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 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 Agreement should specify 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 fallsrent, such payment and how often that amount is to be due on the Commencement Datepaid. The Prepaid Rent described above shall payment times might be applied by Landlord to the Rent payable for the first full month that Rent is dueweekly, every 2 weeks, every 4 weeks, monthly, 4 times a year or once every 6 months. 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 The rent payments could 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 be paid in advance (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 each such amount of time) or in arrears (after that amount of time has passed). The maximum amount of rent which a landlord can ask their tenant to pay in advance is 6 months’ rent. The Agreement should say: • the fourth (4th) Lease Year by multiplying date on which the Base Rent then being first payment is to be made and how long that amount of money will cover; and • on which date rent will next need to be paid. The Agreement lets the landlord say how the rent should be paid. For example, the landlord might want the rent payments to be paid by bank transfer or by cheque. It is possible for the tenant to pay using another way, if that is fair. For instance, it might not be considered fair to pay the rent by a fractionmethod which would result in a high bank charge to the landlord, such as payments made using some credit cards. The Agreement should also state if any services are to be included in the rent. This is to make it clear that the tenant would not have to pay extra for those services. For example, the numerator rent might include the cost of lighting a shared hall or stair cleaning costs. Any services which shall are paid monthly should be included as part of the Consumer Price Index - U.S. City average rent. For example, if a landlord pays for urban wage earners stair and clerical workers ail items (1982window cleaning and charges the tenant monthly for this cleaning that would be included. The services which are included in the rent should be listed in the Agreement along with the amount for each service. Where there are one-84 equals 100) (“CPI”) off payments throughout a tenancy, such as where the landlord agrees to carry out a repair for the third (3rd) month preceding tenant for a fee, then this will not form part of the month rent. The landlord is not allowed to charge a tenant for other services - such as the cost of adjustmentpreparing a lease, and the denominator of which shall be the CPI 'key money', administration charges, or for the third (3rd) month preceding cost of preparing an inventory etc. These charges are known as 'premiums'. If the Commencement Date for Phase 1. Thereafterlandlord charges a premium, the Base Rent shall tenant should write and ask for a refund. If the landlord refuses to provide a refund, then a claim could be adjusted at made through the beginning of Tribunal. The tenant could also contact the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periodslocal council’s landlord registration team, as hereinafter definedor, if applicable) by multiplying the Base Rent then being paid by landlord holds a fractionHMO licence, the numerator tenant could contact the local council’s licensing team to help with this. Rents of tenants with a private residential tenancy in a rent pressure zone can only rise, each year, by an amount set by Scottish Ministers which shall be is linked to inflation (rises in the Consumer Price Index - U.S. City average for urban wage earners and clerical workers all items (1982cost of living generally). More detailed information on this is available at xxxxx://xxxx.xxx.xxxx/publications/private-residential- tenancies-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 tenants-guide/#rent-and-other-charges A landlord in a Rent Pressure Zone can also apply to the contrary notwithstanding, Rent Officer to allow a further increase to your rent because the landlord has done work to improve the property. This increase in no event shall Base Rent rent would be in addition to 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 inflation related increase 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 2rent.
Appears in 3 contracts
Samples: Private Residential Tenancy Agreement, Private Residential Tenancy Agreement, Private Residential Tenancy Agreement
Rent. Beginning on Tenant shall pay Landlord the Commencement Datefull monthly Rent set forth above during each month of the Lease Term as rental for the Residence and Landlord and Tenant hereby agree that Rent for each month, including any partial month during the first or final month of the Lease Term, shall be payable in full and without proration with respect to the number of days Tenant covenants and agrees to payis in possession during such month, without abatement, deduction or offset except as otherwise specifically provided herein, expressly set forth herein with regard to Landlord's delay in delivery of the Residence. Tenant acknowledges that the full amount of Rent stated is due even though the Lease Term does not encompass a full 365 days. Rent is payable in advance without demand, “Base Rent” for abatement or set-off, at the Premisesoffice of Landlord or at such other place(s) as Landlord may designate, on or before the first (1st) day of Commencement Date and 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 Lease Term. IF MAILED, THE RENT AND ALL OTHER SUMS DUE UNDER THIS LEASE SHALL BE MAILED IN SUFFICIENT TIME AND WITH ADEQUATE POSTAGE THEREON TO BE ACTUALLY RECEIVED BY LANDLORD NO LATER THAN THE FIRST DAY OF THE MONTH. ANY RENT NOT ACTUALLY RECEIVED BY LANDLORD ON OR BEFORE THE FIRST DAY OF THE MONTH SHALL BE DELINQUENT AND IN DEFAULT. The parties hereby agree if Rent is not paid in 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 by 5:00 p.m. 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 (7th4th) day of the month when it is due, Tenant shall, in which addition to any other remedies of Landlord, pay a late charge of $50.00 on the (5th) day of the month and an additional $10.00 per day (late fee) thereafter. Personal checks will not be accepted after the tenth (10th) day of each month, as Rental payments must be in the form of a cashier’s check or money order if tendered after the tenth (10th) day of the month. Tenant shall pay a handling charge in the amount of $30 or 5% (whichever is greater) for each dishonored check, and, in addition, if applicable, the late charges set forth above. Returned checks must be redeemed by cashier’s check, certified check or money order. All monies received by Landlord shall be applied first to non-rent items (outstanding charges such installment as, but not limited to, late charges, cleaning service fees, returned check charges, damages incurred by or on behalf of Tenant), and then to Rent. At Landlord’s option, Landlord may require all Rent and other sums to be paid in check, certified check, or money order, and by one monthly payment rather than multiple payments by each Cotenant. Landlord shall at all times have the right to refuse payment in the form of “cash” for monies due hereunder for security purposes. The liability for Rent, in addition to all other obligations hereunder, shall be joint and several among each and all of the individuals comprising Tenant. By providing a check for payment, Tenant is due (provided hereby given notice that Tenant’s signed and completed check may be converted to an electronic fund withdrawal upon receipt by Landlord will be required to give Tenant written notice via U.S. Mail or in designated drop box locations. Landlord’s receipt of Tenant’s failure check shall constitute Tenant’s authorization of such electronic fund withdrawal. Landlord has 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 not accept 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 unavailablefull amount of Rent, 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, the acceptance by Landlord of a check for a lesser amount with an endorsement or statement thereon, or upon any letter accompanying such check that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustmentsuch lesser amount shall constitute payment in full, then the CPI adjustment for that year shall be deemed given no effect and Landlord may accept such payment without prejudice to any other rights or remedies which Landlord may have against Tenant. Any payment, however designated, may be waived. In no event shall Base accepted by Landlord and applied against any part of Tenant’s then existing and then due Rent increases exceed three and one-half or Landlord may apply such payment against any sum then due or may retain such payment (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 dateswithout interest) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2a credit against Tenant’s accruing future obligations.
Appears in 3 contracts
Samples: Rental Agreement, Rental Agreement, Rental Agreement
Rent. Beginning on the Commencement Date, Tenant covenants and Xxxxxx agrees to paypay Landlord a rent of $0 per month, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premisespayable in advance, on or before the first (1st) day of every month during said term for a total rent of $ TBD . The rent is payable to: CHARLESTON RENTAL PROPERTIES or as Tenant may be advised from time to time in writing. Rent is considered late on the 6th day of the first (1st) full calendar month month. NOTICE TO TENANT: IF TENANT DOES NOT PAY RENT WITHIN FIVE DAYS OF THE DUE DATE, LANDLORD CAN START TO HAVE TENANT EVICTED AND MAY TERMINATE THE RENTAL AGREEMENT, AS THIS CONSTITUTES WRITTEN NOTICE IN CONSPICUOUS LANGUAGE IN THIS WRITTEN AGREEMENT OF LANDLORD'S INTENTION TO TERMINATE AND PROCEED WITH EVICTION. TENANT WILL RECEIVE NO OTHER WRITTEN NOTICE AS LONG AS TENANT REMAINS IN THIS RENTAL UNIT. Xxxxxx further agrees to pay a late fee of 10% of the Term hereof and on or before monthly rent if rent is not received by the first (1st) 5th day of each the month, and every successive calendar month thereafter during an additional fee of $100 on the full Term 11th day of this Lease and any renewal thereof, subject to the adjustments as provided hereinafter along with any applicable tax as defined herein, at month. LATE FEES WILL BE AUTOMATICALLY POSTED ON THE 6TH DAY OF THE MONTH REGARDLESS OF WHAT DAY OF THE WEEK THAT FALLS. OUTSTANDING LATE FEES WILL AUTOMATICALLY BECOME THE MOST AGED RECEIVABLE AND THEREFORE BE PAID FIRST BY XXXXXX RECEIVED BY THE TENANT. THIS COULD LEAVE YOUR RENT PAYMENT SHORT AND CAUSE MORE LATE FEES. Where the then current rate. If term of the Commencement Date occurs Rental Agreement commences on a day other than the first (1st) day of the month or terminates on a calendar day other than the last day of the month, Tenant shall pay rent unto the first Base Rent payment shall be Landlord in the amount of the Base Rent $ per day 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) each 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), commencement 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 termination of the Default Rate and applied to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary aboveRental Agreement, 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 taking possession upon commencement of the new Lease YearRental Agreement, upon notification by Landlord to Tenant and payable on the first day 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 final month of the Base Rent paid for Rental Agreement upon xxxxxxxxxxx.Xx the immediately prior Lease Yearevent that lease renewal is possible, on CRP reserves the right to inspect the property and charge a non-cumulative basis$45 lease renewal fee.
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: Residential Rental Agreement, Residential Rental Agreement, Residential Rental Agreement
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 5.1 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) fourth full calendar month of the Term hereof (‘‘Rent Commencement Date”) Tenant shall pay to Landlord without notice or demand or set-off, in lawful money of the United States of America, by check drawn on a bank or trust company having an office in either the State of Maryland, the State of Connecticut or the State of New York, at the office of Landlord or at such other place as Landlord may reasonably designate, the following sums (collectively, “Rent”):
(a) Fixed Rent (“Basic Rent”) at the rate of One Hundred Forty-Two Thousand Eight Hundred Ninety-Nine ($142,899.00) Dollars per year payable in monthly installments of Eleven Thousand Nine Hundred Eight ($11,908.00) Dollars. Commencing on the first anniversary of the Commencement Date and on or before each anniversary thereafter, Basic Rent shall increase by two and one-half (2.5%) percent over the prior year’s Basic Rent.
(b) Additional rent (“Additional Rent”) consisting of all other sums of money as shall become due from and be payable by Tenant hereunder (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Basic Rent).
5.2 Basic Rent shall be payable in advance in equal monthly installments beginning on the Rent Commencement Date and continuing on 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 on a day is other than the first day of a month, Basic Rent for the first partial month shall be pro-rated and shall be paid with the installment of Basic Rent due for the fourth (1st4th) full month of the Term. If the Expiration Date is other than the last 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 Basic Rent for the calendar last month in which the Commencement Date fallsshall be pro-rated. If any installment of Basic Rent remains unpaid for a period of 10 days after notice of such default or any payment of Additional Rent remains unpaid for a period of 15 days after notice of such default, Tenant shall pay (i) a late charge equal to 4% of said installment [except that such payment to late charge will not be due imposed on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord first late installment] and (ii) interest thereon at a rate equal to the Rent payable for lesser of 2% per annum above the first full month that Rent is due. If Tenant fails rate from time to pay any regular monthly installment time announced by Bank of Base Rent or Landlord’s Operating Costs America or any other monthly amounts by successor thereto in Baltimore as its “prime rate” or the seventh (7th) day of maximum legal rate then prevailing, from the month in date on which such installment or payment 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 adjustmentpayment thereof, then the CPI adjustment for that year and such interest 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.
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 (Cerecor Inc.), Lease Agreement (Cerecor 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 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 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 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: Site Lease Agreement (Dynegy Danskammer LLC), Participation Agreement (Dynegy Danskammer LLC)
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 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 on the Commencement Date, (a) Tenant covenants and agrees shall pay to pay, without abatement, deduction or offset except Landlord as otherwise specifically provided herein, to Landlord, “Base Rent” rental for the PremisesPremises during each year of the term of this Lease the amount set forth in Paragraph 1(g) hereof. Such rental shall be payable in advance, on or before in equal monthly installments upon 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 Lease and any renewal thereofLease; provided, subject to however, that if the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs lease term shall commence on a day other than the first (1st) day of a calendar month or shall end on a day other than the last day of a calendar month, the rental for such first Base Rent payment or last fractional month shall be such proportion of the monthly rental as the number of days in such fractional month bears to the total number of days 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 Datemonth. The Prepaid Rent described above shall be applied by Landlord to the Rent payable installment of Rental 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 term during which such installment Rental is due (provided that payable hereunder shall be paid by Tenant to 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 August 2, 2004.
(b) Rent and all other charges hereunder shall promptly be paid without prior demand therefor and without deductions or setoffs for any grace periodreason whatsoever, if any) two (2) times in except as expressly herein provided, and overdue rent and any twelve (12) month period. The Base Rent other sums payable by Tenant to Landlord hereunder shall be bear interest during delinquency until paid at a rate of interest equal to [***] 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 excess of the fourth “Prime Rate” published from time to time by The Wall Street Journal (4th) Lease Year by multiplying hereinafter referred to as the Base Rent then being paid by a fraction, the numerator of which “Interest Rate”). Landlord 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 have no obligation 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 accept less than the Base Rent paid for the immediately prior Lease Year. Should the CPI become unavailablefull amount of all installments of rental and interest thereon and all charges hereunder which are due and owing by Tenant to Landlord, 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. if Landlord shall attempt to so notify Tenant prior to accept less than the commencement full amount owing, Landlord may apply the sums received towards any of each new Lease Year. However, Tenant’s obligations at Landlord’s discretion.
(c) Landlord’s failure of Landlord to timely notify xxxx Tenant of the new monthly Base Rent installment amount shall not be deemed in no way excuse Tenant from its payment obligations or constitute a waiver of Landlord’s entitlement to any charges not timely billed by Landlord Landlord. Notwithstanding the provisions of the increased rental; the new monthly amount (or any portion not previously paidParagraph 4(c) shall be payablehereof, 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 include any charge in Expenses or Taxes or otherwise xxxx the same to Tenant within nine two (92) months years after the date of adjustmentsuch Expense, then the CPI adjustment for Tax or cost is incurred, such Expense, Tax or cost shall not be payable by Tenant.
(d) Tenant agrees that year all Rental and additional rent (collectively “Rent”) due under this Lease shall be deemed paid by check to be waived. In no event Landlord mailed to the address set forth in Paragraph l(n) hereof or such other address as Landlord 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 basisdesignate by written notice to Tenant.
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 (Rocket Companies, Inc.), Lease (Rocket Companies, Inc.)
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 (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, 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 (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 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 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 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 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 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 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 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 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 (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 Minimum rent shall be $16,949.77 per month plus applicable rental tax (“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 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 Landlord 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 property . This amount will be required to give Tenant written notice of Tenant’s failure to pay any such 1/12 of the xxxx for real estate and assessment taxes and 1/12 of the xxxx on insurance. Estimated figures for taxes and insurance monthly payments two rate will be produced within ten (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 the signing of this Lease. Each year Landlord will produce any insurance, real estate tax and assessment bills to Tenant, or if any check delivered for the payment of Rent is returned for insufficient funds, there Tenant to show how the estimated taxes and insurance were computed as Additional Rent.
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 the third (3rd) month preceding the month of adjustment, and the denominator of which increases. 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 2005 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. 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 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 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 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 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 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 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 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 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 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 A. LESSEE shall pay no basic monthly rent for the first two months of the term of this Lease.
B. Following the first two months and continuing during the remaining term of this Lease, the LESSEE shall pay 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 month to the LESSOR rent and every successive calendar month thereafter during other charges, without demand or notice. During the full Term term of this Lease and any renewal thereofduring each option period, 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 $4,500.00 per month plus sales tax plus an annual payment equal to two (2%) percent of LESSEE's Gross Sales (hereinafter defined) in excess of $3,500,000.00 annually. Gross Sales include the total of all sales of new and used boats and excludes the sale of other merchandise or accessories and sales taxes. Installment sales shall be treated as a sale for the full price 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 fallssale is made. On or before the 20th day of each lease year during the term and the year following the expiration or termination of this Lease, such payment LESSEE shall deliver to be due on LESSOR a statement of Gross Sales made during the Commencement Datepreceding twelve-month period. The Prepaid Rent described above For purposes of this provision, lease years shall be applied by Landlord to the Rent payable for successive, twelve-month periods beginning 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 the seventh (7th) day of the month in which the Lease term commences. If an accounting is required for a period less than the prescribed twelve-month accounting period, the percentage rent due based on Gross Sales shall be prorated for such installment is due (provided that Landlord will shorter period. The LESSEE's statement of Gross Sales shall be required to give Tenant written notice verified by a duly qualified officer or representative 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 LESSEE. The LESSEE shall maintain with respect to the unpaid amount business transacted at the Leased Premises, sufficient information to permit a late charge based on calculation of Gross Sales and the monthly prorata percentage of LESSOR shall have the Default Rate right to examine such books and applied to records at any reasonable time.
C. LESSEE shall be liable for and shall pay all taxes levied upon personal property and trade fixtures located in the amount due to compensate Landlord for Leased Premises whether placed therein or owned by the extra administrative expenses incurred. Notwithstanding anything to LESSEE or the contrary above, Landlord agrees that it will LESSOR.
D. In the event the rent is not impose received 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 LESSOR on or before the last fifth day of any grace periodthe month, the LESSEE shall be liable for and shall pay, as and for additional rent, a charge of 1 % of the normal monthly rent per day late up to the fifteenth day following the due date. All such additional rent shall be paid by the LESSEE not later than the fifth day of the following month if not sooner paid.
E. In no event shall rent be subject to setoffs or deductions. No payment by the LESSEE or receipt by the LESSOR of a lesser amount than actually due, including, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant to Landlord appropriate, late charges, 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 deemed other than a payment on account of the fourth earliest rent or additional rent due, nor shall any endorsement or statement on any check or on any letter accompanying any check or payment as rent be deemed ~n accord and satisfaction and the LESSOR may accept such check or payment without prejudice to the right to recover the balance of the rent or additional rent, to terminate this Lease for LESSEE's default or to pursue any other remedy provided for in this Lease.
F. In addition to the rent called for by Sub-Paragraph (4th) Lease Year by multiplying the Base Rent then being B). all other charges required to be paid by a fraction, LESSEE under 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 provisions 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 deemed to be payable in monthly installments and become additional rent, whether or not the same be designated 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 amountsuch; provided, however, that if Landlord fails to so notify Tenant within nine (9) months after the date all provisions dealing with abatement of adjustment, then the CPI adjustment for that year rent shall be deemed construed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent permit the abatement of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisSub- Paragraph (B) rent component only and not any other sums due from LESSEE to LESSOR.
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
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 A. Payment - Rent is as set forth in the Commencement Date, Tenant covenants Rent Installment Addendum and agrees to payas further described herein. Rent shall be paid in advance, without abatementoffset, deduction deduction, or offset except demand either electronically using Landlord’s website located at xxx.xxxxxxxxxxxxxx.xxx, at Landlord’s rental office located at 000 Xxx Xxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxx 00000, or at such other place or in such other manner as otherwise specifically provided Landlord may designate by advance written notice. Except as described herein, payment must be made either electronically or by check, money order, cashier’s check, certified check, or other method acceptable to LandlordLandlord upon written advance notice to Resident. NO CASH WILL BE ACCEPTED BY LANDLORD. NO PAYMENTS WILL BE ACCEPTED clear as payments to either “University Management, Inc.” or “Base Rent” for DMI Corporation”.
B. Due Date and Late Fee – If rent is paid in monthly installments, the Premises, first installment is due 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 Term and all subsequent installments are due 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) day of each month preceding thereafter. Rent is considered late on the sixteenth (16th) day of each month. If Landlord does not RECEIVE the total monthly installment, and/or any other amount due Landlord set forth in this Lease Agreement, on or before 5:00 p.m. on the twentieth (20th) day of each month during the Lease Term, or within five (5) days of adjustmentResident’s receipt of written notice from Landlord if the Lease Term has expired, a late fee of ten percent (10.0%) of the total outstanding balance then due and owing will be charged and immediately payable to Landlord. Anything herein Late fees will continue to accrue monthly at a rate of ten percent (10%) of the contrary notwithstandingtotal outstanding balance, including late fees, until the total outstanding balance is paid in no event shall Base Rent full. Landlord will not consider postmarks or any other third party designation as evidence of payment in determining the date or time of the RECEIPT of any payment. Payment is considered RECEIVED when submitted electronically using Landlord’s website, when presented to Landlord by the United States Postal Service or other third party courier utilized by or on behalf of Resident, when presented to Landlord at Landlord’s rental office, when placed in Landlord’s rental drop box located at Landlord’s rental office, or when made 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 form acceptable to Landlord upon written advance notice to Resident. Acceptance of partial payments of any kind by Landlord does not constitute payment in full nor does it constitute waiver of any notices issued. Any payment received after legal action has begun will be accepted by Landlord with reservation and Tenantwill be applied to delinquent rent due, shall be used. Base Rent shall continue but will not affect any legal action instituted to be payable in monthly installments as otherwise described above until Landlord notifies Tenant recover delinquent rent and/or 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 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 basisPremises.
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.
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Samples: Lease Agreement
Rent. Beginning 3.1 Pursuant to the terms set forth on the Commencement DateReference Page, 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 from and after the Rent Commencement Date.
3.2 The Monthly Installment of Rent in effect at any time shall be one-twelfth of the Term hereof 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 a thirty (30)-day month. Said Annual Rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in writing. Provided Tenant is not in default of any of the terms and conditions of this lease beyond any applicable grace or cure period, the first four (4) months of Rent, shall be abated. During this period, Tenant shall remain responsible for the payment of all Additional Rent, including electricity.
3.3 Tenant recognizes that late payment of any Annual 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 Annual Rent or any other sum is not paid within five (5) days after the applicable due date hereunder, a late charge shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($50.00), or (b) a sum equal to five percent (5%) per month of the unpaid Annual Rent or other payment. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay Annual Rent or other payments on or before the first (1st) day date on which they are due, nor do the terms of each and every successive calendar month thereafter during the full Term this Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 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 event said Annual Rent or Landlord’s Operating Costs or any other monthly amounts by the seventh (7th) day of the month in which such installment payment 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 unpaid 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 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.
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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 and/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 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 PeriodsTaxes and/or Expenses, 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 and/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.
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Rent. Beginning (a) Tenant will pay to Landlord (or to any Lender, if directed by Landlord), as minimum annual rent for the Leased Premises during the Term, the amounts set forth in Exhibit B to this Lease --------- ("Basic Rent"), monthly in advance commencing 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, continuing on or before the first (1st) day of October, 1999 and the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each and every successive calendar subsequent month thereafter during the full Term of this Lease and any renewal thereof(each, subject a "Basic Rent Payment Date"). Tenant will pay the Basic Rent at Landlord's address set forth below, or at such other place as Landlord from time to the adjustments as provided hereinafter along with any applicable tax as defined hereintime may designate to Tenant in writing, in funds which at the then current ratetime of such payment will be legal tender for the payment of public or private debts in the United States of America and if required by any Lender by wire transfer in immediately available federal funds to such account in such bank as any Lender may reasonably designate, from time to time. If the Commencement Date occurs on a day date other than the first (1st) day of a calendar month, then Basic Rent for the first Base Rent payment shall period from and including the Commencement Date through and including the last day of the following month will be paid on the Commencement Date in the amount equal to 1/30 of the Base Rent for one (1) full calendar month plus the prorated Base monthly Basic Rent for the calendar month in initial term set forth on Exhibit B to this Lease for each day during --------- such period. As long as the GMAC Loan shall remain outstanding and Tenant shall be paying Basic Rent directly to such Lender, Tenant shall provide Landlord notice of payment of Basic Rent or Additional Rent by Tenant directly to such Lender on the day of such payment.
(b) Tenant will pay and discharge before the imposition of any fine, lien, interest or penalty may be added thereto for late payment thereof, as Additional Rent, all other amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease, together with every fine, penalty, interest and cost which may be added by the Commencement Date falls, party to whom such payment to be is 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 duenonpayment or late payment thereof. If Tenant fails to pay or discharge any regular monthly Additional Rent, Landlord will have all rights, powers and remedies with respect to such Additional Rent that are provided in this Lease, by law or otherwise, for nonpayment of Basic Rent.
(c) If any installment of Base Basic Rent or Landlord’s Operating Costs is not paid within three (3) business days after the date due, Tenant will pay to Landlord or any other monthly amounts by Lender, as 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)case may be, 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 on demand as Additional Rent is returned for insufficient funds, there will be added to the unpaid amount a late charge based equal to five percent (5%) on such overdue installment of Basic Rent (such amount, the monthly prorata percentage "Late Charge").
(d) It is the intent of Landlord and Tenant that this Lease is a true lease and does not represent a financing arrangement. Each party will 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. Notwithstanding the foregoing, Tenant acknowledges and agrees that Landlord has not made any representations or warranties concerning the tax, accounting or legal characteristics of the Default Rate Lease or any aspect of the transaction described herein 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 (obtained and relied upon such failure shall not have been cured on or before the last day of any grace periodtax, 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) accounting and legal advice concerning this 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, transaction described herein 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 basisit deems appropriate.
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
Rent. Beginning on Tenant will pay Rent to Landlord at the Commencement Dateaddress for Landlord set forth in the first paragraph of this Lease, Tenant covenants and agrees to payor such other place as Landlord may designate, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, in advance on or before the first (1st) day of the first (1st) full calendar month of the Term hereof Commencement Date 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 thereofTerm, subject to without demand, deduction or setoff. Rent will begin on the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateCommencement Date. If the Commencement Date occurs Term begins on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall installment for that month will be prorated by multiplying the Rent installment for such month by the number of days of such month included in the amount of Term and dividing 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 product by the seventh (7th) day number of the month days 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 incurredmonth. 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 Any Rent payable by Tenant to Landlord shall be in accordance with under this Lease which is not paid within 10 days 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 shall be adjusted date due will bear interest from the date due to the date paid at the beginning rate of 18% per annum or the fourth (4th) Lease Year maximum rate of interest permitted by multiplying the Base Rent then being paid by a fractionlaw, 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 adjustmentwhichever is less, and the denominator of which shall interest will be paid to Landlord on demand. In addition, Tenant will pay Landlord a $100 service charge for all Rent not paid by the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning 10th day of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term of month for which it is payable, which service charge is to partially cover expense involved in handling delinquent payments. All amounts to be paid by Tenant to 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 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 will be deemed to be waivedadditional rent for purposes of payment and collection. In If any taxes, special assessments, fees or other charges are imposed against Landlord by any governmental unit or agency with respect to rentals under this Lease, Tenant will pay these amounts to Landlord when due, except that Tenant will have no event shall Base Rent increases exceed three and one-half (3.5%) percent obligation to pay any income tax on rentals unless the tax is imposed in lieu of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisreal estate taxes.
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
Rent. Beginning on the Commencement Date, Tenant covenants and agrees A. BASE RENT: TENANT shall pay to payLANDLORD as monthly Rent ("Base Rent"), without abatementdeduction, deduction setoff, prior notice, or offset except as otherwise specifically provided hereindemand, to Landlordthe sum of PER SCHEDULE A Dollars ($______), “Base Rent” for the Premises, on or before the first (1st) day per month in advance of the first (1st) full calendar month of the Term hereof and on or before the first (1st) day of each month, commencing on the date the term commences, and every successive calendar month thereafter continuing during the full Term term. Monthly Rent for the first month or portion of this Lease and it shall be paid on the day the term commences. Monthly Rent for any renewal thereof, subject partial month shall be prorated at the rate of one-thirtieth (1/30th) of the monthly Rent per day. Monthly Rent shall be adjusted according to the adjustments schedule attached hereto as provided hereinafter along with any applicable tax Schedule A. Base Rent and all other sums payable to LANDLORD hereunder shall be herein referred to as defined herein, Rent. All Rent shall he paid to LANDLORD at the then current rateaddress to which notices to LANDLORD are given. B. LATE CHARGES: LANDLORD hereby acknowledges that late payment by TENANT of Rent will cause LANDLORD to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges, which may be imposed upon LANDLORD by any Lender. Accordingly, if any Rent shall not be received by LANDLORD on or before the date such amount shall be due, then, without any requirement for notice to TENANT, TENANT shall pay to LANDLORD a late charge equal to six percent (6%) of each such overdue amount. If payment is not made within five (5) days after the Commencement Date occurs on a day other than the first (1st) day of a calendar monthpayment is due, the first Base Rent payment shall be in the amount of the late charge shall increase to ten percent (10%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs LANDLORD will incur by reason of such late payment. Acceptance of such late charge by LANDLORD shall in no event constitute a waiver of TENANT'S Default or Breach with respect to such overdue amount, nor prevent the exercise of any of the other rights and remedies granted hereunder. In the event that a late charge becomes payable hereunder, whether or not collected, for three (3) installments of Base Rent for one (1) full calendar month plus at any time during the prorated term, then notwithstanding any provision of this Lease to the contrary, Base Rent shall, at LANDLORD'S option, become due and payable quarterly in advance. 7. COMMON AREAS - OPERATING COSTS: TENANT shall pay to LANDLORD at the times set forth in this paragraph TENANT'S Share (as defined in Paragraph 16) of LANDLORD's operating costs for the calendar month building and outside areas in which the Commencement Date fallsPremises are located; in monthly installments payable with the Base Rent, such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied as established 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 LANDLORD in accordance with Paragraph 16 hereof. LANDLORD'S operating costs include, without limitation, all costs of any kind paid or incurred by LANDLORD in operating, cleaning, equipping, protecting, lighting, repairing. replacing and maintaining 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 areas of the fourth (4th) Lease Year by multiplying the Base Rent then being paid by a fractionbuilding not leased or available for lease to tenants, the numerator of which common areas, landscaping, parking areas and walkways. The costs 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 adjustmentinclude, 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.without
Appears in 1 contract
Samples: Lease Agreement (Eip Microwave Inc)
Rent. Beginning on (a) 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 ground rent for the PremisesSite shall be [***] per annum, on or before payable in equal installments of [***] per month (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 “Rent”); provided, that if at any time during the full Term term of this Ground Lease (i) the Landlord enters into a long-term lease for any real (immovable) property owned or leased by the Landlord that is located within the Industrial Zone and any renewal thereof, subject has direct or indirect access to the adjustments as provided hereinafter along Mississippi River with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on a day person or entity other than a Tenant or its Affiliates and (ii) such lease contains economic terms (including rent) which are, in the first (1st) day aggregate, more favorable to such lessee than the economic terms of a calendar monththis Ground Lease, 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 Tenant shall promptly amend this Ground Lease in order that the Tenant shall obtain the benefit of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1such more favorable terms. Thereafter, the Base Rent shall be adjusted at the beginning of Commencing on the fifth (5th) anniversary of the Ground 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 fractionCommencement Date, the numerator of which Rent shall be adjusted in accordance with Section 4.1(b). Rent will be due each month on 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 1st day of 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 payable by the U.S. Department 15th day 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 (x) 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 day 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; (9y) 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 Adjustment as provided in Section 4.2; and (z) the last payment of Rent shall be deemed in a prorated amount for the period of time between the immediately preceding first day of the month and the last day of the Term. The Landlord acknowledges and agrees that the Tenant shall be permitted to apply the Rent Credit Amount to satisfy, dollar-for-dollar, its payment obligations under this Section 4.1 until one hundred percent (100%) of the Rent Credit Amount has been so applied, whether under this Ground Lease or any other lease between the Landlord and the Tenant or its Affiliate.
(b) Commencing on the fifth (5th) anniversary of the Ground Lease Commencement Date and on every fifth (5th) year thereafter during the Term, the Rent shall be waived. In adjusted upward 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 Base Rent increases exceed three and one-half be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (3.5%as defined below) percent to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.”
(c) Pursuant to the terms of the Base Option Agreement, the Tenant has paid to the Landlord (i) the sum of [***] as advance Rent paid (the “Advance Rent Payment Aggregate Amount”) and (ii) the sum of [***] to extend the closing date thereunder.
(d) The Landlord and the Tenant agree that the Rent shall constitute all charges applicable for the immediately prior use, enjoyment and operation of the Site, but the Rent is not intended to include, and will not include, reduce or xxxxx, any taxes, tariffs, fees or charges that may be assessed by the Landlord, as a political subdivision of the State of Louisiana, pursuant to Applicable Laws, against vessels calling at Facility or for such vessels using any other facilities or waterways that are subject to the Landlord’s jurisdiction. Any such taxes, tariffs, fees or charges will be separately assessed, charged and paid by the vessel’s owners or charterers in accordance with the Landlord’s assessments of same, all in accordance with Applicable Laws. The Tenant shall not be responsible for any such taxes, tariffs, fees or charges, rather the Landlord shall be solely responsible for dealing directly with such vessel owners and charterers regarding such taxes, tariffs, fees or charges. Nothing in this Ground Lease Yearis intended to relieve any vessel owner of any obligation it may have under Applicable Laws to pay taxes, tariffs, fees or charges legally assessed by the Landlord for use of the of waterways within Landlord’s jurisdiction. Any taxes, tariffs, fees or charges assessed by the Landlord for use of the waterways within the Landlord’s jurisdiction shall be assessed and applied uniformly, on a non-cumulative basisdiscriminatory manner, against all vessels within the Landlord’s jurisdiction and any such taxes, tariffs, fees or charges assessed by the Landlord on such vessels shall not exceed market rates for such taxes, tariffs, fees or charges assessed by similar ports within the United States.
b. The Base Rent (e) In addition to any taxes, tariffs, fees, or charges assessed pursuant to Section 4.1(d), a fixed fee of [***] (the “Throughput Fee”) may be assessed by the Landlord, as additional Rent, for Phase 2 shall be the export of LNG from the Facility, commencing in the first month following the commercial operation date of the Facility. For the purposes of this Section 4.1(e), LNG imported or exported means the quantity of LNG (expressed in dekatherms) loaded onto or unloaded from an LNG vessel at the same rental rate per-square-foot Facility, as measured and reported by the Tenant to the U.S. Department of Energy (“DOE Reporting”), and excludes LNG used or consumed (including as marine fuel) by the LNG vessel in the loading or unloading process and LNG that unloading process and LNG that evaporates during transfer (known as “boil off”). Any Throughput Fee, to the extent assessed by the Landlord, will be separately paid on a monthly basis by the Tenant to the Landlord based on LNG quantities imported to or exported from the Facility as set forth in the relevant DOE Reporting. Commencing on the fifth (5th) anniversary of the Ground Lease Commencement Date, and each Adjustment Period thereafter, the Throughput Fee shall be adjusted by a percentage equal to the greater of [***] or the CPI Percentage Increase, but in no event to exceed an adjustment during any Adjustment Period of greater than [***]. For the same manner avoidance of doubt, the Tenant shall not be obligated to pay the Throughput Fee with respect to any natural gas used by the Facility to produce electrical power for LNG production or for electrical power generated at the Facility and on sold or transmitted into the same annual adjustment dates) as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2electrical grid.
Appears in 1 contract
Rent. Beginning (a) Tenant shall pay to Landlord, at Landlord’s address for notice hereinafter set forth or at such other place as Landlord may specify, without any right of set-off or deduction and without any prior notice of demand, the Basic Rent of $[***] per year in equal monthly installments of $[***] for each month during the term of this Lease. Basic Rent shall be due and payable monthly in advance, beginning 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, continuing 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 to the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rateTerm. If the Commencement Date occurs on a day is other than the first (1st) day of a calendar month, the first Base amount of Basic Rent payment payable on the Commencement Date shall be in one-thirtieth (1/30) of the monthly Basic Rent for each day prior to the first day of the next month and, if the term of this Lease terminates other than on the last day of a month, the amount of the Base final installment of Basic Rent shall be one-thirtieth (1/30) of the monthly Basic Rent for one each day then remaining in the Lease term. (1See specification stipulations.)
(b) full calendar month plus As a further inducement for Landlord to enter into this Lease, Tenant shall also pay to Landlord, as Additional Rent, the prorated Base Rent following: Property taxes and insurance on building annually $[***] advance rents for the calendar month in which 10-year basic lease period — one time pay.
(c) It is acknowledged by the Commencement Date fallsparties hereto that the late payment by Tenant to Landlord of Basic Rent, 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 Additional Rent, or any other monthly amounts sums due hereunder will cause Landlord to incur costs not contemplated by this Lease the exact amount of which would be extremely difficult and impractical to ascertain. Such costs include, but are not limited to, processing, clerical and accounting charges, lost interest, and late charges which may be imposed by Landlord by the seventh (7th) day terms of any mortgage encumbering Premises. Therefore, in the month in which such installment is due (provided that Landlord will be required to give event 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 should fail to pay any installment of Rent on Basic Rent, Additional Rent, or any sum due hereunder within ten (10) days after the due date thereof (and such failure thereof, Tenant 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 pay 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 as an additional monthly charge a late fee each month equal to ten (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 (3.510%) percent of the Base Rent paid for the immediately prior Lease Yeareach such installment of Basic Rent, on a non-cumulative basis.
b. Additional Rent, or other sum. The Base Rent for Phase 2 late fee shall be at due for each month that any installment of Base Rent, Additional Rent, or any sum hereunder remains unpaid. In addition, Tenant shall pay to Landlord thirty dollars ($30.00) for each check presented to Landlord in payment of any obligations hereunder which is not paid by 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 2bank upon which such check is drawn.
Appears in 1 contract
Samples: Lease (Knology Inc)
Rent. (a) Beginning on with the Commencement Date, Tenant covenants and agrees continuing 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 Adjustment Date, the base rent shall be the sum of $ 9,000.00 per annum, payable in equal monthly installments of $750.00 in advance of the first day of each month (1st) and thereafter on each and every Adjustment Date the monthly rent shall be computed according to Section 4.2(b); provided, however, that the installment of the base rent payable for the first full calendar month of the Term hereof term shall be due and payable on or before the first (1st) day of each and every successive calendar month thereafter during the full Term execution and delivery 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 rateAgreement. If the Commencement Date occurs and/or Expiration Date occur on a day other than the first (1st) day of a calendar month, the first Base Rent payment rent shall be prorated for the month in which the amount of Commencement Date and/or Expiration Date occurs.
(b) During the Base Rent for one (1) full calendar month plus year period beginning with each Adjustment Date, the prorated Base Rent monthly rent payable by Lessee shall reflect an adjustment, as herein provided, for the calendar month change, if any, from the year in which the Commencement Date falls, such payment to be due on in the Commencement Consumer Price Index for All Urban Consumers [Base Year 1982-84=100] ("CPI") as measured in February and published by the United States Department of Labor, Bureau of Labor Statistics; i.e., during the one (1) year period beginning with the Adjustment Date. The Prepaid Rent described above , the monthly rent 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 product obtained by multiplying the Base Rent then being paid by times a fraction, the numerator of which shall be the Consumer Price Index - U.S. City average CPI for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for February of the third (3rd) month preceding the month of adjustment, year such Adjustment Date falls and the denominator of which shall be the CPI for February of the third (3rd) month preceding year in which the Commencement Date for Phase 1falls. ThereafterNotwithstanding the results of the foregoing calculation, the Base Rent annual base rent payable by Lessee hereunder 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 event be less than 105% of the Base Rent paid annual base rent payable during the immediately preceding one (1) year period. In the event that the Bureau of Labor Statistics shall change the base period for the immediately prior Lease YearCPI, the new index number shall be substituted for the old index number in making the above computation. Should In the CPI become unavailable, a reasonable substitute prepared by event the U.S. Department Bureau of Labor Statistics ceases publishing the CPI, or other sourcematerially changes the method of its computation, Lessor and Lessee shall accept comparable statistics on the purchasing power of the consumer dollar as reasonably acceptable to Landlord and Tenant, shall be used. Base Rent shall continue published at the time of said discontinuation or change by a responsible financial periodical of recognized authority to be payable in monthly installments as otherwise described above until Landlord notifies Tenant chosen by Lessor subject to reasonable consent of the new monthly Base Rent installment amount. Landlord Lessee.
(c) As used herein, "Monthly Rent" shall attempt to so notify Tenant prior refer to the commencement of each new Lease Year. However, failure of Landlord rent paid by Lessee pursuant 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 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 1 contract
Samples: Land Lease Agreement (Salem Communications Corp /De/)
Rent. Beginning on (a) Tenant shall pay to Landlord throughout the Commencement Dateterm of this Lease Rent as specified in the Basic Lease Information, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, 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 hereby demised in lawful money of the United States, without demand, deduction or offset whatsoever, to Landlord at the address specified in the Basic Lease Information or to such other firm or to such other place as Landlord may from time to time designate in writing. Net Rent is subject to adjustment as provided in the Basic Lease Information hereof, and Expense Stop Rent is subject to adjustment as provided in Paragraph 27 hereof. If 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 commences on a day other than the first (1st) day of a calendar month or ends on a day other than the last day of a calendar month, the first Base monthly Rent for the fractional month shall be appropriately prorated. The term “Rent”, as used herein, means all Net Rent, Expense Stop Rent, Additional Rent and all other amounts payable hereunder from Tenant to Landlord.
(b) Tenant agrees that if Rent or any other payment due hereunder from Tenant to Landlord remains unpaid ten (10) days after said amount is due, the amount of such unpaid Rent or other payment shall be increased by a late charge to be paid to Landlord by Tenant in an amount equal to five percent (5%) of the amount of the Base delinquent Rent for one (1) full calendar month plus or other payment. The amount of the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment late charge to be due paid to Landlord by Tenant for any month shall be computed on the Commencement Dateaggregate amount of delinquent Rents and other payments, including all accrued late charges, then outstanding. The Prepaid Rent described above shall Tenant agrees that such amount is a reasonable estimate of the loss and expense to be applied suffered by Landlord as a result of such late payment by Tenant and may be charged by Landlord to defray such loss and expense. The provisions of this paragraph in no way relieve Tenant of the obligation to pay Rent payable or other payments on or before the date on which they are due, nor do the terms of this paragraph in any way affect Landlord’s remedies pursuant to Paragraph 19 of this Lease in the event said Rent or other payment is unpaid after the date due. Notwithstanding the foregoing to the contrary, Tenant shall not be subject to late charges and interest set forth in this Section 4(b) 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 each twelve (12) month period prior to such late fees being charged), or if for which Tenant fails to pay any other sum of money Rent within thirty ten (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 its 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 basisdate.
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
Rent. Beginning on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except A. Subtenant shall pay Sublandlord as otherwise specifically provided herein, to Landlord, “Base Rent” monthly base rent for the Premises, Subleased 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 Sublease according to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying following schedule: Months Amount ------ ------ 12/15/99-01/10/00 $41,281.78 1/11/00-12/10/00 $47,397.60 12/11/00-12/10/01 $48,650.40 12/11/01-12/10/02 $50,112.00 12/10/02-12/10/03 $51,782.40 The base rent for the Base Rent then being paid by a fraction, the numerator of which December 1999 period shall be due and payable on 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 mutual execution of adjustment, and the denominator of which shall be the CPI for the fifteenth (15th) month preceding the month of adjustmentthis Sublease. 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) All rent shall be payable, retroactive in advance, without any offset, deduction, or abatement, except as otherwise set forth in this Sublease. The base rent shall be a triple net rent, and Subtenant shall also be fully responsible for Additional Rent assessed against the Subleased Premises pursuant to Paragraph 4.B. below.
B. Subtenant shall also pay to Sublandlord all Additional Rent for the Subleased Premises for each calendar month of the Term. If Landlord bills subtenant for any Additional Rent, Subtenant shall pay the same to Landlord in accordance with the Master Lease. If Sublandlord bills subtenant for any Additional Rent, Subtenant shall pay the same to Sublandlord within ten (10) days thereafter. If Subtenant fails to reimburse Sublandlord for Additional Rent within such ten (10) day period, Subtenant shall also pay interest on such amount at ten percent (10%) per annum from the date due until paid. As used in this Sublease, the term "Additional Rent" shall mean all payments that Subtenant is required to pay under this Sublease other than monthly base rent, together with all payments that Sublandlord is required to pay to Landlord with respect to the commencement Subleased Premises during the Term pursuant to the Master Lease other than monthly base rent. Subtenant shall, at its own expense, contract for and pay directly for its telephone service for the Subleased Premises and all utilities as set forth in Paragraph 8 of the new Lease YearMaster Lease, upon notification by Landlord to Tenant Paragraph 6(c) 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 Second Amendment and one-half (3.5%) percent Paragraph 7 of the Base Third Amendment. For purposes herein, "Rent" shall include all monthly base rent, Additional Rent paid for the immediately prior Lease Year, on a non-cumulative basisand all utility expenses.
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 (Cygnus Inc /De/)
Rent. Beginning a. The annual base rent (hereinafter called the "Base Rent") for the demised Premises shall be Two Hundred Six Thousand Six Hundred Seventy-Six Dollars ($ 206,676) which Tenant agrees to pay to Landlord in equal monthly installments of Seventeen Thousand Two Hundred Twenty-Three Dollars ($ 17,223) each, 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 ------------------------------------------ term of this Lease. All rent due or to become due hereunder shall be paid to Landlord at its address first above written, unless Landlord shall designate some other payee or address for the payment thereof by giving written notice to that effect to Tenant. Notwithstanding the above, the rent for the first month of occupancy shall be pro-rated on a daily basis to reflect the number of days of occupancy if less than a full Term month.
b. In addition to the Base Rent payable under this Lease as set forth above, Tenant shall pay to Landlord as additional rental (hereinafter called "Additional Rental") the following:
(i) A pro-rata percentage of any increase in the cost of maintaining and operating the Building (hereinafter referred to as "Operating Expenses") for each calendar year during the term of this Lease over the cost of maintaining 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 operating said property for the calendar month year Immediately preceding the year in which this Lease is executed (hereinafter referred to as the Commencement Date falls, such payment to be due on the Commencement Date"Base Year"). The Prepaid Rent described above shall be applied by Landlord pro-rata percentage applicable to this Lease is 23 percent.
(ii) A pro-rata percentage of any increase in any Taxes (as defined below in Paragraph 3) against the Rent payable Building 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 each year 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 term of this Lease (not over and above the Tax charges with respect to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by a fraction, Year. The pro-rata percentage applicable to this Lease is 23 percent. Computations relating to the numerator increases in Taxes shall be computed on and as if the Building 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 demised Premises form a part is fully assessed as a completed building. The parties hereto acknowledge that the third (3rd) month preceding the month of adjustment, and the denominator Building of which shall the demised Premises form a part, may not 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, fully assessed as 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 completed building 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 at the commencement of the new Lease Base Year and in such event it is agreed that during such calendar year when the Building of which the demised Premises form a part is less than fully assessed as a completed building for the purpose of calculating Tax escalation charges, the tax rate(s) existing during the Base Year shall be ----------- applied to the final assessment as if the said building had been fully assessed ----- during the Base Year. The resulting amount(s) shall be used for calculating Tax escalations pursuant to this Paragraph. Operating Expenses shall include only those things customarily considered under generally accepted accounting principles as building operating expenses; that is the cost of all normal repairs, upon notification maintenance, security, janitor service, exterior grounds maintenance, snow removal, rubbish removal, utilities, taxes (except ad valorem and income taxes), water and sewer charges, fire casualty and liability insurance carried by the Landlord with respect to the Building or any incident or casualty occurring therein or with respect thereto and Building and Common Areas management. Operating Expenses shall also include a proportionate allocation to the Building of the actual and reasonable costs incurred by Landlord in operating and maintaining the Common Areas. Notwithstanding anything in the Lease to Tenant of the new monthly Base Rent installment amount; providedcontrary, howeverthe terms "operating expenses" or "operating costs", that if Landlord fails to so notify Tenant within nine (9) months after or similar terms defined in the date of adjustmentLease, 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 (not mean and shall be adjusted in exclude any and all fees, charges, disbursements, obligations, Base Rent, Additional Rent, costs and expenses not expressly authorized by the same manner and on the same annual adjustment dates) as the Base Rent then being paid for Phase 1Lease, commencing on the Commencement Date for Phase 2.such exclusions, without limitation, including:
Appears in 1 contract
Samples: Lease (Iwo Holdings Inc)
Rent. Beginning on the Commencement Date, A. Tenant covenants and agrees to paypay to Landlord during the Lease Term, without abatementany setoff or deduction whatsoever, deduction the full amount of all Base Rental payments, and any adjustments thereof, due in accordance with the rental schedule set forth in Exhibit B-1 hereof (the "Base Rental"), the full amount of all payments of Additional Base Rental due in accordance with Exhibit B-2 hereof and the full amount of all parking charges, if any, due in accordance with this Lease (the "Additional Base Rental") and all such other sums of money as shall become due under this Lease (including, without limitation, any charges for replacement of non-building standard electric lamps and ballasts and any other services, goods or offset except materials furnished by Landlord at Tenant's request), all of which hereinafter may be collectively called "Rent." Except as otherwise specifically provided herein, to Landlordthe Base Rental and Additional Base Rental for each calendar year or portion thereof during the Lease Term, “Base Rent” for the Premises, shall be due and payable in advance in equal monthly installments 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 Lease Term of this Lease and any renewal thereofextensions or renewals hereof, subject and Tenant hereby agrees to pay such Base Rental and Additional Base Rental to Landlord without demand, provided that no Additional Base Rental shall be due during the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate1993 calendar year. If the Commencement Date occurs Lease Term commences on a day other than the first (1st) day of a calendar month or terminates on a day other than the last day of a month, then the first installments of Base Rental and Additional Base Rental for such month or months shall be prorated, based on the number of days in such month. All such payments shall be by a good and sufficient check. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct amount of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, nor shall any endorsement or statement on any check or any 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 right to recover the balance or pursue any other available remedy. The acceptance by Landlord of any Rent on a date after the due date of such payment shall not 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 construed to be due on the Commencement Datea waiver of Landlord's right to declare a default for any other late payment. The Prepaid Tenant's covenant to pay Rent described above shall be applied by Landlord to independent of every other covenant set forth in this Lease.
B. All Rent not paid within five (5) days after due and payable shall bear interest from the Rent payable for date due until paid at the first full month that Rent is duelesser of: 1. If Tenant fails to pay any regular monthly installment of Base Rent eighteen percent (18%) per annum; or Landlord’s Operating Costs or any other monthly amounts by 2. 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)Maximum Rate. In addition, or if Tenant fails to pay any installment of Base Rental, Additional Base Rental or any other sum item of money within thirty Rent when due and payable hereunder and such failure continues for ten (3010) days after written notice by Landlord from Landlord, a service fee equal to Tenant, or if any check delivered for the payment three percent (3%) of Rent is returned for insufficient funds, there such unpaid amount will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate 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 immediately 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 fractionLandlord, 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 provided that 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 required to pay a waiver by Landlord of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive service fee with respect 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 basisfirst two late payments in any 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.
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Rent. Beginning (a) Tenant shall pay Landlord during each Lease Year the Base Rent, in equal monthly installments in the amount of one-twelfth of the Base Rent on the Commencement Date, Tenant covenants Date and agrees to payon the first day of each succeeding calendar month during the Term of this Lease. All payments of Base Rent shall be paid in advance, without abatementnotice, deduction set-off or offset except deduction, in lawful money of the United States, at the address of Landlord set forth in Section 40 of this Lease, or at such other place as otherwise specifically provided hereinLandlord may from time to time designate in writing. The amount of the Base Rent for each Lease Year after the current Lease Year shall be increased to an amount determined by multiplying the amount of the Base Rent in effect for the preceding Lease Year by an adjustment factor which factor shall be calculated in the following manner. Such adjustment shall be calculated by first determining the All Items Consumer Price Index for All Urban Consumers, CPI-U, Denver (1967 equals 100), as determined by the United States Department of Labor, Bureau of Labor Statistics as of both the latest date preceding the date of commencement of the preceding Lease Year and as of the latest date possible in the Lease Year just preceding the commencement of the next following Lease Year. Upon receipt of the second of such index figures, the percentage of the increase, if any, of the second of such figures over the first, shall be calculated therefrom (such percentage increases are herein referred to Landlord, as the “Index Percentage Change”). An annual rental increase (herein referred to as Escalation Rent) shall then be computed by multiplying the Index Percentage Change times the last preceding Base Rent Annual rate as adjusted and set forth in Section 4. Tenant shall pay one-twelfth (1/12) of the resulting Escalation Rent each month during the ensuing Lease Year at the same time Tenant pays the Base Rent” for the Premises, . Such payments shall commence on or before the first (1st) day of the first month following Tenant’s receipt of notice setting forth such increase, which notice shall be sent within sixty (1st60) full calendar month days of the Term hereof and on or before the first (1st) day beginning of each new Lease Year. The first monthly rental payment which includes new Escalation Rent shall also include the Escalation Rent, if any, for each month in the then current Lease Year which elapsed prior to Tenant’s receipt of Landlord’s notice. If there is no increase in Index Percentage Change, there shall be no adjustment, but in no event shall the Base Rent and every successive calendar month thereafter Escalation Rent payable be less than the Base Rent and Escalation Rent paid during the full preceding Lease Year. The Base Rent due hereunder shall be apportioned for any fractional calendar months at the beginning and end of the Term of this Lease and any renewal renewals and extensions thereof.
(b) If the index specified in Section 4(a) above is discontinued in its current form, subject or if the basis on which it was calculated should be revised, an appropriate conversion of the revised index to a common base will be made upon conversion factors published by the Bureau of Labor Statistics or upon conversion factors otherwise made available.
(c) In addition 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 and the Escalation Rent, Tenant shall be pay Landlord in the amount monthly installments simultaneously with payments of the Base Rent for one Rent, one-twelfth (11/12th) full calendar month plus the prorated Base Rent for Operating Cost times the calendar month Premises Rentable Area and 100% of the Operating Cost adjustment determined as set forth in which the Commencement Date fallsSection 6, and 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 charges as are required 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 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 amountmade by Tenant. 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 (Any such adjustment 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 change 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 (additional rent and shall be adjusted payable in the same manner and on provided for the same annual adjustment dates) as the payment of Base Rent then being and shall be recoverable as Base Rent, and Landlord shall have all rights against Tenant for default in payment thereof as in the case of arrears of Base Rent.
(d) Landlord acknowledges that Tenant has paid for Phase 1all amounts under the original lease, commencing on as amended, that were due and payable prior to the Commencement Date for Phase 2effective date of this Amended and Restated Lease.
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Rent. Beginning on the Commencement Date, Tenant covenants and The Occupant agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” pay the Owner for the Premisesuse of the Space and improvement thereon, the monthly sum listed above as the Monthly Rent. Monthly installments are payable in advance and without demand on or before the monthly Due Date stated above and a like amount for each month thereafter, until the termination of this Agreement. The rent shall be paid to Owner or Owner’s agent at the address above or such other place the Owner may designate in writing. Owner acknowledges receipt of the sum set out above showing payment through the date shown above. Cash can only be accepted during office hours. Do not deposit cash in the afterhours drop box/slot. Owner is not liable for any cash placed in the drop box/slot. Occupant is encouraged to obtain a rent receipt for cash payments. Owner reserves the right to require that the rent and other charges be paid by cash, certified check, debit card, credit card, or money order. Owner may change the rent or any other charge or fee by giving Occupant thirty (30) days’ advance written notice at the address stated in this Agreement. The new rent shall become effective on the first (1st) day of the next month that the rent is due. If Occupant has made advance payments, the new rental rate will be effective on the first day of the first (1st) full calendar month following the exhaustion of the Term hereof and on or before the first (1st) day all 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 rateOccupant’s advance payments. 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 Failure to pay any regular monthly installment of Base Rent or Landlordrent and other fees charged to Occupant’s Operating Costs or any other monthly amounts by account will subject the seventh Occupant’s property to lien sale proceedings pursuant to applicable state law. OCCUPANT AGREES AND UNDERSTANDS THAT ANY PAYMENTS MADE WILL BE APPLIED FIRST TO THE OLDEST UNPAID MONTHLY RENT AND/OR FEES (7thAS HEREINAFTER DEFINED) day of the month in which such installment is due (provided that Landlord DUE AND PAYABLE. NO INVOICES 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 provided 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 basisOwner.
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: Storage Space Rental Agreement
Rent. Beginning (a) Commencing on the Rent Commencement Date and until the Expiration Date, Tenant shall pay to Landlord as rental for the Premises the “Base Rent”, as follows: Lease Period Base Rent For Period Base Rent per Rentable Square Foot
(b) In addition to the Base Rent, beginning on the Commencement Date, until the Expiration Date, Tenant covenants shall pay to Landlord the “Additional Rent”, i.e., all sums as shall become due 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 payable by Tenant under 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 Agreement other than the first (1st) day of a calendar monthBase Rent, including, but not limited to, the first Base Electrical Factor and cleaning expenses due under Section 5. Except as otherwise expressly provided herein to the contrary, all items of Additional 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 perioddemand therefor. The Base Rent payable by Tenant and Additional Rent are referred to Landlord shall be in accordance with herein, collectively, as the following schedule:“Rent”.
a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 (c) The Base Rent (and the Electrical Factor and cleaning expenses due under Section 5), shall be adjusted at payable in advance on the beginning first 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 each calendar month. If the Commencement Date for Phase 1. Thereafteris other than the first day of a calendar month, the prepaid Base Rent, the Electrical Factor and cleaning expenses for such partial month shall be prorated in the proportion that the number of days this Lease is in effect during such partial month bears to the total number of days in the calendar month. Except as otherwise expressly provided herein, 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 TenantAdditional Rent, shall be used. Base Rent shall continue paid to be payable Landlord, without notice, demand, abatement, deduction or offset, in monthly installments as otherwise described above until Landlord notifies Tenant lawful money of the new monthly Base Rent installment amountUnited States at Landlord’s address set forth in this Agreement, or to such other person or at such other place as Landlord may designate from time to time by written notice given to Tenant. Landlord shall attempt to so notify No payment 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 or receipt by Landlord of a lesser amount than 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 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 due hereunder shall be deemed to be waived. In no event other than a payment on account; nor shall Base Rent increases exceed three any endorsement or statement on any check or any letter accompanying any check or payment be deemed to effect or evidence an accord and one-half (3.5%) percent of satisfaction; and 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 pursue any other remedy in this Lease Year, on a non-cumulative basisor at law or in equity provided.
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
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 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 Abated Monthly Installment of Rent pursuant to Section 3.3 below). The Monthly Installment of Rent in effect at any applicable tax as defined hereintime 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 without notice or demand, at the then current rate. If the Commencement Date occurs on a day other than the first (1st) day of a calendar monthRent Payment Address, 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 as set forth on the Commencement DateReference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. The Prepaid Rent described above shall be applied by Landlord Unless specified in this Lease 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 contrary, all 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 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 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 unpaid 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 amountpayment; provided, however, that if Landlord Tenant shall be entitled to a grace period of five (5) days for the first late payment in a calendar year. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Notwithstanding anything in this Lease to the contrary, so long as Tenant is not in default under this Lease, Tenant shall be entitled to an abatement of Monthly Installment of Rent with respect to the Premises, as originally described in this Lease, in the amount of $3,744.00 per month for the first five (5) full calendar months of the initial Term. The maximum total amount of Monthly Installment of Rent abated with respect to the Premises in accordance with the foregoing shall equal $18,720.00 (the “Abated Monthly Installment of Rent”). If Tenant defaults under this Lease at any time during the Term and fails to so notify Tenant cure such default within nine (9) months after the date of adjustmentany applicable cure period under this Lease, then the CPI adjustment for that year all Abated Monthly Installment of Rent shall immediately become due and payable. Only Monthly Installment of Rent shall be deemed abated pursuant to be waived. In no event this Section, as more particularly described herein, and Tenant’s Proportionate Share of Expenses, Taxes and Insurance Costs and all other rent and other costs and charges specified in this Lease shall Base Rent increases exceed three remain as due and one-half (3.5%) percent payable pursuant to the provisions 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: Commencement Date Memorandum (TVAX Biomedical, Inc.)
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 and/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 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 PeriodsTaxes and/or Expenses, 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 and/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 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, on 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: Office Lease (Bsquare Corp /Wa)
Rent. Beginning on the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except A. Subtenant shall pay Sublandlord as otherwise specifically provided herein, to Landlord, “Base Rent” monthly base rent for the Premises, Subleased 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 Sublease according to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base following schedule: Monthly NNN Months Rent then being paid by a fraction, the numerator of which --------- ------------ 1-12 $31,739.45 13-24 $39,939.45 25-36 $47,489.45 37-48 $64,939.45 49-60 $67,139.45 61-73 $69,339.45 The base rent for June 1999 shall be due and payable on the Consumer Price Index - U.S. City average mutual execution of this Sublease. The base rent for urban wage earners October, November 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 December 1999 shall be the CPI for the fifteenth (15th) month preceding the month of adjustmentpaid in full on October 1, 1999. 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) All rent shall be payable, retroactive in advance, without any offset, deduction, or abatement, except as otherwise set forth in this Sublease. The base rent shall be a triple net rent, and Subtenant shall also be fully responsible for "Additional Rent" assessed against the Subleased Premises pursuant to Section 4.B. below.
B. Subtenant shall also pay to Sublandlord all "Additional Rent"' for the commencement Subleased Premises for each calendar month of the new Lease YearTerm within ten (10) business days after delivery by Sublandlord of invoices evidencing "Additional Rent". If Subtenant fails to reimburse Sublandlord for "Additional Rent" within such ten (10) business day period, upon notification by Subtenant shall also pay interest on such amount at ten percent (10% per annum) from the date due until paid. "Additional Rent" shall consist of Subtenant's share prorated, based on actual square footage on which Subtenant is obligated to pay rent as set forth in the table below, of all payments which Sublandlord is required to pay to Master Landlord for Real Property Taxes and Common Maintenance Costs pursuant to Tenant Articles 7 and 8 of the new Master Lease and any delinquent charges due and payable by Subtenant to Sublandlord. For purposes herein, "Rent' shall include all monthly Base Rent installment amount; providedbase rent, howeversecurity deposit, that if Landlord fails to so notify Tenant within nine (9) months after the date of adjustment, then the CPI adjustment for that year and Additional Rent. Subtenant's occupancy schedule shall be deemed to be waived. In no event shall Base Rent increases exceed three and oneas follows: Months Square Feet 1-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non12 28,000 13-cumulative basis.
b. The Base Rent for Phase 2 shall be at the same rental rate per24 32,000 25-square36 35,000 37-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 2.48 44,000 49-60 44,000 61-73 44,000
Appears in 1 contract
Samples: Sublease (Sangstat Medical 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 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 Basic Costs for the Premises, on or before applicable calendar year exceed the first Basic Costs for the Base Year (1st) day of the first (1st) full "Excess"). In the event that Basic Costs in any 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 year decrease below the amount of Basic Costs for 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 Tenant's Pro Rata Share 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 Basic Costs 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 Basic Costs decrease below the Basic Costs 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 the applicable calendar year. 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 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 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 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 of the Excess. Tenant shall pay Landlord for any underpayment within ten (10) days after demand. Any overpayment shall be 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 Landlord's estimate of the Excess 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.
B. Basic Costs shall mean all costs and expenses paid or incurred in each calendar year in connection with operating, maintaining, repairing, managing and owning the Building and the Property, including, but not limited to, the following:
1. All labor costs for all persons performing services required or utilized in connection with the operation, repair, replacement and maintenance of and control of access to the Building and the Property, including but not limited to amounts incurred for wages, salaries and other compensation for services, payroll, social security, unemployment and other similar taxes, workers' compensation insurance, uniforms, training, disability benefits, pensions, hospitalization, retirement plans, group insurance or any other similar or like expenses or benefits.
2. All management fees, the cost of equipping and maintaining a management office at the Building, accounting services, legal fees not attributable to leasing and collection activity, and all other administrative costs relating to the Building and the Property. If management services are not provided by a third party, Landlord shall be entitled to a management fee comparable to that due and payable to third parties provided Landlord or management companies owned by, or management divisions of, Landlord perform actual management services of a comparable nature and type as normally would be performed by third parties.
3. All rental and/or purchase costs of materials, supplies, tools and equipment used in the operation, repair, replacement and maintenance and the control of access to the Building and the Property.
4. Property or Building; or (b) required to comply with any laws, rules or regulations of any governmental authority or a requirement of Landlord's insurance carrier. The cost of such capital improvements shall be amortized over a period of five (5) years and shall, at Landlord's option, include interest at a rate that is reasonably equivalent to the interest rate that Landlord would be required to pay to finance the cost of the capital improvement in question as of the date such capital improvement is performed, provided if the payback period for any capital improvement is less than five (5) years, Landlord may amortize the cost of such capital improvement over the payback period.
Appears in 1 contract
Samples: Office Lease (Symbion Inc/Tn)
Rent. Subtenant shall pay rent for the Premises consisting of basic rental ("Basic Rent") plus additional rental ("Additional Rent"), all as provided below. Basic Rent, Additional Rent, and any other charges due under this Sublease are referred to collectively as "Rent."
(a) Beginning on the Rent 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, continuing 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 succeeding month, Subtenant shall pay to Sublandlord in advance, and every successive calendar month thereafter during the full Term of this Lease and any renewal thereofwithout deduction or offset, subject monthly Basic Rent as follows: PERIOD BASIC RENT -------------------------------------------------- ----------------------- Commencement Date to the adjustments as provided hereinafter along with any applicable tax as defined herein, at date immediately $103,890.08 per month preceding the then current rate. If first anniversary of the Commencement Date occurs on a day other than the first (1st) day First anniversary 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$107,006.78 per month through the date immediately preceding the second anniversary of the Commencement Date Second anniversary of the Commencement Date $110,216.99 per month through the date immediately preceding the third anniversary of the Commencement Date Third anniversary of the Commencement Date $113,523.50 per month through October 31, such payment to be due 2003
(b) Beginning on the first anniversary of the Commencement Date. The Prepaid Rent described above Date and continuing for the remainder of the Sublease Term, Subtenant also shall be applied by Landlord pay, as Additional Rent, all Excess Expenses attributable to the Rent Premises. For this purpose, "Excess Expenses" shall mean all amounts payable as Project Taxes and Operating Expenses in respect of the Premises under Article 7(b) of the Master Lease in excess of the amount thereof Sublandlord is obligated to pay 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 months of the Default Rate and applied to Sublease Term (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"Base Sublease Expenses"). The Base Rent payable by Tenant to Landlord Sublease Expenses shall be in accordance with determined as follows: (i) 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 total Project Taxes and Operating Expenses under Article 7(b) of the Master Lease for the calendar year 1999 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 for urban wage earners and clerical workers ail items (1982-84 equals 100) (“CPI”) for number of days of the third (3rd) month preceding Sublease Term falling within the month of adjustmentcalendar year 1999, and the denominator of which is 365; (ii) the total Project Taxes and Operating Expenses under Article 7(b) of the Master Lease for the calendar year 2000 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 multiplied 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 all items (1982-84 equals 100) (“CPl”) for number of days elapsed from January 1, 2000 to the third (3rd) month date immediately preceding the month first anniversary of adjustmentthe Commencement Date, and the denominator of which is 365; and (iii) the sum of the products achieved under clauses (i) and (ii) 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 basisSublease Expenses.
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 (E Piphany Inc)
Rent. Beginning Monthly Rent shall be calculated by multiplying the Usable Square Feet of the Premises by the following annual rates and dividing by 12. 1 “*” 2 “*” 3 “*” 4 “*” 5 “*” 6 “*” 7 “*” 8 “*” 9 “*” 10 “*” Tenant will pay the Monthly Rent to Lessor at 0000 Xxxx Xxxxxxx Xxxx, Xxxxx, XX 00000, or such other place as Lessor may designate, in advance on the first day of each month during the * Omitted pursuant to a request for condfidential treatment. Term without demand, deduction or setoff, except as specifically provided in Sections 7, 11, 17, 26 and 28 hereof. Monthly Rent will begin 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 Term begins on a day other than the first (1st) day of a calendar month, the first Base Monthly Rent payment shall for that month will be prorated by multiplying the Monthly Rent by the number of days of that month included in the amount Term and dividing the product by the number of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month days in which the Commencement Date falls, such payment to be due on the Commencement Datethat month. 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 Any Monthly Rent or Landlord’s Operating Costs or any other monthly amounts payable by the seventh (7th) day of the month in Tenant to Lessor under this Lease 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 are not paid within thirty (30) 10 days after written notice from Lessor (which notice may be delivered by Landlord Lessor to Tenant via E-mail), will bear interest from the date due to the date paid at the rate of 18% per annum or the maximum rate of interest permitted by law, whichever is less, and the interest will be paid to Lessor on demand. All amounts to be paid by Tenant to Lessor under this Lease will be deemed to be additional rent for purposes of payment and collection. Lessor may from time to time, but no more than twice per calendar year, estimate in good faith Tenant’s Share of Costs for the current year and include such estimate in the monthly installments, or if and Tenant shall pay such estimated Tenant’s Share of Costs with the monthly installments. Tenant shall not pay any check delivered Security Deposit. In addition, Tenant shall in no event be responsible for the payment or reimbursement of Rent is returned for insufficient fundsany of the following: (a) any costs of any nature incurred by Lessor in connection with obtaining any fee mortgage on the Land or the Building or any other indebtedness of Lessor, there will be added (b) any debt service payments of Lessor, (c) any costs of any nature incurred by Lessor in connection with the acquisition of the Land or in connection with any sale of the Land or any interest therein, including transfer or similar taxes and fees, (d) any taxes imposed or based on Lessor’s net income, revenue, receipts of any kind and profits, franchise, corporate and capital taxes imposed on it, withholding taxes payable with respect to payments to Lessor, estate, inheritance and succession taxes, and any tax imposed solely because of the nature of Lessor, or (e) any other items listed in Exhibit F hereto. Tenant shall pay Tenant’s Share of Costs during any early occupancy period prior 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 aboveCommencement Date, 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, but in no event shall Base Tenant be required to pay Monthly Rent in during 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 basisearly occupancy 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: Lease (Mesaba Holdings Inc)
Rent. Beginning on A. Tenant shall pay to the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, Department an annual base amount (“Base Rent” ”) of $xxx.xx per year, reduced by $xxx.xx as the value of In-kind Services.
B. Tenant shall pay to the Department Rent in the amount of $xxx.xx per year (“Rent”). Rent for the PremisesFirst Lease Year shall be due on the Effective Date of this Lease and for every year thereafter on January 1st of each Lease Year.
C. The value of the In-kind Services of $xxx.xx per year, as described in Paragraph 4 (“IN-KIND SERVICES”) herein, shall be a fixed amount and is based on the actual costs of the services as determined by the Department upon consultation with external sources, which may include Penn State University, the Farm Service Agency (FSA) and Natural Resource Conservation Service (NRCS) of the United States Department of Agriculture (USDA), and any other source as determined by the Department. Failure to perform In-kind Services may result in termination of the Lease or the Tenant being deemed ineligible to perform In-kind Services as specified in Xxxxxxxxxxxx 0X.
D. All Rent shall be paid by check made payable to "Treasurer, State of New Jersey" and delivered to: Department of Environmental Protection Natural & Historic Resources Office of Leases & Concessions Mail Code 501-04C XX Xxx 000 Xxxxxxx, XX 00000-0000 If any check for payment is returned to the Department, all future payments shall be made by certified check or money order.
E. Any payment of Rent not made on or before the first dates provided in Subparagraph B of this Paragraph shall be considered past due. All past due Rent amounts shall be assessed a monthly penalty of five percent (1st5%) day of the first total amount due calculated on the tenth (1st) full calendar month of the Term hereof and on or before the first (1st10th) day of each month after the due date and shall increase every successive calendar month thereafter during thirty (30) days thereafter.
F. The cost of enforcing Tenant's compliance with this Lease shall be “Additional Rent.” If the full Term Department incurs any expense, including reasonable attorney's fees, due to the material breach of this Lease and by Tenant or Tenant's failure to perform any renewal thereofobligation of Tenant hereunder, 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 Tenant shall be in the amount liable for payment of such expense as Additional Rent added to and made a part of the Base next payment of Rent for one (1) full calendar month plus due after the prorated Base Department notifies Tenant of such Additional Rent. Nonpayment of Additional Rent for provides the calendar month in which Department 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 same rights against 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 as if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord Rent.
G. If this Lease is renewed pursuant to TenantSubparagraph 2B herein, 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 increased to reflect the beginning current fair market value of the fourth (4th) Lease Year Premises as determined by multiplying changes in the Base Rent then being paid by a fraction, the numerator USDA Soil Rental Rates or value 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 Yearsimilar real estate rentals. However, failure if the USDA Soil Rental Rates and value of Landlord to timely notify Tenant of similar real estate rentals decreased or remained stable, 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 basisdecrease.
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
Rent. Beginning on The rental amount for the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except Leased Premises is $ per installment payment as otherwise specifically provided herein, to Landlordsummarized in Section 5, “Base RentSummary of Monies Due,” in this Lease. Payment for the PremisesFirst Installment is due at lease signing; payment for the Final Installment is due April 14, 2019. If Xxxxx is signed after April 14, 2019 payment for the First and Final Installments is due in full at lease signing. All other rent due dates apply as noted in this Lease. For each installment thereafter, rent is due on or before the first (1st) day of the first (1st) full calendar month of the Term hereof made payable to “Foxcroft Investors, L.P.” 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 sent to the adjustments as provided hereinafter along with any applicable tax as defined hereinLandlord’s address listed above during normal business hours, at or paid directly through the then current rateResident Portal. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment shall will not be in the amount of the Base Rent prorated 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 Datepartial months. The Prepaid Rent described above shall be applied by Landlord need not give notice to the Rent payable for Tenant regarding the first full month that Rent is dueTenant’s obligation to pay rent. For all payments made electronically, transaction fees may apply as stipulated by the issuing bank and/or credit card issuer. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts rent by the seventh (7th) fifth day of the month in which such installment rent is due due, Tenant shall pay a late fee equal to five percent (provided that Landlord 5%) of the total monthly rental amount in addition to the rental payments set forth herein. Eviction proceedings will be required to give Tenant written notice begin on the twenty-first (21st) day of Tenant’s failure the month if payment is still outstanding. Xxxxxx agrees to pay a fee of $50.00 for any such monthly check that is not honored by the bank. Landlord reserves the right to require future rent payments two (2) times to be in the form of money order or certified check. Rent is payable for the entire term of the Lease, regardless of whether Tenant vacates the premises before the ending date for any twelve (12) month period prior to such late fees being charged)reason including, but not limited to, withdrawal or transfer from school, loss of job, loss of co-residents, poor health, or if Tenant fails financial aid issues. At Landlord’s option, Xxxxxxxx can accept a partial payment of rent, but Landlord does not waive the right to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenant, or if any check delivered for collect and enforce the payment of Rent is returned for insufficient fundsthe remainder. All fines, 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 adjustmentutility overages, and the denominator fees such as returned check charges, etc. are considered “Rent” and must be paid within ten (10) days of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1notification. 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 Failure to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being paid by make full payment 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) (“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, timely manner may result 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 basisadditional late fees.
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: Residential Lease
Rent. Beginning (a) Tenant agrees to pay monthly rent ("Monthly Rent") during the Lease Term in the amounts set forth in the Summary of Terms. Monthly Rent shall be payable without deduction, offset, abatement, prior notice or demand, except as may otherwise provided herein.
(b) The Monthly Rent shall 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 and any renewal thereof, subject to the adjustments at Landlord's address as provided hereinafter along with any applicable tax as defined herein, herein or at such other address that Landlord may from time to time designate by written notice to Tenant. In the then current rate. If event that the Commencement Date occurs Term commences on a day date other than the first (1st) day of a calendar month, then on the first Base Rent payment shall be in the amount date of commencement of the Base Rent for one (1) full calendar month plus the prorated Base Term, Tenant shall pay to Landlord as Monthly Rent for the period from such date of commencement to the first day of the next succeeding calendar month in that proportion of the first month's Monthly Rent due hereunder which the Commencement Date fallsnumber of days between such date of commencement and the first day of the next succeeding calendar month bears to thirty (30). In the event that the Term for any reason ends on a date other than the last day of a calendar month, such payment to be due then on the Commencement Date. The Prepaid first day of the last partial calendar month of such term, Tenant shall pay to Landlord as Monthly Rent described above for the period from said first day of said last partial calendar month to and including the last day of the Term that proportion of that Monthly Rent then due hereunder which the number of days between said first day of said last partial calendar month and the last day of the term hereof bears to thirty (30).
(c) Upon execution of this Lease, Tenant shall pay Forty-Two Thousand Ninety Four Dollars ($42,094), which amount shall be applied by Landlord to the Rent payable for toward the first full month payment of Monthly Rent due hereunder.
(d) In the event of a Chronic Delinquency (as hereinafter defined), at Landlord's option, Landlord shall have the right, in addition to all other remedies under this Lease and at law, to require that Monthly Rent is duebe paid by Tenant quarterly, in advance. If This provision shall not limit in any way nor be construed as a waiver of any rights and remedies of Landlord provided herein or by law in the event of delinquency. Chronic Delinquency shall mean failure by Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs Monthly Rent, or any other monthly amounts by the seventh (7th) day of the month in which such installment is due (provided that Landlord will be payments required to give be paid by Tenant written notice under this Lease, when due in any of Tenant’s failure to pay any such monthly payments two three (23) times in months (consecutive or non-consecutive) during any twelve (12) month period period.
(e) In addition to Monthly Rent, Tenant shall pay to Landlord as additional rent, which shall be solely calculated and determined by Landlord, the following:
(i) Tenant's Share (as hereinafter defined) of the Taxes relating to the Property as set forth in Section 8 hereof;
(ii) Tenant's Share of the insurance premiums relating to the Property, as set forth in Section 15 hereof;
(iii) Tenant's Share of all maintenance, repair and replacement expenses relating to the Property as set forth in Section 10 hereof and any deductibles or uninsured restoration costs incurred under Section 19 hereof (provided if any such cost is based in part on properly unrelated to the Premises (including adjacent real properly owned by Landlord) then only that part of such cost that is fairly allocable to the Premises shall be included in Operating Expenses);
(iv) Tenant's Share of any other operating expenses incurred by Landlord in the operation of the Property including Landlord's management fee;
(v) All charges, costs, expenses, and other amounts which Tenant is required to pay hereunder, together with all interest, late charges, penalties, costs and expenses, including, without limitation, reasonable attorneys fees, legal and accounting expenses, collection costs, and court costs, that may accrue thereto or be incurred in the event of Tenant's default, refusal, or failure to pay such amounts, and all damages, costs, and expenses, including, but not limited to, reasonable attorneys fees, which Landlord may incur by reason of any default by Tenant or failure on Tenant's part to comply with the terms of this Lease. Amounts due from Tenant pursuant to Subsections 5(e)(i), 5(e)(ii), 5(e)(iii), 5(e)(iv) and 5(e)(v) above are collectively referred to herein as the Operating Expenses. As used in this Lease, the term Tenant's Share shall mean such portion of the total cost equal to the number of rentable square feet contained in the Premises at the time of such computation divided by the total rentable square footage of the Building. Tenant's Share as of the Commencement Date is set forth in the Summary of Terms.
(f) The Operating Expenses shall be paid as follows. Prior to the commencement of each year of the Term or as soon thereafter as practicable, Landlord shall give Tenant notice of its estimate of the Operating Expenses for the ensuing year of the Term. On or before the first day of each month during the ensuing year of the Term, Tenant shall pay to Landlord 1/12 of such estimated amount, provided that if such a notice is not given prior to the commencement of the ensuing year of the Term, Tenant shall continue to pay on the basis of the prior year's estimate until the month after such late fees being chargednotice is given. If at any time or times it appears to Landlord that the actual Operating Expenses for the current year of the Term will vary from its estimate by more than five percent (5%), Landlord may, by notice to Tenant, revise its estimate for such year, and subsequent monthly payments by Tenant for such year shall be based on such revised estimate. Landlord's estimate of Operating Expenses for the first partial year of the Lease Term is Five Thousand Three Hundred Forty-three Dollars ($5,343) per month. The first months estimated Operating Expenses shall be paid upon execution of this Lease.
(g) Within ninety (90) days after the close of each calendar year of the Term or if as soon after such 90-day period as practicable, Landlord shall deliver to Tenant fails (i) a statement of the Operating Expenses for such calendar year showing in reasonable detail the actual Operating Expenses incurred by Landlord, certified by Landlord, which certified statement shall be final and binding upon Landlord and Tenant, subject only to Tenant's Section 5(h) review, and (ii) a statement of the payments made by Tenant under Section 5(f) above for such year. If on the basis of such statements Tenant owes an amount that is less than the estimated Operating Expenses for such year previously made by Tenant, Landlord at its election shall either promptly refund the amount of the overpayment to Tenant or credit such excess against Tenant's subsequent obligations to Estimated Operating Expenses. If on the basis of such statements Tenant owes an amount that is more than the estimated Operating Expenses for such year previously made by Tenant, Tenant shall pay any other sum of money the deficiency to Landlord within thirty (30) days after written delivery of such statements.
(h) If Tenant disputes the amount of Additional Rent stated in the statement, Tenant may designate, within thirty (30) days after receipt of that statement, an independent certified public accountant to inspect Landlord's records. Tenant is not entitled to request that inspection, however, if Tenant is then in default under this Lease. The accountant must be a member of a nationally recognized accounting firm and must not charge a fee based on the amount of Additional Rent that the accountant is able to save Tenant by the inspection. Tenant must give reasonable notice to Landlord of the request for inspection, and the inspection must be conducted in Landlord's offices at a reasonable time or times. If, after that inspection, Tenant still disputes the Additional Rent, a certification of the proper amount shall be made, at Tenant's expense, by Landlord Landlord's independent certified public accountant. That certification shall be final and conclusive. If Tenant discovers an excess of five percent (5%) or greater in the Operating Expenses charged to Tenant, or if then in addition to such discrepancy amount Landlord shall pay the cost of Landlord's accountant's certification and Tenant's accountant's review within thirty (30) days of such certification.
(i) At Landlord's election, Tenant shall pay to Landlord, within ten (10) days after receipt of invoice(s) therefore, 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 incurredpresent Operating Expense incurred by Landlord. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless If Tenant has failed shall fail 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 additional rent 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 fractionterms hereof, 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 have all the commencement rights and remedies with respect thereto as Landlord has for 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 basisMonthly 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: Office / R&d Lease (Improvenet Inc)
Rent. Beginning A. Tenant shall pay to Landlord an annual rent ("Rent") in the amount of $ per year. Rent for the First Lease Year shall be due on the Commencement DateEffective Date of this Lease and for every year thereafter on January 1st of each Lease Year.
B. All Rent shall be paid by check made payable to "Treasurer, Tenant covenants State of New Jersey" and agrees to paydelivered to: Department of Environmental Protection Natural & Historic Resources Office of Leases & Concessions Mail Code 501-04C XX Xxx 000 Xxxxxxx, without abatement, deduction or offset except as otherwise specifically provided herein, XX 00000-0000 If any check for payment is returned to Landlord, “Base Rent” for the Premises, all future payments shall be made by certified check or money order.
D. Any payment of Rent not made on or before the first dates provided in Subparagraph A of this Paragraph shall be considered past due. All past due amounts shall be assessed a monthly penalty of five percent (1st5%) day of the first total amount due calculated on the tenth (1st) full calendar month of the Term hereof and on or before the first (1st10th) day of each month after the due date 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 thereafter.
E. The cost of enforcing Tenant's compliance with this Lease shall be “Additional Rent.” If Landlord incurs any expense, including reasonable attorney's fees, due to the breach of this Lease by Landlord Tenant or Tenant's failure to Tenantperform any obligation of Tenant hereunder, or if any check delivered Tenant shall be liable for payment of such expense as Additional Rent added to and as part of the next payment of Rent due after Landlord notifies Tenant of such Additional Rent. Nonpayment of Additional Rent gives Landlord the same rights against Xxxxxx as does nonpayment of Rent.
F. If this Lease is returned for insufficient fundsrenewed pursuant to Paragraph 1 herein or is extended pursuant to Paragraph 6F herein, 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 increased to reflect the beginning current fair market value of the fourth (4th) Lease Year Leased Premises as determined by multiplying the Base Rent then being paid by a fraction, the numerator of which shall be changes in 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 or value of adjustment, and the denominator of which shall be the CPI for the third (3rd) month preceding the Commencement Date for Phase 1similar real estate rentals. 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 definedHowever, 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 value of similar real estate rentals decreased or remained stable 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 basisdecrease.
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: Farm Lease
Rent. Beginning Tenant agrees to pay to Landlord rent, without deduction or set off, for the entire term hereof for said premises at the rate of SEE PARAGRAPH 25.A. per month. One such monthly installment shall be due and payable on the Commencement Dateexecution date hereof, Tenant covenants and agrees to pay, a like monthly installment shall be due and payable without abatement, deduction demand or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, invoice issued 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 hereby demised term; provided that if the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Commencement Date occurs on said commencement date should be a day date other than the first (1st) day of a calendar month, the first Base Rent payment there shall be in due and payable on the amount said commencement date as rent for the balance of the Base Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in during which the Commencement Date fallssaid commencement date shall fall a sum equal to that proportion of the rent for a full month as herein provided which the number of days from the said commencement date to the end of the calendar month during which the said commencement date shall fall bears to the total number of days in such month, such payment to be due on the Commencement Date. The Prepaid Rent described above and all succeeding installments of rent 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 first 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 calendar month during the Term hereby demised term as first above provided. In addition, Tenant agrees to deposit with Landlord on the execution date hereof the sum of this Lease (not to include the Renewal PeriodsZERO, which sum shall be held by Landlord, without obligation for interest, as hereinafter definedsecurity for the performance of Tenant's covenants and obligations under this lease, if applicable) it being expressly understood and agreed that such deposit is not an advance rental deposit, a last month's rental deposit, nor a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by multiplying Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such fund to the Base Rent extent necessary to make good any arrears of rent and any other damage, injury, expense or liability caused by such event of default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. If Tenant is not then being paid by a fractionin default hereunder, the numerator any remaining balance of which such deposit 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 returned by Landlord to Tenant upon termination 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 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: Lease Agreement (Conns Inc)
Rent. Beginning Tenant shall pay to Landlord or to any other Person designated in writing to Tenant by Landlord, by wire transfer of immediately available federal funds or by other means acceptable to Landlord, acting reasonably, in lawful money of the United States which shall be legal tender for the payment of public and private debts, without offset, abatement, demand or deduction, Rent during the Term of this Lease as follows:
A. Tenant shall pay to Landlord monthly Minimum Rent in advance equal to one-twelfth (1/12th) of the annual amount of Minimum Rent applicable for a Lease Year beginning 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, continuing 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 amountthereafter; provided, however, that if Minimum Rent shall be prorated as to any Lease Year which is less than twelve (12) calendar months and as to any partial calendar months and Additional Minimum Rent shall be prorated to the extent that a Landlord fails Expenditure is made on a date other than the first day of a Lease Year or the first day of a calendar month.
B. Tenant shall pay to so notify Tenant within nine Landlord percentage rent (9“Percentage Rent”) months calculated for each calendar quarter at three percent (3%) of Gross Revenues for the calendar quarter, which amount shall be payable quarterly in arrears commencing on or before the thirtieth (30th) day 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 end 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 first full calendar quarter after the Commencement Date and continuing on the thirtieth (30th) day after the end of each calendar quarter during the term hereof. Landlord and Tenant expressly acknowledge and agree that the applicable percentage under this Section 3.1B, beginning with the eleventh (11th) calendar year following the Commencement Date shall be reset by Landlord to achieve an equivalent yield (which shall in any event not be less than the aggregate amount of Percentage Rent received by Landlord in the Lease Year preceding such reset), adjusted to reflect changes in Gross Revenues and in non-controllable expenses (including, without limit, real estate taxes, and insurance and utility costs) and each on the tenth (10th) anniversary and each fifth (5th) anniversary thereafter through the end of the Lease Term and any Extension Term. Tenant shall deliver to Landlord a Certificate from a senior officer of Tenant (an “Officer’s Certificate”) with each Percentage Rent payment (or, if no Percentage Rent is then payable, on the due date therefore) setting forth the calculation of the Percentage Rent payment for Phase 2the most recently completed calendar quarter of each Lease Year in the Term, and the Percentage Rent due year-to-date through such recently completed calendar quarter. Percentage Rent shall be subject to confirmation and adjustment, if applicable, as set forth in Section 3.2.
Appears in 1 contract
Rent. Beginning on Throughout the Commencement Dateterm of this Lease, Tenant covenants and agrees shall pay rent to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Landlord in accordance with the following provisions: 1.
(a) Tenant shall pay minimum annual rent (the "Minimum Rent” for the Premises, ") in monthly installments in advance on or before the first (1st) day of the first (1st) full each calendar month as reflected in EXHIBIT D hereto.
(b) Additional Rent (herein so called) shall be calculated as provided in EXHIBIT E hereto. For each calendar year after the year in which the Commencement Date occurs, Landlord shall furnish Tenant a written estimate of Additional Rent for the Term hereof and applicable calendar year. Estimates of Additional Rent shall be made by Landlord on a reasonable basis determined by Landlord. Throughout the term of this Lease, Tenant shall pay estimated Additional Rent in advance on or before the first (1st) day of each month in monthly installments equal to one-twelfth (1/12) of the estimated Additional Rent for the applicable calendar year. Pending receipt of Landlord's written estimate of Additional Rent for any calendar year, monthly installments of estimated Additional Rent shall continue to be paid in the same amount as in the prior calendar year. By April 30 of each calendar year or as soon as possible thereafter, Landlord shall deliver to Tenant a written statement reflecting any difference between estimated Additional Rent paid and every successive actual Additional Rent accrued for the prior calendar month thereafter during year (or in the full Term case of any partial calendar year in which the term of this Lease and any renewal thereofbegins or ends, subject to a prorated portion of such Additional Rent based on actual days elapsed during the adjustments as provided hereinafter along with any applicable tax as defined herein, at portion of term occurring in that calendar year). Tenant shall pay Landlord 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 total amount of the Base any balance of Additional Rent for one (1) full calendar month plus the prorated Base Rent for the calendar month in which the Commencement Date falls, due shown on 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 annual statement within thirty (30) days after receipt of the statement. Landlord shall refund any overpayment of Additional Rent by Tenant shown on such annual statement within thirty (30) days after delivery of the statement, or Landlord, at its option, may credit the amount of any such overpayment against the installment(s) of Minimum Rent and Additional Rent due for the remainder of the then current calendar year. Tenant may examine the accounting records supporting the amount of Additional Rent reflected on such annual statement within sixty (60) days after receipt of the statement, such examination to occur after reasonable advance written notice to Landlord during normal business hours at the place where Landlord's accounting records are normally kept.
(c) The installments of Minimum Rent and Additional Rent for any initial partial calendar month shall be prorated based on actual days elapsed and shall be paid in advance on the Commencement Date.
(d) Except as expressly provided to the contrary in this Lease, installments of Minimum Rent and Additional Rent shall be payable without notice, demand, reduction, setoff, or other defense. Installments of Minimum Rent and Additional Rent and payments of other sums owing to Landlord pursuant to this Lease shall be made to Landlord at 000 XXXXXXXX, XXXXXXXXX, XXXXXXXXX 00000, or at whatever other account or address that Landlord may designate from time to time by Landlord written notice to Tenant.
(e) If any installment of Minimum Rent or Additional Rent, or if any check delivered other sum due and payable pursuant to this Lease, remains unpaid for more than ten (10) days after the date due, Tenant shall pay Landlord a late payment of Rent is returned for insufficient funds, there will be added charge equal to the unpaid amount a late charge based on the monthly prorata percentage greater of (i) Fifty and No/100 Dollars ($50.00), or (ii) five percent (5%) of the Default Rate and applied to the amount due unpaid installment or other payment. The late payment charge is intended to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything associated with responding to the contrary abovelate payment, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment of Rent on the due date thereof (and such failure shall not have been cured on be considered liquidated damages or before the last day interest. All rent and other sums of any grace period, if any) two (2) times in any twelve (12) month period. The Base Rent payable whatever nature owed by Tenant to Landlord under this Lease that remain unpaid for more than ten (10) days shall bear interest from the date due until paid at the lesser of (iii) five percent (2.5%) in excess of the prime or general reference rate of interest of Bank of America of North Carolina, N.A. (or its successors) in effect from time to time, or (iv) the maximum interest rate per annum allowed by law.
(f) Tenant has paid to Landlord upon signing this Lease AN AMOUNT EQUAL TO THE FIRST MONTH'S RENT ($---) (the "Deposit") as security for Tenant's performance of all obligations hereunder. The Deposit may be held in whatever lawful manner Landlord may choose, and Landlord shall be in accordance with entitled to any interest as it may accrue on 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 Deposit. In the Event of Default by Tenant, Landlord may, at the beginning its option, apply all or any part of the fourth (4th) Lease Year Deposit on account of any rent or other sums owing 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 adjustmentTenant, and thereupon Tenant shall immediately redeposit with Landlord the denominator amount so applied in order that Landlord will always have the full Deposit on hand throughout the term of which this Lease. The Deposit shall be never constitute liquidated damages in the CPI for the third (3rd) month preceding the Commencement Date for Phase 1Event of Default by Tenant. Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease Year Upon full payment and the beginning of each succeeding Lease Year during the Term performance of this Lease by Tenant (not including without limitation, final payment of any Additional Rent owed by Tenant), Landlord shall refund to include Tenant any balance of 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 Deposit remaining after deducting 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 rent or other source, as reasonably acceptable sums owed by Tenant pursuant 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 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 Agreement (Pinnacle Financial Partners Inc)
Rent. Beginning A. Tenants shall pay Landlord the Monthly Rent, 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 month that this Lease is in effect; provided that with respect to any partial calendar month thereafter at the beginning or end of a Term, such fee shall be prorated for the number of days during such period. Tenants must pay the first full Term of month’s rent due to Landlord when Tenants sign this Lease and must pay for 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 prorated amount of the Base Monthly Rent for one (1) full any partial calendar month plus when demanded by Landlord. In 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 event that Monthly 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 received by the seventh tenth (7th10th) day of the month when due, Tenants shall pay to Landlord as Additional Rent a Late Charge in which such installment is due (provided the amount of $100 for each delinquent payment for the purpose of defraying the expenses incurred in handling delinquent payments.
B. Tenants agrees and affirms that Landlord or Landlord Agent is authorized to automatically charge a designated credit card or debit a designated bank account, or to process payment with any other applicable third-party payment processor, for Monthly Rent (“Recurring Payment”). Tenants further agrees to notify Landlord promptly of any changes to Tenants’ credit card or debit card account, including but not limited to changes to Tenants’ credit card or debit card account number, expiration date, and/or billing address. Tenants further agrees to promptly notify Landlord if Tenants’ credit card or debit card expires or is canceled for any other reason. Tenants represents and warrants that he or she is an authorized user of the credit card, debit card, or third-party payment processor platform account used to pay Monthly Rent. Tenants acknowledge and agree to provide Landlord with a name, billing address and other information necessary to allow Landlord to complete Recurring Payments made using a credit card, a debit card, or a third-party payment platform, or as required by other applicable law. In the event of declined payment, Landlord reserves the right to demand that replacement payment and/or future payments be made by certified check, bank check or money order. In the event that Monthly Rent is returned for “insufficient funds” or for any other reason, Tenants shall pay, as Additional Rent, the greater of $50.00 and/or the actual fees, penalties and/or expenses incurred by Landlord directly or indirectly caused by each such dishonored payment, as well as any applicable late fees or interest.
C. With respect to any Tenants, Landlord or Landlord’s Agent shall not be entitled to increase the Monthly Rent during the Term of the Lease.
D. All amounts payable by Tenants pursuant to this Lease in excess of the amount of the Monthly Rent shall be deeded “Additional Rent”. Landlord shall have the same rights and remedies with respect to defaults in the payment of Additional Rent as Landlord has with respect to payment of the Monthly Rent. Additional Rent shall be due within ten days of notice of such by Landlord to Tenants in accordance with the notice provisions of this Lease.
E. Tenants agree that the payment of the Monthly Rent and any Additional Rent or any other charges under this Lease must be made timely and is an important consideration in Landlord renting the Apartment to the Tenants. In addition to all other remedies available to Landlord, all sums of Monthly Rent or Additional Rent or any other charges, which are not paid within ten (10) business days of the date when due under this Lease, will bear interest from the original due date to the date of payment at a rate per annum which 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 percentage points higher than the interest rate required to such late fees being charged), or if Tenant fails to pay any other sum be paid on judgments for sums of money within thirty recovered in actions in the Supreme Court of the State of New York (30by way of illustration only, presently 2% plus 9% equals 11%) days after written notice by Landlord to Tenant, or if any check delivered for but not more than the payment highest rate of Rent is returned for insufficient funds, there interest which will at such time be permitted under the laws of the State of New York. This interest rate will be added to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to payable so long as the amount due to compensate Landlord for is unpaid, even if the extra administrative expenses incurred. Notwithstanding anything to the contrary above, Landlord agrees that it will not impose the aforesaid late charges unless Tenant amount 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 included 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 basiscourt judgment.
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 and Roommate Agreement
Rent. Beginning on the Commencement DateIn consideration of this Lease, Tenant covenants promises and agrees to paypay Landlord the Adjusted Rental, which is the sum of the monthly Basic Rental and monthly Estimated Operating Expenses (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 Lease Terms 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 Adjusted 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 that date on which Tenant certifies that it has accepted the first (1st) day Premises pursuant to Paragraph 2 hereof. In the event any installment of each and every successive calendar month thereafter during the full Term of this Lease and Adjusted Rental, or any renewal portion 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 not received by the seventh due date thereof, then (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 without in any twelve (12) month period prior way implying Landlord's consent to such late fees being charged)payment) Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Adjusted Rental, a late payment charge equal to three percent (3) %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 installment of Adjusted Rental, or any other sum of money 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 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 (and such failure the "Past Due Rate") which equals the lesser of (i) fourteen percent (14%) or (ii) the highest rate then permitted by law. The Estimated Operating Expenses for calender year 2000 shall not have been cured on or before the last day exceed $8.50 per square foot of any grace period, if any) two Net Retable Area per annum (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 basisprorated).
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 (Appliedtheory Corp)
Rent. Beginning on the Commencement Date, 4.01 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 pay Landlord during the full Term of this Lease the Basic Minimum Annual Rent, it being understood that the Basic Minimum Annual Rent is $0 until December 1, 1990.
4.02 Tenant agrees to pay Landlord during the Term of this Lease Additional Rent, consisting of: (i) Tenant's Pro Rata Share of the Basic Operating Cost; (ii) all utility charges which are not included as items of Basic Operating Cost but are the cost responsibility of Tenant under other provisions of this Lease (which have not been paid by Tenant directly to the utility providing the service under other provisions of this Lease); (iii) and any renewal thereofother item specifically set forth elsewhere in this Lease as an item of Additional Rent or as an item which is in any other manner the cost responsibility of Tenant. Landlord shall give Tenant within a reasonable time after the commencement of Landlord's fiscal operating year for the Project a statement of Tenant's Pro Rata Share of estimated Basic Operating Cost for the ensuing year. Tenant agrees to pay Tenant's Pro Rata Share of the Basic Operating Cost for each fiscal year in monthly installments in accordance with Landlord's statement. Landlord shall, subject within ninety days after the end of each fiscal year for which Basic Operating Cost has been charged in accordance with the estimated charges, give to Tenant a statement of the actual Basic Operating Cost incurred for the previous year. Adjustment shall be made for any overpayment or underpayment of the actual charges resulting from any variance between the actual Basic Operating Cost for the previous year and the estimated Basic Operating Cost paid by Tenant, which adjustment may be made by increasing or decreasing the Additional Rent charges for the next year, a refund or a lump sum charge, provided, however, that Landlord shall not be required to make such adjustment more than once per year. If during any fiscal operating year, Landlord shall not have delivered to Tenant the statement mentioned for such year, Tenant shall continue to pay Landlord the sums payable for the immediately preceding year, until the statement for the current year shall have been delivered, at which time the monthly payments by Tenant shall be adjusted retroactively. Upon the request of Tenant, Landlord shall supply reasonable itemization and documentary back-up for the statement of the actual Basic Operating Cost. If during all or part of any fiscal year any particular item or items of service or work (which would constitute an element of Additional Rent hereunder) are not furnished to any portion of the Project due to the adjustments fact that such portion is not completed, occupied or leased, then for the purposes of computing Additional Rent payable hereunder, the amount of such expenses for such items shall be increased by an amount equal to the expenses which would have reasonably been incurred during such period if Landlord had at his own expense furnished such items of service or work to such portion of the Project, provided in no event shall Landlord recoup more than 100% of the expenses actually incurred by Landlord. Utility charges set forth as a portion of Additional Rent, above, may be included with the statement of estimated Basic Operating Cost and billed and adjusted in the same manner as Tenant's Pro Rata Share of the Basic Operating Cost. If any part of the first or last Lease Years of the Term of this Lease shall include part of a tax or operating expense year, Tenant's liability under this paragraph shall be apportioned so that Tenant shall pay only for such parts of such tax year and operating expense years that shall be included in the Term of this Lease. Landlord may elect to xxxx the full amount of any item of Additional Rent which is not an item of Basic Operating Cost as such item of expense is incurred by Landlord (repair of damage caused by Tenant, for example). All items of Additional Rent which are capital items not specifically the immediate cost responsibility of Tenant pursuant to other terms of the Lease shall be amortized in accordance with generally accepted accounting principles, provided hereinafter along that no item shall have a useful life of more than fifteen years. Notwithstanding the foregoing, items (i) and (ii) of additional rent shall be payable for the period beginning with any applicable tax as the Leased Premises Completion Date (defined hereinin Article XIX) and shall not begin to accrue until such date.
4.03 The Basic Minimum Annual Rent and the monthly installment portion of the Additional Rent shall be due in installments, at commencing with the then current rateCommencement Date and continuing on the first day of each month thereafter, in advance. 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 Base Rent for the calendar month in which the Commencement Date falls, such payment to be installment due on the Commencement Date. The Prepaid Rent described above Date shall be applied by Landlord to the Rent payable pro rated 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 fractional period remaining 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 adjustmentthe Commencement Date. It is the intention of the Landlord and Tenant that the rents herein specified shall be net to the Landlord in each year during the Term of this Lease, payable without any reduction, abatement or setoff, and that all costs, expenses and obligations of every kind relating to the denominator of Leased Premises, whether or not specifically set forth in this Lease, 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 may arise or become due under any contingency whatsoever during the Term of this Lease (not to include the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base Rent then being shall be 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, Tenant and the denominator of which Tenant shall be indemnify 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 Tenantsave the Landlord harmless from and against all such costs, expenses and obligations. All installments of rent past due beyond thirty days shall be usedbear interest at the lesser of two percentage points per annum over the prime rate of interest as announced by The Connecticut Bank and Trust Company, N.A., or its successor, or the maximum rate permitted by applicable law, from date due until payment is received. Base Any liability for unpaid Basic Minimum Annual Rent and Additional Rent shall continue to be payable in monthly installments as otherwise described above until Landlord notifies Tenant survive the termination 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
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 XXXX, or to such other individual, firm or corporation and at such other place as may be designated by the Authority. If the Tenant does not occupy the space, then these monies are forfeited to the Authority and this Sublease is terminated with Tenant having no further obligations to 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 . No reduction or increase in rent shall be available for non-material discrepancies in actual square footage. During the first Sublease Year the Monthly Rent shall be per month. The rent shall increase annually by an amount equal to 3% of the last Monthly Rent payable during the preceding Sublease 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 TenantSublease, 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: Sublease Agreement
Rent. Beginning Section 4.01. Tenant shall pay to Landlord, without notice or demand, in lawful money of the United States of America, at Landlord's Address for Payment, or at such other place as Landlord shall designate in writing from time to time: (a) the Base Rent, in equal monthly installments, in advance, on the first day of each calendar month during the Term, and (b) the Additional Rent ("Additional Rent") consisting of all other sums of money due and payable by Tenant pursuant to this Lease, including those sums of money due and payable by Tenant under Section 4.02 hereof and Article 5 hereof, at the respective times required hereunder. The first monthly installment of Base Rent and the Additional Rent payable under Article 5 hereof shall be paid in advance on the date of Tenant's execution of this Lease and applied to the first installment of Base Rent and such Additional Rent coming due under this Lease. Payment of the Rent shall begin on the Commencement Date; provided, Tenant covenants and agrees to payhowever, without abatementthat, 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 if either the Commencement Date occurs or the Expiration Date falls on a day date other than the first (1st) day of a calendar month, the first Base Rent payment due for such fractional month shall be in prorated on a per diem basis between Landlord and Tenant so as to charge Tenant only for the amount portion of such fractional month falling within the Term.
Section 4.02. During the Term, the Base Rent for one (1) full calendar shall be increased annually, effective as of the first day of the month plus following the prorated Base Rent for the calendar month in which the anniversary of the Commencement Date fallsoccurs (such date being herein referred to as the "Adjustment Date"), such payment to be due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord an amount equal to the product obtained by multiplying the Base Rent payable in effect for the first full month that Rent is duetwelve (12) months immediately preceding the applicable Adjustment Date by one hundred three percent (103%). If Tenant fails to pay any regular monthly installment Payment of Base Rent or Landlord’s Operating Costs or any other monthly amounts by as adjusted hereunder shall begin on the seventh (7th) day of applicable Adjustment Date for 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 which such late fees being charged), or if Tenant fails to pay any other sum adjusted Base Rent applies.
Section 4.03. All past due installments of money within thirty Rent that continue unpaid more than five (305) 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 shall bear interest until paid at a rate per annum (and such failure shall not have been cured on or before the last day of any grace period, if any"Interest Rate") 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 equal to the contrary notwithstandinggreater of fifteen percent (15%) or five percent (5%) above the prime rate of interest from time to time publicly announced by The Riggx Xxxional Bank of Washington, 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 unavailableD.C., a reasonable substitute prepared by the U.S. Department of Labor or other sourcenational banking association, 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 successor thereof (the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly Base Rent installment amount"Prime Rate"); provided, however, that that, if Landlord fails at the time such interest is sought to so notify Tenant within nine (9) months after be imposed the date rate of adjustmentinterest exceeds the maximum rate permitted under federal law or under the laws of the State of Maryland, then the CPI adjustment for that year rate of interest on such past due installments of Rent shall be deemed to be waived. In no event shall Base Rent increases exceed three and one-half (3.5%) percent the maximum rate of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basisinterest then permitted by applicable 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 1 contract
Samples: Office Lease Agreement (Management Network Group Inc)
Rent. Beginning (1) Tenant shall pay to Landlord Base Rent as set forth in Paragraph 1 hereof and other items of Rent as set forth herein commencing on the Commencement DateDate and throughout the Lease Term, Tenant covenants and agrees to pay, without abatement, deduction or offset except as monthly in advance (unless otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, specified in this Lease) 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 hereby demised in lawful money of this Lease and any renewal thereofthe United States, subject without demand, deduction or offset whatsoever, to the adjustments Landlord at Landlord's Address or to such other firm or to such other place as provided hereinafter along with any applicable tax as defined herein, at the then current rateLandlord may from time to time designate in writing. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base monthly rental for such month shall be appropriately prorated.
(2) Tenant agrees that if Rent or any other payment due hereunder from Tenant to Landlord remains unpaid ten (10) days after said amount is due, the amount of such unpaid rent or other payment shall be increased by a late charge to be paid to Landlord by Tenant in an amount equal to the greater of (i) Fifty and No/100 Dollars ($50.00) per day that such payment is delinquent, or (ii) five percent (5%) of the amount of the Base Rent for one (1) full calendar month plus delinquent rent or other payment. The amount of the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment late charge to be due paid to Landlord by Tenant for any month shall be computed on the Commencement Dateaggregate amount of delinquent rents and other payments, including all accrued late charges, then outstanding. The Prepaid Rent described above shall Tenant agrees that such amount is a reasonable estimate of the loss and expense to be applied suffered by Landlord as a result of such late payment by Tenant and may be charged by Landlord to defray such loss and expense. The provisions of this paragraph in no way relieve Tenant of the Rent payable for the first full month that Rent is due. If Tenant fails obligation 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 date on which they are due, nor do the terms of any grace period, if any) two (2) times this paragraph 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 Paragraph 21 of this Lease (not to include in the Renewal Periods, as hereinafter defined, if applicable) by multiplying the Base event said 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 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 (Interland Inc)
Rent. Beginning (a) Lessee shall pay to Lessor, at Lessor's address for notice hereinafter set forth or at such other place as Lessor may specify, without any right of set-off or deduction and without any prior notice of demand, the Base Rent of $33,333.33 for each month during the term of this Lease. Base Rent shall be due and payable monthly in advance, beginning 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, continuing 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 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 is other than the first (1st) day of a calendar month, the first amount of Base Rent payment payable on the Commencement Date shall be in one-thirtieth (1/30) of the monthly Base Rent for each day prior to the first day of the next month, and, if the term of this Lease terminates other than on the last day of a month, 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 final installment of Base Rent or Landlord’s Operating Costs or any other shall be one-thirtieth (1/30) of the monthly amounts Base Rent for each day then remaining in the Lease term. Base Rent not paid when due shall bear interest at the rate of twelve percent (12%) per annum from the date due until paid.
(b) For purposes of this subparagraph (b), the term "Price Index" shall mean "The Consumer Price Index for all Urban Consumers, All Items (1982-84 = 100)", issued by the seventh (7th) day Bureau of Labor Statistics of the month in which such installment is due United States Department of Labor and the term "Base Price Index" shall mean the Price Index for October, 2001. From and after October 30, 2006 (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 chargedthe "Additional Rent Commencement Date"), 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 in addition to the unpaid amount a late charge based on the Base Rent, Lessee shall pay 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) Lessor during each Lease Year beginning on and after the Additional Rent Commencement Date an amount ("Additional Rent") computed by multiplying the Base Rent then being paid by a fractionthe percentage, if any, by which the numerator Price Index, as published for the last month preceding the Additional Rent Commencement Date, shall exceed the Base Price Index. If the Price Index for such last month is not available until the lapse of which one or more months, an estimated amount of Additional Rent shall be determined using the Consumer monthly Price Index - U.S. City average most recently available. The first such monthly payment or payments of Additional Rent after the availability of the required Price Index shall be adjusted to compensate for urban wage earners and clerical workers ail items (any overpayment or underpayment which occurred as a result of such estimated payment. The Price Index published for the last month of any Lease Year shall, for purposes of this paragraph, be deemed to be no lower than the Base Price Index. If the Price Index ceases to use the 1982-84 equals 100) (“CPI”) for average equaling 100 as the third (3rd) month preceding basis of calculation, or if a change is made in the month term or number of adjustmentitems contained in the Price Index, and or if the denominator of which shall be Price Index is altered, modified, converted or revised in any other way, then the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent Price Index shall be adjusted to the figure that would have been arrived at had the change in the manner of computing the Price Index in effect at the beginning of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term date of this Lease (not to include been altered. If 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 shall no longer be published by said Bureau, then any substitute or successor index published by said Bureau or other governmental agency of the third (3rd) month preceding the month of adjustmentUnited States, 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, similarly adjusted as reasonably acceptable to Landlord and Tenantaforesaid, shall be used. Base If the Price Index (or a successor or substitute index similarly adjusted) is not available, a reliable governmental or reputable publication selected by Lessor and evaluating the information theretofore used in determining the Price Index shall be used. Additional Rent shall continue to be payable recalculated in monthly installments as otherwise described above until Landlord notifies Tenant accordance with this Section 4 upon the beginning of the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant first and second renewal terms under Section 3 using the last month of the Lease Year prior to the commencement of each new Lease Year. However, failure of Landlord to timely notify Tenant beginning 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 first and one-half (3.5%) percent of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basissecond renewal terms respectively in such calculation.
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 (Ashworth 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 1 contract
Rent. Beginning The monthly rent as shown 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” each Schedule for the Premises, on or before the first (1st) day of the first (1st) full calendar month of the Base 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 due and payable by Lessee in the amount of the monthly rent multiplied by the number of months in the billing cycle indicated on the respective Schedule (one month in a monthly billing cycle, three in a quarterly cycle, six in a biannual cycle, etc.) on the first day of the Base Rent for one (1) full calendar month plus Term and on the prorated Base Rent first day of each billing cycle thereafter, for the calendar month in which remainder of the Term. For Items having a Commencement Date fallsprior to the first day of the Base Term, such payment to rent shall be due on a pro rata basis only in the amount of one-thirtieth of the Item’s proportional monthly rent for each day from the Item’s Commencement Date. The Prepaid Rent described above shall be applied by Landlord to the Rent payable for Date until, but not including, 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 Base Term and, together with any advance rent or security deposit (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 (1982non-84 equals 100interest bearing) (“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 specified on 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 TenantSchedule, shall be usedpayable by Lessee ten days after receipt of invoice from Lessor or upon a date chosen by both parties in advance. Base Rent If any rental or other amounts payable hereunder are not paid within five days of their due date then Lessee shall continue pay to be payable in Lessor upon demand “Delinquency Charges” which shall equal interest compounded monthly installments as otherwise described above until Landlord notifies Tenant at the rate 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 eighteen percent per annum (or any portion not previously paidthe highest rate allowable by law, whichever is less) shall be payable, retroactive to on 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 delinquent balance from the date due until the date paid, plus a monthly administrative fee of adjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent increases exceed three one and one-one half (3.5%) percent of the Base Rent cumulative delinquent balance to offset Lessor’s collection and accounting costs. Any deposit paid for the immediately prior Lease Year, on a non-cumulative basis.
b. The Base Rent for Phase 2 by Lessee to Lessor shall be at refundable if 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 1Schedule is not accepted by Lessor. THIS IS A NET LEASE AND LESSEE’S OBLIGATION TO PAY ALL RENTAL CHARGES AND OTHER AMOUNTS DUE HEREUNDER SHALL BE ABSOLUTE AND UNCONDITIONAL UNDER ALL CIRCUMSTANCES AND SHALL NOT BE SUBJECT TO ANY ABATEMENT, commencing on the Commencement Date for Phase 2DEFENSE, COUNTERCLAIM, SETOFF, RECOUPMENT OR REDUCTION FOR ANY REASON WHATSOEVER EXCEPT AS OTHERWISE PROVIDED HEREIN, IT BEING THE EXPRESS INTENT OF LESSOR AND LESSEE THAT ALL RENTAL AND OTHER AMOUNTS PAYABLE BY LESSEE HEREUNDER SHALL BE AND CONTINUE TO BE PAYABLE IN ALL EVENTS. LESSEE HEREBY WAIVES ALL RIGHTS IT MAY HAVE TO REJECT OR CANCEL THIS LEASE, TO REVOKE ACCEPTANCE OF ANY OF THE EQUIPMENT, AND/OR TO GRANT A SECURITY INTEREST IN ANY OF THE EQUIPMENT FOR ANY REASON EXCEPT AS REQUIRED HEREIN.
Appears in 1 contract
Samples: Master Lease Agreement (CareView Communications Inc)
Rent. Beginning 1. The first Rent is reduced proportionally to the number of days remaining from the date of the Rental Agreement to the end of the month by 1/30 of the Rent for each day. In the event of an overpayment in connection with the payment of the Rent by the Tenant, in accordance with § 1 section 3 of the Data Form, the Landlord will reduce the VAT invoice for the next month by the amount of the overpayment calculated in accordance with the preceding sentence.
2. On account of the conclusion of the Rental Agreement, the Tenant undertakes to pay a one-off fee related to administrative activities (hereinafter: "Initial Charge") In the amount indicated in Table 3. The amount of the fees in the Data Form.
3. For the avoidance of doubt, the Rent is due to the Landlord from the Tenant throughout the term of the Rental Agreement, regardless of whether the Tenant actually uses the Subject of the Rental.
4. The rent will be paid in advance on the Commencement Datebasis of an electronic VAT invoice sent to the Tenant by the Landlord each month, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for payable by 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) sixth day of each and every successive calendar month thereafter during or on the full Term of this Lease and any renewal thereofdate indicated in the invoice, subject to the adjustments as provided hereinafter along with any applicable tax as defined hereinfirst Rent. The Tenant agrees to receive electronic invoices.
5. All payments under the Rental Agreement should be made to the Landlord's bank account indicated in Table 3. The amount of Fees in the Data Form, at unless a different account number was indicated on the VAT invoice - then current ratethe payment should be made to the account indicated in the VAT Invoice.
6. If All costs related to making payments, also made to the Commencement Date occurs on a day other than the first (1st) day of a calendar monthTenant, the first Base Rent payment in particular transaction costs or currency conversion costs, shall be borne by the Tenant.
7. The Tenant in the amount title of the Base Rent for one (1) full calendar month plus bank transfer should indicate his name, surname and the prorated Base Rent for the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Daterelevant invoice number.
8. 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 entitled to give Tenant written notice indexation (valorization) 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 each year based on the monthly prorata percentage price growth rates of consumer goods and services published by the President of the Default Rate and applied to the amount due to compensate Landlord Central Statistical Office for the extra administrative expenses incurred. Notwithstanding anything to relevant months; however, if the contrary aboveindexation result is negative, Landlord agrees that it the Rent will not impose change. After each indexation, the aforesaid late charges unless Landlord will send the Tenant has failed to pay any installment an e-mail notification of Rent on the due date thereof (and such failure shall not have been cured on or before the last day of any grace periodindexation, 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 calculation of the fourth (4th) Lease Year by multiplying the Base adjusted 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 basisrate.
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 Agreement
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
Rent. Beginning on (a) Tenant shall pay to Landlord as rental the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except amount specified in the Basic Lease Information as otherwise specifically provided herein, to Landlord, “the Base Rent” for the Premises, . Base Rent shall be payable upon Tenant's execution of this Lease and in advance on or before the first (1st) day of the first (1st) full calendar month following commencement of the Term hereof term 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 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 any partial month plus at the prorated Base Rent for beginning or end of the calendar month in which the Commencement Date falls, such payment to be due on the Commencement Date. The Prepaid Rent described above 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 appropriately prorated based on the actual number of days in the month.
(b) Tenant shall pay, as additional rent, all amounts of money required to be paid to Landlord by Tenant hereunder in addition to monthly prorata percentage of rent, whether or not 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 same be designated "additional rent."
(c) Tenant hereby acknowledges 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 payment by Tenant to Landlord of rent and other amounts due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any loan secured by the Building. Accordingly, if any installment of rent or any other sums due from Tenant shall not be in accordance with received by Landlord within ten (10) days following the following schedule:
a. Phase 1: 1 $ 13.50 $ 36,392.63 2 $ 13.50 $ 36,392.63 3 $ 13.50 $ 36,392.63 date due, Tenant shall pay to Landlord a late charge equal to 10 percent (10%) of such overdue amount. The Base Rent shall be adjusted at the beginning parties hereby agree that such late charge represents a fair and reasonable estimate of the fourth (4th) Lease Year costs Landlord will incur by multiplying the Base Rent then being paid reason of late payment by a fraction, the numerator Tenant. Acceptance of which such late charge by Landlord 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 constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any Lease Year be less than of the Base Rent other rights and remedies granted hereunder.
(d) Any amount due to Landlord, if not 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 Tenantwhen due, shall be used. Base Rent shall continue to be payable in monthly installments as otherwise described above bear interest from the date due until Landlord notifies Tenant paid at the rate of 10% per annum or, if a higher rate is legally permissible, at the new monthly Base Rent installment amount. Landlord shall attempt to so notify Tenant prior to the commencement of each new Lease Year. Howeverhighest rate legally permitted, failure of Landlord to timely notify Tenant of the new monthly Base Rent installment amount provided that interest shall not be deemed a waiver payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid by Tenant to the extent such interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default hereunder by Tenant.
(e) All payments due from Tenant to Landlord hereunder shall be made to Landlord without deduction or offset in lawful money of the increased rental; the new monthly amount (or any portion not previously paid) shall be payable, retroactive to the commencement United States 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 America at the same rental rate per-square-foot (and shall be adjusted address for payment set forth in the same manner and on the same annual adjustment dates) Basic Lease Information, or to such other person or at such other place as the Base Rent then being paid for Phase 1, commencing on the Commencement Date for Phase 2Landlord may from time to time designate by notice to Tenant.
Appears in 1 contract
Samples: Office Lease (Iown 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 The TENANT COVENANTS to pay the LANDLORD, at such place or places as the Landlord in writing may from time to time desig- nate, rent as follows:
a) A basic monthly rent for the premises of: Basic Monthly Rent - $ commencing , to .
b) As additional rent, the Tenant shall pay to the Landlord, within twenty five (25) days of being notified to do so, each of the following amounts:
1) All real property taxes, local improvement taxes and school taxes levied, rated or charged in respect of the land and the premises, or either of them; PROVIDED HOWEVER, that if there is an increase in the assessed value of the land or building consequent upon an improvement made after the term commences by the Tenant, then any increase in the taxes attributed to such increase in assessed value shall be paid in its entirety by the Tenant, and alternatively, if there is an increase in the assessed value of the building after the same has been assessed as complete, consequent upon an improvement made thereto by a person or persons other than the Tenant and not for the benefit of the Tenant, then any increase in taxes attributable to such increase in assessed valuation shall not enter into the compu- tation of the increased taxes paid by the Tenant. (Current estimated amount $ per month);
2) All Condominium fees and charges, (and such changes to the fees and charges as may from time to time be determined by the Condominium Association to be applicable to the premises leased), for those items defined from time to time under the pertaining Condominium Association bylaws (Current estimated amounts, Insurance $ monthly, Condo fees $ monthly);
3) Local improvement taxes, special frontage assessments and local benefit assessments that may from time to time be assessed. Notwithstanding the foregoing, the Tenant shall in each year during the currency hereof pay to the Landlord in equal monthly installments one twelfth of the amount the Landlord shall estimate as being the Tenants’ share of the amounts hereinbefore enumerated. The said monthly installments to be paid with and in addition to the monthly rent. Upon determination by the Landlord of the actual amounts applicable the Landlord shall notify the Tenant and within twenty five (25) days the amounts shall be adjusted and paid as between the Landlord and the Tenant. If the period to which the aforementioned expenditures relates does not coincide with a lease year an appropriate portion of such expenditure shall be attributed to the current lease year. SUCH PAYMENTS to be made monthly 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) working 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 1 contract
Samples: Lease Agreement
Rent. Beginning on the Commencement Date(a) Tenant shall pay to Landlord without setoff, Tenant covenants and agrees to paydeduction, without abatementdemand, deduction notice or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” counterclaim an annual rent for the Premises, Premises (the "Basic Rent") of Ten and 50/100 Dollars ($10.50) per square foot. Said Basic Rent shall be paid in equal monthly installments of Ten Thousand Five Hundred and 00/100 Dollars ($10,500.00) and 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 thereofTerm, 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 beginning 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 the Commencement Date occurs on a date other than on the first day of a calendar month, Basic Rent shall be prorated from such date until the first day of the following month, at which time it shall be due and payable. Tenant shall pay the Basic Rent and all Additional Rent, if any (as defined under this Article 3), by good check or in lawful currency of the United States of America, to Landlord fails at, or to so notify such other address or in such other manner as Landlord from time to time specifies by advance written notice to Tenant within nine (9) months after the date at, or such other address as Tenant from time to time specifies by advance written notice to Landlord. No installment of adjustment, then the CPI adjustment for that year Basic Rent or Additional Rent shall be deemed paid until received by Landlord. Any payment made by Tenant to Landlord on account of Basic Rent may be waivedcredited by Landlord to the payment of any Basic Rent or Additional Rent then past due before being credited to Basic Rent currently due. In no event shall Base Rent increases exceed three and one-half (3.5%) percent of All sums payable by Tenant under this Lease at any time during the Base Rent paid for the immediately prior Lease YearTerm, on a non-cumulative basis.
b. The Base Rent for Phase 2 other than Basic Rent, if any, shall be at the same rental rate per-square-foot (and deemed "Additional Rent," and, unless otherwise set forth herein, shall be adjusted payable in the same manner as set forth herein for Basic Rent. All Basic Rent or Additional Rent not paid to Landlord when due and on payable hereunder shall accrue interest thereon until paid in full at the same annual adjustment datesrate of ___________ interest per annum.
(b) as The Basic Rent includes Tenant's proportionate share of real estate taxes assessed against the Base Rent then being paid Building and the Property.
(c) Tenant shall in all events be responsible for Phase 1, commencing on all taxes and assessments which may be assessed against any real or personal property of Tenant located within the Commencement Date for Phase 2Premises.
Appears in 1 contract
Rent. Beginning on The rent provided in this Lease shall commence upon the date the Landlord delivers the Demised Premises to Tenant with Landlord’s Work Completed (the “Rent Commencement Date”). Promptly following the Rent Commencement Date, Tenant covenants shall execute the acknowledgement of the Rent Commencement Date in substantially the form attached to the Lease as Exhibit “F” and agrees to paymade a part thereof, without abatementacknowledging, deduction or offset except as otherwise specifically provided hereinamong other things, to Landlord, that Xxxxxx has accepted the Demised Premises. The base rent (“Base Rent” for the Premises, on or before ”) during the first Lease Year (1stas defined below) day of the first Tenn shall be TWENTY-FIVE DOLLARS (1st$25.00) full calendar per square foot of Rentable Area of the Demised Premises. Thereafter, Rent shall increase annually during the Tenn (including, without limitation, any properly exercised Extension Term) by two and one-half percent (2.5%) over the Base Rent of the prior year. By way of example, the Base Rent in the second Lease Year shall increase to TWENTY-FIVE AND 63/l00THS DOLLARS ($25.63) per square foot; Base Rent in the third Lease Year shall increase to TWENTY SIX AND 27/l00THS DOLLARS ($26.27) per square foot, and so forth. The term “Lease Year” shall mean each 12-month period of the Term hereof and commencing on or before the first (1st) day of each Rent Commencement Date and every successive calendar month thereafter during the full Term of this Lease and any renewal anniversary thereof, subject to provided that if the adjustments as provided hereinafter along with any applicable tax as defined herein, at the then current rate. If the Rent Commencement Date occurs is on a day date other than the first (1st) day of a calendar the month, the first Base Rent payment Lease Year shall be in extended by the amount number of days from 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 until 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 next succeeding month. It is due (the intention of the parties hereto that the Rent provided that for herein shall be received and enjoyed by the 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)as a net sum free from all imposition, charge, fee, utility bill, maintenance expense, premium, or if Tenant fails to pay any other sum of money within thirty (30) days after written notice by Landlord to Tenantexpense or cost, except state, or if any check delivered for federal income taxes assessed against the payment of Rent is returned for insufficient fundsLandlord or state, there will be added to the unpaid amount a late charge based on the monthly prorata percentage or federal capital levy, franchise, estate, succession, inheritance, or transfer taxes 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 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 1 contract
Samples: Lease Agreement (Maravai Lifesciences Holdings, Inc.)
Rent. Beginning 3.1 Lessee shall pay to Lessor, at Lessor’s address shown in Article 37, or at such other address as Lessor may from time to time designate in writing to Lessee, a fixed annual rental (the “Fixed Annual Rental”) in accordance with the Rental Schedule set forth below (the “Rental Schedule”), payable in equal consecutive monthly installments of one-twelfth (1/12) of said Fixed Annual Rental. Each such monthly installment shall be due and payable in advance on the Commencement Datefirst day of each calendar month during the Term of this Lease. Lessee shall, Tenant covenants and agrees upon the execution of this Lease, pay to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” Lessor the rental 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 Lease.
3.2 The Rental Schedule is set forth below: October 1, 2004 – September 30, 2014 $ 217,320.00 $ 18,110.00
3.3 Lessee has deposited with Lessor as security for Lessee’s performance under this Lease and any renewal thereofan amount equal to one month’s Fixed Annual Rental hereunder (the “Security Deposit”), subject such sum to be held by Lessor until the adjustments as provided hereinafter along expiration of the Term unless otherwise used by Lessor to cure Lessee defaults under this lease in accordance with any applicable tax as defined herein, at the then current rateArticle 30 below. The Security Deposit shall not bear interest. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, the first Base Rent payment Lessee shall not be in default under this lease beyond the amount expiration 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 any notice and cure period 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 Term, if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant Lessor shall return to Landlord shall be in accordance with Lessee 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 balance of the fourth Security Deposit within fifteen (4th15) Lease Year by multiplying days. In the Base Rent then being paid by event of a fractionsale of the Demised Premises, Lessor shall transfer the numerator Security Deposit to the buyer provided the buyer accepts such transfer, or return the Security Deposit to Lessee, and in either case Lessor shall thereupon be released from all liability for the return of the Security Deposit. Lessor shall notify Lessee of such transfer in writing, in which case Lessee shall look solely to the buyer for the return of the Security Deposit.
3.4 Lessee has deposited with Lessor the first month’s Fixed Annual Rental monthly payment.
3.5 Fixed Annual Rental for each option period shall be the Consumer Price Index - U.S. City average greater of the rental being paid for urban wage earners and clerical workers ail items the Lease Term (1982-84 equals 100or Option Term) immediately preceding or adjusted as of the first day of the option period based upon the consumer price index (“CPI”) for the third (3rd) month preceding the month of adjustment, and the denominator of which shall be then in effect compared to the CPI for the third (3rd) month preceding the Commencement Date for Phase 1. Thereafter, the Base Rent shall be adjusted at the beginning in effect as of the fifth (5th) Lease Year and the beginning of each succeeding Lease Year during the Term initial date of this Lease (not or the initial date of the first option period), subject however, to include a maximum annual CPI increase of five percent (5%) for the Renewal Periods, as hereinafter defined, if applicable) by multiplying first option period or for the Base Rent then being paid by a fraction, the numerator of which second option period. The CPI used shall be the Consumer Price Index - U.S. City average for urban wage earners Wage Earners and clerical workers Clerical Workers Index, all items (1982-84 equals 100) (“CPl”) for the third (3rd) month preceding the month of adjustmentitems, 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.U.S.
Appears in 1 contract
Samples: Lease Agreement (RBC Bearings INC)
Rent. Beginning The amount of Base Rent for the term of this Lease shall be in accordance with the attached Exhibit "D", Paragraph A. Monthly installments are due 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 month. If the full Term commencement date 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 shall fall on a day other than the first (1st) day of a calendar month, the first Base Rent payment rent shall be apportioned on a per diem basis between the commencement date and the first day of the following calendar month and such apportioned sum shall be paid on such commencement date. If a check tendered by Lessee is returned for insufficient funds, uncollected funds, or stopped payment, a $25.00 service charge shall be added. In order to defray the additional expenses involved in collecting and handling delinquent payments, Lessee shall pay on demand in addition to any rent due hereunder, a late charge equal to the lesser of 10% of the base monthly rent or one hundred fifty dollars ($150.00) when any installment of rent is past due more than ten (10) days after the due date thereof. Lessee acknowledges that this charge is made to compensate Lessor for additional costs incurred by Lessor as a result of Lessee's failure to pay when due and is not a payment for the extension of the rent due date. Failures of Lessor to insist upon the payment of this late charge, isolated or repeated, shall not be deemed a waiver of Lessor's right to collect any such charge for any future delinquencies. In addition, one and one half percent (1-1/2%) per month on the unpaid installment balance will be added for payments received more than twenty (20) days after the due date thereof In no event shall Lessee be charged more than 18% per annum, including all late and other charges. Lessee shall pay as Additional Rent its pro rata share of any Operating Expenses (as hereinafter defined) as shown in Exhibit "D", Paragraph C. Should said Operating Expenses exceed the amount per square foot per annum, shown in Exhibit "D", Paragraph C, Lessor shall deliver to Lessee each year, on or before March 31 (or within a reasonable time thereafter), a Statement setting forth the amount of Operating Expenses paid or incurred by Lessor, directly or indirectly, during the Base Rent for one (1) full immediately preceding calendar month plus year. The Statement shall delineate Lessee's actual pro rata share of the prorated Base Rent demonstrated Operating Expenses for the preceding calendar month in which the Commencement Date falls, such payment to be due on the Commencement Dateyear. 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 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 delivery of the Default Rate and applied Statement, Lessee shall pay to the amount due to compensate Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary aboveLessor as Additional Rent, Landlord agrees that it will not impose the aforesaid late charges unless Tenant has failed to pay any installment Lessee's share 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 Operating Expenses not previously paid. Commencing with the rental payment immediately following the receipt of the Statement of Operating Expenses, Lessee shall remit as Additional Rent one-twelfth (1/12) shall be payable, retroactive of Lessee's pro rata share of the anticipated Operating Expenses for the following year which exceed those in Exhibit "D" in addition to the commencement of the new Lease Year, upon notification by Landlord to Tenant of the new monthly scheduled 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 Rent. The term Operating Expenses shall be deemed to include, BUT NOT BE LIMITED TO, the following costs incurred in the normal operating, preventive and corrective maintenance and repair of the office complex and any parking lot, garage, landscaping and other common areas used in conjunction therewith, whether paid to employees of Lessor or to independent suppliers or contractors engaged by Lessor: Wages and salaries, taxes imposed in respect to wages and salaries, fringe benefits, worker's compensation and general liability insurance with respect to such salaries and wages, full costs of fees, expenses and charges such as management fees, custodial services, grounds maintenance, security guards, window cleaning, trash removal, elevator preventive and corrective maintenance, air conditioning and heating maintenance, water treatment, inspection and maintenance of pumps, pipes, and plumbing, costs of utilities including electricity and gas consumed in the operating and maintenance of the Project, water and sewer charges, pressure vessels, sprinkler systems, electrical systems, water damage, breakdown or malfunction of any machinery and systems, pest control services, building supplies, insurance premiums, real estate taxes and any special assessments levied against the Project, all supplies and taxes incurred in any one or more of the foregoing, and all other costs of a general maintenance nature. The Operating Expenses shall not include the cost of any repairs or replacements which by sound accounting practices should be waivedcapitalized. In no event shall Base Rent increases exceed three and one-half (3.5%) percent this connection the decision of the Base Rent paid for the immediately prior Lease Year, on a non-cumulative basis.
b. The Base Rent for Phase 2 Lessor's accountants 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 2final.
Appears in 1 contract
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:
(a) The Rent payable from the Commencement DateDate until the calendar quarter ending December 31, Tenant covenants 2001 shall equal the annual amount of Initial Fixed Rent set forth on Exhibit C and agrees shall be payable quarterly in arrears on or --------- before the first business day of the subsequent calendar quarter; provided, however, that Initial Fixed Rent shall be prorated as to payany Lease Year which is less than four calendar quarters and as to any partial calendar quarter;
(b) The Rent payable in each calendar quarter from January 1, without abatement2002 until the end of the Lease Term shall equal the greater of :
(i) the annual amount of Base Rent set forth on Exhibit C, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises, --------- 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 the first following calendar quarter. The Period Revenues Computation shall be an amount equal to the sum of, for the applicable Lease Year, (1sti) full calendar month an amount equal to the First 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 Term hereof and on or before First Annual Room Revenues Break Point but not exceeding the first Second Annual Room Revenues Break Point, (1stiii) day of each and every successive calendar month thereafter during the full Term of this Lease and any renewal thereof, subject an amount equal to the adjustments as provided hereinafter along with any applicable tax as defined hereinThird Tier Room Revenue Percentage of all Lease Year to date Room Revenues in excess of the Second Annual Room Revenues Break Point, at and (iv) an amount equal to the then current rateOther Revenue Percentage of all Lease Year to date Other Revenues. If The Initial Fixed Rent and the Commencement Date occurs on a day other than the first (1st) day 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 2.four. ----------
Appears in 1 contract
Rent. Beginning 3.1. Subject to the provisions of this Paragraph 3.1, Tenant agrees to pay during the Term as Base Rent for the Premises the sums specified in the Basic Lease Information ("Base Rent"). Landlord and Tenant acknowledge and agree that the calculation of Base Rent is not tied to the rentable square feet and is not subject to adjustment should the actual size be determined to be different. Tenant is not relying on any representation as to the size of the Premises made by Landlord, and the rentable square feet of the Premises is not material to Tenant’s decision to lease the Premises.
3.2. On the third anniversary of the Lease Commencement Date, and every year thereafter, Base Rent shall be increased in accordance with the sums and rates specified in the Basic Lease Information. Tenant covenants shall pay this amount, together with the monthly rent next becoming due under this Lease, and agrees shall thereafter pay the monthly rent due under this Lease at this increased rate, which shall constitute Base Rent. Landlord’s failure to paydemand the adjusted Base Rent shall not be considered a waiver of Landlord’s rights to adjust the monthly Base Rent due, nor shall it affect Tenant’s obligations to pay the increased Base Rent.
3.3. Except as expressly provided to the contrary herein, Base Rent shall be payable in equal consecutive monthly installments, in advance, without abatementdemand, deduction or offset except as otherwise specifically provided hereinoffset, to Landlord, “Base Rent” for commencing on the Premises, Term Commencement Date and continuing 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 thereafter. However, the first full Term monthly installment of Base Rent shall be payable upon Tenant's 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 Term Commencement Date occurs on is a day other than the first (1st) day of a calendar month, then 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 Partial Lease Month (the "Partial Lease Month Rent") shall be prorated based on a month of 30 days. The Partial Lease Month Rent shall be payable by Tenant on the first day of the calendar month in which next succeeding the Commencement Date falls, such payment to be due on the Term Commencement Date. The Prepaid Rent described above Base Rent, all forms of additional rent payable hereunder by Tenant and all other amounts, fees, payments or charges payable hereunder by Tenant (collectively, "Additional Rent") shall (i) each constitute rent payable hereunder (and shall sometimes collectively be applied by referred to herein as "Rent"), (ii) be payable to 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 in lawful money of the month in which such installment is United States when due (without any prior demand therefor, except as may be expressly 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 aboveherein, 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.and
Appears in 1 contract
Samples: Lease Agreement
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 the Commencement Date, Tenant covenants and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” (A) Rent for the PremisesPremises shall be paid in monthly installments of $ per month payable in advance, on or before the first (1st) day of each calendar month during the Term of the Lease at the location set forth below, without notice or demand (“Rent”).
(B) Tenant shall also pay additional rent of $ per month to Landlord for
(C) Unless Landlord notifies Tenant of a change in address, all payments must be mailed or delivered to Landlord at the following address: .
(D) Rent for any partial month during the Term will be prorated accordingly, on a per diem basis. The first (1st) full calendar month monthly installment of Rent shall be paid to Landlord contemporaneously with the Term hereof and execution of this Lease.
(E) Rent (including any Additional Rent) is due on or before the first (1st) day of each and every successive calendar month. Any payments paid after the day of any calendar month thereafter during shall be deemed late. Any late payments shall be charged a $ late fee for the full Term first day rent is late. An additional fee of this Lease $ per day shall be assessed for each additional day Rent is late, until Rent is paid in full. Additionally, any Rent (including any Additional Rent) due to Landlord that is not paid when due shall bear interest, from the date due, at a rate of eighteen percent (18%) per annum. All late fees and interest shall be deemed Additional Rent payable by Tenant.
(F) Payments shall be deemed received when actually delivered to, and received by, Landlord at the payment location. Dishonored checks 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 checks received late in the amount mail will be treated as late payments. A fee 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 any dishonored check, which fee shall be deemed Additional Rent. Any additional bank and handling charges that are assessed in the Rent payable for the first full month that Rent is dueevent of a dishonored check shall also be deemed Additional Rent. If Landlord may require Tenant fails to pay replace any regular monthly installment of Base Rent or Landlorddishonored check with a money order, cashier’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)check, or if Tenant fails to pay any other sum of bank check. Landlord may further require that all subsequent payments after a dishonored check be paid with a money within thirty (30) days after written notice by Landlord to Tenantorder, cashier’s check, or if any check delivered for the bank check.
(G) Acceptable forms of payment of Rent is returned for insufficient funds(including Additional Rent) are personal check, 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 abovecashier’s check, 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 periodbank check, 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 adjustmentmoney order, and the denominator following online/ACH payment methods . No other forms of which shall payment will 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) accepted 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 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 1 contract
Samples: Residential Lease Agreement
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 (a) Subtenant shall pay to Oread as initial annual rent ("Sublease Annual Rent") an amount equal to the greater of (i) Forty Five Thousand One Hundred Eighty Dollars ($45,180.00), or (ii) that sum which Oread must pay Landlord pursuant to the Prime Lease as Rent on an annual basis attributable to that portion of the Commencement Date, Tenant covenants and agrees Demised Premises designated hereunder as the Subleased Premises. Subtenant shall pay to payOread the Sublease Annual Rent, without abatement, deduction or offset except as otherwise specifically provided hereinoffset, to Landlordin lawful money of the United States of America, “Base Rent” at the address for the Premises, Landlord set forth in Paragraph 13 of this Sublease. The initial Sublease Annual Rent shall be paid 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 Sublease Term in equal monthly installments of this Lease and any renewal thereof, Three Thousand Seven Hundred Sixty Five Dollars ($3,765.00). The Sublease Annual Rent is subject to adjustment as hereafter set forth.
(b) The Sublease Annual Rent shall be increased effective each Rent Adjustment Date under the adjustments Prime Lease by eighty cents ($.80) per square foot.
(c) Within ten (10) days after Oread receives from Prime Landlord the statement described in Section 7.2.1 of the Prime Lease showing the actual Operating Expenses and Oread's Pro Rata Share of Building Operating Expenses and Project Operating Expenses, Oread shall furnish to Subtenant a similar statement showing the additional amount, if any, owed by Subtenant to Oread as provided hereinafter along with any applicable tax as defined herein, at the then current rateSublease Annual Rent pursuant to Paragraph 4(a) above. If the Commencement Date occurs on a day other than the first (1st) day of a calendar monthany additional amount is owed by Subtenant to Oread, the first Base Rent payment such amount shall be in the amount due and payable no later than five (5) days after delivery to Subtenant 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 Datestatement. 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 Subtenant's obligation to pay any regular additional amount of Sublease Annual Rent due shall survive the termination of this Sublease.
(d) Any monthly installment of Base Sublease Annual Rent or Landlord’s Operating Costs or due for any other monthly amounts by period less than a full month shall be prorated for such fractional month on the seventh (7th) day basis of the month in which such installment is due (provided that Landlord will be required to give Tenant written notice actual number 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 2month.
Appears in 1 contract
Samples: Sublease Agreement (Cytrx Corp)
Rent. Beginning (a) In consideration for any sublease of the Subleased Premises as contemplated by Section 3.1 or if Intermeccanica and ElectraMeccanica enter into a lease agreement with the Landlord for the Leased Premises as contemplated by paragraph (b) of the fourth recital to this Agreement, ElectraMeccanica shall pay to Intermeccanica or to the Landlord directly an amount equivalent to 50% of the lease costs associated with the Leased Premises pursuant to the applicable lease, which costs include any strata fees, property taxes, utility fees and other charges associated with occupancy of the Leased Premises, up to a maximum amount of $4,000 per month or $48,000 per year. Subject to the applicable lease agreement with the Landlord, these amounts shall be payable by ElectraMeccanica to Intermeccanica or the Landlord in equal monthly instalments, with the first installment commencing on the Commencement Date, Tenant covenants Occupancy Date and agrees to pay, without abatement, deduction or offset except as otherwise specifically provided herein, to Landlord, “Base Rent” for each successive instalment being due on 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 date which is one (1) full calendar month plus from the prorated Base Rent for previous payment. In the calendar month event that Intermeccanica properly incurs expenses pursuant to the applicable lease agreement with the Landlord and which exceed the monthly installment amount, Intermeccanica shall notify ElectraMeccanica of these amounts and ElectraMeccanica shall promptly provide payment therefor. Intermeccanica shall promptly provide ElectraMeccanica with copies of all relevant statements with respect to the additional lease costs, together with the statement or statements, with appropriate computations, of such amounts, if any.
(b) ElectraMeccanica will also pay to Intermeccanica 25% of the lease costs associated with the Existing Premises pursuant to the applicable lease, which costs include any strata fees, property taxes, utility fees and other charges associated with occupancy of the Existing Premises. These amounts shall be payable by ElectraMeccanica to Intermeccanica in which equal monthly instalments, with the Commencement Date fallsfirst installment commencing on August 1, such payment to be 2015 and each successive instalment being due on the Commencement Date. The Prepaid Rent described above shall be applied by Landlord to date which is one (1) calendar month from 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 basisprevious payment.
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: Joint Operating Agreement (Electrameccanica Vehicles Corp.)
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 The term “rent,” wherever appearing in this Agreement, shall include, in addition to monthly payments specified, any late payment fees, dishonored check fees, delinquency delivery fees, administrative and/or transaction fees, unpaid deposits or fees, maintenance and repair costs that are a Tenant obligation, utilities costs that are a Tenant obligation, and any other fees or charges that may be required to be paid by Tenant. Any and all payments shall be applied to Tenant obligations chronologically beginning with the oldest to the most recent. WHEN YOU PROVIDE A CHECK AS PAYMENT, YOU AUTHORIZE XXXXXX MANAGEMENT GROUP TO USE INFORMATION FROM YOUR CHECK TO MAKE A ONE-TIME ELECTRONIC FUNDS TRANSFER FROM YOUR ACCOUNT OR TO PROCESS THE PAYMENT AS A CHECK TRANSACTION. IF PAYMENT IS BY CHECK, ONLY ONE CHECK FOR THE ENTIRE PAYMENT DUE SHALL BE ACCEPTED—SEE PAYMENT POLICY.
(a) Payment schedule: The agreed rental payment schedule is as follows: $1,200.00 rent to be paid on the Commencement Dateor before January 1, Tenant covenants and agrees 2018 shall be applied as follows: $1,200.00 applied to paycurrent month’s rent, without abatementJanuary 2018 $0.00 applied to next month’s rent, deduction $0.00 advance rent applied to month(s) of $0.00 advance rent applied to last month of tenant occupancy, $1,200.00 rent due on or offset except as otherwise specifically provided hereinbefore (DATE) February 1, to Landlord, “Base Rent” for the Premises, 2018 $1,200.00 rent due on or before the first day of each month thereafter.
(1stb) Rent is due and payable monthly in advance, without demand or notice, no later than 5:00 p.m. on the first day of every month at the office of Xxxxxx Management Group, 000 Xxxxxx Xxxxxxx Xxxx, #000, Xxxxxxxx, XX 00000, or at such other place as may be designated by Landlord. Rent is considered late and a late payment fee shall be due if not received by 9:00 a.m. on the first business day after the first 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, month—see paragraph 6 below. There is a mail drop 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 said address where rent or other source, as reasonably acceptable to Landlord and Tenant, shall payments due may be useddeposited after hours. Base Rent shall continue to No cash payments may 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 basisdeposited.
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
Rent. Beginning on Tenant agrees to pay to Landlord at the address specified in Section 1D, or at such other place designated in writing by Landlord, the Monthly Rent, and any Additional Rent, plus any sales or use taxes (collectively called "Rent"). "Monthly Rent" shall mean the initial monthly base rent stated in Section 1B for the first twelve months following 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 Date 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 ("First Lease Year"), and the Adjusted Monthly Rent, as adjusted under Section 7. Rent shall be paid without any renewal thereof, subject prior notice or demand and without any deduction whatsoever. Monthly Rent shall be due in advance of the first day of each month of the Term. The first installment of Monthly Rent shall be paid by Tenant to Landlord upon execution of this Lease. Rent for any partial lease month shall be prorated. Monthly Rent will be adjusted in the adjustments as provided hereinafter along with any applicable tax as defined herein, manner set forth in Section 7. Tenant's obligation to pay Rent to Landlord shall be independent of every other covenant or obligation of Landlord under this Lease. All delinquent Rent shall bear interest at the then current raterate of 10% per annum from the date due until paid. 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 considered delinquent after the amount of 10th day following 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 date it is due. If Tenant fails to pay any regular monthly installment of Base Rent or Landlord’s Operating Costs or any other monthly amounts charge when due under this Lease, then Tenant shall pay and Landlord shall be entitled to receive a late payment service charge, in addition to any interest charge due hereunder, covering administrative and overhead expenses incurred by Landlord caused by such late payment, which the seventh (7th) day parties stipulate and agree are hereby liquidated and shall be equal to five percent of the month in overdue amount. Tenant shall pay a charge for any checks written to Landlord 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 are returned for insufficient funds, there will be added funds equal to the unpaid amount a late charge based on the monthly prorata percentage of the Default Rate and applied to $25.00 per returned check or the amount due to compensate which Landlord for the extra administrative expenses incurred. Notwithstanding anything to the contrary aboveis entitled under State law, 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 basiswhichever is greater.
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.
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