defined in the Servicing Agreement) relating to such Device Lease Payment Date) shall be applied in satisfaction of Lessees’ obligations to make a scheduled Rental Payment on each succeeding Device Lease Payment Date in an aggregate amount equal to the Excess Amount applied consecutively to each succeeding Device Lease Payment Date (the portion of such Available Funds and any Excess Amount to be applied (including pursuant to clause (iii) below) in respect of a subsequent Device Lease Payment Date, the “Carryover Amount” with respect to such subsequent Device Lease Payment Date); and (iii) third, (A) any portion of the Excess Amount attributable to Customer Receivables that were received after any Sprint Party made a payment in respect thereof pursuant to the Sprint Guarantee or otherwise that the Servicer elects to apply pursuant to this clause (iii), (B) any portion of the Excess Amount attributable to down payments made by Customers under Upgraded Customer Leases for which the first full month monthly rent under such Upgraded Customer Leases equals or exceeds the monthly rent under the related Exchanged Customer Lease that Rent is due. If Tenant fails the Servicer elects to pay any regular monthly installment apply pursuant to this clause (iii) and (C) all remaining Available Funds paid into the MLS Collection Account (Tranche 2) during the relevant period shall be applied in satisfaction of Base Rent or Landlord’s Operating Costs or any other monthly amounts payment due and owing or elected to be paid under any Sprint Transaction Document by any Sprint Party that is payable to the seventh MLS Collection Account (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (Tranche 2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenantincluding under Section 2.9. Promptly following each Device Lease Payment Date, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied extent that there were insufficient Available Funds (after giving effect to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date application thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall immediately preceding sentence) available to be adjusted at applied to satisfy the beginning of the fourth (4th) scheduled Rental Payment on such Device Lease Year by multiplying the Base Rent then being paid by a fractionPayment Date, the numerator of which Lessor shall be make a demand under the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted Sprint Guarantee in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2amount of such shortfall.

Appears in 1 contract

Samples: Master Lease Agreement (SPRINT Corp)

Rent. Beginning The TENANT hereby agrees to pay the LANDLORD as rent for the demised premises a monthly rent of <<Monthly Rent>> on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during throughout the full Term term of this Rental contract, for a total of <<Total Rent for Lease and Term>>, which includes any renewal thereof, subject to prorated rent for the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current ratefirst month. If the Commencement Date occurs Should tenancy commence on a day other than the first (1st) day of a calendar the month, the first Base month’s rent shall be prorated or adjusted between the parties hereto so that all additional rental payments shall become due on the first (1st) day of each month. Rent payments are due on the first day of each month without deduction or offset for any reason, including assertions of LANDLORD’s failure to comply with lease terms. The monthly rental payments will be made electronically to Broadmoor Bluffs Realty’s account on the first business day of each month. RENTS WILL NOT BE PRORATED ON THE LAST MONTH OF TENANCY. TENANT WILL PAY THE FULL MONTH'S RENT FOR THE LAST MONTH. Any amounts due from the Tenant shall bear interest at the rate of 18% per annum. TENANT shall bear all risk for mailing or any other type of delivery of the rent and rent will not be considered paid until actually received by LANDLORD. A. TENANT must sign up for recurring electronic (Autopay) rent payment, establishing the rent payment for the 1st of each month. Rent will be paid from TENANT’s account on the first business day of each month. Rents are due on the first (1st) by 11:59pm, and are late after this. Rents not received by the PROPERTY MANAGER by 11:59pm MST on the eight (8th) calendar day will be assessed late fees (this includes a non-sufficient funds notice which causes the rent to be late). XXXXXX agrees to pay a late fee charge of five percent (5%) of the monthly rent past due or $50 whichever is greater. In emergencies, TENANT may pay by credit card (TENANT will incur credit card fees) or take cash to a local 7-Eleven or CVS with a form from the PROPERTY MANAGER (TENANT will incur fee for this service also). B. Monies received from tenants will first be applied to any previously unpaid rent, prior to being applied to current rent. C. A non-sufficient fund fee of twenty dollars ($20.00) shall be assessed to the TENANT for each returned electronic payment, check, bank draft, money-order, and non-sufficient funds notice. D. PROPERTY MANAGER will serve a notice to comply if rent is not paid by the 1st day of the month. TENANT will be charged a fee for delivery. If TENANT has not paid within the 10-day time period, Broadmoor Bluffs Realty will begin the eviction process. E. TENANT should expect a rent rate increase to market value when renewing this rental contract. F. LANDLORD cannot guarantee that the property will be available to TENANT on the lease start date. If the existing tenant fails to vacate as agreed or damage to the property, beyond LANDLORD'S control occurs, LANDLORD will take all appropriate steps to try to make the property available as quickly as possible. TENANT, under these circumstances, has the right to terminate the lease by giving notice to LANDLORD, but LANDLORD will not be liable for TENANT'S moving, living, storage or any other expenses incurred because the property is not available. Rent, as set out above, will be adjusted on a daily prorated basis for the time the property is not available. G. TENANT may NEVER withhold rent, use rent as a set off to make repairs, or at any time fail to pay anything other than the full rental amount due, regardless of any breach or alleged breach of this lease by LANDLORD, except upon compliance with C.R.S. 00-00-000 et seq. H. It shall be a violation of this lease for TENANT to interfere with the LANDLORD, PROPERTY MANAGER, or contractors to use rude, foul-mouthed, threatening, abusive and or insulting language when dealing with the LANDLORD, PROPERTY MANAGER or contractors. TENANT will be provided one warning that such behavior is not acceptable and will not be tolerated. If the behavior persists, TENANT will be served with a 10 day demand and shall be subject to eviction, and thereafter, all communications will be in writing and TENANT will not be allowed to enter PROPERTY MANAGER'S office, and TENANT will be considered a trespasser. I. TENANT shall be responsible for and shall repair all glass breakage caused by tenant or tenant's guest. J. TENANT acknowledges that he has received the property in a clean and orderly condition and under no circumstance shall dirt or cleaning be deemed normal wear and tear. TENANT shall be responsible for and shall leave the property in a clean and orderly condition. K. LANDLORD may accept partial payments from TENANT, at any time, without effecting nor waiving any rights which LANDLORD has under this lease nor shall it effect any legal proceeding which LANDLORD may have initiated or be in the amount process of initiating. L. In the event of any default by TENANT, all monthly rent for the remaining term of the Base Rent for one (1) full calendar month plus the prorated Base Rent lease shall be accelerated and shall be fully due and payable without notice by LANDLORD. This right of acceleration is in lieu of having rent for the calendar month entire term payable when the lease contract begins. M. TENANT is advised, that in which the Commencement Date fallsevent that LANDLORD owns five or fewer single family homes, such payment that the notice period for a default, pursuant to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being chargedC.R.S. 13-40-104(5)(b), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned monies due pursuant to this lease or for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times default in any twelve (12) month period. The Base Rent payable by Tenant to Landlord other condition of tis lease shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth five (4th5) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items days not (1982-84 equals 10010) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisten. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Rental Contract

Rent. Beginning on the Commencement Date, Tenant covenants and agrees to pay, without abatementdemand, deduction or offset except as otherwise specifically provided hereinoffset, to Landlord, “Base Rent” Landlord Rent and Additional Rent for the PremisesPremises as described above in Item 1, Section G, on or before the first day of each and every successive calendar month of the term hereof and on or before the first (1st) day of the first (1st) full calendar month of the Term term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term term of this Lease and any renewal thereofLease, subject to the adjustments as provided hereinafter hereinafter, along with any applicable tax as defined hereintax, at the then current rate. If In the event the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsterm of this Lease commences, such payment to be due on the Commencement Date. The Prepaid Rent described above shall Whenever under the terms of this Lease any sum of money is required to be applied paid by Landlord Tenant in addition to the Rent payable herein reserved, whether or not such sum is herein described as “Additional Rent” or a provision is made for the collection of said sum as “Additional Rent”, said sum shall nevertheless, at Landlord’s option, if not paid when due, be deemed Additional Rent, and shall be collectible as such with the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent thereafter falling due hereunder. In the event any installment or increment of Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh Additional Rent payable under this Lease shall not be paid when due, a “late charge” of five percent (7th5%) day of the month in which such installment is due amount overdue may be charged (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2as Additional Rent) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything purpose of defraying the expense incident to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (handling such overdue payment and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month purpose of adjustment, and the denominator compensating Landlord for its attendant loss of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basiscash flow. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Unilens Vision Inc)

Rent. Beginning (a) Commencing on November 1, 2014 (the “Rent Commencement Date”), Tenant covenants and agrees Subtenant will pay to payFxxxxxx Mac, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, annual rent for the Subleased Premises (the “Base Rent”), the sum of thirty-three dollars and zero cents ($33.00) per rentable square foot of the Subleased Premises. On September 1, 2015 and again on September 1, 2016, Base Rent will increase by two percent (2%). Base Rent for the PremisesTerm is set forth on the Base Rent Schedule attached hereto as Exhibit 2 and made a part hereof. Base Rent will be payable in monthly installments, in advance, beginning on or before the Rent Commencement Date and continuing on the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateTerm. If the Commencement Date occurs Term begins on a day date other than the first (1st) day of a calendar month or ends on a date other than the last day of a month, the first Base Rent payment shall foregoing monthly installment will be in pro ratedfor the month based on the number of days of the month that fall during the Term. (b) Subtenant also will pay to Fxxxxxx Mac as “Additional Rent” the amount of any increases in Taxes (as defined in the Base Master Lease) payable by Fxxxxxx Mac under the Master Lease, above Taxes paid by Fxxxxxx Mac for 2014/2015, as and when charged to Fxxxxxx Mac by Landlord (on both an estimated and actual basis). Subtenant also will pay to Fxxxxxx Mac as Additional Rent $3.25 per square foot per month for one electricity. In addition to the foregoing, Subtenant will reimburse Fxxxxxx Mac, as Additional Rent, for any and all amounts that are payable by Fxxxxxx Mac pursuant or related to the Master Lease as a result of Subtenant’s use or occupancy of the Subleased Premises, including without limitation charges for electricity (1as measured by submeter) full calendar month plus the prorated Base in excess of $3.25 per square foot provided to Subtenant. All Additional Rent for the calendar month in which the Commencement Date falls, such payment to will be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice receipt by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day Subtenant of any grace period, if any) two (2) times in any twelve (12) month periodinvoice reasonably documenting such costs. The Base Rent payable and Additional Rent are together referred to herein as the “Rent.” (c) All Rent will be paid by Tenant Subtenant with no notice (except as expressly provided herein), deduction or offset whatsoever. If Subtenant fails to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base make any payment of Rent shall be adjusted when due, Subtenant will pay interest on any such delinquent amount, calculated at the beginning rate of the fourth fifteen percent (4th15%) Lease Year by multiplying the Base Rent then being paid by a fractionper annum or, if lower, the numerator highest rate permitted by law, from and after the due date of which shall be said payment until paid in full, without regard to whether Fxxxxxx Mac has incurred or paid any late charges or penalties under the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for Master Lease. Notwithstanding the third (3rd) month preceding the month of adjustmentforegoing, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in Fxxxxxx Mac agrees that no event shall Base Rent more than once in any Lease Year be less than the Base twelve calendar month period Subtenant will have a grace period of three business days to cure a failure to make payment of Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paidwhen due before interest charges under this Section 4(c) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisaccrue. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Sublease Agreement (Sidoti & Company, Inc.)

Rent. Beginning on the Commencement Date, 3.1 Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay to Landlord, “Base Rent” for Landlord the Premises, Annual Rent in effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of the first (1st) each full calendar month during the Term, except that the first full month’s rent shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter Annual Rent in effect at such time. Rent for any period during the Term which is less than a full Term month shall be a prorated portion of this Lease the Monthly Installment of Rent based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined hereinwithout notice or demand, at the then current rateRent 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 the Commencement Date an Event of Default occurs on a day other more than the first (1st) day of a twice in any calendar monthyear, the first Base Rent Landlord may require by written notice to Tenant that all subsequent rent payments be made by an automatic payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsfrom Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord system prior to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent next scheduled rent payment or within [*] days after Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month notice, whichever is later. Unless specified in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added this Lease to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate contrary, all amounts and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent 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 Lease will result in accordance with administrative expense to Landlord, the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent extent of which additional expense is difficult and 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 be adjusted at imposed in an amount equal to the beginning greater of: [*] or other payment. The amount of the fourth (4th) Lease Year by multiplying the Base Rent then being late charge to be paid by a fraction, the numerator of which Tenant shall be the Consumer Price Index - U.S. City average reassessed and added to Tenant’s obligation for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) each successive month preceding the month until paid. [*]. The provisions of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning this Section 3.2 in no way relieve Tenant of the fifth (5th) Lease Year and obligation to pay rent or other payments on or before the beginning date on which they are due, nor do the terms of each succeeding Lease Year during the Term this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease (not to include in the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor said rent or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months payment is unpaid after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisdue. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Acell Inc)

Rent. Beginning (a) Tenant shall pay to Landlord, as rent for the Leased Premises during the Term, the Basic Rent in advance, on the Commencement Date and on each Basic Rent Payment Date occurring after the Commencement Date, Tenant covenants and agrees to payshall pay the same by ACH or wire transfer in immediately available federal funds, without abatementby 1:00 p.m., deduction or offset except as otherwise specifically provided hereinNew York time on the date due, to Landlord, “Base Rent” for such account in such bank as Landlord shall designate from time to time reasonably in advance. In the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If event that the Commencement Date occurs on is a day date other than the first (1st) day Business Day of a calendar month, the first Base Basic Rent payment due on the Commencement Date shall be in an amount equal to the amount of the Base Basic Rent for one (1) full calendar month plus the prorated Base Rent set forth in Exhibit B hereto for the first Basic Rent Payment Date, times 1/30, times the number of days from and including the Commencement Date to and excluding the first day of the following calendar month, and the Basic Rent due on the first Business Day of the month following the month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above occurs shall be applied by Landlord to the Rent payable amount set forth on Exhibit B for the first full month Basic Rent Payment Date. (b) Tenant shall pay and discharge, as Additional Rent, all other amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease, together with every fine, penalty, interest and cost which may be added by the party to whom such payment is due for Xxxxxx’s nonpayment or late payment thereof. All payments of Additional Rent that are payable to Landlord shall be paid by Tenant by ACH or wire transfer in immediately available federal funds to such account in such bank as Landlord shall designate from time to time reasonably in advance. (c) If any installment of Basic Rent or Additional Rent is not paid when the same is due. If , Tenant fails shall pay to pay any regular monthly Landlord, on demand, as Additional Rent, interest on such installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by from the seventh (7th) day of date such installment was due to the month in which date such installment is paid at the Default Rate. In addition to the interest payable pursuant to the foregoing sentence, any payment not received by the applicable due date shall incur a late charge in the amount of one percent (provided 1%) of such late payment amount (except to the extent such late charge is prohibited by Applicable Law). Notwithstanding the foregoing, Landlord will waive the late charge (i) with respect to the first (1st) late payment of Rent in any calendar year up to three (3) times during the Initial Term, and (ii) with respect to two (2) additional late payments of Rent during the Renewal Term, if applicable. Tenant and Landlord agree that this late charge represents a reasonable sum (considering all of the circumstances existing on the date of the execution of this Lease) and a fair and reasonable estimate of the costs that Landlord will be required to give Tenant written notice incur by reason of TenantXxxxxx’s failure to pay such amounts on time. Tenant and Landlord further agree that proof of actual damages would be costly and inconvenient. Acceptance of any late charge shall not constitute a waiver of the default with respect to the overdue Basic Rent or Additional Rent payment and shall not prevent Landlord from exercising any of the other rights available hereunder. (d) Xxxxxxxx and Tenant agree that this Lease is a true lease and does not represent a financing arrangement. Each party shall reflect the transactions represented by this Lease in all applicable books, records and reports (including, without limitation, income tax filings) in a manner consistent with “true lease” treatment rather than “financing” treatment. (e) Anything contained in this Lease to the contrary notwithstanding, Tenant shall not, without Xxxxxxxx's advance written consent (which consent shall not be unreasonably withheld) (i) sublet, assign or enter into a management arrangement for the Premises on any basis such that the rental or other amounts to be paid by the subtenant, assignee or manager thereunder would be based, in whole or in part, on either (x) the income or profits derived by the business activities of the subtenant, assignee or manager or (y) any other formula such that any portion of any amount received by Landlord would fail to qualify as "rents from real property" within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto; (ii) furnish or render any services to the subtenant, assignee or manager or manage or operate the Premises so subleased. assigned or managed; (iii) sublet, assign or enter into a management arrangement for the Premises to any person (other than a "taxable REIT subsidiary" (within the meaning of Section 856(1) of the Code) of OSREC) in which Landlord or OSREC owns an interest, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d)(5) of the Code); or (iv) sublet, assign or enter into a management arrangement for the Premises in any other manner, in each case of clauses (i) through (iv), which could reasonably be expected to cause any portion of the amounts received by Landlord pursuant to this Lease or any sublease to fail to qualify as "rents from real property" within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto, or which could cause any other income of Landlord to fail to qualify as income described in Section 856(c)(2) of the Code. The requirements of this Section 6(e) shall likewise apply to any further subleasing by any subtenant. (f) Anything contained in this Lease to the contrary notwithstanding, the parties acknowledge and agree that Landlord, in its sole discretion, may assign this Lease or any interest herein to another person (including without limitation, a "taxable REIT subsidiary" (within the meaning of Section 856(1) of the Code)) in order to maintain Landlord's status as a "real estate investment trust" (within the meaning of Section 856(a) of the Code); provided, however, Landlord shall be required to (i) comply with any applicable legal requirements related to such transfer and (ii) give Tenant notice of any such monthly payments two assignment; and provided, further, that any such assignment shall be subject to all of the rights of Tenant hereunder. (2g) times Anything contained in any twelve (12) month period prior this Lease to such late fees being charged)the contrary notwithstanding, upon request of Landlord, Tenant shall cooperate with Landlord in good faith and at no cost or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord expense to Tenant, and provide such documentation and/or information as may be in Tenant's possession or if any check delivered for under Xxxxxx's control and otherwise readily available to Tenant as shall be reasonably requested by Landlord in connection with verification of OSREC's "real estate investment trust" (within the payment meaning of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage Section 856(a) of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredCode) compliance requirements. Notwithstanding anything Anything contained in this Lease to the contrary abovenotwithstanding, Tenant shall take such reasonable action as may be requested by Landlord from time to time in order to ensure compliance with the Internal Revenue Service requirement that Rent allocable for purposes of Section 856 of the Code to personal property, if any, at the beginning and end of a calendar year does not exceed fifteen percent (15%) of the total Rent due hereunder as long as such compliance does not (i) increase Tenant's monetary obligations under this Lease or (ii) materially and adversely increase Tenant's nonmonetary obligations under this Lease or (iii) materially diminish Tenant's rights under this Lease or (iv) result in the imposition of any additional material obligation upon Tenant under any Legal Requirement. (h) Tenant acknowledges that Landlord's direct or indirect parent may intend to qualify as a "real estate investment trust" (within the meaning of Section 856(a) of the Code). Xxxxxx agrees that it will not impose knowingly or intentionally take or omit to take any action, or permit any status or condition to exist at the aforesaid late charges unless Premises, which Tenant has failed to pay any installment of Rent on actually knows (acting in good faith) would or could result in the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with under this Lease not qualifying as "rents from real property" within the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning meaning of Section 856(d) of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisCode. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Plumas Bancorp)

Rent. Beginning (a) The Tenant shall pay all rent and other charges to be paid by the Tenant hereunder to the Authority at the office of the Authority in Richmond, Virginia, or to such other individual, firm or corporation and at such other place as may be designated by the Authority. (b) The Tenant shall pay a monthly rent (the “Monthly Rent") without notice, demand or setoff during the term hereof based upon an initial total annual rent of $17,972.75. No reduction or increase in rent shall be available for non-material discrepancies in actual square footage. During the first Lease Year the Monthly Rent shall be $1,497.73 per month. Thereafter, the Monthly rent shall be increased annually as of the date the first payment of each Lease Year is due beginning with the second Lease Year by an amount equal to 3% of the last Monthly Rent payable during the preceding Lease year. (c) The Monthly Rent is to be payable in advance on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease term hereof without notice or demand and any renewal thereof, subject without setoff and it is to the adjustments as provided hereinafter along with any applicable tax as defined herein, be received at the then current rateAuthority’s offices within five (5) days after the first day of each rental month. If the Monthly Rent is not received in the Authority’s office within five (5) days after the first day of each rental month, there shall be imposed upon the Tenant a late charge equal to 5% of the monthly rental amount and the total outstanding balance will be assessed an interest rate equivalent to 12% per annum. If the Commencement Date occurs on a day other than is not the first (1st) day of a calendar month, the Tenant shall pay on the first Base Rent payment shall be in day of the first calendar month following the Commencement Date a proportionate amount of the Base Rent for one (1) full calendar month plus the prorated Base monthly Rent for the calendar month in which period of time from the Commencement Date falls, to the date on which such first monthly payment is due. (d) All amounts and charges in addition to the Monthly Rent required to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts paid by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent terms hereof shall be adjusted deemed to be additional rent (the "Additional Rent"). Such amounts or charges, if not paid at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of time provided in this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and TenantLease, shall be used. Base collectible as Additional Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant with the next installment of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. Howeverrent due and payable hereunder, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year nothing herein contained shall be deemed to suspend or delay the time for any payment to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent made by the Tenant hereunder or to limit any other remedy of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisAuthority. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (AmpliPhi Biosciences Corp)

Rent. Beginning on Tenant shall pay or cause Manager to pay to Landlord by wire transfer of immediately available federal funds or by other means acceptable to Landlord in its sole discretion, in lawful money of the United States of America which shall be legal tender for the payment of public and private debts, without notice, offset, abatement, demand or deduction (unless otherwise expressly provided in this Agreement), Rent during the Term as follows: (a) Commencing with the Commencement Date, Tenant covenants the Rent payable in each calendar month shall be in an amount equal to the sum of the following: (i) the amount of Minimum Rent set forth on Exhibit A which shall be payable monthly in arrears on or before the first (1st) day of the subsequent calendar month; provided, however, that Minimum Rent shall be prorated as to any Lease Year which is less than twelve (12) calendar months and agrees as to payany partial calendar months; and (ii) an amount of percentage rent (“Percentage Rent”), without abatementcalculated for each calendar month, deduction or offset except as otherwise specifically provided hereinequal to the aggregate of the Period Revenues Computation, to Landlordthrough the end of such calendar month, “Base Rent” for the Premiseswhich amount shall be payable monthly in arrears, on or before the first (1st) day of the first (1st) full subsequent calendar month month. Landlord and Tenant agree that a percentage of the Term hereof Rent payable under this Agreement per quarter shall be paid for, and on or before allocable to, the first (1st) day rental of each and every successive calendar month thereafter during tangible personal property included in the full Term Leased Property. Such percentage shall be calculated using a numerator of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, average of the aggregate fair market values of all Leased Personal Property at the then current rate. If beginning and end of the Commencement Date occurs on taxable year with respect to which such quarter relates and a day other than denominator of the first (1st) day average of a calendar monththe aggregate fair market values of all Leased Property at the beginning and end of the taxable year with respect to which such quarter relates, the first Base Rent payment which such fair market values shall be in determined by reference to the amount of Landlord’s original investment in such property, adjusted from time to time to take account of economic appreciation and depreciation as well as Capital Expenditures made with respect to the Base Leased Property and additional amounts invested in Leased Personal Property. If (A) any amount of Rent for one otherwise accruing or payable to the Landlord under this Agreement with respect to a calendar year and which is properly allocable to either of CHT GP, LLC or CNL Healthcare Trust, Inc. pursuant to the provisions of the Limited Partnership Agreement (as amended) of CHT Partners, LP would fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code if received or accrued by CNL Healthcare Trust, Inc., with respect to such calendar year (such amount of “non-qualifying” gross income otherwise accruing or payable under this Agreement hereinafter referred to as “Excess Rent”), and (B) such Excess Rent, when aggregated with all other “non-qualifying” gross income of CNL Healthcare Trust, Inc., with respect to such calendar year within the meaning of Sections 856(c)(2) or 856(c)(3) of the Code (the “Gross Income Tests”) would cause CNL Healthcare Trust, Inc., to fail to satisfy either of the Gross Income Tests (determined without regard to the provisions of this Real Estate Investment Trust (“REIT”) gross income compliance threshold provision or a similar REIT gross income compliance threshold provision contained in any other rental or contractual agreement (collectively, the “Compliance Threshold Provisions”)), then the portion of such Excess Rent equal to the product of (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsExcess Rent, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied multiplied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior the “Limitation Ratio,” as defined below, shall be deemed not to such late fees being charged), accrue or if Tenant fails to pay any other sum otherwise be payable as Rent for all purposes of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage this Agreement. For purposes of the Default Rate and applied to foregoing paragraph, the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord “Limitation Ratio” shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth a fraction (4thx) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall is the excess of (I) the aggregate amount of “non-qualifying” gross income CNL Healthcare Trust, Inc., would receive or accrue for such calendar year, determined without the limitation provisions of any Compliance Threshold Provisions, over (II) the aggregate amount of “non-qualifying” gross income CNL Healthcare Trust, Inc., would be permitted to receive for such calendar year without failing to satisfy either of the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustmentGross Income Tests, and (y) the denominator of which shall be is the CPI for the third aggregate of all amounts described as “Excess Rent” (3rdor other similar term) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning pursuant to any of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not Compliance Threshold Provisions with respect to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basissuch calendar year. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (CNL Healthcare Trust, Inc.)

Rent. Beginning (a) During the Term of this Sublease, commencing on the date which shall be sixty (60) days after the Possession Date (the "Rent Commencement Date") and continuing on the first day of each month thereafter during the Term, Tenant covenants and agrees Subtenant will pay to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” Sublandlord for the PremisesSubleased Premises an annual base rent of One Hundred Sixty-Five Thousand Seven Hundred and 00/100 ($165,7000.00) Dollars (the "Annual Rent"), payable in advance in equal monthly installments of Thirteen Thousand Eight Hundred Eight and 33/100 ($13,808.33) Dollars. Annual rent shall not include Subtenant's own electricity and janitorial services, for which Subtenant shall pay separately. The Annual Rent shall be increased, starting on or before the date which is eighteen (18) months from the Rent Commencement Date and thereafter each and every subsequent year during the Initial Term of this Sublease on the anniversary of the Rent Commencement Date by an amount equal to three percent (3%) of the immediately preceding year's Annual Rent (except for the second rent increase which shall be based on the six (6) month period beginning on the date which is eighteen (18) months from the Rent Commencement Date and ending on the second anniversary of the Rent Commencement Date) (the "Initial Term Rent Escalation"). Sublandlord shall notify Subtenant of the first (1st) Initial Term Rent Escalation. Sublandlord's failure to provide such notice shall not be a waiver of Sublandlord's right to collect the Initial Term Rent Escalation, and Subtenant shall pay on demand all the Initial Term Rent Escalation amounts not collected by Sublandlord should Sublandlord fail to provide such notice or collect the Initial Term Rent Escalation. If the Sublease Commencement Date shall not be on the first day of a month, the first payment of Annual Rent shall be due and payable on the Rent Commencement Date and Sublandlord shall prorate the Annual Rent for the period from the Rent Commencement Date to the first day of the first (1st) full calendar month after the Rent Commencement Date. The prorated Annual Rent shall be computed by multiplying one (1) monthly installment of Annual Rent by a fraction, the numerator of which is the number of calendar days from the Rent Commencement Date to the first calendar day of the Term hereof first full calendar month after the Rent Commencement Date and the denominator of which is the actual number of days in the month. (b) Subtenant shall deliver the monthly installments of the Annual Rent to Sublandlord on or before the first (1st) day of each and every successive calendar month thereafter during of the full Term of Term. All Annual Rent and other amounts due under this Lease and any renewal thereof, subject Sublease payable by Subtenant to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment Sublandlord shall be paid to Sublandlord in the amount lawful money of the Base United States, without any prior notice or demand therefor except as set forth in Paragraph 4(a), and without abatement, deduction, setoff, recoupment, or counterclaim. All payments of Annual Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be and other amounts due on the Commencement Date. The Prepaid Rent described above under this Sublease shall be applied by Landlord sent to the Rent payable for the first full month that Rent is due. Sublandlord at One Xxxxx Xxxxx Xxxxx, P.O. Box 26666, Richmond, Virginia 23261, Attention: Senior Real Estate Administrator, or to such other party or place as Sublandlord may from time to time designate in writing. (c) If Tenant fails Subtenant notifies Sublandlord of Subtenant's intent to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7threnew this Sublease as set forth in Paragraph 2(a) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for months before the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage expiration of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on Initial Term or before the last day of any grace period, if any) two (2) times in any twelve (12) month periodmonths before the end of the first Renewal Term, as the case may be, then Sublandlord and Subtenant agree to negotiate a mutually agreeable Annual Rent for such Renewal Term, and escalation thereof, if any, for the Subleased Premises. The Base If Sublandlord and Subtenant cannot agree on Annual Rent payable for such Renewal Term, and escalation thereof, if any, for the first Renewal Term or the second Renewal Term, on or before six (6) months before the end of the Initial Term or the first Renewal Term, then this Sublease shall not be renewed and shall terminate at the end of the Initial Term of the first Renewal Term, as the case may be, without further actions by Tenant the Subtenant or Sublandlord and without any further liability or responsibility whatsoever by either party to Landlord the other, except for any liabilities and obligations which expressly survive the termination or expiration of this Sublease. (d) Subtenant covenants and agrees to pay to Sublandlord, from time to time as provided in this Sublease, and as "Additional Rent": (i) a late charge equal to five percent (5%) of any installment of Annual Rent or Additional Rent, which is not received by Sublandlord within ten (10) days after the due date thereof; (ii) interest at an annual rate equal to twelve percent (12%) ("Interest") on all installments of Annual Rent and Additional Rent not received within five (5) days after the due date, until the date payment is actually received by Sublandlord; (iii) all other costs, expenses, amounts and sums which Subtenant agrees to pay to Sublandlord and/or to third parties (including, but not limited to, the amounts described in Paragraph 29(a) of this Sublease) in those circumstances in which Subtenant shall fail or refuse to pay such third parties and the same is paid instead by Sublandlord, together with Interest from the date paid by Sublandlord until the date payment is actually received by Sublandlord; (iv) Sublandlord's reasonably estimated cost per gallon of diesel fuel consumed by Subtenant's generator located in the 3B Space (the "Fuel Payment"). Subtenant's diesel fuel consumption from Sublandlord's tank located at level 3B of the Building shall be in accordance measured by direct metering. Sublandlord shall provide Subtenant with a bill xx the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning end of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) month for the third (3rd) month preceding Fuel Payment. Subtenant shall deliver the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of Fuel Payment to Sublandlord on or before the fifth (5th) Lease Year and the beginning day of each succeeding Lease Year during calendar month. In the Term event of any failure by Subtenant to pay any Additional Rent, Sublandlord shall have all the rights, powers and remedies provided for in this Lease (not to include Sublease or at law or in equity or otherwise in the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement nonpayment of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisAnnual Rent. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Sublease Agreement (Net2000 Communications Inc)

Rent. Beginning on the Commencement Date, 4.01 Tenant covenants hereby covenant and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay to Landlord, “Base Rent” Landlord rent for the Premises, on or before Premises as follows: a) The monthly rent (the “Basic Rent”) for the Premises shall commence upon the Commencement Date as set forth in Paragraph 3.2 above. If the Lease is effective after the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment rent shall be prorated for that month. b) Upon the commencement of Basic Rent provided for herein above, the monthly rent for the Premises shall be: Year Per Square Foot Monthly Payment (plus CAM, NNN) c) In no event, however, shall the adjusted Basic Rent for any period be less than the Basic Rent during the prior Lease Year. d) All rents shall be paid without set-off or demand, and without abatement or deduction to Landlord at the address specified in this Lease, unless and until Tenant is otherwise notified. Time is of the essence in the amount payment of all forms of rent payable hereunder. e) In addition to the Basic Rent described in this Paragraph 4.01, Tenant shall pay all utilities, taxes, insurance, fees, charges or assessments, and common area expenses imposed upon the Premises and The Falls Office Park and all other costs of every nature and kind arising by virtue of Tenant’s use and/or possession of the Base Premises and The Falls Office Park. It is intended that this Lease shall be a net, net, net Lease. Landlord shall have the right at any time and from time to time to adjust this estimated amount based on actual amounts incurred and on projected costs for fixture periods. When the actual amounts of such charges have been determined, and if Tenant shall have paid an amount less than it is required to pay, Tenant shall pay the balance due within ten (10) days after receipt of said statement, and if Tenant shall have paid an amount greater than it is required to pay, the additional amount shall be credited to Xxxxxx’s next such payments. 4.02 All monthly installments of Basic Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month and CAM shall be payable in which the Commencement Date falls, such payment to be due advance on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which lawful money of the United States at the place Landlord shall designate from time to time, without notice, demand, set-off or deduction whatsoever. CAM Fees and all other monies due and owing under this Lease shall be considered additional rent. If Tenant shall fail to pay an installment of Basic Rent or installment of Adjustments to Rent (CAM) as set forth in Section 5 within five (5) days of the due date thereof, then Landlord shall be entitled to a late charge equal to ten percent (10%) of such installment is due (provided unpaid amount, provided, however, that Landlord will be required to nothing contained herein shall give Tenant written notice of Tenant’s failure the right to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Basic Rent other than on the due date thereof (and Xxxxxxxx’s collection of such failure late fee shall not waive any other rights which Landlord may have been cured hereunder or at law or in equity in respect to such late payments. Landlord and Xxxxxx agree that such late charges represent a reasonable sum considering all of the circumstances existing on or before the last day date of any grace periodthis Lease, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant including the relationship of the sum to the loss to Landlord shall that could reasonably be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year anticipated by multiplying the Base Rent then being paid such non-payment by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustmentXxxxxx, and the denominator anticipation that proof of which actual damages would be costly or inconvenient to determine. 4.03 In the event Tenant shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereaftermake any payment to Landlord of Basic Rent, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year Adjustments to Rent, or any other charge due under this Lease, and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter definedsuch payment is made by check, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable such check is returned to Landlord due to non-sufficient funds available in the account on which it is drawn, or if such check is dishonored for any other reason whatsoever, Tenant shall immediately pay to Landlord the amount due in the form of a money order or cashier’s check together with a Seventy-Five and Tenant, shall be used. Base Rent shall continue No/100 Dollars ($75.00) processing fee to be payable cover Landlord’s costs in monthly installments as otherwise described above until Landlord notifies Tenant of processing the new monthly Base Rent installment amountreturned check. Landlord shall attempt have the right thereafter to so notify require that all future payments of rent by Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted made in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1form of a money order, commencing on the Commencement Date for Phase 2cashier’s check, or other means Landlord deems appropriate.

Appears in 1 contract

Samples: Assignment of Lease (MJ Holdings, Inc.)

Rent. Beginning on the Commencement Date, All rent payable by Tenant covenants and agrees to pay, shall be without abatement, deduction previous demand or offset except as otherwise specifically provided herein, to notice therefor by Landlord, “Base Rent” and without set off or deduction. The Minimum Rent for the Premisesterm, subject to revision to increase the rent to amortize the cost (for which Tenant is liable and not paid for by Tenant at the time) of unfitting any space unfitted after date of this Lease over the balance of the term, with interest thereon at the rate of 12.5% per annum, shall be in the amounts set forth on Exhibit B attached hereto (the "Base Rents), and shall be payable monthly in advance on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term term hereof. In addition to such remedies as may be provided under the Default provisions of this Lease and any renewal thereoflease, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment Landlord shall be in entitled to a late charge of two percent (2%) of the amount of the monthly rent if not received by the tenth day of the month, and a charge of the lesser of any legally permissible amount or five percent (5 %) of the amount of any check given by Tenant not paid when first presented by Landlord. Tenant agrees to pay to Landlord, as Additional Rent, Tenant's Proportionate Share (hereafter defined) of all Landlord's Expenses (also hereafter defined), which Additional Rent shall be payable at the same time and in the same manner as Base Rent. Landlord's Expenses are the total of the following three components: (i) ad valorem taxes or assessments imposed against or levied on the Building and the Land (but not including Tenant's property located thereon, which are to be paid in full by Tenant), which Landlord shall pay in full when due, except if assessments are allowed to be paid over a period of years, Landlord shall elect to so pay and thus include in this component only that portion of the assessment (together with interest thereon) that Landlord is required to pay in any particular calendar year; (ii) the cost of fire and extended coverage insurance which Landlord carries on the Land and the Building; and (iii) the cost of maintaining all parking, drives and other common areas on the Land, the lighting thereof, the landscaping, cleaning and refuse removal. Tenant's Proportionate Share of Landlord's Expenses is 76.2% (to be adjusted if and when Tenant exercises its option to expand into either spaces B or C (or both) as shown on Exhibit A-1. Based on 1990 figures one-twelfth of Tenant's Proportionate Share amounts to $4,004.40, and this amount Tenant shall include with its Base Rent for one (1) full calendar month plus payment as Additional Rent. The monthly payment may be adjusted annually as soon as the prorated Base Rent actual amount of Landlord's Expenses for the preceding calendar month year are determined to reflect Landlord's reasonable estimate of what such expenses will be for the year in which the Commencement Date fallsadjustment is made. As soon as figures are available for any preceding calendar year, Landlord shall deliver to Tenant documentation showing what those expenses in fact were, and if the amount of Additional Rent paid during such payment preceding calendar year was less than Tenant's Proportionate Share of the actual Landlord's Expenses, Tenant shall within thirty days pay Landlord the difference. If the amount that Tenant paid as Additional Rent exceeded its Proportionate Share of such actual Landlord's Expenses, Landlord shall within thirty days of the determination either refund to be Tenant the excess so paid or credit the excess to payments due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable from Tenant for the first full month that Rent is duecurrent year for Additional Rent. If Tenant fails to pay Tenant, at any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money time within thirty (30) fifteen days after written notice by Landlord receiving Landlord's statement as to Tenant, or if any check delivered expenses for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenantyear, shall be used. Base Rent shall continue have the right at its expense to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of inspect Landlord's books and records, but unless protested within such period the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall expenses will be deemed to be waivedapproved by Tenant. In no event shall Base Rent increases exceed three and oneSince this Lease expires on September 30, 1999, Tenant's Proportionate Share will for 1999 be three-half (3.5%) percent fourths of the Base Rent paid Landlord's Expenses for the immediately prior Lease Year, on a non-cumulative basisentire twelve months. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Sublease Agreement (Trimeris Inc)

Rent. Beginning on the Commencement Date, Tenant covenants and agrees shall pay to pay, Landlord without abatementdemand, deduction or offset except set off, for each month of the entire Lease term Basic Rental, the Common Area Maintenance Fee and Utility Charges (Tenant's share of commonly billed utilities) (all as otherwise specifically provided hereinset out in paragraph 1). Payments are due at Landlords then current physical location or at the Post Office Box designated by Landlord in writing from time to time. Until further notice, to Landlordpayments are due at the address set out in this Lease document. Tenant shall, “Base Rent” for contemporaneously with the Premisesexecution of this Lease, pay Landlord the following: (i) the security deposit set out in paragraph (1) above and (ii) an initial full months installment of rent (as defined in paragraph 1 (e)). A monthly installment in the amounts defined in paragraphs 1(e) above shall be due and payable on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive succeeding calendar month thereafter during the full Term of this Lease and term. Rent for any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, fractional month at the then current rate. If beginning or end of the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment Lease term shall be in the amount of the Base Rent prorated. The security deposit shall be held by Landlord without liability for one (1) full calendar month plus the prorated Base Rent interest and as security for the calendar month performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that the deposit shall not be considered an advance payment of any rental or a measure of Landlord's damages in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied case of default by Landlord to the Rent payable for the first full month that Rent is dueTenant. If Tenant fails to timely pay any regular sums due under this Lease or defaults in its obligations under this Lease. Landlord may, from time to time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrearages of Basic Rental, Common Area Maintenance Fee, Utility Charges, Additional Rental or any, damage, injury, expenses or liability to Landlord. Following any such application of the security deposit, Tenant shall immediately pay to Landlord, on demand, the amount so applied in order to restore the security deposit to its original amount, 30 days after termination of this Lease and vacating of the Premises by Tenant, Landlord shall return any remaining balance of the security deposit to Tenant so long as Tenant has full performed its obligations under this Lease and provided Landlord with written notice of its forwarding address. 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 such security deposit. Time is of the essence as to all required payments by Tenant under any provision of this Lease. If any monthly installment of Base Rent Basic Rental, the Common Area Maintenance Fee, or Landlord’s Operating Costs or any other monthly amounts the Utility Charge is not received by the seventh (7th) Landlord on or before the 5th day of the month in for which such said monthly rental installment is due, a service charge of 10% of the delinquent installment shall become due (provided and payable in addition to the monthly installment owed. The date that Landlord will be required to give Tenant written notice a check is dated or mailed is not relevant in determining Tenant's liability for a late fee; Landlords accounting records are the determining record of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum the date of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered receipt of a rent payment. The service charge is for the payment purpose of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate reimbursing Landlord for the extra administrative costs and expenses incurredincurred in connection with the handling and processing of late monthly rental. Notwithstanding anything to If the contrary above, Landlord agrees that it will delinquent amount is not impose paid by the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last 1st day of any grace periodthe following month, if anythen the delinquent amount (not including the service charge) two shall bear interest at the Lesser of: (1) 18 per cent per annum, or (2) times in the maximum lawful contract rate, such interest shall begin to accrue on the 1st of the month following the delinquency and continue until payment of the delinquent amount is made. If any twelve (12) month period. The Base Rent payable check that is tendered to Landlord by Tenant for any charges due under this Lease is returned to Landlord by Tenants financial institution for any reason (including but not limited to absence of Tenants signature, insufficient funds, stop payment, or closed account) then, in addition to any other liability of Tenant for the amount of the check. Tenant shall be in accordance with liable to Landlord for a service fee of $50.00 for each returned check. Landlord has no obligation to redeposit any check that is returned for any reason and Tenant shall immediately cure the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 non-payment that has resulted from the returned check. If Landlord receives 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year or more returned checks during the Term term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustmentLease, then the CPI adjustment for Landlord may require that year shall all future payments from Tenant be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basismade by cashiers check. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Ramp Corp)

Rent. Beginning on 6.1 From and after the Commencement Lease Effective Date, Tenant shall pay base rent during each Lease Year to Landlord as follows: For each Lease Year or portion thereof occurring during the Lease Term, Tenant covenants and agrees to pay, without abatement, deduction or offset except pay to Landlord as otherwise specifically provided herein, to Landlord, “Base Rent” and for rent for the Premises, on without offset or before deduction, and without previous demand therefor except as otherwise expressly set forth herein, a rental in an annual amount equal to the first Annual Rental Rate (1stsuch annual amount, hereinafter referred to as "Annual Rent"). All Annual Rent shall be payable by Tenant by immediately available electronic fund transfer (EFT) day via the Automated Clearing House (ACH) Network using such instructions as the Landlord shall provide by written notice to Tenant no less than thirty (30) calendar days prior to the date that such payment is due (provided, however, that, for the initial payment of Annual Rent due hereunder, Landlord shall provide payment instructions by written notice to Tenant within ten (10) calendar days of the first (1st) full calendar month of Lease Effective Date or such other date as is mutually agreed by the Term hereof Parties), in advance commencing on the Lease Effective Date and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term Lease Term, in an amount equal to one-twelfth (1/12) of this the Annual Rent; provided that if (i) the Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Effective Date occurs on a day shall be other than the first (1st) day of a calendar month, the first Base (1st) monthly installment of Annual Rent payment shall be in the amount monthly installment prorated by the fraction reached by dividing the number of days remaining from and including the Base Rent for one (1) full calendar month plus Lease Effective Date to the prorated Base Rent for last day of the calendar month in which the Commencement Lease Effective Date fallsoccurs by the actual number of days in such month, such payment to be due on and (ii) the Commencement Date. The Prepaid Rent described above last date of the Lease Term shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before than the last day of any grace perioda calendar month, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base last monthly installment of Annual Rent shall be adjusted at prorated by the beginning fraction reached by dividing the number of days elapsed from and including the first (1st) day of such calendar month to the last day of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department actual number of Labor or other sourcedays in such month, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted payable at the office of Landlord first above set forth or at such other place or in the same such other manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.in which Landlord shall have given Tenant written notice at least thirty

Appears in 1 contract

Samples: Lease Agreement

Rent. Beginning on In consideration of the Commencement Daterents, covenants and agreements contained in this Lease, Landlord leases to Tenant, and Tenant hires and takes from Landlord, the Leased Premises with rent payable as follows: A. Tenant covenants and agrees to paypay to Landlord the Base Rent and Tenant's Pro Rata Share of Building Operating Costs (collectively referred to hereinafter as "Rent"), without abatement, deduction or offset except as otherwise specifically provided hereinset-off (unless authorized by this Lease), to Landlord, “Base Rent” for the Premises, due and payable in advance on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current ratemonth. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts not paid by the seventh (7th) third business day of the month in which such installment is due shall be subject to a late charge of Twenty Percent (provided that 20%) of the amount due. B. Within one hundred twenty (120) days after the beginning of each calendar year, commencing on January 1 of the year following the Lease Commencement Date, Landlord will be required to shall give Tenant written a statement of Landlord's estimate of Building Operating Costs. Annually, after assessing past and estimated future operating costs data, Landlord may adjust the monthly operating cost payment provided for herein upward or downward to reflect more accurately the anticipated monthly costs. All payments are due thirty (30) days after the revision notice of Tenant’s failure to pay any such monthly payments two (2) times in any the new rate. As of the end of each calendar year, Landlord shall compute the actual costs of operating the Building for the previous twelve (12) month period prior to such late fees being charged), or if period. Tenant fails to pay any other sum of money shall reimburse Landlord within thirty (30) days after notice of any deficiency between estimated operating costs and actual costs. In the event of overpayment by Tenant, Landlord shall pay such excess to Tenant within thirty (30) days of such notice from Landlord. Landlord shall, upon Tenant's written notice request, deliver to Tenant a written accounting showing how Building Operating Costs were calculated for the Building for any year. In the event Tenant objects to the statement of Building Operating Costs for any year, Tenant and Landlord agree to cooperate in good faith to resolve any such objection. The foregoing notwithstanding, Tenant shall in no way be relieved of its obligation to pay Tenant's Pro Rata Share of Building Operating Costs as calculated by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of period in which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of it is cooperating with Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or resolve any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisobjections as provided herein. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease (Renaissance Entertainment Corp)

Rent. Beginning During the entire term of the Lease, Tenant covenants to pay to Landlord Rent, without notice of demand, deduction, set-off or counterclaim, in accordance with the following payment schedule Lease Year Monthly Rent 1 $ 715 The aforesaid Monthly Rent Installments shall commence on the Commencement Date, Tenant covenants Date and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” shall become due and payable for the Premises, on or before the first (1st) day of the first (1st) full calendar each successive calender month of the Term hereof and Lease, in advance, on or before the first (1st) day of each and every successive such calendar month thereafter during month. In the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If event the Commencement Date occurs and Expiration Date fall on a day other than the first (1st) day of a the calendar month, the first Base Monthly Rent payment Installment for said months shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within based upon a thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredday month. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Said Rent shall be adjusted at the beginning paid to Landlord in lawful money of the fourth (4th) Lease Year United States of America at such place as Landlord may from time to time designate in writing. It is the Intent of the parties hereto that, to the extent permitted by multiplying the Base Rent then being paid by a fractionlaw, the numerator of which Tenant's covenant to pay rent shall be independent of all other terms, covenants or conditions of Lease, including Tenant's continued occupancy of the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) Premises. The monthly rent installments are composed of the rent for the third premises plus Tenant's prorata monthly share of the common area maintenance costs and real estate taxes for the building during any given calendar year up to $3.50 per share per year (3rdhereinafter called the "Base Share"). In the event said actual combined common area maintenance costs and real estate taxes for the building (hereinafter called the "Actual Cam/Tax Costs") month preceding exceed $3.50 per square foot in any given calendar year, then, in addition to the month of adjustmentmonthly rent installment, and the denominator of which Tenant shall be liable for its prorata share of said Actual Cam/Tax Costs in excess of $3.50 per square foot per year (hereinafter referred to in the CPI for "Additional Share") up to a maximum of $6.50 per square foot. In the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent event such Additional Share shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent become due in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailablegiven year, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify provide Tenant prior to with a summary report detailing the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three actual common area maintenance charges and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisreal estate taxes incurred during said year. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Amendment (Zix Corp)

Rent. Beginning on (a) On the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Basic Rent Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month immediately preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Basic ---- Lease Term Commencement Date for Phase 1such Unit, Lessee shall pay Interim Rent to Lessor with respect to each Unit. ThereafterOn the first Basic Rent Date and each Basic Rent Date thereafter to and including the Last Basic Rent Date, Lessee shall pay Basic Rent to Lessor with respect to each Unit. On each Redelivery Rent Date, Lessee shall pay Redelivery Rent to the Base Lessor with respect to each applicable Unit. If Lessor shall not receive payment of Basic Rent, Interim Rent or Redelivery Rent when due hereunder, Lessee shall be adjusted at pay a late payment charge to Lessor on such late payment in an amount equal to the beginning product of the fifth applicable Incremental Value multiplied by 2% (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, but in no event shall Base Rent in any Lease Year such rate be less greater than the Base Rent paid that rate permitted by applicable law) for the immediately prior Lease Yearperiod during which such late payment remains due and unpaid. Should the CPI become unavailable, Invoices from Lessor shall be rendered within a reasonable substitute prepared period of time after the Rent, Interim Rent and Redelivery Rent can be determined. Such invoices shall cover the computation of Basic Rent, Interim Rent and Redelivery Rent and other payments due hereunder for the month, adjustments to the preceding month's Rent resulting from commencement or termination of the lease of any Equipment during such month and other appropriate items, if any. All payments of Basic Rent, Interim Rent and Redelivery Rent and all other payments made by Lessee to Lessor pursuant to this Equipment Leasing Agreement shall be paid to Lessor in lawful money of the United States in immediately available funds by wire transfer to Lessor's Account No. 3024-2344 at Citibank, N.A., 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000. If the date for the payment or determination of Rent shall not occur on a day when banks in New York, New York or London, England, are generally open for business (a "Business -------- Day"), such payment shall be due and such determination shall be made on the --- immediately succeeding Business Day. (b) Lessee shall pay (i) all Supplemental Rent as demanded by the U.S. Department of Labor person entitled thereto, which Lessee has agreed to pay hereunder to Lessor or other sourceothers, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paidii) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after on the date of adjustmentprovided herein, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) any amount payable as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2Stipulated Loss Value.

Appears in 1 contract

Samples: Equipment Leasing Agreement (Cell Therapeutics Inc)

Rent. Beginning Commencing on the Commencement Date, Tenant covenants and agrees Sublessee shall pay to paySublessor annual gross Rent, prorated on a monthly basis, in the amounts set forth below: Sublease Year Rate per sq foot Annual Rent Monthly Rent Year 1 $6.75 $659,394.00 $54,949.50 Year 2 $6.82 $665,988.00 $55,499.00 Year 3 $6.89 $672,648.00 $56,053.98 Year 4 $6.95 $679,374.00 $56,614.52 Sublessee promises to pay to Sublessor in advance, without abatementdemand, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for set-off the Premises, monthly installments of Rent on or before the first (1st) day of each calendar month. Payments of Rent for any fractional calendar month shall be prorated. Rent shall increase effective on the first day of the first (1st) full calendar month following each yearly anniversary of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than during the first (1st) day of a calendar month, the first Base Rent payment Term. All payments required to be made by Sublessee to Sublessor hereunder shall be payable at such address as Sublessor may specify from time to time by written notice delivered in accordance herewith. The obligation of Sublessee to pay Rent and any other sums to Sublessor and the obligations of Sublessor under this Sublease are independent obligations. Sublessee shall have no right at any time to axxxx, reduce, or set-off any Rent due hereunder except as may be expressly provided in this Sublease. Notwithstanding the foregoing, in the amount of event Sublessor fails to make payments to the Base Rent for one (1) full calendar month plus Landlord as required by the prorated Base Rent for Master Lease or perform its obligations as required by the calendar month in which the Commencement Date fallsMaster Lease, such payment to be due on the Commencement Date. The Prepaid Rent described above Sublessee shall be applied by Landlord entitled, but not obligated, to the make such payments or perform such duties and may deduct said amounts from Rent payable for the first full month that Rent is duepayments due hereunder. If Tenant fails to pay Sublessee is delinquent in any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by beyond five (5) days after the seventh due date thereof, and after written notice as provided below, Sublessee shall pay to Sublessor on demand a late charge equal to five (7th5) day percent of such delinquent sum. Sublessee shall not be obligated to pay the month in which such installment is due late charge until Sublessor has given Sublessee five (provided that Landlord will be required to give Tenant 5) days written notice of Tenant’s failure to pay the delinquent payment (which may be given at any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year time during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amountdelinquency); provided, however, that if Landlord fails to so notify Tenant within nine (9) months after such notice shall not be required more than twice in any 12-month period or four times during the date of adjustment, then the CPI adjustment Term. The provision for that year such late charge shall be deemed in addition to be waived. In no event shall Base Rent increases exceed three all of Sublessor’s other rights and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be remedies hereunder or at the same rental rate per-square-foot (law and shall not be adjusted construed as a penalty or as liquidating Sublessor’s remedies in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2any manner.

Appears in 1 contract

Samples: Asset Purchase Agreement (Hurco Companies Inc)

Rent. Beginning Commencing on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first 1st Rent Year (1st) full calendar month as defined herein below), Lessee shall pay to Lessor rent for the Premises according to the schedule below in lawful money of the Term hereof and United States of America. Rent shall be paid without deduction or offset, prior notice, or demand, at such place as may be designated from time to time by Lessor. Lessee shall pay to Lessor $41,613.00 upon execution of the Lease, which sum represents the amount of the third month’s rent. Monthly rent shall be paid in advance on or before the first (1st) day of each and every successive calendar month as follows: 1st Rent Year $ 41,613.00 2nd Rent Year $ 43,277.00 3rd Rent Year $ 44,942.00 4th Rent Year $ 46,606.00 5th Rent Year $ 48,271.00 The “1st Rent Year” shall commence on the date that is sixty (60) days after the Commencement Date and shall end on the last day of the twelfth (12th) full calendar month following the Commencement Date. Each period of twelve (12) calendar months thereafter during shall be a “Rent Year” except that the full Term 5th Rent Year shall end on the Expiration Date. Lessee’s obligation to pay the reimbursable expenses and utilities described in Section 10 of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If shall commence on the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Date. Rent for any period during the term hereof which is for less than one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied a pro-rata portion of the monthly rent payment. Lessee acknowledges that late payment by Landlord Lessee to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment Lessor of Base Rent or Landlord’s Operating Costs rent or any other monthly amounts payment due Lessor will cause Lessor to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impracticable to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Lessor by the seventh terms of any encumbrance and note secured by any encumbrance covering the Premises. Therefore, if any installment of rent or other payment due from Lessee is not received by Lessor on the date it is due and payable, Lessee shall pay to Lessor an additional sum of ten percent (7th10%) day of the month in which such installment is due (provided overdue amount as a late charge. The parties agree that Landlord this late charge represents a fair and reasonable estimate of the costs that Lessor will be required incur by reason of late payment by Lessee. Acceptance of any late charge shall not constitute a waiver of Lessee’s default with respect to the overdue amount, nor prevent Lessor from exercising any of the other rights and remedies available to Lessor. Notwithstanding the foregoing, Lessor shall give Tenant written Lessee notice of Tenant’s failure non-payment of any rent or other payments required of Lessee under this Lease and five (5) business days after delivery of such notice to cure such non-payment once in each calendar year before assessing the late charge in such calendar year pursuant to this Paragraph 3. If, for any reason whatsoever, Lessor cannot deliver possession of the Premises on the commencement date set forth in Paragraph 2 above, this Lease shall not be void or voidable, nor shall Lessor be liable to Lessee for any loss or damage resulting therefrom; but in such event, Lessee shall not be obligated to pay any such monthly payments two (2) times in any twelve (12) month period prior rent until possession of the Premises is tendered to such late fees being charged), or if Tenant fails Lessee and the commencement and termination dates of this Lease shall be revised to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added conform to the unpaid amount a late charge based on the monthly prorata percentage date of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredLessor’s delivery of possession. Notwithstanding anything to the contrary abovein this Lease: (1) if the Commencement Date has not occurred for any reason whatsoever, Landlord agrees that it will not impose other than a Lessee Delay (as such term is defined in the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured Work Letter) on or before June 30, 2006, then, the last date Lessee is otherwise obliged to commence payment of rent shall be delayed by one day of any grace periodfor each day that the Commencement Date is delayed beyond June 30, if any) two 2006, and (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding if the Commencement Date has not occurred for Phase 1. Thereafterany reason whatsoever, other than a Lessee Delay (as such term is defined in the Base Rent Work Letter) on or before July 31, 2006, in addition to Lessee’s other rights or remedies, Lessee may, at any time thereafter, terminate the Lease by written notice to Lessor, whereupon any security deposit and any advance payment of rent previously paid by Lessee to Lessor shall be adjusted at promptly reimbursed to Lessee. Upon mutual execution and delivery of this Lease, Lessor shall provide Lessee with early access to the beginning Premises for the purpose of installing Lessee’s furniture, fixtures and equipment provided such access does not interfere with Lessor’s construction of the fifth (5th) Lease Year and Lessee Improvements. In the beginning of each succeeding Lease Year during event that Lessor shall permit Lessee to occupy the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant Premises prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant date of the new monthly Base Rent installment amount term, such occupancy shall not be deemed a waiver by Landlord subject to all of the increased rental; provisions of this Lease, excluding the new monthly amount (obligation to pay rent. A. All taxes, insurance premiums, reimbursable expenses and utilities, late charges, costs and expenses which Lessee is required to pay hereunder, together with all interest and penalties that may accrue thereon in the event of Lessee’s failure to pay such amounts, and all reasonable damages, costs, and attorney’s fees and expenses which Lessor may incur by reason of any default of Lessee or any portion not previously paid) shall be payablefailure on Lessee’s part to comply with the terms of this Lease, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no additional rent (hereinafter, “Additional Rent”), and, in the event of non-payment by Lessee, Lessor shall Base Rent increases exceed three and one-half (3.5%) percent have all of the Base Rent paid rights and remedies with respect thereto as Lessor has for the immediately prior Lease Year, on a non-cumulative basispayment of monthly installment of rent. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Opnext Inc)

Rent. Beginning on Rent and other payments payable by tenants, licensees, concessionaires, and other persons using or occupying the Commencement DateReal Property or any part thereof under a Lease or otherwise, Tenant covenants and agrees to payif any, for or in connection with such use or occupancy, including, without abatementlimitation, deduction or offset except as otherwise specifically provided hereinfixed monthly rentals, to Landlordadditional rentals, percentage rentals, escalation rentals, retroactive rentals, operating cost pass-throughs, common area maintenance charges, HVAC charges, payments of taxes and insurance expenses, promotional/marketing charges, construction receivables and other sums and charges payable by the tenants under the Leases (collectively, “Base Rent”) shall be prorated as of the Closing such that Seller will be entitled to Rent attributable to periods prior to the Closing and Purchaser will be entitled to Rent attributable to periods from and after the Closing, all as more particularly set forth below: (a) All Rent, other than Percentage Rent (as defined below), owed under the Leases for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsClosing occurs (“Current Rent”) shall be prorated as of the Closing Date; provided, however, that Current Rent shall not include Rent for any tenant that is more than thirty (30) days past due in the payment of fixed monthly Rent. (b) All Rent other than Current Rent (“Rent Arrears”) shall not be prorated at Closing. In the event that either Purchaser or Seller receives Rent from a tenant after the Closing Date, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied in the following order of priority (after deduction of actual out-of-pocket costs of collection paid by Landlord Purchaser to third parties): (a) first to current rent due to Purchaser, (b) second to delinquent rent due to Purchaser, and (c) thereafter to Rent Arrears due to Seller from such tenant. Any sums owed to Seller pursuant to the foregoing shall be paid by Purchaser within thirty (30) days following receipt by Purchaser. Seller’s rights to Rent payable Arrears shall terminate as of the first anniversary of the Closing Date. Purchaser shall pursue all Rent Arrears in the ordinary course of business (but under no circumstances shall have any liability to Seller for its failure to pursue such Rent Arrears) and shall have the right to negotiate settlements with tenants who have Rent Arrears as it may determine in good faith; provided that, at its sole cost and expense (x) Seller shall have the unrestricted right to pursue collection from any tenant not in possession of its space as of the Closing Date in Seller’s sole discretion including, without limitation, initiating and prosecuting a lawsuit against the applicable tenant, and (y) in the event that after Closing Purchaser evicts or otherwise terminates the possession of any tenant with Rent Arrears, if Purchaser has neither released the tenant nor pursued eviction to judgment, Seller shall have the unrestricted right to pursue collection from such tenant in Seller’s sole discretion including, without limitation, initiating and prosecuting a lawsuit against the applicable tenant. Should Seller take the action permitted in either item (x) or (y), Purchaser shall be relieved of and shall have no obligation to pursue the applicable Rent Arrears. (c) Percentage rent or overage rent (referred to herein as “Percentage Rent”) under the Leases shall be prorated between Purchaser and Seller on a Lease by Lease basis with Seller entitled to the portion of total Percentage Rent paid under each Lease for the first full month that portion of the current Lease Year (as defined below) in which the Closing occurs (the “Subject Lease Year”) occurring prior to the Closing Date and Purchaser being entitled to the balance of Percentage Rent is due. If Tenant fails to pay any regular for the remainder of the Subject Lease Year, based on the monthly installment accruals of Base Rent or Landlord’s Operating Costs or any other monthly amounts by Percentage Rents under the seventh (7th) day of Leases for the period through the month in which such installment is due (provided that Landlord will the Closing Date occurs, with an adjustment to be required made post-closing to give Tenant written notice of Tenant’s failure account for any Percentage Rent attributable to pay any such monthly payments two (2) times the month in any which the Closing Date occurs. As used herein, the term “Lease Year” means the twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periodsor, as hereinafter defined, if applicable) by multiplying to tenants for which the Base Rent then being paid by Closing occurs during a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new partial Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment datessuch applicable shorter period) as the Base to which annual Percentage Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2is owed under each Lease.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Ashford Hospitality Trust Inc)

Rent. Beginning on the first day of the third full calendar month following the Commencement Date, or if later, the Actual Delivery Date (the “Rent Commencement Date”) Tenant covenants and agrees shall pay to payLandlord rent for the Premises of One Hundred Eighty-Nine Thousand Seventy-Seven Dollars ($189,077.00) per month (“Fixed Monthly Rent”) in lawful money of the United States of America, subject to adjustment as provided for below. Fixed Monthly Rent shall be paid without abatement, deduction or offset offset, prior notice, or demand except as otherwise specifically provided herein, at the address specified in Section 27 for notices to Landlord, or to such other place as may be reasonably designated from time to time by Landlord, as follows: (a) The first full month’s installment of Fixed Monthly Rent shall be paid to Landlord within five (5) days following the date by which Landlord and Tenant have each executed this Lease and each has delivered an executed counterpart of this Lease to the other party (the Base Rent” Effective Date”). A deposit of $1,500,000 as the Security Deposit shall be made by Tenant within two (2) business days following the Effective Date and held by Landlord pursuant to Sections 5 and 28 of this Lease. Except for the Premisesfirst full month’s installment of Fixed Monthly Rent paid to Landlord by the fifth (5th) day following the Effective Date, on or before which shall be applied by Landlord as a credit against the first (1stinitial installment(s) day of Fixed Monthly Rent due from and after the first (1st) full calendar month Rent Commencement Date, monthly installments of the Term hereof and Fixed Monthly Rent shall be paid in advance on or before the first (1st) day of each and every successive calendar month thereafter during the Term, beginning on the first day of the fourth full Term calendar month following the Rent Commencement Date in the amounts set forth in the following schedule of this Lease and any renewal thereof, subject to Fixed Monthly Rent (as such dates may be adjusted based on the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If actual date of the Commencement Date occurs on a day other than the first or Actual Delivery Date, as applicable): 11/01/2015 – 12/31/2015 $ 0.00 01/01/2016 – 10/31/2016 $ 189,077.00 11/01/2016 – 10/31/2017 $ 194,749.00 11/01/2017 – 10/31/2018 $ 200,592.00 11/01/2018 – 10/31/2019 $ 206,610.00 11/01/2019 – 10/31/2020 $ 212,808.00 11/01/2020 – 10/31/2021 $ 219,192.00 11/01/2021 – 10/31/2022 $ 225,768.00 11/01/2022 – 04/30/2023 $ 232,541.00 (1stb) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for any period during the Term hereof which is for less than one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied a pro-rata portion of the applicable Fixed Monthly Rent installment (or Additional Rent payment as applicable) payment. (c) Tenant 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 such costs being extremely difficult and impracticable to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any encumbrance and note secured by any encumbrance covering the Premises. Therefore, if (i) any installment of Fixed Monthly Rent is not received by Landlord within ten (10) days following the date it is due and payable or, (ii) Tenant is delinquent for more than five (5) business days in making payment of any Additional Rent (as provided in Section 3(d)) when due and Tenant has not raised a good faith objection within fifteen days following Tenant’s receipt thereof, Tenant shall pay to Landlord an additional sum of five percent (5%) of the Rent payable for overdue amount as a late charge, provided that the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times late payment in any twelve (12) month period prior shall be waived. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of late payment by Tenant. Acceptance of any late charge shall not constitute a waiver of Tenant’s Default with respect to the overdue amount, nor prevent Landlord from exercising any of the other rights and remedies available to Landlord. (d) All taxes, insurance premiums, late charges, penalties, costs and expenses which Tenant is required to pay hereunder, together with all interest and penalties that may accrue thereon in the event of Tenant’s failure to pay such late amounts, and all reasonable damages, costs, and attorney’s fees being chargedand expenses which Landlord may incur by reason of any Default of Tenant or failure on Tenant’s part to comply with the terms of this Lease, shall be deemed to be additional rent (hereinafter, “Additional Rent”), or if Tenant fails to pay and, in the event of non-payment by Tenant, Landlord shall have all of the rights and remedies with respect thereto as Landlord has for the non-payment of a monthly installment of Fixed Monthly Rent. Landlord shall deliver a statement of any other sum of money and all Additional Rent that may become due, together with reasonable supporting documentation therefor. The amounts shown in such statements shall be due and payable within thirty (30) days after written notice by Landlord following Tenant’s receipt thereof, subject to Tenant’s right to assert good faith objections. Tenant may, or if at its cost and at any check delivered for reasonable time upon reasonable prior notice to Landlord, audit Landlord’s books relevant to Additional Rent. Landlord and Tenant shall each use their best efforts to cooperate with each other to resolve any discrepancies between Landlord and Tenant in the payment accounting of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredAdditional Rent. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term For purposes of this Lease (not Lease, Fixed Monthly Rent and Additional Rent are referred to include the Renewal Periods, collectively as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (CPlRent.) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Mobileiron, Inc.)

Rent. Beginning on All payments due hereunder from Tenant shall be made to Landlord's agent at the Commencement Dateoffice of the Building, or to such other persons or at such other place as Landlord may from time to time designate in writing, in coin or currency which, at the time of payment, is legal tender for private or public debts in the United States of America. All payments due hereunder shall be made without demand or notice except as expressly required under this Lease, and without any abatement, set_off offset or deduction whatsoever, except as expressly provided for under this Lease or in any other agreement expressly referred to herein. Tenant covenants and agrees to paypay the aggregate amount of the following, without abatementany and all of which are hereby declared to be "Rent": A. The Annual Base Rent set forth in the Schedule is payable monthly in the amount of the Monthly Installment of Annual Base Rent set forth in the Schedule, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premisesin advance, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the Term, without demand or notice, except as expressly required under this Lease, and, without any abatement, set-off, offset or deduction whatsoever; except that (i) Tenant shall pay an amount equal to one full Term Monthly Installment of Annual Base Rent (i.e.: $9,620.33) at the time of execution of this Lease and any renewal thereofLease, subject which amount shall be credited to the adjustments as provided hereinafter along with any applicable tax as defined herein, at first Rent payable hereunder; and (ii) if the then current rate. If the Commencement Date occurs on a day Term commences other than on the first (1st) day of a calendar month or ends other than on the last day of a month, the first Base Rent payment shall be in the amount Monthly Installment of the Annual Base Rent for one such month shall be prorated based on the number of days in such month. B. Additional Rent (1hereinafter defined), including, without limitation, all estimated monthly installments thereof. C. All other and further sums payable or to become payable by Tenant to Landlord pursuant to the provisions of this Lease. D. Interest from the date that is seven (7) full calendar month days after the due date of each payment becoming due under this Lease until paid at the rate per annum (the "Interest Rate" equal to the lesser of either (i) the rate which is equal to two percentage points plus the prorated Base Rent for rate announced from time to time by The Xxxxx National Bank of Washington, D.C. as its base or prime rate of interest whether or not such rate is actually the calendar month in which the Commencement Date fallslowest rate charged by such bank to corporate or other customers, or if such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied rate is unavailable such other similar rate or standard chosen by Landlord in the exercise of its reasonable discretion, or (ii) the maximum rate allowed under applicable law; but neither the payment of such interest nor the payment of the late fee described below shall excuse or cure any default by Tenant under this Lease. E. A late fee equal to the Rent payable for the first full month that Rent five percent (5%) of any payment, or portion thereof, becoming due under this Lease which payment is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts not paid by the seventh (7th) day of the month in which such installment is following its due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amountdate; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date regardless of adjustment, then the CPI adjustment for that year shall be whether such late fee constitutes or is deemed to be waivedinterest under applicable law, the sum of all interest contracted for, charged or received hereunder shall not exceed the maximum amount of interest allowed under applicable law. In no event shall Base Rent increases exceed three and one-half (3.5%) percent Without limiting any of the Base other obligations of Tenant which survive the expiration or earlier termination of this Lease, Tenant's obligation to pay all Rent paid for due under this Lease shall survive the immediately prior Lease Year, on a non-cumulative basisexpiration or earlier termination of this Lease. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Office Lease (Hagler Bailly Inc)

Rent. Beginning 4.01 Tenant shall pay Landlord, 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 Landlord under this Lease. Subject to Exhibit B, 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 under applicable Law. Commencing on the Commencement Date, Tenant covenants Base Rent and agrees to payrecurring monthly charges of Additional Rent shall be due and payable in advance on the first day of each calendar month without notice or demand, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “that the installment of Base Rent” Rent for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof shall be payable upon the execution of this Lease by Tenant. All other items of Rent shall be due and payable by Tenant on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject 30 days after billing by Landlord. Rent shall be made payable to the adjustments as provided hereinafter along with any applicable tax as defined hereinentity, at and sent to the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar monthaddress, the first Base Rent payment Landlord designates and shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment made by good and sufficient check or by other means reasonably acceptable to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is dueLandlord. If Tenant fails to pay any regular monthly item or installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh within five (7th5) day of the month in which such installment is due (provided that Landlord will be required to give Tenant Business Days following written notice that such amount is past due, Tenant shall pay Landlord an administration fee equal to 3% of Tenant’s failure all past due Rent. In addition, all monetary amounts past due from Landlord to pay any Tenant and Tenant to Landlord, including, without limitation, past due Rent shall accrue interest at a rate per annum (the “Interest Rate”) equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication G.13(415), published on the first Tuesday of each calendar month (or such monthly payments other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published) plus two (2) times in any twelve percentage points, and (12ii) month period prior to such late fees being charged), or if Tenant fails to pay any other sum the highest rate permitted by applicable Law. Landlord’s acceptance of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for less than the payment correct amount of Rent is returned shall be considered a payment on account of the earliest Rent due. Rent for insufficient funds, there will any partial month during the Term shall be added to the unpaid amount a late charge prorated based on the monthly prorata percentage number of the Default Rate days in such calendar month. No endorsement or statement on a check or letter accompanying payment shall be considered an accord and applied to the amount due to compensate Landlord for the extra administrative expenses incurredsatisfaction. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay Tenant’s payment of any installment of Rent on the due date thereof (and such failure amounts under this Lease shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed constitute a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Tenant’s right to later object to such payment. Except as otherwise expressly provided herein, Tenant’s covenant to pay Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date is independent of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisevery other covenant in this Lease. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Office Lease Agreement (Boingo Wireless Inc)

Rent. Beginning on the Commencement Date, 3.1 Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay to Landlord, “Base Rent” for Landlord the Premises, Annual Rent in effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of the first (1st) each full calendar month of during the Term hereof and on or before Term, except that the first (1st) day of each and every successive calendar month thereafter during full month’s rent shall be paid upon the full Term Commencement Date of this Lease . The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the Annual Rent in effect at such time. Rent for any period during the Term which is less than a full month shall be a prorated portion of the Monthly Installment of Rent based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined hereinwithout notice or demand, at the then current rateRent 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 the Commencement Date occurs on a day other than the first (1st) day an Event of a calendar monthDefault occurs, the first Base Rent Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsfrom Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord system prior to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent next scheduled rent payment or Landlord’s Operating Costs or any other monthly amounts by the seventh within ten (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (3010) days after written notice by Landlord to TenantLandlord’s notice, or if any check delivered for the payment of Rent whichever is returned for insufficient funds, there will be added later. Unless specified in this Lease to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate contrary, all amounts and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent 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 Lease will result in accordance with administrative expense to Landlord, the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent 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 be adjusted at imposed in an amount equal to the beginning greater of: (a) Fifty Dollars ($50.00), or (b) six percent (6%) of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator unpaid rent or other payment. The provisions of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning this Section 3.2 in no way relieve Tenant of the fifth (5th) Lease Year and obligation to pay rent or other payments on or before the beginning date on which they are due, nor do the terms of each succeeding Lease Year during the Term this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease (not to include in the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor said rent or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months payment is unpaid after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisdue. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease (Tripwire Inc)

Rent. A. Beginning with the Rent Commencement Date and continuing through the first Lease Year, Tenant shall pay to Landlord annual rent of Two Hundred, Eighty Four Thousand, Twenty Eight and 00/100 Dollars ($284028.00) (“Basic Rent”). B. Basic Rent shall be adjusted for each Lease Year after the first Lease Year in an amount equal to the Basic Rent due during the previous Lease Year plus an amount representing the percentage increase, if any, in the Consumer Price Index for All Urban Consumers (“CPI-U”) issued by the United States Department of Labor, Bureau of Labor Statistics (or a properly adjusted substitute index if hereafter changed) for the period beginning January 1 and ending December 31 of the previous year. Until the CPI-U becomes available for such period, Landlord shall be entitled to use an estimate of the change in the CPI-U. Adjustments shall be made to reflect the actual increase when it becomes available. Failure by Landlord to notify Tenant of the amount of a scheduled increase shall not absolve Tenant’s obligation to pay such increase. C. Tenant shall pay Basic Rent in equal monthly installments of Twenty Three Thousand, Six Hundred, Sixty Nine and 00/100 Dollars ($23669.00) on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the order of Corporate Research Center, c/o FIRST NATIONAL BANK, 0000 XXXXX XXXXX, SUITE 1125, BLACKSBURG, VA 24060, or at such other place as Landlord may hereafter specify, without notice, offset, reduction or abatement, except for adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. expressly permitted by this Lease. D. If the Rent Commencement Date occurs is on a day other than the first (1st) day of a calendar month, then Tenant shall pay, upon the first Base Rent payment Commencement Date, the monthly rent described above. At the commencement of the second month of the term, Tenant shall pay the monthly rent described above prorated on a per diem basis with respect to the preceding fractional calendar month beginning on the Rent Commencement Date. All rental payments thereafter will be for a full calendar month and will be in the amount as specified above. By modification to this lease, rent will commence in the laboratory suites upon commencement of construction and in the balance of the Base suite upon move-in. E. The obligation of Tenant to pay Basic Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsis an independent covenant, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied and no act or circumstance, whether constituting a breach of this Lease by Landlord to or not, shall relieve Tenant of the Rent payable for the first full month that Rent is due. If Tenant fails obligation to pay Basic Rent. F. Basic Rent due from Tenant to Landlord hereunder which is not paid within fifteen days after the same is due shall bear interest at the rate of twelve percent (12%) per annum from the due date until paid, but the payment of such interest shall not excuse or cure any regular monthly installment default by Tenant under this Lease. Such interest is separate and cumulative and is in addition to and shall not diminish or represent a substitute for any or all of Base Rent Landlord's rights or Landlord’s Operating Costs or remedies under any other monthly amounts by the seventh (7th) day provision of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior this Lease. In addition to such late fees being charged)interest, or if Tenant fails to pay any other sum of money the monthly rental provided herein is not paid within thirty fifteen (3015) days after written notice by Landlord to Tenantthe same is due, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage equal to five percent (5%) of the Default Rate amount so overdue shall become immediately due and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule:Landlord. a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year G. No payment by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor Tenant or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver receipt by Landlord of the increased rental; the new monthly a lesser amount (than that stipulated herein for rent, additional rent or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year other charge shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent other than on account of the Base Rent paid for the immediately prior Lease Yearearliest stipulated rent, additional rent or other charge then due, nor shall any endorsement or statement on a non-cumulative basischeck or letter accompanying any check or payment be deemed an accord and satisfaction and Landlord may accept such check or payment without prejudice to Landlord's rights to recover the balance of such rent, additional rent or other charges or pursue any other remedy in this Lease, at law or in equity. b. The Base Rent for Phase H. Monthly payments from leases that are defined under Article 2 as having a term less than one year (including month-to-month leases) shall be at collected from the same rental rate per-square-foot tenant via automatic payment drafting (and shall ACH Debits) provided by First National Bank. An authorization agreement to initiate debit entries can be adjusted found in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase Attachment 1, commencing on the Commencement Date for Phase 2.attached hereto

Appears in 1 contract

Samples: Lease (New River Pharmaceuticals Inc)

Rent. Beginning on the Commencement DateIn consideration of this lease, Tenant covenants promises and agrees to pay, pay Landlord the Basic Rental defined in the Basic Lease Information (subject to adjustment as hereinafter provided) without abatement, deduction or offset except as otherwise specifically provided hereinsetoff, for each month of the entire lease term. One such monthly installment together with the security deposit shall be payable by Tenant to LandlordLandlord contemporaneously with the execution of this lease, “Base Rent” for and a like monthly installment shall be due and payable without demand beginning on the Premises, 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 during the term hereof. Rent for any fractional month at the beginning of the lease term shall be prorated based on one three hundred sixty-fifth (1st1/365) of the current annual Basic Rental for each day of the first (1st) full calendar partial month of the Term hereof this lease is in effect, and shall be due and payable on or before the first (1st) day of each and every successive calendar month thereafter during date on which Tenant certifies that it has accepted the full Term of this Lease and premises pursuant to Paragraph 2 hereof. In the event any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount installment of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsBasic Rental, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts sums which become owing by Tenant to Landlord under the seventh provisions hereof is not received within ten (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (3010) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (without in any way implying Landlord's consent to such late payment), Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Basic Rental or such other sums owed, a late payment charge equal to ten percent (10%) of the installment of the Basic Rental or such other sums owed, it being understood that said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for the additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late installment payments of the Basic Rental and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable other sums which become owing by Tenant to Landlord hereunder. Landlord and Tenant expressly covenant and agree that in the event of any such late payment(s) by Tenant, the damages so resulting to Landlord will be difficult to ascertain precisely, and that the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages. Notwithstanding the foregoing, 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, it being understood that such sums shall bear interest, which Tenant hereby agrees to pay to Landlord, at the maximum rate of interest permitted by law to be charged Tenant for the use or forbearance of such money. The security deposit (as defined in the Basic Lease Information) shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year held by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average Landlord without liability for urban wage earners interest and clerical workers ail items (1982-84 equals 100) (“CPI”) as security for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) performance by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. HoweverTenant's covenants and obligations under this lease, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount it being expressly understood that such deposit shall not be deemed considered an advance payment of rental or a waiver measure of Landlord's damages in case of default by Tenant. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy, use such deposit to the extent necessary to make good any arrearages of rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following any such application of the increased rental; security deposit, Tenant shall pay to Landlord on demand the new monthly amount (or so applied in order to restore the security deposit to its original amount. If Tenant is not then in default hereunder, any portion not previously paid) remaining balance of such deposit shall be payable, retroactive to the commencement of the new Lease Year, upon notification returned by Landlord to Tenant within a reasonable period of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months time after the date termination of adjustmentthis lease. If Landlord transfers its interest in the premises during the lease term, then Landlord may assign the CPI adjustment for that year security deposit to the transferee and thereafter shall be deemed to be waived. In have no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid further liability for the immediately prior Lease Year, on a non-cumulative basisreturn of such security deposit. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Office Building Lease Agreement (Rackspace Com Inc)

Rent. Beginning on (a) Commencing with the Rent Commencement Date, . Tenant covenants shall pay as annual rent for the Premises the sum of Eighty-Four Thousand and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, No/100 Dollars $84,000.00) per annum payable in equal monthly installments of Seven Thousand and No/100 Dollars ($7,000.00) each (the “Base Rent” for ”). All such monthly installments of rent shall be payable to Landlord at the Premisesaddress specified in Article 33 of this Lease in advance Amount previous notice or demand therefor, on and without deduction setoff or before recoupment with the first (1st) day of monthly installment to be due and payable no later than the Rent Commencement Date and each subsequent monthly installment to be due and payable on the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter following the Rent Commencement Date during the full Term hereof. if the Rent Commencement Date is a date other than the first day of a month, rent for the period commencing with and including the Rent Commencement Date until the first day of the following month shall be pro-rated at the rate of one-thirtieth (1/30th) of the fixed monthly rental per day. Not with standing the foregoing. Tenant shall not be obligated to pay Base Rent for the first five (5) months following the Rent Commencement Date. (b) Landlord hereby acknowledges receipt of Seven Thousand and No/100 Dollars ($7,000.00) to be held as security for the performance by Tenant of Tenants covenants and obligations under this Lease it being expressly understood that the deposit may be commingled with other funds of Landlord and shall not be considered an advance payment of rental or a measure of Landlord’s damage in case of default by Tenant. Upon the occurrence of any event of default by Tenant or breach by Tenant of Tenant’s covenants under this Lease, Landlord may, from time to time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrears of rent and/or any damage, injury, expense or liability caused to Landlord by the event of default or breach of covenant. In the event that Tenant shall fully and faithfully comply with all the terms, conditions and covenants of this Lease, any part of the security not used or retained by Landlord shall be returned to Tenant after the expiration date of the Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day after delivery of a calendar month, the first Base Rent payment shall be in the amount exclusive possession of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment Premises to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails may retain all or a portion of the security until Landlord makes the final annual adjustments of Annual Operating Costs and Real Estate Taxes and ascertains Tenant’s share of such amounts which accrued prior to so notify the expiration of the Term. Subject to the foregoing sentence, Landlord shall return the security deposit to Tenant within nine ninety (990) months days after the date close of adjustment, then Landlord’s Fiscal Year following the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent expiration of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisthis Lease. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Office Lease (Teletronics International, Inc.)

Rent. Beginning on the Commencement Date, Tenant covenants a. As a consideration for this Lease and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” rental for the Premises, Lessee agrees to pay or cause its Affiliate(s) to pay Rent, in an amount as determined in accordance with Exhibit F, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter quarter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateTerm. If the Commencement Date occurs first day of a payment period under this Lease shall occur on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged)quarter, or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of the Term under this Lease shall occur on a day other than the last day of the quarter, then the Rent due for such quarter shall be prorated accordingly. b. District acknowledges that (1) pursuant to Article X of the Ten-Acre Lease, Lessee is entitled to receive a pro-rated credit for rental paid under the Ten-Acre Lease to the extent of any grace periodportion of such rental paid prior to the Effective Date but attributable to the period of time from and after the Effective Date, if any) two and (2) times in any twelve (12) month period. The Base Rent payable by Tenant pursuant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning Section 5 of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by Option Agreement, Lessee is entitled to a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982pro-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning rated credit of the fifth (5th) Lease Year and option fee paid under the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein Second Amendment to the contrary notwithstanding, in no event shall Base Rent in Option to Lease to the extent of any Lease Year be less than the Base Rent portion of option fee paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement Effective Date but attributable to the period of each new time from and after the Effective Date. Accordingly, District acknowledges and agrees that any such credits under the Ten-Acre Lease Yearand the Option Agreement shall be credited and applied towards any Rent due upon the Effective Date of this Lease. However, failure The amount of Landlord to timely notify Tenant credit shall be determined as of the new monthly Base Rent installment amount Effective Date and confirmed by the parties in the Effective Date Notice, and shall not be deemed a waiver by Landlord equal to the sum of the increased rental; prepaid rent under the new monthly amount (or Ten-Acre Lease and the prepaid option fee under the Second Amendment, in each case to the extent paid prior to the Effective Date but attributable to any portion not previously paid) period of time from and after the Effective Date. c. Except as otherwise set forth in Section 13 below, it is intended that the Rent provided for in this Lease shall be payableabsolutely net to District throughout the Term, retroactive and Lessee accordingly covenants and agrees (subject to Section 11(f) hereof) to pay, as they become due and payable and before they become delinquent, all taxes, costs, expenses, liabilities, and deductions with respect to the commencement Premises, and/or the ownership, leasing, operation, maintenance, repair, use or occupation thereof, including without limitation the costs, charges and assessments hereinafter set forth in this Lease. d. Lessee agrees to pay, or to cause its Affiliates or contractors to pay, to District as and when they accrue but without duplication, wharfage, port, harbor, and other charges, including dockage charges on District’s public docks (but not on any private dock constructed and operated by Lessee), for the use of its facilities at the new Lease Yearrates published in the Tariff containing authorized rates, upon notification rules, and regulations governing the Brownsville Ship Channel and its publicly-owned wharves, piers, and docks, as well as other lawful charges incurred to District by Landlord to Tenant reason of Lessee’s operations on the new monthly Base Rent installment amount; providedPremises. For purposes of clarification, however, that if Landlord fails to so notify Tenant within nine (9) months after the date any amounts paid by Affiliates or contractors of adjustment, then the CPI adjustment for that year Lessee shall be deemed accepted by the District as if they had been paid by the Lessee, and there shall be no duplication of any such fees payable by Lessee and its Affiliates or contractors. All Tariff rates except those applicable to be waiveddockage apply to any activity on the Premises, including but not limited to wharfage. In no event shall Base Rent increases exceed three All wharfage fees, port fees, and one-half (3.5%) percent of harbor fees for LNG and other gas products produced pursuant to the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 Permitted Use shall be at the same rental published rate per-square-foot (in the Tariff as crude oil, refined petroleum products and natural gas liquids per metric ton. One metric ton is equal to 2,204.6 pounds or 2.174 cubic meters of liquified natural gas. One metric ton is equal to 7.1475121 barrels of liquified natural gas. As of the Execution Date, the wharfage fee prescribed by the Tariff for crude oil, refined petroleum products and natural gas liquids is $0.095 per barrel which equals $0.679 per metric ton. e. All Rent payments shall be adjusted in paid not later than ten (10) days from the same manner and on date when due; they shall thereafter bear interest at the same annual adjustment datesrate of fifteen percent (15%) as per annum from the Base Rent then being paid for Phase 1date due until paid. In the event such fifteen percent (15%) rate at any time shall be illegal or usurious under Applicable Law, commencing on it shall be automatically reduced to the Commencement Date for Phase 2highest lawful rate.

Appears in 1 contract

Samples: Lease Agreement (NextDecade Corp.)

Rent. Beginning on the Commencement Date, 3.1 Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay to Landlord, “Base Rent” for Landlord the Premises, Annual Rent in effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of the first (1st) each full calendar month of during the Term hereof and on or before Term, except that the first full month’s rent (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments Fourth Floor Abated Monthly Installment of Rent, the Ninth Floor Abated Monthly Installment of Rent and the Tenth Floor Abated Monthly Installment of Rent) shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the Annual Rent in effect at such time. Rent for any period during the Term which is less than a full month shall be a prorated portion of the Monthly Installment of Rent based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset (except as expressly set forth in Exhibit B attached hereto and except as provided hereinafter along above with any applicable tax as defined hereinrespect to the prepaid rent for the first month and the Fourth Floor Abated Monthly Installment of Rent, the Ninth Floor Abated Monthly Installment of Rent and the Tenth Floor Abated Monthly Installment of Rent), without notice or demand, at the then current rateRent 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 the Commencement Date occurs on a day other than the first (1st) day an Event of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Default resulting from Tenant’s failure to pay rent 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 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 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 be imposed as follows: (i) Tenant shall not be required to pay any late charge with respect to the first such monthly payments two (2) times late payment in any twelve (12) month period prior to such late fees being charged), of the Term of this Lease or any extension thereto; (ii) if Tenant fails to pay rent or any other sum when due and payable pursuant to this Lease a second time during any twelve (12) month period commencing on the date of money within thirty (30) days after written notice by Landlord the first late payment, Tenant shall be required to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount pay a late charge based on the monthly prorata percentage of the Default Rate and applied equal to the amount due to compensate Landlord $5,000.00 for the extra administrative expenses incurred. Notwithstanding anything second such late payment in such twelve (12) month period; and (iii) thereafter, a late charge equal to $7,500.00 shall apply to any subsequent late payment within the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any foregoing twelve (12) month period. The Base Rent payable amount of the late charge to be paid by Tenant to Landlord shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning no way relieve Tenant of the fourth (4th) Lease Year by multiplying obligation to pay rent or other payments on or before the Base Rent then being paid by a fractiondate on which they are due, nor do the numerator terms of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease (not to include in the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor said rent or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months payment is unpaid after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisdue. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease (Cray Inc)

Rent. Beginning on the Commencement Date, 3.1 Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay to Landlord, “Base Rent” for Landlord the Premises, Annual Rent in effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of the first (1st) each full calendar month during the Term, except that the first Monthly Installment of Rent and the Security Deposit shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter Annual Rent in effect at such time. Rent for any period during the Term which is less than a full Term month shall be a prorated portion of this Lease the Monthly Installment of Rent based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined hereinwithout notice or demand, at the then current rateRent 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 the Commencement Date an Event of Default occurs on a day other than the first three (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (23) times or more in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for during the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary aboveTerm, Landlord agrees may require that it will not impose the aforesaid late charges unless Tenant has failed submit Base Rent and Tenant's Proportionate Share of Expenses and Taxes to pay any installment of Rent Landlord on the a quarterly basis (due date thereof (and such failure shall not have been cured on or before the last first day of any grace period, if anyeach calendar quarter) two (2) times in any twelve (12) for the following 12 month period. The Base 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 Lease will result in accordance with administrative expense to Landlord, the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent 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 be adjusted at imposed in an amount equal to the beginning greater of: (a) Fifty Dollars ($50.00), or (b) five percent (5%) of the fourth (4th) Lease Year by multiplying unpaid rent or other payment; provided that Tenant shall be entitled to a grace period of 5 days for the Base Rent then being first 1late payment of rent or other sum due in a given calendar year. The amount of the late charge to be paid by a fraction, the numerator of which Tenant shall be the Consumer Price Index - U.S. City average reassessed and added to Tenant's obligation for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) each successive month preceding the month until paid. The provisions of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning this Section 3.2 in no way relieve Tenant of the fifth (5th) Lease Year and obligation to pay rent or other payments on or before the beginning date on which they are due, nor do the terms of each succeeding Lease Year during the Term this Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 of this Lease (not to include in the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor said rent or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months payment is unpaid after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisdue. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease (SCM Microsystems Inc)

Rent. Beginning on At any time after receipt by Sublandlord of any statement for any Article 4 Rent, or if Sublandlord is at any time obligated to pay any Article 4 Rent, Sublandlord shall promptly deliver to Subtenant a detailed statement with respect to the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day payment of the first (1st) full calendar month Article 4 Subtenant's Proportionate Share of the Term hereof Article 4 Rent (which may be Overlandlord's statement together with all back-up and on other documentation which Overlandlord has provided) and, within twenty (20) days after delivery of such statement, Subtenant shall pay to Sublandlord Sublease Additional Charges as determined as aforesaid in this Section 4. If an annual Escalation Statement is furnished by Overlandlord to Sublandlord which shows that there has been an overpayment by Subtenant of Article 4 Rent or before if Overlandlord shall notify Sublandlord that Sublandlord is entitled to a credit against subsequent Rent due to a refund of Article 4 Rent as to which Subtenant paid Article 4 Rent, and if Overlandlord shall actually give Sublandlord credit therefor under the first Overlease, Sublandlord shall permit Subtenant to credit the amount ox xxxx xxerpayment (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, interest thereon at the then current rate. If Interest Rate from the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in time paid if the amount of the Base overpayment was more than 5% of the Article 4 Rent for one (1in question) full calendar month plus or Subtenant's portion of such tax refund credit against the prorated Base next subsequent Sublease Rent for payments under this Sublease. After the calendar month in which termination of this Sublease and the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day Sublandlord of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace periodbalance, if any) two (2) times in , of all Sublease Rent due hereunder, Sublandlord shall promptly pay to Subtenant the amount of any twelve (12) month periodsuch credit not previously applied by Subtenant. The Base In the event that any Article 4 Rent payable by Tenant is due under the Overlease with respect to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base any period that includes any period that fxxxxxx xxe Sublease Expiration Date, Subtenant's obligations hereunder on account of such Article 4 Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisappropriately prorated. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Sublease Agreement (Instinet Group Inc)

Rent. Beginning Minimum rent shall be Thirty Three Thousand Eight Hundred Twenty Five Dollars and 00 Cents ($33,825) per month (“Minimum Rent”). Tenant shall pay to Landlord without previous demand thereof and without any abatement, reduction, setoff or deduction whatsoever, the Minimum Rent (together with any applicable sales tax and local taxes if the same are ever required by law), payable in equal monthly installments, in advance, on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during throughout the full Term of this Lease and any renewal thereof, subject Lease. The Minimum Rent shall commence to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due accrue on the Commencement Date. The Prepaid first such monthly installments of Minimum Rent described above shall be applied by due and payable to Landlord no later than the Commencement Date and each subsequent monthly installment shall be due and payable to the Rent payable for Landlord on the first full day of each and every calendar month that Rent is duefollowing the Commencement Date during the Term hereof. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any the Commencement Date is a date other monthly amounts by than the seventh (7th) first day of the month, Minimum Rent and other charges for the period commencing with and including the Commencement Date through the first day of the following month in which such installment is due shall be prorated at the rate of one-thirtieth (provided that 1/30) of the monthly Minimum Rent per day. In addition, Tenant shall pay as Additional Rent monthly payments of applicable taxes, assessments and insurance on the Premises. This amount will be 1/12 of the xxxx for annual real estate and assessment taxes and 1/12 of the annual xxxx on insurance. Estimated figures for taxes and insurance monthly rate will be produced within ten (10) days after the signing of this Lease. Each year Landlord will be required produce any insurance, real estate tax and assessment bills to give the Tenant written notice to show how the estimated taxes and insurance were computed as Additional Rent. In the event of Tenant’s failure any overage or underage due to the actual amounts owed and the payments made based on the estimated amounts during any Lease year, Landlord shall reimburse to Tenant the amount of any overage paid by Tenant or Tenant shall pay to Landlord the amount of any such monthly payments two (2) times underage due from Tenant in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money either case within thirty (30) days after written notice by Landlord of the delivery of the bills to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there Tenant as herein provided. 2.1.1 There will be added to an increase in the unpaid amount a late charge based Minimum Rent starting on the monthly prorata percentage first anniversary of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, lease if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for increases over the third (3rd) month immediately preceding the month of adjustment, and the denominator of which year. Minimum Rent specified in this lease shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not subject to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be increase in accordance with changes in the Consumer Price Index - U.S. City average for urban wage earners Urban Wage Earners and clerical workers all items Clerical Workers (1982CPI-84 equals W) as promulgated by the Bureau of Labor Statistics of the United States Department of Labor, using the year of the Commencement Date as a base of 100) (“CPl”) . On each anniversary date there will be a rent adjustment based on the percentage increase in the Consumer Price Index from the immediately preceding year. If the Consumer Price Index goes down the rent will not change for that year. Consumer Price Index increases will apply on the third (3rd) month preceding anniversary date of each year of the month Commencement Date. The percentage increase in the Consumer Price Index will increase the minimum rent for that year. 2.1.2 In the event that the Consumer Price Index ceases to incorporate significant number of adjustmentitems, and or if a substantial change is made in the denominator method of which establishing such Consumer Price Index shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein adjusted to the contrary notwithstandingfigure that would have resulted had no change occurred in the manner of computing such Consumer Price Index, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailableor a successor or substitute index, is not available, a reasonable substitute prepared by the U.S. Department of Labor reliable governmental or other sourcenonpartisan publication, as reasonably acceptable to Landlord and Tenantevaluating the information for use in determining the Consumer Price Index, shall be used. Base Rent shall continue to be payable used in monthly installments as otherwise described above until Landlord notifies Tenant lieu of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basissuch Consumer Price Index. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease (Radiation Therapy Services Holdings, Inc.)

Rent. Beginning on the Commencement Date, Tenant covenants and agrees to Concessionaire shall pay, without abatementoffset, deduction deduction, prior notice, or offset except demand, as otherwise specifically provided herein"Minimum Annual Rent” the sum of GuaranteedRent monthly or the following percentage(s) of gross receipts, whichever sum is greater: Gross Receipts plus ($xxxx) percent ( %) of the first percent ( _%) of Gross Receipts over dollars ($xxxx) of Monthly Beginning with Contract Year Six (6) and on the first day of each fifth Contract Year thereafter, the Minimum Annual Rent ($$$$) shall be adjusted to reflect changes in the Consumer Price Index (CPI). Such CPI adjustments shall be made in accordance with the procedure set forth in Exhibit G, attached to and made a part of this Contract. Concessionaire shall make payment of Minimum Annual Rent and other payments to State in lawful money of the United States. However, if any payment made by a check, draft, or money order is returned to State due to insufficient funds or otherwise, State shall have the right, at any time after the return, upon written notice to Concessionaire, to Landlord, “Base Rent” for require Concessionaire to make all subsequent payments in cash or by cashier's or certified check. Beginning with the Premises, on or before the first fifteenth (1st15th) day of the first (1st) full calendar month following the execution of the Term hereof Contract and on or before the first fifteenth (1st15th) day of each month thereafter, Concessionaire shall furnish to State a verified statement of the concession’s gross receipts for the preceding month. Such statement shall be submitted on Form DPR 54, Concessionaire's Monthly Report of Operation, attached hereto as Exhibit B, or in a format previously approved by the State, and every successive shall specify the current period and cumulative total of gross receipts for the concession through the end of the preceding month for the then current Contract Year. Concessionaire shall also provide such statement for periods of non-operation. Concurrent with such monthly statement, the Concessionaire shall pay to State the appropriate rental fee based on the gross receipts for the preceding calendar month thereafter during the full Term of this Lease and any renewal thereof, subject as prescribed above. Payments to State shall be made to the adjustments order of the Department of Parks and Recreation and delivered to the District Office identified herein below or at such other location as provided hereinafter along with any applicable tax as defined hereinmay from time to time be designated by State. If, at the then current rate. If end of the Commencement Date occurs on a day other Contract Year, the total of monthly percentage rental payments made (or due) during that Contract Year is less than the first (1st) day of a calendar monthMinimum Annual Rent required for that Contract Year, the first Base Rent payment difference shall be in remitted to State with the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent last monthly sales statement for the calendar month in which Contract Year. Payments must be received by State on or before the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh fifteenth (7th15th) day of the month in which such installment is due (provided that Landlord as described above. Any late payment shall constitute a breach of contract, giving rise to State's remedies as set forth below. Further, any late payment will be required subject to give Tenant a late penalty consisting of an administrative charge on the late amount, calculated at the rate of five percent (5%) of the amount of the late payment or portion thereof. The parties agree that the late charge represents a fair and reasonable estimate of the costs State will incur because of late payment. Acceptance of the late charge by State shall not constitute a waiver of Concessionaire's default for the overdue amount, nor prevent State from exercising the other rights and remedies granted under this Contract. Concessionaire shall pay the late charge as additional rent with the next monthly rent payment. Any amount due to State, if not paid within five (5) days following the due date, will bear interest from the due date until paid at the rate of ten percent (10%) per year. However, interest shall not be payable on late charges incurred by Concessionaire. Payment of interest shall not excuse or cure any default by Concessionaire. Upon written notice request by the Concessionaire to State demonstrating unusual or extenuating circumstances causing the late payment, the State, in its sole discretion, may waive the late charge. Further, in the event Concessionaire is prevented from carrying on the operations contemplated herein by reason of Tenant’s failure an Act of Nature or other reasons beyond Concessionaire's control, and when requested in writing in advance by Concessionaire, Minimum Rent may be abated in proportion to pay the amount by which gross receipts are reduced by the occurrence for such period of reduced or non- operation, as determined in the sole discretion of State. If this Contract is terminated by State because of Concessionaire's default, and if Concessionaire becomes liable for any such monthly payments two (2) times deficiency in any twelve (12) month period prior to such late rent and/or fees being charged)by way of damages or otherwise, or if Tenant fails at any time during the Contract term Concessionaire ceases to pay any other sum conduct in the Premises the business referred to herein below, then from and after the time of money within thirty (30) days after written notice by Landlord to Tenantthe breach causing this termination, or if any check delivered for from and after the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage time of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary abovecessation of business, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant unpaid rent and/or fees prior to the commencement breach causing termination or cessation of each new Lease Yearbusiness shall become due and payable. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment The amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year due shall be deemed to be waived. In no event shall Base the greater of: (a) the Minimum Rent increases exceed three and one-half provided herein, or (3.5%b) percent an amount based upon the average of the Base Rent paid for payments that have accrued to State as percentage rent during the immediately prior Lease Yeartwenty-four (24) months preceding the termination or cessation of business, on a non-cumulative basis. b. The Base Rent for Phase 2 unless the termination or cessation occurs within three (3) years of the beginning of the Contract term, in which event the previous twelve (12) (or fewer, if applicable) months shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) used as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2basis of this average.

Appears in 1 contract

Samples: Concession Contract

Rent. Beginning on the Commencement Date, Tenant covenants convenants and agrees to paypay without demand, without recorpment, ---- abatement, deduction or offset except as otherwise specifically provided hereinoffset, to Landlord, “Base Landlord Rent (and Additional Rent) for the Premises, Premises on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereofLease, subject to the adjustments as provided hereinafter hereinafter, along with any applicable tax as defined hereintax, at the then current raterate of six and three-quarters (6.75%) percent. If In the event the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month month, plus the prorated Base Rent for the calendar month in which the Commencement Date fallsTerm of this Lease commences, such payment to be due on the Commencement Date. The Prepaid Rent described above shall Whenever under the terms of this Lease any sum of money is required to be applied paid by Landlord Tenant in addition to the Rent payable herein reserved, whether or not such sum is herein described as "Additional Rent", or a provision is made for the collection of said sum as "Additional Rent" said sum shall nevertheless, at Landlord's option, if not paid when due, be deemed Additional Rent, and shall be collectible as such with the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent thereafter falling due hereunder. In the event any installment or increment of Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh Additional Rent payable under this Lease shall not be paid when due, a "late charge" of five percent (7th51/6) day of the month in which such installment is due amount overdue may be charged (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2as Additional Rent) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything purpose of defraying the expense and inconvenience incident to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (handling such overdue payment and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month purpose of adjustment, compensating Landlord for its attendant inconvenience and the denominator loss of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.cash flow,

Appears in 1 contract

Samples: Lease Agreement (Anything Internet Corp)

Rent. Beginning on A. During each calendar year, or portion thereof, falling within the Commencement DateLease Term, Tenant covenants and agrees shall pay to payLandlord as Additional Base Rental hereunder the sum of (1) Tenant's Pro Rata Share of the amount, without abatementif any, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” by which Taxes (hereinafter defined) for the Premises, on or before applicable calendar year exceed Taxes for the first Base Year plus (1st2) day Tenant's Pro Rata Share of the first amount, if any, by which Expenses (1sthereinafter defined) full for the applicable calendar month year exceed Expenses for the Base Year. For purposes hereof, "Expenses" shall mean all Basic Costs with the exception of the Term hereof Taxes. Tenant's Pro Rata Share of increases in Taxes and on or before the first (1st) day Tenant's Pro Rata Share of increases in Expenses shall be computed separate and independent of each and every successive other prior to being added together to determine the "Excess". In the event that Taxes or Expenses, as the case may be, in any calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in year decrease below the amount of Taxes or Expenses for the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsYear, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment Tenant's Pro Rata Share of Base Rent Taxes or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal PeriodsExpenses, as hereinafter definedthe case may be, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that such calendar year shall be deemed to be waived. In no event $0, it being understood that Tenant shall Base Rent increases exceed three and one-half (3.5%) percent of not be entitled to any credit or offset if Taxes or Expenses decrease below the corresponding amount for the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on . Prior to the Commencement Date and prior to January 1 of each calendar year during the Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the Excess for Phase 2the applicable calendar year and Tenant's Pro Rata Share thereof. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of the Excess. Landlord shall have the right from time to time during any such calendar year to revise the estimate of Basic Costs and the Excess for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Basic Costs and the Excess by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs and the Excess for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of Additional Base Rental based on the previous year's estimate. Tenant shall pay Landlord for any underpayment within ten (10) days after demand. Any overpayment shall, at Landlord's option, be refunded to Tenant or credited against the installment of Additional Base Rental due for the months immediately following the furnishing of such estimate. Any amounts paid by Tenant based on any estimate shall be subject to adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and the actual Excess for the previous calendar year. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant after first deducting the amount of any Rent due hereunder. Likewise, Tenant shall pay to Landlord, within ten (10) days after demand, any underpayment with respect to the prior year, whether or not the Lease has terminated prior to receipt by Tenant of a statement for such underpayment, it being understood that this clause shall survive the expiration of the Lease.

Appears in 1 contract

Samples: Standard Form Office Lease (Ritz Interactive, Inc.)

Rent. Beginning on A. During each calendar year, or portion thereof, falling within the Commencement DateLease Term, Tenant covenants shall pay to Landlord as Additional Base Rental hereunder the sum of: (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the applicable Fiscal Year exceed Taxes for the Tax Base Year plus; (2) Tenant's Pro Rata Share of the amount, if any, by which Expenses (hereinafter defined) for the applicable calendar year exceed Expenses for the Expenses Base Year. For purposes hereof, "Expenses" shall mean all Basic Costs with the exception of Taxes. Tenant's Pro Rata Share of increases in Taxes and agrees Tenant's Pro Rata Share of increases in Expenses shall be computed separate and independent of each other prior to paybeing added together to determine the "Excess". In the event that Taxes in any Fiscal Year decrease below the amount of Taxes for the Tax Base Year, without abatementTenant's Pro Rata Share of Taxes for such Fiscal Year shall be deemed to be $0, deduction it being understood that Tenant shall not be entitled to any credit or offset except if Taxes decrease below the corresponding amount for the Tax Base Year. In the event that Expenses in any calendar year decrease below the amount of Expenses for the Expenses Base Year, Tenant's Pro Rata Share of Expenses for such calendar year shall be deemed to be $0, it being understood that Tenant shall not be entitled to any credit or offset if Expenses decrease below the corresponding amount for the Expenses Base Year. Notwithstanding the fact that Tenant's Pro Rata Share of increases in Taxes over the Tax Base Year is calculated on a Fiscal Year basis, Landlord shall be entitled to xxxx Tenant for such amounts following the end of each calendar year at the same time that Tenant will be billed for its Pro Rata Share of increases in Expenses over the Expenses Base Year. For example, during the calendar year 2000, Tenant, on a monthly basis as otherwise specifically provided hereinbelow, shall pay Landlord an amount equal to one-twelfth (1/12) of the estimated amount by which Taxes for the Fiscal Year 1999 (7/1/98 - 6/30/99) will exceed Taxes for the Tax Base Year. Following the date on which Landlord receives the quarterly tax xxxx with respect to the actual amount of Taxes for Fiscal Year 2000, Landlord, “Base Rent” as provided below, shall provide Tenant with a reconciliation of Tenant's actual Pro Rata Share of the amount by which Taxes for the Premises, on Fiscal Year 2000 exceed Taxes for the Tax Base Year. Such reconciliation statement may be sent by Landlord separately or before the first (1st) day together with Landlord's reconciliation of Tenant's actual Pro Rata Share of the first (1st) full amount by which Expenses for the calendar month of year 1999 exceed Expenses for the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateExpenses Base Year. If the Commencement Date occurs Tax Base Year is more than or less than twelve (12) months, the Tax Base Year shall be adjusted pro-rata so that the Tax Base Year is determined on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period basis. If any Fiscal Year after the Tax Base Year is more than or less than twelve (12) months, then such Fiscal Year shall be adjusted pro-rata so that such Fiscal Year is determined on a twelve (12) month basis for the purposes of calculating the Excess for such Fiscal Year. As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and the actual Excess for the previous calendar year. Landlord shall use reasonable efforts to furnish the statement of actual Basic Costs on or before June 1 of the calendar year immediately following the calendar year to which the statement applies. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such late fees being charged)overpayment, or if Landlord shall refund such overpayment to Tenant fails after first deducting the amount of any Rent due hereunder. Likewise, Tenant shall pay to pay any other sum of money Landlord, within thirty (30) days after written notice by Landlord to Tenantdemand, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added underpayment with respect to the unpaid amount prior year, whether or not the Lease has terminated prior to receipt by Tenant of a late charge based on statement for such underpayment, it being understood that this clause shall survive the monthly prorata percentage expiration of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisLease. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Office Lease (Merrill Corp)

Rent. Beginning on During the Commencement DateTerm, Tenant covenants and agrees shall pay to payLandlord “Annual Base Rent” as determined pursuant to Schedule A or Schedule B below, without abatementwhichever is applicable, deduction or offset except multiplied by the number of rentable square feet of the Premises (such sum is hereafter referred to as otherwise specifically provided herein, to Landlord, “Base Rent”), together with “Tenant’s Proportionate Sharefor the Premises, on or before the first of “Excess Operating Costs” and “Additional Rent” (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided those terms are hereinafter along with any applicable tax as defined herein, at the then current ratedefined). If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be payable in the amount monthly installments in advance without notice, demand, setoff or deduction and all such installments shall be paid to Landlord in U.S. Dollars in cash or by check or wire transfer to an account designated by Landlord or its managing agent. No other form of the payment will be accepted. The first installment for Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to shall be due on the Commencement Date. The Prepaid Rent described above Date and, thereafter, such monthly installments shall be applied by Landlord to the Rent payable for due on the first full month that Rent is dueday of each calendar month. If the Premises are occupied for a fraction of a month at the beginning or the end of the Term, Tenant fails to shall pay any regular a proportionate part of the applicable monthly installment of installment. Tenant shall pay and be liable for all rental, sales and use taxes or other similar taxes, if any, levied or imposed on Base Rent or Landlord’s Operating Costs Additional Rent payments by any city, county, state or any other monthly amounts by the seventh (7th) day of the month governmental body having authority. Such payments shall be in which such installment is due (provided that Landlord will be addition to all other payments required to give be paid to Landlord by Tenant written notice under the terms of Tenant’s failure this Lease. Any such payment shall be paid to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for concurrently with the payment of the Base Rent or Additional Rent upon which such tax is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredbased. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any_______ $ _______ $ _______ $ _______ $ 16.68 u.s.f $ 9,924.60 $ 827.05 1) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant set forth in Schedule B is subject to Landlord shall be increases as a result of increases in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The cost of living during the term. On each anniversary of the Commencement Date (each an “Adjustment Date”), Base Rent shall be adjusted at to reflect the beginning increase, if any, in the cost of living over the fourth (4th) Lease Year by multiplying the preceding anniversary year. Base Rent then being paid by due as a fraction, result of an increase in the numerator cost of which living shall be calculated in accordance with the terms set forth below. The basis for computing the cost of living shall be the unadjusted Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail all Urban Consumers. All items (1982-84 equals = 100) published by the Bureau of Labor Statistics of the United States Department of Labor (the CPIIndex) ). The index for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month immediately preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price “Base Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPlNumber) . The index for the third (3rd) month immediately preceding the month of adjustment, and the denominator of which Adjustment Date shall be the CPI “Current Index Number”. The Base Rent for the fifteenth anniversary year commencing on such Adjustment Date shall be the product obtained from multiplying the Initial Base Rent (15thannualized) month preceding by the month of adjustment. Anything herein fraction whose numerator is equal to the contrary notwithstandingCurrent Index Number and whose denominator is equal to the Base Index Number, provided that in no event shall will Base Rent in any Lease Year for such anniversary year be less than the greater of the amount set forth in Schedule B or Base Rent paid rent for the anniversary year immediately prior Lease Yearpreceding the Adjustment Date. Should If the CPI become unavailable, a reasonable substitute prepared by Index is not in existence at the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue time the determination is to be payable made, the parties shall use such equivalent price index as is published by a successor government agency in monthly installments as otherwise described above until Landlord notifies Tenant lieu of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. HoweverIndex, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payableor, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustmentno such price index is published, then the CPI adjustment for that year parties shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on use a mutually acceptable equivalent price index as is published by a non-cumulative basisgovernmental agency. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Medical Office Building Lease (LifeCare Holdings, Inc.)

Rent. Beginning on (a) Rent means the Commencement Dateamounts payable by the Tenant to the Landlord pursuant to this Section, and includes additional rent. (b) Renewal rate = $16.60 per square foot x 198 square feet = $3,286.80 + HST The Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, pay to the Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease annual rent in the amount of THREE THOUSAND, TWO HUNDRED EIGHTY SIX DOLLARS AND EIGHTY CENTS (not to include 3,286.80) plus HST payable in equal month instalments of TWO HUNDRED SEVENTY THREE DOLLARS AND NINETY CENTS (*$273.90) plus HST, each in advance on the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction1st day of each and every month, the numerator first payment to be made on the 1st day of which October, 2021 and the last such payment to be made on the 1st day of September, 2023. *If lease is extended beyond 12 months, the above noted rent shall increase by the CPI to be calculated at the end of the 12 month period. (c) The amount of HST shall be calculated in accordance with the Consumer Price Index - U.S. City average for urban wage earners applicable legislation and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental time as the rent to which the HST applies is payable to the Landlord under this Lease. The Landlord shall have the same rights and remedies on non-payment of HST as it has for rent in arrears under this Lease. (d) All payments to be made by the Tenant pursuant to this Lease shall be delivered to the Landlord at the Landlord’s address for service set out in Section 16 or to such other place as the Landlord may from time to time direct in writing. (e) All Rent in arrears and all sums paid by the landlord for expenses incurred which should have been paid by the Tenant shall bear interest from the date payment was due, or made, or expense incurred at a rate per-square-foot of 1.25% per month. (f) The Tenant acknowledges and agrees that the payments of Rent provided for in this Lease shall be made without any deduction for any reason whatsoever unless expressly allowed by the terms of this Lease or agreed to by the Landlord in writing; and, (i) No partial payment by the Tenant which is accepted by the Landlord shall be considered as other than a partial payment on account of Rent owing and shall be adjusted in not prejudice the same manner and on the same annual adjustment dates) as the Base Landlord’s right to recover any Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2owing.

Appears in 1 contract

Samples: Lease Agreement

Rent. Beginning on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, shall pay to Landlord, “Base Rent” rent for the PremisesPremises ("Base ---- Rent") in accordance with the following schedule: MONTHLY ANNUAL PERIOD BASE RENT BASE RENT Months 1-2 $46,362.33 See Paragraph 3 Months 3-36 $46,362.33 $556,348.00 Months 37-62 $49,928.67 $599,144.00 All installments of Base Rent shall be payable in advance, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the term hereof. Base Rent for any partial month during the term hereof shall be prorated based upon the number of days during each of said months that the Lease term was in effect. The full Term first month's Base Rent shall be due and payable on the date of execution of this Lease and any renewal thereofby Tenant. All Base Rent shall be paid without notice, subject to the adjustments as provided hereinafter along with any applicable tax as defined hereindemand, deduction or offset, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day office of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), other person or if Tenant fails to pay any at such other sum of money within thirty (30) days after written notice by place as Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredmay designate in writing. Notwithstanding anything to the contrary aboveset forth herein, Landlord agrees that it will not impose Tenant may occupy the aforesaid late charges unless Tenant has failed to pay any installment Premises and payment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord and Tenant's Pro Rata Share of Operating Expenses shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by abated for a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, period commencing on the Commencement Date and terminating on the last day of the second month of the Lease Term (the "Abatement Rent Period"). If at any time during the Primary Term, an Event of Default occurs, Tenant owes Landlord, in addition to all other amounts, Base Rent and Tenant's Pro Rata Share of Operating Expenses abated pursuant to this paragraph during the Abatement Rent Period. Tenant, however, has no obligation to pay the abated amounts if no Event of Default occurs prior to the expiration of the Primary Term. Tenant shall pay to Landlord as "Additional Rent" all other sums due under this Lease. Late payments shall be subject to interest and penalties as set forth in Paragraph 19 hereof. In the event that the Premises are determined by Landlord's architect, using its standard methodology for Phase 2measuring the Building, to contain less than 21,539 rentable square feet, the Base Rent will be reduced pro rata.

Appears in 1 contract

Samples: Office Building Lease (Webb Interactive Services Inc)

Rent. a. Subtenant agrees to pay Sublandlord as fixed rent (“Rent”) commencing on June 1, 2007 (the “Rent Commencement Date”) the following: From the Commencement Date to May 31, 2007 $ 0/month From June 1, 2007 to February 28, 2008 $ 38,346.00/month From March 1, 2008 to August 31, 2008 $ 40,007.66/month Beginning on March 1, 2008 through the Commencement Datetermination or expiration of the Sublease term, Tenant covenants Rent shall include Subtenant’s share of Real Estate Taxes, Common Area Insurance Costs and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, Common Area Maintenance costs. b. Rent shall be paid in advance on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereofSublease term without setoff, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateoffset or reduction. If the Rent Commencement Date occurs occurs, or if the term of the Sublease expires on a day date other than the first (1st) or last day of a calendar month, the first Base Rent payment rental installment for that month shall be prorated. All payments shall be made to Xerox Corporation, Attention: CRE Lease Administration, 000 Xxxx Xxxxx Xxxx, Post Office Xxx 0000, Xxxxxxxx, XX 00000, or to such other person or place as may be designated by Xerox Corporation in the amount writing. Subtenant shall pay to Sublandlord upon Subtenant’s submission of the Base Rent for one partially executed Sublease to Sublandlord the sum of Thirty Eight Thousand Three Hundred Forty Six Dollars (1$38,346.00) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable as and for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts owed to Sublandlord. c. Sublandlord and Subtenant acknowledge that the Rent specified herein is a fixed rent and, except as may be provided in this Sublease, is intended to include all normal costs and expenses related to operating the Building including, without limitation, real property taxes, utilities, common area maintenance, repair and replacement, Complex and Building insurance, interior and exterior building maintenance, repair and replacement, Complex and Building groundskeeping and landscaping maintenance, sprinkler and fire alarm maintenance, repair and replacement, janitorial and trash removal services and Building security (as described in Section 3(d) below). The general maintenance and janitorial services to be provided by the seventh (7th) day of the month Sublandlord shall be as shown in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredExhibit C attached hereto. Notwithstanding anything to the contrary above, Landlord Sublandlord hereby agrees that it shall cause services adequate for the intended use of the Subleased Premises to be provided in conformity with those services furnished in first-class buildings in the Stanford Research Park in Palo Alto, California. These services shall be provided between the hours of 6:00 a.m. to 6:00 p.m. on normal business days Monday through Friday (“Normal Business Hours”). If HVAC is required outside of Normal Business Hours, Sublandlord shall make it available, and Subtenant will not impose pay an additional $60 per hour to Sublandlord. Notwithstanding the aforesaid late charges unless Tenant has failed foregoing, nothing contained in this Sublease shall be construed to pay require Sublandlord to incur any installment cost or expense to perform any item of Rent maintenance, repair or replacement if such maintenance, repair or replacement is necessary as a result of the negligent act or omission or willful misconduct of Subtenant, its employees, agents contractors or invitees. If any such maintenance, repair or replacement as described in the immediately preceding sentence is performed by or on behalf of Sublandlord following reasonable notice to Subtenant, then promptly upon Sublandlord’s written demand, Subtenant shall reimburse Sublandlord for the due cost and expenses incurred by Sublandlord in performing such work. d. Sublandlord represents that as of the date thereof hereof, (i) the Building is equipped with a security system that requires a card key for access to the Building on Saturdays, Sundays and such failure holidays, and from 7 p.m. to 7 a.m. on business days, and permits unrestricted access to the Building at all other times, and (ii) one unarmed roving security guard patrols the parking lots and other exterior areas of the Demised Premises, twenty-four (24) hours a day, seven (7) days per week. Sublandlord represents that during the term of this Sublease, it will continue to provide the security system described in subsection (i) of this section (d); however, Sublandlord reserves the right to terminate the security guard service described in subsection (ii) of this section (d) in its sole discretion. Sublandlord shall not be responsible for providing any security arrangements for the Subleased Premises, the personal property of Subtenant, or for Subtenant’s, agents, employees, contractors or invitees except as may be expressly provided in this section (d). Subtenant shall have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant right to Landlord shall be install its own security devices and providing for other security in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term terms of this Lease (not to include the Renewal PeriodsSublease, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisincluding Section 21 hereof. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Sublease Agreement (Jazz Pharmaceuticals Inc)

Rent. Beginning Tenant's "Base Rent" for the periods hereinafter in this SECTION 2.01 specified shall be as follows: From The Commencement Date Through The Last Day Of The 5th Lease Year Thereafter $ 12.11/RSF From the First Day Of The 6th Lease Year Through The Termination Date $ 12.66/RSF Tenant shall pay to Landlord during the Lease Term the Base Rent calculated as in this SECTION 2.01 provided, together with the Additional Rents herein reserved (Base Rent and Additional Rents are herein sometimes collectively referred to as "Rent" or "Rents"), all of which shall be payable without any setoff or deduction whatsoever, except as specifically provided in SECTION 3.07-8 and elsewhere in this Lease. Base Rent and Additional Rents shall be paid to Landlord in the monthly installments as specified in SECTION 1.01 hereof, in advance, on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter month, during the full entire Lease Term at Landlord's address specified in SECTION 1.01 for payments, or to such other person or entity or to such other address as Landlord may from time-to-time designate in writing. Tenant's obligation to pay all Rent due under this Lease shall survive the expiration or earlier termination of this Lease and any renewal thereof, subject to Lease. In the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If event the Commencement Date occurs on a day or Termination Date are other than the first (1st) and last day of a calendar month, respectively, Rents payable hereunder for the first Base Rent payment months in which the Commencement Date and Termination Date occur shall be in the amount of the Base Rent for one apportioned (130 days to a month) full calendar month plus the prorated Base and said apportioned Rent for the calendar partial month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above occurs shall be applied by Landlord to paid as and with the Rent payable for on the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month following the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurredCommencement Date occurs. Notwithstanding anything to the contrary aboveherein, Landlord agrees that it will not impose Tenant shall have the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning use of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, Lot 1B RUA and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year Common Property rent free during the Lease Term of and any Renewal Term (but this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive construed to the commencement of the new Lease Year, upon notification by Landlord to relieve Tenant of the new monthly Base Rent installment amount; providedany obligations to pay maintenance, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three utility and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (other like expenses associated with said Lot 1B RUA and shall be adjusted Common Areas as in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2Sub-Indenture or otherwise herein specifically provided).

Appears in 1 contract

Samples: Office Lease (Express Scripts Inc)

Rent. Beginning on A. During each calendar year subsequent to the Commencement DateBase Year, or portion thereof, falling within the Lease Term, Tenant covenants shall pay to Landlord as Additional Base Rental hereunder the sum of (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the applicable calendar year exceed Taxes for the Base Year plus (2) Tenant's Pro Rata Share of the amount, if any, by which Expenses (hereinafter defined) for the applicable calendar year exceed Expenses for the Base Year. For purposes hereof, "Expenses" shall mean all Basic Costs with the exception of Taxes. Tenant's Pro Rata Share of increases in Taxes and Tenant's Pro Rata Share of increases in Expenses shall be computed separate and independent of each other prior to being added together to determine the "Excess." In the event that Taxes and/or Expenses, as the case may be, in any calendar year decrease below the amount of Taxes or Expenses for the Base Year, Tenant's Pro Rata Share of Taxes and/or Expenses, as the case may be, for such calendar year shall be deemed to be $0, it being understood that Tenant shall not be entitled to any credit or offset if Taxes and/or Expenses decrease below the corresponding amount for the Base Year. Prior to January 1 of each calendar year after the Base Year during the Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the Excess for the applicable calendar year and Tenant's Pro Rata Share thereof. Landlord agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, use good faith efforts to Landlord, “Base Rent” for provide Tenant with such estimate by no later than April 30th of the Premises, on applicable calendar year. On or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive month during such calendar month thereafter year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of the Excess. Landlord shall have the one time right during each calendar year during the full Lease Term to revise the estimate of this Lease Basic Costs and any renewal thereofthe Excess for such year and provide Tenant with a revised statement therefor, subject and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. Each revised estimate shall be accompanied by an explanation of the differences between the initial estimate and revised estimate, including the particular line items of expense that are in addition to or of a materially different amount than those assumed in the adjustments as provided hereinafter along with any applicable tax as defined herein, at preparation of the then current rateinitial estimate. If Landlord does not provide Tenant with an estimate of the Commencement Date occurs Basic Costs and the Excess by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on a day other than the first (1st) day previous years estimate until such time as Landlord provides Tenant with an estimate of a calendar monthBasic Costs and the Excess for the current year. Upon receipt of such current year's estimate, the first Base Rent payment an adjustment shall be in made for any month during the amount current year with respect to which Tenant paid monthly installments of the Additional Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due Rental based on the Commencement Dateprevious year's estimate. The Prepaid Rent described above Tenant shall be applied by pay Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money underpayment within thirty (30) days after written notice by Landlord demand. Any overpayment shall be credited against the installment of Base Rental and Additional Base Rental due for the month immediately following the furnishing of such estimate. If the amount of such overpayment cannot be fully credited against the immediately following installment of Base Rental and Additional Base Rental, any uncredited amount shall be promptly refunded to Tenant. Any amounts paid by Tenant based on any estimate shall be subject to adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Lease Term, or if any check delivered Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and the actual Excess for the payment of Rent is returned for insufficient funds, there will be added previous calendar year. Landlord agrees to the unpaid amount a late charge based on the monthly prorata percentage use good faith efforts to provide Tenant with such estimate by no later than April 30th of the Default Rate and applied to applicable calendar year. If the amount due to compensate Landlord estimated Excess actually paid by Tenant for the extra administrative expenses incurred. Notwithstanding anything to prior year is in excess of Tenant's actual Pro Rata Share of the contrary aboveExcess for such prior year, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to then Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The apply such overpayment against Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Rental and Additional Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) Rental due for the third (3rd) month preceding immediately following the month furnishing of adjustmentsuch statement, and provided if the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant expires prior to the commencement determination of each new such overpayment, Landlord shall refund such overpayment to Tenant after first deducting the amount of any Rent due hereunder. In addition, If the amount of such overpayment cannot be fully credited against the immediately following installment of Base Rental and Additional Base Rental, any uncredited amount shall be promptly refunded to Tenant. Likewise, Tenant shall pay to Landlord, within thirty (30) days after demand, any underpayment with respect to the prior year, whether or not the Lease Year. However, failure of Landlord has terminated prior to timely notify receipt by Tenant of a statement for such underpayment, it being understood that this clause shall survive the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord expiration of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisLease. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Office Lease (Trenwick Group Inc)

Rent. Beginning on the Commencement Date, Tenant covenants and Lessee agrees to pay, without abatement, deduction or offset except pay upon execution hereof and monthly thereafter to the Lessor for each month during the term of this lease $_ as otherwise specifically provided herein, to Landlord, “Base Rent” rent for said leased Premises as hereinabove described and $ 0 as reimbursement for the PremisesLos Angeles City Code Enforcement Fee for a total rent of $ 0.00 Any new or increased fee, tax assessment, or charge imposed on Lessor by law or ordinance (Federal, State or local government entity) relating to the ownership or operation of the Premises during the term of this lease (or any extension thereof), including but not limited to, any apartment inspection fee or charge, parking district charge, or Isla Vista Recreation and Park District tax, charge, or assessment shall be passed on to the Lessee on a prorated basis, and shall be due and payable as additional monthly rent. a. Payments shall be made promptly, in advance, on or before the first day of each calendar month personally to and at the authorized manager’s office listed below during the days and time, designated herein. The authorized manager for the Premises is: Name: Address: Telephone: ( ) Days & Hours for payment of rent: The name, telephone number, and usual street address at which personal service of the owner may be effected is , 000 Xxxxxx Xxxxx Xxxxx Xxxxxxxxxx, XX 00000-0000 in New Castle County. b. If any rental payment provided for in this Lease is not paid promptly when due on the first of the month or if any check offered in payment of rent or any other charge is returned by the bank unpaid for any reason, Lessee acknowledges that Lessor will incur certain administrative costs and losses in connection with such late rental payment or returned check and that the amount of such administrative costs would be difficult or impracticable to ascertain. To compensate Lessor for such administrative costs and losses, Lessee agrees to pay Lessor the sum of Twenty-Five Dollars (1st$25.00) for each returned check and a 6% late charge or $25.00, whichever is greater will be assessed on the sixth day of the first (1st) full calendar month regardless of whether the 5th day of the Term hereof month is a weekend or a legal holiday. During the term of this Agreement, if any of Lessee’s checks to Lessor are returned by the bank for any reason, then for a period of ninety days beginning from the date that Lessor notifies Lessee of the returned check, Lessee shall be required to make all payments with either money order or cashier’s check. Personal checks will not be accepted during that time period Initial c. Rent shall be made payable to Lessor or Lessor’s agent, Statewide Enterprises, Inc. and on shall be paid either in the form of a personal check, cashier’s check or before money order, except for the first (1st) month’s rent and the deposit set forth in paragraph 5 below, which must be paid in either a cashier’s check or money order. UNDER NO CIRCUMSTANCES SHALL RENT BE PAID IN CASH AND CASH SHALL NOT BE CONSIDERED PROPER TENDER. Initial d. If the initial day of each and every successive calendar month thereafter during the full Term of this Lease and lease shall be any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) of the month, Lessee will still be required to pay the first month’s rent in full. On the first day of the following month of this Lease Agreement, Lessee shall owe a calendar month, the first Base Rent payment shall be prorated rent in the amount of $ . e. On or before the Base Rent date of Lessee’s occupancy, Lessee shall place all utilities under Lessee’s name and be responsible to pay directly to the utility provider all charges for one (1) full calendar month plus utilities made payable by or predicated upon occupancy of Lessee. If the prorated Base Rent Premises lacks a separate meter for which to calculate the usage of gas or electricity for Lessee’s apartment, then Lessor shall be responsible to pay directly to the utility provider for the calendar month in which cost of any such particular utility. If the Commencement Date falls, such payment to be due on Premises is master metered for electricity and Lessor is thereby paying the Commencement Date. The Prepaid Rent described above shall be applied by Landlord cost of electricity to the Rent payable for utility provider, Lessee shall not add nor change any electrical appliances (e.g. air conditioner) or electrical lighting fixture that would cause an increase in the first full month electrical usage in the Premises without the written consent of Lessor. Lessee shall not purposely cause the waste and excess of any utility usage including electric, gas and water that Rent is duewould increase the cost to the Lessor. If Tenant fails Lessee agrees to pay immediately report in writing to Lessor any regular monthly installment of Base Rent water leaks or Landlord’s Operating Costs or running toilets in the Premises. Lessee shall not use any other monthly amounts by electrical equipment that can cause damage to the seventh (7th) day electrical system of the month Premises. f. Unless specifically noted in writing, if Lessor is providing a refrigerator to Lessee, it is only as a courtesy to Lessee and is not included in the services for which such installment Lessee is paying rent and Lessee shall not be entitled to any reduction in rent due (provided that Landlord will to the malfunction or removal of the refrigerator. Lessor shall not be required to give Tenant written notice of Tenant’s failure make any repairs to pay any such monthly payments two (2) times the refrigerator nor to replace it. Refrigerator is provided in any twelve (12) month period prior to such late fees being charged)its “as is” condition. g. If the Premises are rented by more than one Lessee, or if Tenant fails to pay any other sum of money within thirty (30) days after written notice it is understood by Landlord to Tenantand between all parties that performance under this Agreement including, or if any check delivered for the but not limited to, payment of Rent is returned for insufficient fundsrent, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners joint and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month several responsibilities of adjustmenteach Lessee, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term any breach or abandonment of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor one or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant more of the new monthly Base Rent installment amount. Landlord Lessees shall attempt to so notify Tenant prior to not terminate the commencement Lease nor shall it relieve the remaining Lessee or Lessees from fulfilling the terms of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount this Lease. h. Notations made on rent checks shall not be deemed binding upon the Lessor. Under no circumstances shall Lessor’s negotiation or cashing of any check from Lessee which bears any notation constituting a waiver by Landlord of the increased rental; the new monthly amount (payment under protest or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year conditional payment contained shall be deemed to constitute a waiver of Lessor’s right to pursue any other remedy set forth in this Lease or which may be waivedavailable to Lessor by law if Lessee shall fail to make any rental payment herein when due or shall otherwise breach the terms of this lease. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid Any outstanding balance due from Lessee for the immediately prior Lease Yearmonth will be posted first, on a non-cumulative basiswith the remaining monies posted to rent for the current period. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Apartment Lease Agreement

Rent. Beginning on the Commencement Date, Tenant covenants and agrees to paypay without demand, without recoupment, abatement, deduction or offset except as otherwise specifically provided hereinoffset, to Landlord, “Base Landlord Rent (and Additional Rent) for the Premises, Premises on or before the first (1st) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereofLease, subject to the adjustments as provided hereinafter hereinafter, along with any applicable tax as defined hereintax, at the then current raterate in effect at the time of each such payment (currently seven (7%) percent. If Upon Tenant’s execution of this Lease, Tenant shall submit with the signed Lease the first month’s rent as defined in Section 1(g). In the event the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month month, plus the prorated Base Rent for the calendar month in which the Commencement Date fallsTerm of this Lease commences, such payment to be due on the Commencement Date. The Prepaid Rent described above Landlord shall be applied by Landlord responsible for directing such tax to the Rent payable for the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month appropriate taxing authority in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged)a timely fashion, or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace periodsame is due, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord and shall be in accordance liable for any late fees or charges for failure to comply with this requirement. Whenever under the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term terms of this Lease (any sum of money is required to be paid by Tenant in addition to the Rent herein reserved, whether or not to include such sum is herein described as “Additional Rent”, or a provision is made for the Renewal Periodscollection of said sum as “Additional Rent” said sum shall nevertheless, as hereinafter definedat Landlord’s option, if applicable) by multiplying the Base Rent then being not paid by a fractionwhen due, the numerator of which be deemed Additional Rent, and shall be collectible as such with the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for first installment of Rent thereafter falling due hereunder. In the third (3rd) month preceding the month event any installment or increment of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any or Additional Rent payable under this Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver received by Landlord within five (5) business days of the increased rental; the new monthly amount date due, a “late charge” of five percent (or any portion not previously paid5%) shall be payable, retroactive to the commencement of the new Lease Year, upon notification amount overdue may be charged (as Additional Rent) by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basispurpose of defraying the expense and inconvenience incident to handling such overdue payment and for the purpose of compensating Landlord for its attendant inconvenience and loss of cash flow. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Metastorm Inc)

Rent. Beginning Tenant agrees to pay to Landlord as base rental (hereinafter called "Base Rental") for the Leased Premises, without notice, setoff or demand, the said monthly installments to be due and payable by Tenant in advance at the address of Landlord as set forth in this Lease or at such other place as Landlord may designate in writing from time to time. One monthly installment of rent shall be due and payable on the Commencement Date, date of execution of this Lease by Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premisesfirst month's rent, and a like monthly installment shall be due and payable on or before the first (1st) day of the first (1st) full each calendar month during the Term, or any extension or renewal thereof. In the event the commencement date or the termination date of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs falls on a day date other than the first (1st) day of a calendar month, the first Base Rent payment rental for that partial month shall be prorated and adjusted accordingly. Term SF/rate Per Month Per Annum 12 months $11.02 $1,600.00 $19,200.00 Tenant shall also pay to Landlord as additional rent hereunder (hereinafter called "Additional Rent") Tenant's prorata share of all increases in the amount taxes on and operating expenses of the Base Rent for one Project, and of all special assessments upon tile Project, computed as follows: (1a) full calendar month plus The net rentable area of the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement DateLeased Premises is 1743 square feet. The Prepaid Rent described above net rentable area of the Project is 49,144 square feet. Thus, the Lease Premises contain 4% percent (hereinafter called "Percentage Share") of the net rentable area of the Project, and the Tenant's share of increases in taxes and operating expenses, and of special assessments, hereunder shall be applied by Landlord equal to the Rent payable for the first full month that Rent is duesaid Percentage Share thereof. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day net rentable area of the month in which such installment is due Project increases or decreases during the Lease Term, the Tenant's Percentage Share shall decrease or increase proportionately. (provided that Landlord will be required to give Tenant written notice b) For the purposes of Tenant’s failure to pay any such monthly payments two (2) times in any this Paragraph 4, the term "Lease Year" shall mean the period of twelve (12) month months or less, commencing with the Date of Commencement and ending on December 31 of the calendar year during which the Date of Commencement occurs, each successive period prior of twelve (12) months thereafter during the Lease Term, and the final period of twelve (12) months or less, commencing on January 1 of the calendar year during which the Lease Term terminates and extending to such late fees being chargedthe Date of Termination. (c) In the event that the real estate and/or personal property taxes or any other taxes (excepting income taxes) payable with respect to the Project, or imposed upon the Project and/or Landlord in lieu of or in addition to ad valorem taxes upon the Project, and operating expenses incurred by Landlord during any Lease Year shall be greater than the actual expenses in (2002) Tenant shall pay to Landlord, As Additional Rent for the Lease Year in question, in accordance with Subparagraph (h) hereof, an amount equal to Tenant's Percentage Share of increase. (d) For the purposes of this Paragraph 4, the term "Operating Expenses" shall mean any and all costs and expenses incurred by Landlord with respect to the project, including but not limited to costs and expenses for the following: gross salaries, wages, medical, surgical and general welfare benefits (including group life insurance), and pension payments for employees engaged in the operation, maintenance and repair of the Project, payroll taxes, project electricity, gas, oil, water, sewer charges, trash and rubbish removal, heating, lighting, air conditioning, ventilation, casualty and liability insurance, repairs and maintenance, building, common area cleaning and, window cleaning, landscaping and lawn care, security parking area operation and maintenance, management fees, service contracts with independent contractors, telephone, telegraph supplies, stationery, advertising, and all other expenses paid in connection with the operation, maintenance and repair of the Project properly chargeable against income. For the purposes hereof, "Operating Expenses" shall not include depreciation on the Project, capital expenses of the project, debt service or if leasing commissions. (e) Landlord agrees to keep books and records reflecting the operating expenses of the Project in accordance with a standard method of accounting recognized and approved for maintaining accounts for properties similar to the Project. After the end of each Lease Year, Landlord shall deliver to Tenant fails a statement of the operating expenses of the Project for said Lease Year and a computation of any Additional Rental payable by Tenant in accordance with the provisions of this Lease. For ten (10) days after receipt of such statement, Tenant, or its authorized agent or representative, or a public accounting firm selected by it, shall have the right to pay any other sum inspect the books of money the Landlord during normal business hours for the purpose of verifying the information in such statement. Unless Tenant asserts the existence of a specific error or errors therein, in writing, within thirty (30) days after written notice such receipt, the Statement shall be deemed to be correct and payable. (f) Tenant shall also pay to Landlord, as Additional Rent for the Lease Year during which the same is payable, within fifteen (15) days after receipt by Landlord Tenant of a statement therefore from Landlord, an amount equal to Tenant's Percentage share of any special assessment for public betterments or improvements which may be levied upon the Project and any interest thereof which is not deductible from any condemnation award, or if any check delivered for installment thereof, which is payable during any such Lease Year. Landlord agrees to take the benefit of any statute or ordinance which permits the payment of Rent is returned for insufficient fundsany such assessment in installments, there will be added to even though such installments may then bear interest. (g) If the unpaid amount a late charge based on first Lease Year or the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure final Lease Year shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve contain less than (12) month periodmonths, the Additional Rent payable under this Paragraph 4 for any such Lease Year shall be prorated. Tenant's obligation to pay Additional Rent for the final Lease Year shall survive the termination of the Lease Term. (h) The Base Rent provided for herein was determined, in part, on the basis of the costs and expenses of Landlord for operating, maintaining and repairing the Project. The intent of this Paragraph 2 is to provide that Landlord shall not suffer loss of net income from rentals of the Project as the result of inflation or other increases in costs and expenses. Any other sums payable by Tenant to Landlord shall be in accordance with under the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term terms of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall also be deemed to be waivedAdditional Rent payable hereunder. In no event Tenant shall also pay to Landlord, together with each installment of Base Rent, an amount equal to any gross receipts tax, sales tax or any similar tax (excluding net income taxes) payable now or in the future by Landlord by reason of its receipt of Base Rent increases exceed three and one-half (3.5%) percent of the Base Additional Rent paid for the immediately prior Lease Year, on a non-cumulative basishereunder. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.

Appears in 1 contract

Samples: Lease Agreement (Snapshot Inc)

Rent. Beginning on Tenant shall pay to the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except Landlord the sum of [$.00] per month as otherwise specifically provided herein, to Landlord, “Base Rent” Rent for the Premises, term of the Lease Agreement. Due date for rent payment shall be the 1st day of each calendar month and shall be considered advance payment for that month. *Weekends and holidays do not delay or excuse Tenant’s obligation to timely pay rent. *Tenant is responsible for any payment made by mail and not received by the due date stated herein. Mailed payments must be received by the Landlord on or before the first due date. • Payments should be sent to: Green Mailbox Group, X.X. Xxx 0000, XxXxxxxx, Xxxxx 00000 • Payments can be made by: Money Order, Cashier’s Check or via Venmo to username @GreenMailboxGroup (a) Delinquent Rent - If not paid on the 1st) day of , Rent shall be considered overdue and delinquent on the first (1st) full calendar month of the Term hereof and on or before the first (1st) 2nd day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for the first full month that Rent is due. If Tenant fails to timely pay any regular month’s rent, Tenant will pay Landlord a late charge fee of $25.00 plus $5.00 per day until rent is paid in full. If Landlord receives the monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts rent by the seventh (7th) 3rd day of the month in which such installment is due (provided that month, Landlord will be required to give Tenant written notice waive the late charges of those first three days for that month. Any waiver of late charges under this paragraph will not affect or diminish any other right or remedy Landlord may exercise for Tenant’s failure to timely pay rent. (b) Prorated Rent - In the event that the Commencement Date is not on the 1st of the calendar month, Rent payment for any such partial month will be pro-rated at the rate of 1/30th of the monthly payments two rent payment per day. (2c) times in Returned Checks - In the event that any twelve (12) month period prior to such late fees being charged), or if payment by Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient fundsfunds (“NSF”) or if Tenant stops payment, there Tenant will pay $35.00 to Landlord for each such check, plus late charges, as described above, until Landlord has received full payment. Furthermore, Landlord may require in writing that Tenant pay all future Rent payments by cash, money order or cashier’s check. (d) Order in Which Funds are Applied - Landlord will apply all funds received from Tenant first to any non-rent obligations of Tenant including late charges, returned check charges, charge-backs for any repairs, brokerage fees, and periodic utilities, then to rent, regardless of any notation on a check. (e) Rent Increases - There will be added to no rent increases through the unpaid amount termination date. If this Lease is renewed automatically on a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary abovemonth-to-month basis, Landlord agrees may increase the rent during the renewal period by providing written notice to tenant that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding becomes effective the month of adjustment, and following the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months 30th day after the date notice is provided. (i.e. starting of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and onemonth-half (3.5%to-month Tenancy.) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis. b. The Base Rent for Phase 2 shall be at the same rental rate per-square-foot (and shall be adjusted in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2.* Tenant Initial

Appears in 1 contract

Samples: Lease Agreement

Rent. Beginning The Fixed Rent, Winter Break Rent (if applicable), fees and all other sums payable by Lessee hereunder (collectively, “Rent”) shall be payable by Lessee on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” dates specified in this Lease. The first installment of Fixed Rent (for the Premises, on or before the first (1stfall semester) day of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be is due on the Commencement Date. The Prepaid 1st day of August, 2015, the second installment of Fixed Rent described above shall be applied by Landlord to the Rent payable (for the first full month that second academic semester) is due on January 1st, 2016, and payment of Fixed Winter Break Rent is duedue on December 1st, 2015, if applicable. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice of Tenant’s failure to pay any such monthly payments two (2) times in any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall For residents who do not have been cured on or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted a Commencement Date at the beginning of the fourth academic semester and who move into the Premises more than five (5) days after such semester commences, the installment of Fixed Rent payable for such semester will be prorated. If rent is not received at the offices of Landlord by the close of business on the 4th day of the month that payment is due, Lessee shall pay a late charge of $50.00 for rent paid after the 4th) Lease Year by multiplying , but on or before the Base 10th of the month, and a late charge of $100.00 for rent paid after the 10th day of the month payment is due, and said late charges shall constitute additional rent hereunder and shall be immediately due and payable. Additionally, if any Rent check is returned unpaid, then being Lessee shall pay Landlord a bad check fee of $35.00, and, Landlord may accelerate all additional Rent payments. If a Lessee submits a bad check to Landlord, Landlord may demand that all additional Rent be paid by cashier's check or money order. Upon providing a fractioncheck for payment, the numerator Lessee is hereby given notice that Lessee’s signed and completed check may be converted to an electronic fund withdrawal upon receipt and Lessee authorizes such electronic fund withdrawal by Landlord. Landlord’s receipt of which your check shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) constitute your authorization of an electronic fund withdrawal. Rent is payable for the third (3rd) month preceding entire Term, regardless of whether Lessee vacates the month of adjustmentPremises before the Expiration Date for any reason. Landlord may apply any payment received from Lessee or Guarantor to then outstanding unpaid Rent Balance in whatever order and priority Landlord may elect. Generally, payments will be prioritized to any outstanding fees, fines, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustmentsimilar charges, and then to any balance for Rent. Remaining rental balances are subject to late fees and legal action, including collection and eviction pursuant to Pennsylvania law. A. Temporary Installment Program for Qualified Financial Aid & Student Loan Recipients: a. To assist a Lessee who is waiting for a financial aid disbursement from West Xxxxxxx University to help pay their remaining semester housing balance, USH has a temporary monthly installment program. This is only a temporary arrangement to make smaller rental installments until the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisLessee’s financial aid refund is received. b. The Base Rent for Phase 2 shall be at the same Landlord does not send monthly invoices. Landlord’s fixed rental rate per-square-foot (amount and shall be adjusted in the same manner and fees are not included on the same annual adjustment datesmyWCU account balance. c. It is the Lessee’s responsibility to ensure they will have sufficient financial aid to cover the fixed rent. Note that financial aid is typically applied first to tuition, meal plan, and other University expenses before a refund may be generated. It is highly recommended that the Lessee consults a professional in West Xxxxxxx University’s Office of Financial Aid to determine the refund status and plan the housing payment(s) as accordingly. d. Lessee is required to pay the Base Rent then being paid correct temporary monthly installment for Phase 1, commencing their assigned suite style no later than the 1st of August for the fall semester or January 1st for the spring semester. Subsequent installments are due on the Commencement Date first of each month thereafter until Lessee receives his/her financial aid refund whereupon the remaining balance must be paid in full for Phase 2the semester. Failure to pay the temporary monthly installment on time will result in late fees being assessed. Monthly installments will not be accepted once financial aid is disbursed. Semester housing fees must be paid in full by October 1st for the Fall 2015 semester and March 1st for the Spring 2016 semester, even if disbursements have not been issued by West Xxxxxxx University. e. Lessee is responsible for visiting the Financial Aid Office and checking their myWCU account to confirm the status of all financial aid or refund check disbursement. If financial aid is not awarded, Lessee is still responsible for the entire payment due per semester by the due date. f. Once the Lessee receives a financial aid refund check or direct deposit from the Office of the Bursar, he/she must pay the remaining balance owed for the semester to Landlord immediately. There are no alternative payment plans available and the Lessee will not be able to make monthly installments after this point.

Appears in 1 contract

Samples: Lease Agreement

Rent. Beginning (a) Tenant shall pay to Landlord Adjusted Rental, which is the sum of the monthly Basic Rental, the monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information), as estimated by Landlord from time to time, in monthly installments in advance on the Commencement Date, Tenant covenants first day of each month in lawful money of the United States to Landlord at its address set forth above (or such other address as Landlord shall designate in writing to Tenant) without notice or demand and agrees to pay, without any abatement, deduction or offset except as otherwise specifically provided hereinset-off, for each month of the entire Term. One such monthly installment, shall be payable by Tenant to Landlord, “Base Rent” for Landlord upon the Premises, execution of this Lease. A like monthly installment shall be due and payable without demand beginning on or before the first (1st) day of the first (1st) full calendar month of immediately following the Term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall be in the amount of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date fallsoccurs and continuing thereafter on or before the first day of each succeeding calendar month during the Lease Term. Rent for any fractional month at the beginning of the Lease Term shall be prorated based on one-three hundred sixty-fifth (1/365) of the current annual Adjusted Rental for each day of the partial month this Lease is in effect, such payment to and shall be due and payable on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for or before the first full month that Rent is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the calendar month immediately following the month in which such installment the Commencement Date occurs. (b) If all of any sum due under this Lease is not received by its due date, then Tenant, to the extent permitted by law, shall pay, in addition to the sum owed, a late payment charge equal to five percent (provided that Landlord will be required to give Tenant written notice 5%) of Tenant’s failure to the sum (or portion thereof) which is overdue. If a check remitted t0 pay any such monthly sum due to Landlord hereunder shall not be honored upon presentment for payment, then Tenant in addition to the amount owed, shall pay to Landlord on demand a fee of five percent (5%) of the amount owed. Following the dishonor of any check presented for payment, Landlord may require all further payments two (2) times in to be made hereunder to be made by certified check or money order. Also, if Landlord does not receive any twelve (12) month period prior to such late fees being charged), or if Tenant fails to pay any other sum of money Adjusted Rental within thirty (30) days after written notice by Landlord to Tenantthe due date thereof, or if any check delivered for the payment of Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed fails to pay any installment sum (other than Adjusted Rental) which at any time becomes due to Landlord under any provision of Rent this Lease as and when the same becomes due hereunder, then, in either such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (the "Past Due Rate') which equals the lesser of (i) eighteen percent (18%) of (ii) the highest rate then permitted by law. All late payment charges and fees for dishonored checks are to reimburse Landlord for additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late or dishonored payments. Provision for such failure shall not have been cured on late charge, interest or before the last day of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord fee for dishonor shall be in accordance with the following schedule: a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 The Base Rent shall be adjusted at the beginning of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners addition to all other rights and clerical workers ail items (1982-84 equals 100) (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustment. Anything herein to the contrary notwithstanding, in no event shall Base Rent in any Lease Year be less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source, as reasonably acceptable remedies available to Landlord hereunder or at law or in equity and Tenant, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount shall not be deemed a waiver by Landlord of the increased rental; the new monthly amount (construed as liquidated damages or limiting Landlord's remedies in any portion not previously paid) shall be payable, retroactive to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basismanner. b. The Base Rent for Phase 2 shall be (c) Tenant's covenants and obligations to pay Adjusted Rental and all additional rental (collectively, the "Rent") hereunder are unconditional and independent of any other covenant or condition imposed on either Landlord or Tenant, whether under this Lease, at the same rental rate per-square-foot (and shall be adjusted law or in the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2equity.

Appears in 1 contract

Samples: Lease Agreement (Netgateway Inc)